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)

Andrea Anastasio
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:	12/31/2023

Date of reporting period:	6/30/2023

Item 1. Reports to Stockholders.

(a)

The Reports to Stockholders are attached herewith.

Table of Contents
Portfolio Summaries (Unaudited)	1
Portfolio of Investments (Unaudited)
MML Conservative Allocation Fund	24
MML Balanced Allocation Fund	25
MML Moderate Allocation Fund	26
MML Growth Allocation Fund	27
MML Aggressive Allocation Fund	28
MML American Funds Growth Fund	29
MML American Funds Core Allocation Fund	30
MML Blue Chip Growth Fund	31
MML Equity Income Fund	34
MML Equity Index Fund	37
MML Focused Equity Fund	45
MML Foreign Fund	47
MML Fundamental Equity Fund	50
MML Fundamental Value Fund	52
MML Global Fund	55
MML Income & Growth Fund	57
MML International Equity Fund	60
MML Large Cap Growth Fund	63
MML Managed Volatility Fund	65
MML Mid Cap Growth Fund	74
MML Mid Cap Value Fund	78
MML Small Cap Growth Equity Fund	82
MML Small Company Value Fund	86
MML Small/Mid Cap Value Fund	90
MML Sustainable Equity Fund	93
MML Total Return Bond Fund	96
Statements of Assets and Liabilities (Unaudited)	114
Statements of Operations (Unaudited)	126
Statements of Changes in Net Assets	132
Financial Highlights	146
Notes to Financial Statements (Unaudited)	172
Other Information (Unaudited)
Proxy Voting	210
Quarterly Reporting	210
Liquidity Risk Management Program	210
Trustees’ Approval of Investment Advisory Contracts	210
Fund Expenses	215

Underwriter: MML Distributors, LLC (MMLD), Member FINRA and SIPC (www.FINRA.org and www.SIPC.org), 1295 State Street, Springfield, MA 01111-0001. Investment advisory services are provided to the Funds by MML Investment Advisers, LLC (MML Advisers). MMLD and MML Advisers are subsidiaries of MassMutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001.

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 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 6/30/23
Fixed Income Funds	59.0%
Equity Funds	41.1%
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 6/30/23
Equity Funds	61.4%
Fixed Income Funds	38.7%
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 6/30/23
Equity Funds	51.2%
Fixed Income Funds	48.9%
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 6/30/23
Equity Funds	76.0%
Fixed Income Funds	24.1%
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 6/30/23
Equity Funds	90.5%
Fixed Income Funds	9.6%
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 173 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 6/30/23
Equity Funds	100.1%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
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” that 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 6/30/23
Equity Funds	66.3%
Fixed Income Funds	33.8%
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 is non-diversified, which means that it may hold larger positions in a smaller number of issuers than a diversified fund. The Fund’s subadviser is T. Rowe Price Associates, Inc. (T. Rowe Price).

MML Blue Chip Growth Fund Largest Holdings (% of Net Assets) on 6/30/23
Microsoft Corp.	14.1%
Apple, Inc.	11.4%
Amazon.com, Inc.	7.8%
Alphabet, Inc. Class C	6.2%
NVIDIA Corp.	6.0%
Meta Platforms, Inc. Class A	5.0%
UnitedHealth Group, Inc.	3.3%
Visa, Inc. Class A	3.3%
Tesla, Inc.	2.9%
Mastercard, Inc. Class A	2.7%
	62.7%

MML Blue Chip Growth Fund Sector Table (% of Net Assets) on 6/30/23
Technology	44.0%
Communications	24.6%
Consumer, Non-cyclical	13.9%
Financial	8.7%
Consumer, Cyclical	6.5%
Industrial	1.3%
Basic Materials	0.9%
Utilities	0.2%
Corporate Debt	0.2%
Total Long-Term Investments	100.3%
Short-Term Investments and Other Assets and Liabilities	(0.3)%
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 6/30/23
Southern Co.	3.1%
Wells Fargo & Co.	2.9%
General Electric Co.	2.4%
QUALCOMM, Inc.	2.4%
American International Group, Inc.	2.3%
Becton Dickinson & Co.	2.2%
TotalEnergies SE	2.2%
Elevance Health, Inc.	2.2%
Johnson & Johnson	2.1%
Chubb Ltd.	1.9%
	23.7%

MML Equity Income Fund Sector Table (% of Net Assets) on 6/30/23
Consumer, Non-cyclical	23.9%
Financial	23.8%
Industrial	10.8%
Technology	8.5%
Energy	8.1%
Consumer, Cyclical	7.6%
Utilities	7.4%
Communications	4.8%
Basic Materials	3.5%
Total Long-Term Investments	98.4%
Short-Term Investments and Other Assets and Liabilities	1.6%
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 6/30/23
Apple, Inc.	7.7%
Microsoft Corp.	6.8%
Amazon.com, Inc.	3.1%
NVIDIA Corp.	2.8%
Alphabet, Inc. Class A	1.9%
Tesla, Inc.	1.9%
Meta Platforms, Inc. Class A	1.7%
Alphabet, Inc. Class C	1.7%
Berkshire Hathaway, Inc. Class B	1.6%
UnitedHealth Group, Inc.	1.2%
	30.4%

MML Equity Index Fund Sector Table (% of Net Assets) on 6/30/23
Technology	27.2%
Consumer, Non-cyclical	20.1%
Financial	13.4%
Communications	12.9%
Consumer, Cyclical	9.4%
Industrial	7.7%
Energy	4.2%
Utilities	2.6%
Basic Materials	2.0%
Total Long-Term Investments	99.5%
Short-Term Investments and Other Assets and Liabilities	0.5%
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. S&P^®, S&P 500^®, US 500, The 500, iBoxx^®, iTraxx^® and CDX^® are trademarks of S&P Global, Inc. or its affiliates (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by MassMutual. 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)

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 6/30/23
TJX Cos., Inc.	5.2%
UnitedHealth Group, Inc.	5.1%
Visa, Inc. Class A	4.9%
Danaher Corp.	4.8%
Linde PLC	4.8%
Honeywell International, Inc.	4.7%
Marsh & McLennan Cos., Inc.	4.7%
Microsoft Corp.	4.6%
Ecolab, Inc.	4.5%
PepsiCo, Inc.	4.4%
	47.7%

MML Focused Equity Fund Sector Table (% of Net Assets) on 6/30/23
Consumer, Non-cyclical	34.0%
Financial	19.6%
Consumer, Cyclical	13.6%
Technology	10.6%
Industrial	10.6%
Basic Materials	9.3%
Total Long-Term Investments	97.7%
Short-Term Investments and Other Assets and Liabilities	2.3%
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 6/30/23
Roche Holding AG	2.1%
SAP SE	1.9%
Sony Group Corp.	1.9%
Samsung Electronics Co. Ltd.	1.8%
Novartis AG Registered	1.8%
Toyota Industries Corp.	1.7%
Veolia Environnement SA	1.7%
Anheuser-Busch InBev SA	1.7%
Nestle SA Registered	1.7%
Unilever PLC	1.6%
	17.9%

MML Foreign Fund Sector Table (% of Net Assets) on 6/30/23
Consumer, Non-cyclical	25.1%
Financial	19.9%
Consumer, Cyclical	12.4%
Industrial	12.1%
Technology	11.5%
Energy	6.3%
Basic Materials	5.7%
Communications	2.9%
Utilities	2.4%
Total Long-Term Investments	98.3%
Short-Term Investments and Other Assets and Liabilities	1.7%
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 Advisers).

MML Fundamental Equity Fund Largest Holdings (% of Net Assets) on 6/30/23
Microsoft Corp.	7.3%
Apple, Inc.	6.3%
Exxon Mobil Corp.	3.2%
Meta Platforms, Inc. Class A	3.2%
JP Morgan Chase & Co.	3.1%
Alphabet, Inc. Class A	2.7%
Prologis, Inc.	2.5%
United Parcel Service, Inc. Class B	2.2%
Advanced Micro Devices, Inc.	2.1%
Constellation Brands, Inc. Class A	2.0%
	34.6%

MML Fundamental Equity Fund Sector Table (% of Net Assets) on 6/30/23
Technology	27.0%
Consumer, Non-cyclical	21.4%
Financial	18.2%
Communications	13.4%
Industrial	9.2%
Energy	4.1%
Consumer, Cyclical	2.3%
Utilities	2.1%
Basic Materials	1.5%
Total Long-Term Investments	99.2%
Short-Term Investments and Other Assets and Liabilities	0.8%
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. Although the Fund may invest in companies of any size, the Fund will tend to 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 6/30/23
JP Morgan Chase & Co.	3.8%
Berkshire Hathaway, Inc. Class B	3.6%
Alphabet, Inc. Class A	3.2%
Bristol-Myers Squibb Co.	2.9%
Johnson & Johnson	2.7%
Cisco Systems, Inc.	2.5%
Wells Fargo & Co.	2.2%
Activision Blizzard, Inc.	2.0%
Sanofi ADR	1.9%
AutoZone, Inc.	1.9%
	26.7%

MML Fundamental Value Fund Sector Table (% of Net Assets) on 6/30/23
Consumer, Non-cyclical	28.1%
Financial	16.0%
Technology	12.6%
Industrial	11.3%
Energy	10.8%
Communications	8.9%
Consumer, Cyclical	7.1%
Basic Materials	1.6%
Utilities	1.5%
Total Long-Term Investments	97.9%
Short-Term Investments and Other Assets and Liabilities	2.1%
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’s subadviser normally invests the Fund’s assets across different industries, sectors, countries, and regions, but the Fund’s subadviser may invest a significant percentage of the Fund’s 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 6/30/23
Visa, Inc. Class A	3.0%
Schneider Electric SE	2.9%
Linde PLC	2.7%
Medtronic PLC	2.6%
LVMH Moet Hennessy Louis Vuitton SE	2.5%
Comcast Corp. Class A	2.5%
Thermo Fisher Scientific, Inc.	2.5%
Roche Holding AG	2.4%
Accenture PLC Class A	2.3%
Honeywell International, Inc.	2.2%
	25.6%

MML Global Fund Sector Table (% of Net Assets) on 6/30/23
Consumer, Non-cyclical	32.4%
Industrial	17.9%
Financial	14.9%
Technology	10.1%
Communications	8.1%
Consumer, Cyclical	7.7%
Basic Materials	7.5%
Total Long-Term Investments	98.6%
Short-Term Investments and Other Assets and Liabilities	1.4%
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 6/30/23
Philip Morris International, Inc.	3.2%
Air Products & Chemicals, Inc.	2.9%
Merck & Co., Inc.	2.9%
Hess Corp.	2.7%
Oracle Corp.	2.7%
UnitedHealth Group, Inc.	2.6%
Stanley Black & Decker, Inc.	2.6%
Medtronic PLC	2.4%
Raytheon Technologies Corp.	2.4%
Phillips 66	2.3%
	26.7%

MML Income & Growth Fund Sector Table (% of Net Assets) on 6/30/23
Consumer, Non-cyclical	25.3%
Financial	19.1%
Industrial	13.2%
Technology	9.9%
Energy	9.5%
Basic Materials	7.4%
Consumer, Cyclical	6.2%
Utilities	5.2%
Communications	3.3%
Total Long-Term Investments	99.1%
Short-Term Investments and Other Assets and Liabilities	0.9%
Net Assets	100.0%

MML International Equity Fund – Portfolio Summaries (Unaudited)

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

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 foreign companies, including companies located in Europe, Latin America, and Asia. The Fund may invest up to 25% of its total assets in equity securities of issuers in emerging markets. Equity securities may include common stocks, preferred stocks, securities convertible into common or preferred stocks, depositary receipts, rights, and warrants of issuers of any size. The Fund’s two subadvisers are Harris Associates L.P. (Harris), which managed approximately 35% of the Fund’s portfolio; and Massachusetts Financial Services Company (MFS), which managed approximately 65% of the Fund’s portfolio, as of June 30, 2023.

MML International Equity Fund Largest Holdings (% of Net Assets) on 6/30/23
Nestle SA Registered	2.2%
Roche Holding AG	2.1%
SAP SE	2.1%
Air Liquide SA	2.0%
Schneider Electric SE	2.0%
Capgemini SE	1.9%
LVMH Moet Hennessy Louis Vuitton SE	1.9%
Intesa Sanpaolo SpA	1.8%
Bayer AG Registered	1.8%
Compass Group PLC	1.7%
	19.5%

MML International Equity Fund Sector Table (% of Net Assets) on 6/30/23
Consumer, Non-cyclical	29.0%
Financial	17.2%
Consumer, Cyclical	16.2%
Industrial	15.3%
Technology	8.5%
Basic Materials	5.5%
Communications	4.4%
Energy	1.6%
Utilities	0.9%
Total Long-Term Investments	98.6%
Short-Term Investments and Other Assets and Liabilities	1.4%
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 is non-diversified, which means that it may hold larger positions in a smaller number of issuers than a diversified fund. The Fund’s subadviser is Loomis, Sayles & Company, L.P. (Loomis Sayles).

MML Large Cap Growth Fund Largest Holdings (% of Net Assets) on 6/30/23
Meta Platforms, Inc. Class A	7.9%
NVIDIA Corp.	7.8%
Tesla, Inc.	6.0%
Visa, Inc. Class A	5.5%
Amazon.com, Inc.	5.2%
Boeing Co.	5.1%
Oracle Corp.	5.0%
Microsoft Corp.	4.9%
Netflix, Inc.	4.3%
Monster Beverage Corp.	3.3%
	55.0%

MML Large Cap Growth Fund Sector Table (% of Net Assets) on 6/30/23
Communications	30.0%
Technology	26.2%
Consumer, Non-cyclical	17.4%
Consumer, Cyclical	9.9%
Industrial	7.5%
Financial	6.8%
Total Long-Term Investments	97.8%
Short-Term Investments and Other Assets and Liabilities	2.2%
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 6/30/23
Apple, Inc.	7.7%
Microsoft Corp.	6.8%
Amazon.com, Inc.	3.1%
NVIDIA Corp.	2.8%
Alphabet, Inc. Class A	1.9%
Tesla, Inc.	1.9%
Meta Platforms, Inc. Class A	1.7%
Alphabet, Inc. Class C	1.7%
Berkshire Hathaway, Inc. Class B	1.6%
UnitedHealth Group, Inc.	1.2%
	30.4%

MML Managed Volatility Fund Sector Table (% of Net Assets) on 6/30/23
Technology	27.4%
Consumer, Non-cyclical	20.2%
Financial	13.5%
Communications	13.0%
Consumer, Cyclical	9.5%
Industrial	7.8%
Energy	4.3%
Utilities	2.6%
Basic Materials	2.0%
Purchased Options	0.4%
Total Long-Term Investments	100.7%
Short-Term Investments and Other Assets and Liabilities	(0.7)%
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 75% of the Fund’s portfolio; and Wellington Management Company LLP (Wellington Management), which managed approximately 25% of the Fund’s portfolio, as of June 30, 2023. In addition, T. Rowe Price Investment Management serves as a sub-subadviser for the portion of the portfolio subadvised by T. Rowe Price.

MML Mid Cap Growth Fund Largest Holdings (% of Net Assets) on 6/30/23
Microchip Technology, Inc.	2.5%
Hologic, Inc.	2.2%
Agilent Technologies, Inc.	2.0%
Marvell Technology, Inc.	1.9%
Hilton Worldwide Holdings, Inc.	1.9%
Veeva Systems, Inc. Class A	1.8%
TransUnion	1.6%
Teleflex, Inc.	1.6%
Ingersoll Rand, Inc.	1.5%
BWX Technologies, Inc.	1.5%
	18.5%

MML Mid Cap Growth Fund Sector Table (% of Net Assets) on 6/30/23
Consumer, Non-cyclical	32.2%
Technology	21.0%
Industrial	16.2%
Consumer, Cyclical	12.8%
Financial	5.6%
Communications	4.7%
Energy	3.8%
Basic Materials	0.5%
Total Long-Term Investments	96.8%
Short-Term Investments and Other Assets and Liabilities	3.2%
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 6/30/23
Zimmer Biomet Holdings, Inc.	2.5%
Northern Trust Corp.	2.3%
Allstate Corp.	2.2%
Edison International	2.2%
Conagra Brands, Inc.	2.1%
Bank of New York Mellon Corp.	2.1%
Koninklijke Ahold Delhaize NV	2.0%
Henry Schein, Inc.	1.9%
Oshkosh Corp.	1.9%
Emerson Electric Co.	1.9%
	21.1%

MML Mid Cap Value Fund Sector Table (% of Net Assets) on 6/30/23
Financial	25.0%
Consumer, Non-cyclical	21.6%
Industrial	15.7%
Utilities	9.7%
Consumer, Cyclical	9.1%
Communications	5.4%
Energy	5.1%
Technology	3.2%
Basic Materials	1.8%
Mutual Funds	1.3%
Total Long-Term Investments	97.9%
Short-Term Investments and Other Assets and Liabilities	2.1%
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 6/30/23
Wingstop, Inc.	1.6%
Fluor Corp.	1.5%
DoubleVerify Holdings, Inc.	1.5%
Cabot Corp.	1.4%
Glaukos Corp.	1.4%
Chord Energy Corp.	1.3%
Zurn Elkay Water Solutions Corp. Class C	1.3%
AZEK Co., Inc	1.3%
Livent Corp.	1.3%
Shoals Technologies Group, Inc. Class A	1.3%
	13.9%

MML Small Cap Growth Equity Fund Sector Table (% of Net Assets) on 6/30/23
Consumer, Non-cyclical	24.9%
Industrial	16.7%
Financial	14.1%
Consumer, Cyclical	12.7%
Technology	12.6%
Energy	5.9%
Communications	5.6%
Basic Materials	3.3%
Utilities	2.1%
Mutual Funds	1.4%
Total Long-Term Investments	99.3%
Short-Term Investments and Other Assets and Liabilities	0.7%
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 or the S&P SmallCap 600 Index. The Fund’s subadviser is American Century Investment Management, Inc. (American Century).

MML Small Company Value Fund Largest Holdings (% of Net Assets) on 6/30/23
Coherent Corp.	2.4%
ChampionX Corp.	2.4%
Skyline Champion Corp.	2.3%
Timken Co.	2.3%
Graphic Packaging Holding Co.	2.2%
EVERTEC, Inc.	2.2%
Old National Bancorp	2.2%
Brunswick Corp.	2.1%
Avnet, Inc.	2.1%
Axis Capital Holdings Ltd.	2.0%
	22.2%

MML Small Company Value Fund Sector Table (% of Net Assets) on 6/30/23
Financial	30.4%
Consumer, Cyclical	19.8%
Industrial	18.4%
Consumer, Non-cyclical	14.5%
Technology	5.8%
Energy	4.8%
Communications	2.2%
Basic Materials	1.8%
Utilities	1.4%
Total Long-Term Investments	99.1%
Short-Term Investments and Other Assets and Liabilities	0.9%
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 6/30/23
Dycom Industries, Inc.	1.8%
Berry Global Group, Inc.	1.7%
First Citizens BancShares, Inc. Class A	1.6%
Herc Holdings, Inc.	1.6%
Regal Rexnord Corp.	1.6%
Cameco Corp.	1.6%
PulteGroup, Inc.	1.6%
Knight-Swift Transportation Holdings, Inc.	1.5%
Vertiv Holdings Co.	1.5%
IDACORP, Inc.	1.5%
	16.0%

MML Small/Mid Cap Value Fund Sector Table (% of Net Assets) on 6/30/23
Financial	26.3%
Industrial	23.0%
Consumer, Cyclical	15.2%
Consumer, Non-cyclical	12.6%
Technology	9.2%
Basic Materials	4.0%
Energy	3.3%
Utilities	2.8%
Communications	2.2%
Total Long-Term Investments	98.6%
Short-Term Investments and Other Assets and Liabilities	1.4%
Net Assets	100.0%

MML Sustainable Equity Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML Sustainable Equity 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 sustainable equity securities. Equity securities may include common stock, preferred stock, securities convertible into common or preferred stock, rights, and warrants. The Fund’s subadviser currently considers sustainable securities to be those to which the subadviser’s proprietary model assigns an ESG score that is in the top three quartiles of the environmental, social, and governance (“ESG”) scores the model assigns to all of the securities in the Fund’s benchmark, the S&P 500^® Index. The Fund’s subadviser is American Century Investment Management, Inc. (American Century).

MML Sustainable Equity Fund Largest Holdings (% of Net Assets) on 6/30/23
Microsoft Corp.	8.4%
Apple, Inc.	5.2%
Alphabet, Inc. Class A	4.2%
NVIDIA Corp.	3.2%
Amazon.com, Inc.	2.5%
UnitedHealth Group, Inc.	1.9%
NextEra Energy, Inc.	1.8%
Visa, Inc. Class A	1.8%
Prologis, Inc.	1.7%
Meta Platforms, Inc. Class A	1.7%
	32.4%

MML Sustainable Equity Fund Sector Table (% of Net Assets) on 6/30/23
Technology	25.5%
Consumer, Non-cyclical	18.8%
Financial	14.6%
Communications	13.5%
Industrial	10.2%
Consumer, Cyclical	8.8%
Energy	3.8%
Basic Materials	2.4%
Utilities	1.8%
Mutual Funds	0.6%
Total Long-Term Investments	100.0%
Short-Term Investments and Other Assets and Liabilities	(0.0)%
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 6/30/23
U.S. Government Agency Obligations and Instrumentalities*	36.4%
U.S. Treasury Obligations	31.1%
Corporate Debt	27.3%
Non-U.S. Government Agency Obligations	17.1%
Bank Loans	1.8%
Sovereign Debt Obligations	0.8%
Municipal Obligations	0.6%
Common Stock	0.0%
Rights	0.0%
Total Long-Term Investments	115.1%
Short-Term Investments and Other Assets and Liabilities	(15.1)%
Net Assets	100.0%

*	May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.

MML Conservative Allocation Fund – Portfolio of Investments

June 30, 2023 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 41.1%
MML Blue Chip Growth Fund, Initial Class (a)		973,703	$	14,070,009
MML Equity Income Fund, Initial Class (a)		1,095,027		11,333,526
MML Focused Equity Fund, Class II (a)		1,995,125		15,182,903
MML Foreign Fund, Initial Class (a)		622,975		5,743,827
MML Fundamental Equity Fund, Class II (a)		975,852		9,573,105
MML Fundamental Value Fund, Class II (a)		797,580		9,499,172
MML Global Fund, Class I (a)		1,343,176		5,950,271
MML Income & Growth Fund, Initial Class (a)		560,194		6,128,517
MML International Equity Fund, Class II (a)		1,237,393		12,510,046
MML Large Cap Growth Fund, Initial Class (a)		626,254		8,485,746
MML Mid Cap Growth Fund, Initial Class (a)		709,160		7,148,335
MML Mid Cap Value Fund, Initial Class (a)		652,495		6,146,507
MML Small Cap Growth Equity Fund, Initial Class (a)		49,392		455,390
MML Small Company Value Fund, Class II (a)		395,409		3,123,728
MML Small/Mid Cap Value Fund, Initial Class (a)		166,651		1,581,515
MML Strategic Emerging Markets Fund, Class II (a)		488,789		2,605,243
				119,537,840
Fixed Income Funds — 59.0%
Invesco V.I. Global Strategic Income Fund, Series I (b)		1,714,465		7,012,163
MML Dynamic Bond Fund, Class II (a)		3,963,186		34,162,659
MML High Yield Fund, Class II (a)		117,414		1,007,411
MML Inflation-Protected and Income Fund, Initial Class (a)		869,788		7,715,018
MML Managed Bond Fund, Initial Class (a)		5,095,789		55,005,095
MML Short-Duration Bond Fund, Class II (a)		1,536,672		13,614,912
MML Total Return Bond Fund, Class II (a)		5,624,029		50,278,821

	Number of Shares		Value
PIMCO Variable Insurance Trust - Long-Term U.S. Government Portfolio, Institutional Shares		350,401	$	2,841,754
				171,637,833

TOTAL MUTUAL FUNDS (Cost $324,411,765)				291,175,673

TOTAL LONG-TERM INVESTMENTS (Cost $324,411,765)				291,175,673

TOTAL INVESTMENTS — 100.1% (Cost $324,411,765) ^(c)				291,175,673

Other Assets/(Liabilities) — (0.1)%				(276,472	)

NET ASSETS — 100.0%			$	290,899,201

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)	Non-income producing security.

(c)	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, 2023 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 51.2%
MML Blue Chip Growth Fund, Initial Class (a)		1,261,147	$	18,223,569
MML Equity Income Fund, Initial Class (a)		1,449,816		15,005,592
MML Focused Equity Fund, Class II (a)		3,700,892		28,163,790
MML Foreign Fund, Initial Class (a)		834,609		7,695,090
MML Fundamental Equity Fund, Class II (a)		1,193,844		11,711,612
MML Fundamental Value Fund, Class II (a)		991,895		11,813,467
MML Global Fund, Class I (a)		2,040,439		9,039,142
MML Income & Growth Fund, Initial Class (a)		1,077,869		11,791,891
MML International Equity Fund, Class II (a)		2,139,681		21,632,176
MML Large Cap Growth Fund, Initial Class (a)		885,916		12,004,166
MML Mid Cap Growth Fund, Initial Class (a)		882,835		8,898,972
MML Mid Cap Value Fund, Initial Class (a)		966,038		9,100,074
MML Small Cap Growth Equity Fund, Initial Class (a)		83,583		770,634
MML Small Company Value Fund, Class II (a)		467,440		3,692,774
MML Small/Mid Cap Value Fund, Initial Class (a)		228,018		2,163,893
MML Strategic Emerging Markets Fund, Class II (a)		498,225		2,655,541
				174,362,383
Fixed Income Funds — 48.9%
Invesco V.I. Global Strategic Income Fund, Series I (b)		1,813,956		7,419,078
MML Dynamic Bond Fund, Class II (a)		3,880,908		33,453,423
MML High Yield Fund, Class II (a)		142,246		1,220,468
MML Inflation-Protected and Income Fund, Initial Class (a)		997,036		8,843,706
MML Managed Bond Fund, Initial Class (a)		4,949,175		53,422,506
MML Short-Duration Bond Fund, Class II (a)		1,502,233		13,309,784
MML Total Return Bond Fund, Class II (a)		5,153,920		46,076,046

	Number of Shares		Value
PIMCO Variable Insurance Trust - Long-Term U.S. Government Portfolio, Institutional Shares		377,355	$	3,060,351
				166,805,362

TOTAL MUTUAL FUNDS (Cost $368,451,690)				341,167,745

TOTAL LONG-TERM INVESTMENTS (Cost $368,451,690)				341,167,745

TOTAL INVESTMENTS — 100.1% (Cost $368,451,690) ^(c)				341,167,745

Other Assets/(Liabilities) — (0.1)%				(334,181	)

NET ASSETS — 100.0%			$	340,833,564

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)	Non-income producing security.

(c)	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, 2023 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 61.4%
MML Blue Chip Growth Fund, Initial Class (a)		5,300,883	$	76,597,756
MML Equity Income Fund, Initial Class (a)		5,826,050		60,299,617
MML Focused Equity Fund, Class II (a)		15,206,134		115,718,679
MML Foreign Fund, Initial Class (a)		3,543,155		32,667,892
MML Fundamental Equity Fund, Class II (a)		5,198,825		51,000,476
MML Fundamental Value Fund, Class II (a)		5,072,457		60,412,964
MML Global Fund, Class I (a)		8,373,048		37,092,601
MML Income & Growth Fund, Initial Class (a)		3,508,013		38,377,662
MML International Equity Fund, Class II (a)		9,366,340		94,693,695
MML Large Cap Growth Fund, Initial Class (a)		4,192,656		56,810,482
MML Mid Cap Growth Fund, Initial Class (a)		4,324,184		43,587,779
MML Mid Cap Value Fund, Initial Class (a)		3,601,054		33,921,928
MML Small Cap Growth Equity Fund, Initial Class (a)		1,003,256		9,249,999
MML Small Company Value Fund, Class II (a)		2,360,101		18,644,797
MML Small/Mid Cap Value Fund, Initial Class (a)		1,129,951		10,723,233
MML Strategic Emerging Markets Fund, Class II (a)		2,763,857		14,731,359
				754,530,919
Fixed Income Funds — 38.7%
Invesco V.I. Global Strategic Income Fund, Series I (b)		3,598,693		14,718,656
MML Dynamic Bond Fund, Class II (a)		11,292,593		97,342,150
MML High Yield Fund, Class II (a)		403,047		3,458,140
MML Inflation-Protected and Income Fund, Initial Class (a)		2,375,193		21,067,960
MML Managed Bond Fund, Initial Class (a)		14,189,075		153,160,065
MML Short-Duration Bond Fund, Class II (a)		4,614,620		40,885,532
MML Total Return Bond Fund, Class II (a)		14,944,204		133,601,181

	Number of Shares		Value
PIMCO Variable Insurance Trust - Long-Term U.S. Government Portfolio, Institutional Shares		1,433,164	$	11,622,957
				475,856,641

TOTAL MUTUAL FUNDS (Cost $1,342,508,644)				1,230,387,560

TOTAL LONG-TERM INVESTMENTS (Cost $1,342,508,644)				1,230,387,560

TOTAL INVESTMENTS — 100.1% (Cost $1,342,508,644) ^(c)				1,230,387,560

Other Assets/(Liabilities) — (0.1)%				(1,027,940	)

NET ASSETS — 100.0%			$	1,229,359,620

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)	Non-income producing security.

(c)	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, 2023 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 76.0%
MML Blue Chip Growth Fund, Initial Class (a)		5,275,878	$	76,236,437
MML Equity Income Fund, Initial Class (a)		5,355,755		55,432,066
MML Focused Equity Fund, Class II (a)		13,431,225		102,211,618
MML Foreign Fund, Initial Class (a)		3,273,965		30,185,954
MML Fundamental Equity Fund, Class II (a)		5,781,529		56,716,804
MML Fundamental Value Fund, Class II (a)		4,355,036		51,868,476
MML Global Fund, Class I (a)		8,001,186		35,445,254
MML Income & Growth Fund, Initial Class (a)		4,064,217		44,462,536
MML International Equity Fund, Class II (a)		8,886,105		89,838,525
MML Large Cap Growth Fund, Initial Class (a)		4,070,712		55,158,141
MML Mid Cap Growth Fund, Initial Class (a)		3,922,600		39,539,807
MML Mid Cap Value Fund, Initial Class (a)		3,510,156		33,065,669
MML Small Cap Growth Equity Fund, Initial Class (a)		892,164		8,225,735
MML Small Company Value Fund, Class II (a)		2,671,056		21,101,341
MML Small/Mid Cap Value Fund, Initial Class (a)		960,336		9,113,592
MML Strategic Emerging Markets Fund, Class II (a)		2,639,114		14,066,479
				722,668,434
Fixed Income Funds — 24.1%
Invesco V.I. Global Strategic Income Fund, Series I ^(b)		2,585,680		10,575,433
MML Dynamic Bond Fund, Class II (a)		5,388,403		46,448,033
MML High Yield Fund, Class II (a)		448,103		3,844,725
MML Inflation-Protected and Income Fund, Initial Class (a)		1,464,880		12,993,487
MML Managed Bond Fund, Initial Class (a)		6,613,967		71,392,647
MML Short-Duration Bond Fund, Class II (a)		2,458,537		21,782,639
MML Total Return Bond Fund, Class II (a)		6,328,301		56,575,014

	Number of Shares		Value
PIMCO Variable Insurance Trust - Long-Term U.S. Government Portfolio, Institutional Shares		700,803	$	5,683,509
				229,295,487

TOTAL MUTUAL FUNDS (Cost $1,023,820,623)				951,963,921

TOTAL LONG-TERM INVESTMENTS (Cost $1,023,820,623)				951,963,921

TOTAL INVESTMENTS — 100.1% (Cost $1,023,820,623) ^(c)				951,963,921

Other Assets/(Liabilities) — (0.1)%				(677,898	)

NET ASSETS — 100.0%			$	951,286,023

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)	Non-income producing security.

(c)	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, 2023 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 90.5%
MML Blue Chip Growth Fund, Initial Class (a)		884,663	$	12,783,385
MML Equity Income Fund, Initial Class (a)		869,073		8,994,909
MML Focused Equity Fund, Class II (a)		2,331,700		17,744,235
MML Foreign Fund, Initial Class (a)		501,033		4,619,522
MML Fundamental Equity Fund, Class II (a)		802,505		7,872,570
MML Fundamental Value Fund, Class II (a)		705,556		8,403,173
MML Global Fund, Class I (a)		1,249,452		5,535,075
MML Income & Growth Fund, Initial Class (a)		411,840		4,505,521
MML International Equity Fund, Class II (a)		1,495,853		15,123,073
MML Large Cap Growth Fund, Initial Class (a)		716,882		9,713,747
MML Mid Cap Growth Fund, Initial Class (a)		747,291		7,532,695
MML Mid Cap Value Fund, Initial Class (a)		612,211		5,767,032
MML Small Cap Growth Equity Fund, Initial Class (a)		173,435		1,599,067
MML Small Company Value Fund, Class II (a)		408,021		3,223,369
MML Small/Mid Cap Value Fund, Initial Class (a)		144,936		1,375,445
MML Strategic Emerging Markets Fund, Class II (a)		368,482		1,964,009
				116,756,827
Fixed Income Funds — 9.6%
Invesco V.I. Global Strategic Income Fund, Series I (b)		246,514		1,008,241
MML Dynamic Bond Fund, Class II (a)		262,261		2,260,690
MML High Yield Fund, Class II (a)		18,671		160,198
MML Inflation-Protected and Income Fund, Initial Class (a)		23,772		210,855
MML Managed Bond Fund, Initial Class (a)		340,167		3,671,839
MML Short-Duration Bond Fund, Class II (a)		236,914		2,099,058
MML Total Return Bond Fund, Class II (a)		256,858		2,296,310

	Number of Shares		Value
PIMCO Variable Insurance Trust - Long-Term U.S. Government Portfolio, Institutional Shares		80,862	$	655,789
				12,362,980

TOTAL MUTUAL FUNDS (Cost $139,635,398)				129,119,807

TOTAL LONG-TERM INVESTMENTS (Cost $139,635,398)				129,119,807

TOTAL INVESTMENTS — 100.1% (Cost $139,635,398) ^(c)				129,119,807

Other Assets/(Liabilities) — (0.1)%				(131,892	)

NET ASSETS — 100.0%			$	128,987,915

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)	Non-income producing security.

(c)	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, 2023 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 100.1%
American Funds Insurance Series Growth Fund, Class 1		2,584,294	$	232,353,879

TOTAL MUTUAL FUNDS (Cost $222,182,368)				232,353,879

TOTAL INVESTMENTS — 100.1% (Cost $222,182,368) ^(a)				232,353,879

Other Assets/(Liabilities) — (0.1)%				(271,265	)

NET ASSETS — 100.0%			$	232,082,614

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, 2023 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 66.3%
American Funds Insurance Series^® Growth-Income Fund, Class 1		3,488,334	$	190,009,550
American Funds Insurance Series^® International Fund, Class 1		4,816,449		82,746,592
American Funds Insurance Series^® Washington Mutual Investors Fund, Class 1		13,979,859		188,728,098
				461,484,240
Fixed Income Funds — 33.8%
American Funds Insurance Series^® The Bond Fund Of America, Class 1		24,779,816		235,408,254

TOTAL MUTUAL FUNDS (Cost $712,977,355)				696,892,494

TOTAL LONG-TERM INVESTMENTS (Cost $712,977,355)				696,892,494

TOTAL INVESTMENTS — 100.1% (Cost $712,977,355) ^(a)				696,892,494

Other Assets/(Liabilities) — (0.1)%				(768,160	)

NET ASSETS — 100.0%			$	696,124,334

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, 2023 (Unaudited)

	Number of Shares		Value
EQUITIES — 100.1%
COMMON STOCK — 99.9%
Basic Materials — 0.9%
Chemicals — 0.9%
Linde PLC		5,763	$	2,196,164
Sherwin-Williams Co.		7,753		2,058,576
				4,254,740
Communications — 24.6%
Internet — 23.6%
Alphabet, Inc. Class A (a)		48,620		5,819,814
Alphabet, Inc. Class C (a)		231,321		27,982,901
Amazon.com, Inc. (a)		268,489		35,000,226
Booking Holdings, Inc. (a)		1,351		3,648,146
DoorDash, Inc., Class A (a)		12,349		943,711
Meta Platforms, Inc. Class A (a)		78,214		22,445,854
Netflix, Inc. (a)		14,503		6,388,426
Sea Ltd. ADR (a)		21,962		1,274,674
Shopify, Inc. Class A (a)		44,570		2,879,222
				106,382,974
Telecommunications — 1.0%
T-Mobile U.S., Inc. (a)		31,855		4,424,660
				110,807,634
Consumer, Cyclical — 6.5%
Apparel — 0.4%
NIKE, Inc. Class B		15,224		1,680,273
Auto Manufacturers — 2.9%
Tesla, Inc. (a)		50,018		13,093,212
Retail — 3.2%
Chipotle Mexican Grill, Inc. (a)		2,211		4,729,329
Dollar General Corp.		16,573		2,813,764
Lululemon Athletica, Inc. (a)		5,620		2,127,170
Ross Stores, Inc.		23,501		2,635,167
TJX Cos., Inc.		24,056		2,039,708
				14,345,138
				29,118,623
Consumer, Non-cyclical — 13.9%
Commercial Services — 1.4%
Adyen NV ADR (a)		91,726		1,585,943
Affirm Holdings, Inc. (a) (b)		18,873		289,323
Ant International Co. Ltd., Class C (Acquired 6/07/18, Cost $775,038) (c) (d) (e)		203,348		357,892
Block, Inc. (a)		10,751		715,694
Cintas Corp.		1,599		794,831
S&P Global, Inc.		6,226		2,495,941
				6,239,624

	Number of Shares		Value
Health Care – Products — 4.6%
Align Technology, Inc. (a)		1,774	$	627,357
Danaher Corp.		13,416		3,219,840
Intuitive Surgical, Inc. (a)		22,714		7,766,825
Stryker Corp.		9,541		2,910,864
Teleflex, Inc.		2,756		667,035
Thermo Fisher Scientific, Inc.		10,953		5,714,728
				20,906,649
Health Care – Services — 4.4%
Elevance Health, Inc.		3,889		1,727,844
Humana, Inc.		7,118		3,182,671
UnitedHealth Group, Inc.		31,208		14,999,813
				19,910,328
Pharmaceuticals — 3.5%
AstraZeneca PLC Sponsored ADR		17,373		1,243,386
Eli Lilly & Co.		25,588		12,000,260
Zoetis, Inc.		14,982		2,580,050
				15,823,696
				62,880,297
Financial — 8.7%
Banks — 0.8%
Goldman Sachs Group, Inc.		3,957		1,276,291
Morgan Stanley		25,466		2,174,796
				3,451,087
Diversified Financial Services — 6.3%
Charles Schwab Corp.		24,420		1,384,126
Mastercard, Inc. Class A		31,046		12,210,392
Visa, Inc. Class A		63,042		14,971,214
				28,565,732
Insurance — 1.6%
Chubb Ltd.		22,846		4,399,226
Marsh & McLennan Cos., Inc.		16,243		3,054,983
				7,454,209
				39,471,028
Industrial — 1.3%
Aerospace & Defense — 0.2%
TransDigm Group, Inc.		1,300		1,162,421
Electronics — 0.2%
TE Connectivity Ltd.		5,983		838,577
Miscellaneous - Manufacturing — 0.5%
General Electric Co.		20,482		2,249,948
Transportation — 0.4%
Old Dominion Freight Line, Inc.		4,853		1,794,397
				6,045,343

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

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

	Number of Shares		Value
Technology — 43.8%
Computers — 11.6%
Apple, Inc.		264,728	$	51,349,290
Crowdstrike Holdings, Inc. Class A (a)		3,918		575,437
Fortinet, Inc. (a)		7,159		541,149
				52,465,876
Semiconductors — 10.1%
Advanced Micro Devices, Inc. (a)		35,411		4,033,667
ASML Holding NV		8,574		6,214,006
Lam Research Corp.		1,170		752,146
Marvell Technology, Inc.		22,309		1,333,632
Monolithic Power Systems, Inc.		4,982		2,691,426
NVIDIA Corp.		63,738		26,962,449
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR		16,223		1,637,225
Texas Instruments, Inc.		9,075		1,633,682
				45,258,233
Software — 22.1%
Atlassian Corp. Class A Class A (a)		9,521		1,597,719
Bill Holdings, Inc. (a)		12,541		1,465,416
Canva, Inc. (Acquired 8/16/21-12/17/21, Cost $582,930) (a) (c) (d) (e)		342		242,673
Confluent, Inc. Class A (a)		18,846		665,452
Datadog, Inc. Class A (a)		8,519		838,099
Fiserv, Inc. (a)		8,500		1,072,275
Gusto, Inc. (Acquired 10/04/21, Cost $193,055) (a) (c) (d) (e)		6,706		126,274
Intuit, Inc.		12,117		5,551,888
Microsoft Corp.		186,602		63,545,445
MongoDB, Inc. (a)		7,095		2,915,974
MSCI, Inc.		1,430		671,085
Paycom Software, Inc.		1,360		436,887
Roper Technologies, Inc.		6,729		3,235,303
ServiceNow, Inc. (a)		18,076		10,158,170
Snowflake, Inc. Class A (a)		5,596		984,784
Synopsys, Inc. (a)		12,003		5,226,226
Veeva Systems, Inc. Class A (a)		5,459		1,079,408
				99,813,078
				197,537,187
Utilities — 0.2%
Electric — 0.2%
Constellation Energy Corp.		9,176		840,063

TOTAL COMMON STOCK (Cost $315,362,865)				450,954,915

	Number of Shares		Value
PREFERRED STOCK — 0.2%
Technology — 0.2%
Software — 0.2%
Canva, Inc., Series A (Acquired 11/04/21-12/17/21, Cost $37,502) (a) (c) (d) (e)		22	$	15,611
Canva, Inc., Series A-3 (Acquired 12/17/21, Cost $3,408) (a) (c) (d) (e)		2		1,419
Databricks, Inc., Series G (Acquired 2/01/21, Cost $172,224) (a) (c) (d) (e)		2,913		213,115
Databricks, Inc., Series H (Acquired 8/31/21, Cost $542,974) (a) (c) (d) (e)		7,389		540,579
Gusto, Inc., Series E (Acquired 7/13/21, Cost $254,865) (a) (c) (d) (e)		8,385		157,890
				928,614

TOTAL PREFERRED STOCK (Cost $1,010,973)				928,614

TOTAL EQUITIES (Cost $316,373,838)				451,883,529
	Principal Amount
BONDS & NOTES — 0.2%
CORPORATE DEBT — 0.2%
Retail — 0.2%
Carvana Co. (f)	$	1,040,000		819,231

TOTAL CORPORATE DEBT (Cost $1,040,000)				819,231

TOTAL BONDS & NOTES (Cost $1,040,000)				819,231

TOTAL LONG-TERM INVESTMENTS (Cost $317,413,838)				452,702,760
	Number of Shares
SHORT-TERM INVESTMENTS — 0.1%
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund		103		103

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

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

	Principal Amount		Value
Repurchase Agreement — 0.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 (g)	$	638,518	$	638,518

TOTAL SHORT-TERM INVESTMENTS (Cost $638,621)				638,621

TOTAL INVESTMENTS — 100.4% (Cost $318,052,459) ^(h)				453,341,381

Other Assets/(Liabilities) — (0.4)%				(1,890,319	)

NET ASSETS — 100.0%			$	451,451,062

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, 2023, was $287,360 or 0.06% of net assets. The Fund received $293,687 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 is 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, 2023, these securities amounted to a value of $1,655,453 or 0.37% of net assets.

(e)	Restricted security. Certain securities are restricted as to resale. At June 30, 2023, these securities amounted to a value of $1,655,453 or 0.37% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(f)

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, 2023, the aggregate market value of these securities amounted to $819,231 or 0.18% of net assets.

(g)	Maturity value of $638,599. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/25, and an aggregate market value, including accrued interest, of $651,294.

(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, 2023 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.4%
COMMON STOCK — 97.0%
Basic Materials — 3.5%
Chemicals — 2.4%
CF Industries Holdings, Inc.		84,581	$	5,871,613
DuPont de Nemours, Inc.		2,876		205,461
International Flavors & Fragrances, Inc.		17,292		1,376,270
RPM International, Inc.		11,102		996,183
				8,449,527
Forest Products & Paper — 1.1%
International Paper Co.		130,098		4,138,418
				12,587,945
Communications — 4.8%
Internet — 0.2%
Meta Platforms, Inc. Class A (a)		3,089		886,481
Media — 3.6%
Comcast Corp. Class A		38,156		1,585,382
News Corp. Class A		314,553		6,133,783
News Corp. Class B		32,373		638,396
Paramount Global Class B		11,200		178,192
Walt Disney Co. (a)		47,885		4,275,173
				12,810,926
Telecommunications — 1.0%
AT&T, Inc.		29,946		477,639
Cisco Systems, Inc.		14,294		739,571
Verizon Communications, Inc.		62,374		2,319,689
				3,536,899
				17,234,306
Consumer, Cyclical — 6.7%
Airlines — 0.9%
Southwest Airlines Co.		89,421		3,237,935
Auto Manufacturers — 1.4%
Cummins, Inc.		4,500		1,103,220
Volkswagen AG ADR		282,447		3,787,614
				4,890,834
Lodging — 1.0%
Las Vegas Sands Corp. (a)		62,010		3,596,580
Retail — 2.6%
Best Buy Co., Inc.		20,000		1,639,000
Kohl’s Corp.		68,527		1,579,547
Target Corp.		2,500		329,750
TJX Cos., Inc.		23,847		2,021,987
Walmart, Inc.		24,038		3,778,293
				9,348,577

	Number of Shares		Value
Toys, Games & Hobbies — 0.8%
Mattel, Inc. (a)		134,390	$	2,625,981
				23,699,907
Consumer, Non-cyclical — 23.9%
Agriculture — 1.8%
Philip Morris International, Inc.		65,156		6,360,529
Beverages — 0.6%
Constellation Brands, Inc. Class A		8,800		2,165,944
Biotechnology — 0.3%
Biogen, Inc. (a)		4,200		1,196,370
Cosmetics & Personal Care — 0.6%
Colgate-Palmolive Co.		19,900		1,533,096
Kenvue, Inc. (a)		20,842		550,646
				2,083,742
Food — 2.3%
Conagra Brands, Inc.		137,776		4,645,807
Mondelez International, Inc. Class A		7,200		525,168
Tyson Foods, Inc. Class A		56,080		2,862,323
				8,033,298
Health Care – Products — 2.9%
GE HealthCare Technologies, Inc. (a)		27,664		2,247,423
Medtronic PLC		39,070		3,442,067
Zimmer Biomet Holdings, Inc.		32,631		4,751,074
				10,440,564
Health Care – Services — 2.5%
Centene Corp. (a)		11,444		771,898
Elevance Health, Inc.		17,664		7,847,938
Humana, Inc.		400		178,852
				8,798,688
Household Products & Wares — 1.2%
Kimberly-Clark Corp.		30,808		4,253,352
Pharmaceuticals — 11.7%
AbbVie, Inc.		24,070		3,242,951
AstraZeneca PLC Sponsored ADR		31,761		2,273,135
Becton Dickinson & Co.		30,208		7,975,214
Cardinal Health, Inc.		13,318		1,259,483
Cigna Group		13,251		3,718,231
CVS Health Corp.		53,458		3,695,552
Johnson & Johnson		44,549		7,373,750
Merck & Co., Inc.		30,753		3,548,589
Pfizer, Inc.		97,459		3,574,796
Sanofi		23,769		2,548,109
Sanofi ADR		6,897		371,748
Viatris, Inc.		194,800		1,944,104
				41,525,662
				84,858,149

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

MML Equity Income Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Energy — 8.1%
Oil & Gas — 6.7%
Chevron Corp.		7,586	$	1,193,657
EOG Resources, Inc.		27,380		3,133,367
EQT Corp.		15,400		633,402
Exxon Mobil Corp.		49,254		5,282,491
Hess Corp.		22,706		3,086,881
Suncor Energy, Inc.		13,700		401,684
TotalEnergies SE		138,665		7,947,234
TotalEnergies SE Sponsored ADR		34,500		1,988,580
				23,667,296
Pipelines — 1.4%
Enbridge, Inc.		24,800		921,320
TC Energy Corp. (b)		75,397		3,046,793
Williams Cos., Inc.		29,600		965,848
				4,933,961
				28,601,257
Financial — 23.8%
Banks — 9.1%
Bank of America Corp.		60,139		1,725,388
Citigroup, Inc.		34,040		1,567,202
Fifth Third Bancorp		136,137		3,568,151
Goldman Sachs Group, Inc.		3,181		1,026,000
Huntington Bancshares, Inc.		301,265		3,247,637
JP Morgan Chase & Co.		24,168		3,514,994
Morgan Stanley		27,529		2,350,976
PNC Financial Services Group, Inc.		5,430		683,908
State Street Corp.		11,496		841,277
U.S. Bancorp		95,800		3,165,232
Wells Fargo & Co.		243,427		10,389,464
				32,080,229
Diversified Financial Services — 1.1%
Apollo Global Management, Inc.		12,400		952,444
Charles Schwab Corp.		29,968		1,698,586
Franklin Resources, Inc.		11,611		310,130
Raymond James Financial, Inc.		9,537		989,654
				3,950,814
Insurance — 9.1%
American International Group, Inc.		141,813		8,159,920
Chubb Ltd.		35,458		6,827,792
Equitable Holdings, Inc.		205,736		5,587,790
Hartford Financial Services Group, Inc.		47,883		3,448,534
Loews Corp.		59,877		3,555,496
MetLife, Inc.		83,603		4,726,078
				32,305,610

	Number of Shares		Value
Private Equity — 0.3%
Carlyle Group, Inc.		36,249	$	1,158,156
Real Estate Investment Trusts (REITS) — 4.2%
Equity Residential		79,808		5,264,934
Rayonier, Inc.		90,501		2,841,731
Vornado Realty Trust		5,843		105,992
Welltower, Inc.		6,948		562,024
Weyerhaeuser Co.		181,859		6,094,095
				14,868,776
				84,363,585
Industrial — 10.8%
Aerospace & Defense — 2.9%
Boeing Co. (a)		20,188		4,262,898
L3 Harris Technologies, Inc.		29,841		5,841,973
				10,104,871
Electronics — 0.4%
TE Connectivity Ltd.		9,263		1,298,302
Environmental Controls — 0.5%
Stericycle, Inc. (a)		41,289		1,917,461
Hand & Machine Tools — 1.1%
Stanley Black & Decker, Inc.		42,300		3,963,933
Machinery – Diversified — 0.1%
Flowserve Corp.		8,373		311,057
Miscellaneous - Manufacturing — 3.7%
3M Co.		6,387		639,275
General Electric Co.		78,481		8,621,138
Siemens AG Sponsored ADR		46,859		3,908,509
				13,168,922
Transportation — 2.1%
Norfolk Southern Corp.		4,200		952,392
Union Pacific Corp.		7,300		1,493,726
United Parcel Service, Inc. Class B		27,821		4,986,914
				7,433,032
				38,197,578
Technology — 8.5%
Computers — 0.5%
Accenture PLC Class A		5,259		1,622,822
Semiconductors — 5.1%
Applied Materials, Inc.		26,971		3,898,388
QUALCOMM, Inc.		71,811		8,548,382
Samsung Electronics Co. Ltd.		45,218		2,492,255
Texas Instruments, Inc.		17,660		3,179,153
				18,118,178
Software — 2.9%
Fiserv, Inc. (a)		33,194		4,187,423

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.		18,390	$	6,262,531
				10,449,954
				30,190,954
Utilities — 6.9%
Electric — 6.7%
Ameren Corp.		25,202		2,058,247
Dominion Energy, Inc.		96,749		5,010,631
NextEra Energy, Inc.		16,037		1,189,945
PG&E Corp. (a)		33,353		576,340
Sempra Energy		24,727		3,600,004
Southern Co.		158,969		11,167,572
				23,602,739
Gas — 0.2%
NiSource, Inc.		29,908		817,984
				24,420,723

TOTAL COMMON STOCK (Cost $282,191,503)				344,154,404

PREFERRED STOCK — 1.4%
Consumer, Cyclical — 0.9%
Auto Manufacturers — 0.9%
Dr Ing hc F Porsche AG 0.888% (c)		24,426		3,031,638
Utilities — 0.5%
Electric — 0.2%
NextEra Energy, Inc. Convertible 6.926%		15,955		722,602
Gas — 0.3%
NiSource, Inc. 7.750% (b)		11,665		1,186,914
				1,909,516

TOTAL PREFERRED STOCK (Cost $4,278,154)				4,941,154

TOTAL EQUITIES (Cost $286,469,657)				349,095,558

TOTAL LONG-TERM INVESTMENTS (Cost $286,469,657)				349,095,558

SHORT-TERM INVESTMENTS — 2.2%
Investment of Cash Collateral from Securities Loaned — 1.1%
State Street Navigator Securities Lending Government Money Market Portfolio (d)		3,712,904		3,712,904
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund		102		102

	Principal Amount		Value
Repurchase Agreement — 1.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 (e)	$	3,920,020	$	3,920,020

TOTAL SHORT-TERM INVESTMENTS (Cost $7,633,026)				7,633,026

TOTAL INVESTMENTS — 100.6% (Cost $294,102,683) ^(f)				356,728,584

Other Assets/(Liabilities) — (0.6)%				(2,060,069	)

NET ASSETS — 100.0%			$	354,668,515

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, 2023, was $3,636,490 or 1.03% of net assets. (Note 2).

(c)

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

(e)	Maturity value of $3,920,516. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/25, and an aggregate market value, including accrued interest, of $3,998,445.

(f)	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, 2023 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.5%
COMMON STOCK — 99.5%
Basic Materials — 2.0%
Chemicals — 1.6%
Air Products & Chemicals, Inc.		3,704	$	1,109,459
Albemarle Corp.		1,950		435,025
Celanese Corp.		1,679		194,428
CF Industries Holdings, Inc.		3,250		225,615
Dow, Inc.		11,794		628,148
DuPont de Nemours, Inc.		7,654		546,802
Eastman Chemical Co.		1,987		166,352
Ecolab, Inc.		4,127		770,470
FMC Corp.		2,085		217,549
International Flavors & Fragrances, Inc.		4,239		337,382
Linde PLC		8,164		3,111,137
LyondellBasell Industries NV Class A		4,228		388,257
Mosaic Co.		5,538		193,830
PPG Industries, Inc.		3,926		582,226
Sherwin-Williams Co.		3,913		1,038,980
				9,945,660
Forest Products & Paper — 0.0%
International Paper Co.		5,787		184,084
Iron & Steel — 0.2%
Nucor Corp.		4,189		686,912
Steel Dynamics, Inc.		2,678		291,715
				978,627
Mining — 0.2%
Freeport-McMoRan, Inc.		23,912		956,480
Newmont Corp.		13,216		563,795
				1,520,275
				12,628,646
Communications — 12.9%
Advertising — 0.1%
Interpublic Group of Cos., Inc.		6,444		248,610
Omnicom Group, Inc.		3,327		316,564
				565,174
Internet — 9.7%
Alphabet, Inc. Class A (a)		99,061		11,857,602
Alphabet, Inc. Class C (a)		85,211		10,307,975
Amazon.com, Inc. (a)		148,842		19,403,043
Booking Holdings, Inc. (a)		616		1,663,403
CDW Corp.		2,253		413,425
eBay, Inc.		8,916		398,456
Etsy, Inc. (a)		2,057		174,043
Expedia Group, Inc. (a)		2,378		260,129
F5, Inc. (a)		1,003		146,699

	Number of Shares		Value
Gen Digital, Inc.		9,485	$	175,947
Match Group, Inc. (a)		4,643		194,310
Meta Platforms, Inc. Class A (a)		36,886		10,585,544
Netflix, Inc. (a)		7,412		3,264,912
Palo Alto Networks, Inc. (a)		5,046		1,289,303
VeriSign, Inc. (a)		1,510		341,215
				60,476,006
Media — 1.2%
Charter Communications, Inc. Class A (a)		1,732		636,285
Comcast Corp. Class A		69,354		2,881,659
FactSet Research Systems, Inc.		639		256,015
Fox Corp. Class A		4,486		152,524
Fox Corp. Class B		2,265		72,231
News Corp. Class A		6,352		123,864
News Corp. Class B		1,969		38,829
Paramount Global Class B		8,503		135,283
Walt Disney Co. (a)		30,469		2,720,272
Warner Bros Discovery, Inc. (a)		36,892		462,625
				7,479,587
Telecommunications — 1.9%
Arista Networks, Inc. (a)		4,164		674,818
AT&T, Inc.		119,203		1,901,288
Cisco Systems, Inc.		68,294		3,533,532
Corning, Inc.		12,758		447,040
Juniper Networks, Inc.		5,362		167,991
Motorola Solutions, Inc.		2,797		820,304
T-Mobile U.S., Inc. (a)		9,603		1,333,857
Verizon Communications, Inc.		70,113		2,607,502
				11,486,332
				80,007,099
Consumer, Cyclical — 9.4%
Airlines — 0.2%
Alaska Air Group, Inc. (a)		2,133		113,433
American Airlines Group, Inc. (a)		10,932		196,120
Delta Air Lines, Inc. (a)		10,717		509,486
Southwest Airlines Co.		9,922		359,276
United Airlines Holdings, Inc. (a)		5,469		300,084
				1,478,399
Apparel — 0.4%
NIKE, Inc. Class B		20,544		2,267,441
Ralph Lauren Corp.		694		85,570
Tapestry, Inc.		3,865		165,422
VF Corp.		5,553		106,007
				2,624,440
Auto Manufacturers — 2.4%
Cummins, Inc.		2,360		578,578

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

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Ford Motor Co.		65,528	$	991,439
General Motors Co.		23,179		893,782
PACCAR, Inc.		8,723		729,679
Tesla, Inc. (a)		44,920		11,758,708
				14,952,186
Auto Parts & Equipment — 0.1%
Aptiv PLC (a)		4,510		460,426
BorgWarner, Inc.		3,882		189,868
				650,294
Distribution & Wholesale — 0.4%
Copart, Inc. (a)		7,152		652,334
Fastenal Co.		9,534		562,411
LKQ Corp.		4,234		246,715
Pool Corp.		651		243,890
W.W. Grainger, Inc.		744		586,711
				2,292,061
Entertainment — 0.1%
Caesars Entertainment, Inc. (a)		3,612		184,104
Live Nation Entertainment, Inc. (a)		2,393		218,026
				402,130
Home Builders — 0.3%
D.R. Horton, Inc.		5,175		629,746
Lennar Corp. Class A		4,218		528,557
NVR, Inc. (a)		51		323,882
PulteGroup, Inc.		3,722		289,125
				1,771,310
Home Furnishing — 0.0%
Whirlpool Corp.		916		136,292
Housewares — 0.0%
Newell Brands, Inc.		6,453		56,141
Leisure Time — 0.1%
Carnival Corp. (a)		16,748		315,365
Norwegian Cruise Line Holdings Ltd. (a)		7,099		154,545
Royal Caribbean Cruises Ltd. (a)		3,667		380,415
				850,325
Lodging — 0.4%
Hilton Worldwide Holdings, Inc.		4,412		642,167
Las Vegas Sands Corp. (a)		5,480		317,840
Marriott International, Inc. Class A		4,299		789,683
MGM Resorts International		5,035		221,137
Wynn Resorts Ltd.		1,727		182,389
				2,153,216
Retail — 5.0%
Advance Auto Parts, Inc.		977		68,683
AutoZone, Inc. (a)		307		765,462
Bath & Body Works, Inc.		3,845		144,188

	Number of Shares		Value
Best Buy Co., Inc.		3,245	$	265,928
CarMax, Inc. (a)		2,638		220,801
Chipotle Mexican Grill, Inc. (a)		460		983,940
Costco Wholesale Corp.		7,395		3,981,320
Darden Restaurants, Inc.		2,016		336,833
Dollar General Corp.		3,653		620,206
Dollar Tree, Inc. (a)		3,472		498,232
Domino’s Pizza, Inc.		588		198,150
Genuine Parts Co.		2,351		397,860
Home Depot, Inc.		16,885		5,245,156
Lowe’s Cos., Inc.		9,944		2,244,361
McDonald’s Corp.		12,174		3,632,843
O’Reilly Automotive, Inc. (a)		1,015		969,629
Ross Stores, Inc.		5,703		639,477
Starbucks Corp.		19,115		1,893,532
Target Corp.		7,686		1,013,783
TJX Cos., Inc.		19,200		1,627,968
Tractor Supply Co.		1,827		403,950
Ulta Beauty, Inc. (a)		835		392,947
Walgreens Boots Alliance, Inc.		11,932		339,943
Walmart, Inc.		23,387		3,675,969
Yum! Brands, Inc.		4,673		647,444
				31,208,605
Toys, Games & Hobbies — 0.0%
Hasbro, Inc.		2,181		141,263
				58,716,662
Consumer, Non-cyclical — 20.1%
Agriculture — 0.8%
Altria Group, Inc.		29,764		1,348,309
Archer-Daniels-Midland Co.		9,081		686,160
Bunge Ltd.		2,511		236,913
Philip Morris International, Inc.		25,888		2,527,187
				4,798,569
Beverages — 1.7%
Brown-Forman Corp. Class B		3,050		203,679
Coca-Cola Co.		64,898		3,908,157
Constellation Brands, Inc. Class A		2,689		661,844
Keurig Dr Pepper, Inc.		14,044		439,156
Molson Coors Beverage Co. Class B		3,131		206,145
Monster Beverage Corp. (a)		12,741		731,843
PepsiCo, Inc.		22,972		4,254,874
				10,405,698
Biotechnology — 1.5%
Amgen, Inc.		8,913		1,978,864
Bio-Rad Laboratories, Inc. Class A (a)		356		134,967
Biogen, Inc. (a)		2,413		687,343
Corteva, Inc.		11,879		680,667
Gilead Sciences, Inc.		20,799		1,602,979

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

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Illumina, Inc. (a)		2,638	$	494,599
Incyte Corp. (a)		3,110		193,597
Moderna, Inc. (a)		5,466		664,119
Regeneron Pharmaceuticals, Inc. (a)		1,799		1,292,653
Vertex Pharmaceuticals, Inc. (a)		4,292		1,510,398
				9,240,186
Commercial Services — 1.7%
Automatic Data Processing, Inc.		6,888		1,513,914
Cintas Corp.		1,438		714,801
CoStar Group, Inc. (a)		6,812		606,268
Equifax, Inc.		2,045		481,189
FleetCor Technologies, Inc. (a)		1,229		308,577
Gartner, Inc. (a)		1,317		461,358
Global Payments, Inc.		4,368		430,335
MarketAxess Holdings, Inc.		628		164,172
Moody’s Corp.		2,631		914,851
PayPal Holdings, Inc. (a)		18,604		1,241,445
Quanta Services, Inc.		2,421		475,605
Robert Half International, Inc.		1,780		133,892
Rollins, Inc.		3,862		165,410
S&P Global, Inc.		5,469		2,192,467
United Rentals, Inc.		1,146		510,394
Verisk Analytics, Inc.		2,414		545,636
				10,860,314
Cosmetics & Personal Care — 1.2%
Colgate-Palmolive Co.		13,832		1,065,618
Estee Lauder Cos., Inc. Class A		3,869		759,794
Procter & Gamble Co.		39,300		5,963,382
				7,788,794
Food — 1.1%
Campbell Soup Co.		3,346		152,946
Conagra Brands, Inc.		7,936		267,602
General Mills, Inc.		9,794		751,200
Hershey Co.		2,456		613,263
Hormel Foods Corp.		4,830		194,263
J.M. Smucker Co.		1,778		262,557
Kellogg Co.		4,298		289,685
Kraft Heinz Co.		13,279		471,404
Kroger Co.		10,878		511,266
Lamb Weston Holdings, Inc.		2,421		278,294
McCormick & Co., Inc.		4,183		364,883
Mondelez International, Inc. Class A		22,708		1,656,321
Sysco Corp.		8,448		626,842
Tyson Foods, Inc. Class A		4,742		242,032
				6,682,558
Health Care – Products — 3.7%
Abbott Laboratories		28,995		3,161,035
Align Technology, Inc. (a)		1,187		419,771

	Number of Shares		Value
Baxter International, Inc.		8,435	$	384,298
Bio-Techne Corp.		2,644		215,830
Boston Scientific Corp. (a)		23,972		1,296,645
Cooper Cos., Inc.		825		316,330
Danaher Corp.		11,073		2,657,520
Dentsply Sirona, Inc.		3,543		141,791
Edwards Lifesciences Corp. (a)		10,108		953,488
GE HealthCare Technologies, Inc. (a)		6,520		529,685
Hologic, Inc. (a)		4,117		333,353
IDEXX Laboratories, Inc. (a)		1,383		694,584
Insulet Corp. (a)		1,158		333,898
Intuitive Surgical, Inc. (a)		5,843		1,997,955
Medtronic PLC		22,184		1,954,410
ResMed, Inc.		2,450		535,325
Revvity, Inc.		2,092		248,509
Steris PLC		1,655		372,342
Stryker Corp.		5,631		1,717,962
Teleflex, Inc.		783		189,509
Thermo Fisher Scientific, Inc.		6,432		3,355,896
Waters Corp. (a)		984		262,275
West Pharmaceutical Services, Inc.		1,238		473,498
Zimmer Biomet Holdings, Inc.		3,478		506,397
				23,052,306
Health Care – Services — 2.2%
Catalent, Inc. (a)		3,019		130,904
Centene Corp. (a)		9,150		617,168
Charles River Laboratories International, Inc. (a)		857		180,184
DaVita, Inc. (a)		938		94,241
Elevance Health, Inc.		3,953		1,756,278
HCA Healthcare, Inc.		3,440		1,043,971
Humana, Inc.		2,083		931,372
IQVIA Holdings, Inc. (a)		3,097		696,113
Laboratory Corp. of America Holdings		1,477		356,444
Molina Healthcare, Inc. (a)		972		292,805
Quest Diagnostics, Inc.		1,868		262,566
UnitedHealth Group, Inc.		15,524		7,461,455
Universal Health Services, Inc. Class B		1,049		165,501
				13,989,002
Household Products & Wares — 0.3%
Avery Dennison Corp.		1,340		230,212
Church & Dwight Co., Inc.		4,063		407,235
Clorox Co.		2,061		327,781
Kimberly-Clark Corp.		5,629		777,140
				1,742,368
Pharmaceuticals — 5.9%
AbbVie, Inc.		29,418		3,963,487

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

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
AmerisourceBergen Corp.		2,696	$	518,791
Becton Dickinson & Co.		4,739		1,251,143
Bristol-Myers Squibb Co.		35,030		2,240,169
Cardinal Health, Inc.		4,245		401,450
Cigna Group		4,933		1,384,200
CVS Health Corp.		21,377		1,477,792
Dexcom, Inc. (a)		6,454		829,404
Eli Lilly & Co.		13,137		6,160,990
Henry Schein, Inc. (a)		2,184		177,122
Johnson & Johnson		43,332		7,172,313
McKesson Corp.		2,261		966,148
Merck & Co., Inc.		42,310		4,882,151
Organon & Co.		4,284		89,150
Pfizer, Inc.		94,131		3,452,725
Viatris, Inc.		19,993		199,530
Zoetis, Inc.		7,705		1,326,878
				36,493,443
				125,053,238
Energy — 4.2%
Energy – Alternate Sources — 0.2%
Enphase Energy, Inc. (a)		2,285		382,692
First Solar, Inc. (a)		1,657		314,979
SolarEdge Technologies, Inc. (a)		940		252,907
				950,578
Oil & Gas — 3.4%
APA Corp.		5,146		175,839
Chevron Corp.		29,058		4,572,276
ConocoPhillips		20,177		2,090,539
Coterra Energy, Inc.		12,630		319,539
Devon Energy Corp.		10,700		517,238
Diamondback Energy, Inc.		3,020		396,707
EOG Resources, Inc.		9,752		1,116,019
EQT Corp.		6,069		249,618
Exxon Mobil Corp.		67,414		7,230,152
Hess Corp.		4,608		626,458
Marathon Oil Corp.		10,298		237,060
Marathon Petroleum Corp.		7,075		824,945
Occidental Petroleum Corp.		11,980		704,424
Phillips 66		7,651		729,752
Pioneer Natural Resources Co.		3,897		807,380
Valero Energy Corp.		6,028		707,084
				21,305,030
Oil & Gas Services — 0.3%
Baker Hughes Co.		16,880		533,577
Halliburton Co.		15,043		496,269
Schlumberger NV		23,736		1,165,912
				2,195,758

	Number of Shares		Value
Pipelines — 0.3%
Kinder Morgan, Inc.		32,951	$	567,416
ONEOK, Inc.		7,457		460,246
Targa Resources Corp.		3,769		286,821
Williams Cos., Inc.		20,312		662,781
				1,977,264
				26,428,630
Financial — 13.4%
Banks — 3.7%
Bank of America Corp.		115,605		3,316,708
Bank of New York Mellon Corp.		11,974		533,083
Citigroup, Inc.		32,460		1,494,458
Citizens Financial Group, Inc.		8,070		210,466
Comerica, Inc.		2,204		93,361
Fifth Third Bancorp		11,370		298,008
Goldman Sachs Group, Inc.		5,543		1,787,839
Huntington Bancshares, Inc.		24,071		259,485
JP Morgan Chase & Co.		48,727		7,086,855
KeyCorp.		15,711		145,170
M&T Bank Corp.		2,766		342,320
Morgan Stanley		21,721		1,854,973
Northern Trust Corp.		3,474		257,562
PNC Financial Services Group, Inc.		6,655		838,197
Regions Financial Corp.		15,646		278,812
State Street Corp.		5,573		407,832
Truist Financial Corp.		22,209		674,043
U.S. Bancorp		23,263		768,610
Wells Fargo & Co.		62,565		2,670,274
Zions Bancorp NA		2,469		66,317
				23,384,373
Diversified Financial Services — 3.6%
American Express Co.		9,914		1,727,019
Ameriprise Financial, Inc.		1,737		576,962
BlackRock, Inc.		2,497		1,725,776
Capital One Financial Corp.		6,360		695,593
Cboe Global Markets, Inc.		1,760		242,898
Charles Schwab Corp.		24,779		1,404,474
CME Group, Inc.		6,006		1,112,852
Discover Financial Services		4,234		494,743
Franklin Resources, Inc.		4,783		127,754
Intercontinental Exchange, Inc.		9,328		1,054,810
Invesco Ltd.		7,657		128,714
Mastercard, Inc. Class A		13,952		5,487,322
Nasdaq, Inc.		5,618		280,057
Raymond James Financial, Inc.		3,180		329,989
Synchrony Financial		7,146		242,392
T. Rowe Price Group, Inc.		3,738		418,731

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

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Visa, Inc. Class A		26,982	$	6,407,685
				22,457,771
Insurance — 3.7%
Aflac, Inc.		9,168		639,926
Allstate Corp.		4,383		477,922
American International Group, Inc.		12,068		694,393
Aon PLC Class A		3,406		1,175,751
Arch Capital Group Ltd. (a)		6,210		464,818
Arthur J Gallagher & Co.		3,572		784,304
Assurant, Inc.		896		112,645
Berkshire Hathaway, Inc. Class B (a)		29,735		10,139,635
Brown & Brown, Inc.		3,926		270,266
Chubb Ltd.		6,906		1,329,819
Cincinnati Financial Corp.		2,621		255,076
Everest Re Group Ltd.		716		244,772
Globe Life, Inc.		1,482		162,457
Hartford Financial Services Group, Inc.		5,173		372,559
Lincoln National Corp.		2,609		67,208
Loews Corp.		3,154		187,285
Marsh & McLennan Cos., Inc.		8,249		1,551,472
MetLife, Inc.		10,726		606,341
Principal Financial Group, Inc.		3,768		285,765
Progressive Corp.		9,760		1,291,931
Prudential Financial, Inc.		6,086		536,907
Travelers Cos., Inc.		3,851		668,765
W. R. Berkley Corp.		3,348		199,407
Willis Towers Watson PLC		1,779		418,955
				22,938,379
Real Estate — 0.1%
CBRE Group, Inc. Class A (a)		5,183		418,320
Real Estate Investment Trusts (REITS) — 2.3%
Alexandria Real Estate Equities, Inc.		2,626		298,025
American Tower Corp.		7,775		1,507,884
AvalonBay Communities, Inc.		2,368		448,191
Boston Properties, Inc.		2,402		138,331
Camden Property Trust		1,780		193,789
Crown Castle, Inc.		7,226		823,330
Digital Realty Trust, Inc.		4,858		553,180
Equinix, Inc.		1,559		1,222,162
Equity Residential		5,686		375,105
Essex Property Trust, Inc.		1,072		251,170
Extra Space Storage, Inc.		2,252		335,210
Federal Realty Investment Trust		1,226		118,640
Healthpeak Properties, Inc.		9,050		181,905
Host Hotels & Resorts, Inc.		11,859		199,587
Invitation Homes, Inc.		9,693		333,439
Iron Mountain, Inc.		4,863		276,316

	Number of Shares		Value
Kimco Realty Corp.		10,336	$	203,826
Mid-America Apartment Communities, Inc.		1,946		295,520
Prologis, Inc.		15,398		1,888,257
Public Storage		2,639		770,271
Realty Income Corp.		11,225		671,143
Regency Centers Corp.		2,566		158,502
SBA Communications Corp.		1,806		418,559
Simon Property Group, Inc.		5,455		629,943
UDR, Inc.		5,159		221,631
Ventas, Inc.		6,671		315,338
VICI Properties, Inc.		16,745		526,295
Welltower, Inc.		8,288		670,416
Weyerhaeuser Co.		12,211		409,191
				14,435,156
				83,633,999
Industrial — 7.7%
Aerospace & Defense — 1.6%
Boeing Co. (a)		9,429		1,991,028
General Dynamics Corp.		3,751		807,028
Howmet Aerospace, Inc.		6,105		302,564
L3 Harris Technologies, Inc.		3,159		618,437
Lockheed Martin Corp.		3,758		1,730,108
Northrop Grumman Corp.		2,380		1,084,804
Raytheon Technologies Corp.		24,363		2,386,599
TransDigm Group, Inc.		870		777,928
				9,698,496
Building Materials — 0.6%
Carrier Global Corp.		13,920		691,963
Johnson Controls International PLC		11,440		779,522
Martin Marietta Materials, Inc.		1,036		478,311
Masco Corp.		3,753		215,347
Mohawk Industries, Inc. (a)		881		90,884
Trane Technologies PLC		3,803		727,362
Vulcan Materials Co.		2,219		500,251
				3,483,640
Electrical Components & Equipment — 0.3%
AMETEK, Inc.		3,849		623,076
Emerson Electric Co.		9,540		862,320
Generac Holdings, Inc. (a)		1,037		154,648
				1,640,044
Electronics — 1.0%
Agilent Technologies, Inc.		4,934		593,314
Allegion PLC		1,466		175,949
Amphenol Corp. Class A		9,924		843,044
Fortive Corp.		5,895		440,769
Garmin Ltd.		2,543		265,209
Honeywell International, Inc.		11,095		2,302,212

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

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Keysight Technologies, Inc. (a)		2,970	$	497,327
Mettler-Toledo International, Inc. (a)		368		482,684
TE Connectivity Ltd.		5,254		736,401
Trimble, Inc. (a)		4,131		218,695
				6,555,604
Engineering & Construction — 0.0%
Jacobs Solutions, Inc.		2,106		250,382
Environmental Controls — 0.3%
Pentair PLC		2,769		178,877
Republic Services, Inc.		3,422		524,148
Waste Management, Inc.		6,173		1,070,522
				1,773,547
Hand & Machine Tools — 0.1%
Snap-on, Inc.		883		254,472
Stanley Black & Decker, Inc.		2,554		239,335
				493,807
Machinery – Construction & Mining — 0.3%
Caterpillar, Inc.		8,593		2,114,308
Machinery – Diversified — 0.8%
Deere & Co.		4,496		1,821,734
Dover Corp.		2,332		344,320
IDEX Corp.		1,260		271,228
Ingersoll Rand, Inc.		6,745		440,853
Nordson Corp.		897		222,617
Otis Worldwide Corp.		6,891		613,368
Rockwell Automation, Inc.		1,918		631,885
Westinghouse Air Brake Technologies Corp.		3,013		330,436
Xylem, Inc.		3,989		449,241
				5,125,682
Miscellaneous - Manufacturing — 1.1%
3M Co.		9,199		920,728
A.O. Smith Corp.		2,090		152,110
Axon Enterprise, Inc. (a)		1,170		228,290
Eaton Corp. PLC		6,649		1,337,114
General Electric Co.		18,157		1,994,546
Illinois Tool Works, Inc.		4,611		1,153,488
Parker-Hannifin Corp.		2,138		833,906
Teledyne Technologies, Inc. (a)		784		322,310
Textron, Inc.		3,363		227,440
				7,169,932
Packaging & Containers — 0.2%
Amcor PLC		24,535		244,859
Ball Corp.		5,245		305,311
Packaging Corp. of America		1,500		198,240
Sealed Air Corp.		2,446		97,840

	Number of Shares		Value
WestRock Co.		4,279	$	124,391
				970,641
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		665		151,354
Transportation — 1.4%
C.H. Robinson Worldwide, Inc.		1,942		183,228
CSX Corp.		33,899		1,155,956
Expeditors International of Washington, Inc.		2,548		308,639
FedEx Corp.		3,856		955,902
JB Hunt Transport Services, Inc.		1,383		250,365
Norfolk Southern Corp.		3,796		860,781
Old Dominion Freight Line, Inc.		1,499		554,255
Union Pacific Corp.		10,166		2,080,167
United Parcel Service, Inc. Class B		12,085		2,166,236
				8,515,529
				47,942,966
Technology — 27.2%
Computers — 9.1%
Accenture PLC Class A		10,530		3,249,347
Apple, Inc.		246,527		47,818,842
Cognizant Technology Solutions Corp. Class A		8,462		552,399
DXC Technology Co. (a)		3,796		101,429
EPAM Systems, Inc. (a)		966		217,108
Fortinet, Inc. (a)		10,867		821,437
Hewlett Packard Enterprise Co.		21,607		362,998
HP, Inc.		14,425		442,992
International Business Machines Corp.		15,141		2,026,017
Leidos Holdings, Inc.		2,300		203,504
NetApp, Inc.		3,567		272,519
Seagate Technology Holdings PLC		3,201		198,046
Western Digital Corp. (a)		5,313		201,522
				56,468,160
Office & Business Equipment — 0.0%
Zebra Technologies Corp. Class A (a)		855		252,935
Semiconductors — 7.2%
Advanced Micro Devices, Inc. (a)		26,851		3,058,597
Analog Devices, Inc.		8,435		1,643,222
Applied Materials, Inc.		14,083		2,035,557
Broadcom, Inc.		6,952		6,030,373
Intel Corp.		69,548		2,325,685
KLA Corp.		2,288		1,109,726
Lam Research Corp.		2,240		1,440,006
Microchip Technology, Inc.		9,136		818,494
Micron Technology, Inc.		18,248		1,151,631
Monolithic Power Systems, Inc.		751		405,713
NVIDIA Corp.		41,237		17,444,076

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

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
NXP Semiconductor NV		4,324	$	885,036
ON Semiconductor Corp. (a)		7,201		681,071
Qorvo, Inc. (a)		1,666		169,982
QUALCOMM, Inc.		18,575		2,211,168
Skyworks Solutions, Inc.		2,650		293,329
Teradyne, Inc.		2,594		288,790
Texas Instruments, Inc.		15,137		2,724,963
				44,717,419
Software — 10.9%
Activision Blizzard, Inc. (a)		11,929		1,005,615
Adobe, Inc. (a)		7,646		3,738,818
Akamai Technologies, Inc. (a)		2,538		228,090
ANSYS, Inc. (a)		1,445		477,240
Autodesk, Inc. (a)		3,571		730,662
Broadridge Financial Solutions, Inc.		1,975		327,119
Cadence Design Systems, Inc. (a)		4,547		1,066,362
Ceridian HCM Holding, Inc. (a)		2,578		172,649
Electronic Arts, Inc.		4,350		564,195
Fair Isaac Corp. (a)		417		337,441
Fidelity National Information Services, Inc.		9,899		541,475
Fiserv, Inc. (a)		10,293		1,298,462
Intuit, Inc.		4,678		2,143,413
Jack Henry & Associates, Inc.		1,215		203,306
Microsoft Corp.		123,980		42,220,149
MSCI, Inc.		1,336		626,971
Oracle Corp.		25,673		3,057,398
Paychex, Inc.		5,350		598,505
Paycom Software, Inc.		811		260,526
PTC, Inc. (a)		1,781		253,436
Roper Technologies, Inc.		1,777		854,382
Salesforce, Inc. (a)		16,324		3,448,608
ServiceNow, Inc. (a)		3,397		1,909,012
Synopsys, Inc. (a)		2,540		1,105,941
Take-Two Interactive Software, Inc. (a)		2,646		389,385
Tyler Technologies, Inc. (a)		700		291,529
				67,850,689
				169,289,203
Utilities — 2.6%
Electric — 2.4%
AES Corp.		11,161		231,367
Alliant Energy Corp.		4,192		219,996
Ameren Corp.		4,379		357,633
American Electric Power Co., Inc.		8,602		724,288
CenterPoint Energy, Inc.		10,522		306,716
CMS Energy Corp.		4,863		285,701
Consolidated Edison, Inc.		5,778		522,331

	Number of Shares		Value
Constellation Energy Corp.		5,409	$	495,194
Dominion Energy, Inc.		13,939		721,901
DTE Energy Co.		3,437		378,139
Duke Energy Corp.		12,850		1,153,159
Edison International		6,386		443,508
Entergy Corp.		3,526		343,327
Evergy, Inc.		3,830		223,749
Eversource Energy		5,825		413,109
Exelon Corp.		16,609		676,651
FirstEnergy Corp.		9,074		352,797
NextEra Energy, Inc.		33,739		2,503,434
NRG Energy, Inc.		3,806		142,306
PG&E Corp. (a)		26,955		465,782
Pinnacle West Capital Corp.		1,904		155,100
PPL Corp.		12,290		325,193
Public Service Enterprise Group, Inc.		8,321		520,978
Sempra Energy		5,244		763,474
Southern Co.		18,203		1,278,761
WEC Energy Group, Inc.		5,262		464,319
Xcel Energy, Inc.		9,177		570,534
				15,039,447
Gas — 0.1%
Atmos Energy Corp.		2,398		278,983
NiSource, Inc.		6,836		186,965
				465,948
Water — 0.1%
American Water Works Co., Inc.		3,246		463,366
				15,968,761

TOTAL COMMON STOCK (Cost $327,475,052)				619,669,204

TOTAL EQUITIES (Cost $327,475,052)				619,669,204

TOTAL LONG-TERM INVESTMENTS (Cost $327,475,052)				619,669,204

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

MML Equity Index Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.6%
Repurchase Agreement — 0.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 (b)	$	3,749,063	$	3,749,063
U.S. Treasury Bill — 0.0%
U.S. Treasury Bills
4.978% 10/26/23 ^(c)(d)		160,000		157,342
5.294% 10/26/23 ^(c)(d)		115,000		113,090
				270,432

TOTAL SHORT-TERM INVESTMENTS (Cost $4,019,651)				4,019,495

TOTAL INVESTMENTS — 100.1% (Cost $331,494,703) ^(e)				623,688,699

Other Assets/(Liabilities) — (0.1)%				(874,171	)

NET ASSETS — 100.0%			$	622,814,528

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Maturity value of $3,749,537. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/25, and an aggregate market value, including accrued interest, of $3,824,100.

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

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

(e)	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		9/15/23		20	$	4,411,766	$	76,484

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

MML Focused Equity Fund – Portfolio of Investments

June 30, 2023 (Unaudited)

	Number of Shares		Value
EQUITIES — 97.7%
COMMON STOCK — 97.7%
Basic Materials — 9.3%
Chemicals — 9.3%
Ecolab, Inc.		73,352	$	13,694,085
Linde PLC		38,484		14,665,483
				28,359,568
Consumer, Cyclical — 13.6%
Apparel — 4.4%
NIKE, Inc. Class B		120,662		13,317,465
Retail — 9.2%
McDonald’s Corp.		40,869		12,195,718
TJX Cos., Inc.		184,585		15,650,962
				27,846,680
				41,164,145
Consumer, Non-cyclical — 34.0%
Beverages — 6.2%
Coca-Cola Co.		89,293		5,377,225
PepsiCo, Inc.		72,556		13,438,822
				18,816,047
Cosmetics & Personal Care — 7.9%
Colgate-Palmolive Co.		157,692		12,148,592
Procter & Gamble Co.		77,731		11,794,902
				23,943,494
Health Care – Products — 11.8%
Danaher Corp.		61,237		14,696,880
Medtronic PLC		90,560		7,978,336
Stryker Corp.		43,206		13,181,718
				35,856,934
Health Care – Services — 5.1%
UnitedHealth Group, Inc.		32,241		15,496,314
Pharmaceuticals — 3.0%
Johnson & Johnson		53,819		8,908,121
				103,020,910
Financial — 19.6%
Diversified Financial Services — 9.3%
American Express Co.		76,391		13,307,312
Visa, Inc. Class A		63,151		14,997,100
				28,304,412
Insurance — 8.5%
Chubb Ltd.		59,395		11,437,101
Marsh & McLennan Cos., Inc.		75,489		14,197,971
				25,635,072

	Number of Shares		Value
Real Estate Investment Trusts (REITS) — 1.8%
American Tower Corp.		27,969	$	5,424,308
				59,363,792
Industrial — 10.6%
Aerospace & Defense — 4.1%
Lockheed Martin Corp.		6,542		3,011,806
Northrop Grumman Corp.		20,759		9,461,952
				12,473,758
Electronics — 4.7%
Honeywell International, Inc.		68,844		14,285,130
Transportation — 1.8%
Union Pacific Corp.		26,591		5,441,051
				32,199,939
Technology — 10.6%
Computers — 4.1%
Accenture PLC Class A		40,059		12,361,406
Semiconductors — 2.0%
Texas Instruments, Inc.		33,304		5,995,386
Software — 4.5%
Microsoft Corp.		40,752		13,877,686
				32,234,478

TOTAL COMMON STOCK (Cost $253,128,975)				296,342,832

TOTAL EQUITIES (Cost $253,128,975)				296,342,832

TOTAL LONG-TERM INVESTMENTS (Cost $253,128,975)				296,342,832

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

MML Focused Equity Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.5%
Repurchase Agreement — 1.5%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 (a)	$	4,471,839	$	4,471,839

TOTAL SHORT-TERM INVESTMENTS (Cost $4,471,839)				4,471,839

TOTAL INVESTMENTS — 99.2% (Cost $257,600,814) ^(b)				300,814,671

Other Assets/(Liabilities) — 0.8%				2,435,496

NET ASSETS — 100.0%			$	303,250,167

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Maturity value of $4,472,405. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/25, and an aggregate market value, including accrued interest, of $4,561,330.

(b)	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

June 30, 2023 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.3%
COMMON STOCK — 97.8%
Australia — 4.4%
BHP Group Ltd. (a)		22,900	$	683,268
Glencore PLC		283,000		1,605,328
Macquarie Group Ltd.		16,000		1,906,644
Santos Ltd.		399,800		2,013,667
Sonic Healthcare Ltd.		11,600		275,913
Westpac Banking Corp.		61,800		881,588
Woodside Energy Group Ltd.		25,904		599,900
				7,966,308
Belgium — 3.4%
Anheuser-Busch InBev SA		53,400		3,024,374
Groupe Bruxelles Lambert NV		14,200		1,119,129
KBC Group NV		28,500		1,992,968
				6,136,471
Canada — 0.5%
CCL Industries, Inc. Class B		2,100		103,228
TFI International, Inc.		7,300		831,696
				934,924
China — 1.1%
NXP Semiconductor NV		9,500		1,944,460
Finland — 1.1%
Nokia OYJ		476,200		1,998,384
France — 8.9%
Accor SA		22,100		821,802
Amundi SA (b)		20,500		1,211,584
Capgemini SE		13,800		2,614,289
Cie de Saint-Gobain		19,100		1,163,523
Engie SA		81,900		1,362,254
Rexel SA		33,000		815,959
Societe Generale SA		49,000		1,275,562
Sodexo SA		14,100		1,552,760
TotalEnergies SE		41,800		2,395,661
Veolia Environnement SA		97,412		3,079,827
				16,293,221
Germany — 11.7%
Allianz SE Registered		8,500		1,977,177
BASF SE		30,000		1,456,577
Bayer AG Registered		10,200		563,917
Deutsche Boerse AG		9,200		1,699,096
Deutsche Post AG Registered		46,800		2,285,358
Heidelberg Materials AG		30,900		2,537,350
Infineon Technologies AG		60,900		2,511,548
K&S AG Registered		23,400		407,356
SAP SE		25,600		3,495,525
Siemens AG Registered		17,400		2,896,204

	Number of Shares		Value
Siemens Energy AG (c)		41,700	$	736,088
Talanx AG (c)		12,200		699,416
				21,265,612
Hong Kong — 0.9%
CK Asset Holdings Ltd.		282,200		1,566,138
Ireland — 3.6%
AerCap Holdings NV (c)		41,000		2,604,320
AIB Group PLC (a)		436,900		1,838,118
Smurfit Kappa Group PLC		63,100		2,106,228
				6,548,666
Israel — 0.9%
Check Point Software Technologies Ltd. (c)		13,800		1,733,556
Italy — 0.3%
Prysmian SpA		15,400		645,015
Japan — 18.1%
Astellas Pharma, Inc.		128,700		1,917,819
Denka Co. Ltd.		36,800		695,660
FANUC Corp.		58,500		2,056,883
Fujitsu Ltd.		15,700		2,024,153
Hitachi Ltd.		42,700		2,642,772
Kirin Holdings Co. Ltd. (a)		28,800		420,605
Kyocera Corp.		38,300		2,081,844
Nintendo Co. Ltd.		51,700		2,351,719
Olympus Corp.		76,100		1,204,578
ORIX Corp.		128,500		2,350,081
Rakuten Group, Inc.		288,400		1,004,499
SBI Holdings, Inc.		91,800		1,772,174
Seven & i Holdings Co. Ltd.		64,000		2,767,227
Sony Group Corp.		38,800		3,480,268
Square Enix Holdings Co. Ltd.		16,200		754,311
Sumitomo Mitsui Financial Group, Inc.		53,700		2,298,422
Toyota Industries Corp.		43,500		3,120,678
				32,943,693
Luxembourg — 0.9%
ArcelorMittal SA		57,600		1,569,284
Netherlands — 4.2%
ASML Holding NV		3,500		2,533,549
EXOR NV		9,900		884,595
Heineken Holding NV		22,800		1,982,464
ING Groep NV		70,900		957,474
Koninklijke Philips NV		35,809		774,919
Shell PLC		15,000		446,246
				7,579,247
Norway — 0.9%
Aker BP ASA		61,973		1,452,227

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

MML Foreign Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
DNB Bank ASA		6,900	$	129,001
				1,581,228
Republic of Korea — 1.8%
Samsung Electronics Co. Ltd.		60,700		3,345,568
Singapore — 1.3%
DBS Group Holdings Ltd.		100,600		2,352,263
Sweden — 2.1%
Essity AB Class B		47,600		1,266,970
Husqvarna AB Class B (a)		43,000		390,041
Skandinaviska Enskilda Banken AB Class A		108,000		1,194,908
Volvo AB Class B		45,798		949,940
				3,801,859
Switzerland — 5.0%
ABB Ltd. Registered		49,500		1,947,741
Alcon, Inc.		7,900		656,377
Cie Financiere Richemont SA Registered Class A		12,900		2,188,790
Julius Baer Group Ltd.		15,900		1,002,541
Novartis AG Registered		33,100		3,340,697
				9,136,146
United Kingdom — 19.0%
Ashtead Group PLC		33,700		2,340,126
Aviva PLC		98,276		495,314
Barratt Developments PLC		135,100		709,240
BP PLC		430,900		2,524,576
Bunzl PLC		28,500		1,085,087
Burberry Group PLC		23,200		624,393
CK Hutchison Holdings Ltd.		461,500		2,824,806
CNH Industrial NV		111,300		1,608,691
DCC PLC		34,800		1,945,152
Dowlais Group PLC (c)		178,196		287,284
Entain PLC		84,800		1,377,171
Inchcape PLC		100,700		995,212
Informa PLC		183,300		1,689,666
Kingfisher PLC		171,900		505,725
Legal & General Group PLC		500,300		1,450,286
Liberty Global PLC Class C (c)		37,200		661,044
Lloyds Banking Group PLC		4,364,100		2,419,331
Melrose Industries PLC		5,975		38,462
Persimmon PLC		61,100		796,553
Reckitt Benckiser Group PLC		36,700		2,756,181
Smith & Nephew PLC		142,800		2,304,197
Tesco PLC		668,505		2,112,497
Unilever PLC		56,800		2,961,694
				34,512,688
United States — 7.7%
GSK PLC		103,300		1,824,762

	Number of Shares		Value
Linde PLC		5,000	$	1,905,400
Nestle SA Registered		25,100		3,020,150
Roche Holding AG		12,800		3,911,622
Sanofi		22,800		2,444,229
Stellantis NV		52,200		918,862
				14,025,025

TOTAL COMMON STOCK (Cost $170,816,395)				177,879,756

PREFERRED STOCK — 0.5%
Germany — 0.5%
Henkel AG & Co. KGaA 2.525%		11,400		911,278

TOTAL PREFERRED STOCK (Cost $895,511)				911,278

TOTAL EQUITIES (Cost $171,711,906)				178,791,034

TOTAL LONG-TERM INVESTMENTS (Cost $171,711,906)				178,791,034

SHORT-TERM INVESTMENTS — 0.7%
Investment of Cash Collateral from Securities Loaned — 0.2%
State Street Navigator Securities Lending Government Money Market Portfolio (d)		440,640		440,640

	Principal Amount
Repurchase Agreement — 0.5%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 (e)	$	905,524		905,524

TOTAL SHORT-TERM INVESTMENTS (Cost $1,346,164)				1,346,164

TOTAL INVESTMENTS — 99.0% (Cost $173,058,070) ^(f)				180,137,198

Other Assets/(Liabilities) — 1.0%				1,847,506

NET ASSETS — 100.0%			$	181,984,704

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

MML Foreign 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, 2023, was $3,095,550 or 1.70% of net assets. The Fund received $2,827,100 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)

(c)	Non-income producing security.

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

(e)	Maturity value of $905,639. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/25, and an aggregate market value, including accrued interest, of $923,638.

(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	25.1	%
Financial	19.9	%
Consumer, Cyclical	12.4	%
Industrial	12.1	%
Technology	11.5	%
Energy	6.3	%
Basic Materials	5.7	%
Communications	2.9	%
Utilities	2.4	%
Total Long-Term Investments	98.3	%
Short-Term Investments and Other Assets and Liabilities	1.7	%
Net Assets	100.0	%

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

MML Fundamental Equity Fund – Portfolio of Investments

June 30, 2023 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.2%
COMMON STOCK — 99.2%
Basic Materials — 1.5%
Chemicals — 1.5%
DuPont de Nemours, Inc.		12,720	$	908,717
Valvoline, Inc.		40,883		1,533,520
				2,442,237
Communications — 13.4%
Advertising — 1.0%
Interpublic Group of Cos., Inc.		41,616		1,605,546
Internet — 11.7%
Airbnb, Inc. Class A (a)		16,210		2,077,474
Alphabet, Inc. Class A (a)		35,959		4,304,292
Amazon.com, Inc. (a)		23,101		3,011,446
Meta Platforms, Inc. Class A (a)		17,711		5,082,703
Netflix, Inc. (a)		6,426		2,830,589
Uber Technologies, Inc. (a)		34,038		1,469,420
				18,775,924
Telecommunications — 0.7%
T-Mobile U.S., Inc. (a)		7,519		1,044,389
				21,425,859
Consumer, Cyclical — 2.3%
Auto Parts & Equipment — 0.8%
Mobileye Global, Inc. Class A (a) (b)		35,218		1,353,076
Retail — 1.5%
Starbucks Corp.		23,955		2,372,982
				3,726,058
Consumer, Non-cyclical — 21.4%
Agriculture — 0.7%
British American Tobacco PLC Sponsored ADR		32,877		1,091,516
Beverages — 5.1%
Coca-Cola Co.		31,464		1,894,762
Constellation Brands, Inc. Class A		13,138		3,233,656
PepsiCo, Inc.		16,588		3,072,429
				8,200,847
Biotechnology — 1.6%
Gilead Sciences, Inc.		32,679		2,518,571
Commercial Services — 1.4%
Equifax, Inc.		9,266		2,180,290
Cosmetics & Personal Care — 1.3%
Coty, Inc. Class A (a)		55,579		683,066
Kenvue, Inc. (a)		56,135		1,483,087
				2,166,153
Health Care – Products — 2.4%
Boston Scientific Corp. (a)		19,802		1,071,090

	Number of Shares		Value
Zimmer Biomet Holdings, Inc.		19,153	$	2,788,677
				3,859,767
Health Care – Services — 3.7%
HCA Healthcare, Inc.		8,241		2,500,979
Tenet Healthcare Corp. (a)		23,513		1,913,488
UnitedHealth Group, Inc.		3,313		1,592,360
				6,006,827
Pharmaceuticals — 5.2%
AstraZeneca PLC Sponsored ADR		30,265		2,166,066
Eli Lilly & Co.		6,812		3,194,692
Merck & Co., Inc.		25,363		2,926,636
				8,287,394
				34,311,365
Energy — 4.1%
Oil & Gas — 3.3%
Exxon Mobil Corp.		48,265		5,176,421
Pipelines — 0.8%
Cheniere Energy, Inc.		1,622		247,128
Magellan Midstream Partners LP (c)		17,275		1,076,578
				1,323,706
				6,500,127
Financial — 18.2%
Banks — 3.6%
Columbia Banking System, Inc.		35,107		711,970
JP Morgan Chase & Co.		34,617		5,034,696
				5,746,666
Diversified Financial Services — 9.1%
American Express Co.		17,792		3,099,367
Capital One Financial Corp.		14,256		1,559,179
Charles Schwab Corp.		55,449		3,142,849
Intercontinental Exchange, Inc.		22,991		2,599,822
Mastercard, Inc. Class A		7,366		2,897,048
Rocket Cos., Inc. Class A (a)		71,308		638,920
Visa, Inc. Class A		3,055		725,501
				14,662,686
Insurance — 2.5%
Arthur J Gallagher & Co.		6,374		1,399,539
Equitable Holdings, Inc.		96,102		2,610,131
				4,009,670
Real Estate Investment Trusts (REITS) — 3.0%
American Tower Corp.		4,695		910,548
Prologis, Inc.		32,076		3,933,480
				4,844,028
				29,263,050

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

MML Fundamental Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Industrial — 9.2%
Aerospace & Defense — 2.1%
Boeing Co. (a)		8,172	$	1,725,600
Lockheed Martin Corp.		3,480		1,602,122
				3,327,722
Building Materials — 1.1%
Vulcan Materials Co.		7,973		1,797,433
Electronics — 1.0%
Hubbell, Inc.		4,990		1,654,484
Machinery – Diversified — 2.7%
Deere & Co.		2,929		1,186,801
Otis Worldwide Corp.		35,960		3,200,800
				4,387,601
Transportation — 2.3%
United Parcel Service, Inc. Class B		20,038		3,591,812
				14,759,052
Technology — 27.0%
Computers — 7.3%
Amdocs Ltd.		16,746		1,655,342
Apple, Inc.		51,822		10,051,913
				11,707,255
Semiconductors — 7.0%
Advanced Micro Devices, Inc. (a)		29,320		3,339,841
Applied Materials, Inc.		16,382		2,367,854
Monolithic Power Systems, Inc.		1,459		788,196
NVIDIA Corp.		4,708		1,991,578
QUALCOMM, Inc.		9,887		1,176,949
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR		15,847		1,599,279
				11,263,697
Software — 12.7%
Fiserv, Inc. (a)		16,318		2,058,516
Manhattan Associates, Inc. (a)		3,875		774,535
Microsoft Corp.		34,293		11,678,138
ServiceNow, Inc. (a)		4,238		2,381,629
Snowflake, Inc. Class A (a)		4,344		764,457
Synopsys, Inc. (a)		3,254		1,416,824
Tyler Technologies, Inc. (a)		2,938		1,223,589
				20,297,688
				43,268,640
Utilities — 2.1%
Electric — 2.1%
Dominion Energy, Inc.		37,286		1,931,042
FirstEnergy Corp.		36,765		1,429,423
				3,360,465

	Number of Shares		Value
TOTAL COMMON STOCK (Cost $137,492,361)			$	159,056,853

TOTAL EQUITIES (Cost $137,492,361)				159,056,853

TOTAL LONG-TERM INVESTMENTS (Cost $137,492,361)				159,056,853

SHORT-TERM INVESTMENTS — 1.9%
Investment of Cash Collateral from Securities Loaned — 0.9%
State Street Navigator Securities Lending Government Money Market Portfolio (d)		1,382,307		1,382,307

	Principal Amount
Repurchase Agreement — 1.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 (e)	$	1,646,771		1,646,771

TOTAL SHORT-TERM INVESTMENTS (Cost $3,029,078)				3,029,078

TOTAL INVESTMENTS — 101.1% (Cost $140,521,439) ^(f)				162,085,931

Other Assets/(Liabilities) — (1.1)%				(1,706,321	)

NET ASSETS — 100.0%			$	160,379,610

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, 2023, was $1,353,076 or 0.84% of net assets. (Note 2).

(c)	Security is a Master Limited Partnership.

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

(e)	Maturity value of $1,646,979. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/25, and an aggregate market value, including accrued interest, of $1,679,756.

(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, 2023 (Unaudited)

	Number of Shares		Value
EQUITIES — 97.9%
COMMON STOCK — 97.9%
Basic Materials — 1.6%
Chemicals — 1.6%
DuPont de Nemours, Inc.		26,225	$	1,873,514
Olin Corp.		13,319		684,463
				2,557,977
Communications — 8.9%
Advertising — 0.9%
Omnicom Group, Inc.		14,802		1,408,410
Internet — 4.1%
Alphabet, Inc. Class A (a)		43,145		5,164,456
Booking Holdings, Inc. (a)		560		1,512,185
				6,676,641
Media — 0.4%
Warner Bros Discovery, Inc. (a)		57,344		719,094
Telecommunications — 3.5%
Cisco Systems, Inc.		78,408		4,056,830
T-Mobile U.S., Inc. (a)		12,114		1,682,635
				5,739,465
				14,543,610
Consumer, Cyclical — 7.1%
Auto Parts & Equipment — 0.4%
BorgWarner, Inc.		14,580		713,108
Distribution & Wholesale — 1.5%
LKQ Corp.		26,397		1,538,153
WESCO International, Inc.		5,382		963,701
				2,501,854
Home Furnishing — 0.9%
Sony Group Corp. Sponsored ADR		15,625		1,406,875
Retail — 4.3%
AutoZone, Inc. (a)		1,239		3,089,273
Dollar General Corp.		2,985		506,793
Ulta Beauty, Inc. (a)		1,083		509,654
Walmart, Inc.		18,169		2,855,804
				6,961,524
				11,583,361
Consumer, Non-cyclical — 28.1%
Agriculture — 1.2%
Philip Morris International, Inc.		20,396		1,991,057
Beverages — 2.4%
Coca-Cola Europacific Partners PLC		21,040		1,355,607
Keurig Dr Pepper, Inc.		83,594		2,613,985
				3,969,592

	Number of Shares		Value
Biotechnology — 1.6%
Amgen, Inc.		7,416	$	1,646,500
Corteva, Inc.		16,018		917,832
				2,564,332
Commercial Services — 3.3%
FleetCor Technologies, Inc. (a)		7,497		1,882,347
Global Payments, Inc.		12,921		1,272,977
United Rentals, Inc.		5,141		2,289,647
				5,444,971
Cosmetics & Personal Care — 0.1%
Kenvue, Inc. (a)		5,967		157,648
Food — 1.7%
Kroger Co.		17,618		828,046
U.S. Foods Holding Corp. (a)		44,367		1,952,148
				2,780,194
Health Care – Products — 0.9%
Avantor, Inc. (a)		71,275		1,463,988
Health Care – Services — 4.1%
Centene Corp. (a)		27,475		1,853,189
ICON PLC (a)		8,379		2,096,426
UnitedHealth Group, Inc.		5,722		2,750,222
				6,699,837
Pharmaceuticals — 12.8%
AmerisourceBergen Corp.		12,024		2,313,778
Bristol-Myers Squibb Co.		73,479		4,698,982
Cigna Group		9,971		2,797,863
CVS Health Corp.		31,704		2,191,698
Johnson & Johnson		26,920		4,455,798
McKesson Corp.		3,154		1,347,736
Sanofi ADR		58,790		3,168,781
				20,974,636
				46,046,255
Energy — 10.8%
Coal — 0.9%
Peabody Energy Corp.		34,003		736,505
Teck Resources Ltd. Class B		16,883		710,774
				1,447,279
Oil & Gas — 7.2%
BP PLC Sponsored ADR		47,307		1,669,464
Canadian Natural Resources Ltd.		37,808		2,127,078
Cenovus Energy, Inc.		128,000		2,173,440
ConocoPhillips		20,016		2,073,858
Marathon Petroleum Corp.		21,684		2,528,354
Pioneer Natural Resources Co.		6,247		1,294,254
				11,866,448

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 — 2.7%
Halliburton Co.		63,523	$	2,095,624
Schlumberger NV		47,948		2,355,205
				4,450,829
				17,764,556
Financial — 16.0%
Banks — 7.2%
Goldman Sachs Group, Inc.		6,187		1,995,555
JP Morgan Chase & Co.		42,567		6,190,944
Wells Fargo & Co.		84,451		3,604,369
				11,790,868
Diversified Financial Services — 1.4%
Discover Financial Services		8,206		958,871
Intercontinental Exchange, Inc.		12,360		1,397,669
				2,356,540
Insurance — 6.9%
Aon PLC Class A		2,840		980,368
Arthur J Gallagher & Co.		6,599		1,448,943
Berkshire Hathaway, Inc. Class B (a)		17,406		5,935,446
Chubb Ltd.		8,288		1,595,937
Progressive Corp.		6,001		794,352
The Allstate Corp.		5,228		570,061
				11,325,107
Private Equity — 0.5%
Ares Management Corp. Class A		7,608		733,031
				26,205,546
Industrial — 11.3%
Aerospace & Defense — 2.6%
General Dynamics Corp.		9,653		2,076,843
Howmet Aerospace, Inc.		42,889		2,125,579
				4,202,422
Building Materials — 2.2%
CRH PLC Sponsored ADR (b)		27,554		1,535,584
Masco Corp.		18,041		1,035,193
Mohawk Industries, Inc. (a)		9,851		1,016,229
				3,587,006
Electronics — 1.8%
Allegion PLC		9,597		1,151,832
Fortive Corp.		23,379		1,748,048
				2,899,880
Machinery – Construction & Mining — 0.5%
Caterpillar, Inc.		3,504		862,159
Machinery – Diversified — 3.1%
Deere & Co.		4,460		1,807,147
Dover Corp.		5,564		821,525

	Number of Shares		Value
Otis Worldwide Corp.		11,980	$	1,066,340
Westinghouse Air Brake Technologies Corp.		12,520		1,373,068
				5,068,080
Miscellaneous - Manufacturing — 1.1%
Eaton Corp. PLC		9,075		1,824,983
				18,444,530
Technology — 12.6%
Computers — 2.5%
Cognizant Technology Solutions Corp. Class A		19,755		1,289,606
Dell Technologies, Inc. Class C		28,741		1,555,176
Leidos Holdings, Inc.		14,804		1,309,858
				4,154,640
Semiconductors — 7.0%
Advanced Micro Devices, Inc. (a)		18,007		2,051,177
Applied Materials, Inc.		15,249		2,204,090
Lam Research Corp.		1,832		1,177,720
Microchip Technology, Inc.		23,386		2,095,152
Micron Technology, Inc.		28,361		1,789,863
NXP Semiconductor NV		3,363		688,339
QUALCOMM, Inc.		12,321		1,466,692
				11,473,033
Software — 3.1%
Activision Blizzard, Inc. (a)		38,603		3,254,233
SS&C Technologies Holdings, Inc.		21,834		1,323,140
Take-Two Interactive Software, Inc. (a)		3,400		500,344
				5,077,717
				20,705,390
Utilities — 1.5%
Electric — 1.5%
CenterPoint Energy, Inc.		32,858		957,811
FirstEnergy Corp.		40,932		1,591,436
				2,549,247

TOTAL COMMON STOCK (Cost $132,919,414)				160,400,472

TOTAL EQUITIES (Cost $132,919,414)				160,400,472

TOTAL LONG-TERM INVESTMENTS (Cost $132,919,414)				160,400,472

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 — 2.2%
Repurchase Agreement — 2.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 (c)	$	3,580,261	$	3,580,261

TOTAL SHORT-TERM INVESTMENTS (Cost $3,580,261)				3,580,261

TOTAL INVESTMENTS — 100.1% (Cost $136,499,675) ^(d)				163,980,733

Other Assets/(Liabilities) — (0.1)%				(194,222	)

NET ASSETS — 100.0%			$	163,786,511

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, 2023, was $1,498,381 or 0.91% of net assets. The Fund received $1,535,138 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 $3,580,715. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/25, and an aggregate market value, including accrued interest, of $3,651,932.

(d)	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, 2023 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.5%
COMMON STOCK — 98.5%
Austria — 0.5%
Erste Group Bank AG		19,353	$	679,556
Canada — 3.6%
Canadian National Railway Co.		17,996		2,178,776
Canadian Pacific Kansas City Ltd. (a)		33,472		2,703,533
				4,882,309
Denmark — 0.6%
Carlsberg AS Class B		4,890		781,874
France — 8.7%
Air Liquide SA		7,700		1,380,472
Danone SA		30,992		1,899,092
EssilorLuxottica SA		2,980		563,958
Hermes International		293		637,406
Legrand SA		17,698		1,755,671
LVMH Moet Hennessy Louis Vuitton SE		3,616		3,412,513
Pernod Ricard SA		9,318		2,058,713
				11,707,825
Germany — 3.8%
Bayer AG Registered		25,148		1,390,332
Brenntag SE		7,947		619,147
Deutsche Boerse AG		3,885		717,499
Merck KGaA		10,756		1,778,315
MTU Aero Engines AG		2,692		697,509
				5,202,802
Israel — 1.1%
Check Point Software Technologies Ltd. (b)		11,707		1,470,633
Japan — 2.4%
Hoya Corp.		5,000		596,447
Kubota Corp.		88,900		1,295,037
Olympus Corp.		88,900		1,407,188
				3,298,672
Mexico — 0.3%
Grupo Financiero Banorte SAB de CV Class O		48,029		395,130
Netherlands — 2.3%
Akzo Nobel NV		14,577		1,191,095
Heineken NV		18,668		1,921,157
				3,112,252
Republic of Korea — 1.1%
Samsung Electronics Co. Ltd.		27,604		1,521,434
Spain — 0.9%
Aena SME SA (c)		7,239		1,170,147

	Number of Shares		Value
Sweden — 1.3%
Essity AB Class B		64,182	$	1,708,334
Switzerland — 4.4%
Adecco Group AG Registered		8,452		275,879
Cie Financiere Richemont SA Registered Class A		14,345		2,433,968
Julius Baer Group Ltd.		9,143		576,493
Sonova Holding AG Registered		2,892		770,416
UBS Group AG Registered		95,065		1,934,157
				5,990,913
United Kingdom — 7.5%
Burberry Group PLC		34,910		939,551
Compass Group PLC		29,853		835,085
Diageo PLC		65,805		2,822,767
Intertek Group PLC		10,179		552,517
London Stock Exchange Group PLC		8,924		945,647
Reckitt Benckiser Group PLC		23,669		1,777,549
Rolls-Royce Holdings PLC (b)		449,617		863,540
Whitbread PLC		14,948		643,261
WPP PLC		79,285		828,770
				10,208,687
United States — 60.0%
3M Co.		10,248		1,025,722
Abbott Laboratories		17,209		1,876,125
Accenture PLC Class A		10,185		3,142,887
Alphabet, Inc. Class A (b)		20,977		2,510,947
American Express Co.		10,265		1,788,163
Amphenol Corp. Class A		11,387		967,326
Aon PLC Class A		5,666		1,955,903
Aptiv PLC (b)		4,870		497,178
Boston Scientific Corp. (b)		42,310		2,288,548
Carrier Global Corp.		7,789		387,191
Charles Schwab Corp.		39,438		2,235,346
Cognizant Technology Solutions Corp. Class A		19,575		1,277,856
Colgate-Palmolive Co.		7,838		603,840
Comcast Corp. Class A		80,075		3,327,116
Cooper Cos., Inc.		3,375		1,294,076
eBay, Inc.		20,751		927,362
Equifax, Inc.		4,668		1,098,380
Experian PLC		14,054		540,033
Fidelity National Information Services, Inc.		18,049		987,280
Fiserv, Inc. (b)		13,007		1,640,833
Goldman Sachs Group, Inc.		6,853		2,210,367
Honeywell International, Inc.		14,508		3,010,410
International Flavors & Fragrances, Inc.		20,933		1,666,057
Liberty Broadband Corp. Class C (b)		17,993		1,441,419

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

MML Global Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Linde PLC		9,671	$	3,685,425
Marriott International, Inc. Class A		4,732		869,221
Medtronic PLC		39,741		3,501,182
Microchip Technology, Inc.		9,305		833,635
Nestle SA Registered		23,842		2,868,782
Omnicom Group, Inc.		4,392		417,899
Oracle Corp.		23,209		2,763,960
Otis Worldwide Corp.		9,016		802,514
PayPal Holdings, Inc. (b)		6,368		424,937
PPG Industries, Inc.		10,626		1,575,836
Roche Holding AG		10,631		3,248,786
Schneider Electric SE		21,791		3,971,783
Stryker Corp.		5,126		1,563,891
Thermo Fisher Scientific, Inc.		6,375		3,326,156
Union Pacific Corp.		7,609		1,556,954
United Parcel Service, Inc. Class B		7,237		1,297,232
Visa, Inc. Class A		17,357		4,121,940
Walt Disney Co. (b)		16,331		1,458,032
Waters Corp. (b)		5,905		1,573,919
Willis Towers Watson PLC		10,787		2,540,339
				81,102,788

TOTAL COMMON STOCK (Cost $111,085,516)				133,233,356

TOTAL EQUITIES (Cost $111,085,516)				133,233,356

WARRANTS — 0.1%
Switzerland — 0.1%
Cie Financiere Richemont SA, Expires 11/22/23, Strike 67.00 (b)		105,484		145,548

TOTAL WARRANTS (Cost $0)				145,548

TOTAL LONG-TERM INVESTMENTS (Cost $111,085,516)				133,378,904

SHORT-TERM INVESTMENTS — 3.1%
Investment of Cash Collateral from Securities Loaned — 2.0%
State Street Navigator Securities Lending Government Money Market Portfolio (d)		2,733,803		2,733,803

	Principal Amount		Value
Repurchase Agreement — 1.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 (e)	$	1,469,064	$	1,469,064

TOTAL SHORT-TERM INVESTMENTS (Cost $4,202,867)				4,202,867

TOTAL INVESTMENTS — 101.7% (Cost $115,288,383) ^(f)				137,581,771

Other Assets/(Liabilities) — (1.7)%				(2,321,658	)

NET ASSETS — 100.0%			$	135,260,113

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, 2023, was $2,679,508 or 1.98% of net assets. (Note 2).

(b)	Non-income producing security.

(c)

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

(e)	Maturity value of $1,469,250. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/25, and an aggregate market value, including accrued interest, of $1,498,490.

(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	32.4	%
Industrial	17.9	%
Financial	14.9	%
Technology	10.1	%
Communications	8.1	%
Consumer, Cyclical	7.7	%
Basic Materials	7.5	%
Total Long-Term Investments	98.6	%
Short-Term Investments and Other Assets and Liabilities	1.4	%
Net Assets	100.0	%

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

MML Income & Growth Fund – Portfolio of Investments

June 30, 2023 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.1%
COMMON STOCK — 99.1%
Basic Materials — 7.4%
Chemicals — 7.4%
Air Products & Chemicals, Inc.		17,536	$	5,252,558
Axalta Coating Systems Ltd. (a)		53,907		1,768,689
DuPont de Nemours, Inc.		47,586		3,399,544
Element Solutions, Inc.		61,951		1,189,459
International Flavors & Fragrances, Inc.		20,392		1,622,999
				13,233,249
Communications — 3.3%
Internet — 0.8%
Alphabet, Inc. Class C (a)		12,421		1,502,569
Media — 2.0%
Comcast Corp. Class A		85,502		3,552,608
Telecommunications — 0.5%
T-Mobile U.S., Inc. (a)		5,698		791,452
				5,846,629
Consumer, Cyclical — 6.2%
Airlines — 0.7%
Southwest Airlines Co.		34,688		1,256,052
Auto Parts & Equipment — 0.8%
Aptiv PLC (a)		13,056		1,332,887
Entertainment — 1.1%
Marriott Vacations Worldwide Corp.		6,594		809,216
SeaWorld Entertainment, Inc. (a)		20,708		1,159,855
				1,969,071
Food Services — 0.9%
Aramark		37,372		1,608,865
Lodging — 1.6%
Las Vegas Sands Corp. (a)		32,783		1,901,414
MGM Resorts International		23,311		1,023,819
				2,925,233
Retail — 1.1%
Dollar General Corp.		5,722		971,481
Lithia Motors, Inc.		3,261		991,703
				1,963,184
				11,055,292
Consumer, Non-cyclical — 25.3%
Agriculture — 3.2%
Philip Morris International, Inc.		59,307		5,789,549
Beverages — 2.7%
Coca-Cola Europacific Partners PLC		48,080		3,097,794

	Number of Shares		Value
Molson Coors Beverage Co. Class B		27,591	$	1,816,592
				4,914,386
Cosmetics & Personal Care — 1.0%
Procter & Gamble Co.		11,594		1,759,273
Food — 0.3%
Tyson Foods, Inc. Class A		8,916		455,073
Health Care – Products — 3.5%
Avantor, Inc. (a)		58,570		1,203,028
LivaNova PLC (a)		13,916		715,700
Medtronic PLC		48,991		4,316,107
				6,234,835
Health Care – Services — 4.3%
Elevance Health, Inc.		2,693		1,196,473
Humana, Inc.		4,238		1,894,937
UnitedHealth Group, Inc.		9,622		4,624,718
				7,716,128
Pharmaceuticals — 10.3%
Becton Dickinson & Co.		5,077		1,340,379
Cigna Group		13,250		3,717,950
CVS Health Corp.		51,680		3,572,638
Johnson & Johnson		14,375		2,379,350
Merck & Co., Inc.		44,774		5,166,472
Perrigo Co. PLC		66,651		2,262,801
				18,439,590
				45,308,834
Energy — 9.5%
Oil & Gas — 6.0%
Hess Corp.		36,024		4,897,463
Phillips 66		43,838		4,181,268
Pioneer Natural Resources Co.		7,732		1,601,916
				10,680,647
Oil & Gas Services — 0.7%
Halliburton Co.		39,014		1,287,072
Pipelines — 2.8%
Enbridge, Inc.		93,280		3,465,352
Plains GP Holdings LP Class A (b)		101,350		1,503,020
				4,968,372
				16,936,091
Financial — 19.1%
Banks — 8.3%
JP Morgan Chase & Co.		21,577		3,138,159
M&T Bank Corp.		19,328		2,392,033
Northern Trust Corp.		34,447		2,553,901
U.S. Bancorp		77,990		2,576,790
Wells Fargo & Co.		95,646		4,082,171
				14,743,054

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 — 1.2%
AerCap Holdings NV (a)		20,107	$	1,277,197
American Express Co.		5,182		902,704
				2,179,901
Insurance — 7.0%
American International Group, Inc.		20,353		1,171,112
Axis Capital Holdings Ltd.		16,641		895,785
Berkshire Hathaway, Inc. Class B (a)		4,603		1,569,623
Chubb Ltd.		18,409		3,544,837
The Allstate Corp.		34,847		3,799,717
Willis Towers Watson PLC		6,337		1,492,363
				12,473,437
Real Estate — 0.7%
Howard Hughes Corp. (a)		15,611		1,232,020
Real Estate Investment Trusts (REITS) — 1.9%
Corporate Office Properties Trust		64,254		1,526,032
VICI Properties, Inc.		61,857		1,944,166
				3,470,198
				34,098,610
Industrial — 13.2%
Aerospace & Defense — 3.6%
General Dynamics Corp.		10,460		2,250,469
Raytheon Technologies Corp.		43,082		4,220,313
				6,470,782
Building Materials — 1.9%
CRH PLC Sponsored ADR (b)		29,092		1,621,297
Knife River Corp. (a)		13,463		585,640
MDU Resources Group, Inc.		53,853		1,127,682
				3,334,619
Engineering & Construction — 0.7%
AECOM		15,579		1,319,385
Hand & Machine Tools — 2.6%
Stanley Black & Decker, Inc.		49,175		4,608,189
Machinery – Construction & Mining — 2.6%
BWX Technologies, Inc.		23,940		1,713,386
Vertiv Holdings Co.		117,575		2,912,333
				4,625,719
Machinery – Diversified — 0.9%
Deere & Co.		4,204		1,703,419
Transportation — 0.9%
JB Hunt Transport Services, Inc.		8,564		1,550,341
				23,612,454
Technology — 9.9%
Computers — 1.2%
CACI International, Inc. Class A (a)		4,351		1,482,995

	Number of Shares		Value
Cognizant Technology Solutions Corp. Class A		10,126	$	661,025
				2,144,020
Semiconductors — 3.7%
Broadcom, Inc.		2,829		2,453,959
Microchip Technology, Inc.		14,917		1,336,414
QUALCOMM, Inc.		12,441		1,480,977
Skyworks Solutions, Inc.		12,243		1,355,178
				6,626,528
Software — 5.0%
Electronic Arts, Inc.		11,288		1,464,054
Fidelity National Information Services, Inc.		48,806		2,669,688
Oracle Corp.		40,813		4,860,420
				8,994,162
				17,764,710
Utilities — 5.2%
Electric — 5.2%
CenterPoint Energy, Inc.		43,121		1,256,977
Entergy Corp.		37,904		3,690,713
Exelon Corp.		27,842		1,134,283
Pinnacle West Capital Corp.		40,583		3,305,891
				9,387,864

TOTAL COMMON STOCK (Cost $150,160,199)				177,243,733

TOTAL EQUITIES (Cost $150,160,199)				177,243,733

TOTAL LONG-TERM INVESTMENTS (Cost $150,160,199)				177,243,733

SHORT-TERM INVESTMENTS — 1.8%
Investment of Cash Collateral from Securities Loaned — 1.3%
State Street Navigator Securities Lending Government Money Market Portfolio (c)		2,313,019		2,313,019

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

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

	Principal Amount		Value
Repurchase Agreement — 0.5%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 (d)	$	956,505	$	956,505

TOTAL SHORT-TERM INVESTMENTS (Cost $3,269,524)				3,269,524

TOTAL INVESTMENTS — 100.9% (Cost $153,429,723) ^(e)				180,513,257

Other Assets/(Liabilities) — (0.9)%				(1,602,666	)

NET ASSETS — 100.0%			$	178,910,591

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, 2023, was $3,081,010 or 1.72% of net assets. The Fund received $848,012 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 $956,626. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/25, and an aggregate market value, including accrued interest, of $975,754.

(e)	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, 2023 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.6%
COMMON STOCK — 98.0%
Australia — 1.2%
Glencore PLC		264,044	$	1,497,799
Orica Ltd.		16,539		164,032
Rio Tinto PLC		21,648		1,375,287
				3,037,118
Belgium — 1.0%
Anheuser-Busch InBev SA		23,700		1,342,278
KBC Group NV		15,424		1,078,581
				2,420,859
Canada — 3.2%
Canadian National Railway Co.		18,726		2,267,157
Intact Financial Corp.		7,693		1,187,791
Open Text Corp. (a)		34,700		1,443,269
Restaurant Brands International, Inc. (a)		2,500		193,800
Suncor Energy, Inc. (a)		32,629		957,134
Toronto-Dominion Bank		28,474		1,764,861
				7,814,012
China — 3.1%
Alibaba Group Holding Ltd. (b)		160,240		1,666,507
NetEase, Inc.		63,200		1,228,148
Prosus NV (b)		23,498		1,719,537
Tencent Holdings Ltd.		33,500		1,425,845
Vipshop Holdings Ltd. ADR (b)		25,751		424,891
Yum China Holdings, Inc.		17,907		1,011,745
				7,476,673
Denmark — 2.4%
Carlsberg A/S Class B		9,519		1,522,017
DSV A/S		4,150		873,376
Novo Nordisk A/S Class B		20,754		3,352,056
				5,747,449
France — 16.7%
Accor SA		43,600		1,621,292
Air Liquide SA		27,208		4,877,906
BNP Paribas SA		41,376		2,613,696
Capgemini SE		24,613		4,662,718
Cie de Saint-Gobain		27,997		1,705,505
Cie Generale des Etablissements Michelin SCA		34,427		1,017,706
Danone SA		18,100		1,109,111
Dassault Systemes SE		21,850		968,962
Edenred		11,400		763,355
Engie SA		137,843		2,292,761
EssilorLuxottica SA		13,266		2,510,562
Kering SA		3,095		1,714,128

	Number of Shares		Value
L’Oreal SA		3,104	$	1,448,567
Legrand SA		15,726		1,560,046
LVMH Moet Hennessy Louis Vuitton SE		4,794		4,524,222
Pernod Ricard SA		13,042		2,881,491
Publicis Groupe SA		14,751		1,150,711
Valeo		60,886		1,306,449
Worldline SA (b) (c)		48,644		1,780,365
				40,509,553
Germany — 15.5%
adidas AG		6,910		1,340,229
Allianz SE Registered		8,385		1,950,427
Bayer AG Registered		78,943		4,364,441
Bayerische Motoren Werke AG		15,490		1,902,426
Beiersdorf AG		23,115		3,058,279
Brenntag SE		9,600		747,931
Continental AG		25,720		1,938,370
Daimler Truck Holding AG		49,590		1,785,467
Deutsche Boerse AG		14,898		2,751,428
Fresenius Medical Care AG & Co. KGaA		38,400		1,833,930
Fresenius SE & Co. KGaA		67,400		1,865,635
Henkel AG & Co. KGaA		15,000		1,055,753
Mercedes-Benz Group AG Registered		31,898		2,567,201
Merck KGaA		14,989		2,478,167
MTU Aero Engines AG		4,161		1,078,134
SAP SE		37,047		5,058,543
Siemens AG Registered		8,260		1,374,865
thyssenkrupp AG		83,574		653,556
				37,804,782
Hong Kong — 2.6%
AIA Group Ltd.		327,400		3,340,522
Prudential PLC		208,448		2,939,605
				6,280,127
India — 0.6%
Axis Bank Ltd.		56,882		685,492
HDFC Bank Ltd. ADR		11,737		818,069
				1,503,561
Indonesia — 0.0%
Bank Mandiri Persero Tbk PT		293,000		102,594
Ireland — 1.5%
Ryanair Holdings PLC Sponsored ADR (b)		32,049		3,544,619
Israel — 0.8%
Check Point Software Technologies Ltd. (b)		15,552		1,953,642
Italy — 2.6%
Eni SpA		126,826		1,828,766

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

MML International Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Intesa Sanpaolo SpA		1,710,795	$	4,496,505
				6,325,271
Japan — 11.0%
Daikin Industries Ltd.		13,700		2,796,508
Denso Corp.		30,600		2,062,940
Fujitsu Ltd.		7,100		915,382
Hitachi Ltd.		60,500		3,744,443
Hoya Corp.		15,000		1,789,341
Koito Manufacturing Co. Ltd.		50,100		909,347
Komatsu Ltd.		39,200		1,060,686
Kose Corp.		9,900		951,657
Kubota Corp.		44,500		648,247
Kyocera Corp.		32,700		1,777,449
Mitsubishi Electric Corp.		61,100		858,622
Olympus Corp.		94,400		1,494,246
Recruit Holdings Co. Ltd.		26,100		832,943
Shin-Etsu Chemical Co. Ltd.		32,500		1,080,196
SMC Corp.		3,400		1,889,721
Sony Group Corp.		25,800		2,314,199
Terumo Corp.		52,500		1,669,716
				26,795,643
Luxembourg — 0.3%
Eurofins Scientific SE (a)		13,300		844,797
Netherlands — 2.4%
Akzo Nobel NV		8,535		697,399
EXOR NV		18,560		1,658,393
ING Groep NV		180,550		2,438,251
Randstad NV		17,868		941,673
				5,735,716
Portugal — 0.5%
Galp Energia SGPS SA		94,208		1,101,517
Republic of Korea — 1.0%
NAVER Corp.		11,985		1,678,054
Samsung Electronics Co. Ltd. GDR (a)		618		856,234
				2,534,288
Singapore — 0.8%
DBS Group Holdings Ltd.		78,400		1,833,175
Spain — 1.3%
Amadeus IT Group SA (b)		42,017		3,203,429
Sweden — 1.2%
Sandvik AB		25,700		501,834
SKF AB Class B		74,500		1,297,433
Volvo AB Class B		55,870		1,158,852
				2,958,119

	Number of Shares		Value
Switzerland — 7.1%
Cie Financiere Richemont SA Registered Class A		22,332	$	3,789,152
Julius Baer Group Ltd.		19,410		1,223,857
Novartis AG Registered		37,393		3,773,978
Schindler Holding AG		2,360		553,642
Sika AG Registered		4,663		1,333,723
Sonova Holding AG Registered		4,493		1,196,916
The Swatch Group AG		2,320		679,968
UBS Group AG Registered		117,005		2,380,540
Zurich Insurance Group AG		4,901		2,328,483
				17,260,259
Taiwan — 0.9%
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR		20,852		2,104,384
United Kingdom — 10.7%
Ashtead Group PLC		16,700		1,159,647
CNH Industrial NV		157,353		2,274,325
Compass Group PLC		148,081		4,142,306
Diageo PLC		52,213		2,239,726
Informa PLC		77,200		711,632
Liberty Global PLC Class A (b)		43,300		730,038
Lloyds Banking Group PLC		4,706,184		2,608,973
London Stock Exchange Group PLC		18,859		1,998,426
Reckitt Benckiser Group PLC		27,221		2,044,305
RELX PLC		78,309		2,610,697
Rolls-Royce Holdings PLC (b)		601,683		1,155,600
Schroders PLC		288,117		1,602,774
Smiths Group PLC		17,800		372,439
Tesco PLC		437,587		1,382,789
WPP PLC		106,492		1,113,165
				26,146,842
United States — 9.6%
Experian PLC		68,374		2,627,309
Holcim AG		20,059		1,348,617
Linde PLC		6,181		2,355,455
Nestle SA Registered		44,984		5,412,686
QIAGEN NV (b)		34,018		1,525,956
Roche Holding AG		17,096		5,224,461
Schneider Electric SE		26,214		4,777,951
				23,272,435

TOTAL COMMON STOCK (Cost $233,300,292)				238,310,864

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

MML International Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
PREFERRED STOCK — 0.6%
Republic of Korea — 0.6%
Samsung Electronics Co. Ltd. 1.821%		31,400	$	1,425,086

TOTAL PREFERRED STOCK (Cost $1,640,391)				1,425,086

TOTAL EQUITIES (Cost $234,940,683)				239,735,950

TOTAL LONG-TERM INVESTMENTS (Cost $234,940,683)				239,735,950


SHORT-TERM INVESTMENTS — 1.7%
Investment of Cash Collateral from Securities Loaned — 0.6%
State Street Navigator Securities Lending Government Money Market Portfolio (d)		1,535,861		1,535,861

	Principal Amount
Repurchase Agreement — 1.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 (e)	$	2,711,014		2,711,014

TOTAL SHORT-TERM INVESTMENTS (Cost $4,246,875)				4,246,875

TOTAL INVESTMENTS — 100.3% (Cost $239,187,558) ^(f)				243,982,825

Other Assets/(Liabilities) — (0.3)%				(699,264	)

NET ASSETS — 100.0%			$	243,283,561

Abbreviation Legend

ADR	American Depositary Receipt

GDR	Global Depositary Receipt

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, 2023, was $3,787,776 or 1.56% of net assets. The Fund received $2,443,687 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).

(e)	Maturity value of $2,711,357. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/25, and an aggregate market value, including accrued interest, of $2,765,377.

(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	29.0	%
Financial	17.2	%
Consumer, Cyclical	16.2	%
Industrial	15.3	%
Technology	8.5	%
Basic Materials	5.5	%
Communications	4.4	%
Energy	1.6	%
Utilities	0.9	%
Total Long-Term Investments	98.6	%
Short-Term Investments and Other Assets and Liabilities	1.4	%
Net Assets	100.0	%

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

MML Large Cap Growth Fund – Portfolio of Investments

June 30, 2023 (Unaudited)

	Number of Shares		Value
EQUITIES — 97.8%
COMMON STOCK — 97.8%
Communications — 30.0%
Internet — 26.2%
Alibaba Group Holding Ltd. Sponsored ADR (a)		23,043	$	1,920,634
Alphabet, Inc. Class A (a)		54,673		6,544,358
Alphabet, Inc. Class C (a)		42,716		5,167,355
Amazon.com, Inc. (a)		79,615		10,378,611
Meta Platforms, Inc. Class A (a)		55,447		15,912,180
Netflix, Inc. (a)		19,758		8,703,201
Shopify, Inc. Class A (a)		58,656		3,789,178
				52,415,517
Media — 3.8%
FactSet Research Systems, Inc.		7,329		2,936,364
Walt Disney Co. (a)		52,959		4,728,179
				7,664,543
				60,080,060
Consumer, Cyclical — 9.9%
Auto Manufacturers — 6.0%
Tesla, Inc. (a)		46,178		12,088,015
Retail — 3.9%
Starbucks Corp.		39,273		3,890,383
Yum China Holdings, Inc.		22,524		1,272,606
Yum! Brands, Inc.		19,250		2,667,088
				7,830,077
				19,918,092
Consumer, Non-cyclical — 17.4%
Beverages — 3.3%
Monster Beverage Corp. (a)		115,965		6,661,030
Biotechnology — 6.1%
Illumina, Inc. (a)		16,677		3,126,771
Regeneron Pharmaceuticals, Inc. (a)		5,490		3,944,784
Vertex Pharmaceuticals, Inc. (a)		14,767		5,196,655
				12,268,210
Commercial Services — 2.2%
Block, Inc. (a)		35,366		2,354,315
PayPal Holdings, Inc. (a)		32,055		2,139,030
				4,493,345
Health Care – Products — 1.5%
Intuitive Surgical, Inc. (a)		8,492		2,903,754
Pharmaceuticals — 4.3%
Novartis AG Sponsored ADR		27,817		2,807,013
Novo Nordisk AS Sponsored ADR		20,907		3,383,380

	Number of Shares		Value
Roche Holding AG Sponsored ADR		63,279	$	2,417,258
				8,607,651
				34,933,990
Financial — 6.8%
Diversified Financial Services — 6.8%
SEI Investments Co.		41,749		2,489,075
Visa, Inc. Class A		46,616		11,070,368
				13,559,443
Industrial — 7.5%
Aerospace & Defense — 5.1%
Boeing Co. (a)		48,210		10,180,023
Machinery – Diversified — 0.7%
Deere & Co.		3,430		1,389,802
Transportation — 1.7%
Expeditors International of Washington, Inc.		27,815		3,369,231
				14,939,056
Technology — 26.2%
Semiconductors — 9.4%
NVIDIA Corp.		36,902		15,610,284
QUALCOMM, Inc.		26,932		3,205,986
				18,816,270
Software — 16.8%
Autodesk, Inc. (a)		28,052		5,739,720
Microsoft Corp.		28,576		9,731,271
Oracle Corp.		84,339		10,043,931
Salesforce, Inc. (a)		28,171		5,951,405
Workday, Inc. Class A (a)		9,777		2,208,527
				33,674,854
				52,491,124

TOTAL COMMON STOCK (Cost $153,702,536)				195,921,765

TOTAL EQUITIES (Cost $153,702,536)				195,921,765

TOTAL LONG-TERM INVESTMENTS (Cost $153,702,536)				195,921,765

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 — 2.1%
Repurchase Agreement — 2.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 (b)	$	4,117,875	$	4,117,875

TOTAL SHORT-TERM INVESTMENTS (Cost $4,117,875)				4,117,875

TOTAL INVESTMENTS — 99.9% (Cost $157,820,411) ^(c)				200,039,640

Other Assets/(Liabilities) — 0.1%				182,754

NET ASSETS — 100.0%			$	200,222,394

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 $4,118,396. Collateralized by U.S. Government Agency obligations with a rate of 2.375%, maturity date of 5/15/29, and an aggregate market value, including accrued interest, of $4,200,320.

(c)	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

June 30, 2023 (Unaudited)

	Number of Shares		Value
EQUITIES — 100.3%
COMMON STOCK — 100.3%
Basic Materials — 2.0%
Chemicals — 1.6%
Air Products & Chemicals, Inc. (a)		632	$	189,303
Albemarle Corp. (a)		330		73,620
Celanese Corp. (a)		307		35,551
CF Industries Holdings, Inc. (a)		574		39,847
Dow, Inc. (a)		1,999		106,467
DuPont de Nemours, Inc. (a)		1,341		95,801
Eastman Chemical Co. (a)		327		27,376
Ecolab, Inc. (a)		701		130,870
FMC Corp. (a)		385		40,171
International Flavors & Fragrances, Inc. (a)		723		57,543
Linde PLC (a)		1,373		523,223
LyondellBasell Industries NV Class A (a)		693		63,638
Mosaic Co. (a)		998		34,930
PPG Industries, Inc. (a)		637		94,467
Sherwin-Williams Co. (a)		669		177,633
				1,690,440
Forest Products & Paper — 0.0%
International Paper Co. (a)		898		28,565
Iron & Steel — 0.2%
Nucor Corp. (a)		710		116,426
Steel Dynamics, Inc. (a)		443		48,256
				164,682
Mining — 0.2%
Freeport-McMoRan, Inc. (a)		4,010		160,400
Newmont Corp. (a)		2,249		95,942
				256,342
				2,140,029
Communications — 13.0%
Advertising — 0.1%
Interpublic Group of Cos., Inc. (a)		1,066		41,126
Omnicom Group, Inc. (a)		558		53,094
				94,220
Internet — 9.8%
Alphabet, Inc. Class A (a) (b)		16,846		2,016,466
Alphabet, Inc. Class C (a) (b)		14,273		1,726,605
Amazon.com, Inc. (a) (b)		25,148		3,278,293
Booking Holdings, Inc. (a) (b)		103		278,134
CDW Corp. (a)		396		72,666
eBay, Inc. (a)		1,462		65,337
Etsy, Inc. (a) (b)		364		30,798
Expedia Group, Inc. (a) (b)		428		46,819

	Number of Shares		Value
F5, Inc. (a) (b)		177	$	25,888
Gen Digital, Inc. (a)		1,715		31,813
Match Group, Inc. (a) (b)		854		35,740
Meta Platforms, Inc. Class A (a) (b)		6,229		1,787,598
Netflix, Inc. (a) (b)		1,251		551,053
Palo Alto Networks, Inc. (a) (b)		846		216,162
VeriSign, Inc. (a) (b)		242		54,685
				10,218,057
Media — 1.2%
Charter Communications, Inc. Class A (a) (b)		303		111,313
Comcast Corp. Class A (a)		11,697		486,010
FactSet Research Systems, Inc. (a)		117		46,876
Fox Corp. Class A (a)		576		19,584
Fox Corp. Class B (a)		505		16,104
News Corp. Class A (a)		573		11,174
News Corp. Class B		716		14,120
Paramount Global Class B (a)		1,595		25,376
Walt Disney Co. (a) (b)		5,135		458,453
Warner Bros Discovery, Inc. (a) (b)		6,238		78,225
				1,267,235
Telecommunications — 1.9%
Arista Networks, Inc. (a) (b)		706		114,414
AT&T, Inc. (a)		20,325		324,184
Cisco Systems, Inc. (a)		11,498		594,906
Corning, Inc. (a)		2,253		78,945
Juniper Networks, Inc. (a)		826		25,879
Motorola Solutions, Inc. (a)		485		142,241
T-Mobile U.S., Inc. (a) (b)		1,606		223,073
Verizon Communications, Inc. (a)		11,778		438,024
				1,941,666
				13,521,178
Consumer, Cyclical — 9.5%
Airlines — 0.2%
Alaska Air Group, Inc. (a) (b)		399		21,219
American Airlines Group, Inc. (a) (b)		1,709		30,659
Delta Air Lines, Inc. (a) (b)		1,764		83,861
Southwest Airlines Co. (a)		1,575		57,031
United Airlines Holdings, Inc. (a) (b)		999		54,815
				247,585
Apparel — 0.4%
NIKE, Inc. Class B (a)		3,448		380,556
Ralph Lauren Corp. (a)		120		14,796
Tapestry, Inc. (a)		676		28,933
VF Corp. (a)		995		18,994
				443,279

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

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Auto Manufacturers — 2.4%
Cummins, Inc. (a)		400	$	98,064
Ford Motor Co. (a)		10,994		166,339
General Motors Co. (a)		3,919		151,117
PACCAR, Inc. (a)		1,420		118,783
Tesla, Inc. (a) (b)		7,589		1,986,572
				2,520,875
Auto Parts & Equipment — 0.1%
Aptiv PLC (a) (b)		728		74,321
BorgWarner, Inc. (a)		693		33,895
				108,216
Distribution & Wholesale — 0.4%
Copart, Inc. (a) (b)		1,211		110,456
Fastenal Co. (a)		1,676		98,867
LKQ Corp. (a)		671		39,099
Pool Corp. (a)		102		38,213
W.W. Grainger, Inc. (a)		130		102,517
				389,152
Entertainment — 0.1%
Caesars Entertainment, Inc. (a) (b)		584		29,766
Live Nation Entertainment, Inc. (a) (b)		379		34,531
				64,297
Home Builders — 0.3%
D.R. Horton, Inc. (a)		862		104,897
Lennar Corp. Class A (a)		743		93,105
NVR, Inc. (a) (b)		8		50,805
PulteGroup, Inc. (a)		580		45,055
				293,862
Home Furnishing — 0.0%
Whirlpool Corp. (a)		154		22,914
Housewares — 0.0%
Newell Brands, Inc. (a)		1,080		9,396
Leisure Time — 0.1%
Carnival Corp. (a) (b)		2,762		52,008
Norwegian Cruise Line Holdings Ltd. (a) (b)		1,239		26,973
Royal Caribbean Cruises Ltd. (a) (b)		608		63,074
				142,055
Lodging — 0.4%
Hilton Worldwide Holdings, Inc. (a)		741		107,852
Las Vegas Sands Corp. (a) (b)		970		56,260
Marriott International, Inc. Class A (a)		717		131,706
MGM Resorts International (a)		899		39,484
Wynn Resorts Ltd. (a)		313		33,056
				368,358
Retail — 5.1%
Advance Auto Parts, Inc. (a)		186		13,076

	Number of Shares		Value
AutoZone, Inc. (a) (b)		53	$	132,148
Bath & Body Works, Inc. (a)		701		26,288
Best Buy Co., Inc. (a)		564		46,220
CarMax, Inc. (a) (b)		465		38,921
Chipotle Mexican Grill, Inc. (a) (b)		77		164,703
Costco Wholesale Corp. (a)		1,247		671,360
Darden Restaurants, Inc. (a)		334		55,805
Dollar General Corp. (a)		645		109,508
Dollar Tree, Inc. (a) (b)		579		83,086
Domino’s Pizza, Inc. (a)		103		34,710
Genuine Parts Co. (a)		410		69,384
Home Depot, Inc. (a)		2,849		885,013
Lowe’s Cos., Inc. (a)		1,670		376,919
McDonald’s Corp. (a)		2,055		613,233
O’Reilly Automotive, Inc. (a) (b)		168		160,490
Ross Stores, Inc. (a)		965		108,205
Starbucks Corp. (a)		3,219		318,874
Target Corp. (a)		1,285		169,491
TJX Cos., Inc. (a)		3,287		278,705
Tractor Supply Co. (a)		322		71,194
Ulta Beauty, Inc. (a) (b)		136		64,001
Walgreens Boots Alliance, Inc. (a)		2,134		60,798
Walmart, Inc. (a)		3,950		620,861
Yum! Brands, Inc. (a)		786		108,900
				5,281,893
Toys, Games & Hobbies — 0.0%
Hasbro, Inc. (a)		336		21,763
				9,913,645
Consumer, Non-cyclical — 20.2%
Agriculture — 0.8%
Altria Group, Inc. (a)		4,886		221,336
Archer-Daniels-Midland Co. (a)		1,550		117,118
Bunge Ltd. (a)		449		42,363
Philip Morris International, Inc. (a)		4,412		430,699
				811,516
Beverages — 1.7%
Brown-Forman Corp. Class B (a)		476		31,787
Coca-Cola Co. (a)		10,972		660,734
Constellation Brands, Inc. Class A (a)		455		111,989
Keurig Dr Pepper, Inc. (a)		2,411		75,392
Molson Coors Beverage Co. Class B (a)		488		32,130
Monster Beverage Corp. (a) (b)		2,168		124,530
PepsiCo, Inc. (a)		3,882		719,024
				1,755,586
Biotechnology — 1.5%
Amgen, Inc. (a)		1,497		332,364

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

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Bio-Rad Laboratories, Inc. Class A (a) (b)		62	$	23,505
Biogen, Inc. (a) (b)		409		116,504
Corteva, Inc. (a)		2,004		114,829
Gilead Sciences, Inc. (a)		3,485		268,589
Illumina, Inc. (a) (b)		445		83,433
Incyte Corp. (a) (b)		544		33,864
Moderna, Inc. (a) (b)		943		114,575
Regeneron Pharmaceuticals, Inc. (a) (b)		308		221,310
Vertex Pharmaceuticals, Inc. (a) (b)		736		259,006
				1,567,979
Commercial Services — 1.8%
Automatic Data Processing, Inc. (a)		1,151		252,978
Cintas Corp. (a)		243		120,790
CoStar Group, Inc. (a) (b)		1,145		101,905
Equifax, Inc. (a)		337		79,296
FleetCor Technologies, Inc. (a) (b)		203		50,969
Gartner, Inc. (a) (b)		232		81,272
Global Payments, Inc. (a)		768		75,663
MarketAxess Holdings, Inc. (a)		111		29,018
Moody’s Corp. (a)		445		154,735
PayPal Holdings, Inc. (a) (b)		3,124		208,465
Quanta Services, Inc. (a)		415		81,527
Robert Half International, Inc. (a)		262		19,708
Rollins, Inc. (a)		750		32,122
S&P Global, Inc. (a)		940		376,837
United Rentals, Inc. (a)		186		82,839
Verisk Analytics, Inc. (a)		398		89,960
				1,838,084
Cosmetics & Personal Care — 1.2%
Colgate-Palmolive Co. (a)		2,281		175,728
Estee Lauder Cos., Inc. Class A (a)		652		128,040
Procter & Gamble Co. (a)		6,630		1,006,036
				1,309,804
Food — 1.1%
Campbell Soup Co. (a)		536		24,501
Conagra Brands, Inc. (a)		1,222		41,206
General Mills, Inc. (a)		1,672		128,242
Hershey Co. (a)		412		102,876
Hormel Foods Corp. (a)		937		37,686
Kellogg Co. (a)		720		48,528
Kraft Heinz Co. (a)		2,309		81,970
Kroger Co. (a)		1,797		84,459
Lamb Weston Holdings, Inc. (a)		410		47,130
McCormick & Co., Inc. (a)		725		63,242
Mondelez International, Inc. Class A (a)		3,893		283,955
Sysco Corp. (a)		1,386		102,841

	Number of Shares		Value
The J.M. Smucker Co. (a)		267	$	39,428
Tyson Foods, Inc. Class A (a)		771		39,352
				1,125,416
Health Care – Products — 3.7%
Abbott Laboratories (a)		4,876		531,582
Align Technology, Inc. (a) (b)		196		69,313
Baxter International, Inc. (a)		1,478		67,338
Bio-Techne Corp. (a)		443		36,162
Boston Scientific Corp. (a) (b)		4,070		220,146
Cooper Cos., Inc. (a)		134		51,380
Danaher Corp. (a)		1,874		449,760
Dentsply Sirona, Inc. (a)		591		23,652
Edwards Lifesciences Corp. (a) (b)		1,752		165,266
GE HealthCare Technologies, Inc. (a) (b)		1,010		82,052
Hologic, Inc. (a) (b)		657		53,197
IDEXX Laboratories, Inc. (a) (b)		233		117,020
Insulet Corp. (a) (b)		193		55,650
Intuitive Surgical, Inc. (a) (b)		979		334,759
Medtronic PLC (a)		3,799		334,692
ResMed, Inc. (a)		432		94,392
Revvity, Inc. (a)		326		38,726
Steris PLC (a)		281		63,219
Stryker Corp. (a)		962		293,497
Teleflex, Inc. (a)		134		32,432
Thermo Fisher Scientific, Inc. (a)		1,081		564,012
Waters Corp. (a) (b)		173		46,111
West Pharmaceutical Services, Inc. (a)		207		79,171
Zimmer Biomet Holdings, Inc. (a)		597		86,923
				3,890,452
Health Care – Services — 2.2%
Catalent, Inc. (a) (b)		554		24,021
Centene Corp. (a) (b)		1,512		101,984
Charles River Laboratories International, Inc. (a) (b)		154		32,379
DaVita, Inc. (b)		138		13,865
Elevance Health, Inc. (a)		662		294,120
HCA Healthcare, Inc. (a)		573		173,894
Humana, Inc. (a)		347		155,154
IQVIA Holdings, Inc. (a) (b)		530		119,128
Laboratory Corp. of America Holdings (a)		256		61,781
Molina Healthcare, Inc. (a) (b)		161		48,500
Quest Diagnostics, Inc. (a)		315		44,276
UnitedHealth Group, Inc. (a)		2,619		1,258,796
Universal Health Services, Inc. Class B (a)		182		28,714
				2,356,612

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

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Household Products & Wares — 0.3%
Avery Dennison Corp. (a)		234	$	40,201
Church & Dwight Co., Inc. (a)		736		73,769
Clorox Co. (a)		320		50,893
Kimberly-Clark Corp. (a)		989		136,542
				301,405
Pharmaceuticals — 5.9%
AbbVie, Inc. (a)		4,959		668,126
AmerisourceBergen Corp. (a)		452		86,978
Becton Dickinson & Co. (a)		788		208,040
Bristol-Myers Squibb Co. (a)		5,889		376,602
Cardinal Health, Inc. (a)		755		71,400
Cigna Group (a)		850		238,510
CVS Health Corp. (a)		3,653		252,532
Dexcom, Inc. (a) (b)		1,082		139,048
Eli Lilly & Co. (a)		2,218		1,040,198
Henry Schein, Inc. (a) (b)		411		33,332
Johnson & Johnson (a)		7,316		1,210,944
McKesson Corp. (a)		390		166,651
Merck & Co., Inc. (a)		7,133		823,077
Organon & Co. (a)		703		14,629
Pfizer, Inc. (a)		15,875		582,295
Viatris, Inc. (a)		3,538		35,309
Zoetis, Inc. (a)		1,290		222,151
				6,169,822
				21,126,676
Energy — 4.3%
Energy – Alternate Sources — 0.2%
Enphase Energy, Inc. (a) (b)		405		67,830
First Solar, Inc. (a) (b)		291		55,316
SolarEdge Technologies, Inc. (a) (b)		166		44,662
				167,808
Oil & Gas — 3.4%
APA Corp. (a)		881		30,104
Chevron Corp. (a)		4,902		771,330
ConocoPhillips (a)		3,389		351,134
Coterra Energy, Inc. (a)		2,283		57,760
Devon Energy Corp. (a)		1,807		87,350
Diamondback Energy, Inc. (a)		485		63,710
EOG Resources, Inc. (a)		1,661		190,085
EQT Corp. (a)		1,017		41,829
Exxon Mobil Corp. (a)		11,383		1,220,827
Hess Corp. (a)		773		105,089
Marathon Oil Corp. (a)		1,807		41,597
Marathon Petroleum Corp. (a)		1,180		137,588
Occidental Petroleum Corp. (a)		2,055		120,834
Phillips 66 (a)		1,276		121,705
Pioneer Natural Resources Co. (a)		668		138,396

	Number of Shares		Value
Valero Energy Corp. (a)		1,006	$	118,004
				3,597,342
Oil & Gas Services — 0.4%
Baker Hughes Co. (a)		2,777		87,781
Halliburton Co. (a)		2,600		85,774
Schlumberger NV (a)		3,986		195,792
				369,347
Pipelines — 0.3%
Kinder Morgan, Inc. (a)		5,801		99,893
ONEOK, Inc. (a)		1,211		74,743
Targa Resources Corp. (a)		686		52,205
Williams Cos., Inc. (a)		3,352		109,376
				336,217
				4,470,714
Financial — 13.5%
Banks — 3.8%
Bank of America Corp. (a)		19,457		558,221
Citigroup, Inc. (a)		5,515		253,911
Citizens Financial Group, Inc. (a)		1,470		38,338
Comerica, Inc. (a)		420		17,791
Fifth Third Bancorp (a)		1,799		47,152
Goldman Sachs Group, Inc. (a)		929		299,640
Huntington Bancshares, Inc. (a)		4,405		47,486
JP Morgan Chase & Co. (a)		8,227		1,196,535
KeyCorp. (a)		2,789		25,770
M&T Bank Corp. (a)		442		54,702
Morgan Stanley (a)		3,724		318,029
Northern Trust Corp. (a)		572		42,408
PNC Financial Services Group, Inc. (a)		1,122		141,316
Regions Financial Corp. (a)		2,764		49,254
State Street Corp. (a)		964		70,545
The Bank of New York Mellon Corp. (a)		1,938		86,280
Truist Financial Corp. (a)		3,679		111,658
U.S. Bancorp (a)		3,898		128,790
Wells Fargo & Co. (a)		10,516		448,823
Zions Bancorp NA (a)		473		12,705
				3,949,354
Diversified Financial Services — 3.6%
American Express Co. (a)		1,656		288,475
Ameriprise Financial, Inc. (a)		307		101,973
BlackRock, Inc. (a)		427		295,117
Capital One Financial Corp. (a)		1,073		117,354
Cboe Global Markets, Inc. (a)		326		44,991
Charles Schwab Corp. (a)		4,170		236,356
CME Group, Inc. (a)		1,000		185,290
Discover Financial Services (a)		736		86,002

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

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Franklin Resources, Inc. (a)		675	$	18,029
Intercontinental Exchange, Inc. (a)		1,537		173,804
Invesco Ltd. (a)		1,194		20,071
Mastercard, Inc. Class A (a)		2,355		926,222
Nasdaq, Inc. (a)		918		45,762
Raymond James Financial, Inc. (a)		534		55,413
Synchrony Financial (a)		1,239		42,027
T. Rowe Price Group, Inc. (a)		619		69,340
Visa, Inc. Class A (a)		4,556		1,081,959
				3,788,185
Insurance — 3.7%
Aflac, Inc. (a)		1,609		112,308
American International Group, Inc. (a)		1,967		113,181
Aon PLC Class A (a)		585		201,942
Arch Capital Group Ltd. (a) (b)		1,080		80,838
Arthur J Gallagher & Co. (a)		601		131,962
Assurant, Inc. (a)		169		21,247
Berkshire Hathaway, Inc. Class B (a) (b)		5,019		1,711,479
Brown & Brown, Inc. (a)		719		49,496
Chubb Ltd. (a)		1,176		226,451
Cincinnati Financial Corp. (a)		420		40,874
Everest Re Group Ltd. (a)		118		40,339
Globe Life, Inc. (a)		227		24,884
Hartford Financial Services Group, Inc. (a)		853		61,433
Lincoln National Corp. (a)		464		11,953
Loews Corp. (a)		382		22,683
Marsh & McLennan Cos., Inc. (a)		1,407		264,629
MetLife, Inc. (a)		1,752		99,041
Principal Financial Group, Inc. (a)		604		45,807
Progressive Corp. (a)		1,630		215,763
Prudential Financial, Inc. (a)		1,070		94,395
The Allstate Corp. (a)		754		82,216
Travelers Cos., Inc. (a)		670		116,352
W. R. Berkley Corp. (a)		603		35,915
Willis Towers Watson PLC (a)		313		73,711
				3,878,899
Real Estate — 0.1%
CBRE Group, Inc. Class A (a) (b)		905		73,043
Real Estate Investment Trusts (REITS) — 2.3%
Alexandria Real Estate Equities, Inc. (a)		456		51,751
American Tower Corp. (a)		1,307		253,480
AvalonBay Communities, Inc. (a)		426		80,629
Boston Properties, Inc. (a)		328		18,890
Camden Property Trust (a)		260		28,306
Crown Castle, Inc. (a)		1,215		138,437

	Number of Shares		Value
Digital Realty Trust, Inc. (a)		808	$	92,007
Equinix, Inc. (a)		263		206,176
Equity Residential (a)		1,045		68,939
Essex Property Trust, Inc. (a)		168		39,362
Extra Space Storage, Inc. (a)		399		59,391
Federal Realty Investment Trust		154		14,903
Healthpeak Properties, Inc. (a)		1,659		33,346
Host Hotels & Resorts, Inc. (a)		1,947		32,768
Invitation Homes, Inc. (a)		1,638		56,347
Iron Mountain, Inc. (a)		833		47,331
Kimco Realty Corp. (a)		1,802		35,535
Mid-America Apartment Communities, Inc. (a)		289		43,888
Prologis, Inc. (a)		2,629		322,394
Public Storage (a)		447		130,470
Realty Income Corp. (a)		1,834		109,655
Regency Centers Corp. (a)		437		26,994
SBA Communications Corp. (a)		320		74,163
Simon Property Group, Inc. (a)		961		110,976
UDR, Inc. (a)		872		37,461
Ventas, Inc. (a)		1,157		54,691
VICI Properties, Inc. (a)		2,756		86,621
Welltower, Inc. (a)		1,396		112,923
Weyerhaeuser Co. (a)		2,021		67,724
				2,435,558
				14,125,039
Industrial — 7.8%
Aerospace & Defense — 1.6%
Boeing Co. (a) (b)		1,607		339,334
General Dynamics Corp. (a)		602		129,520
Howmet Aerospace, Inc. (a)		1,029		50,997
L3 Harris Technologies, Inc. (a)		510		99,843
Lockheed Martin Corp. (a)		645		296,945
Northrop Grumman Corp. (a)		395		180,041
Raytheon Technologies Corp. (a)		4,167		408,200
TransDigm Group, Inc. (a)		148		132,337
				1,637,217
Building Materials — 0.5%
Carrier Global Corp. (a)		2,285		113,587
Johnson Controls International PLC (a)		1,992		135,735
Martin Marietta Materials, Inc. (a)		165		76,179
Masco Corp. (a)		543		31,157
Mohawk Industries, Inc. (b)		180		18,569
Trane Technologies PLC (a)		626		119,729
Vulcan Materials Co. (a)		355		80,031
				574,987

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

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Electrical Components & Equipment — 0.3%
AMETEK, Inc. (a)		645	$	104,413
Emerson Electric Co. (a)		1,613		145,799
Generac Holdings, Inc. (a) (b)		180		26,843
				277,055
Electronics — 1.1%
Agilent Technologies, Inc. (a)		847		101,852
Allegion PLC (a)		250		30,005
Amphenol Corp. Class A (a)		1,624		137,959
Fortive Corp. (a)		970		72,527
Garmin Ltd. (a)		452		47,139
Honeywell International, Inc. (a)		1,892		392,590
Keysight Technologies, Inc. (a) (b)		476		79,706
Mettler-Toledo International, Inc. (a) (b)		59		77,387
TE Connectivity Ltd. (a)		917		128,527
Trimble, Inc. (a) (b)		707		37,428
				1,105,120
Engineering & Construction — 0.0%
Jacobs Solutions, Inc. (a)		332		39,471
Environmental Controls — 0.3%
Pentair PLC (a)		468		30,233
Republic Services, Inc. (a)		589		90,217
Waste Management, Inc. (a)		1,051		182,264
				302,714
Hand & Machine Tools — 0.1%
Snap-on, Inc. (a)		140		40,347
Stanley Black & Decker, Inc. (a)		423		39,639
				79,986
Machinery – Construction & Mining — 0.3%
Caterpillar, Inc. (a)		1,444		355,296
Machinery – Diversified — 0.8%
Deere & Co. (a)		773		313,212
Dover Corp. (a)		396		58,469
IDEX Corp. (a)		203		43,698
Ingersoll Rand, Inc. (a)		1,160		75,818
Nordson Corp. (a)		149		36,979
Otis Worldwide Corp. (a)		1,147		102,095
Rockwell Automation, Inc. (a)		311		102,459
Westinghouse Air Brake Technologies Corp. (a)		557		61,086
Xylem, Inc. (a)		662		74,554
				868,370
Miscellaneous - Manufacturing — 1.2%
3M Co. (a)		1,506		150,736
A.O. Smith Corp. (a)		389		28,311
Axon Enterprise, Inc. (a) (b)		199		38,829

	Number of Shares		Value
Eaton Corp. PLC (a)		1,128	$	226,841
General Electric Co. (a)		3,106		341,194
Illinois Tool Works, Inc. (a)		790		197,626
Parker-Hannifin Corp. (a)		376		146,655
Teledyne Technologies, Inc. (a) (b)		142		58,378
Textron, Inc. (a)		576		38,955
				1,227,525
Packaging & Containers — 0.2%
Amcor PLC (a)		4,630		46,208
Ball Corp. (a)		863		50,235
Packaging Corp. of America (a)		260		34,362
Sealed Air Corp. (a)		401		16,040
WestRock Co. (a)		618		17,965
				164,810
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc. (a)		127		28,905
Transportation — 1.4%
C.H. Robinson Worldwide, Inc. (a)		352		33,211
CSX Corp. (a)		5,619		191,608
Expeditors International of Washington, Inc. (a)		439		53,176
FedEx Corp. (a)		632		156,673
JB Hunt Transport Services, Inc. (a)		212		38,378
Norfolk Southern Corp. (a)		650		147,394
Old Dominion Freight Line, Inc. (a)		247		91,328
Union Pacific Corp. (a)		1,740		356,039
United Parcel Service, Inc. Class B (a)		2,079		372,661
				1,440,468
				8,101,924
Technology — 27.4%
Computers — 9.2%
Accenture PLC Class A (a)		1,772		546,804
Apple, Inc. (a)		41,662		8,081,178
Cognizant Technology Solutions Corp. Class A (a)		1,386		90,478
DXC Technology Co. (a) (b)		704		18,811
EPAM Systems, Inc. (a) (b)		169		37,983
Fortinet, Inc. (a) (b)		1,843		139,312
Hewlett Packard Enterprise Co. (a)		3,426		57,557
HP, Inc. (a)		2,588		79,477
International Business Machines Corp. (a)		2,580		345,230
Leidos Holdings, Inc. (a)		415		36,719
NetApp, Inc. (a)		564		43,089
Seagate Technology Holdings PLC (a)		510		31,554
Western Digital Corp. (a) (b)		903		34,251
				9,542,443

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

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Office & Business Equipment — 0.0%
Zebra Technologies Corp. Class A (a) (b)		140	$	41,416
Semiconductors — 7.2%
Advanced Micro Devices, Inc. (a) (b)		4,526		515,557
Analog Devices, Inc. (a)		1,449		282,280
Applied Materials, Inc. (a)		2,407		347,908
Broadcom, Inc. (a)		1,173		1,017,495
Intel Corp. (a)		11,841		395,963
KLA Corp. (a)		381		184,793
Lam Research Corp. (a)		385		247,501
Microchip Technology, Inc. (a)		1,506		134,922
Micron Technology, Inc. (a)		3,115		196,588
Monolithic Power Systems, Inc. (a)		125		67,529
NVIDIA Corp. (a)		6,965		2,946,334
NXP Semiconductor NV (a)		730		149,416
ON Semiconductor Corp. (a) (b)		1,193		112,834
Qorvo, Inc. (a) (b)		243		24,793
QUALCOMM, Inc. (a)		3,125		372,000
Skyworks Solutions, Inc. (a)		462		51,139
Teradyne, Inc. (a)		410		45,645
Texas Instruments, Inc. (a)		2,541		457,431
				7,550,128
Software — 11.0%
Activision Blizzard, Inc. (a) (b)		2,030		171,129
Adobe, Inc. (a) (b)		1,289		630,308
Akamai Technologies, Inc. (a) (b)		423		38,015
ANSYS, Inc. (a) (b)		248		81,907
Autodesk, Inc. (a) (b)		609		124,607
Broadridge Financial Solutions, Inc. (a)		358		59,296
Cadence Design Systems, Inc. (a) (b)		782		183,395
Ceridian HCM Holding, Inc. (a) (b)		474		31,744
Electronic Arts, Inc. (a)		739		95,848
Fair Isaac Corp. (a) (b)		70		56,645
Fidelity National Information Services, Inc. (a)		1,630		89,161
Fiserv, Inc. (a) (b)		1,717		216,600
Intuit, Inc. (a)		785		359,679
Jack Henry & Associates, Inc. (a)		206		34,470
Microsoft Corp. (a)		20,947		7,133,291
MSCI, Inc. (a)		220		103,244
Oracle Corp. (a)		4,323		514,826
Paychex, Inc. (a)		873		97,663
Paycom Software, Inc. (a)		134		43,046
PTC, Inc. (a) (b)		318		45,251
Roper Technologies, Inc. (a)		301		144,721
Salesforce, Inc. (a) (b)		2,750		580,965
ServiceNow, Inc. (a) (b)		580		325,943

	Number of Shares		Value
Synopsys, Inc. (a) (b)		423	$	184,178
Take-Two Interactive Software, Inc. (a) (b)		455		66,958
Tyler Technologies, Inc. (a) (b)		124		51,642
				11,464,532
				28,598,519
Utilities — 2.6%
Electric — 2.4%
AES Corp. (a)		2,022		41,916
Alliant Energy Corp. (a)		726		38,101
Ameren Corp. (a)		766		62,559
American Electric Power Co., Inc. (a)		1,392		117,206
CenterPoint Energy, Inc. (a)		1,884		54,919
CMS Energy Corp. (a)		711		41,771
Consolidated Edison, Inc. (a)		986		89,134
Constellation Energy Corp. (a)		928		84,958
Dominion Energy, Inc. (a)		2,394		123,985
DTE Energy Co. (a)		526		57,871
Duke Energy Corp. (a)		2,084		187,018
Edison International (a)		1,131		78,548
Entergy Corp. (a)		614		59,785
Evergy, Inc. (a)		586		34,234
Eversource Energy (a)		969		68,722
Exelon Corp. (a)		2,944		119,939
FirstEnergy Corp. (a)		1,452		56,454
NextEra Energy, Inc. (a)		5,697		422,717
NRG Energy, Inc. (a)		649		24,266
PG&E Corp. (a) (b)		4,661		80,542
Pinnacle West Capital Corp. (a)		364		29,651
PPL Corp. (a)		2,219		58,715
Public Service Enterprise Group, Inc. (a)		1,404		87,905
Sempra Energy (a)		921		134,088
Southern Co. (a)		3,090		217,073
WEC Energy Group, Inc. (a)		850		75,004
Xcel Energy, Inc. (a)		1,549		96,301
				2,543,382
Gas — 0.1%
Atmos Energy Corp. (a)		391		45,489
NiSource, Inc. (a)		1,069		29,237
				74,726

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)		568	$	$81,082
				2,699,190

TOTAL COMMON STOCK (Cost $63,351,585)				104,696,914

TOTAL EQUITIES (Cost $63,351,585)				104,696,914

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

TOTAL CORPORATE DEBT (Cost $0)				—

TOTAL BONDS & NOTES (Cost $0)				—

TOTAL PURCHASED OPTIONS(#) — 0.4% (Cost $960,737)				425,842

	Number of Shares
RIGHTS — 0.0%
Consumer, Non-cyclical — 0.0%
Health Care – Products — 0.0%
Abiomed, Inc., CVR (b) (c) (d)		136		—

TOTAL RIGHTS (Cost $139)				—

TOTAL LONG-TERM INVESTMENTS (Cost $64,312,461)				105,122,756

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 3.0%
Repurchase Agreement — 3.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 (e)	$	3,156,773	$	3,156,773

TOTAL SHORT-TERM INVESTMENTS (Cost $3,156,773)				3,156,773

TOTAL INVESTMENTS — 103.7% (Cost $67,469,234) ^(f)				108,279,529

Other Assets/(Liabilities) — (3.7)%				(3,899,997	)

NET ASSETS — 100.0%			$	104,379,532

Abbreviation Legend

CVR	Contingent Value Rights

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

(b)	Non-income producing security.

(c)	Investment is 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, 2023, these securities amounted to a value of $0 or 0.00% of net assets.

(e)	Maturity value of $3,157,172. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/25, and an aggregate market value, including accrued interest, of $3,219,978.

(f)	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		9/15/23		3,675.00		34		USD	12,495,000	$	26,214	$	189,805	$	(163,591	)
S&P 500 Index		9/15/23		3,700.00		34		USD	12,580,000		26,894		140,572		(113,678	)
S&P 500 Index		9/15/23		3,800.00		34		USD	12,920,000		33,966		102,731		(68,765	)
S&P 500 Index		10/20/23		3,850.00		34		USD	13,090,000		73,440		138,805		(65,365	)
S&P 500 Index		10/20/23		3,875.00		30		USD	11,625,000		68,400		118,041		(49,641	)
S&P 500 Index		10/20/23		3,900.00		34		USD	13,260,000		81,260		125,008		(43,748	)
S&P 500 Index		11/17/23		3,925.00		34		USD	13,345,000		115,668		145,775		(30,107	)
										$	425,842	$	960,737	$	(534,895	)

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		7/31/23		4,350.00		26		USD	11,310,000	$	(365,430	)	$	(183,598	)	$	(181,832	)
S&P 500 Index		8/18/23		4,325.00		52		USD	22,490,000		(954,200	)		(452,660	)		(501,540	)
S&P 500 Index		8/18/23		4,350.00		26		USD	11,310,000		(399,516	)		(192,725	)		(206,791	)
S&P 500 Index		8/18/23		4,400.00		26		USD	11,440,000		(315,094	)		(167,765	)		(147,329	)
S&P 500 Index		8/31/23		4,500.00		26		USD	11,700,000		(185,614	)		(171,275	)		(14,339	)
S&P 500 Index		9/15/23		4,425.00		26		USD	11,505,000		(355,680	)		(265,938	)		(89,742	)
S&P 500 Index		9/15/23		4,500.00		26		USD	11,700,000		(219,206	)		(199,615	)		(19,591	)
S&P 500 Index		9/15/23		4,550.00		26		USD	11,830,000		(166,400	)		(162,435	)		(3,965	)
										$	(2,961,140	)	$	(1,796,011	)	$	(1,165,129	)

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, 2023 (Unaudited)

	Number of Shares		Value
EQUITIES — 96.8%
COMMON STOCK — 96.5%
Basic Materials — 0.5%
Chemicals — 0.5%
RPM International, Inc.		17,100	$	1,534,383
Communications — 4.7%
Advertising — 1.4%
Trade Desk, Inc. Class A (a)		61,400		4,741,308
Internet — 2.4%
CDW Corp.		20,613		3,782,485
Etsy, Inc. (a)		21,067		1,782,479
Match Group, Inc. (a)		10,900		456,165
Spotify Technology SA (a)		13,200		2,119,260
				8,140,389
Media — 0.7%
Liberty Media Corp-Liberty Formula One Class C (a)		31,800		2,393,904
Telecommunications — 0.2%
Corning, Inc.		17,200		602,688
				15,878,289
Consumer, Cyclical — 12.8%
Airlines — 0.8%
Southwest Airlines Co.		74,700		2,704,887
Auto Parts & Equipment — 0.1%
Mobileye Global, Inc. Class A (a)		4,416		169,663
Entertainment — 0.2%
Caesars Entertainment, Inc. (a)		12,905		657,768
Vail Resorts, Inc.		500		125,880
				783,648
Lodging — 3.0%
Hilton Worldwide Holdings, Inc.		44,879		6,532,139
MGM Resorts International		80,732		3,545,749
				10,077,888
Retail — 8.7%
Bath & Body Works, Inc.		49,600		1,860,000
Burlington Stores, Inc. (a)		23,000		3,619,970
Casey’s General Stores, Inc.		9,500		2,316,860
Chipotle Mexican Grill, Inc. (a)		500		1,069,500
Dollar General Corp.		5,100		865,878
Dollar Tree, Inc. (a)		21,729		3,118,111
Domino’s Pizza, Inc.		8,900		2,999,211
Five Below, Inc. (a)		10,200		2,004,708
Freshpet, Inc. (a)		49,629		3,266,084
Lululemon Athletica, Inc. (a)		7,176		2,716,116
O’Reilly Automotive, Inc. (a)		1,200		1,146,360
Ross Stores, Inc.		18,300		2,051,979
Tractor Supply Co.		3,385		748,424

	Number of Shares		Value
Yum! Brands, Inc.		14,400	$	1,995,120
				29,778,321
				43,514,407
Consumer, Non-cyclical — 32.1%
Beverages — 0.6%
Boston Beer Co., Inc. Class A (a) (b)		2,494		769,249
Celsius Holdings, Inc. (a)		9,367		1,397,463
				2,166,712
Biotechnology — 3.5%
Alnylam Pharmaceuticals, Inc. (a)		13,300		2,526,202
Apellis Pharmaceuticals, Inc. (a)		10,282		936,690
Argenx SE ADR (a)		2,923		1,139,181
Biogen, Inc. (a)		5,500		1,566,675
CRISPR Therapeutics AG (a) (b)		10,328		579,814
Illumina, Inc. (a)		12,406		2,326,001
Ionis Pharmaceuticals, Inc. (a)		40,400		1,657,612
Karuna Therapeutics, Inc. (a)		3,852		835,306
Seagen, Inc. (a)		2,300		442,658
				12,010,139
Commercial Services — 8.4%
Bright Horizons Family Solutions, Inc. (a)		12,800		1,183,360
CoStar Group, Inc. (a)		31,254		2,781,606
Equifax, Inc.		15,400		3,623,620
FleetCor Technologies, Inc. (a)		15,500		3,891,740
Gartner, Inc. (a)		12,866		4,507,088
MarketAxess Holdings, Inc.		5,500		1,437,810
Paylocity Holding Corp. (a)		9,900		1,826,847
TransUnion		68,514		5,366,702
United Rentals, Inc.		4,400		1,959,628
Verisk Analytics, Inc.		9,400		2,124,682
				28,703,083
Cosmetics & Personal Care — 0.2%
Kenvue, Inc. (a)		29,708		784,885
Food — 0.4%
TreeHouse Foods, Inc. (a)		23,407		1,179,245
Health Care – Products — 13.2%
Alcon, Inc.		26,000		2,134,860
Align Technology, Inc. (a)		8,118		2,870,850
Avantor, Inc. (a)		142,500		2,926,950
Bruker Corp.		47,958		3,545,055
Cooper Cos., Inc.		7,900		3,029,097
Dentsply Sirona, Inc.		21,200		848,424
Enovis Corp. (a)		27,578		1,768,301
Exact Sciences Corp. (a)		45,765		4,297,334
Hologic, Inc. (a)		91,100		7,376,367
ICU Medical, Inc. (a)		6,900		1,229,511

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

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

	Number of Shares		Value
Insulet Corp. (a)		5,988	$	1,726,580
Novocure Ltd. (a)		7,500		311,250
Omnicell, Inc. (a)		35,821		2,638,933
Quidelortho Corp. (a)		16,233		1,345,066
Repligen Corp. (a)		7,314		1,034,638
Teleflex, Inc.		21,840		5,285,935
West Pharmaceutical Services, Inc.		6,635		2,537,689
				44,906,840
Health Care – Services — 4.4%
Acadia Healthcare Co., Inc. (a)		34,100		2,715,724
agilon health, Inc. (a) (b)		60,984		1,057,463
Catalent, Inc. (a)		49,248		2,135,393
ICON PLC (a)		18,271		4,571,404
Molina Healthcare, Inc. (a)		14,645		4,411,660
				14,891,644
Household Products & Wares — 1.1%
Avery Dennison Corp.		17,000		2,920,600
Reynolds Consumer Products, Inc.		33,900		957,675
				3,878,275
Pharmaceuticals — 0.3%
Ascendis Pharma AS ADR (a)		9,800		874,650
				109,395,473
Energy — 3.8%
Energy – Alternate Sources — 0.2%
Shoals Technologies Group, Inc. Class A (a)		21,600		552,096
Oil & Gas — 2.3%
Coterra Energy, Inc.		49,200		1,244,760
Devon Energy Corp.		9,762		471,895
EQT Corp.		27,200		1,118,736
Pioneer Natural Resources Co.		10,215		2,116,344
Venture Global LNG, Inc., Series B (Acquired 3/08/18, Cost $63,420) (a) (c) (d) (e)		21		378,000
Venture Global LNG, Inc., Series C (Acquired 10/16/17-3/08/18, Cost $530,257) (a) (c) (d) (e)		144		2,592,000
				7,921,735
Pipelines — 1.3%
Cheniere Energy, Inc.		29,906		4,556,478
				13,030,309
Financial — 5.6%
Diversified Financial Services — 2.9%
Cboe Global Markets, Inc.		2,600		358,826
Hamilton Lane, Inc. Class A		40,071		3,204,879
Intercontinental Exchange, Inc.		22,900		2,589,532
Raymond James Financial, Inc.		15,000		1,556,550

	Number of Shares		Value
Tradeweb Markets, Inc. Class A		32,300	$	2,211,904
				9,921,691
Insurance — 1.2%
Assurant, Inc.		18,200		2,288,104
Axis Capital Holdings Ltd.		17,100		920,493
Kemper Corp.		8,700		419,862
Markel Group, Inc. (a)		250		345,795
				3,974,254
Private Equity — 1.5%
Ares Management Corp. Class A		23,352		2,249,965
KKR & Co., Inc.		54,400		3,046,400
				5,296,365
				19,192,310
Industrial — 16.1%
Aerospace & Defense — 0.5%
Hexcel Corp.		24,642		1,873,285
Building Materials — 1.7%
Builders FirstSource, Inc. (a)		18,906		2,571,216
Martin Marietta Materials, Inc.		7,160		3,305,700
				5,876,916
Electrical Components & Equipment — 0.2%
Littelfuse, Inc.		1,800		524,358
Electronics — 4.7%
Agilent Technologies, Inc.		56,009		6,735,082
Amphenol Corp. Class A		23,100		1,962,345
Fortive Corp.		50,000		3,738,500
Keysight Technologies, Inc. (a)		21,400		3,583,430
				16,019,357
Environmental Controls — 0.3%
Waste Connections, Inc.		6,000		857,580
Machinery – Construction & Mining — 1.5%
BWX Technologies, Inc.		72,367		5,179,306
Machinery – Diversified — 2.9%
Cognex Corp.		21,100		1,182,022
Esab Corp.		26,683		1,775,487
IDEX Corp.		7,600		1,635,976
Ingersoll Rand, Inc.		80,400		5,254,944
				9,848,429
Miscellaneous - Manufacturing — 1.3%
Textron, Inc.		67,993		4,598,367
Packaging & Containers — 1.8%
Ball Corp.		72,847		4,240,424
Sealed Air Corp.		43,300		1,732,000
				5,972,424

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

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

	Number of Shares		Value
Transportation — 1.2%
JB Hunt Transport Services, Inc.		22,200	$	4,018,866
				54,768,888
Technology — 20.9%
Computers — 1.7%
Crowdstrike Holdings, Inc. Class A (a)		20,910		3,071,052
Fortinet, Inc. (a)		33,900		2,562,501
				5,633,553
Semiconductors — 7.1%
KLA Corp.		9,080		4,403,982
Lattice Semiconductor Corp. (a)		17,500		1,681,225
Marvell Technology, Inc.		110,007		6,576,218
Microchip Technology, Inc.		96,100		8,609,599
NXP Semiconductor NV		3,900		798,252
ON Semiconductor Corp. (a)		22,009		2,081,611
				24,150,887
Software — 12.1%
Atlassian Corp. Class A Class A (a)		5,200		872,612
Bill Holdings, Inc. (a) (b)		10,728		1,253,567
Black Knight, Inc. (a)		34,252		2,045,872
Broadridge Financial Solutions, Inc.		12,800		2,120,064
Cadence Design Systems, Inc. (a)		8,807		2,065,418
CCC Intelligent Solutions Holdings, Inc. (a)		131,491		1,474,014
Ceridian HCM Holding, Inc. (a)		41,515		2,780,259
Clear Secure, Inc. Class A (b)		14,693		340,437
Confluent, Inc. Class A (a)		8,900		314,259
Doximity, Inc. Class A (a) (b)		16,300		554,526
Electronic Arts, Inc.		28,172		3,653,908
Fair Isaac Corp. (a)		2,800		2,265,788
HashiCorp, Inc. Class A (a)		4,500		117,810
MongoDB, Inc. (a)		7,512		3,087,357
MSCI, Inc.		5,164		2,423,414
PTC, Inc. (a)		17,500		2,490,250
Roper Technologies, Inc.		5,000		2,404,000
Synopsys, Inc. (a)		4,682		2,038,590
Veeva Systems, Inc. Class A (a)		31,572		6,242,731
ZoomInfo Technologies, Inc. (a)		111,480		2,830,476
				41,375,352
				71,159,792

TOTAL COMMON STOCK (Cost $263,676,919)				328,473,851

	Number of Shares		Value
PREFERRED STOCK — 0.3%
Consumer, Cyclical — 0.0%
Auto Manufacturers — 0.0%
Nuro, Inc., Series D (Acquired 10/29/21, Cost $159,220) (a) (c) (d) (e)		7,638	$	47,356
Consumer, Non-cyclical — 0.1%
Commercial Services — 0.1%
Redwood Materials, Inc., Series C (Acquired 5/28/21, Cost $200,090) (a) (c) (d) (e)		4,221		201,493
Health Care – Services — 0.0%
Caris Life Sciences, Inc., Series D (Acquired 5/11/21, Cost $271,366) (a) (c) (d) (e)		33,502		179,236
				380,729
Financial — 0.0%
Investment Companies — 0.0%
Maplebear, Inc., Series E (Acquired 11/19/21 - 12/01/21, Cost $528,790) (a) (c) (d) (e)		4,398		142,935
Maplebear, Inc., Series I (Acquired 2/26/21, Cost $95,750) (a) (c) (d) (e)		766		24,895
				167,830
				167,830
Industrial — 0.1%
Electrical Components & Equipment — 0.1%
Sila Nanotechnologies, Inc., Series F (Acquired 1/07/21, Cost $407,982) (a) (c) (d) (e)		9,885		200,468
Technology — 0.1%
Software — 0.1%
Databricks, Inc., Series H (Acquired 8/31/21, Cost $185,327) (a) (c) (d) (e)		2,522		184,510

TOTAL PREFERRED STOCK (Cost $1,848,525)				980,893

TOTAL EQUITIES (Cost $265,525,444)				329,454,744

TOTAL LONG-TERM INVESTMENTS (Cost $265,525,444)				329,454,744

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

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

	Number of Shares		Value
SHORT-TERM INVESTMENTS — 3.4%
Investment of Cash Collateral from Securities Loaned — 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio (f)		479,723	$	479,723
Mutual Fund — 0.0%
T. Rowe Price Treasury Reserve Fund		105		105

	Principal Amount
Repurchase Agreement — 3.3%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 (g)	$	11,319,912		11,319,912

TOTAL SHORT-TERM INVESTMENTS (Cost $11,799,740)				11,799,740

TOTAL INVESTMENTS — 100.2% (Cost $277,325,184) ^(h)				341,254,484

Other Assets/(Liabilities) — (0.2)%				(693,985	)

NET ASSETS — 100.0%			$	340,560,499

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, 2023, was $3,660,191 or 1.07% of net assets. The Fund received $3,265,782 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).

(c)	Investment is 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, 2023, these securities amounted to a value of $3,950,892 or 1.16% of net assets.

(e)	Restricted security. Certain securities are restricted as to resale. At June 30, 2023, these securities amounted to a value of $3,950,892 or 1.16% 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 $11,321,346. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/2025, and an aggregate market value, including accrued interest, of $11,546,370.

(h)	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, 2023 (Unaudited)

	Number of Shares		Value
EQUITIES — 96.6%
COMMON STOCK — 95.7%
Basic Materials — 1.8%
Chemicals — 1.8%
Akzo Nobel NV		47,933	$	3,916,631
Axalta Coating Systems Ltd. (a)		31,114		1,020,850
				4,937,481
Communications — 5.4%
Advertising — 1.4%
Interpublic Group of Cos., Inc.		68,904		2,658,316
Omnicom Group, Inc.		14,239		1,354,841
				4,013,157
Internet — 1.2%
F5, Inc. (a)		21,798		3,188,175
Media — 1.3%
Fox Corp. Class B		110,411		3,521,007
Telecommunications — 1.5%
BCE, Inc.		15,265		695,985
Corning, Inc.		35,844		1,255,974
Juniper Networks, Inc.		70,370		2,204,692
				4,156,651
				14,878,990
Consumer, Cyclical — 9.1%
Airlines — 1.7%
Southwest Airlines Co.		129,771		4,699,008
Auto Manufacturers — 0.7%
Cummins, Inc.		7,888		1,933,822
Auto Parts & Equipment — 2.1%
Aptiv PLC (a)		9,484		968,222
BorgWarner, Inc.		59,308		2,900,754
Cie Generale des Etablissements Michelin SCA		66,406		1,963,046
				5,832,022
Distribution & Wholesale — 0.5%
Bunzl PLC		36,290		1,381,677
Food Services — 0.2%
Sodexo SA		6,475		713,058
Retail — 3.9%
Beacon Roofing Supply, Inc. (a)		25,137		2,085,868
Dollar Tree, Inc. (a)		31,984		4,589,704
MSC Industrial Direct Co., Inc. Class A		43,499		4,144,585
				10,820,157
				25,379,744

	Number of Shares		Value
Consumer, Non-cyclical — 20.7%
Food — 4.9%
Conagra Brands, Inc.		177,720	$	5,992,718
Koninklijke Ahold Delhaize NV		163,295		5,569,965
The J.M. Smucker Co.		13,479		1,990,444
				13,553,127
Health Care – Products — 4.8%
Dentsply Sirona, Inc.		43,270		1,731,665
Embecta Corp.		66,409		1,434,434
Envista Holdings Corp. (a)		61,276		2,073,580
Hologic, Inc. (a)		11,062		895,690
Smith & Nephew PLC ADR Sponsored ADR		9,731		313,825
Zimmer Biomet Holdings, Inc.		48,713		7,092,613
				13,541,807
Health Care – Services — 5.2%
Centene Corp. (a)		32,025		2,160,086
Laboratory Corp. of America Holdings		15,325		3,698,382
Quest Diagnostics, Inc.		31,480		4,424,829
Universal Health Services, Inc. Class B		26,064		4,112,118
				14,395,415
Household Products & Wares — 1.4%
Kimberly-Clark Corp.		28,977		4,000,565
Pharmaceuticals — 4.4%
AmerisourceBergen Corp.		14,606		2,810,632
Becton Dickinson & Co.		5,485		1,448,095
Cardinal Health, Inc.		28,254		2,671,981
Henry Schein, Inc. (a)		66,082		5,359,250
				12,289,958
				57,780,872
Energy — 5.1%
Oil & Gas — 2.4%
Devon Energy Corp.		42,551		2,056,915
Diamondback Energy, Inc.		16,111		2,116,341
EQT Corp.		61,695		2,537,516
				6,710,772
Oil & Gas Services — 1.1%
Baker Hughes Co.		96,737		3,057,857
Pipelines — 1.6%
Enterprise Products Partners LP (b)		172,013		4,532,542
				14,301,171
Financial — 25.0%
Banks — 8.1%
Comerica, Inc.		3,222		136,484
First Hawaiian, Inc.		152,107		2,739,447
Northern Trust Corp.		86,390		6,404,954

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

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

	Number of Shares		Value
Prosperity Bancshares, Inc.		27,819	$	1,571,217
The Bank of New York Mellon Corp.		133,821		5,957,711
Truist Financial Corp.		102,679		3,116,308
U.S. Bancorp		55,072		1,819,579
Westamerica Bancorp.		20,487		784,652
				22,530,352
Diversified Financial Services — 2.2%
Charles Schwab Corp.		39,389		2,232,568
T. Rowe Price Group, Inc.		36,135		4,047,843
				6,280,411
Insurance — 7.0%
Aflac, Inc.		45,100		3,147,980
Hanover Insurance Group, Inc.		19,901		2,249,410
Reinsurance Group of America, Inc.		25,968		3,601,502
The Allstate Corp.		56,782		6,191,509
Willis Towers Watson PLC		18,730		4,410,915
				19,601,316
Real Estate Investment Trusts (REITS) — 7.4%
Equinix, Inc.		701		549,542
Essex Property Trust, Inc.		13,838		3,242,243
Healthpeak Properties, Inc.		164,075		3,297,908
Public Storage		9,579		2,795,919
Realty Income Corp.		67,671		4,046,049
Regency Centers Corp.		58,340		3,603,662
VICI Properties, Inc.		22,233		698,783
Weyerhaeuser Co.		24,362		816,371
WP Carey, Inc.		22,390		1,512,668
				20,563,145
Savings & Loans — 0.3%
Capitol Federal Financial, Inc.		125,592		774,903
				69,750,127
Industrial — 15.7%
Aerospace & Defense — 0.3%
General Dynamics Corp.		4,544		977,642
Building Materials — 1.3%
Cie de Saint-Gobain		58,010		3,533,820
Electrical Components & Equipment — 2.3%
Emerson Electric Co.		58,801		5,315,022
Legrand SA		11,427		1,133,578
				6,448,600
Electronics — 2.1%
nVent Electric PLC		54,348		2,808,161
TE Connectivity Ltd.		20,953		2,936,773
				5,744,934
Engineering & Construction — 1.1%
Vinci SA		27,066		3,145,809

	Number of Shares			Value
Environmental Controls — 0.5%
Republic Services, Inc.		8,843		$	1,354,482
Machinery – Construction & Mining — 1.9%
Oshkosh Corp.		61,770			5,348,664
Machinery – Diversified — 0.5%
IMI PLC		64,632			1,350,578
Packaging & Containers — 3.4%
Amcor PLC		337,834			3,371,583
Packaging Corp. of America		36,460			4,818,554
Sonoco Products Co.		21,582			1,273,770
					9,463,907
Shipbuilding — 1.6%
Huntington Ingalls Industries, Inc.		19,095			4,346,022
Transportation — 0.7%
Heartland Express, Inc.		122,869			2,016,280
					43,730,738
Technology — 3.2%
Computers — 2.3%
Amdocs Ltd.		36,626			3,620,480
HP, Inc.		89,237			2,740,468
					6,360,948
Semiconductors — 0.4%
Teradyne, Inc.		9,097			1,012,769
Software — 0.5%
Electronic Arts, Inc.		12,058			1,563,923
					8,937,640
Utilities — 9.7%
Electric — 7.5%
Duke Energy Corp.		40,876			3,668,212
Edison International		88,863			6,171,536
Evergy, Inc.		40,523			2,367,354
Eversource Energy		28,254			2,003,774
NorthWestern Corp.		76,832			4,360,984
Pinnacle West Capital Corp.		28,144	��		2,292,610
					20,864,470
Gas — 2.2%
Atmos Energy Corp.		13,327			1,550,463
Spire, Inc.		73,937			4,690,563
					6,241,026
					27,105,496

TOTAL COMMON STOCK (Cost $267,674,443)					266,802,259

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

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

	Number of Shares		Value
PREFERRED STOCK — 0.9%
Consumer, Non-cyclical — 0.9%
Household Products & Wares — 0.9%
Henkel AG & Co. KGaA 2.525%		32,020	$	2,559,573

TOTAL PREFERRED STOCK (Cost $2,091,503)				2,559,573

TOTAL EQUITIES (Cost $269,765,946)				269,361,832

MUTUAL FUNDS — 1.3%
Diversified Financial Services — 1.3%
iShares Russell Mid-Cap Value ETF (c)		33,161		3,642,405

TOTAL MUTUAL FUNDS (Cost $3,630,361)				3,642,405

TOTAL LONG-TERM INVESTMENTS (Cost $273,396,307)				273,004,237

SHORT-TERM INVESTMENTS — 1.9%
Investment of Cash Collateral from Securities Loaned — 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio (d)		695,950		695,950

	Principal Amount		Value
Repurchase Agreement — 1.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 (e)	$	4,567,308	$	4,567,308

TOTAL SHORT-TERM INVESTMENTS (Cost $5,263,258)				5,263,258

TOTAL INVESTMENTS — 99.8% (Cost $278,659,565) ^(f)				278,267,495

Other Assets/(Liabilities) — 0.2%				640,770

NET ASSETS — 100.0%			$	278,908,265

Abbreviation Legend

ADR	American Depositary Receipt

ETF	Exchange-Traded Fund

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Security is a Master Limited Partnership.

(c)

Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2023, was $1,482,120 or 0.53% of net assets. The Fund received $824,978 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)	Maturity value of $4,567,887. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/25, and an aggregate market value, including accrued interest, of $4,658,737.

(f)	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 (Continued)

Forward contracts

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
Bank of America N.A.		9/29/23		USD	4,798,720		EUR	4,373,697	$	5,707
Bank of America N.A.		9/29/23		USD	2,525,436		GBP	1,988,643		(620	)
Goldman Sachs & Co.		9/29/23		USD	429,650		CAD	568,686		(200	)
JP Morgan Chase Bank N.A.		9/29/23		USD	9,307,019		EUR	8,490,566		2,444
Morgan Stanley & Co. LLC		9/29/23		USD	4,799,074		EUR	4,373,697		6,061
									$	13,392

Currency Legend

CAD	Canadian Dollar

EUR

Euro

GBP	British Pound

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, 2023 (Unaudited)

	Number of Shares		Value
EQUITIES — 97.9%
COMMON STOCK — 97.9%
Basic Materials — 3.3%
Chemicals — 3.3%
Cabot Corp.		32,004	$	2,140,747
Livent Corp. (a) (b)		70,460		1,932,718
Methanex Corp. (b)		18,687		773,081
				4,846,546
Communications — 5.6%
Internet — 3.4%
Cargurus, Inc. (a)		44,188		999,974
Criteo SA Sponsored ADR (a)		22,290		752,065
Eventbrite, Inc. Class A (a)		84,437		806,373
Perficient, Inc. (a)		14,667		1,222,201
Squarespace, Inc. Class A (a)		13,100		413,174
Ziff Davis, Inc. (a)		10,812		757,489
				4,951,276
Media — 0.6%
New York Times Co. Class A		23,226		914,640
Telecommunications — 1.6%
Calix, Inc. (a)		31,460		1,570,168
Viavi Solutions, Inc. (a)		69,981		792,885
				2,363,053
				8,228,969
Consumer, Cyclical — 12.7%
Apparel — 1.8%
Carter’s, Inc. (b)		8,324		604,322
Crocs, Inc. (a)		12,252		1,377,615
Steven Madden Ltd. (b)		22,044		720,618
				2,702,555
Auto Parts & Equipment — 0.5%
Visteon Corp. (a)		5,200		746,772
Distribution & Wholesale — 1.7%
Rush Enterprises, Inc. Class A		28,731		1,745,121
WESCO International, Inc.		3,995		715,345
				2,460,466
Entertainment — 0.4%
Cinemark Holdings, Inc. (a) (b)		41,199		679,783
Food Services — 0.5%
Sovos Brands, Inc. (a)		39,544		773,481
Home Builders — 2.0%
Century Communities, Inc.		15,165		1,161,942
Skyline Champion Corp. (a)		26,590		1,740,316
				2,902,258

	Number of Shares		Value
Leisure Time — 1.4%
Acushnet Holdings Corp.		13,664	$	747,148
YETI Holdings, Inc. (a)		33,674		1,307,898
				2,055,046
Lodging — 0.7%
Boyd Gaming Corp.		14,932		1,035,833
Retail — 3.7%
Denny’s Corp. (a)		41,458		510,763
Freshpet, Inc. (a)		5,471		360,046
Nu Skin Enterprises, Inc. Class A		6,958		231,006
Patrick Industries, Inc.		10,370		829,600
Texas Roadhouse, Inc.		6,680		750,030
Victoria’s Secret & Co. (a) (b)		21,440		373,699
Wingstop, Inc.		11,831		2,368,093
				5,423,237
				18,779,431
Consumer, Non-cyclical — 24.9%
Beverages — 1.0%
Celsius Holdings, Inc. (a)		10,218		1,524,423
Biotechnology — 8.3%
Akero Therapeutics, Inc. (a)		11,709		546,693
Amicus Therapeutics, Inc. (a)		54,952		690,197
Apellis Pharmaceuticals, Inc. (a)		9,538		868,912
Blueprint Medicines Corp. (a)		6,268		396,138
Celldex Therapeutics, Inc. (a)		7,753		263,059
Crinetics Pharmaceuticals, Inc. (a)		33,212		598,480
Cytokinetics, Inc. (a)		25,319		825,906
Immatics NV (a)		57,218		660,296
Immunocore Holdings PLC ADR (a)		6,297		377,568
ImmunoGen, Inc. (a)		15,030		283,616
Intellia Therapeutics, Inc. (a)		9,402		383,414
Intra-Cellular Therapies, Inc. (a)		10,947		693,164
Karuna Therapeutics, Inc. (a)		3,719		806,465
Kymera Therapeutics, Inc. (a)		18,116		416,487
Myriad Genetics, Inc. (a)		30,971		717,908
Prothena Corp. PLC (a)		6,375		435,285
PTC Therapeutics, Inc. (a)		8,805		358,099
Revolution Medicines, Inc. (a)		24,565		657,114
Rocket Pharmaceuticals, Inc. (a)		30,270		601,465
Sage Therapeutics, Inc. (a)		5,384		253,156
Syndax Pharmaceuticals, Inc. (a)		27,936		584,700
Veracyte, Inc. (a)		23,594		600,939
Zentalis Pharmaceuticals, Inc. (a) (b)		8,037		226,724
				12,245,785
Commercial Services — 3.3%
Cross Country Healthcare, Inc. (a)		31,990		898,279
European Wax Center, Inc. Class A (a)		26,342		490,751

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
H&R Block, Inc.		19,010	$	605,849
Herc Holdings, Inc.		4,928		674,397
ManpowerGroup, Inc.		7,964		632,341
TriNet Group, Inc. (a)		16,413		1,558,743
				4,860,360
Cosmetics & Personal Care — 0.9%
elf Beauty, Inc. (a)		12,186		1,392,007
Food — 0.5%
TreeHouse Foods, Inc. (a)		15,279		769,756
Health Care – Products — 6.5%
Glaukos Corp. (a)		28,396		2,022,079
Globus Medical, Inc. Class A (a)		10,957		652,380
Haemonetics Corp. (a)		21,468		1,827,786
ICU Medical, Inc. (a)		3,763		670,529
Inari Medical, Inc. (a)		12,467		724,831
Inspire Medical Systems, Inc. (a)		5,520		1,792,013
Lantheus Holdings, Inc. (a)		2,369		198,806
Omnicell, Inc. (a)		10,199		751,360
Shockwave Medical, Inc. (a)		3,346		954,982
				9,594,766
Health Care – Services — 2.5%
Acadia Healthcare Co., Inc. (a)		19,403		1,545,255
Amedisys, Inc. (a)		6,419		586,953
HealthEquity, Inc. (a)		9,913		625,907
Surgery Partners, Inc. (a) (b)		19,324		869,387
				3,627,502
Pharmaceuticals — 1.9%
Aclaris Therapeutics, Inc. (a)		43,602		452,153
Ascendis Pharma AS ADR (a)		1,705		152,171
BellRing Brands, Inc. (a)		19,705		721,203
Bioxcel Therapeutics, Inc. (a) (b)		7,197		47,932
Merus NV (a)		11,626		306,113
Morphic Holding, Inc. (a)		2,765		158,517
Revance Therapeutics, Inc. (a)		8,811		223,006
Vaxcyte, Inc. (a)		7,869		392,978
Verona Pharma PLC ADR (a)		19,033		402,358
				2,856,431
				36,871,030
Energy — 5.9%
Energy – Alternate Sources — 1.6%
Maxeon Solar Technologies Ltd. (a)		14,868		418,683
Shoals Technologies Group, Inc. Class A (a)		75,348		1,925,895
				2,344,578
Oil & Gas — 4.1%
Chord Energy Corp.		12,764		1,963,103
Magnolia Oil & Gas Corp. Class A		36,702		767,072

	Number of Shares		Value
Seadrill Ltd. (a)		16,019	$	661,104
Sitio Royalties Corp. Class A		31,495		827,374
Viper Energy Partners LP (c)		71,215		1,910,698
				6,129,351
Oil & Gas Services — 0.2%
Aris Water Solutions, Inc. Class A (b)		24,323		251,013
				8,724,942
Financial — 14.1%
Banks — 2.8%
Ameris Bancorp		23,566		806,193
Cadence Bank		26,493		520,323
First Interstate BancSystem, Inc. Class A		23,141		551,681
Hancock Whitney Corp.		20,496		786,637
National Bank Holdings Corp. Class A		24,006		697,134
Seacoast Banking Corp. of Florida		36,009		795,799
				4,157,767
Diversified Financial Services — 3.7%
Air Lease Corp.		25,394		1,062,739
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b)		56,964		1,424,100
PJT Partners, Inc. Class A		20,648		1,437,927
PRA Group, Inc. (a)		31,026		708,944
StepStone Group, Inc. Class A		32,035		794,788
				5,428,498
Insurance — 2.2%
Assured Guaranty Ltd.		17,032		950,386
Kemper Corp.		15,379		742,190
MGIC Investment Corp.		55,953		883,498
Selective Insurance Group, Inc.		7,093		680,573
				3,256,647
Real Estate — 0.5%
McGrath RentCorp		7,732		715,055
Real Estate Investment Trusts (REITS) — 4.9%
Douglas Emmett, Inc. (b)		37,192		467,504
Essential Properties Realty Trust, Inc.		34,556		813,448
National Storage Affiliates Trust		17,179		598,345
Phillips Edison & Co., Inc. (b)		54,276		1,849,726
PotlatchDeltic Corp.		19,520		1,031,632
Ryman Hospitality Properties, Inc.		12,066		1,121,173
Terreno Realty Corp.		11,694		702,809
Xenia Hotels & Resorts, Inc.		59,242		729,269
			��	7,313,906
				20,871,873
Industrial — 16.7%
Aerospace & Defense — 1.8%
Curtiss-Wright Corp.		5,610		1,030,333

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
Leonardo DRS, Inc. (a) (b)		41,578	$	720,962
Mercury Systems, Inc. (a)		14,190		490,832
Spirit AeroSystems Holdings, Inc. Class A		12,005		350,426
				2,592,553
Building Materials — 2.0%
AZEK Co., Inc (a)		64,174		1,943,830
Louisiana-Pacific Corp.		13,357		1,001,508
				2,945,338
Electrical Components & Equipment — 1.1%
Acuity Brands, Inc.		2,996		488,588
Novanta, Inc. (a)		6,052		1,114,173
				1,602,761
Engineering & Construction — 2.3%
Comfort Systems USA, Inc.		6,983		1,146,608
Fluor Corp. (a)		73,653		2,180,129
				3,326,737
Environmental Controls — 1.1%
Casella Waste Systems, Inc. Class A (a)		9,565		865,154
Clean Harbors, Inc. (a)		5,005		822,972
				1,688,126
Hand & Machine Tools — 0.5%
Kennametal, Inc.		25,954		736,834
Machinery – Diversified — 4.5%
Albany International Corp. Class A		6,522		608,372
Applied Industrial Technologies, Inc.		10,977		1,589,799
Cactus, Inc. Class A		21,887		926,258
Flowserve Corp.		25,112		932,911
Middleby Corp. (a)		4,680		691,844
Zurn Elkay Water Solutions Corp. Class C		72,547		1,950,789
				6,699,973
Metal Fabricate & Hardware — 0.5%
Helios Technologies, Inc.		10,875		718,729
Miscellaneous - Manufacturing — 0.4%
EnPro Industries, Inc.		4,800		640,944
Packaging & Containers — 0.6%
Graphic Packaging Holding Co.		35,492		852,873
Transportation — 1.2%
Kirby Corp. (a)		13,130		1,010,354
RXO, Inc. (a)		34,130		773,727
				1,784,081
Trucking & Leasing — 0.7%
GATX Corp.		8,002		1,030,178
				24,619,127

	Number of Shares		Value
Technology — 12.6%
Computers — 1.8%
CyberArk Software Ltd. (a)		4,867	$	760,858
Exlservice Holdings, Inc. (a)		8,680		1,311,201
Rapid7, Inc. (a)		12,668		573,607
				2,645,666
Semiconductors — 3.0%
Cirrus Logic, Inc. (a)		7,874		637,873
FormFactor, Inc. (a)		23,741		812,417
Lattice Semiconductor Corp. (a)		6,047		580,935
MKS Instruments, Inc.		2,799		302,572
Power Integrations, Inc.		7,954		753,005
SiTime Corp. (a)		4,362		514,585
Synaptics, Inc. (a)		9,541		814,611
				4,415,998
Software — 7.8%
Clearwater Analytics Holdings, Inc. Class A (a)		23,726		376,532
DoubleVerify Holdings, Inc. (a)		55,993		2,179,247
Five9, Inc. (a)		12,231		1,008,446
Intapp, Inc. (a)		5,500		230,505
Jamf Holding Corp. (a)		80,778		1,576,786
Manhattan Associates, Inc. (a)		6,875		1,374,175
New Relic, Inc. (a)		10,926		714,997
PowerSchool Holdings, Inc. Class A (a)		51,855		992,505
RingCentral, Inc. Class A (a)		5,968		195,333
Sprout Social, Inc. Class A (a)		22,917		1,057,849
Verra Mobility Corp. (a)		97,305		1,918,855
				11,625,230
				18,686,894
Utilities — 2.1%
Electric — 1.6%
Ameresco, Inc. Class A (a) (b)		14,040		682,765
Atlantica Sustainable Infrastructure PLC		31,452		737,235
Portland General Electric Co.		20,058		939,316
				2,359,316
Gas — 0.5%
ONE Gas, Inc.		9,314		715,409
				3,074,725

TOTAL COMMON STOCK (Cost $130,567,889)				144,703,537

TOTAL EQUITIES (Cost $130,567,889)				144,703,537

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
MUTUAL FUNDS — 1.4%
Diversified Financial Services — 1.4%
iShares Russell 2000 ETF (b)		1,134	$	212,364
iShares Russell 2000 Growth ETF		7,702		1,868,967
				2,081,331

TOTAL MUTUAL FUNDS (Cost $1,960,801)				2,081,331

TOTAL LONG-TERM INVESTMENTS (Cost $132,528,690)				146,784,868

SHORT-TERM INVESTMENTS — 3.0%
Investment of Cash Collateral from Securities Loaned — 1.8%
State Street Navigator Securities Lending Government Money Market Portfolio (d)		2,663,891		2,663,891

	Principal Amount
Repurchase Agreement — 1.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 (e)	$	1,723,709		1,723,709

TOTAL SHORT-TERM INVESTMENTS (Cost $4,387,600)				4,387,600

TOTAL INVESTMENTS — 102.3% (Cost $136,916,290) ^(f)				151,172,468

Other Assets/(Liabilities) — (2.3)%				(3,337,563	)

NET ASSETS — 100.0%			$	147,834,905

Abbreviation Legend

ADR	American Depositary Receipt

ETF	Exchange-Traded Fund

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, 2023, was $11,395,234 or 7.71% of net assets. The Fund received $9,019,954 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 $1,723,927. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/25, and an aggregate market value, including accrued interest, of $1,758,275.

(f)	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, 2023 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.1%
COMMON STOCK — 99.1%
Basic Materials — 1.8%
Chemicals — 1.8%
Element Solutions, Inc.		14,881	$	285,715
Ingevity Corp. (a)		4,623		268,874
Minerals Technologies, Inc.		13,828		797,737
				1,352,326
Communications — 2.2%
Advertising — 0.6%
Entravision Communications Corp. Class A		111,934		491,390
Internet — 0.3%
Solo Brands, Inc. Class A (a)		41,437		234,533
Media — 1.3%
Cable One, Inc.		1,269		833,835
Townsquare Media, Inc. Class A		9,154		109,024
				942,859
				1,668,782
Consumer, Cyclical — 19.8%
Apparel — 2.8%
Capri Holdings Ltd. (a)		25,132		901,987
Tapestry, Inc.		27,257		1,166,600
				2,068,587
Distribution & Wholesale — 1.3%
A-Mark Precious Metals, Inc.		17,146		641,861
OPENLANE, Inc. (a)		19,990		304,248
Titan Machinery, Inc. (a)		2,077		61,271
				1,007,380
Entertainment — 1.8%
Accel Entertainment, Inc. (a)		49,020		517,651
Everi Holdings, Inc. (a)		24,530		354,704
Penn Entertainment, Inc. (a) (b)		20,877		501,674
				1,374,029
Home Builders — 2.7%
Cavco Industries, Inc. (a)		981		289,395
Skyline Champion Corp. (a)		26,483		1,733,312
				2,022,707
Home Furnishing — 0.3%
Vizio Holding Corp. Class A (a)		29,985		202,399
Leisure Time — 3.2%
Brunswick Corp.		18,448		1,598,335
Malibu Boats, Inc. Class A (a)		13,647		800,533
				2,398,868
Lodging — 0.4%
Boyd Gaming Corp.		4,123		286,013

	Number of Shares		Value
Retail — 7.3%
Beacon Roofing Supply, Inc. (a)		14,822	$	1,229,930
Dave & Buster’s Entertainment, Inc. (a)		20,888		930,769
GMS, Inc. (a)		15,951		1,103,809
MarineMax, Inc. (a)		23,184		791,965
OneWater Marine, Inc. Class A (a) (b)		19,965		723,532
Penske Automotive Group, Inc.		3,590		598,202
Red Robin Gourmet Burgers, Inc. (a)		9,038		124,995
				5,503,202
				14,863,185
Consumer, Non-cyclical — 14.5%
Agriculture — 0.3%
Turning Point Brands, Inc.		9,784		234,914
Commercial Services — 8.7%
AMN Healthcare Services, Inc. (a)		1,213		132,363
Barrett Business Services, Inc.		4,366		380,715
Brink’s Co.		21,175		1,436,300
Deluxe Corp.		32,046		560,164
Euronet Worldwide, Inc. (a)		7,819		917,716
EVERTEC, Inc.		44,504		1,639,082
Korn Ferry		20,390		1,010,121
Loomis AB		13,952		407,424
				6,483,885
Cosmetics & Personal Care — 1.7%
Edgewell Personal Care Co.		30,473		1,258,840
Health Care – Products — 2.1%
Embecta Corp.		24,188		522,461
Enovis Corp. (a)		9,140		586,057
Envista Holdings Corp. (a)		14,296		483,776
				1,592,294
Household Products & Wares — 1.7%
Spectrum Brands Holdings, Inc.		16,464		1,285,015
				10,854,948
Energy — 4.8%
Energy – Alternate Sources — 0.3%
Enviva, Inc. (b)		17,762		192,718
Oil & Gas — 2.1%
Earthstone Energy, Inc. Class A (a)		22,627		323,340
Magnolia Oil & Gas Corp. Class A		37,914		792,402
Northern Oil & Gas, Inc.		14,282		490,158
				1,605,900
Oil & Gas Services — 2.4%
ChampionX Corp.		57,149		1,773,905
				3,572,523

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

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

	Number of Shares		Value
Financial — 30.4%
Banks — 18.2%
Ameris Bancorp		21,665	$	741,160
BankUnited, Inc.		23,998		517,157
Columbia Banking System, Inc.		26,155		530,423
ConnectOne Bancorp, Inc.		8,377		138,974
CVB Financial Corp.		30,618		406,607
First BanCorp		112,714		1,377,365
First Interstate BancSystem, Inc. Class A		23,621		563,125
First Merchants Corp.		10,302		290,826
First Mid Bancshares, Inc.		1,158		27,954
FNB Corp.		120,807		1,382,032
Home BancShares, Inc.		60,920		1,388,976
Independent Bank Group, Inc.		10,906		376,584
Old National Bancorp		117,466		1,637,476
Origin Bancorp, Inc.		10,043		294,260
Premier Financial Corp.		6,927		110,971
QCR Holdings, Inc.		4,147		170,151
SouthState Corp.		20,774		1,366,929
Towne Bank		9,097		211,414
UMB Financial Corp.		16,092		980,003
Valley National Bancorp		124,260		963,015
Veritex Holdings, Inc.		9,373		168,058
				13,643,460
Diversified Financial Services — 0.2%
Enact Holdings, Inc.		5,547		139,396
Insurance — 2.8%
Axis Capital Holdings Ltd.		27,212		1,464,822
Fidelis Insurance Holdings Ltd. (a)		23,378		319,110
Selective Insurance Group, Inc.		3,781		362,787
				2,146,719
Investment Companies — 1.9%
Compass Diversified Holdings (b)		64,671		1,402,714
Private Equity — 0.3%
Patria Investments Ltd. Class A		17,920		256,256
Real Estate Investment Trusts (REITS) — 5.6%
CareTrust REIT, Inc.		18,154		360,538
Easterly Government Properties, Inc. (b)		17,344		251,488
Four Corners Property Trust, Inc.		26,596		675,538
Highwoods Properties, Inc.		23,514		562,220
Kite Realty Group Trust		30,741		686,754
National Health Investors, Inc.		6,765		354,621
NETSTREIT Corp.		14,807		264,601
Physicians Realty Trust		38,067		532,557
Summit Hotel Properties, Inc.		19,899		129,543

	Number of Shares		Value
UMH Properties, Inc.		22,711	$	362,922
				4,180,782
Savings & Loans — 1.4%
Pacific Premier Bancorp, Inc.		35,173		727,378
Provident Financial Services, Inc.		18,227		297,829
				1,025,207
				22,794,534
Industrial — 18.4%
Aerospace & Defense — 0.1%
Leonardo DRS, Inc. (a) (b)		6,232		108,063
Building Materials — 1.4%
Hayward Holdings, Inc. (a) (b)		30,110		386,914
Tecnoglass, Inc.		12,888		665,794
				1,052,708
Electrical Components & Equipment — 0.5%
Belden, Inc.		3,865		369,687
Electronics — 5.5%
Atmus Filtration Technologies, Inc. (a)		12,328		270,723
Avnet, Inc.		30,923		1,560,066
Coherent Corp. (a) (b)		35,485		1,809,025
Vontier Corp.		13,991		450,650
				4,090,464
Engineering & Construction — 0.7%
Dycom Industries, Inc. (a)		2,945		334,699
NV5 Global, Inc. (a)		2,058		227,965
				562,664
Environmental Controls — 0.2%
CECO Environmental Corp. (a)		8,763		117,074
Hand & Machine Tools — 0.2%
Luxfer Holdings PLC		10,932		155,562
Machinery – Diversified — 3.4%
Cactus, Inc. Class A		21,549		911,954
DXP Enterprises, Inc. (a)		9,067		330,129
Esab Corp.		3,240		215,590
Gates Industrial Corp. PLC (a)		80,044		1,078,993
				2,536,666
Metal Fabricate & Hardware — 3.4%
Hillman Solutions Corp. (a)		90,874		818,775
Timken Co.		18,931		1,732,754
				2,551,529
Miscellaneous - Manufacturing — 0.0%
DIRTT Environmental Solutions (a) (b)		64,423		16,827
Packaging & Containers — 3.0%
Graphic Packaging Holding Co.		69,036		1,658,935
Karat Packaging, Inc.		5,817		106,160

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

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

	Number of Shares		Value
Pactiv Evergreen, Inc.		61,561	$	466,017
				2,231,112
				13,792,356
Technology — 5.8%
Semiconductors — 2.8%
Cohu, Inc. (a)		8,845		367,598
Kulicke & Soffa Industries, Inc.		20,848		1,239,414
MKS Instruments, Inc. (b)		4,195		453,479
				2,060,491
Software — 3.0%
Digital Turbine, Inc. (a)		27,169		252,128
Donnelley Financial Solutions, Inc. (a)		10,944		498,281
IBEX Holdings Ltd. (a)		11,301		239,920
Teradata Corp. (a)		24,248		1,295,086
				2,285,415
				4,345,906
Utilities — 1.4%
Electric — 0.3%
ALLETE, Inc.		4,704		272,690
Gas — 1.1%
Northwest Natural Holding Co.		3,104		133,627
Southwest Gas Holdings, Inc.		10,758		684,747
				818,374
				1,091,064

TOTAL COMMON STOCK (Cost $79,664,556)				74,335,624

TOTAL EQUITIES (Cost $79,664,556)				74,335,624

TOTAL LONG-TERM INVESTMENTS (Cost $79,664,556)				74,335,624

	Number of Shares		Value
SHORT-TERM INVESTMENTS — 2.1%
Investment of Cash Collateral from Securities Loaned — 0.9%
State Street Navigator Securities Lending Government Money Market Portfolio (c)		663,382	$	663,382

	Principal Amount
Repurchase Agreement — 1.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 (d)	$	927,483		927,483

TOTAL SHORT-TERM INVESTMENTS (Cost $1,590,865)				1,590,865

TOTAL INVESTMENTS — 101.2% (Cost $81,255,421) ^(e)				75,926,489

Other Assets/(Liabilities) — (1.2)%				(913,436	)

NET ASSETS — 100.0%			$	75,013,053

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, 2023, was $5,397,805 or 7.20% of net assets. The Fund received $4,916,345 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 $927,601. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/25, and an aggregate market value, including accrued interest, of $946,087.

(e)	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 (Continued)

Forward contracts

Counterparty

Settlement
Date

Currency Purchased

Currency Sold

Unrealized
Appreciation
(Depreciation)

UBS AG

9/29/23

USD

348,096

SEK

3,716,673

2,072

Currency Legend

SEK	Swedish Krona

USD	U.S. Dollar

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

MML Small/Mid Cap Value Fund – Portfolio of Investments

June 30, 2023 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.6%
COMMON STOCK — 98.6%
Basic Materials — 4.0%
Chemicals — 1.0%
Huntsman Corp.		50,747	$	1,371,184
Iron & Steel — 1.4%
ATI, Inc. (a)		41,803		1,848,947
Mining — 1.6%
Cameco Corp.		67,244		2,106,754
				5,326,885
Communications — 2.2%
Internet — 2.2%
Criteo SA Sponsored ADR (a)		51,551		1,739,331
Gen Digital, Inc.		64,753		1,201,168
				2,940,499
Consumer, Cyclical — 15.2%
Airlines — 1.3%
Alaska Air Group, Inc. (a)		33,046		1,757,386
Apparel — 3.8%
PVH Corp.		22,180		1,884,635
Ralph Lauren Corp.		13,945		1,719,418
Tapestry, Inc.		35,469		1,518,073
				5,122,126
Auto Parts & Equipment — 1.6%
Dana, Inc.		60,922		1,035,674
Goodyear Tire & Rubber Co. (a)		82,285		1,125,659
				2,161,333
Home Builders — 2.6%
PulteGroup, Inc.		26,832		2,084,310
Taylor Morrison Home Corp. (a)		27,734		1,352,587
				3,436,897
Lodging — 1.4%
Hilton Grand Vacations, Inc. (a)		41,202		1,872,219
Retail — 4.5%
Bath & Body Works, Inc.		38,067		1,427,513
Dine Brands Global, Inc.		20,581		1,194,315
Papa John’s International, Inc.		14,741		1,088,328
Sally Beauty Holdings, Inc. (a)		83,890		1,036,042
Williams-Sonoma, Inc.		10,052		1,257,907
				6,004,105
				20,354,066
Consumer, Non-cyclical — 12.6%
Commercial Services — 4.5%
ADT, Inc.		241,144		1,454,098
Herc Holdings, Inc.		15,660		2,143,071

	Number of Shares		Value
Korn Ferry		18,290	$	906,087
Robert Half International, Inc.		19,749		1,485,520
				5,988,776
Food — 2.1%
Hain Celestial Group, Inc. (a)		87,940		1,100,129
Nomad Foods Ltd. (a)		96,425		1,689,366
				2,789,495
Health Care – Products — 3.6%
Avantor, Inc. (a)		67,390		1,384,191
Envista Holdings Corp. (a)		56,736		1,919,946
Integra LifeSciences Holdings Corp. (a)		37,699		1,550,560
				4,854,697
Health Care – Services — 2.4%
Acadia Healthcare Co., Inc. (a)		21,732		1,730,737
Pediatrix Medical Group, Inc. (a)		100,440		1,427,252
				3,157,989
				16,790,957
Energy — 3.3%
Oil & Gas — 2.0%
HF Sinclair Corp.		24,486		1,092,321
Magnolia Oil & Gas Corp. Class A		79,540		1,662,386
				2,754,707
Oil & Gas Services — 1.3%
ChampionX Corp.		54,310		1,685,782
				4,440,489
Financial — 26.3%
Banks — 10.5%
BankUnited, Inc.		30,447		656,133
Comerica, Inc.		39,354		1,667,035
First BanCorp		135,702		1,658,278
First Citizens BancShares, Inc. Class A		1,683		2,160,046
First Hawaiian, Inc.		81,822		1,473,614
Synovus Financial Corp.		36,834		1,114,229
Texas Capital Bancshares, Inc. (a)		26,765		1,378,398
Webster Financial Corp.		31,485		1,188,559
Wintrust Financial Corp.		22,678		1,646,876
Zions Bancorp NA		40,409		1,085,386
				14,028,554
Diversified Financial Services — 3.5%
Cboe Global Markets, Inc.		11,740		1,620,237
Moelis & Co. Class A (b)		28,446		1,289,742
Stifel Financial Corp.		29,201		1,742,424
				4,652,403
Insurance — 6.0%
American Financial Group, Inc.		12,128		1,440,200

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

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

	Number of Shares		Value
Everest Re Group Ltd.		5,640	$	1,928,090
Hanover Insurance Group, Inc.		11,438		1,292,837
Kemper Corp.		21,564		1,040,679
Reinsurance Group of America, Inc.		8,398		1,164,718
Selective Insurance Group, Inc.		11,667		1,119,449
				7,985,973
Real Estate Investment Trusts (REITS) — 6.3%
Apartment Income REIT Corp.		42,536		1,535,124
Broadstone Net Lease, Inc.		68,068		1,050,970
CubeSmart		37,554		1,677,162
First Industrial Realty Trust, Inc.		16,886		888,879
Physicians Realty Trust		102,474		1,433,611
STAG Industrial, Inc.		52,538		1,885,064
				8,470,810
				35,137,740
Industrial — 23.0%
Aerospace & Defense — 0.8%
Spirit AeroSystems Holdings, Inc. Class A		37,636		1,098,595
Building Materials — 2.6%
Builders FirstSource, Inc. (a)		14,843		2,018,648
Masonite International Corp. (a)		13,771		1,410,701
				3,429,349
Electrical Components & Equipment — 1.2%
Belden, Inc.		16,884		1,614,955
Electronics — 2.4%
Avnet, Inc.		36,605		1,846,722
Sensata Technologies Holding PLC		31,710		1,426,633
				3,273,355
Engineering & Construction — 4.8%
Arcosa, Inc.		8,328		631,013
Dycom Industries, Inc. (a)		21,519		2,445,634
Fluor Corp. (a)		56,280		1,665,888
MasTec, Inc. (a)		14,072		1,660,074
				6,402,609
Hand & Machine Tools — 1.6%
Regal Rexnord Corp.		13,917		2,141,826
Machinery – Construction & Mining — 2.8%
Oshkosh Corp.		20,175		1,746,953
Vertiv Holdings Co.		82,066		2,032,775
				3,779,728
Metal Fabricate & Hardware — 1.3%
Timken Co.		18,845		1,724,883
Packaging & Containers — 1.7%
Berry Global Group, Inc.		34,614		2,227,065

	Number of Shares		Value
Transportation — 3.8%
Knight-Swift Transportation Holdings, Inc.		36,683	$	2,038,107
Star Bulk Carriers Corp.		60,584		1,072,337
XPO, Inc. (a)		33,771		1,992,489
				5,102,933
				30,795,298
Technology — 9.2%
Computers — 2.9%
Crane NXT Co.		19,540		1,102,837
Genpact Ltd.		36,000		1,352,520
Lumentum Holdings, Inc. (a) (b)		25,119		1,425,001
				3,880,358
Semiconductors — 4.3%
Amkor Technology, Inc.		49,460		1,471,435
FormFactor, Inc. (a)		47,310		1,618,948
Kulicke & Soffa Industries, Inc.		22,762		1,353,201
Synaptics, Inc. (a)		14,812		1,264,649
				5,708,233
Software — 2.0%
ACI Worldwide, Inc. (a)		47,492		1,100,390
CommVault Systems, Inc. (a)		21,696		1,575,563
				2,675,953
				12,264,544
Utilities — 2.8%
Electric — 2.8%
IDACORP, Inc.		19,747		2,026,042
Portland General Electric Co.		37,630		1,762,213
				3,788,255

TOTAL COMMON STOCK (Cost $129,496,462)				131,838,733

TOTAL EQUITIES (Cost $129,496,462)				131,838,733

TOTAL LONG-TERM INVESTMENTS (Cost $129,496,462)				131,838,733

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

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

	Number of Shares		Value
SHORT-TERM INVESTMENTS — 1.4%
Investment of Cash Collateral from Securities Loaned — 1.0%
State Street Navigator Securities Lending Government Money Market Portfolio (c)		1,302,446	$	1,302,446

	Principal Amount
Repurchase Agreement — 0.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 (d)	$	604,353		604,353

TOTAL SHORT-TERM INVESTMENTS (Cost $1,906,799)				1,906,799

TOTAL INVESTMENTS — 100.0% (Cost $131,403,261) ^(e)				133,745,532

Other Assets/(Liabilities) — (0.0)%				(4,708	)

NET ASSETS — 100.0%			$	133,740,824

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, 2023, was $2,692,249 or 2.01% of net assets. The Fund received $1,457,597 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 $604,430. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/25, and an aggregate market value, including accrued interest, of $616,484.

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

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

MML Sustainable Equity Fund – Portfolio of Investments

June 30, 2023 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.4%
COMMON STOCK — 99.4%
Basic Materials — 2.4%
Chemicals — 2.4%
Air Products & Chemicals, Inc.		2,609	$	781,474
Ecolab, Inc.		3,469		647,627
Linde PLC		4,874		1,857,384
				3,286,485
Communications — 13.5%
Internet — 10.3%
Airbnb, Inc. Class A (a)		2,874		368,332
Alphabet, Inc. Class A (a)		48,819		5,843,634
Amazon.com, Inc. (a)		26,362		3,436,550
Booking Holdings, Inc. (a)		279		753,392
CDW Corp.		6,602		1,211,467
Meta Platforms, Inc. Class A (a)		8,202		2,353,810
Uber Technologies, Inc. (a)		8,352		360,556
				14,327,741
Media — 0.8%
Liberty Media Corp-Liberty Formula One Class C (a)		3,621		272,589
Walt Disney Co. (a)		9,501		848,249
				1,120,838
Telecommunications — 2.4%
Cisco Systems, Inc.		32,366		1,674,617
Verizon Communications, Inc.		43,347		1,612,075
				3,286,692
				18,735,271
Consumer, Cyclical — 8.8%
Apparel — 0.7%
Deckers Outdoor Corp. (a)		1,316		694,400
NIKE, Inc. Class B		2,913		321,508
				1,015,908
Auto Manufacturers — 2.0%
Cummins, Inc.		4,520		1,108,123
Tesla, Inc. (a)		6,307		1,650,984
				2,759,107
Auto Parts & Equipment — 0.8%
Aptiv PLC (a)		10,662		1,088,483
Distribution & Wholesale — 0.6%
LKQ Corp.		15,356		894,794
Retail — 4.7%
Chipotle Mexican Grill, Inc. (a)		192		410,688
Costco Wholesale Corp.		1,644		885,097
Home Depot, Inc.		7,379		2,292,213

	Number of Shares		Value
Target Corp.		7,339	$	968,014
TJX Cos., Inc.		16,734		1,418,876
Tractor Supply Co.		2,364		522,680
				6,497,568
				12,255,860
Consumer, Non-cyclical — 18.8%
Beverages — 1.6%
PepsiCo, Inc.		11,809		2,187,263
Biotechnology — 1.0%
Amgen, Inc.		3,809		845,674
Vertex Pharmaceuticals, Inc. (a)		1,654		582,059
				1,427,733
Commercial Services — 0.6%
S&P Global, Inc.		2,160		865,922
Cosmetics & Personal Care — 1.4%
Colgate-Palmolive Co.		7,465		575,104
Procter & Gamble Co.		8,850		1,342,899
				1,918,003
Food — 2.4%
Kroger Co.		18,939		890,133
Mondelez International, Inc. Class A		15,791		1,151,796
Sysco Corp.		18,532		1,375,074
				3,417,003
Health Care – Products — 2.3%
Danaher Corp.		4,829		1,158,960
Intuitive Surgical, Inc. (a)		1,364		466,406
ResMed, Inc.		1,233		269,411
Thermo Fisher Scientific, Inc.		2,454		1,280,374
				3,175,151
Health Care – Services — 2.3%
Humana, Inc.		1,381		617,487
UnitedHealth Group, Inc.		5,378		2,584,882
				3,202,369
Pharmaceuticals — 7.2%
AbbVie, Inc.		11,187		1,507,225
Bristol-Myers Squibb Co.		23,469		1,500,843
Cigna Group		6,609		1,854,485
CVS Health Corp.		15,641		1,081,262
Eli Lilly & Co.		1,477		692,684
Merck & Co., Inc.		12,142		1,401,065
Novo Nordisk AS Class B		5,336		861,837
Zoetis, Inc.		6,413		1,104,383
				10,003,784
				26,197,228

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

MML Sustainable Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Energy — 3.8%
Oil & Gas — 2.6%
ConocoPhillips		18,468	$	1,913,470
EOG Resources, Inc.		14,873		1,702,066
				3,615,536
Oil & Gas Services — 1.2%
Schlumberger NV		35,427		1,740,174
				5,355,710
Financial — 14.6%
Banks — 4.4%
Bank of America Corp.		42,113		1,208,222
JP Morgan Chase & Co.		14,291		2,078,483
Morgan Stanley		24,718		2,110,917
Regions Financial Corp.		40,702		725,310
				6,122,932
Diversified Financial Services — 5.7%
American Express Co.		4,653		810,552
Ameriprise Financial, Inc.		2,624		871,588
BlackRock, Inc.		1,519		1,049,842
Charles Schwab Corp.		6,030		341,780
Intercontinental Exchange, Inc.		6,235		705,054
Mastercard, Inc. Class A		4,172		1,640,847
Visa, Inc. Class A		10,341		2,455,781
				7,875,444
Insurance — 2.2%
Marsh & McLennan Cos., Inc.		5,854		1,101,020
Prudential Financial, Inc.		9,279		818,593
Travelers Cos., Inc.		6,537		1,135,216
				3,054,829
Real Estate Investment Trusts (REITS) — 2.3%
Equinix, Inc.		1,059		830,193
Prologis, Inc.		19,764		2,423,659
				3,253,852
				20,307,057
Industrial — 10.2%
Aerospace & Defense — 1.1%
Lockheed Martin Corp.		3,303		1,520,635
Building Materials — 1.7%
Johnson Controls International PLC		23,496		1,601,018
Masco Corp.		12,151		697,224
				2,298,242
Electrical Components & Equipment — 0.2%
Generac Holdings, Inc. (a)		1,732		258,293
Electronics — 2.6%
Agilent Technologies, Inc.		9,686		1,164,742
Honeywell International, Inc.		5,899		1,224,042

	Number of Shares		Value
Keysight Technologies, Inc. (a)		7,136	$	1,194,923
				3,583,707
Machinery – Diversified — 1.0%
Deere & Co.		1,728		700,169
Xylem, Inc.		6,094		686,306
				1,386,475
Miscellaneous - Manufacturing — 1.4%
Eaton Corp. PLC		6,594		1,326,053
Parker-Hannifin Corp.		1,722		671,649
				1,997,702
Packaging & Containers — 0.5%
Ball Corp.		12,511		728,266
Transportation — 1.7%
Norfolk Southern Corp.		3,270		741,505
Union Pacific Corp.		2,001		409,445
United Parcel Service, Inc. Class B		6,789		1,216,928
				2,367,878
				14,141,198
Technology — 25.5%
Computers — 7.1%
Accenture PLC Class A		4,908		1,514,511
Apple, Inc.		37,450		7,264,176
International Business Machines Corp.		8,447		1,130,293
				9,908,980
Semiconductors — 7.3%
Advanced Micro Devices, Inc. (a)		10,532		1,199,700
Analog Devices, Inc.		7,563		1,473,348
Applied Materials, Inc.		12,242		1,769,459
ASML Holding NV		1,340		969,987
Globalfoundries, Inc. (a)		5,074		327,679
NVIDIA Corp.		10,529		4,453,978
				10,194,151
Software — 11.1%
Adobe, Inc. (a)		889		434,712
Cadence Design Systems, Inc. (a)		3,106		728,419
Electronic Arts, Inc.		4,099		531,640
Microsoft Corp.		34,478		11,741,138
Salesforce, Inc. (a)		5,455		1,152,424
ServiceNow, Inc. (a)		603		338,868
Workday, Inc. Class A (a)		2,173		490,859
				15,418,060
				35,521,191

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

MML Sustainable Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Utilities — 1.8%
Electric — 1.8%
NextEra Energy, Inc.		33,287	$	2,469,895

TOTAL COMMON STOCK (Cost $108,880,317)				138,269,895

TOTAL EQUITIES (Cost $108,880,317)				138,269,895

MUTUAL FUNDS — 0.6%
Diversified Financial Services — 0.6%
SPDR S&P 500 ETF Trust		2,014		892,766
				892,766

TOTAL MUTUAL FUNDS (Cost $879,269)				892,766

TOTAL LONG-TERM INVESTMENTS (Cost $109,759,586)				139,162,661

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.2%
Repurchase Agreement — 0.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 (b)	$	204,455	$	204,455

TOTAL SHORT-TERM INVESTMENTS (Cost $204,455)				204,455

TOTAL INVESTMENTS — 100.2% (Cost $109,964,041) ^(c)				139,367,116

Other Assets/(Liabilities) — (0.2)%				(234,433	)

NET ASSETS — 100.0%			$	139,132,683

Abbreviation Legend

ETF	Exchange-Traded Fund

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Maturity value of $204,481. Collateralized by U.S. Government Agency obligations with a rate of 2.375%, maturity date of 5/15/29, and an aggregate market value, including accrued interest, of $208,627.

(c)	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.		9/29/23		USD	206,702		EUR	188,394	$	246
JP Morgan Chase Bank N.A.		9/29/23		USD	400,894		EUR	365,726		105
Morgan Stanley & Co. LLC		9/29/23		USD	227,316		EUR	207,188		265
									$	616

Currency Legend

EUR

Euro

USD	U.S. Dollar

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

MML Total Return Bond Fund – Portfolio of Investments

June 30, 2023 (Unaudited)

	Number of Shares		Value
EQUITIES — 0.0%
COMMON STOCK — 0.0%
Communications — 0.0%
Telecommunications — 0.0%
Intelsat Emergence SA (a)		7,210	$	153,573

TOTAL COMMON STOCK (Cost $676,994)				153,573

TOTAL EQUITIES (Cost $676,994)				153,573

	Principal Amount
BONDS & NOTES — 115.1%
BANK LOANS — 1.8%
Aerospace & Defense — 0.0%
TransDigm, Inc., 2023 Term Loan I, 3 mo. USD Term SOFR + 3.250%
8.492% VRN 8/24/28	$	79,174		79,098
Airlines — 0.0%
American Airlines, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 4.750%
10.000% VRN 4/20/28		19,910		20,309
United Airlines, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750%
9.292% VRN 4/21/28		17,758		17,723
				38,032
Beverages — 0.1%
City Brewing Co. LLC, Closing Date Term Loan, 1 mo. USD LIBOR
4.250% FRN 4/05/28 ^(b)		11,523		7,432
Naked Juice LLC
Term Loan, 1 mo. USD Term SOFR + 3.250%, 3 mo. USD Term SOFR + 3.250%
8.300% VRN 1/24/29		140,667		130,581
2nd Lien Term Loan, 3 mo. USD Term SOFR + 6.000%
11.342% VRN 1/24/30		28,134		22,156
				160,169
Chemicals — 0.0%
Chemours Co., 2018 USD Term Loan B, 1 mo. USD Term SOFR + 1.750%
6.952% VRN 4/03/25		5,301		5,251

	Principal Amount		Value
Zep, Inc., 2017 1st Lien Term Loan, 3 mo. USD LIBOR + 4.000%
9.242% VRN 8/12/24	$	91,842	$	77,698
				82,949
Commercial Services — 0.1%
Creative Artists Agency LLC, 2023 Term Loan B, 1 mo. USD Term SOFR + 3.500%
8.602% VRN 11/27/28		12,381		12,341
Element Materials Technology Group U.S. Holdings, Inc.
2022 USD Term Loan, 3 mo. USD Term SOFR + 4.250%
9.592% VRN 7/06/29		20,414		19,955
2022 USD Delayed Draw Term Loan, 3 mo. USD Term SOFR + 4.250%
9.592% VRN 7/06/29		9,422		9,210
Pre-Paid Legal Services, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.750%
8.943% VRN 12/15/28		43,691		43,022
Prime Security Services Borrower LLC, 2021 Term Loan, 1 mo. USD LIBOR + 2.750%
7.943% VRN 9/23/26		46,589		46,546
Safe Fleet Holdings LLC, 2022 Term Loan, 1 mo. USD Term SOFR + 3.750%
8.932% VRN 2/23/29		12,987		12,960
Spin Holdco, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 4.000%
9.230% VRN 3/04/28		112,265		95,826
Trans Union LLC, 2021 Term Loan B6, 1 mo. USD Term SOFR + 2.250%
7.467% VRN 12/01/28		88,702		88,415
TruGreen Ltd. Partnership, 2020 Term Loan, 1 mo. USD Term SOFR + 4.000%
9.202% VRN 11/02/27		24,036		22,065
				350,340
Computers — 0.0%
Amentum Government Services Holdings LLC, Term Loan B, 1 mo. USD Term SOFR + 4.000%
9.217% VRN 1/29/27		29,085		28,576
Peraton Corp., Term Loan B, 1 mo. USD Term SOFR + 3.750%
8.952% VRN 2/01/28		96,402		94,526
				123,102

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

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

	Principal Amount		Value
Cosmetics & Personal Care — 0.0%
Sunshine Luxembourg VII Sarl, 2021 Term Loan B3, 3 mo. USD Term SOFR + 3.750%
9.092% VRN 10/01/26	$	48,396	$	48,075
Distribution & Wholesale — 0.0%
Patriot Container Corp., 2018 1st Lien Term Loan, 1 mo. USD Term SOFR
3.750% FRN 3/20/25 ^(b)		7,319		6,718
Diversified Financial Services — 0.1%
Avolon TLB Borrower 1 (U.S.) LLC, 2023 Term Loan B6,
0.000% 6/22/28 ^(b)		62,625		62,546
Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 3 mo. USD Term SOFR + 3.750%
8.992% VRN 4/09/27		58,560		56,720
Setanta Aircraft Leasing Designated Activity Co., Term Loan B, 3 mo. USD LIBOR + 2.000%
7.538% VRN 11/05/28		175,000		174,813
				294,079
Electronics — 0.0%
II-VI, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 2.750%
7.967% VRN 7/02/29		85,242		84,922
Entertainment — 0.1%
Crown Finance US, Inc., 2022 DIP Term Loan, 3 mo. USD Term SOFR + 10.000%
15.276% VRN 9/07/23		90,262		91,071
Formula One Holdings Ltd., Term Loan B, 1 mo. USD Term SOFR + 3.000%
8.102% VRN 1/15/30		5,655		5,652
Penn National Gaming, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 2.750%
7.952% VRN 5/03/29		22,292		22,199
Scientific Games International, Inc., 2022 USD Term Loan, 1 mo. USD Term SOFR + 3.000%
8.248% VRN 4/14/29		45,142		45,022
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 2.750%
7.950% VRN 5/18/25 ^(b)		122,069		121,631
				285,575

	Principal Amount		Value
Environmental Controls — 0.0%
Filtration Group Corp.
2018 1st Lien Term Loan, 3 mo. USD LIBOR
4.250% FRN 3/29/25 ^(b)	$	24,291	$	24,266
2023 USD Term Loan, 1 mo. USD Term SOFR + 4.250%
9.326% VRN 10/21/28		8,271		8,261
				32,527
Food — 0.0%
8th Avenue Food & Provisions, Inc. ., 2018 1st Lien Term Loan, 1 mo. USD LIBOR
3.750% FRN 10/01/25 ^(b)		7,319		6,705
Froneri International Ltd., 2020 USD Term Loan, 1 mo. USD Term SOFR + 2.250%, 3 mo. USD Term SOFR + 2.250%
7.452% VRN 1/29/27		20,364		20,226
H Food Holdings LLC, 2018 Term Loan B, 6 mo. USD LIBOR + 3.687%
9.269% VRN 5/23/25		12,487		10,949
				37,880
Food — 0.0%
Dave & Buster’s, Inc., 2023 Term Loan,
0.000% 6/29/29 ^(b)		16,419		16,337
Health Care – Products — 0.1%
Avantor Funding, Inc., 2021 Term Loan B5, 1 mo. USD Term SOFR + 2.250%
7.452% VRN 11/08/27		77,946		77,860
Bausch & Lomb, Inc., Term Loan, 3 mo. USD Term SOFR + 3.250%
8.592% VRN 5/10/27		42,737		41,402
Medline Borrower LP, USD Term Loan B, 1 mo. USD Term SOFR + 3.250%
8.467% VRN 10/23/28		246,875		243,865
				363,127
Health Care – Services — 0.0%
ICON Luxembourg Sarl, LUX Term Loan, 3 mo. USD Term SOFR + 4.000%
7.753% VRN 7/03/28		42,959		42,935
IQVIA, Inc., 2018 USD Term Loan B3, 1 mo. USD LIBOR + 1.750%
7.288% VRN 6/11/25		49,883		49,824
				92,759

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

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

	Principal Amount		Value
Home Furnishing — 0.0%
AI Aqua Merger Sub, Inc., 2021 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.750%
8.896% VRN 7/31/28	$	41,346	$	40,540
Insurance — 0.2%
Acrisure LLC, 2020 Term Loan B, 1 mo. USD LIBOR + 3.500%
8.693% VRN 2/15/27		98,473		95,414
AmWINS Group, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 2.250%
7.442% VRN 2/19/28		173,752		171,994
Asurion LLC
2018 Term Loan B7, 1 mo. USD LIBOR
3.000% FRN 11/03/24 ^(b)		131,985		131,770
2020 Term Loan B8, 3 mo. USD LIBOR + 3.250%
8.788% VRN 12/23/26		57,145		54,945
				454,123
Internet — 0.1%
Arches Buyer, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 3.250%
8.452% VRN 12/06/27		25,046		24,130
MH Sub I LLC, 2023 Term Loan, 1 mo. USD Term SOFR + 4.250%
9.352% VRN 5/03/28		31,476		30,154
NortonLifeLock, Inc., 2021 Term Loan A, 1 mo. USD Term SOFR + 1.750%
6.952% VRN 9/10/27		111,268		108,695
Proofpoint, Inc., 1st Lien Term Loan, 1 mo. USD Term SOFR + 3.250%
8.467% VRN 8/31/28		4,950		4,839
				167,818
Lodging — 0.0%
Fertitta Entertainment LLC, 2022 Term Loan B, 1 mo. USD Term SOFR + 4.000%
9.102% VRN 1/27/29		73,689		72,630
Hilton Worldwide Finance, LLC, 2019 Term Loan B2, 1 mo. USD Term SOFR + 1.750%
6.939% VRN 6/22/26		12,879		12,860
				85,490

	Principal Amount		Value
Machinery – Diversified — 0.0%
ASP Blade Holdings, Inc., Initial Term Loan, 3 mo. USD LIBOR + 4.000%
9.193% VRN 10/13/28	$	39,810	$	34,447
Media — 0.1%
CSC Holdings LLC, 2019 Term Loan B5, 1 mo. USD Term SOFR
2.500% FRN 4/15/27 ^(b)		47,422		41,308
DirecTV Financing LLC, Term Loan, 1 mo. USD Term SOFR + 5.000%
10.217% VRN 8/02/27		143,225		139,864
Virgin Media Bristol LLC, 2023 USD Term Loan Y, 6 mo. USD Term SOFR + 3.250%
8.311% VRN 3/31/31		150,000		148,473
				329,645
Metal Fabricate & Hardware — 0.0%
AZZ, Inc., Term Loan B, 1 mo. USD Term SOFR + 4.250%
9.355% - 9.453% VRN 5/13/29		9,220		9,217
Packaging & Containers — 0.1%
Berry Global, Inc., 2021 Term Loan Z, 1 mo. USD LIBOR + 1.750%
6.972% VRN 7/01/26		144,430		144,209
Pharmaceuticals — 0.3%
Elanco Animal Health, Inc., Term Loan B, 1 mo. USD Term SOFR + 1.750%
7.010% VRN 8/01/27		168,056		164,853
Gainwell Acquisition Corp., Term Loan B, 3 mo. USD Term SOFR + 4.000%
9.342% VRN 10/01/27		98,485		96,885
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 3 mo. USD Term SOFR + 2.000%
7.414% VRN 11/15/27 ^(b)		116,990		114,992
Horizon Therapeutics USA, Inc., 2021 Term Loan B2, 1 mo. USD Term SOFR + 1.750%
6.954% VRN 3/15/28		226,777		226,008
Jazz Financing Luxembourg Sarl, USD Term Loan, 1 mo. USD LIBOR + 3.500%
8.693% VRN 5/05/28		139,299		139,075
Organon & Co., USD Term Loan, 1 mo. USD LIBOR + 3.000%
8.250% VRN 6/02/28		252,592		252,198

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

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

	Principal Amount		Value
PRA Health Sciences, Inc., US Term Loan, 3 mo. USD Term SOFR + 2.250%
7.753% VRN 7/03/28	$	10,703	$	10,697
				1,004,708
Retail — 0.2%
Hostess Brands LLC, 2023 Term Loan B,
0.000% 6/21/30 ^(b)		119,545		119,147
KFC Holding Co., 2021 Term Loan B, 1 mo. USD LIBOR + 1.750%
6.896% VRN 3/15/28		39,217		38,844
Michaels Cos., Inc., 2021 Term Loan B, 3 mo. USD Term SOFR + 4.250%
9.753% VRN 4/15/28		235,200		207,740
Whatabrands LLC, 2021 Term Loan B, 1 mo. USD LIBOR + 3.250%, 1 mo. USD SOFR + 3.250%,
8.467% VRN 8/03/28		221,625		220,032
				585,763
Semiconductors — 0.0%
Entegris, Inc., 2023 Term Loan B, 1 mo. USD Term SOFR + 2.750%, VRN, 3 mo. USD Term SOF
7.903% - 7.989% VRN 7/06/29		22,338		22,352
Software — 0.2%
AppLovin Corporation, 2018 Term Loan B, 1 mo. USD Term SOFR + 3.350%
8.452% VRN 8/15/25 ^(b)		49,869		49,815
Athenahealth Group, Inc., 2021 Delayed Draw Term Loan, 1 mo. USD Term SOFR + 3.500%
8.589% VRN 2/15/29		236,852		227,674
CDK Global, Inc., 2022 USD Term Loan B, 3 mo. USD Term SOFR + 4.250%
9.492% VRN 7/06/29		138,138		137,660
Open Text Corp., 2022 Term Loan B, 1 mo. USD Term SOFR + 3.500%
8.702% VRN 1/31/30 ^(b)		32,929		33,067
Oracle Corp., Term Loan A1, 1 mo. USD Term SOFR + 1.600%
6.777% VRN 8/16/27 ^(c)		205,574		203,518
RealPage, Inc., 1st Lien Term Loan, 3 mo. USD Term SOFR + 3.000%
8.217% VRN 4/24/28		14,354		14,027

	Principal Amount		Value
Renaissance Holding Corp., 2023 Refi Term Loan, 1 mo. USD Term SOFR + 4.750%
9.992% VRN 4/05/30	$	40,534	$	39,977
Sophia, LP, 2021 Term Loan B, 3 mo. USD LIBOR + 3.500%
9.038% VRN 10/07/27		21,330		21,077
				726,815
Telecommunications — 0.1%
Frontier Communications Corp., 2021 1st Lien Term Loan, 1 mo. USD LIBOR + 3.750%
9.000% VRN 5/01/28		22,840		22,066
SBA Senior Finance II LLC, 2018 Term Loan B, 1 mo. USD LIBOR + 1.750%
6.950% VRN 4/11/25		69,967		69,935
Zayo Group Holdings, Inc., 2022 USD Incremental Term Loan B, 1 mo. USD Term SOFR + 4.250%
9.352% VRN 3/09/27		112,548		88,813
				180,814
Transportation — 0.0%
Genesee & Wyoming, Inc., Term Loan, 3 mo. USD Term SOFR + 2.000%
7.342% VRN 12/30/26		41,675		41,610

TOTAL BANK LOANS (Cost $5,991,728)				5,923,240

CORPORATE DEBT — 27.3%
Aerospace & Defense — 0.0%
TransDigm, Inc.
6.750% 8/15/28 ^(d)		100,000		100,379
Agriculture — 0.8%
BAT Capital Corp.
4.390% 8/15/37		400,000		319,963
4.540% 8/15/47		1,050,000		772,662
4.758% 9/06/49		34,000		25,667
5.650% 3/16/52		185,000		160,717
Imperial Brands Finance PLC
3.125% 7/26/24 ^(d)		320,000		309,171
3.500% 7/26/26 ^(d)		225,000		209,554
4.250% 7/21/25 ^(d)		415,000		398,017
Reynolds American, Inc.
5.850% 8/15/45		315,000		280,131
				2,475,882

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

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

	Principal Amount		Value
Airlines — 0.2%
United Air Pass-Through Trust
5.800% 7/15/37	$	665,000	$	675,704
Banks — 10.4%
Bank of America Corp.
SOFR + .910% 1.658% VRN 3/11/27		755,000		679,410
SOFR + 1.370% 1.922% VRN 10/24/31		110,000		87,073
SOFR + 1.060% 2.087% VRN 6/14/29		1,000,000		853,159
SOFR + 1.220% 2.299% VRN 7/21/32		375,000		299,912
SOFR + 1.050% 2.551% VRN 2/04/28		635,000		573,143
SOFR + 1.210% 2.572% VRN 10/20/32		435,000		354,308
SOFR + 2.150% 2.592% VRN 4/29/31		140,000		117,535
3 mo. USD Term SOFR + 1.302% 3.419% VRN 12/20/28		470,000		431,001
3 mo. USD Term SOFR + 1.837% 3.824% VRN 1/20/28		415,000		392,402
3 mo. USD Term SOFR + 1.332% 3.970% VRN 3/05/29		485,000		454,071
Citigroup, Inc.
SOFR + .669% 0.981% VRN 5/01/25		85,000		81,335
SOFR + .770% 1.462% VRN 6/09/27		985,000		874,760
SOFR + 1.167% 2.561% VRN 5/01/32		580,000		473,585
SOFR + 2.107% 2.572% VRN 6/03/31		255,000		212,751
SOFR + 1.422% 2.976% VRN 11/05/30		150,000		129,986
SOFR + 1.351% 3.057% VRN 1/25/33		640,000		534,320
3 mo. USD Term SOFR + 1.454% 4.075% VRN 4/23/29		525,000		494,204
Goldman Sachs Group, Inc.
SOFR + .486% 0.925% VRN 10/21/24		530,000		521,036
1.217% 12/06/23		1,030,000		1,010,170
SOFR + .798% 1.431% VRN 3/09/27		500,000		446,753
SOFR + .818% 1.542% VRN 9/10/27		1,450,000		1,274,410
SOFR + .913% 1.948% VRN 10/21/27		125,000		111,191
SOFR + 1.090% 1.992% VRN 1/27/32		140,000		110,211

	Principal Amount		Value
SOFR + 1.248% 2.383% VRN 7/21/32	$	285,000	$	228,285
SOFR + 1.264% 2.650% VRN 10/21/32		40,000		32,605
HSBC Holdings PLC
SOFR + 1.732% 2.013% VRN 9/22/28		1,585,000		1,358,192
SOFR + 1.285% 2.206% VRN 8/17/29		610,000		510,306
SOFR + 2.650% 6.332% VRN 3/09/44		360,000		373,181
JP Morgan Chase & Co.
3 mo. USD Term SOFR + .580% 0.969% VRN 6/23/25		1,060,000		1,006,167
SOFR + .885% 1.578% VRN 4/22/27		500,000		449,107
SOFR + 1.015% 2.069% VRN 6/01/29		355,000		304,458
SOFR + 1.180% 2.545% VRN 11/08/32		115,000		94,222
3 mo. USD Term SOFR + 1.250% 2.580% VRN 4/22/32		510,000		423,615
3 mo. USD Term SOFR + 1.510% 2.739% VRN 10/15/30		230,000		198,127
SOFR + 1.170% 2.947% VRN 2/24/28		1,145,000		1,051,301
Lloyds Banking Group PLC
1 yr. CMT + .850% 1.627% VRN 5/11/27		515,000		455,527
3 mo. USD LIBOR + 1.205% 3.574% VRN 11/07/28		720,000		652,087
1 yr. CMT + 3.500% 3.870% VRN 7/09/25		220,000		214,277
1 yr. CMT + 2.300% 4.976% VRN 8/11/33		225,000		210,465
Macquarie Group Ltd.
SOFR + 1.532% 2.871% VRN 1/14/33 ^(d)		1,045,000		834,593
SOFR + 2.405% 4.442% VRN 6/21/33 ^(d)		240,000		214,016
Morgan Stanley
SOFR + .560% 1.164% VRN 10/21/25		1,300,000		1,215,014
SOFR + .879% 1.593% VRN 5/04/27		340,000		304,374
SOFR + 1.020% 1.928% VRN 4/28/32		295,000		230,286
SOFR + 1.178% 2.239% VRN 7/21/32		145,000		115,244
SOFR + 1.360% 2.484% VRN 9/16/36		495,000		375,576

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

100

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

	Principal Amount		Value
Natwest Group PLC 3 mo. USD LIBOR + 1.762%
4.269% VRN 3/22/25	$	775,000	$	761,260
PNC Financial Services Group, Inc.
SOFR + 1.933% 5.068% VRN 1/24/34 ^(e)		655,000		628,119
5.582% 6/12/29		165,000		164,223
SOFR Index + 2.140% 6.037% VRN 10/28/33		115,000		117,688
Santander U.K. Group Holdings PLC
SOFR + .787% 1.089% VRN 3/15/25		540,000		517,336
1 yr. CMT + 1.250% 1.532% VRN 8/21/26		710,000		632,180
SOFR + .989% 1.673% VRN 6/14/27		120,000		103,384
SOFR + 1.220% 2.469% VRN 1/11/28		200,000		174,596
Santander U.K. PLC
5.000% 11/07/23 ^(d)		435,000		432,112
U.S. Bancorp
SOFR + 1.600% 4.839% VRN 2/01/34 ^(e)		755,000		705,191
SOFR + 2.260% 5.836% VRN 6/12/34		190,000		191,375
SOFR + 2.090% 5.850% VRN 10/21/33		140,000		140,186
UBS Group AG
SOFR Index + .980% 1.305% VRN 2/02/27 ^(d)		495,000		432,466
1 yr. CMT + .850% 1.494% VRN 8/10/27 ^(d)		180,000		154,590
SOFR + 1.560% 2.593% VRN 9/11/25 ^(d)		140,000		133,444
SOFR + 1.730% 3.091% VRN 5/14/32 ^(d)		860,000		695,676
3 mo. USD LIBOR + 1.410% 3.869% VRN 1/12/29 ^(d)		65,000		58,760
SOFR + 3.340% 6.373% VRN 7/15/26 ^(d)		180,000		178,863
SOFR + 3.920% 6.537% VRN 8/12/33 ^(d)		2,150,000		2,202,487
SOFR + 5.020% 9.016% VRN 11/15/33 ^(d)		850,000		1,018,842
Wells Fargo & Co.
SOFR + 2.100% 2.393% VRN 6/02/28		1,120,000		998,066
3 mo. USD Term SOFR + 1.432% 2.879% VRN 10/30/30		490,000		423,205
SOFR + 1.500% 3.350% VRN 3/02/33		925,000		791,665

	Principal Amount		Value
SOFR + 1.510% 3.526% VRN 3/24/28	$	655,000	$	611,344
SOFR + 2.100% 4.897% VRN 7/25/33		400,000		383,685
3 mo. USD Term SOFR + 4.502% 5.013% VRN 4/04/51		150,000		139,711
				34,158,205
Beverages — 0.2%
Bacardi Ltd.
4.450% 5/15/25 ^(d) ^(e)		485,000		471,990
Triton Water Holdings, Inc.
6.250% 4/01/29 ^(d) ^(e)		178,000		152,763
				624,753
Biotechnology — 0.3%
Amgen, Inc.
5.250% 3/02/33		315,000		315,402
5.600% 3/02/43		315,000		315,953
5.650% 3/02/53		385,000		389,891
Grifols Escrow Issuer SA
4.750% 10/15/28 ^(d) ^(e)		101,000		87,656
				1,108,902
Chemicals — 0.3%
International Flavors & Fragrances, Inc.
2.300% 11/01/30 ^(d) ^(e)		520,000		412,065
3.268% 11/15/40 ^(d)		30,000		20,980
3.468% 12/01/50 ^(d)		65,000		43,419
5.000% 9/26/48		385,000		325,864
SK Invictus Intermediate II Sarl
5.000% 10/30/29 ^(d)		32,000		25,428
Valvoline, Inc.
3.625% 6/15/31 ^(d)		200,000		162,568
				990,324
Commercial Services — 0.1%
Adtalem Global Education, Inc.
5.500% 3/01/28 ^(d)		37,000		33,577
Global Payments, Inc.
5.400% 8/15/32		225,000		219,248
5.950% 8/15/52		126,000		120,563
Upbound Group, Inc.
6.375% 2/15/29 ^(d) ^(e)		35,000		31,063
WASH Multifamily Acquisition, Inc.
5.750% 4/15/26 ^(d)		35,000		32,675
				437,126
Computers — 0.1%
NCR Corp.
5.250% 10/01/30 ^(d)		235,000		204,310

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

101

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

	Principal Amount		Value
Diversified Financial Services — 1.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.300% 1/30/32	$	615,000	$	503,131
3.500% 1/15/25		1,000,000		957,408
Air Lease Corp.
5.850% 12/15/27		355,000		354,523
American Express Co.
2.550% 3/04/27		385,000		350,508
Avolon Holdings Funding Ltd.
2.528% 11/18/27 ^(d)		389,000		327,965
2.875% 2/15/25 ^(d)		335,000		311,538
3.950% 7/01/24 ^(d)		130,000		126,107
Capital One Financial Corp. SOFR + 1.790%
3.273% VRN 3/01/30		535,000		454,257
Park Aerospace Holdings Ltd.
5.500% 2/15/24 ^(d)		82,000		81,066
				3,466,503
Electric — 1.6%
Arizona Public Service Co.
6.350% 12/15/32		675,000		716,075
Duke Energy Carolinas LLC
4.000% 9/30/42		1,000,000		829,191
Florida Power & Light Co.
3.990% 3/01/49		495,000		417,239
Jersey Central Power & Light Co.
4.700% 4/01/24 ^(d)		800,000		791,508
6.400% 5/15/36		425,000		432,975
MidAmerican Energy Co.
4.800% 9/15/43		1,400,000		1,298,844
Southwestern Electric Power Co.
3.250% 11/01/51		170,000		114,015
TenneT Holding BV
2.750% 5/17/42 EUR ^(d) ^(g)		190,000		182,963
4.500% 10/28/34 EUR ^(d) ^(g)		245,000		284,222
4.750% 10/28/42 EUR ^(d) ^(g)		100,000		121,143
				5,188,175
Engineering & Construction — 0.1%
Artera Services LLC
9.033% 12/04/25 ^(d)		95,000		83,125
Cellnex Finance Co. SA
2.000% 9/15/32 EUR ^(d) ^(g)		100,000		85,676
				168,801
Entertainment — 0.5%
Warnermedia Holdings, Inc.
4.279% 3/15/32		190,000		168,506
5.050% 3/15/42		905,000		762,795

	Principal Amount		Value
5.141% 3/15/52	$	910,000	$	740,966
				1,672,267
Environmental Controls — 0.0%
Waste Pro USA, Inc.
5.500% 2/15/26 ^(d)		175,000		162,225
Food — 0.6%
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
4.375% 2/02/52 ^(d)		135,000		94,688
5.750% 4/01/33 ^(d)		320,000		300,785
6.500% 12/01/52 ^(d)		415,000		393,296
Pilgrim’s Pride Corp.
3.500% 3/01/32 ^(d) ^(e)		403,000		318,612
5.875% 9/30/27 ^(d)		30,000		29,640
6.250% 7/01/33		45,000		43,587
Post Holdings, Inc.
5.750% 3/01/27 ^(d)		150,000		146,418
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed
4.625% 3/01/29 ^(d)		150,000		120,182
Smithfield Foods, Inc.
2.625% 9/13/31 ^(d)		635,000		469,248
				1,916,456
Gas — 0.2%
KeySpan Gas East Corp.
5.994% 3/06/33 ^(d)		630,000		634,890
Piedmont Natural Gas Co., Inc.
5.400% 6/15/33		155,000		154,638
				789,528
Health Care – Products — 0.2%
Revvity, Inc.
2.250% 9/15/31		800,000		641,892
Health Care – Services — 1.4%
Centene Corp.
2.450% 7/15/28		488,000		417,121
3.000% 10/15/30		453,000		377,484
4.250% 12/15/27		230,000		215,040
CommonSpirit Health
2.782% 10/01/30		495,000		416,132
3.910% 10/01/50		75,000		57,947
Fortrea Holdings, Inc.
7.500% 7/01/30 ^(d)		50,000		51,199
Fresenius Medical Care U.S. Finance II, Inc.
1.875% 12/01/26 ^(d)		340,000		293,276
HCA, Inc.
2.375% 7/15/31		90,000		71,976

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

102

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

	Principal Amount		Value
3.500% 7/15/51	$	182,000	$	125,915
3.625% 3/15/32 ^(d)		524,000		454,836
5.000% 3/15/24		287,000		285,157
5.250% 6/15/49		775,000		699,306
5.500% 6/15/47		310,000		291,986
ModivCare Escrow Issuer, Inc.
5.000% 10/01/29 ^(d)		200,000		148,000
ModivCare, Inc.
5.875% 11/15/25 ^(d)		75,000		69,461
Molina Healthcare, Inc.
3.875% 11/15/30 ^(d) ^(e)		90,000		77,324
4.375% 6/15/28 ^(d)		300,000		276,555
Universal Health Services, Inc.
1.650% 9/01/26		385,000		336,557
				4,665,272
Household Products & Wares — 0.0%
Central Garden & Pet Co.
5.125% 2/01/28		123,000		115,551
Insurance — 1.0%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
6.750% 10/15/27 ^(d)		35,000		32,900
Aon Corp./Aon Global Holdings PLC
3.900% 2/28/52		190,000		149,096
Arthur J Gallagher & Co.
5.750% 3/02/53		310,000		311,519
Athene Global Funding
1.985% 8/19/28 ^(d)		555,000		445,376
3.205% 3/08/27 ^(d)		135,000		120,782
SOFR Index + .700% 5.790% FRN 5/24/24 ^(d)		505,000		500,130
Farmers Exchange Capital II 3 mo. USD LIBOR + 3.454%
5.454% VRN 10/15/54 ^(d)		970,000		852,921
Metropolitan Life Global Funding I
5.150% 3/28/33 ^(d)		210,000		207,690
Teachers Insurance & Annuity Association of America
3.300% 5/15/50 ^(d)		225,000		155,604
4.270% 5/15/47 ^(d)		130,000		107,484
Willis North America, Inc.
2.950% 9/15/29		290,000		249,461
				3,132,963
Internet — 0.3%
Meta Platforms, Inc.
4.450% 8/15/52		175,000		152,169
5.600% 5/15/53		495,000		508,371
Netflix, Inc.
4.625% 5/15/29 EUR ^(g)		150,000		165,469

	Principal Amount		Value
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.
4.750% 4/30/27 ^(d)	$	33,000	$	29,145
Tencent Holdings Ltd.
3.680% 4/22/41 ^(d)		335,000		258,512
				1,113,666
Machinery – Diversified — 0.0%
OT Merger Corp.
7.875% 10/15/29 ^(d)		90,000		56,251
Media — 0.8%
Cable One, Inc.
4.000% 11/15/30 ^(d) ^(e)		75,000		58,594
Charter Communications Operating LLC/Charter Communications Operating Capital
3.750% 2/15/28		92,000		84,339
4.800% 3/01/50		330,000		248,985
4.908% 7/23/25		205,000		201,033
5.250% 4/01/53		265,000		214,036
5.375% 5/01/47		95,000		78,523
5.750% 4/01/48		280,000		239,669
Cox Communications, Inc.
2.600% 6/15/31 ^(d)		385,000		314,252
CSC Holdings LLC
5.750% 1/15/30 ^(d)		100,000		47,217
6.500% 2/01/29 ^(d)		553,000		446,844
7.500% 4/01/28 ^(d)		32,000		18,239
Diamond Sports Group LLC/Diamond Sports Finance Co.
5.375% 8/15/26 ^(d)		422,000		14,242
Time Warner Cable LLC
5.500% 9/01/41		535,000		445,085
5.875% 11/15/40		170,000		149,965
VZ Secured Financing BV
5.000% 1/15/32 ^(d)		275,000		221,476
				2,782,499
Oil & Gas — 0.4%
KazMunayGas National Co. JSC
4.750% 4/19/27 ^(d)		200,000		189,762
Pertamina Persero PT
3.100% 8/27/30 ^(d)		200,000		173,337
Petroleos Mexicanos
5.950% 1/28/31		50,000		36,528
6.625% 6/15/35		900,000		627,598
7.690% 1/23/50		115,000		77,951
Shell International Finance BV
3.750% 9/12/46		25,000		20,379

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

103

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

	Principal Amount		Value
Transocean Poseidon Ltd.
6.875% 2/01/27 ^(d)	$	79,625	$	78,530
				1,204,085
Oil & Gas Services — 0.0%
Archrock Partners LP/Archrock Partners Finance Corp.
6.250% 4/01/28 ^(d)		35,000		32,860
Packaging & Containers — 0.6%
Amcor Finance USA, Inc.
3.625% 4/28/26		650,000		614,488
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
5.250% 8/15/27 ^(d)		190,000		160,946
5.250% 8/15/27 ^(d) ^(e)		100,000		84,708
Berry Global, Inc.
1.570% 1/15/26		394,000		355,284
1.650% 1/15/27		12,000		10,351
4.875% 7/15/26 ^(d)		330,000		317,213
Trivium Packaging Finance BV
5.500% 8/15/26 ^(d)		320,000		307,249
				1,850,239
Pharmaceuticals — 1.0%
Bayer U.S. Finance II LLC
4.375% 12/15/28 ^(d)		893,000		847,139
4.625% 6/25/38 ^(d)		795,000		692,195
4.875% 6/25/48 ^(d)		210,000		188,862
Cigna Group
3.400% 3/15/51		250,000		182,234
CVS Health Corp.
5.050% 3/25/48		1,090,000		1,004,700
Kevlar SpA
6.500% 9/01/29 ^(d) ^(e)		250,000		213,125
				3,128,255
Pipelines — 0.8%
Enbridge, Inc.
5.700% 3/08/33		95,000		96,304
Energy Transfer LP
4.950% 6/15/28		125,000		121,246
5.000% 5/15/50		305,000		257,592
5.150% 3/15/45		400,000		344,931
5.350% 5/15/45		50,000		43,697
5.400% 10/01/47		394,000		347,261
Galaxy Pipeline Assets Bidco Ltd.
2.160% 3/31/34 ^(d)		177,420		150,636
Plains All American Pipeline LP/PAA Finance Corp.
3.800% 9/15/30		300,000		266,186

	Principal Amount		Value
Rockies Express Pipeline LLC
4.800% 5/15/30 ^(d)	$	250,000	$	218,495
4.950% 7/15/29 ^(d)		200,000		183,000
Sabine Pass Liquefaction LLC
4.500% 5/15/30		15,000		14,258
TransMontaigne Partners LP/TLP Finance Corp.
6.125% 2/15/26		181,000		156,505
Venture Global Calcasieu Pass LLC
3.875% 8/15/29 ^(d)		365,000		318,861
				2,518,972
Real Estate — 0.2%
Annington Funding PLC
3.184% 7/12/29 GBP ^(d) ^(g)		100,000		101,088
3.685% 7/12/34 GBP ^(d) ^(g)		100,000		95,288
Blackstone Property Partners Europe Holdings Sarl
1.625% 4/20/30 EUR ^(d) ^(g)		200,000		152,960
1.750% 3/12/29 EUR ^(d) ^(g)		200,000		161,874
Vonovia Finance BV
2.250% 4/07/30 EUR ^(d) ^(g)		100,000		89,768
Vonovia SE
1.500% 6/14/41 EUR ^(d) ^(g)		100,000		60,354
				661,332
Real Estate Investment Trusts (REITS) — 2.0%
American Homes 4 Rent LP
3.375% 7/15/51		205,000		133,945
3.625% 4/15/32		5,000		4,321
4.300% 4/15/52		160,000		124,597
American Tower Corp.
1.000% 1/15/32 EUR ^(g)		100,000		81,449
2.700% 4/15/31		80,000		66,338
5.550% 7/15/33		345,000		347,366
5.650% 3/15/33		475,000		481,658
CapitaLand Ascendas REIT
0.750% 6/23/28 EUR ^(d) ^(g)		185,000		160,022
CubeSmart LP
2.500% 2/15/32		385,000		304,620
Digital Intrepid Holding BV
0.625% 7/15/31 EUR ^(d) ^(g)		425,000		321,399
Extra Space Storage LP
2.350% 3/15/32		275,000		214,900
2.550% 6/01/31		130,000		105,155
GLP Capital LP/GLP Financing II, Inc.
3.250% 1/15/32		7,000		5,652
4.000% 1/15/30		37,000		32,066
4.000% 1/15/31		30,000		25,937
5.300% 1/15/29		310,000		295,168

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

104

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

	Principal Amount		Value
5.375% 4/15/26	$	540,000	$	528,614
Healthcare Realty Holdings LP
2.000% 3/15/31		200,000		153,541
2.050% 3/15/31		67,000		50,217
2.400% 3/15/30		195,000		154,317
3.100% 2/15/30		190,000		162,751
3.625% 1/15/28		45,000		39,816
Hudson Pacific Properties LP
3.250% 1/15/30		185,000		117,070
3.950% 11/01/27		85,000		61,818
4.650% 4/01/29 ^(e)		90,000		63,512
5.950% 2/15/28 ^(e)		260,000		206,702
Invitation Homes Operating Partnership LP
2.000% 8/15/31		405,000		310,275
Life Storage LP
2.400% 10/15/31		50,000		39,611
LXP Industrial Trust
2.375% 10/01/31		430,000		327,314
Physicians Realty LP
2.625% 11/01/31		190,000		147,793
4.300% 3/15/27		45,000		42,363
Prologis Euro Finance LLC
4.250% 1/31/43 EUR ^(g)		310,000		312,168
Realty Income Corp.
5.125% 7/06/34 EUR ^(f) ^(g)		150,000		163,492
VICI Properties LP
4.950% 2/15/30		10,000		9,381
5.125% 5/15/32		437,000		408,876
5.625% 5/15/52		134,000		119,367
VICI Properties LP/VICI Note Co., Inc.
3.750% 2/15/27 ^(d)		10,000		9,173
3.875% 2/15/29 ^(d)		160,000		140,410
4.125% 8/15/30 ^(d)		54,000		47,543
4.500% 9/01/26 ^(d)		100,000		94,472
4.500% 1/15/28 ^(d)		58,000		53,290
4.625% 6/15/25 ^(d)		25,000		24,156
5.750% 2/01/27 ^(d)		40,000		39,149
				6,531,784
Retail — 0.1%
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.
6.750% 1/15/30 ^(d) ^(e)		82,000		69,785
Michaels Cos., Inc.
5.250% 5/01/28 ^(d) ^(e)		170,000		137,350
				207,135

	Principal Amount		Value
Savings & Loans — 0.2%
Nationwide Building Society
SOFR + 1.290% 2.972% VRN 2/16/28 ^(d)	$	340,000	$	305,393
3 mo. USD LIBOR + 1.392% 4.363% VRN 8/01/24 ^(d)		190,000		189,616
				495,009
Semiconductors — 0.1%
Broadcom, Inc.
2.600% 2/15/33 ^(d)		386,000		301,656
3.419% 4/15/33 ^(d)		208,000		173,942
				475,598
Software — 0.6%
Fiserv, Inc.
5.600% 3/02/33		635,000		646,311
Open Text Corp.
6.900% 12/01/27 ^(d)		50,000		50,902
Oracle Corp.
2.800% 4/01/27		140,000		128,678
3.950% 3/25/51		1,208,000		913,396
6.500% 4/15/38		210,000		223,569
6.900% 11/09/52		140,000		157,131
				2,119,987
Telecommunications — 1.1%
AT&T, Inc.
3.800% 12/01/57		147,000		106,428
4.750% 5/15/46		455,000		401,622
5.250% 3/01/37		270,000		263,644
Frontier Communications Holdings LLC
8.625% 3/15/31 ^(d)		321,000		310,666
8.750% 5/15/30 ^(d) ^(e)		75,000		73,303
Intelsat Jackson Holdings SA
6.500% 3/15/30 ^(d) ^(e)		417,000		379,619
Intelsat Jackson Holdings S.A., Escrow
8.500% 10/15/24 ^(c) ^(d) ^(h)		171,000		—
Intelsat Jackson Holdings S.A., Escrow
9.750% 7/15/25 ^(c) ^(d) ^(h)		585,000		—
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC
4.738% 9/20/29 ^(d)		304,068		300,100
T-Mobile USA, Inc.
2.550% 2/15/31		900,000		748,089
3.750% 4/15/27		375,000		354,977
5.050% 7/15/33		170,000		166,923

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

105

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

	Principal Amount		Value
Vodafone Group PLC
4.875% 6/19/49	$	452,000	$	400,344
				3,505,715

TOTAL CORPORATE DEBT (Cost $97,956,882)				89,378,605

MUNICIPAL OBLIGATIONS — 0.6%
California State University, Revenue Bond, Revenue Bond
2.374% 11/01/35		5,000		3,842
Jersey City Municipal Utilities Authority, Revenue Bond
5.470% 5/15/27		520,000		526,652
New York City Transitional Finance Authority Future Tax Secured Revenue
Revenue Bond, 2.450% 11/01/34		560,000		438,478
Revenue Bond, 5.508% 8/01/37		45,000		46,815
New York State Dormitory Authority, Revenue Bond
5.289% 3/15/33		750,000		769,920
University of California, Revenue Bond
2.247% 5/15/34		290,000		227,586
				2,013,293

TOTAL MUNICIPAL OBLIGATIONS (Cost $2,316,693)				2,013,293

NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 17.1%
Commercial Mortgage-Backed Securities — 3.1%
BAMLL Commercial Mortgage Securities Trust, Series 2018-PARK, Class A,
4.227% VRN 8/10/38 ^(d) ⁽ⁱ⁾		620,000		545,562
BX Commercial Mortgage Trust
Series 2020-VIVA, Class D, 3.667% VRN 3/11/44 ^(d) ⁽ⁱ⁾		780,000		618,647
Series 2019-XL, Class A, 1 mo. USD Term SOFR + 1.034% 6.182% FRN 10/15/36 ^(d)		1,150,976		1,143,796
Series 2022-CSMO, Class A, 1 mo. USD Term SOFR + 2.115% 7.262% FRN 6/15/27 ^(d)		692,000		690,704
BX Trust
Series 2019-OC11, Class A, 3.202% 12/09/41 ^(d)		180,000		153,789
Series 2022-VAMF, Class C, 1 mo. USD Term SOFR + 1.580% 6.727% FRN 1/15/39 ^(d)		443,000		428,611

	Principal Amount		Value
BXSC Commercial Mortgage Trust, Series 2022-WSS, Class D, 1 mo. USD Term SOFR + 3.188%
8.335% FRN 3/15/35 ^(d)	$	894,000	$	878,363
CPT Mortgage Trust, Series 2019-CPT, Class A
2.865% 11/13/39 ^(d)		355,000		282,217
DC Office Trust, Series 2019-MTC, Class A
2.965% 9/15/45 ^(d)		375,000		299,436
Grace Trust, Series 2020-GRCE, Class A
2.347% 12/10/40 ^(d)		900,000		699,041
GS Mortgage Securities Corp. Trust, Series 2021-ARDN, Class A, 1 mo. USD LIBOR + 1.250%
6.443% FRN 11/15/36 ^(d)		1,570,000		1,523,835
Hudson Yards Mortgage Trust
Series 2019-55HY, Class A, 3.041% VRN 12/10/41 ^(d) ⁽ⁱ⁾		375,000		313,712
Series 2019-30HY, Class A, 3.228% 7/10/39 ^(d)		385,000		329,514
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-OSB, Class A
3.397% 6/05/39 ^(d)		385,000		332,153
MKT Mortgage Trust, Series 2020-525M, Class A
2.694% 2/12/40 ^(d)		255,000		190,156
One Bryant Park Trust, Series 2019-OBP, Class A
2.516% 9/15/54 ^(d)		490,000		397,801
RBS Commercial Funding, Inc. Trust, Series 2013-GSP, Class A,
3.961% VRN 1/15/32 ^(d) ⁽ⁱ⁾		670,000		646,871
SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A1,
3.872% VRN 1/05/43 ^(d) ⁽ⁱ⁾		655,000		455,847
Wells Fargo Commercial Mortgage Trust, Series 2019-JWDR, Class E,
3.989% VRN 9/15/31 ^(d) ⁽ⁱ⁾		281,000		249,727
				10,179,782
Home Equity Asset-Backed Securities — 0.5%
Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates, Series 2005-4, Class M2, 1 mo. USD LIBOR + .705%
5.855% FRN 10/25/35		699,658		632,332

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

106

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

	Principal Amount		Value
Citigroup Mortgage Loan Trust, Series 2006-HE2, Class M1, 1 mo. USD LIBOR + .435%
5.585% FRN 8/25/36	$	252,444	$	250,772
Morgan Stanley Capital I, Inc. Trust, Series 2006-HE1, Class A4, 1 mo. USD LIBOR + .580%
5.730% FRN 1/25/36		837,983		790,541
				1,673,645
Other Asset-Backed Securities — 5.6%
AIMCO CLO, Series 2015-AA, Class BR2, 3 mo. USD LIBOR + 1.600%
6.860% FRN 10/17/34 ^(d)		1,100,000		1,067,312
Aimco CLO Ltd., Series 2020-11A, Class AR, 3 mo. USD LIBOR + 1.130%
6.390% FRN 10/17/34 ^(d)		750,000		736,267
Allegro CLO XII Ltd., Series 2020-1A, Class A1, 3 mo. USD LIBOR + 1.250%
6.511% FRN 1/21/32 ^(d)		850,000		842,334
Cedar Funding XIV CLO Ltd., Series 2021-14A, Class A, 3 mo. USD LIBOR + 1.100%
6.360% FRN 7/15/33 ^(d)		800,000		789,166
CWABS Asset-Backed Certificates Trust, Series 2004-7, Class MF2,
4.216% VRN 10/25/34 ⁽ⁱ⁾		1,721,262		1,606,162
Duke Energy Progress LLC, Series 2013-26A, Class AR, 3 mo. USD LIBOR + .900%
6.160% FRN 4/15/29 ^(d)		817,141		811,516
Eaton Vance CLO Ltd., Series 2020-1A, Class AR, 3 mo. USD LIBOR + 1.170%
6.430% FRN 10/15/34 ^(d)		990,000		975,216
First Franklin Mortgage Loan Trust, Series 2006-FFH1, Class M1, 1 mo. USD LIBOR + .555%
5.705% FRN 1/25/36		747,730		694,928
FirstKey Homes Trust, Series 2020-SFR2, Class E
2.668% 10/19/37 ^(d)		390,000		352,560
Flatiron CLO Ltd., Series 2021-1A, Class B, 3 mo. USD LIBOR + 1.600%
6.865% FRN 7/19/34 ^(d)		850,000		828,897
GSAMP Trust, Series 2005-HE5, Class M3, 1 mo. USD LIBOR + .690%
5.840% FRN 11/25/35		321,803		312,096

	Principal Amount		Value
HPS Loan Management Ltd., Series 2021-16A, Class A1, 3 mo. USD LIBOR + 1.140%
6.413% FRN 1/23/35 ^(d)	$	1,000,000	$	977,764
JP Morgan Mortgage Acquisition Trust,
4.248% STEP 3/25/47		2,707,105		1,845,988
LCM LP, Series 21A, Class AR, 3 mo. USD LIBOR + .880%
6.130% FRN 4/20/28 ^(d)		50,016		49,994
Long Beach Mortgage Loan Trust, Series 2006-9, Class 2A2, 1 mo. USD LIBOR + .220%
5.370% FRN 10/25/36		5,937,321		1,733,584
Magnetite Ltd., Series 2012-7A, Class A1R2, 3 mo. USD LIBOR + .800%
6.060% FRN 1/15/28 ^(d)		704,300		699,706
Progress Residential Trust
Series 2020-SFR3, Class E, 2.296% 10/17/27 ^(d)		590,000		521,666
Series 2020-SFR3, Class F, 2.796% 10/17/27 ^(d)		360,000		317,510
Series 2021-SFR2, Class F, 3.395% 4/19/38 ^(d)		1,150,000		991,022
Series 2021-SFR10, Class F, 4.608% 12/17/40 ^(d)		477,760		400,183
Rockford Tower CLO Ltd., Series 2021-1A, Class A1, 3 mo. USD LIBOR + 1.170%
6.420% FRN 7/20/34 ^(d)		850,000		833,695
Saxon Asset Securities Trust, Series 2007-2, Class A2C, 1 mo. USD LIBOR + .240%
5.390% FRN 5/25/47		1,507,431		1,022,355
				18,409,921
Student Loans Asset-Backed Securities — 1.6%
Access Group, Inc., Series 2015-1, Class A, 1 mo. USD LIBOR + .700%
5.850% FRN 7/25/56 ^(d)		293,406		280,813
Collegiate Funding Services Education Loan Trust, Series 2005-A, Class A4, 3 mo. USD LIBOR + .200%
5.721% FRN 3/28/35		982,085		930,120
Nelnet Student Loan Trust, Series 2015-1A, Class A, 1 mo. USD LIBOR + .590%
5.740% FRN 4/25/46 ^(d)		553,651		541,222

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

107

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

	Principal Amount		Value
SLM Student Loan Trust
Series 2007-7, Class A4, 3 mo. USD LIBOR + .330% 5.585% FRN 1/25/22	$	486,678	$	465,943
Series 2012-7, Class A3, 1 mo. USD LIBOR + .650% 5.800% FRN 5/26/26		572,199		546,822
Series 2012-2, Class A, 1 mo. USD LIBOR + .700% 5.850% FRN 1/25/29		661,083		634,002
Series 2012-1, Class A3, 1 mo. USD LIBOR + .950% 6.100% FRN 9/25/28		554,777		533,620
Series 2008-6, Class A4, 3 mo. USD LIBOR + 1.100% 6.355% FRN 7/25/23		768,220		751,334
Series 2008-5, Class B, 3 mo. USD LIBOR + 1.850% 7.105% FRN 7/25/73		700,000		690,537
				5,374,413
Whole Loan Collateral Collateralized Mortgage Obligations — 6.3%
American Home Mortgage Investment Trust, Series 2005-1, Class 6A, 6 mo. USD LIBOR + 2.000%
7.504% FRN 6/25/45		241,043		232,896
Angel Oak Mortgage Trust
Series 2021-7, Class A1, 1.978% VRN 10/25/66 ^(d) ⁽ⁱ⁾		212,781		174,199
Series 2022-6,Class A1, 4.300% STEP 7/25/67 ^(d)		835,636		788,427
Chase Mortgage Finance Trust, Series 2007-A1, Class 11A4,
4.086% VRN 3/25/37 ⁽ⁱ⁾		206,187		179,025
Citigroup Mortgage Loan Trust, Series 2005-11, Class A2A, 1 yr. CMT + 2.400%
5.410% FRN 10/25/35		162,711		150,906
COLT Mortgage Loan Trust, Series 2021-6, Class A1,
1.907% VRN 12/25/66 ^(d) ⁽ⁱ⁾		747,882		622,487
Countrywide Alternative Loan Trust
Series 2006-OA6, Class 1A2, 1 mo. USD LIBOR + .420% 5.570% FRN 7/25/46		823,039		717,942
Series 2005-31, Class 2A1, 1 mo. USD LIBOR + .600% 5.750% FRN 8/25/35		778,393		686,950
Credit Suisse Mortgage Trust, Series 2018-RPL9, Class A,
3.850% VRN 9/25/57 ^(d) ⁽ⁱ⁾		762,718		705,978

	Principal Amount		Value
Deephaven Residential Mortgage Trust, Series 2021-4, Class A1,
1.931% VRN 11/25/66 ^(d) ⁽ⁱ⁾	$	1,435,544	$	1,200,681
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2005-1, Class 1A3, 1 mo. USD LIBOR + .500%
5.650% FRN 2/25/35		1,274,419		1,203,860
First Horizon Mortgage Pass-Through Trust, Series 2005-AR5, Class 2A1,
4.305% VRN 11/25/35 ⁽ⁱ⁾		199,717		157,770
GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1,
1.750% VRN 12/25/60 ^(d) ⁽ⁱ⁾		1,591,177		1,406,129
GS Mortgage-Backed Securities Trust
Series 2022-PJ6 , Class A4, 3.000% VRN 1/25/53 ^(d) ⁽ⁱ⁾		1,925,120		1,614,168
Series 2018-RPL1, Class A1A, 3.750% 10/25/57 ^(d)		602,663		567,585
HarborView Mortgage Loan Trust, Series 2006-10, Class 1A1A, 1 mo. USD LIBOR + .200%
5.357% FRN 11/19/36		1,565,544		1,136,928
Impac CMB Trust, Series 2005-1, Class 1A1, 1 mo. USD LIBOR + .520%
5.670% FRN 4/25/35		400,175		367,947
IndyMac Index Mortgage Loan Trust
Series 2005-AR19, Class A1, 3.281% VRN 10/25/35 ⁽ⁱ⁾		623,007		465,178
Series 2006-AR27, Class 1A3, 1 mo. USD LIBOR + .540% 5.690% FRN 10/25/36		1,229,109		532,881
JP Morgan Mortgage Trust, Series 2021-13, Class A3,
2.500% VRN 4/25/52 ^(d) ⁽ⁱ⁾		1,658,357		1,332,581
MASTR Adjustable Rate Mortgages Trust, Series 2007-1, Class I2A3, 1 yr. MTA + .740%
4.716% FRN 1/25/47		702,569		679,585
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-AR1, Class M1, 1 mo. USD LIBOR + 1.070%
6.220% FRN 2/25/35		532,538		512,637
Opteum Mortgage Acceptance Corp., Series 2005-4 , Class M2, 1 mo. USD LIBOR + .750%
5.900% FRN 11/25/35		1,450,000		1,354,920

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

108

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

	Principal Amount		Value
Structured Asset Mortgage Investments II Trust, Series 2006-AR8, Class A2, 3 mo. USD LIBOR + .420%
5.570% FRN 10/25/36	$	1,610,244	$	1,362,365
Washington Mutual Mortgage Pass-Through Certificates Trust
Series 2005-AR15, Class A1A1, 1 mo. USD LIBOR + .520% 5.670% FRN 11/25/45		1,569,195		1,374,362
Series 2005-AR13, Class A1A1, 1 mo. USD LIBOR + .580% 5.730% FRN 10/25/45		301,963		275,768
Series 2006-1 Class 3A2, 5.750% 2/25/36		424,667		373,246
Series 2005-AR2, Class 2A21, 1 mo. USD LIBOR + .660% 5.810% FRN 1/25/45		246,780		240,313
				20,417,714

TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $59,442,309)				56,055,475

SOVEREIGN DEBT OBLIGATIONS — 0.8%
Brazilian Government International Bonds
3.875% 6/12/30		200,000		177,097
Chile Government International Bonds
2.550% 1/27/32 ^(e)		224,000		191,242
Colombia Government International Bonds
4.500% 3/15/29		200,000		174,963
Dominican Republic International Bonds
4.500% 1/30/30 ^(d)		200,000		175,030
Hungary Government International Bonds
2.125% 9/22/31 ^(d)		200,000		154,321
Mexico Government International Bonds
4.875% 5/19/33		300,000		286,218
Pakistan Government International Bonds
2.252% 9/29/32		200,000		152,633
3.160% 1/23/30		200,000		174,901
Paraguay Government International Bonds
4.950% 4/28/31 ^(d)		200,000		191,782
Perusahaan Penerbit SBSN Indonesia III
2.550% 6/09/31 ^(d)		200,000		169,965

	Principal Amount		Value
Peruvian Government International Bonds
4.125% 8/25/27	$	200,000	$	194,286
Poland Government International Bonds
4.875% 10/04/33		100,000		98,096
5.750% 11/16/32		17,000		17,816
Romania Government International Bonds
3.000% 2/14/31 ^(d)		110,000		91,046
South Africa Government International Bonds
5.875% 4/20/32		250,000		221,125
				2,470,521
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $2,751,457)				2,470,521

U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES ^(j) — 36.4%
Collateralized Mortgage Obligations — 0.7%
Federal Home Loan Mortgage Corp.
Series 4818, Class CA, 3.000% 4/15/48		141,157		126,574
Series 4639, Class HZ, 3.250% STEP 4/15/53		1,639,970		1,316,047
Series 4846, Class PA, 4.000% 6/15/47		52,980		51,859
Federal National Mortgage Association Series 2018-57, Class QA 3.500% 5/25/46		67,888		66,110
Federal National Mortgage Association REMICS
Series 2018-43, Class CT, 3.000% 6/25/48		251,509		225,270
Series 2018-55, Class PA, 3.500% 1/25/47		71,470		68,713
Government National Mortgage Association
Series 2018-124, Class NW, 3.500% 9/20/48		249,574		230,027
Series 2019-15, Class GT, 3.500% 2/20/49		151,670		140,271
				2,224,871
Pass-Through Securities — 35.4%
Federal Home Loan Mortgage Corp.
Pool #QE0312 2.000% 4/01/52		1,180,692		963,263
Pool #SD8194 2.500% 2/01/52		1,583,031		1,343,366
Pool #RA6815 2.500% 2/01/52		2,174,697		1,848,173
Pool #SD8205 2.500% 4/01/52		1,709,952		1,449,868

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

109

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

	Principal Amount		Value
Pool #SD8212 2.500% 5/01/52	$	1,658,455	$	1,406,204
Pool #G18592 3.000% 3/01/31		151,644		144,428
Pool #G18627 3.000% 1/01/32		494,941		469,996
Pool #G08710 3.000% 6/01/46		94,925		85,166
Pool #ZM1779 3.000% 9/01/46		483,666		433,427
Pool #G08726 3.000% 10/01/46		712,928		639,634
Pool #G08732 3.000% 11/01/46		259,767		232,574
Pool #G08741 3.000% 1/01/47		718,234		643,049
Pool #QD8259 3.000% 3/01/52		1,885,966		1,660,748
Pool #G07848 3.500% 4/01/44		1,149,047		1,071,445
Pool #G60023 3.500% 4/01/45		1,054,891		987,368
Pool #G08711 3.500% 6/01/46		312,031		289,231
Pool #G08716 3.500% 8/01/46		436,802		404,474
Pool #G67700 3.500% 8/01/46		524,121		488,607
Pool #G08722 3.500% 9/01/46		77,331		71,608
Pool #G08742 3.500% 1/01/47		354,441		327,988
Pool #G08757 3.500% 4/01/47		90,852		84,043
Pool #G67706 3.500% 12/01/47		687,760		640,728
Pool #ZA5103 3.500% 12/01/47		3,472		3,206
Pool #G67707 3.500% 1/01/48		1,905,801		1,782,025
Pool #G08800 3.500% 2/01/48		31,671		29,277
Pool #G08816 3.500% 6/01/48		255,876		236,379
Pool #G61556 3.500% 8/01/48		447,474		415,895
Pool #G60344 4.000% 12/01/45		563,375		541,609
Pool #G67711 4.000% 3/01/48		616,143		591,568
Pool #G67713 4.000% 6/01/48		2,552		2,448
Pool #G08843 4.500% 10/01/48		118,126		115,430
Pool #G08833 5.000% 7/01/48		82,502		82,250
Pool #G08844 5.000% 10/01/48		69,122		68,908
Federal National Mortgage Association
Pool #MA4152 2.000% 10/01/40		779,638		666,275
Pool #MA4176 2.000% 11/01/40		1,512,716		1,292,761
Pool #MA4333 2.000% 5/01/41		184,477		156,846
Pool #MA4158 2.000% 10/01/50 (f)		1,009,950		828,066
Pool #BQ6913 2.000% 12/01/51		2,240,293		1,829,134
Pool #MA4492 2.000% 12/01/51		1,718,428		1,403,047
Pool #BQ7006 2.000% 1/01/52		3,507,620		2,863,869
Pool #CB2802 2.000% 2/01/52		1,168,615		953,775
Pool #FS1598 2.000% 4/01/52		1,606,069		1,310,305
Pool #BL6060 2.455% 4/01/40		570,000		407,612
Pool #MA4512 2.500% 1/01/52		1,682,481		1,427,759
Pool #MA4548 2.500% 2/01/52		1,608,253		1,364,769
Pool #MA4563 2.500% 3/01/52		1,642,776		1,394,065
Pool #MA1607 3.000% 10/01/33		266,418		250,900
Pool #MA3811 3.000% 10/01/49		206,172		180,504
Pool #BV8477 3.000% 5/01/52		585,003		515,029
Pool #AB4262 3.500% 1/01/32		232,503		222,237
Pool #MA1512 3.500% 7/01/33		115,996		110,838
Pool #MA1148 3.500% 8/01/42		659,564		608,791

	Principal Amount		Value
Pool #CA0996 3.500% 1/01/48	$	125,002	$	116,006
Pool #MA3305 3.500% 3/01/48		24,324		22,444
Pool #BL1132 3.730% 1/01/29		920,000		879,263
Pool #MA1146 4.000% 8/01/42		269,128		255,315
Pool #AS9830 4.000% 6/01/47		121,177		115,491
Pool #MA3027 4.000% 6/01/47		185,462		176,760
Pool #AS9972 4.000% 7/01/47		112,397		107,123
Pool #931504 4.500% 7/01/39		38,169		37,440
Pool #CA1710 4.500% 5/01/48		418,079		408,727
Pool #CA1711 4.500% 5/01/48		137,908		134,823
Pool #CA2208 4.500% 8/01/48		240,670		234,910
Pool #AD6374 5.000% 5/01/40		8,114		8,149
Pool #AI2733 5.000% 5/01/41		82,694		83,174
Pool #977014 5.500% 5/01/38		8,693		8,864
Pool #985524 5.500% 6/01/38		12,727		12,975
Pool #988578 5.500% 8/01/38		96,523		98,405
Pool #995482 5.500% 1/01/39		52,958		54,080
Government National Mortgage Association II
Pool #MA4126 3.000% 12/20/46		563,699		510,525
Pool #MA4718 3.000% 9/20/47		61,179		55,351
Pool #MA4836 3.000% 11/20/47		214,900		194,426
Pool #MA6209 3.000% 10/20/49		182,459		158,975
Pool #MA3521 3.500% 3/20/46		219,638		206,310
Pool #MA3597 3.500% 4/20/46		67,981		63,856
Pool #MA3663 3.500% 5/20/46		100,010		93,941
Pool #MA3937 3.500% 9/20/46		81,931		76,934
Pool #MA4127 3.500% 12/20/46		300,086		281,219
Pool #MA4262 3.500% 2/20/47		303,123		284,065
Pool #MA4382 3.500% 4/20/47		77,638		72,660
Pool #MA4719 3.500% 9/20/47		95,816		89,582
Pool #MA4837 3.500% 11/20/47		198,314		185,412
Pool #MA4900 3.500% 12/20/47		715,409		668,865
Pool #MA4653 4.000% 8/20/47		37,868		36,337
Pool #MA4838 4.000% 11/20/47		158,411		151,956
Pool #MA4901 4.000% 12/20/47		68,854		66,048
Pool #MA5078 4.000% 3/20/48		233,794		224,046
Pool #MA5466 4.000% 9/20/48		261,394		250,332
Pool #MA5399 4.500% 8/20/48		475,528		465,503
Pool #MA3666 5.000% 5/20/46		79,427		79,916
Pool #MA4199 5.000% 1/20/47		81,515		81,838
Pool #MA4454 5.000% 5/20/47		128,047		128,944
Pool #MA4722 5.000% 9/20/47		142,103		142,965
Government National Mortgage Association, TBA
2.500% 7/20/53 ^(f)		5,225,000		4,521,820
4.500% 7/20/53 ^(f)		1,575,000		1,519,661
5.000% 7/20/53 ^(f)		800,000		786,035

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

110

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

	Principal Amount		Value
Uniform Mortgage-Backed Security, TBA
2.000% 7/13/53 ^(f)	$	3,400,000	$	2,770,614
2.000% 8/14/53 ^(f)		8,925,000		7,284,017
2.500% 7/13/53 ^(f)		6,250,000		5,296,630
2.500% 8/14/53 ^(f)		3,450,000		2,815,671
3.000% 7/13/53 ^(f)		6,625,000		5,828,964
3.000% 8/14/53 ^(f)		2,950,000		2,598,765
3.500% 8/14/53 ^(f)		1,950,000		1,778,156
4.000% 7/13/53 ^(f)		10,075,000		9,452,394
4.500% 7/13/53 ^(f)		5,900,000		5,669,533
4.500% 8/14/53 ^(f)		3,125,000		3,004,884
5.000% 7/13/53 ^(f)		10,950,000		10,728,006
5.500% 7/13/53 ^(f)		7,000,000		6,966,361
				115,686,431
Whole Loans — 0.3%
Federal National Mortgage Association Connecticut Avenue Securities, Series 2022-R03, Class 1M2, 30 day USD SOFR Average + 3.500%
8.567% FRN 3/25/42 ^(d)		1,000,000		1,021,628

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $123,677,219)				118,932,930

U.S. TREASURY OBLIGATIONS — 31.1%
U.S. Treasury Bonds & Notes — 31.1%
U.S. Treasury Bonds
2.000% 11/15/41		10,347,000		7,565,012
2.375% 2/15/42		105,000		81,705
3.625% 5/15/53		12,514,000		12,037,907
3.875% 5/15/43		13,195,000		12,883,494
U.S. Treasury Inflation- Protected Indexed Notes
1.125% 1/15/33		2,471,293		2,367,156
1.250% 4/15/28		2,154,889		2,084,855
U.S. Treasury Notes
3.375% 5/15/33		2,418,000		2,332,669
3.625% 5/31/28		6,600,000		6,454,282
4.000% 6/30/28		29,015,000		28,857,939
4.250% 5/31/25		2,260,000		2,231,382
4.625% 6/30/25		24,960,000		24,847,006
				101,743,407

TOTAL U.S. TREASURY OBLIGATIONS (Cost $103,146,540)				101,743,407

	Principal Amount	Value
TOTAL BONDS & NOTES (Cost $395,282,828)		$	376,517,471

	Number of Shares
RIGHTS — 0.0%
Communications — 0.0%
Intelsat Jackson Holdings S.A. 12/05/25 (a) (c) (h)		755	—
Intelsat Jackson Holdings S.A. 12/05/25 (a) (c) (h)		755	—
			—
TOTAL RIGHTS (Cost $0)			—

TOTAL LONG-TERM INVESTMENTS (Cost $395,959,822)			376,671,044

SHORT-TERM INVESTMENTS — 7.2%
Investment of Cash Collateral from Securities Loaned — 0.8%
State Street Navigator Securities Lending Government Money Market Portfolio (k)		2,562,235	2,562,235

	Principal Amount
Repurchase Agreement — 0.5%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/23, 1.520%, due 7/03/23 (l)	$	1,608,467	1,608,467
U.S. Treasury Bill — 5.9%
U.S. Treasury Bills
4.980% 10/12/23 ^(m)		535,000	527,215
4.994% 10/19/23 ^(m)		3,165,000	3,115,614
5.044% 10/19/23 ^(m)		1,590,000	1,565,190
5.176% 10/26/23 ^(m)		2,465,000	2,424,054
5.192% 8/15/23 ^(m)		4,355,000	4,328,203
5.249% 10/19/23 ^(m)		2,775,000	2,731,700
5.380% 12/21/23 ^(m)		4,575,000	4,461,128
			19,153,104

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

111

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

	Value
TOTAL SHORT-TERM INVESTMENTS (Cost $23,328,972)	$	23,323,806

TOTAL INVESTMENTS — 122.3% (Cost $419,288,794) ⁽ⁿ⁾		399,994,850

Other Assets/(Liabilities) — (22.3)%		(72,964,577	)

NET ASSETS — 100.0%	$	327,030,273

Abbreviation Legend

CLO	Collateralized Loan Obligation

DIP	Debtor In Possession

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)	Non-income producing security.

(b)	All or a portion of the security represents unsettled bank loan commitments at June 30, 2023 where the rate will be determined at time of settlement.

(c)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2023, these securities amounted to a value of $203,518 or 0.06% of net assets.

(d)

(e)

Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2023, was $3,549,348 or 1.09% of net assets. The Fund received $1,071,255 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).

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

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

(h)	Investment is valued using significant unobservable inputs.

(i)

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, 2023.

(j)	May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.

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

(l)	Maturity value of $1,608,670. Collateralized by U.S. Government Agency obligations with a rate of 4.250%, maturity date of 10/15/25, and an aggregate market value, including accrued interest, of $1,640,694.

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

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

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

112

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

Forward contracts

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
Citibank N.A.*		7/06/23		EUR	149,475		USD	162,769	$	346
Citibank N.A.*		7/14/23		EUR	298,000		USD	329,572		(4,255	)
Citibank N.A.*		7/14/23		USD	104,463		GBP	83,000		(952	)
Citibank N.A.*		7/14/23		USD	2,692,186		EUR	2,462,000		4,496
Goldman Sachs International*		7/14/23		USD	99,692		GBP	80,000		(1,914	)
									$	(2,279	)

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation (Depreciation)
Long
U.S. Treasury Ultra 10 Year		9/20/23		6	$	719,567		$	(8,942	)
U.S. Treasury Ultra Bond		9/20/23		1		134,691			1,528
U.S. Treasury Note 2 Year		9/29/23		535		110,303,462			(1,514,556	)
U.S. Treasury Note 5 Year		9/29/23		3		327,699			(6,418	)
								$	(1,528,388	)
Short
Euro-BOBL		9/07/23		4	$	(512,814	)	$	7,763
Euro-Bund		9/07/23		4		(591,075	)		7,326
Euro-Buxl 30 Year Bond		9/07/23		2		(301,256	)		(3,407	)
								$	11,682

Centrally Cleared Interest Rate Swaps

Paid by the Fund			Received by the Fund
Rate/ Reference	Frequency		Rate/ Reference	Frequency		Termination Date		Notional Amount			Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation (Depreciation)
Fixed 3.00%		Annually	12-Month USD SOFR		Annually		9/20/53		USD	1,286,000	$	36,873	$	—	$	36,873
Fixed 3.00%		Annually	12-Month USD SOFR		Annually		9/20/53		USD	895,000		25,662		—		25,662
											$	62,535	$	—	$	62,535

* Contracts are subject to a master netting agreement or similar agreement.

Currency Legend

EUR

Euro

GBP	British Pound

USD	U.S. Dollar

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

113

MML Series Investment Fund – Financial Statements
Statements of Assets and Liabilities June 30, 2023 (Unaudited)

	MML Conservative Allocation Fund			MML Balanced Allocation Fund
Assets:
Investments, at value - unaffiliated issuers (Note 2) ^(a)	$	9,853,917		$	10,479,429
Investments, at value - affiliated issuers (Notes 2 & 7) ^(b)		281,321,756			330,688,316
Repurchase agreements, at value (Note 2) ^(c)		—			—
Total investments ^(d)		291,175,673			341,167,745
Cash		—			—
Foreign currency, at value ^(e)		—			—
Receivables from:
Investments sold
Regular delivery		35,053			37,157
Fund shares sold		184,994			1,120
Dividends		6,679			7,193
Foreign tax reclaims		—			—
Total assets		291,402,399			341,213,215
Liabilities:
Payables for:
Investments purchased
Regular delivery		6,679			7,193
Fund shares repurchased		215,532			32,991
Cash collateral held for securities on loan (Note 2)		—			—
Trustees’ fees and expenses (Note 3)		48,339			58,420
Affiliates (Note 3):
Administration fees		—			—
Investment advisory fees		23,843			28,032
Service fees		141,223			163,714
Accrued expense and other liabilities		67,582			89,301
Total liabilities		503,198			379,651
Net assets	$	290,899,201		$	340,833,564
Net assets consist of:
Paid-in capital	$	315,322,206		$	354,312,736
Accumulated earnings (loss)		(24,423,005	)		(13,479,172	)
Net assets	$	290,899,201		$	340,833,564

^(a)	Cost of investments - unaffiliated issuers:	$	10,850,030	$	11,649,092
^(b)	Cost of investments - affiliated issuers:	$	313,561,735	$	356,802,598
^(c)	Cost of repurchase agreements:	$	—	$	—
^(d)	Securities on loan with market value of:	$	—	$	—
^(e)	Cost of foreign currency:	$	—	$	—

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

114

MML Moderate Allocation Fund			MML Growth Allocation Fund		MML Aggressive Allocation Fund			MML American Funds Growth Fund		MML American Funds Core Allocation Fund		MML Blue Chip Growth Fund		MML Equity Income Fund

$	26,341,613		$	16,258,942	$	1,664,030		$	232,353,879	$	696,892,494	$	452,702,863	$	352,808,564
	1,204,045,947			935,704,979		127,455,777			—		—		—		—
	—			—		—			—		—		638,518		3,920,020
	1,230,387,560			951,963,921		129,119,807			232,353,879		696,892,494		453,341,381		356,728,584
	—			—		—			—		—		—		28
	—			—		—			—		—		—		477


	1,084,978			808,153		266,502			2,517,863		580,045		314,619		119,613
	69,755			25,206		8,092			1,548		2,564		3,472		1,240,434
	27,318			13,358		1,541			—		—		79,783		705,910
	—			—		—			—		—		—		215,482
	1,231,569,611			952,810,638		129,395,942			234,873,290		697,475,103		453,739,255		359,010,528



	27,318			13,358		1,541			—		—		388,902		40,913
	1,135,752			819,004		272,652			2,516,117		571,922		1,347,508		133,876
	—			—		—			—		—		—		3,712,904
	217,698			169,446		14,685			17,734		91,704		50,801		65,812

	—			—		—			46,868		142,411		355		355
	100,528			77,335		10,446			28,120		52,297		270,800		214,923
	634,243			369,222		43,475			136,133		433,347		85,943		45,871
	94,452			76,250		65,228			45,704		59,088		143,884		127,359
	2,209,991			1,524,615		408,027			2,790,676		1,350,769		2,288,193		4,342,013
$	1,229,359,620		$	951,286,023	$	128,987,915		$	232,082,614	$	696,124,334	$	451,451,062	$	354,668,515

$	1,264,014,907		$	926,515,887	$	129,001,478		$	167,892,822	$	618,500,276	$	306,300,646	$	238,154,872
	(34,655,287	)		24,770,136		(13,563	)		64,189,792		77,624,058		145,150,416		116,513,643
$	1,229,359,620		$	951,286,023	$	128,987,915		$	232,082,614	$	696,124,334	$	451,451,062	$	354,668,515

$	27,702,419	$	17,851,475	$	1,798,111	$	222,182,368	$	712,977,355	$	317,413,941	$	290,182,663
$	1,314,806,225	$	1,005,969,148	$	137,837,287	$	—	$	—	$	—	$	—
$	—	$	—	$	—	$	—	$	—	$	638,518	$	3,920,020
$	—	$	—	$	—	$	—	$	—	$	287,360	$	3,636,490
$	—	$	—	$	—	$	—	$	—	$	—	$	477

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

115

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities
June 30, 2023 (Unaudited)

	MML Conservative Allocation Fund		MML Balanced Allocation Fund
Initial Class shares:
Net assets	$	65,912,581	$	79,822,011
Shares outstanding ^(a)		7,697,637		9,027,593
Net asset value, offering price and redemption price per share	$	8.56	$	8.84
Service Class shares:
Net assets	$	224,986,620	$	261,011,553
Shares outstanding ^(a)		26,646,511		29,884,163
Net asset value, offering price and redemption price per share	$	8.44	$	8.73
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.

116

MML Moderate Allocation Fund		MML Growth Allocation Fund		MML Aggressive Allocation Fund		MML American Funds Growth Fund		MML American Funds Core Allocation Fund		MML Blue Chip Growth Fund		MML Equity Income Fund

$	215,876,141	$	350,318,054	$	58,752,527	$	—	$	—	$	303,487,519	$	280,414,056
	23,250,108		43,234,649		6,375,689		—		—		20,998,168		27,098,021
$	9.28	$	8.10	$	9.22	$	—	$	—	$	14.45	$	10.35

$	1,013,483,479	$	600,967,969	$	70,235,388	$	—	$	—	$	147,963,543	$	74,254,459
	110,834,184		75,078,427		7,800,531		—		—		11,124,571		7,313,648
$	9.14	$	8.00	$	9.00	$	—	$	—	$	13.30	$	10.15

$	—	$	—	$	—	$	232,082,614	$	696,124,334	$	—	$	—
	—		—		—		15,326,055		62,287,838		—		—
$	—	$	—	$	—	$	15.14	$	11.18	$	—	$	—

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, 2023 (Unaudited)

	MML Equity Index Fund		MML Focused Equity Fund
Assets:
Investments, at value (Note 2) ^(a)	$	619,939,636	$	296,342,832
Repurchase agreements, at value (Note 2) ^(b)		3,749,063		4,471,839
Total investments ^(c)		623,688,699		300,814,671
Cash		2,879		—
Foreign currency, at value ^(d)		—		—
Receivables from:
Investments sold
Regular delivery		—		2,663,602
Fund shares sold		73,710		9,006
Variation margin on open derivative instruments (Note 2)		101,029		—
Interest and dividends		405,834		331,170
Foreign tax reclaims		—		—
Total assets		624,272,151		303,818,449
Liabilities:
Payables for:
Investments purchased
Regular delivery		—		—
Fund shares repurchased		1,084,484		231,774
Cash collateral held for securities on loan (Note 2)		—		—
Trustees’ fees and expenses (Note 3)		89,478		17,111
Affiliates (Note 3):
Administration fees		48,038		37,078
Investment advisory fees		48,247		167,436
Service fees		21,418		14,614
Accrued expense and other liabilities		165,958		100,269
Total liabilities		1,457,623		568,282
Net assets	$	622,814,528	$	303,250,167
Net assets consist of:
Paid-in capital	$	257,496,972	$	226,022,753
Accumulated earnings (loss)		365,317,556		77,227,414
Net assets	$	622,814,528	$	303,250,167

^(a)	Cost of investments:	$	327,745,640	$	253,128,975
^(b)	Cost of repurchase agreements:	$	3,749,063	$	4,471,839
^(c)	Securities on loan with market value of:	$	—	$	—
^(d)	Cost of foreign currency:	$	—	$	—

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

118

MML Foreign Fund		MML Fundamental Equity Fund		MML Fundamental Value Fund		MML Global Fund		MML Income & Growth Fund		MML International Equity Fund		MML Large Cap Growth Fund

$	179,231,674	$	160,439,160	$	160,400,472	$	136,112,707	$	179,556,752	$	241,271,811	$	195,921,765
	905,524		1,646,771		3,580,261		1,469,064		956,505		2,711,014		4,117,875
	180,137,198		162,085,931		163,980,733		137,581,771		180,513,257		243,982,825		200,039,640
	—		—		11,515		—		54		—		—
	91,056		294		60,270		6		—		68,726		—


	533,669		—		—		407,470		1,166,423		302,876		466,615
	1,441,954		215		47		10,750		30,767		455		15,556
	—		—		—		—		—		—		—
	236,829		65,371		99,475		152,601		442,077		126,824		4,527
	1,244,666		5,586		37,358		710,065		—		1,229,407		187,135
	183,685,372		162,157,397		164,189,398		138,862,663		182,152,578		245,711,113		200,713,473



	849,075		—		—		509,499		572,577		243,892		83,982
	76,255		151,584		180,324		84,524		118,620		203,780		168,307
	440,640		1,382,307		—		2,733,803		2,313,019		1,535,861		—
	45,779		18,838		23,707		27,111		31,269		15,932		20,019

	355		19,773		20,151		16,800		355		30,194		355
	127,799		77,666		79,184		65,779		93,753		155,653		105,295
	5,954		13,376		13,389		13,356		16,650		5,655		13,609
	154,811		114,243		86,132		151,678		95,744		236,585		99,512
	1,700,668		1,777,787		402,887		3,602,550		3,241,987		2,427,552		491,079
$	181,984,704	$	160,379,610	$	163,786,511	$	135,260,113	$	178,910,591	$	243,283,561	$	200,222,394

$	170,372,965	$	132,358,712	$	118,316,825	$	98,684,449	$	114,585,775	$	243,031,375	$	137,444,073
	11,611,739		28,020,898		45,469,686		36,575,664		64,324,816		252,186		62,778,321
$	181,984,704	$	160,379,610	$	163,786,511	$	135,260,113	$	178,910,591	$	243,283,561	$	200,222,394

$	172,152,546	$	138,874,668	$	132,919,414	$	113,819,319	$	152,473,218	$	236,476,544	$	153,702,536
$	905,524	$	1,646,771	$	3,580,261	$	1,469,064	$	956,505	$	2,711,014	$	4,117,875
$	3,095,550	$	1,353,076	$	1,498,381	$	2,679,508	$	3,081,010	$	3,787,776	$	—
$	90,940	$	303	$	57,809	$	6	$	—	$	68,595	$	—

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, 2023 (Unaudited)

	MML Equity Index Fund		MML Focused Equity Fund
Initial Class shares:
Net assets	$	—	$	—
Shares outstanding ^(a)		—		—
Net asset value, offering price and redemption price per share	$	—	$	—
Class I shares:
Net assets	$	54,206,928	$	—
Shares outstanding ^(a)		1,738,593		—
Net asset value, offering price and redemption price per share	$	31.18	$	—
Class II shares:
Net assets	$	215,409,239	$	279,544,680
Shares outstanding ^(a)		6,915,375		36,730,431
Net asset value, offering price and redemption price per share	$	31.15	$	7.61
Class III shares:
Net assets	$	317,707,387	$	—
Shares outstanding ^(a)		10,214,886		—
Net asset value, offering price and redemption price per share	$	31.10	$	—
Service Class shares:
Net assets	$	—	$	—
Shares outstanding ^(a)		—		—
Net asset value, offering price and redemption price per share	$	—	$	—
Service Class I shares:
Net assets	$	35,490,974	$	23,705,487
Shares outstanding ^(a)		1,201,845		3,264,045
Net asset value, offering price and redemption price per share	$	29.53	$	7.26

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

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

120

MML Foreign Fund		MML Fundamental Equity Fund		MML Fundamental Value Fund		MML Global Fund		MML Income & Growth Fund		MML International Equity Fund		MML Large Cap Growth Fund

$	172,534,038	$	—	$	—	$	—	$	151,599,682	$	—	$	175,953,807
	18,713,938		—		—		—		13,854,974		—		12,987,766
$	9.22	$	—	$	—	$	—	$	10.94	$	—	$	13.55

$	—	$	—	$	—	$	97,648,009	$	—	$	—	$	—
	—		—		—		22,041,509		—		—		—
$	—	$	—	$	—	$	4.43	$	—	$	—	$	—

$	—	$	137,917,778	$	142,084,992	$	15,931,046	$	—	$	234,061,160	$	—
	—		14,060,047		11,934,369		3,333,776		—		23,145,915		—
$	—	$	9.81	$	11.91	$	4.78	$	—	$	10.11	$	—

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

$	9,450,666	$	—	$	—	$	—	$	27,310,909	$	—	$	24,268,587
	1,032,485		—		—		—		2,548,067		—		1,897,880
$	9.15	$	—	$	—	$	—	$	10.72	$	—	$	12.79

$	—	$	22,461,832	$	21,701,519	$	21,681,058	$	—	$	9,222,401	$	—
	—		2,416,076		1,883,274		5,173,874		—		922,867		—
$	—	$	9.30	$	11.52	$	4.19	$	—	$	9.99	$	—

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, 2023 (Unaudited)

	MML Managed Volatility Fund		MML Mid Cap Growth Fund
Assets:
Investments, at value (Note 2) ^(a)	$	105,122,756	$	329,934,572
Repurchase agreements, at value (Note 2) ^(b)		3,156,773		11,319,912
Total investments ^(c)		108,279,529		341,254,484
Cash		508		—
Foreign currency, at value ^(d)		29,962		—
Receivables from:
Investments sold
Regular delivery		333,710		1,084,312
Delayed delivery		—		—
Cash collateral pledged for open derivatives (Note 2)		—		—
Open forward contracts (Note 2)		—		—
Fund shares sold		103,991		4,154
Interest and dividends		68,638		85,081
Foreign tax reclaims		—		3,051
Total assets		108,816,338		342,431,082
Liabilities:
Payables for:
Investments purchased
Regular delivery		—		474,150
Delayed delivery		—		—
Written options outstanding, at value (Note 2) ^(e)		2,961,140		—
Open forward contracts (Note 2)		—		—
Fund shares repurchased		229,142		481,021
Premium on purchased options		743,470		—
Cash collateral held for securities on loan (Note 2)		—		479,723
Trustees’ fees and expenses (Note 3)		33,433		55,322
Variation margin on open derivative instruments (Note 2)		—		—
Affiliates (Note 3):
Administration fees		1,208		355
Investment advisory fees		64,092		210,450
Service fees		11,668		51,817
Accrued expense and other liabilities		392,653		117,745
Unrealized depreciation on:
Unfunded bank loan commitments		—		—
Total liabilities		4,436,806		1,870,583
Net assets	$	104,379,532	$	340,560,499
Net assets consist of:
Paid-in capital	$	46,687,211	$	269,040,191
Accumulated earnings (loss)		57,692,321		71,520,308
Net assets	$	104,379,532	$	340,560,499

^(a)	Cost of investments:	$	64,312,461	$	266,005,272
^(b)	Cost of repurchase agreements:	$	3,156,773	$	11,319,912
^(c)	Securities on loan with market value of:	$	—	$	3,660,191
^(d)	Cost of foreign currency:	$	30,165	$	—
^(e)	Premiums on written options:	$	1,796,011	$	—

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

122

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

$	273,700,187	$	149,448,759		$	74,999,006		$	133,141,179	$	139,162,661		$	398,386,383
	4,567,308		1,723,709			927,483			604,353		204,455			1,608,467
	278,267,495		151,172,468			75,926,489			133,745,532		139,367,116			399,994,850
	—		2,939			—			—		14			168,411
	235,944		11			37			—		—			—


	1,730,985		69,339			368,410			1,341,792		—			1,526,244
	—		—			—			—		—			18,358,570
	—		—			—			—		—			1,325,550
	14,212		—			2,072			—		616			4,842
	1,903,262		69,301			9,017			159,117		201			64,734
	535,000		89,224			83,272			151,845		76,445			1,733,620
	17,310		—			—			—		4,573			967
	282,704,208		151,403,282			76,389,297			135,398,286		139,448,965			423,177,788



	2,452,585		—			505,308			49,277		—			2,071,249
	—		—			—			—		—			90,790,475
	—		—			—			—		—			—
	820		—			—			—		—			7,121
	210,964		619,432			39,994			87,523		121,409			209,490
	—		—			—			—		—			—
	695,950		2,663,891			663,382			1,302,446		—			2,562,235
	59,389		35,195			12,227			28,849		22,458			41,521
	—		—			—			—		—			35,595

	355		355			9,416			355		355			41,895
	188,404		124,276			48,322			80,349		56,262			108,499
	29,720		14,123			14,850			14,255		29,589			23,814
	157,756		111,105			82,745			94,408		86,209			255,302

	—		—			—			—		—			319
	3,795,943		3,568,377			1,376,244			1,657,462		316,282			96,147,515
$	278,908,265	$	147,834,905		$	75,013,053		$	133,740,824	$	139,132,683		$	327,030,273

$	223,868,812	$	148,345,719		$	82,082,881		$	109,682,566	$	63,198,102	��	$	376,055,467
	55,039,453		(510,814	)		(7,069,828	)		24,058,258		75,934,581			(49,025,194	)
$	278,908,265	$	147,834,905		$	75,013,053		$	133,740,824	$	139,132,683		$	327,030,273

$	274,092,257	$	135,192,581	$	80,327,938	$	130,798,908	$	109,759,586	$	417,680,327
$	4,567,308	$	1,723,709	$	927,483	$	604,353	$	204,455	$	1,608,467
$	1,482,120	$	11,395,234	$	5,397,805	$	2,692,249	$	—	$	3,549,348
$	236,122	$	11	$	37	$	—	$	—	$	—
$	—	$	—	$	—	$	—	$	—	$	—

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, 2023 (Unaudited)

	MML Managed Volatility Fund		MML Mid Cap Growth Fund
Initial Class shares:
Net assets	$	85,552,738	$	253,932,019
Shares outstanding ^(a)		5,871,839		25,187,467
Net asset value, offering price and redemption price per share	$	14.57	$	10.08
Class II shares:
Net assets	$	—	$	—
Shares outstanding ^(a)		—		—
Net asset value, offering price and redemption price per share	$	—	$	—
Service Class shares:
Net assets	$	18,826,794	$	86,628,480
Shares outstanding ^(a)		1,303,874		9,599,404
Net asset value, offering price and redemption price per share	$	14.44	$	9.02
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.

124

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

$	230,813,329	$	124,157,975	$	—	$	109,820,590	$	90,909,527	$	—
	24,513,258		13,466,220		—		11,573,094		4,582,345		—
$	9.42	$	9.22	$	—	$	9.49	$	19.84	$	—

$	—	$	—	$	50,201,268	$	—	$	—	$	289,285,330
	—		—		6,353,053		—		—		32,364,654
$	—	$	—	$	7.90	$	—	$	—	$	8.94

$	48,094,936	$	23,676,930	$	—	$	23,920,234	$	48,223,156	$	—
	5,263,782		2,996,276		—		2,572,245		2,465,141		—
$	9.14	$	7.90	$	—	$	9.30	$	19.56	$	—

$	—	$	—	$	24,811,785	$	—	$	—	$	37,744,943
	—		—		3,441,886		—		—		4,287,370
$	—	$	—	$	7.21	$	—	$	—	$	8.80

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

125

MML Series Investment Fund – Financial Statements (Continued)
Statements of Operations For the Six Months Ended June 30, 2023 (Unaudited)

	MML Conservative Allocation Fund			MML Balanced Allocation Fund
Investment income (Note 2):
Dividends - unaffiliated issuers ^(a)	$	35,005		$	37,698
Interest		—			—
Securities lending net income		—			—
Non-cash income		—			—
Total investment income		35,005			37,698
Expenses (Note 3):
Investment advisory fees		147,897			172,473
Custody fees		7,734			7,705
Audit and tax fees		18,559			18,587
Legal fees		5,008			5,822
Proxy fees		1,163			1,163
Accounting & Administration fees		—			—
Shareholder reporting fees		11,182			16,116
Trustees’ fees		10,021			11,646
		201,564			233,512
Administration fees:
Service Class I		—			—
Distribution and Service fees:
Service Class		286,437			330,530
Service Class I		—			—
Total expenses		488,001			564,042
Expenses waived (Note 3):
Service Class I fees reimbursed by adviser		—			—
Investment advisory fees waived		—			—
Net expenses:		488,001			564,042
Net investment income (loss)		(452,996	)		(526,344	)
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions - unaffiliated issuers		(140,160	)		(122,838	)
Investment transactions - affiliated issuers (Note 7)		(8,955,589	)		(11,996,464	)
Foreign currency transactions		—			—
Realized gain distributions - unaffiliated issuers		—			—
Net realized gain (loss)		(9,095,749	)		(12,119,302	)
Net change in unrealized appreciation (depreciation) on:
Investment transactions - unaffiliated issuers		511,173			515,998
Investment transactions - affiliated issuers (Note 7)		27,117,859			35,325,480
Translation of assets and liabilities in foreign currencies		—			—
Net change in unrealized appreciation (depreciation)		27,629,032			35,841,478
Net realized gain (loss) and change in unrealized appreciation (depreciation)		18,533,283			23,722,176
Net increase (decrease) in net assets resulting from operations	$	18,080,287		$	23,195,832

^(a)

Net of foreign withholding tax of:

—

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

126

MML Moderate Allocation Fund			MML Growth Allocation Fund			MML Aggressive Allocation Fund			MML American Funds Growth Fund			MML American Funds Core Allocation Fund			MML Blue Chip Growth Fund			MML Equity Income Fund

$	123,190		$	70,010		$	8,078		$	424,475		$	3,153,747		$	1,180,258		$	5,476,335
	—			—			—			—			—			58,760			20,092
	—			—			—			—			—			226			10,324
	—			—			—			—			—			88,907			—
	123,190			70,010			8,078			424,475			3,153,747			1,328,151			5,506,751

	619,456			466,512			62,947			160,209			696,222			1,498,946			1,346,466
	7,675			7,680			7,751			1,700			2,695			14,017			21,744
	19,101			18,907			18,460			18,477			18,784			21,771			21,725
	21,058			15,191			2,073			3,404			10,626			6,545			6,886
	1,163			1,163			1,163			1,163			1,163			1,163			1,163
	—			—			—			—			—			1,397			1,397
	28,798			20,719			8,320			12,746			17,424			25,803			25,609
	42,047			30,364			4,140			6,766			23,222			12,956			12,290
	739,298			560,536			104,854			204,465			770,136			1,582,598			1,437,280

	—			—			—			267,015			870,278			—			—

	1,282,021			737,959			87,010			—			—			163,276			93,333
	—			—			—			267,015			870,278			—			—
	2,021,319			1,298,495			191,864			738,495			2,510,692			1,745,874			1,530,613

	—			—			—			—			(377,997	)		—			—
	—			—			—			—			—			—			(53,859	)
	2,021,319			1,298,495			191,864			738,495			2,132,695			1,745,874			1,476,754
	(1,898,129	)		(1,228,485	)		(183,786	)		(314,020	)		1,021,052			(417,723	)		4,029,997


	(389,321	)		(115,417	)		(7,282	)		4,716,785			(3,710,888	)		16,491,900			14,709,352
	(30,633,515	)		(22,642,139	)		(1,216,709	)		—			—			—			—
	—			—			—			—			—			(51	)		5,222
	—			—			—			12,463,799			11,331,550			—			—
	(31,022,836	)		(22,757,556	)		(1,223,991	)		17,180,584			7,620,662			16,491,849			14,714,574

	1,212,872			711,792			67,351			30,520,503			43,306,543			105,514,630			(9,725,601	)
	127,905,458			110,532,790			14,947,459			—			—			—			—
	—			—			—			—			—			—			(2,256	)
	129,118,330			111,244,582			15,014,810			30,520,503			43,306,543			105,514,630			(9,727,857	)
	98,095,494			88,487,026			13,790,819			47,701,087			50,927,205			122,006,479			4,986,717
$	96,197,365		$	87,258,541		$	13,607,033		$	47,387,067		$	51,948,257		$	121,588,756		$	9,016,714

—

7,759

146,985

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, 2023 (Unaudited)

	MML Equity Index Fund		MML Focused Equity Fund
Investment income (Note 2):
Dividends ^(a)	$	4,872,465	$	2,589,219
Interest		40,993		49,275
Securities lending net income		798		—
Non-cash income		—		—
Total investment income		4,914,256		2,638,494
Expenses (Note 3):
Investment advisory fees		279,936		1,022,979
Custody fees		33,288		11,347
Audit and tax fees		21,871		21,548
Legal fees		10,640		4,900
Proxy fees		1,163		1,163
Accounting & Administration fees		1,397		1,397
Shareholder reporting fees		33,883		14,989
Trustees’ fees		18,881		9,866
		401,059		1,088,189
Administration fees:
Class I		75,698		—
Class II		150,240		207,499
Service Class I		51,304		17,253
Distribution and Service fees:
Service Class		—		—
Service Class I		42,753		28,755
Total expenses		721,054		1,341,696
Expenses waived (Note 3):
Investment advisory fees waived		—		—
Net expenses:		721,054		1,341,696
Net investment income (loss)		4,193,202		1,296,798
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		6,867,871		4,340,967
Futures contracts		452,149		—
Foreign currency transactions		—		—
Net realized gain (loss)		7,320,020		4,340,967
Net change in unrealized appreciation (depreciation) on:
Investment transactions		78,704,787		9,446,537
Futures contracts		273,807		—
Translation of assets and liabilities in foreign currencies		—		—
Net change in unrealized appreciation (depreciation)		78,978,594		9,446,537
Net realized gain (loss) and change in unrealized appreciation (depreciation)		86,298,614		13,787,504
Net increase (decrease) in net assets resulting from operations	$	90,491,816	$	15,084,302

^(a)	Net of foreign withholding tax of:					$	1,322			$	—
*	Net of net increase (decrease) in accrued foreign capital gains tax of:					$	—			$	—

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

128

MML Foreign Fund			MML Fundamental Equity Fund		MML Fundamental Value Fund			MML Global Fund			MML Income & Growth Fund			MML International Equity Fund			MML Large Cap Growth Fund

$	4,076,708		$	1,293,688	$	1,539,316		$	1,589,222		$	2,366,219		$	4,321,285		$	492,915
	5,627			11,922		26,548			5,381			12,856			22,847			11,936
	23,066			2,482		2,808			4,150			5,489			18,676			291
	—			—		—			—			—			81,418			—
	4,105,401			1,308,092		1,568,672			1,598,753			2,384,564			4,444,226			505,142

	783,679			483,723		485,944			414,817			622,256			936,192			561,156
	39,238			13,039		11,920			39,544			18,150			59,667			10,720
	25,550			21,385		21,471			25,123			21,756			27,834			21,379
	2,974			2,839		2,680			2,264			3,823			3,468			4,024
	1,163			1,163		1,163			1,163			1,163			1,163			1,163
	1,397			1,397		1,397			1,397			1,397			1,397			1,397
	15,632			16,252		10,488			11,434			12,781			21,070			11,814
	5,929			5,654		5,376			4,314			6,841			6,943			5,237
	875,562			545,452		540,439			500,056			688,167			1,057,734			616,890

	—			—		—			76,076			—			—			—
	—			105,290		105,226			11,882			—			168,940			—
	—			15,641		16,260			15,746			—			6,596			—

	11,810			—		—			—			34,001			—			25,810
	—			26,069		27,100			26,243			—			10,994			—
	887,372			692,452		689,025			630,003			722,168			1,244,264			642,700

	(9,113	)		—		(16,198	)		—			—			(117,024	)		—
	878,259			692,452		672,827			630,003			722,168			1,127,240			642,700
	3,227,142			615,640		895,845			968,750			1,662,396			3,316,986			(137,558	)


	1,664,096			5,865,756		6,397,150			5,479,977			11,418,395			(964,361	)		8,683,052
	—			—		—			—			—			—			—
	(6,067	)		—		557			(10,294	)		(817	)		(15,650	)		—
	1,658,029			5,865,756		6,397,707			5,469,683			11,417,578			(980,011	)		8,683,052

	13,952,086			19,383,873		(995,950	)		7,866,191			(11,403,355	)		30,109,393	*		47,098,068
	—			—		—			—			—			—			—
	29,407			112		1,748			16,584			1,192			22,864			—
	13,981,493			19,383,985		(994,202	)		7,882,775			(11,402,163	)		30,132,257			47,098,068
	15,639,522			25,249,741		5,403,505			13,352,458			15,415			29,152,246			55,781,120
$	18,866,664		$	25,865,381	$	6,299,350		$	14,321,208		$	1,677,811		$	32,469,232		$	55,643,562

	$	426,919			$	2,519			$	29,344			$	145,583			$	17,305			$	596,936			$	30,310
	$	—			$	—			$	—			$	—			$	—			$	(7,740	)		$	—

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, 2023 (Unaudited)

	MML Managed Volatility Fund			MML Mid Cap Growth Fund
Investment income (Note 2):
Dividends ^(a)	$	870,029		$	1,038,829
Interest		15,759			74,078
Securities lending net income		4			3,759
Total investment income		885,792			1,116,666
Expenses (Note 3):
Investment advisory fees		385,742			1,240,072
Custody fees		131,105			36,023
Audit and tax fees		21,438			21,730
Legal fees		1,943			5,255
Proxy fees		1,163			1,163
Accounting & Administration fees		4,750			1,397
Shareholder reporting fees		21,544			20,726
Trustees’ fees		3,467			10,462
		571,152			1,336,828
Administration fees:
Class II		—			—
Service Class I		—			—
Distribution and Service fees:
Service Class		23,530			104,148
Service Class I		—			—
Total expenses		594,682			1,440,976
Expenses waived (Note 3):
Investment advisory fees waived		—			—
Net expenses:		594,682			1,440,976
Net investment income (loss)		291,110			(324,310	)
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		3,166,991			13,660,496
Futures contracts		—			—
Written options		(923,988	)		—
Swap agreements		—			—
Foreign currency transactions		—			4
Forward contracts		—			—
Net realized gain (loss)		2,243,003			13,660,500
Net change in unrealized appreciation (depreciation) on:
Investment transactions		9,155,117			31,338,056
Unfunded bank loan commitments		—			—
Futures contracts		—			—
Written options		(2,481,849	)		—
Swap agreements		—			—
Translation of assets and liabilities in foreign currencies		648			—
Forward contracts		—			—
Net change in unrealized appreciation (depreciation)		6,673,916			31,338,056
Net realized gain (loss) and change in unrealized appreciation (depreciation)		8,916,919			44,998,556
Net increase (decrease) in net assets resulting from operations	$	9,208,029		$	44,674,246

^(a)

Net of foreign withholding tax of:

229

2,369

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

130

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

$	4,072,907		$	921,343		$	789,899		$	1,211,926	$	1,105,644		$	—
	29,698			13,559			4,591			6,198		1,131			6,649,871
	3,911			7,140			8,488			6,834		—			29,480
	4,106,516			942,042			802,978			1,224,958		1,106,775			6,679,351

	1,195,445			741,439			300,628			495,328		332,887			629,508
	39,227			22,699			19,600			15,551		16,451			72,571
	22,550			23,046			21,594			21,715		21,681			23,399
	5,349			2,355			1,271			2,233		2,161			6,703
	1,163			1,163			1,163			1,163		1,163			1,163
	1,397			1,397			1,397			1,397		1,397			4,750
	22,988			17,546			8,015			16,366		12,474			18,026
	9,562			4,692			2,545			4,449		4,320			9,935
	1,297,681			814,337			356,213			558,202		392,534			766,055

	—			—			37,868			—		—			207,512
	—			—			18,500			—		—			28,554

	60,706			28,695			—			29,371		59,078			—
	—			—			30,833			—		—			47,590
	1,358,387			843,032			443,414			587,573		451,612			1,049,711

	—			(21,388	)		(56,368	)		—		—			—
	1,358,387			821,644			387,046			587,573		451,612			1,049,711
	2,748,129			120,398			415,932			637,385		655,163			5,629,640


	6,050,978			(423,329	)		(2,385,944	)		3,989,345		3,494,607			(6,257,089	)
	—			—			—			—		—			(171,918	)
	—			—			—			—		—			—
	—			—			—			—		—			(1,663,567	)
	(2,458	)		—			(348	)		—		(648	)		2,977
	(338,264	)		—			13,876			—		(10,160	)		(70,972	)
	5,710,256			(423,329	)		(2,372,416	)		3,989,345		3,483,799			(8,160,569	)

	(1,106,056	)		13,374,968			6,604,570			4,234,766		14,597,268			7,307,509
	—			—			—			—		—			1,808
	—			—			—			—		—			(1,582,921	)
	—			—			—			—		—			—
	—			—			—			—		—			1,827,305
	423			1			—			—		82			(432	)
	121,945			—			37			—		4,698			47,928
	(983,688	)		13,374,969			6,604,607			4,234,766		14,602,048			7,601,197
	4,726,568			12,951,640			4,232,191			8,224,111		18,085,847			(559,372	)
$	7,474,697		$	13,072,038		$	4,648,123		$	8,861,496	$	18,741,010		$	5,070,268

87,294

1,023

5,597

3,785

1,761

—

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

131

MML Series Investment Fund – Financial Statements (Continued)
Statements of Changes in Net Assets

	MML Conservative Allocation Fund
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(452,996	)	$	5,803,069
Net realized gain (loss)		(9,095,749	)		22,816,639
Net change in unrealized appreciation (depreciation)		27,629,032			(86,566,306	)
Net increase (decrease) in net assets resulting from operations		18,080,287			(57,946,598	)
Distributions to shareholders (Note 2):
Initial Class		—			(8,975,230	)
Service Class		—			(31,027,776	)
Total distributions		—			(40,003,006	)
Net fund share transactions (Note 5):
Initial Class		(5,544,798	)		2,703,199
Service Class		(21,782,684	)		(5,350,800	)
Increase (decrease) in net assets from fund share transactions		(27,327,482	)		(2,647,601	)
Total increase (decrease) in net assets		(9,247,195	)		(100,597,205	)
Net assets
Beginning of period		300,146,396			400,743,601
End of period	$	290,899,201		$	300,146,396

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

132

MML Balanced Allocation Fund						MML Moderate Allocation Fund						MML Growth Allocation Fund
Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022


$	(526,344	)	$	6,173,353		$	(1,898,129	)	$	20,224,332		$	(1,228,485	)	$	12,016,572
	(12,119,302	)		30,716,421			(31,022,836	)		133,933,792			(22,757,556	)		128,130,608
	35,841,478			(105,005,142	)		129,118,330			(408,723,181	)		111,244,582			(322,143,142	)
	23,195,832			(68,115,368	)		96,197,365			(254,565,057	)		87,258,541			(181,995,962	)

	—			(9,558,838	)		—			(28,772,658	)		—			(50,395,945	)
	—			(31,581,134	)		—			(142,123,211	)		—			(85,620,554	)
	—			(41,139,972	)		—			(170,895,869	)		—			(136,016,499	)

	(6,689,489	)		(861,345	)		(13,421,378	)		(2,065,935	)		(19,628,258	)		10,986,345
	(24,136,519	)		(11,197,946	)		(110,233,166	)		(61,863,610	)		(37,417,131	)		20,768,693
	(30,826,008	)		(12,059,291	)		(123,654,544	)		(63,929,545	)		(57,045,389	)		31,755,038
	(7,630,176	)		(121,314,631	)		(27,457,179	)		(489,390,471	)		30,213,152			(286,257,423	)

	348,463,740			469,778,371			1,256,816,799			1,746,207,270			921,072,871			1,207,330,294
$	340,833,564		$	348,463,740		$	1,229,359,620		$	1,256,816,799		$	951,286,023		$	921,072,871

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 Aggressive Allocation Fund
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(183,786	)	$	1,240,542
Net realized gain (loss)		(1,223,991	)		15,861,188
Net change in unrealized appreciation (depreciation)		15,014,810			(43,616,041	)
Net increase (decrease) in net assets resulting from operations		13,607,033			(26,514,311	)
Distributions to shareholders (Note 2):
Initial Class		—			(9,483,401	)
Service Class		—			(12,710,846	)
Service Class I		—			—
Total distributions		—			(22,194,247	)
Net fund share transactions (Note 5):
Initial Class		(2,115,101	)		2,283,538
Service Class		(5,752,180	)		1,452,454
Service Class I		—			—
Increase (decrease) in net assets from fund share transactions		(7,867,281	)		3,735,992
Total increase (decrease) in net assets		5,739,752			(44,972,566	)
Net assets
Beginning of period		123,248,163			168,220,729
End of period	$	128,987,915		$	123,248,163

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

134

MML American Funds Growth Fund						MML American Funds Core Allocation Fund						MML Blue Chip Growth Fund
Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022


$	(314,020	)	$	(242,442	)	$	1,021,052		$	12,628,325		$	(417,723	)	$	(1,612,882	)
	17,180,584			37,512,120			7,620,662			83,833,835			16,491,849			(5,650,646	)
	30,520,503			(124,668,569	)		43,306,543			(221,250,683	)		105,514,630			(239,808,771	)
	47,387,067			(87,398,891	)		51,948,257			(124,788,523	)		121,588,756			(247,072,299	)

	—			—			—			—			—			(55,459,115	)
	—			—			—			—			—			(27,920,807	)
	—			(51,059,340	)		—			(67,869,394	)		—			—
	—			(51,059,340	)		—			(67,869,394	)		—			(83,379,922	)

	—			—			—			—			(22,271,755	)		41,587,663
	—			—			—			—			(7,783,988	)		20,094,813
	(10,587,566	)		41,237,142			(60,691,919	)		(36,261,954	)		—			—
	(10,587,566	)		41,237,142			(60,691,919	)		(36,261,954	)		(30,055,743	)		61,682,476
	36,799,501			(97,221,089	)		(8,743,662	)		(228,919,871	)		91,533,013			(268,769,745	)

	195,283,113			292,504,202			704,867,996			933,787,867			359,918,049			628,687,794
$	232,082,614		$	195,283,113		$	696,124,334		$	704,867,996		$	451,451,062		$	359,918,049

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 Equity Income Fund
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	4,029,997		$	7,715,588
Net realized gain (loss)		14,714,574			28,268,387
Net change in unrealized appreciation (depreciation)		(9,727,857	)		(51,552,296	)
Net increase (decrease) in net assets resulting from operations		9,016,714			(15,568,321	)
Distributions to shareholders (Note 2):
Initial Class		—			(49,760,616	)
Class I		—			—
Class II		—			—
Class III		—			—
Service Class		—			(12,697,215	)
Service Class I		—			—
Total distributions		—			(62,457,831	)
Net fund share transactions (Note 5):
Initial Class		(32,297,620	)		(1,565,016	)
Class I		—			—
Class II		—			—
Class III		—			—
Service Class		(5,839,644	)		5,792,656
Service Class I		—			—
Increase (decrease) in net assets from fund share transactions		(38,137,264	)		4,227,640
Total increase (decrease) in net assets		(29,120,550	)		(73,798,512	)
Net assets
Beginning of period		383,789,065			457,587,577
End of period	$	354,668,515		$	383,789,065

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

136

MML Equity Index Fund						MML Focused Equity Fund						MML Foreign Fund
Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022


$	4,193,202		$	8,721,993		$	1,296,798		$	2,714,007		$	3,227,142		$	4,703,815
	7,320,020			57,377,551			4,340,967			26,464,556			1,658,029			(2,102,050	)
	78,978,594			(207,573,233	)		9,446,537			(47,671,903	)		13,981,493			(37,095,974	)
	90,491,816			(141,473,689	)		15,084,302			(18,493,340	)		18,866,664			(34,494,209	)

	—			—			—			—			—			(20,270,857	)
	—			(3,711,268	)		—			—			—			—
	—			(18,442,567	)		—			(25,919,591	)		—			—
	—			(22,468,499	)		—			—			—			—
	—			—			—			—			—			(715,390	)
	—			(2,927,966	)		—			(1,868,194	)		—			—
	—			(47,550,300	)		—			(27,787,785	)		—			(20,986,247	)

	—			—			—			—			(21,394,398	)		(7,814,796	)
	(1,600,450	)		(1,966,789	)		—			—			—			—
	(7,925,157	)		(32,829,602	)		(22,716,969	)		(6,640,290	)		—			—
	(2,911,871	)		1,376,083			—			—			—			—
	—			—			—			—			(295,187	)		2,492,522
	(4,499,833	)		(5,584,275	)		37,848			2,501,399			—			—
	(16,937,311	)		(39,004,583	)		(22,679,121	)		(4,138,891	)		(21,689,585	)		(5,322,274	)
	73,554,505			(228,028,572	)		(7,594,819	)		(50,420,016	)		(2,822,921	)		(60,802,730	)

	549,260,023			777,288,595			310,844,986			361,265,002			184,807,625			245,610,355
$	622,814,528		$	549,260,023		$	303,250,167		$	310,844,986		$	181,984,704		$	184,807,625

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 Fundamental Equity Fund
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	615,640		$	1,415,148
Net realized gain (loss)		5,865,756			(1,403,009	)
Net change in unrealized appreciation (depreciation)		19,383,985			(48,524,180	)
Net increase (decrease) in net assets resulting from operations		25,865,381			(48,512,041	)
Distributions to shareholders (Note 2):
Initial Class		—			—
Class I		—			—
Class II		—			(28,431,654	)
Service Class		—			—
Service Class I		—			(3,707,938	)
Total distributions		—			(32,139,592	)
Net fund share transactions (Note 5):
Initial Class		—			—
Class I		—			—
Class II		(32,128,885	)		(1,351,311	)
Service Class		—			—
Service Class I		(569,516	)		3,475,606
Increase (decrease) in net assets from fund share transactions		(32,698,401	)		2,124,295
Total increase (decrease) in net assets		(6,833,020	)		(78,527,338	)
Net assets
Beginning of period		167,212,630			245,739,968
End of period	$	160,379,610		$	167,212,630

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

138

MML Fundamental Value Fund						MML Global Fund						MML Income & Growth Fund
Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022


$	895,845		$	2,090,273		$	968,750		$	1,148,708		$	1,662,396		$	3,601,411
	6,397,707			10,056,090			5,469,683			7,473,573			11,417,578			21,918,505
	(994,202	)		(21,652,700	)		7,882,775			(41,137,015	)		(11,402,163	)		(27,270,987	)
	6,299,350			(9,506,337	)		14,321,208			(32,514,734	)		1,677,811			(1,751,071	)

	—			—			—			—			—			(25,068,815	)
	—			—			—			(76,389,044	)		—			—
	—			(29,059,619	)		—			(10,377,503	)		—			—
	—			—			—			—			—			(3,665,694	)
	—			(4,135,015	)		—			(10,607,643	)		—			—
	—			(33,194,634	)		—			(97,374,190	)		—			(28,734,509	)

	—			—			—			—			(38,767,599	)		(6,306,407	)
	—			—			(16,411,677	)		53,840,699			—			—
	(8,820,247	)		9,294,514			(984,355	)		9,172,796			—			—
	—			—			—			—			(1,330,811	)		831,870
	(1,106,097	)		5,272,119			(126,980	)		13,946,261			—			—
	(9,926,344	)		14,566,633			(17,523,012	)		76,959,756			(40,098,410	)		(5,474,537	)
	(3,626,994	)		(28,134,338	)		(3,201,804	)		(52,929,168	)		(38,420,599	)		(35,960,117	)

	167,413,505			195,547,843			138,461,917			191,391,085			217,331,190			253,291,307
$	163,786,511		$	167,413,505		$	135,260,113		$	138,461,917		$	178,910,591		$	217,331,190

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 International Equity Fund
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	3,316,986		$	3,007,564
Net realized gain (loss)		(980,011	)		(3,690,391	)
Net change in unrealized appreciation (depreciation)		30,132,257			(38,442,337	)
Net increase (decrease) in net assets resulting from operations		32,469,232			(39,125,164	)
Distributions to shareholders (Note 2):
Initial Class		—			—
Class II		—			(13,471,151	)
Service Class		—			—
Service Class I		—			(444,434	)
Total distributions		—			(13,915,585	)
Net fund share transactions (Note 5):
Initial Class		—			—
Class II		(2,057,098	)		7,179,354
Service Class		—			—
Service Class I		(41,335	)		1,284,491
Increase (decrease) in net assets from fund share transactions		(2,098,433	)		8,463,845
Total increase (decrease) in net assets		30,370,799			(44,576,904	)
Net assets
Beginning of period		212,912,762			257,489,666
End of period	$	243,283,561		$	212,912,762

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

140

MML Large Cap Growth Fund						MML Managed Volatility Fund						MML Mid Cap Growth Fund
Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022


$	(137,558	)	$	(253,838	)	$	291,110		$	529,658		$	(324,310	)	$	(1,012,452	)
	8,683,052			13,353,466			2,243,003			17,845,583			13,660,500			(2,767,543	)
	47,098,068			(74,280,494	)		6,673,916			(34,598,278	)		31,338,056			(110,908,180	)
	55,643,562			(61,180,866	)		9,208,029			(16,223,037	)		44,674,246			(114,688,175	)

	—			(15,005,574	)		—			(447,699	)		—			(74,365,442	)
	—			—			—			—			—			—
	—			(2,077,210	)		—			(42,368	)		—			(28,240,386	)
	—			—			—			—			—			—
	—			(17,082,784	)		—			(490,067	)		—			(102,605,828	)

	(5,270,189	)		4,335,168			(5,304,614	)		(17,752,962	)		(8,607,253	)		44,977,349
	—			—			—			—			—			—
	(337,211	)		1,284,214			(2,112,107	)		(3,573,554	)		(5,821,132	)		20,711,304
	—			—			—			—			—			—
	(5,607,400	)		5,619,382			(7,416,721	)		(21,326,516	)		(14,428,385	)		65,688,653
	50,036,162			(72,644,268	)		1,791,308			(38,039,620	)		30,245,861			(151,605,350	)

	150,186,232			222,830,500			102,588,224			140,627,844			310,314,638			461,919,988
$	200,222,394		$	150,186,232		$	104,379,532		$	102,588,224		$	340,560,499		$	310,314,638

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 Mid Cap Value Fund
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	2,748,129		$	5,439,313
Net realized gain (loss)		5,710,256			46,537,433
Net change in unrealized appreciation (depreciation)		(983,688	)		(57,107,648	)
Net increase (decrease) in net assets resulting from operations		7,474,697			(5,130,902	)
Distributions to shareholders (Note 2):
Initial Class		—			(67,203,690	)
Class II		—			—
Service Class		—			(13,746,334	)
Service Class I		—			—
Total distributions		—			(80,950,024	)
Net fund share transactions (Note 5):
Initial Class		(22,767,809	)		23,326,054
Class II		—			—
Service Class		(3,407,861	)		9,275,833
Service Class I		—			—
Increase (decrease) in net assets from fund share transactions		(26,175,670	)		32,601,887
Total increase (decrease) in net assets		(18,700,973	)		(53,479,039	)
Net assets
Beginning of period		297,609,238			351,088,277
End of period	$	278,908,265		$	297,609,238

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

142

MML Small Cap Growth Equity Fund						MML Small Company Value Fund						MML Small/Mid Cap Value Fund
Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022


$	120,398		$	(168,108	)	$	415,932		$	668,744		$	637,385		$	1,507,088
	(423,329	)		(13,537,525	)		(2,372,416	)		(186,922	)		3,989,345			16,595,073
	13,374,969			(31,389,865	)		6,604,607			(14,770,395	)		4,234,766			(45,354,143	)
	13,072,038			(45,095,498	)		4,648,123			(14,288,573	)		8,861,496			(27,251,982	)

	—			(37,544,747	)		—			—			—			(34,744,483	)
	—			—			—			(29,347,300	)		—			—
	—			(8,085,294	)		—			—			—			(7,306,202	)
	—			—			—			(14,620,372	)		—			—
	—			(45,630,041	)		—			(43,967,672	)		—			(42,050,685	)

	(3,469,642	)		25,950,139			—			—			(7,089,985	)		17,587,150
	—			—			(3,965,035	)		22,435,432			—			—
	(1,032,219	)		5,594,133			—			—			(1,062,907	)		5,516,780
	—			—			(1,341,965	)		12,922,931			—			—
	(4,501,861	)		31,544,272			(5,307,000	)		35,358,363			(8,152,892	)		23,103,930
	8,570,177			(59,181,267	)		(658,877	)		(22,897,882	)		708,604			(46,198,737	)

	139,264,728			198,445,995			75,671,930			98,569,812			133,032,220			179,230,957
$	147,834,905		$	139,264,728		$	75,013,053		$	75,671,930		$	133,740,824		$	133,032,220

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 Sustainable Equity Fund
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	655,163		$	1,175,964
Net realized gain (loss)		3,483,799			41,305,581
Net change in unrealized appreciation (depreciation)		14,602,048			(71,558,485	)
Net increase (decrease) in net assets resulting from operations		18,741,010			(29,076,940	)
Distributions to shareholders (Note 2):
Initial Class		—			(14,150,556	)
Class II		—			—
Service Class		—			(7,831,922	)
Service Class I		—			—
Total distributions		—			(21,982,478	)
Net fund share transactions (Note 5):
Initial Class		(5,209,198	)		3,883,839
Class II		—			—
Service Class		(4,937,214	)		3,853,145
Service Class I		—			—
Increase (decrease) in net assets from fund share transactions		(10,146,412	)		7,736,984
Total increase (decrease) in net assets		8,594,598			(43,322,434	)
Net assets
Beginning of period		130,538,085			173,860,519
End of period	$	139,132,683		$	130,538,085

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

144

MML Total Return Bond Fund
Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022


$	5,629,640		$	7,660,037
	(8,160,569	)		(30,891,168	)
	7,601,197			(32,476,315	)
	5,070,268			(55,707,446	)

	—			—
	—			(4,566,764	)
	—			—
	—			(553,904	)
	—			(5,120,668	)

	—			—
	28,107,422			(44,721,041	)
	—			—
	(892,814	)		(4,749,361	)
	27,214,608			(49,470,402	)
	32,284,876			(110,298,516	)

	294,745,397			405,043,913
$	327,030,273		$	294,745,397

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

145

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
6/30/23^r	$ 8.05	$ (0.00)^d	$ 0.51	$ 0.51	$ —	$ —	$ —	$ 8.56	6.34%^b	$ 65,913	0.14%^a	(0.11%)^a
12/31/22	10.77	0.18	(1.72)	(1.54)	(0.38)	(0.80)	(1.18)	8.05	(14.74%)	67,320	0.13%	1.94%
12/31/21	10.34	0.22	0.66	0.88	(0.13)	(0.32)	(0.45)	10.77	8.60%	86,161	0.12%	2.05%
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%
Service Class
6/30/23^r	$ 7.95	$ (0.01)	$ 0.50	$ 0.49	$ —	$ —	$ —	$ 8.44	6.16%^b	$ 224,987	0.39%^a	(0.36%)^a
12/31/22	10.64	0.15	(1.69)	(1.54)	(0.35)	(0.80)	(1.15)	7.95	(14.91%)	232,827	0.38%	1.66%
12/31/21	10.22	0.19	0.65	0.84	(0.10)	(0.32)	(0.42)	10.64	8.33%	314,582	0.37%	1.75%
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%

		Year ended December 31
	Six months ended June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate^x	5%	21%	28%	43%	29%	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.

d	Amount is less than $0.05 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.

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.

146

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
6/30/23^r	$ 8.26	$ (0.00)^d	$ 0.58	$ 0.58	$ —	$ —	$ —	$ 8.84	7.02%^b	$ 79,822	0.14%^a	(0.11%)^a
12/31/22	10.88	0.16	(1.72)	(1.56)	(0.36)	(0.70)	(1.06)	8.26	(14.73%)	80,987	0.13%	1.76%
12/31/21	10.32	0.20	0.82	1.02	(0.14)	(0.32)	(0.46)	10.88	9.98%	106,757	0.12%	1.88%
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%
Service Class
6/30/23^r	$ 8.17	$ (0.02)	$ 0.58	$ 0.56	$ —	$ —	$ —	$ 8.73	6.85%^b	$ 261,012	0.39%^a	(0.36%)^a
12/31/22	10.77	0.14	(1.71)	(1.57)	(0.33)	(0.70)	(1.03)	8.17	(14.97%)	267,476	0.38%	1.52%
12/31/21	10.22	0.17	0.81	0.98	(0.11)	(0.32)	(0.43)	10.77	9.70%	363,021	0.37%	1.62%
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%

		Year ended December 31
	Six months ended June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate^x	3%	16%	25%	22%	28%	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.

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.

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.

147

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
6/30/23^r	$ 8.59	$ (0.00)^d	$ 0.69	$ 0.69	$ —	$ —	$ —	$ 9.28	8.03%^b	$ 215,876	0.12%^a	(0.10%)^a
12/31/22	11.54	0.16	(1.84)	(1.68)	(0.34)	(0.93)	(1.27)	8.59	(14.97%)	212,502	0.12%	1.64%
12/31/21	10.84	0.18	1.11	1.29	(0.16)	(0.43)	(0.59)	11.54	11.99%	284,654	0.11%	1.60%
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%
Service Class
6/30/23^r	$ 8.47	$ (0.02)	$ 0.69	$ 0.67	$ —	$ —	$ —	$ 9.14	7.91%^b	$ 1,013,483	0.37%^a	(0.35%)^a
12/31/22	11.38	0.13	(1.80)	(1.67)	(0.31)	(0.93)	(1.24)	8.47	(15.12%)	1,044,314	0.37%	1.37%
12/31/21	10.70	0.15	1.09	1.24	(0.13)	(0.43)	(0.56)	11.38	11.67%	1,461,553	0.36%	1.36%
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%

		Year ended December 31
	Six months ended June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate^x	6%	15%	21%	19%	28%	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.

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.

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 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
6/30/23^r	$ 7.38	$ (0.00)^d	$ 0.72	$ 0.72	$ —	$ —	$ —	$ 8.10	9.76%^b	$ 350,318	0.12%^a	(0.11%)^a
12/31/22	10.11	0.11	(1.61)	(1.50)	(0.24)	(0.99)	(1.23)	7.38	(15.30%)	337,615	0.12%	1.35%
12/31/21	9.38	0.14	1.19	1.33	(0.16)	(0.44)	(0.60)	10.11	14.33%	443,650	0.12%	1.36%
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%
Service Class
6/30/23^r	$ 7.30	$ (0.01)	$ 0.71	$ 0.70	$ —	$ —	$ —	$ 8.00	9.59%^b	$ 600,968	0.37%^a	(0.36%)^a
12/31/22	10.00	0.09	(1.59)	(1.50)	(0.21)	(0.99)	(1.20)	7.30	(15.45%)	583,458	0.37%	1.10%
12/31/21	9.29	0.11	1.17	1.28	(0.13)	(0.44)	(0.57)	10.00	13.93%	763,680	0.37%	1.10%
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%

		Year ended December 31
	Six months ended June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate^x	3%	15%	27%	18%	29%	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.

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.

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 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
6/30/23^r	$ 8.26	$ (0.01)	$ 0.97	$ 0.96	$ —	$ —	$ —	$ 9.22	11.62%^b	$ 58,753	0.17%^a	(0.15%)^a
12/31/22	11.70	0.10	(1.90)	(1.80)	(0.21)	(1.43)	(1.64)	8.26	(15.90%)	54,729	0.16%	1.02%
12/31/21	10.58	0.12	1.63	1.75	(0.15)	(0.48)	(0.63)	11.70	16.65%	73,193	0.14%	1.05%
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%
Service Class
6/30/23^r	$ 8.08	$ (0.02)	$ 0.94	$ 0.92	$ —	$ —	$ —	$ 9.00	11.39%^b	$ 70,235	0.42%^a	(0.40%)^a
12/31/22	11.48	0.07	(1.86)	(1.79)	(0.18)	(1.43)	(1.61)	8.08	(16.13%)	68,519	0.41%	0.79%
12/31/21	10.39	0.09	1.60	1.69	(0.12)	(0.48)	(0.60)	11.48	16.40%	95,028	0.39%	0.78%
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%

		Year ended December 31
	Six months ended June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate^x	6%	23%	37%	17%	32%	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.

150

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
6/30/23^r	$ 12.15	$ (0.02)	$ 3.01	$ 2.99	$ —	$ —	$ —	$ 15.14	24.61%^b	$ 232,083	0.69%^a	N/A	(0.29%)^a
12/31/22	22.52	(0.02)	(6.38)	(6.40)	(0.08)	(3.89)	(3.97)	12.15	(30.29%)	195,283	0.69%	N/A	(0.11%)
12/31/21	19.56	(0.05)	4.20	4.15	—	(1.19)	(1.19)	22.52	21.48%	292,504	0.68%	N/A	(0.21%)
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%

		Year ended December 31
	Six months ended June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate^x	8%	10%	13%	8%	12%	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.

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.

151

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,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^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
6/30/23^r	$ 10.38	$ 0.02	$ 0.78	$ 0.80	$ —	$ —	$ —	$ 11.18	7.71%^b	$ 696,124	0.72%^a	0.61%^a	0.29%^a
12/31/22	13.22	0.19	(1.98)	(1.79)	(0.26)	(0.79)	(1.05)	10.38	(13.70%)	704,868	0.72%	0.61%	1.62%
12/31/21	12.16	0.13	1.42	1.55	(0.17)	(0.32)	(0.49)	13.22	12.85%	933,788	0.71%	0.65%	1.00%
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%

		Year ended December 31
	Six months ended June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate^x	3%	19%	11%	14%	16%	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.

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.

152

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
6/30/23^r	$ 10.70	$ (0.01)	$ 3.76	$ 3.75	$ —	$ —	$ —	$ 14.45	35.05%^b	$ 303,488	0.79%^a	(0.13%)^a
12/31/22	21.62	(0.04)	(8.02)	(8.06)	—	(2.86)	(2.86)	10.70	(39.50%)	243,726	0.78%	(0.28%)
12/31/21	20.51	(0.10)	3.48	3.38	—	(2.27)	(2.27)	21.62	16.34%	425,249	0.77%	(0.44%)
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%)
Service Class
6/30/23^r	$ 9.86	$ (0.02)	$ 3.46	$ 3.44	$ —	$ —	$ —	$ 13.30	34.89%^b	$ 147,964	1.04%^a	(0.38%)^a
12/31/22	20.28	(0.07)	(7.49)	(7.56)	—	(2.86)	(2.86)	9.86	(39.65%)	116,192	1.03%	(0.53%)
12/31/21	19.40	(0.14)	3.29	3.15	—	(2.27)	(2.27)	20.28	16.08%	203,439	1.02%	(0.69%)
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%)

		Year ended December 31
	Six months ended June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate	8%	24%	41%	26%	33%	28%

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.

153

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 waivers	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Initial Class
6/30/23^r	$ 10.10	$ 0.12	$ 0.13	$ 0.25	$ —	$ —	$ —	$ 10.35	2.48%^b	$ 280,414	0.80%^a	0.77%^a	2.29%^a
12/31/22	12.38	0.22	(0.64)	(0.42)	(0.21)	(1.65)	(1.86)	10.10	(3.57%)	305,370	0.79%	0.76%	1.92%
12/31/21	10.28	0.18	2.43	2.61	(0.27)	(0.24)	(0.51)	12.38	25.58%	368,999	0.78%	0.75%	1.57%
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%
Service Class
6/30/23^r	$ 9.92	$ 0.10	$ 0.13	$ 0.23	$ —	$ —	$ —	$ 10.15	2.32%^b	$ 74,254	1.05%^a	1.02%^a	2.06%^a
12/31/22	12.19	0.19	(0.63)	(0.44)	(0.18)	(1.65)	(1.83)	9.92	(3.82%)	78,419	1.04%	1.01%	1.67%
12/31/21	10.14	0.15	2.39	2.54	(0.25)	(0.24)	(0.49)	12.19	25.18%	88,588	1.03%	1.00%	1.32%
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%

		Year ended December 31
	Six months ended June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate	8%	15%	21%	32%	18%	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.

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.

154

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
6/30/23^r	$ 26.73	$ 0.18	$ 4.27	$ 4.45	$ —	$ —	$ —	$ 31.18	16.65%^b	$ 54,207	0.44%^a	1.27%^a
12/31/22	35.26	0.35	(6.73)	(6.38)	(0.31)	(1.84)	(2.15)	26.73	(18.50%)	47,938	0.43%	1.18%
12/31/21	29.07	0.31	7.77	8.08	(0.43)	(1.46)	(1.89)	35.26	28.19%	65,271	0.42%	0.96%
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%
Class II
6/30/23^r	$ 26.69	$ 0.20	$ 4.26	$ 4.46	$ —	$ —	$ —	$ 31.15	16.71%^b	$ 215,409	0.29%^a	1.42%^a
12/31/22	35.22	0.39	(6.70)	(6.31)	(0.38)	(1.84)	(2.22)	26.69	(18.35%)	191,941	0.28%	1.32%
12/31/21	29.04	0.36	7.76	8.12	(0.48)	(1.46)	(1.94)	35.22	28.37%	299,922	0.27%	1.11%
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%
Class III
6/30/23^r	$ 26.63	$ 0.22	$ 4.25	$ 4.47	$ —	$ —	$ —	$ 31.10	16.79%^b	$ 317,707	0.14%^a	1.57%^a
12/31/22	35.15	0.44	(6.70)	(6.26)	(0.42)	(1.84)	(2.26)	26.63	(18.23%)	274,717	0.13%	1.48%
12/31/21	28.98	0.41	7.74	8.15	(0.52)	(1.46)	(1.98)	35.15	28.54%	359,612	0.12%	1.26%
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%
Service Class I
6/30/23^r	$ 25.35	$ 0.14	$ 4.04	$ 4.18	$ —	$ —	$ —	$ 29.53	16.49%^b	$ 35,491	0.69%^a	1.01%^a
12/31/22	33.55	0.26	(6.39)	(6.13)	(0.23)	(1.84)	(2.07)	25.35	(18.69%)	34,664	0.68%	0.92%
12/31/21	27.76	0.22	7.40	7.62	(0.37)	(1.46)	(1.83)	33.55	27.86%	52,483	0.67%	0.71%
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%

		Year ended December 31
	Six months ended June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate	1%	2%	3%	5%	5%	3%

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.

155

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
6/30/23^r	$ 7.24	$ 0.03	$ 0.34	$ 0.37	$ —	$ —	$ —	$ 7.61	5.11%^b	$ 279,545	0.88%^a	N/A	0.88%^a
12/31/22	8.30	0.06	(0.45)	(0.39)	(0.07)	(0.60)	(0.67)	7.24	(4.69%)	288,336	0.86%	N/A	0.85%
12/31/21	7.25	0.07	1.51	1.58	(0.08)	(0.45)	(0.53)	8.30	22.25%	338,277	0.87%	N/A	0.89%
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%
Service Class I
6/30/23^r	$ 6.91	$ 0.02	$ 0.33	$ 0.35	$ —	$ —	$ —	$ 7.26	5.07%^b	$ 23,705	1.13%^a	N/A	0.64%^a
12/31/22	7.96	0.04	(0.44)	(0.40)	(0.05)	(0.60)	(0.65)	6.91	(5.02%)	22,509	1.12%	N/A	0.60%
12/31/21	6.98	0.05	1.45	1.50	(0.07)	(0.45)	(0.52)	7.96	21.88%	22,988	1.12%	N/A	0.64%
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%

		Year ended December 31
	Six months ended June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate	6%	24%	34%	36%	36%	64%

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.

156

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
6/30/23^r	$ 8.32	$ 0.16	$ 0.74	$ 0.90	$ —	$ —	$ —	$ 9.22	10.82%^b	$ 172,534	0.96%^a	0.95%^a	3.55%^a
12/31/22	11.04	0.22	(1.88)	(1.66)	(0.37)	(0.69)	(1.06)	8.32	(14.58%)	175,988	0.95%	0.93%	2.40%
12/31/21	10.02	0.22	1.09	1.31	(0.29)	—	(0.29)	11.04	13.04%	237,547	0.94%	0.92%	1.99%
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%
Service Class
6/30/23^r	$ 8.27	$ 0.15	$ 0.73	$ 0.88	$ —	$ —	$ —	$ 9.15	10.64%^b	$ 9,451	1.21%^a	1.20%^a	3.34%^a
12/31/22	10.98	0.19	(1.87)	(1.68)	(0.34)	(0.69)	(1.03)	8.27	(14.87%)	8,819	1.20%	1.19%	2.06%
12/31/21	9.95	0.19	1.10	1.29	(0.26)	—	(0.26)	10.98	12.95%	8,063	1.19%	1.17%	1.72%
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%

		Year ended December 31
	Six months ended June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate	7%	10%	16%	106%	43%	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.

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 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
6/30/23^r	$ 8.36	$ 0.04	$ 1.41	$ 1.45	$ —	$ —	$ —	$ 9.81	17.34%^b	$ 137,918	0.83%^a	N/A	0.79%^a
12/31/22	12.55	0.07	(2.50)	(2.43)	(0.06)	(1.70)	(1.76)	8.36	(20.24%)	147,522	0.81%	N/A	0.75%
12/31/21	10.73	0.09	2.81	2.90	(0.06)	(1.02)	(1.08)	12.55	27.67%	220,586	0.81%	N/A	0.77%
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%
Service Class I
6/30/23^r	$ 7.93	$ 0.02	$ 1.35	$ 1.37	$ —	$ —	$ —	$ 9.30	17.28%^b	$ 22,462	1.08%^a	N/A	0.55%^a
12/31/22	12.01	0.05	(2.39)	(2.34)	(0.04)	(1.70)	(1.74)	7.93	(20.44%)	19,691	1.06%	N/A	0.50%
12/31/21	10.31	0.06	2.70	2.76	(0.04)	(1.02)	(1.06)	12.01	27.38%	25,154	1.06%	N/A	0.52%
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%

		Year ended December 31
	Six months ended June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate	28%	56%	56%	113%	129%	61%

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.

158

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
6/30/23^r	$ 11.45	$ 0.07	$ 0.39	$ 0.46	$ —	$ —	$ —	$ 11.91	4.02%^b	$ 142,085	0.82%^a	0.80%^a	1.14%^a
12/31/22	14.86	0.16	(0.88)	(0.72)	(0.14)	(2.55)	(2.69)	11.45	(4.86%)	145,398	0.82%	0.80%	1.21%
12/31/21	11.62	0.12	3.36	3.48	(0.24)	—	(0.24)	14.86	30.02%	173,486	0.83%	0.81%	0.87%
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%
Service Class I
6/30/23^r	$ 11.10	$ 0.05	$ 0.37	$ 0.42	$ —	$ —	$ —	$ 11.52	3.78%^b	$ 21,702	1.07%^a	1.05%^a	0.89%^a
12/31/22	14.49	0.12	(0.84)	(0.72)	(0.12)	(2.55)	(2.67)	11.10	(5.03%)	22,015	1.07%	1.05%	0.96%
12/31/21	11.35	0.08	3.28	3.36	(0.22)	—	(0.22)	14.49	29.68%	22,062	1.08%	1.06%	0.61%
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%

		Year ended December 31
	Six months ended June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate	25%	31%	42%	86%	131%	28%

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.

159

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
6/30/23^r	$ 4.00	$ 0.03	$ 0.40	$ 0.43	$ —	$ —	$ —	$ 4.43	10.75%^b	$ 97,648	0.87%^a	1.43%^a
12/31/22	14.85	0.06	(2.61)	(2.55)	(0.19)	(8.11)	(8.30)	4.00	(17.78%)	103,424	0.85%	0.80%
12/31/21	13.96	0.09	2.30	2.39	(0.14)	(1.36)	(1.50)	14.85	17.32%	151,785	0.80%	0.61%
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%
Class II
6/30/23^r	$ 4.32	$ 0.03	$ 0.43	$ 0.46	$ —	$ —	$ —	$ 4.78	10.65%^b	$ 15,931	0.87%^a	1.45%^a
12/31/22	15.27	0.06	(2.68)	(2.62)	(0.22)	(8.11)	(8.33)	4.32	(17.71%)	15,307	0.85%	0.81%
12/31/21	14.31	0.09	2.37	2.46	(0.14)	(1.36)	(1.50)	15.27	17.42%	20,021	0.80%	0.57%
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%
Service Class I
6/30/23^r	$ 3.79	$ 0.02	$ 0.38	$ 0.40	$ —	$ —	$ —	$ 4.19	10.55%^b	$ 21,681	1.12%^a	1.21%^a
12/31/22	14.62	0.04	(2.58)	(2.54)	(0.18)	(8.11)	(8.29)	3.79	(18.00%)	19,731	1.10%	0.54%
12/31/21	13.76	0.05	2.28	2.33	(0.11)	(1.36)	(1.47)	14.62	17.16%	19,585	1.05%	0.32%
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%

		Year ended December 31
	Six months ended June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate	6%	14%	9%	13%	16%	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.

160

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
6/30/23^r	$ 10.82	$ 0.09	$ 0.03	$ 0.12	$ —	$ —	$ —	$ 10.94	1.11%^b	$ 151,600	0.72%^a	1.76%^a
12/31/22	12.41	0.18	(0.25)	(0.07)	(0.18)	(1.34)	(1.52)	10.82	(0.31%)	188,904	0.70%	1.59%
12/31/21	10.00	0.15	2.47	2.62	(0.21)	—	(0.21)	12.41	26.27%	221,734	0.69%	1.29%
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%
Service Class
6/30/23^r	$ 10.61	$ 0.08	$ 0.03	$ 0.11	$ —	$ —	$ —	$ 10.72	1.04%^b	$ 27,311	0.97%^a	1.57%^a
12/31/22	12.20	0.15	(0.25)	(0.10)	(0.15)	(1.34)	(1.49)	10.61	(0.59%)	28,427	0.95%	1.35%
12/31/21	9.84	0.12	2.43	2.55	(0.19)	—	(0.19)	12.20	25.94%	31,557	0.94%	1.07%
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%

		Year ended December 31
	Six months ended June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate	12%	21%	28%	49%	43%	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.

161

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
6/30/23^r	$ 8.78	$ 0.14	$ 1.19	$ 1.33	$ —	$ —	$ —	$ 10.11	15.15%^b	$ 234,061	1.05%^a	0.95%^a	2.84%^a
12/31/22	11.08	0.13	(1.83)	(1.70)	(0.11)	(0.49)	(0.60)	8.78	(15.10%)	204,861	1.08%	0.98%	1.39%
12/31/21	9.98	0.14	1.03	1.17	(0.07)	—	(0.07)	11.08	11.77%	249,038	1.05%	0.97%	1.32%
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%
Service Class I
6/30/23^r	$ 8.68	$ 0.12	$ 1.19	$ 1.31	$ —	$ —	$ —	$ 9.99	15.09%^b	$ 9,222	1.30%^a	1.20%^a	2.59%^a
12/31/22	10.96	0.10	(1.81)	(1.71)	(0.08)	(0.49)	(0.57)	8.68	(15.35%)	8,051	1.33%	1.23%	1.12%
12/31/21	9.88	0.12	1.02	1.14	(0.06)	—	(0.06)	10.96	11.49%	8,452	1.29%	1.22%	1.09%
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%

		Year ended December 31
	Six months ended June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate	11%	19%	75%	49%	37%	43%

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.

162

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
6/30/23^r	$ 9.81	$ (0.01)	$ 3.75	$ 3.74	$ —	$ —	$ —	$ 13.55	38.12%^b	$ 175,954	0.71%^a	(0.13%)^a
12/31/22	15.04	(0.01)	(4.04)	(4.05)	—	(1.18)	(1.18)	9.81	(27.55%)	132,218	0.72%	(0.12%)
12/31/21	13.98	(0.01)	2.59	2.58	(0.01)	(1.51)	(1.52)	15.04	18.41%	196,928	0.70%	(0.10%)
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%
Service Class
6/30/23^r	$ 9.27	$ (0.02)	$ 3.54	$ 3.52	$ —	$ —	$ —	$ 12.79	37.97%^b	$ 24,269	0.96%^a	(0.38%)^a
12/31/22	14.33	(0.04)	(3.84)	(3.88)	—	(1.18)	(1.18)	9.27	(27.73%)	17,968	0.98%	(0.37%)
12/31/21	13.41	(0.05)	2.48	2.43	—	(1.51)	(1.51)	14.33	18.08%	25,902	0.95%	(0.33%)
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%

		Year ended December 31
	Six months ended June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate	7%	25%	21%	32%	11%	16%

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.

bb	The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund’s expense structure.

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 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	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
6/30/23^r	$ 13.33	$ 0.04	$ 1.20	$ 1.24	$ —	$ —	$ 14.57	9.30%^b	$ 85,553	1.11%^a	0.61%^a
12/31/22	15.23	0.07	(1.90)	(1.83)	(0.07)	(0.07)	13.33	(12.05%)	83,308	1.08%	0.50%
12/31/21	13.78	0.06	1.53	1.59	(0.14)	(0.14)	15.23	11.54%	114,646	0.99%	0.39%
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%
Service Class
6/30/23^r	$ 13.22	$ 0.02	$ 1.20	$ 1.22	$ —	$ —	$ 14.44	9.17%^b	18,827	1.36%^a	0.36%^a
12/31/22	15.10	0.03	(1.88)	(1.85)	(0.03)	(0.03)	13.22	(12.27%)	19,280	1.34%	0.25%
12/31/21	13.67	0.02	1.52	1.54	(0.11)	(0.11)	15.10	11.26%	25,982	1.24%	0.14%
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%

		Year ended December 31
	Six months ended June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate	1%	8%	5%	20%	2%	5%

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 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
6/30/23^r	$ 8.79	$ (0.01)	$ 1.30	$ 1.29	$ —	$ —	$ —	$ 10.08	14.68%^b	$ 253,932	0.83%^a	(0.14%)^a
12/31/22	16.52	(0.03)	(3.89)	(3.92)	—	(3.81)	(3.81)	8.79	(25.11%)	229,303	0.82%	(0.23%)
12/31/21	18.10	(0.07)	2.48	2.41	—	(3.99)	(3.99)	16.52	13.21%	343,781	0.80%	(0.38%)
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%
Service Class
6/30/23^r	$ 7.88	$ (0.02)	$ 1.16	$ 1.14	$ —	$ —	$ —	$ 9.02	14.47%^b	$ 86,628	1.08%^a	(0.39%)^a
12/31/22	15.34	(0.05)	(3.60)	(3.65)	—	(3.81)	(3.81)	7.88	(25.31%)	81,012	1.07%	(0.47%)
12/31/21	17.09	(0.11)	2.35	2.24	—	(3.99)	(3.99)	15.34	12.99%	118,139	1.05%	(0.63%)
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%)

		Year ended December 31
	Six months ended June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate	18%	32%	33%	66%	28%	26%

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.

165

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
6/30/23^r	$ 9.17	$ 0.09	$ 0.16	$ 0.25	$ —	$ —	$ —	$ 9.42	2.73%^b	$ 230,813	0.91%^a	1.97%^a
12/31/22	12.58	0.19	(0.38)	(0.19)	(0.26)	(2.96)	(3.22)	9.17	(1.33%)	247,316	0.90%	1.76%
12/31/21	10.59	0.17	2.28	2.45	(0.18)	(0.28)	(0.46)	12.58	23.31%	295,384	0.88%	1.39%
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%
Service Class
6/30/23^r	$ 8.91	$ 0.08	$ 0.15	$ 0.23	$ —	$ —	$ —	$ 9.14	2.58%^b	$ 48,095	1.16%^a	1.73%^a
12/31/22	12.31	0.16	(0.37)	(0.21)	(0.23)	(2.96)	(3.19)	8.91	(1.56%)	50,294	1.15%	1.52%
12/31/21	10.38	0.14	2.22	2.36	(0.15)	(0.28)	(0.43)	12.31	22.95%	55,704	1.13%	1.16%
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%

		Year ended December 31
	Six months ended June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate	19%	70%	46%	74%	39%	59%

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.

166

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
6/30/23^r	$ 8.42	$ 0.01	$ 0.79	$ 0.80	$ —	$ —	$ 9.22	9.46%^b	$ 124,158	1.14%^a	1.11%^a	0.21%^a
12/31/22	15.26	(0.01)	(3.26)	(3.27)	(3.57)	(3.57)	8.42	(23.15%)	116,615	1.13%	1.10%	(0.07%)
12/31/21	16.86	(0.09)	1.31	1.22	(2.82)	(2.82)	15.26	7.31%	165,781	1.10%	1.07%	(0.50%)
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%)
Service Class
6/30/23^r	$ 7.23	$ (0.00)^d,bb	$ 0.67	$ 0.67	$ —	$ —	$ 7.90	9.33%^b	$ 23,677	1.39%^a	1.36%^a	(0.04%)^a
12/31/22	13.73	(0.03)	(2.90)	(2.93)	(3.57)	(3.57)	7.23	(23.35%)	22,650	1.38%	1.35%	(0.32%)
12/31/21	15.48	(0.11)	1.18	1.07	(2.82)	(2.82)	13.73	7.04%	32,665	1.35%	1.32%	(0.75%)
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%)

		Year ended December 31
	Six months ended June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate	21%	68%	73%	79%	63%	76%

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	The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund’s expense structure.

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 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
6/30/23^r	$ 7.43	$ 0.05	$ 0.42	$ 0.47	$ —	$ —	$ —	$ 7.90	6.33%^b	$ 50,201	1.10%^a	0.95%^a	1.19%^a
12/31/22	17.91	0.10	(2.20)	(2.10)	(0.03)	(8.35)	(8.38)	7.43	(14.78%)	51,032	1.08%	0.93%	0.87%
12/31/21	15.25	0.03	3.77	3.80	(0.06)	(1.08)	(1.14)	17.91	25.47%	67,627	1.05%	0.98%	0.16%
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%
Service Class I
6/30/23^r	$ 6.78	$ 0.03	$ 0.40	$ 0.43	$ —	$ —	$ —	$ 7.21	6.34%^b	$ 24,812	1.35%^a	1.20%^a	0.94%^a
12/31/22	17.15	0.07	(2.09)	(2.02)	—	(8.35)	(8.35)	6.78	(15.06%)	24,640	1.33%	1.18%	0.63%
12/31/21	14.66	(0.01)^bb	3.61	3.60	(0.03)	(1.08)	(1.11)	17.15	25.12%	30,943	1.30%	1.23%	(0.08%)
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%

		Year ended December 31
	Six months ended June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate	22%	42%	127%	29%	24%	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.

bb	The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund’s expense structure.

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 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
6/30/23^r	$ 8.88	$ 0.05	$ 0.56	$ 0.61	$ —	$ —	$ —	$ 9.49	6.87%^b	$ 109,821	0.85%^a	1.01%^a
12/31/22	14.72	0.12	(2.23)	(2.11)	(0.16)	(3.57)	(3.73)	8.88	(15.69%)	109,598	0.83%	1.06%
12/31/21	10.94	0.13	3.79	3.92	(0.14)	—	(0.14)	14.72	35.94%	149,280	0.81%	0.99%
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%
Service Class
6/30/23^r	$ 8.71	$ 0.03	$ 0.56	$ 0.59	$ —	$ —	$ —	$ 9.30	6.77%^b	$ 23,920	1.10%^a	0.76%^a
12/31/22	14.51	0.09	(2.19)	(2.10)	(0.13)	(3.57)	(3.70)	8.71	(15.89%)	23,434	1.08%	0.81%
12/31/21	10.79	0.10	3.74	3.84	(0.12)	—	(0.12)	14.51	35.64%	29,951	1.06%	0.77%
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%

		Year ended December 31
	Six months ended June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate	23%	42%	50%	60%	35%	38%

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.

169

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Sustainable 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	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
6/30/23^r	$ 17.25	$ 0.10	$ 2.49	$ 2.59	$ —	$ —	$ —	$ 19.84	15.01%^b	$ 90,910	0.59%^a	1.07%^a
12/31/22	24.54	0.18	(4.18)	(4.00)	(0.20)	(3.09)	(3.29)	17.25	(17.01%)	83,958	0.57%	0.90%
12/31/21	20.53	0.17	5.35	5.52	(0.20)	(1.31)	(1.51)	24.54	27.14%	112,894	0.56%	0.74%
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%
Service Class
6/30/23^r	$ 17.03	$ 0.07	$ 2.46	$ 2.53	$ —	$ —	$ —	$ 19.56	14.86%^b	$ 48,223	0.84%^a	0.82%^a
12/31/22	24.26	0.13	(4.12)	(3.99)	(0.15)	(3.09)	(3.24)	17.03	(17.20%)	46,580	0.82%	0.66%
12/31/21	20.33	0.10	5.29	5.39	(0.15)	(1.31)	(1.46)	24.26	26.78%	60,966	0.81%	0.44%
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%

		Year ended December 31
	Six months ended June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate	16%	81%	12%	17%	16%	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.

170

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
6/30/23^r	$ 8.78	$ 0.16	$ (0.00)^d	$ 0.16	$ —	$ —	$ —	$ 8.94	1.82%^b	$ 289,285	0.64%^a	N/A	3.61%^a
12/31/22	10.47	0.22	(1.75)	(1.53)	(0.16)	—	(0.16)	8.78	(14.70%)	256,760	0.64%	N/A	2.37%
12/31/21	11.28	0.12	(0.25)	(0.13)	(0.20)	(0.48)	(0.68)	10.47	(1.19%)	354,653	0.61%	N/A	1.12%
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%
Service Class I
6/30/23^r	$ 8.66	$ 0.15	$ (0.01)	$ 0.14	$ —	$ —	$ —	$ 8.80	1.62%^b	$ 37,745	0.89%^a	N/A	3.35%^a
12/31/22	10.32	0.20	(1.73)	(1.53)	(0.13)	—	(0.13)	8.66	(14.90%)	37,985	0.89%	N/A	2.13%
12/31/21	11.14	0.09	(0.25)	(0.16)	(0.18)	(0.48)	(0.66)	10.32	(1.51%)	50,391	0.86%	N/A	0.87%
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%

		Year ended December 31
	Six months ended June 30, 2023^b,r	2022	2021	2020	2019	2018
Portfolio turnover rate	250%	417%	441%	328%	219%	250%

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.

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

171

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 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 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 Sustainable Equity Fund (“Sustainable Equity 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’ Prospectuses.

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”) and non-affiliated mutual funds (together, the “MML Underlying Funds”). The financial statements included 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.

172

Notes to Financial Statements (Unaudited) (Continued)

MML American Funds Growth Fund (the “Feeder Fund”) invests all of its assets in Class 1 shares of the Growth Fund, a series of the American Funds Insurance Series (the “Master Fund”). The Master Fund is an open-end investment company and organized as a Massachusetts business trust. The Feeder Fund has an investment objective that is consistent with the Master Fund. The 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 Feeder Fund, to qualify as a regulated investment company. The performance of the Feeder Fund is directly affected by the performance of the Master Fund. The financial statements of the Master Fund, including the Summary Investment Portfolio, are provided separately and should be read in conjunction with the Feeder Fund’s financial statements. As of June 30, 2023, the MML American Funds Growth Fund owned 0.63% of the Master Fund. 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 Fund’s 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; instead, MML Advisers will determine the fair value of a Fund’s securities in accordance with MML Advisers’ fair valuation policy and procedures. 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 the 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 Fund, and MML American Funds Core Allocation Fund is based upon the net asset value(s) of the Master Fund or Underlying Funds, as applicable. Shares of the Master Fund and Underlying Funds are valued at their closing net asset values as reported on each business day.

The Prospectuses and Statements of Additional Information (“SAIs”) for the Underlying Funds and the Master Fund, as applicable, explain the valuation methods for the Underlying Funds and the Master Fund, including the circumstances under which the Underlying Funds or the Master Fund, 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

173

Notes to Financial Statements (Unaudited) (Continued)

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.

The Board of Trustees (“Trustees”) have designated MML Advisers as the Funds’ “valuation designee,” responsible for determining the fair value, in good faith, of securities and other instruments held by the Funds for which market quotations are not readily available or for which such market quotations or values are considered by MML Advisers or a 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). It is possible that a significant amount of a Fund’s assets will be subject to fair valuation in accordance with MML Advisers’ fair valuation policy and procedures. The fair value determined for an investment by MML Advisers 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 the Master Fund 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 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.

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 may be fair valued using 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.

174

Notes to Financial Statements (Unaudited) (Continued)

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 indexes 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 the 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.

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.

175

Notes to Financial Statements (Unaudited) (Continued)

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 Fund, and MML American Funds Core Allocation Fund characterized all investments at Level 1, as of June 30, 2023. The Focused Equity Fund, Fundamental Equity Fund, Fundamental Value Fund, Income & Growth Fund, Large Cap Growth Fund, Small Cap Growth Equity Fund, and Small/Mid Cap Value Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, except for the State Street Navigator Securities Lending Government Money Market Portfolio which was characterized at Level 1, as of June 30, 2023. 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, 2023, for the remaining Funds’ investments:

	Level 1		Level 2			Level 3		Total
Blue Chip Growth Fund
Asset Investments
Common Stock	$	448,642,133	$	1,585,943		$	726,839	$	450,954,915
Preferred Stock		—		—			928,614		928,614
Corporate Debt		—		819,231			—		819,231
Short-Term Investments		103		638,518			—		638,621
Total Investments	$	448,642,236	$	3,043,692		$	1,655,453	$	453,341,381

Equity Income Fund
Asset Investments
Common Stock	$	331,166,806	$	12,987,598	*	$	—	$	344,154,404
Preferred Stock		1,909,516		3,031,638			—		4,941,154
Short-Term Investments		3,713,006		3,920,020			—		7,633,026
Total Investments	$	336,789,328	$	19,939,256		$	—	$	356,728,584

Equity Index Fund
Asset Investments
Common Stock	$	619,669,204	$	—		$	—	$	619,669,204
Short-Term Investments		—		4,019,495			—		4,019,495
Total Investments	$	619,669,204	$	4,019,495		$	—	$	623,688,699
Asset Derivatives
Futures Contracts	$	76,484	$	—		$	—	$	76,484

Foreign Fund
Asset Investments
Common Stock*
Australia	$	—	$	7,966,308		$	—	$	7,966,308
Belgium		—		6,136,471			—		6,136,471
Canada		934,924		—			—		934,924
China		1,944,460		—			—		1,944,460
Finland		—		1,998,384			—		1,998,384
France		—		16,293,221			—		16,293,221
Germany		—		21,265,612			—		21,265,612
Hong Kong		—		1,566,138			—		1,566,138
Ireland		2,604,320		3,944,346			—		6,548,666
Israel		1,733,556		—			—		1,733,556
Italy		—		645,015			—		645,015
Japan		—		32,943,693			—		32,943,693
Luxembourg		—		1,569,284			—		1,569,284
Netherlands		—		7,579,247			—		7,579,247

176

Notes to Financial Statements (Unaudited) (Continued)

	Level 1		Level 2		Level 3		Total
Foreign Fund (Continued)
Asset Investments (Continued)
Common Stock* (Continued)
Norway	$	—	$	1,581,228	$	—	$	1,581,228
Republic of Korea		—		3,345,568		—		3,345,568
Singapore		—		2,352,263		—		2,352,263
Sweden		—		3,801,859		—		3,801,859
Switzerland		—		9,136,146		—		9,136,146
United Kingdom		661,044		33,851,644		—		34,512,688
United States		1,905,400		12,119,625		—		14,025,025
Preferred Stock
Germany		—		911,278		—		911,278
Short-Term Investments		440,640		905,524		—		1,346,164
Total Investments	$	10,224,344	$	169,912,854	$	—	$	180,137,198

Global Fund
Asset Investments
Common Stock*
Austria	$	—	$	679,556	$	—	$	679,556
Canada		4,882,309		—		—		4,882,309
Denmark		—		781,874		—		781,874
France		—		11,707,825		—		11,707,825
Germany		—		5,202,802		—		5,202,802
Israel		1,470,633		—		—		1,470,633
Japan		—		3,298,672		—		3,298,672
Mexico		395,130		—		—		395,130
Netherlands		—		3,112,252		—		3,112,252
Republic of Korea		—		1,521,434		—		1,521,434
Spain		—		1,170,147		—		1,170,147
Sweden		—		1,708,334		—		1,708,334
Switzerland		—		5,990,913		—		5,990,913
United Kingdom		—		10,208,687		—		10,208,687
United States		70,473,404		10,629,384		—		81,102,788
Warrants		145,548		—		—		145,548
Short-Term Investments		2,733,803		1,469,064		—		4,202,867
Total Investments	$	80,100,827	$	57,480,944	$	—	$	137,581,771

International Equity Fund
Asset Investments
Common Stock*
Australia	$	—	$	3,037,118	$	—	$	3,037,118
Belgium		—		2,420,859		—		2,420,859
Canada		7,814,012		—		—		7,814,012
China		1,436,636		6,040,037		—		7,476,673
Denmark		—		5,747,449		—		5,747,449
France		—		40,509,553		—		40,509,553
Germany		—		37,804,782		—		37,804,782
Hong Kong		—		6,280,127		—		6,280,127
India		818,069		685,492		—		1,503,561
Indonesia		—		102,594		—		102,594
Ireland		3,544,619		—		—		3,544,619
Israel		1,953,642		—		—		1,953,642
Italy		—		6,325,271		—		6,325,271

177

Notes to Financial Statements (Unaudited) (Continued)

	Level 1			Level 2			Level 3			Total
International Equity Fund (Continued)
Asset Investments (Continued)
Common Stock* (Continued)
Japan	$	—		$	26,795,643		$	—		$	26,795,643
Luxembourg		—			844,797			—			844,797
Netherlands		—			5,735,716			—			5,735,716
Portugal		—			1,101,517			—			1,101,517
Republic of Korea		—			2,534,288			—			2,534,288
Singapore		—			1,833,175			—			1,833,175
Spain		—			3,203,429			—			3,203,429
Sweden		—			2,958,119			—			2,958,119
Switzerland		—			17,260,259			—			17,260,259
Taiwan		2,104,384			—			—			2,104,384
United Kingdom		730,038			25,416,804			—			26,146,842
United States		2,355,455			20,916,980			—			23,272,435
Preferred Stock*												��
Republic of Korea		—			1,425,086			—			1,425,086
Short-Term Investments		1,535,861			2,711,014			—			4,246,875
Total Investments	$	22,292,716		$	221,690,109		$	—		$	243,982,825

Managed Volatility Fund
Asset Investments
Common Stock	$	104,696,914		$	—		$	—		$	104,696,914
Corporate Debt		—			—			—	⁺		—
Purchased Options		425,842			—			—			425,842
Rights		—			—			—	⁺		—
Short-Term Investments		—			3,156,773			—			3,156,773
Total Investments	$	105,122,756		$	3,156,773		$	—		$	108,279,529
Liability Derivatives
Written Options	$	(2,961,140	)	$	—		$	—		$	(2,961,140	)

Mid Cap Growth Fund
Asset Investments
Common Stock	$	325,503,851		$	—		$	2,970,000		$	328,473,851
Preferred Stock		—			—			980,893			980,893
Short-Term Investments		479,828			11,319,912			—			11,799,740
Total Investments	$	325,983,679		$	11,319,912		$	3,950,893		$	341,254,484

Mid Cap Value Fund
Asset Investments
Common Stock	$	244,094,097		$	22,708,162	*	$	—		$	266,802,259
Preferred Stock		—			2,559,573			—			2,559,573
Mutual Funds		3,642,405			—			—			3,642,405
Short-Term Investments		695,950			4,567,308			—			5,263,258
Total Investments	$	248,432,452		$	29,835,043		$	—		$	278,267,495
Asset Derivatives
Forward Contracts	$	—		$	14,212		$	—		$	14,212
Liability Derivatives
Forward Contracts	$	—		$	(820	)	$	—		$	(820	)

178

Notes to Financial Statements (Unaudited) (Continued)

	Level 1			Level 2			Level 3			Total
Small Company Value Fund
Asset Investments
Common Stock	$	73,928,200		$	407,424	*	$	—		$	74,335,624
Short-Term Investments		663,382			927,483			—			1,590,865
Total Investments	$	74,591,582		$	1,334,907		$	—		$	75,926,489
Asset Derivatives
Forward Contracts	$	—		$	2,072		$	—		$	2,072

Sustainable Equity Fund
Asset Investments
Common Stock	$	136,438,071		$	1,831,824	*	$	—		$	138,269,895
Short-Term Investments		—			204,455			—			204,455
Mutual Funds		892,766			—			—			892,766
Total Investments	$	137,330,837		$	2,036,279		$	—		$	139,367,116
Asset Derivatives
Forward Contracts	$	—		$	616		$	—		$	616

Total Return Bond Fund
Asset Investments
Common Stock	$	153,573		$	—		$	—		$	153,573
Bank Loans		—			5,923,240			—			5,923,240
Corporate Debt		—			89,378,605			—	⁺		89,378,605
Municipal Obligations		—			2,013,293			—			2,013,293
Non-U.S. Government Agency Obligations		—			56,055,475			—			56,055,475
Sovereign Debt Obligations		—			2,470,521			—			2,470,521
U.S. Government Agency Obligations and Instrumentalities		—			118,932,930			—			118,932,930
U.S. Treasury Obligations		—			101,743,407			—			101,743,407
Rights		—			—			—	⁺		—
Short-Term Investments		2,562,235			20,761,571			—			23,323,806
Total Investments	$	2,715,808		$	397,279,042		$	—		$	399,994,850
Liability Investments
Unfunded Bank Loan Commitments**	$	—		$	(319	)	$	—		$	(319	)
Asset Derivatives
Forward Contracts	$	—		$	4,842		$	—		$	4,842
Futures Contracts		16,617			—			—			16,617
Swap Agreements		—			62,535			—			62,535
Total	$	16,617		$	67,377		$	—		$	83,994
Liability Derivatives
Forward Contracts	$	—		$	(7,121	)	$	—		$	(7,121	)
Futures Contracts		(1,533,323	)		—			—			(1,533,323	)
Total	$	(1,533,323	)	$	(7,121	)	$	—		$	(1,540,444	)

*	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.

**	Unfunded bank loan commitments are valued at the unrealized appreciation (depreciation) on the commitment.

+	Represents a security at $0 value as of June 30, 2023.

179

Notes to Financial Statements (Unaudited) (Continued)

For certain Fund(s) the Statement of Assets and Liabilities shows receivables from investments sold on a delayed delivery basis and cash collateral pledged for open derivatives, as well as, any applicable liabilities for investments purchased on a delayed delivery basis, and cash 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, 2023.

The Funds had no Level 3 transfers during the period ended June 30, 2023.

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 12/31/22		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 6/30/23		Net Change in Unrealized Appreciation (Depreciation) from Investments Still held as of 6/30/23
Mid Cap Growth Fund
Common Stock	$	2,441,215	$	—	$	—	$	528,785		$	—	$	—	$	—	$	—	$	2,970,000	$	528,785
Preferred Stock		1,365,482		—		—		(384,589	)		—		—		—		—		980,893		(384,589	)
	$	3,806,697	$	—	$	—	$	144,196		$	—	$	—	$	—	$	—	$	3,950,893	$	144,196

The Mid Cap Growth Fund may fair value 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 designee. Valuations are reviewed by the valuation designee 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.

180

Notes to Financial Statements (Unaudited) (Continued)

Security Description	Fair Value			Valuation Technique^(s)		Unobservable Input Description	Range of Unobservable Inputs Utilized^(a)			Weighted Average of Unobservable Inputs Based on Fair Value
Mid Cap Growth Fund
Common Stock	$	2,970,000	Market approach		Transaction price		$	18,000		$	18,000

Preferred Stock	$	980,893	Market approach		Transaction price		$	32.50 -$60.00		$	44.65
					EV / Sales			1.4x -7.9x			4.14x
					EV/ Revenue			19.1x - 22.6x			20.9x
					EV/ GP			23.5x - 30.5x			27.0x
					Discount Rate			70	%		70	%
Total	$	3,950,893

(a)

A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.

Abbreviation Legend

EV/ GP - financial ratio of comparable public companies’ enterprise value to gross profit; measures the value of a comparable company in terms of its gross profit for a given year

EV/ Sales - financial ratio of comparable public companies’ enterprise value to sales; measures the value of a comparable company in terms of its sales for a given year

EV/ Revenue - financial ratio of comparable public companies’ enterprise value to revenue; measures the value of a comparable company in terms of its revenue for a given year

Derivative Instruments

Derivatives are financial instruments whose values are based on the values of one or more underlying 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, 2023, 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/ Inflation Rate Risk		Total
Equity Index Fund
Asset Derivatives
Futures Contracts ^^	$	76,484	$	—	$	—	$	76,484
Realized Gain (Loss)^#
Futures Contracts	$	452,149	$	—	$	—	$	452,149
Change in Appreciation (Depreciation)^##
Futures Contracts	$	273,807	$	—	$	—	$	273,807

181

Notes to Financial Statements (Unaudited) (Continued)

	Equity Risk			Foreign Exchange Risk			Interest/ Inflation Rate Risk			Total
Managed Volatility Fund
Asset Derivatives
Purchased Options*^,^^^	$	425,842		$	—		$	—		$	425,842
Liability Derivatives
Written Options^^,^^^	$	(2,961,140	)	$	—		$	—		$	(2,961,140	)
Realized Gain (Loss)^#
Purchased Options	$	(2,899,468	)	$	—		$	—		$	(2,899,468	)
Written Options		(923,988	)		—			—			(923,988	)
Total Realized Gain (Loss)	$	(3,823,456	)	$	—		$	—		$	(3,823,456	)
Change in Appreciation (Depreciation)^##
Purchased Options	$	(57,933	)	$	—		$	—		$	(57,933	)
Written Options		(2,481,849	)		—			—			(2,481,849	)
Total Change in Appreciation (Depreciation)	$	(2,539,782	)	$	—		$	—		$	(2,539,782	)

Mid Cap Value Fund
Asset Derivatives
Forward Contracts*^,^^^	$	—		$	14,212		$	—		$	14,212
Liability Derivatives
Forward Contracts^^,^^^	$	—		$	(820	)	$	—		$	(820	)
Realized Gain (Loss)^#
Forward Contracts	$	—		$	(338,264	)	$	—		$	(338,264	)
Change in Appreciation (Depreciation)^##
Forward Contracts	$	—		$	121,945		$	—		$	121,945

Small Company Value Fund
Asset Derivatives
Forward Contracts*^,^^^	$	—		$	2,072		$	—		$	2,072
Realized Gain (Loss)^#
Forward Contracts	$	—		$	13,876		$	—		$	13,876
Change in Appreciation (Depreciation)^##
Forward Contracts	$	—		$	37		$	—		$	37

Sustainable Equity Fund
Asset Derivatives
Forward Contracts*^,^^^	$	—		$	616		$	—		$	616
Realized Gain (Loss)^#
Forward Contracts	$	—		$	(10,160	)	$	—		$	(10,160	)
Change in Appreciation (Depreciation)^##
Forward Contracts	$	—		$	4,698		$	—		$	4,698

Total Return Bond Fund
Asset Derivatives
Forward Contracts*	$	—		$	4,842		$	—		$	4,842
Futures Contracts^^		—			—			16,617			16,617
Swap Agreements^^^,^^^		—			—			62,535			62,535
Total Value	$	—		$	4,842		$	79,152		$	83,994
Liability Derivatives
Forward Contracts^	$	—		$	(7,121	)	$	—		$	(7,121	)
Futures Contracts^^		—			—			(1,533,323	)		(1,533,323	)
Total Value	$	—		$	(7,121	)	$	(1,533,323	)	$	(1,540,444	)

182

Notes to Financial Statements (Unaudited) (Continued)

	Equity Risk		Foreign Exchange Risk			Interest/ Inflation Rate Risk			Total
Total Return Bond Fund (continued)
Realized Gain (Loss)^#
Forward Contracts	$	—	$	(70,972	)	$	—		$	(70,972	)
Futures Contracts		—		—			(171,918	)		(171,918	)
Swap Agreements		—		—			(1,663,567	)		(1,663,567	)
Total Realized Gain (Loss)	$	—	$	(70,972	)	$	(1,835,485	)	$	(1,906,457	)
Change in Appreciation (Depreciation)^##
Forward Contracts	$	—	$	47,928		$	—		$	47,928
Futures Contracts		—		—			(1,582,921	)		(1,582,921	)
Swap Agreements		—		—			1,827,305			1,827,305
Total Change in Appreciation (Depreciation)	$	—	$	47,928		$	244,384		$	292,312

*	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 and centrally cleared swaps is reported in “Futures Contracts” and “Swap Agreements” 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 centrally cleared swaps, exchange-traded purchased and written options, or forward contracts, 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, swap agreements, 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, swap agreements, or written options, as applicable.

For the period ended June 30, 2023, the average number of contracts, notional amounts, or shares/units outstanding for each derivative type was as follows:

	Average Number of Contracts, Notional Amounts, or Shares/Units ^†
Fund Name	Futures Contracts		Forward Contracts		Swap Agreements		Purchased Options		Written Options
Equity Index Fund		25	$	—	$	—		—		—
Managed Volatility Fund		—		—		—		242		247
Mid Cap Value Fund		—		25,778,320		—		—		—
Small Company Value Fund		—		478,396		—		—		—
Sustainable Equity Fund		—		1,026,407		—		—		—
Total Return Bond Fund		455		2,076,006		13,177,333		—		—

†

As applicable, amount(s) disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements 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, 2023.

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, 2023. 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.

183

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, 2023.

Counterparty	Derivative Assets Subject to an MNA by Counterparty†		Financial Instruments Available for Offset			Collateral Received***		Net Amount*
Total Return Bond Fund
Citibank N.A.	$	4,842	$	(4,842	)	$	—	$	—

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, 2023.

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty†			Financial Instruments Available for Offset		Collateral Pledged***		Net Amount**
Total Return Bond Fund
Citibank N.A.	$	(5,207	)	$	4,842	$	—	$	(365	)
Goldman Sachs International		(1,914	)		—		—		(1,914	)
	$	(7,121	)	$	4,842	$	—	$	(2,279	)

*	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, 2023, are discussed below.

Foreign Currency Exchange Transactions

A Fund may enter into 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.

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.

184

Notes to Financial Statements (Unaudited) (Continued)

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 (depreciation) 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 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 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.

When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

185

Notes to Financial Statements (Unaudited) (Continued)

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).

Interest Rate Swaps. When a Fund enters into an interest rate swap, it typically agrees to make payments to its counterparty based on a specified long- or short-term interest rate, and will receive payments from its counterparty based on another interest rate. Other forms of interest rate swap agreements include, among others, interest rate caps, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; interest rate floors, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. A Fund may enter into an interest rate swap in order, for example, to hedge against the effect of interest rate changes on the value of specific securities in its portfolio, or to adjust the interest rate sensitivity (duration) or the credit exposure of its portfolio overall, or otherwise as a substitute for a direct investment in debt securities.

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. In the case of an interest rate swap, the value of the swap may increase or decrease depending on changes in interest rates. 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.

Centrally Cleared Swaps. Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally certain interest rate swaps, certain index swaps, and credit derivatives. In a cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Fund’s exposure to the credit risk of its original counterparty. The Fund will be required to post amounts (“initial margin”) with the clearinghouse or at the instruction of the clearinghouse. The initial margin required by a clearinghouse may be greater than the initial margin the Fund would be required to post in an uncleared transaction. If cash is deposited as the initial margin, it is shown as collateral on a Fund’s Statement of Assets and Liabilities. Swap agreements are marked to market daily and subsequent payments (“variation margin”) are made or received by a Fund depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on a Fund’s Statement of Assets and Liabilities (“Variation margin on open derivative instruments”) and as a component of net change in unrealized appreciation (depreciation) on a Fund’s Statement of Operations. Only a limited number of transaction types are currently eligible for clearing.

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.

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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 portfolio 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.

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 in the case of an American-style option or only on the expiration date in the case of a European-style option.

Put Options. A put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price.

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.

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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.

OTC Options. OTC options purchased or sold by a Fund are not traded on securities or options exchanges or backed by clearinghouses. Rather, they are entered into directly between a Fund and the counterparty to the option. In the case of an OTC option purchased by the Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer to perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a result a Fund may be required to remain obligated on an unfavorable OTC option until its expiration. OTC options are valued using prices supplied by a primary pricing source, selected pursuant to procedures approved by the Trustees.

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.

Inflation-Linked Securities

Inflation-linked securities are typically fixed income securities whose principal values are periodically adjusted according to a measure of inflation. If the index measuring inflation falls, the principal value of an inflation-linked security will be adjusted downward, and consequently the interest payable on the security (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original principal of the security upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-linked securities. For securities that do not provide a similar guarantee, the adjusted principal value of the security repaid at maturity may be less than the original principal.

Alternatively, the interest rates payable on certain inflation-linked securities may be adjusted according to a measure of inflation. As a result, the principal values of such securities do not adjust according to the rate of inflation, although the interest payable on such securities may decline during times of falling inflation.

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The values of inflation-linked securities are expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-linked securities. Inflation-linked securities may cause a potential cash flow mismatch to investors, because an increase in the principal amount of an inflation-linked security will be treated as interest income currently subject to tax at ordinary income rates even though investors will not receive repayment of principal until maturity. If a Fund invests in such securities, it will be required to distribute such interest income in order to qualify for treatment as a regulated investment company and eliminate the Fund-level tax, without a corresponding receipt of cash, and therefore may be required to dispose of portfolio securities at a time when it may not be advantageous to do so in order to make such distributions.

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.

The Total Return Bond Fund entered into certain bank loan agreements which are unfunded (“commitments”). The Total Return Bond Fund is obligated to fund these commitments at the borrower’s discretion. At June 30, 2023, the Total Return Bond Fund had sufficient cash and/or securities to cover these commitments.

Commitment interest is marked to market daily, and any unrealized appreciation (depreciation) is included in the Statement of Assets and Liabilities and Statement of Operations. At June 30, 2023, the Total Return Bond Fund had the following commitments:

	Borrower		Par				Commitment Amount				Value				Unrealized Appreciation (Depreciation)
Total Return Bond Fund	Athenahealth Group, Inc. 2022 Delayed Draw Term Loan		$	29,171			$	28,359			$	28,040			$	(319	)

Certain Funds may receive or pay fees associated with investments in bank loans. These fees are included as interest income on a Fund’s Statement of Operations. These fees include all income and expenses associated with the processing and maintenance of these types of loans, including but not limited to consent fee income, amendment fees, and closing fees.

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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.

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 by MML Advisers. A Fund records on a daily basis the unrealized appreciation (depreciation) based upon changes in the values of these securities. When a Forward Transaction is closed, a Fund records 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.

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Securities Lending

Each Fund, other than the Allocation Funds, Feeder Fund, 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 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, 2023, the Funds’ collateral was equal to or greater than 100% of the market value of securities on loan and all of the Funds’ cash collateral was invested in the State Street Navigator Securities Lending Government Money Market Portfolio.

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, 2023, 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. 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.

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

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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.

In addition, each of the Allocation Fund, Feeder Fund, and MML American Funds Core Allocation Fund will also incur certain fees and expenses indirectly as a shareholder in the Underlying Funds or the Master Fund. 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 International Equity Fund invests substantially all of its assets in foreign securities. The other Funds, except for the Allocation Funds, Feeder Fund, and MML American Funds Core Allocation Fund, may also invest in foreign securities. In addition, certain Underlying Funds or the Master Fund 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, public health, and diplomatic risks. In addition, fluctuations in currency exchange rates may favorably or unfavorably 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, less stringent investor protection and disclosure standards, less reliable settlement practices, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater volatility in currency exchange rates, and are more susceptible to environmental problems.

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.

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3.	Investment 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 investment 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.

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 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
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.; and Massachusetts Financial Services Company
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

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Fund	Investment Advisory Fee	Investment Subadviser(s)
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	American Century Investment Management, 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.
Sustainable Equity Fund	0.50% on the first $500 million; and 0.475% on any excess over $500 million	American Century Investment Management, Inc.
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

*	T. Rowe Price Investment Management, Inc. serves as a sub-subadviser to the portion of the Fund subadvised by T. Rowe Price Associates, Inc.

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 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.

194

Notes to Financial Statements (Unaudited) (Continued)

Expense Caps and Waivers

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, 2024.

MML Advisers has agreed to waive 0.10% of the investment advisory fee of the International Equity Fund through April 30, 2024.

MML Advisers has agreed to waive 0.15% of the investment advisory fee of the Small Company Value Fund through April 30, 2024.

MML Advisers has agreed to voluntarily waive 0.03% of the investment advisory fee of the Equity Income Fund. MML Advisers may amend or discontinue this waiver at any time without advance notice.

MML Advisers has agreed to waive 0.01% of the investment advisory fee of the Foreign Fund through April 30, 2024.

MML Advisers has agreed to waive 0.02% of the investment advisory fee of the Fundamental Value Fund through April 30, 2024.

MML Advisers has agreed to waive 0.03% of the investment advisory fee of the Small Cap Growth Equity Fund through April 30, 2024.

Expense caps and waiver amounts are reflected as a reduction of expenses on the Statements of Operations.

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, 2023, brokerage commissions rebated under these agreements were as follows:

	Rebated Commissions
Foreign Fund	$ 3,366
Fundamental Equity Fund	2,800
Income & Growth Fund	219
Large Cap Growth Fund	994
Managed Volatility Fund	64
Mid Cap Growth Fund	574
Small Cap Growth Equity Fund	816
Small/Mid Cap Value Fund	1,118

195

Notes to Financial Statements (Unaudited) (Continued)

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 the Master Fund, for the period ended June 30, 2023, 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	$	—	$	13,649,412	$	—	$	41,433,879
Balanced Allocation Fund		—		11,089,765		—		42,437,603
Moderate Allocation Fund		—		69,447,647		—		194,992,593
Growth Allocation Fund		—		24,610,905		—		82,851,674
Aggressive Allocation Fund		—		8,190,420		—		16,244,223
MML American Funds Growth Fund		—		19,751,670		—		18,174,830
MML American Funds Core Allocation Fund		—		24,039,291		—		72,386,711
Blue Chip Growth Fund		—		32,108,677		—		60,122,431
Equity Income Fund		—		29,376,216		—		65,063,243
Equity Index Fund		—		4,395,322		—		13,859,733
Focused Equity Fund		—		18,033,437		—		39,550,050
Foreign Fund		—		12,567,313		—		31,464,256
Fundamental Equity Fund		—		45,413,008		—		77,721,917
Fundamental Value Fund		—		40,414,559		—		49,178,241
Global Fund		—		8,551,638		—		25,837,433
Income & Growth Fund		—		22,513,987		—		60,890,004
International Equity Fund		—		26,126,993		—		24,568,040
Large Cap Growth Fund		—		10,375,944		—		19,818,812
Managed Volatility Fund		—		542,801		—		12,069,326
Mid Cap Growth Fund		—		57,056,658		—		73,781,157
Mid Cap Value Fund		—		52,743,399		—		78,131,472
Small Cap Growth Equity Fund		—		30,478,067		—		34,836,133
Small Company Value Fund		—		16,575,971		—		21,888,714
Small/Mid Cap Value Fund		—		30,001,395		—		38,606,369
Sustainable Equity Fund		—		21,326,238		—		30,574,653
Total Return Bond Fund		916,504,709		34,608,606		884,050,431		30,596,575

196

Notes to Financial Statements (Unaudited) (Continued)

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
Global Fund	$	161,083	$	—	$	—
Mid Cap Growth Fund		—		198,994		36,092
Mid Cap Value Fund		45,292.00		48,316		12,217

5.	Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

	Six Months Ended June 30, 2023						Year Ended December 31, 2022
	Shares			Amount			Shares			Amount
Conservative Allocation Fund Initial Class
Sold		101,649		$	848,307			712,948		$	6,781,512
Issued as reinvestment of dividends		—			—			1,071,030			8,975,230
Redeemed		(763,815	)		(6,393,105	)		(1,421,697	)		(13,053,543	)
Net increase (decrease)		(662,166	)	$	(5,544,798	)		362,281		$	2,703,199
Conservative Allocation Fund Service Class
Sold		578,343		$	4,815,962			2,610,694		$	23,706,695
Issued as reinvestment of dividends		—			—			3,747,316			31,027,776
Redeemed		(3,216,957	)		(26,598,646	)		(6,625,342	)		(60,085,271	)
Net increase (decrease)		(2,638,614	)	$	(21,782,684	)		(267,332	)	$	(5,350,800	)
Balanced Allocation Fund Initial Class
Sold		226,291		$	1,937,569			398,445		$	3,869,330
Issued as reinvestment of dividends		—			—			1,114,084			9,558,838
Redeemed		(998,964	)		(8,627,058	)		(1,522,833	)		(14,289,513	)
Net increase (decrease)		(772,673	)	$	(6,689,489	)		(10,304	)	$	(861,345	)
Balanced Allocation Fund Service Class
Sold		379,163		$	3,219,096			1,316,290		$	11,937,916
Issued as reinvestment of dividends		—			—			3,719,804			31,581,134
Redeemed		(3,221,634	)		(27,355,615	)		(6,023,865	)		(54,716,996	)
Net increase (decrease)		(2,842,471	)	$	(24,136,519	)		(987,771	)	$	(11,197,946	)
Moderate Allocation Fund Initial Class
Sold		195,140		$	1,756,885			516,919		$	5,156,639
Issued as reinvestment of dividends		—			—			3,225,634			28,772,658
Redeemed		(1,688,197	)		(15,178,263	)		(3,676,201	)		(35,995,232	)
Net increase (decrease)		(1,493,057	)	$	(13,421,378	)		66,352		$	(2,065,935	)
Moderate Allocation Fund Service Class
Sold		639,169		$	5,671,974			1,892,199		$	17,807,573
Issued as reinvestment of dividends		—			—			16,150,365			142,123,211
Redeemed		(13,122,409	)		(115,905,140	)		(23,108,309	)		(221,794,394	)
Net increase (decrease)		(12,483,240	)	$	(110,233,166	)		(5,065,745	)	$	(61,863,610	)

197

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended June 30, 2023						Year Ended December 31, 2022
	Shares			Amount			Shares			Amount
Growth Allocation Fund Initial Class
Sold		291,002		$	2,276,114			813,310		$	7,011,968
Issued as reinvestment of dividends		—			—			6,579,105			50,395,945
Redeemed		(2,821,668	)		(21,904,372	)		(5,528,355	)		(46,421,568	)
Net increase (decrease)		(2,530,666	)	$	(19,628,258	)		1,864,060		$	10,986,345
Growth Allocation Fund Service Class
Sold		717,695		$	5,582,258			2,190,880		$	18,633,725
Issued as reinvestment of dividends		—			—			11,280,705			85,620,554
Redeemed		(5,600,756	)		(42,999,389	)		(9,861,333	)		(83,485,586	)
Net increase (decrease)		(4,883,061	)	$	(37,417,131	)		3,610,252		$	20,768,693
Aggressive Allocation Fund Initial Class
Sold		227,148		$	1,992,815			533,923		$	5,297,398
Issued as reinvestment of dividends		—			—			1,102,721			9,483,401
Redeemed		(473,814	)		(4,107,916	)		(1,271,467	)		(12,497,261	)
Net increase (decrease)		(246,666	)	$	(2,115,101	)		365,177		$	2,283,538
Aggressive Allocation Fund Service Class
Sold		112,035		$	944,101			296,837		$	2,983,943
Issued as reinvestment of dividends		—			—			1,509,602			12,710,846
Redeemed		(786,487	)		(6,696,281	)		(1,611,786	)		(14,242,335	)
Net increase (decrease)		(674,452	)	$	(5,752,180	)		194,653		$	1,452,454
MML American Funds Growth Fund Service Class I
Sold		919,737		$	12,116,819			1,287,566		$	20,950,319
Issued as reinvestment of dividends		—			—			3,762,663			51,059,340
Redeemed		(1,664,677	)		(22,704,385	)		(1,970,351	)		(30,772,517	)
Net increase (decrease)		(744,940	)	$	(10,587,566	)		3,079,878		$	41,237,142
MML American Funds Core Allocation Fund Service Class I
Sold		411,493		$	4,447,190			2,071,437		$	23,646,520
Issued as reinvestment of dividends		—			—			6,402,773			67,869,394
Redeemed		(6,042,558	)		(65,139,109	)		(11,188,243	)		(127,777,868	)
Net increase (decrease)		(5,631,065	)	$	(60,691,919	)		(2,714,033	)	$	(36,261,954	)
Blue Chip Growth Fund Initial Class
Sold		430,356		$	5,294,344			1,761,469		$	29,252,111
Issued as reinvestment of dividends		—			—			4,315,884			55,459,115
Redeemed		(2,201,175	)		(27,566,099	)		(2,977,143	)		(43,123,563	)
Net increase (decrease)		(1,770,819	)	$	(22,271,755	)		3,100,210		$	41,587,663
Blue Chip Growth Fund Service Class
Sold		357,526		$	4,007,062			679,047		$	9,136,135
Issued as reinvestment of dividends		—			—			2,356,186			27,920,807
Redeemed		(1,013,574	)		(11,791,050	)		(1,287,273	)		(16,962,129	)
Net increase (decrease)		(656,048	)	$	(7,783,988	)		1,747,960		$	20,094,813
Equity Income Fund Initial Class
Sold		626,713		$	6,337,407			575,126		$	6,199,048
Issued as reinvestment of dividends		—			—			4,859,435			49,760,616
Redeemed		(3,765,635	)		(38,635,027	)		(5,013,975	)		(57,524,680	)
Net increase (decrease)		(3,138,922	)	$	(32,297,620	)		420,586		$	(1,565,016	)
Equity Income Fund Service Class
Sold		238,794		$	2,393,250			664,460		$	7,275,321
Issued as reinvestment of dividends		—			—			1,260,895			12,697,215
Redeemed		(829,575	)		(8,232,894	)		(1,290,248	)		(14,179,880	)
Net increase (decrease)		(590,781	)	$	(5,839,644	)		635,107		$	5,792,656

198

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended June 30, 2023						Year Ended December 31, 2022
	Shares			Amount			Shares			Amount
Equity Index Fund Class I
Sold		55,259		$	1,557,712			67,838		$	2,009,083
Issued as reinvestment of dividends		—			—			129,312			3,711,268
Redeemed		(109,827	)		(3,158,162	)		(255,205	)		(7,687,140	)
Net increase (decrease)		(54,568	)	$	(1,600,450	)		(58,055	)	$	(1,966,789	)
Equity Index Fund Class II
Sold		125,921		$	3,574,726			361,953		$	10,753,475
Issued as reinvestment of dividends		—			—			643,944			18,442,567
Redeemed		(402,391	)		(11,499,883	)		(2,328,957	)		(62,025,644	)
Net increase (decrease)		(276,470	)	$	(7,925,157	)		(1,323,060	)	$	(32,829,602	)
Equity Index Fund Class III
Sold		101,867		$	2,942,652			79,074		$	2,295,509
Issued as reinvestment of dividends		—			—			786,712			22,468,499
Redeemed		(203,542	)		(5,854,523	)		(779,272	)		(23,387,925	)
Net increase (decrease)		(101,675	)	$	(2,911,871	)		86,514		$	1,376,083
Equity Index Fund Service Class I
Sold		70,624		$	1,890,236			261,908		$	7,527,695
Issued as reinvestment of dividends		—			—			107,488			2,927,966
Redeemed		(236,085	)		(6,390,069	)		(566,330	)		(16,039,936	)
Net increase (decrease)		(165,461	)	$	(4,499,833	)		(196,934	)	$	(5,584,275	)
Focused Equity Fund Class II
Sold		500,430		$	3,610,739			2,132,132		$	16,808,418
Issued as reinvestment of dividends		—			—			3,625,118			25,919,591
Redeemed		(3,622,469	)		(26,327,708	)		(6,667,073	)		(49,368,299	)
Net increase (decrease)		(3,122,039	)	$	(22,716,969	)		(909,823	)	$	(6,640,290	)
Focused Equity Fund Service Class I
Sold		286,752		$	1,982,467			638,087		$	4,483,571
Issued as reinvestment of dividends		—			—			273,128			1,868,194
Redeemed		(278,805	)		(1,944,619	)		(542,986	)		(3,850,366	)
Net increase (decrease)		7,947		$	37,848			368,229		$	2,501,399
Foreign Fund Initial Class
Sold		239,362		$	2,187,183			994,709		$	7,649,467
Issued as reinvestment of dividends		—			—			2,553,005			20,270,857
Redeemed		(2,690,425	)		(23,581,581	)		(3,890,562	)		(35,735,120	)
Net increase (decrease)		(2,451,063	)	$	(21,394,398	)		(342,848	)	$	(7,814,796	)
Foreign Fund Service Class
Sold		88,769		$	786,143			339,397		$	2,669,508
Issued as reinvestment of dividends		—			—			90,556			715,390
Redeemed		(123,204	)		(1,081,330	)		(97,613	)		(892,376	)
Net increase (decrease)		(34,435	)	$	(295,187	)		332,340		$	2,492,522
Fundamental Equity Fund Class II
Sold		25,163		$	230,343			176,778		$	1,830,209
Issued as reinvestment of dividends		—			—			3,187,405			28,431,654
Redeemed		(3,610,331	)		(32,359,228	)		(3,297,033	)		(31,613,174	)
Net increase (decrease)		(3,585,168	)	$	(32,128,885	)		67,150		$	(1,351,311	)
Fundamental Equity Fund Service Class I
Sold		162,647		$	1,386,703			318,929		$	3,103,406
Issued as reinvestment of dividends		—			—			437,773			3,707,938
Redeemed		(228,504	)		(1,956,219	)		(368,627	)		(3,335,738	)
Net increase (decrease)		(65,857	)	$	(569,516	)		388,075		$	3,475,606

199

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended June 30, 2023						Year Ended December 31, 2022
	Shares			Amount			Shares			Amount
Fundamental Value Fund Class II
Sold		373,708		$	4,273,405			116,688		$	1,571,780
Issued as reinvestment of dividends		—			—			2,535,743			29,059,619
Redeemed		(1,138,734	)		(13,093,652	)		(1,630,095	)		(21,336,885	)
Net increase (decrease)		(765,026	)	$	(8,820,247	)		1,022,336		$	9,294,514
Fundamental Value Fund Service Class I
Sold		117,029		$	1,312,908			471,750		$	6,072,484
Issued as reinvestment of dividends		—			—			371,854			4,135,015
Redeemed		(217,967	)		(2,419,005	)		(381,607	)		(4,935,380	)
Net increase (decrease)		(100,938	)	$	(1,106,097	)		461,997		$	5,272,119
Global Fund Class I
Sold		1,002,727		$	4,238,293			1,401,530		$	15,971,596
Issued as reinvestment of dividends		—			—			18,908,179			76,389,044
Redeemed		(4,811,336	)		(20,649,970	)		(4,678,239	)		(38,519,941	)
Net increase (decrease)		(3,808,609	)	$	(16,411,677	)		15,631,470		$	53,840,699
Global Fund Class II
Sold		68,703		$	318,388			103,583		$	686,323
Issued as reinvestment of dividends		—			—			2,380,161			10,377,503
Redeemed		(281,854	)		(1,302,743	)		(248,234	)		(1,891,030	)
Net increase (decrease)		(213,151	)	$	(984,355	)		2,235,510		$	9,172,796
Global Fund Service Class I
Sold		292,732		$	1,189,703			1,405,747		$	5,564,461
Issued as reinvestment of dividends		—			—			2,769,620			10,607,643
Redeemed		(325,375	)		(1,316,683	)		(308,834	)		(2,225,843	)
Net increase (decrease)		(32,643	)	$	(126,980	)		3,866,533		$	13,946,261
Income & Growth Fund Initial Class
Sold		124,549		$	1,326,211			304,044		$	3,552,002
Issued as reinvestment of dividends		—			—			2,371,695			25,068,815
Redeemed		(3,726,594	)		(40,093,810	)		(3,087,397	)		(34,927,224	)
Net increase (decrease)		(3,602,045	)	$	(38,767,599	)		(411,658	)	$	(6,306,407	)
Income & Growth Fund Service Class
Sold		171,169		$	1,793,312			225,340		$	2,505,294
Issued as reinvestment of dividends		—			—			353,150			3,665,694
Redeemed		(301,548	)		(3,124,123	)		(487,071	)		(5,339,118	)
Net increase (decrease)		(130,379	)	$	(1,330,811	)		91,419		$	831,870
International Equity Fund Class II
Sold		2,023,750		$	19,503,684			1,706,116		$	16,160,334
Issued as reinvestment of dividends		—			—			1,601,802			13,471,151
Redeemed		(2,223,567	)		(21,560,782	)		(2,448,090	)		(22,452,131	)
Net increase (decrease)		(199,817	)	$	(2,057,098	)		859,828		$	7,179,354
International Equity Fund Service Class I
Sold		68,646		$	659,198			241,508		$	2,072,305
Issued as reinvestment of dividends		—			—			53,353			444,434
Redeemed		(73,101	)		(700,533	)		(138,751	)		(1,232,248	)
Net increase (decrease)		(4,455	)	$	(41,335	)		156,110		$	1,284,491
Large Cap Growth Fund Initial Class
Sold		621,724		$	7,699,401			814,657		$	10,514,304
Issued as reinvestment of dividends		—			—			1,410,298			15,005,574
Redeemed		(1,110,864	)		(12,969,590	)		(1,840,290	)		(21,184,710	)
Net increase (decrease)		(489,140	)	$	(5,270,189	)		384,665		$	4,335,168

200

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended June 30, 2023						Year Ended December 31, 2022
	Shares			Amount			Shares			Amount
Large Cap Growth Fund Service Class
Sold		131,993		$	1,591,666			154,958		$	1,696,088
Issued as reinvestment of dividends		—			—			206,482			2,077,210
Redeemed		(172,037	)		(1,928,877	)		(230,780	)		(2,489,084	)
Net increase (decrease)		(40,044	)	$	(337,211	)		130,660		$	1,284,214
Managed Volatility Fund Initial Class
Sold		168,361		$	2,300,553			165,548		$	2,277,869
Issued as reinvestment of dividends		—			—			32,402			447,699
Redeemed		(547,659	)		(7,605,167	)		(1,475,682	)		(20,478,530	)
Net increase (decrease)		(379,298	)	$	(5,304,614	)		(1,277,732	)	$	(17,752,962	)
Managed Volatility Fund Service Class
Sold		17,464		$	239,885			110,763		$	1,535,299
Issued as reinvestment of dividends		—			—			3,088			42,368
Redeemed		(171,581	)		(2,351,992	)		(376,285	)		(5,151,221	)
Net increase (decrease)		(154,117	)	$	(2,112,107	)		(262,434	)	$	(3,573,554	)
Mid Cap Growth Fund Initial Class
Sold		1,083,979		$	10,139,063			687,798		$	8,871,440
Issued as reinvestment of dividends		—			—			7,945,026			74,365,442
Redeemed		(1,987,890	)		(18,746,316	)		(3,346,499	)		(38,259,533	)
Net increase (decrease)		(903,911	)	$	(8,607,253	)		5,286,325		$	44,977,349
Mid Cap Growth Fund Service Class
Sold		166,590		$	1,386,923			450,404		$	4,923,070
Issued as reinvestment of dividends		—			—			3,361,951			28,240,386
Redeemed		(852,309	)		(7,208,055	)		(1,229,487	)		(12,452,152	)
Net increase (decrease)		(685,719	)	$	(5,821,132	)		2,582,868		$	20,711,304
Mid Cap Value Fund Initial Class
Sold		659,458		$	6,156,999			377,540		$	3,953,594
Issued as reinvestment of dividends		—			—			7,368,826			67,203,690
Redeemed		(3,120,301	)		(28,924,808	)		(4,248,707	)		(47,831,230	)
Net increase (decrease)		(2,460,843	)	$	(22,767,809	)		3,497,659		$	23,326,054
Mid Cap Value Fund Service Class
Sold		265,340		$	2,393,390			499,436		$	5,432,802
Issued as reinvestment of dividends		—			—			1,549,756			13,746,334
Redeemed		(647,302	)		(5,801,251	)		(927,277	)		(9,903,303	)
Net increase (decrease)		(381,962	)	$	(3,407,861	)		1,121,915		$	9,275,833
Small Cap Growth Equity Fund Initial Class
Sold		856,572		$	7,391,637			792,070		$	9,036,817
Issued as reinvestment of dividends		—			—			4,120,186			37,544,747
Redeemed		(1,235,444	)		(10,861,279	)		(1,931,582	)		(20,631,425	)
Net increase (decrease)		(378,872	)	$	(3,469,642	)		2,980,674		$	25,950,139
Small Cap Growth Equity Fund Service Class
Sold		142,861		$	1,061,376			179,706		$	1,819,497
Issued as reinvestment of dividends		—			—			1,033,055			8,085,294
Redeemed		(280,263	)		(2,093,595	)		(457,312	)		(4,310,658	)
Net increase (decrease)		(137,402	)	$	(1,032,219	)		755,449		$	5,594,133
Small Company Value Fund Class II
Sold		18,171		$	139,750			52,446		$	692,652
Issued as reinvestment of dividends		—			—			3,691,484			29,347,300
Redeemed		(536,868	)		(4,104,785	)		(648,843	)		(7,604,520	)
Net increase (decrease)		(518,697	)	$	(3,965,035	)		3,095,087		$	22,435,432

201

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended June 30, 2023						Year Ended December 31, 2022
	Shares			Amount			Shares			Amount
Small Company Value Fund Service Class I
Sold		137,006		$	933,571			164,878		$	1,859,929
Issued as reinvestment of dividends		—			—			2,011,055			14,620,372
Redeemed		(327,500	)		(2,275,536	)		(347,702	)		(3,557,370	)
Net increase (decrease)		(190,494	)	$	(1,341,965	)		1,828,231		$	12,922,931
Small/Mid Cap Value Fund Initial Class
Sold		293,421		$	2,683,278			244,627		$	2,824,697
Issued as reinvestment of dividends		—			—			3,696,222			34,744,483
Redeemed		(1,066,284	)		(9,773,263	)		(1,738,794	)		(19,982,030	)
Net increase (decrease)		(772,863	)	$	(7,089,985	)		2,202,055		$	17,587,150
Small/Mid Cap Value Fund Service Class
Sold		85,039		$	767,631			155,334		$	1,750,896
Issued as reinvestment of dividends		—			—			791,571			7,306,202
Redeemed		(203,205	)		(1,830,538	)		(320,209	)		(3,540,318	)
Net increase (decrease)		(118,166	)	$	(1,062,907	)		626,696		$	5,516,780
Sustainable Equity Fund Initial Class
Sold		34,966		$	634,151			75,488		$	1,533,865
Issued as reinvestment of dividends		—			—			776,650			14,150,556
Redeemed		(319,193	)		(5,843,349	)		(586,856	)		(11,800,582	)
Net increase (decrease)		(284,227	)	$	(5,209,198	)		265,282		$	3,883,839
Sustainable Equity Fund Service Class
Sold		9,033		$	162,574			104,841		$	2,127,109
Issued as reinvestment of dividends		—			—			435,107			7,831,922
Redeemed		(278,699	)		(5,099,788	)		(317,920	)		(6,105,886	)
Net increase (decrease)		(269,666	)	$	(4,937,214	)		222,028		$	3,853,145
Total Return Bond Fund Class II
Sold		6,419,453		$	57,802,941			2,328,641		$	21,378,689
Issued as reinvestment of dividends		—			—			501,842			4,566,764
Redeemed		(3,301,281	)		(29,695,519	)		(7,472,850	)		(70,666,494	)
Net increase (decrease)		3,118,172		$	28,107,422			(4,642,367	)	$	(44,721,041	)
Total Return Bond Fund Service Class I
Sold		234,275		$	2,078,060			387,364		$	3,536,579
Issued as reinvestment of dividends		—			—			61,613			553,904
Redeemed		(334,302	)		(2,970,874	)		(946,691	)		(8,839,844	)
Net increase (decrease)		(100,027	)	$	(892,814	)		(497,714	)	$	(4,749,361	)

202

Notes to Financial Statements (Unaudited) (Continued)

6.	Federal Income Tax Information

At June 30, 2023, 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	$	324,411,765	$	4,268,896	$	(37,504,988	)	$	(33,236,092	)
Balanced Allocation Fund		368,451,690		9,138,896		(36,422,841	)		(27,283,945	)
Moderate Allocation Fund		1,342,508,644		22,583,672		(134,704,756	)		(112,121,084	)
Growth Allocation Fund		1,023,820,623		26,301,200		(98,157,902	)		(71,856,702	)
Aggressive Allocation Fund		139,635,398		2,406,149		(12,921,740	)		(10,515,591	)
MML American Funds Growth Fund		222,182,368		10,171,511		—			10,171,511
MML American Funds Core Allocation Fund		712,977,355		26,810,554		(42,895,415	)		(16,084,861	)
Blue Chip Growth Fund		318,052,459		153,281,928		(17,993,006	)		135,288,922
Equity Income Fund		294,102,682		73,349,912		(10,724,011	)		62,625,901
Equity Index Fund		331,494,703		310,826,185		(18,632,189	)		292,193,996
Focused Equity Fund		257,600,814		48,116,317		(4,902,460	)		43,213,857
Foreign Fund		173,058,070		24,830,651		(17,751,523	)		7,079,128
Fundamental Equity Fund		140,521,439		24,941,190		(3,376,698	)		21,564,492
Fundamental Value Fund		136,499,675		31,934,269		(4,453,211	)		27,481,058
Global Fund		115,288,383		28,080,162		(5,786,774	)		22,293,388
Income & Growth Fund		153,429,723		35,130,133		(8,046,599	)		27,083,534
International Equity Fund		239,187,558		21,971,707		(17,176,440	)		4,795,267
Large Cap Growth Fund		157,820,411		53,280,555		(11,061,326	)		42,219,229
Managed Volatility Fund		67,469,234		43,853,088		(3,042,793	)		40,810,295
Mid Cap Growth Fund		277,325,184		77,836,471		(13,907,171	)		63,929,300
Mid Cap Value Fund		278,659,565		18,959,352		(19,351,422	)		(392,070	)
Small Cap Growth Equity Fund		136,916,290		25,141,332		(10,885,154	)		14,256,178
Small Company Value Fund		81,255,421		6,428,472		(11,757,404	)		(5,328,932	)
Small/Mid Cap Value Fund		131,403,261		16,005,978		(13,663,707	)		2,342,271
Sustainable Equity Fund		109,964,041		34,185,358		(4,782,283	)		29,403,075
Total Return Bond Fund		419,288,794		960,953		(20,254,897	)		(19,293,944	)

Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years, subject to the carryforward period limitations, where applicable. Capital losses may be carried forward indefinitely, and retain the character of the original loss.

At December 31, 2022, the following Fund(s) had accumulated capital loss carryforwards:

	Short Term Capital Loss Carryforward		Long Term Capital Loss Carryforward
Blue Chip Growth Fund	$	5,559,994	$	—
Foreign Fund		—		2,354,641
Fundamental Equity Fund		815,741		—
International Equity Fund		2,720,330		908,524
Mid Cap Growth Fund		2,158,528		—
Small Cap Growth Equity Fund		12,536,602		—
Total Return Bond Fund		18,733,842		13,571,910

203

Notes to Financial Statements (Unaudited) (Continued)

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, 2022, was as follows:

	Ordinary Income		Long Term Capital Gain
Conservative Allocation Fund	$	12,473,039	$	27,529,967
Balanced Allocation Fund		13,376,800		27,763,172
Moderate Allocation Fund		43,264,795		127,631,074
Growth Allocation Fund		25,329,990		110,686,509
Aggressive Allocation Fund		2,644,343		19,549,904
MML American Funds Growth Fund		975,318		50,084,022
MML American Funds Core Allocation Fund		16,557,069		51,312,325
Blue Chip Growth Fund		493,775		82,886,147
Equity Income Fund		12,258,083		50,199,748
Equity Index Fund		8,843,632		38,706,668
Focused Equity Fund		2,937,276		24,850,509
Foreign Fund		7,317,041		13,669,206
Fundamental Equity Fund		6,781,663		25,357,929
Fundamental Value Fund		5,802,738		27,391,896
Global Fund		2,471,607		94,902,583
Income & Growth Fund		4,675,502		24,059,007
International Equity Fund		3,912,311		10,003,274
Large Cap Growth Fund		422,374		16,660,410
Managed Volatility Fund		490,067		—
Mid Cap Growth Fund		13,544,916		89,060,912
Mid Cap Value Fund		30,217,508		50,732,516
Small Cap Growth Equity Fund		12,651,099		32,978,942
Small Company Value Fund		3,960,778		40,006,894
Small/Mid Cap Value Fund		22,601,913		19,448,772
Sustainable Equity Fund		2,294,061		19,688,417
Total Return Bond Fund		5,120,668		—

The following Fund(s) have elected to pass through the foreign tax credit for the year ended December 31, 2022:

	Amount
Conservative Allocation Fund	$	61,740
Balanced Allocation Fund		84,315
Moderate Allocation Fund		385,551
Growth Allocation Fund		338,254
Aggressive Allocation Fund		49,958
MML American Funds Core Allocation Fund		314,806
Foreign Fund		434,081
Global Fund		132,763
International Equity Fund		551,617

204

Notes to Financial Statements (Unaudited) (Continued)

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, 2022, 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, 2022, 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)			Total
Conservative Allocation Fund	$	5,799,329	$	24,250,457		$	(38,307	)	$	(72,514,771	)	$	(42,503,292	)
Balanced Allocation Fund		9,929,018		27,458,866			(46,352	)		(74,016,536	)		(36,675,004	)
Moderate Allocation Fund		36,599,979		119,207,061			(172,896	)		(286,486,796	)		(130,852,652	)
Growth Allocation Fund		25,707,982		118,919,501			(135,183	)		(206,980,705	)		(62,488,405	)
Aggressive Allocation Fund		3,429,277		14,914,883			(11,465	)		(31,953,291	)		(13,620,596	)
MML American Funds Growth Fund		3,193,498		34,075,672			(13,551	)		(20,452,894	)		16,802,725
MML American Funds Core Allocation Fund		25,844,362		76,117,843			(72,073	)		(76,214,331	)		25,675,801
Blue Chip Growth Fund		—		(5,559,994	)		(39,577	)		29,161,231			23,561,660
Equity Income Fund		8,767,448		27,527,643			(52,501	)		71,254,339			107,496,929
Equity Index Fund		8,761,461		56,184,148			(70,677	)		209,950,808			274,825,740
Focused Equity Fund		2,726,455		26,219,015			(12,693	)		33,210,335			62,143,112
Foreign Fund		2,457,681		(2,354,641	)		(36,862	)		(7,321,103	)		(7,254,925	)
Fundamental Equity Fund		1,408,447		(815,741	)		(14,608	)		1,577,419			2,155,517
Fundamental Value Fund		2,087,654		9,832,932			(18,799	)		27,268,549			39,170,336
Global Fund		1,132,292		8,107,306			(21,691	)		13,036,549			22,254,456
Income & Growth Fund		4,486,082		20,989,576			(24,813	)		37,196,160			62,647,005
International Equity Fund		2,947,263		(3,628,854	)		(12,167	)		(31,523,288	)		(32,217,046	)
Large Cap Growth Fund		—		12,954,129			(15,665	)		(5,803,705	)		7,134,759
Managed Volatility Fund		3,212,375		15,749,021			(27,035	)		29,549,931			48,484,292
Mid Cap Growth Fund		—		(2,158,528	)		(44,019	)		29,048,609			26,846,062
Mid Cap Value Fund		10,566,992		38,954,024			(47,622	)		(1,908,638	)		47,564,756
Small Cap Growth Equity Fund		—		(12,536,602	)		(28,332	)		(1,017,918	)		(13,582,852	)
Small Company Value Fund		772,380		140,269			(9,715	)		(12,620,885	)		(11,717,951	)
Small/Mid Cap Value Fund		2,790,644		15,138,668			(23,137	)		(2,709,413	)		15,196,762
Sustainable Equity Fund		1,170,763		41,357,834			(17,877	)		14,682,851			57,193,571
Total Return Bond Fund		7,805,951		(32,305,752	)		(32,670	)		(29,562,991	)		(54,095,462	)

The Funds did not have any unrecognized tax benefits at June 30, 2023, 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, 2023, 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.

205

Notes to Financial Statements (Unaudited) (Continued)

7.	Investment in Affiliated Issuers

A summary of the Funds’ transactions in the securities of affiliated issuers during the period ended June 30, 2023, was as follows:

	Beginning Value as of 12/31/22		Purchases		Sales			Change in Unrealized Appreciation (Depreciation)			Net Realized Gain (Loss)			Value as of 6/30/23		Number of Shares Held as of 6/30/23
Conservative Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	11,422,585	$	106,392	$	(1,257,626	)	$	4,113,686		$	(315,028	)	$	14,070,009		973,703
MML Dynamic Bond Fund, Class II		34,660,484		2,023,944		(3,770,972	)		1,766,206			(517,003	)		34,162,659		3,963,186
MML Equity Income Fund, Initial Class		11,987,484		87,180		(1,018,233	)		125,580			151,515			11,333,526		1,095,027
MML Focused Equity Fund, Class II		16,089,739		155,205		(1,805,918	)		610,257			133,620			15,182,903		1,995,125
MML Foreign Fund, Initial Class		5,628,347		45,593		(524,543	)		614,897			(20,467	)		5,743,827		622,975
MML Fundamental Equity Fund, Class II		9,745,468		68,606		(1,801,354	)		1,790,153			(229,768	)		9,573,105		975,852
MML Fundamental Value Fund, Class II		10,060,706		87,178		(1,018,232	)		330,998			38,522			9,499,172		797,580
MML Global Fund, Class I		8,177,431		52,293		(3,108,717	)		5,357,603			(4,528,339	)		5,950,271		1,343,176
MML High Yield Fund, Class II		1,040,706		8,030		(93,479	)		70,259			(18,105	)		1,007,411		117,414
MML Income & Growth Fund, Initial Class		9,262,344		43,704		(3,310,311	)		(550,272	)		683,052			6,128,517		560,194
MML Inflation-Protected and Income Fund, Initial Class		8,206,684		64,243		(747,838	)		402,695			(210,766	)		7,715,018		869,788
MML International Equity Fund, Class II		12,164,916		136,755		(1,573,408	)		1,315,419			466,364			12,510,046		1,237,393
MML Large Cap Growth Fund, Initial Class		6,808,492		74,645		(864,282	)		2,507,369			(40,478	)		8,485,746		626,254
MML Managed Bond Fund, Initial Class		63,253,785		518,277		(10,033,181	)		2,513,044			(1,246,830	)		55,005,095		5,095,789
MML Mid Cap Growth Fund, Initial Class		6,857,857		62,768		(730,626	)		1,339,960			(381,624	)		7,148,335		709,160
MML Mid Cap Value Fund, Initial Class		6,484,328		47,609		(554,163	)		43,153			125,580			6,146,507		652,495
MML Short-Duration Bond Fund, Class II		14,803,611		144,546		(1,682,634	)		526,616			(177,227	)		13,614,912		1,536,672
MML Small Cap Growth Equity Fund, Initial Class		565,744		14,608		(170,131	)		130,650			(85,481	)		455,390		49,392
MML Small Company Value Fund, Class II		3,219,434		27,160		(316,155	)		464,822			(271,533	)		3,123,728		395,409
MML Small/Mid Cap Value Fund, Initial Class		1,636,961		15,159		(176,462	)		88,033			17,824			1,581,515		166,651
MML Strategic Emerging Markets Fund, Class II		3,221,425		20,907		(943,391	)		1,802,107			(1,495,805	)		2,605,243		488,789
MML Total Return Bond Fund, Class II		45,082,280		9,753,392		(5,277,863	)		1,754,624			(1,033,612	)		50,278,821		5,624,029
	$	290,380,811	$	13,558,194	$	(40,779,519	)	$	27,117,859		$	(8,955,589	)	$	281,321,756
Balanced Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	14,097,366	$	1,028,146	$	(1,643,584	)	$	5,122,104		$	(380,463	)	$	18,223,569		1,261,147
MML Dynamic Bond Fund, Class II		35,436,184		57,032		(3,304,312	)		1,767,041			(502,522	)		33,453,423		3,880,908
MML Equity Income Fund, Initial Class		15,945,942		23,044		(1,334,203	)		396,535			(25,726	)		15,005,592		1,449,816
MML Focused Equity Fund, Class II		29,103,799		40,950		(2,364,529	)		1,022,937			360,633			28,163,790		3,700,892
MML Foreign Fund, Initial Class		7,569,631		11,998		(687,430	)		964,773			(163,882	)		7,695,090		834,609
MML Fundamental Equity Fund, Class II		13,192,785		18,062		(3,545,835	)		2,294,359			(247,759	)		11,711,612		1,193,844
MML Fundamental Value Fund, Class II		12,659,964		23,044		(1,334,203	)		679,221			(214,559	)		11,813,467		991,895
MML Global Fund, Class I		11,632,497		13,786		(3,796,405	)		9,040,019			(7,850,755	)		9,039,142		2,040,439
MML High Yield Fund, Class II		2,195,275		1,417		(1,082,104	)		235,185			(129,305	)		1,220,468		142,246
MML Income & Growth Fund, Initial Class		12,324,637		11,493		(665,609	)		35,242			86,128			11,791,891		1,077,869
MML Inflation-Protected and Income Fund, Initial Class		9,274,330		11,338		(656,834	)		304,217			(89,345	)		8,843,706		997,036
MML International Equity Fund, Class II		17,961,286		3,035,934		(2,059,181	)		2,602,256			91,881			21,632,176		2,139,681
MML Large Cap Growth Fund, Initial Class		9,623,220		19,630		(1,129,678	)		3,333,276			157,718			12,004,166		885,916
MML Managed Bond Fund, Initial Class		61,396,213		91,268		(9,287,296	)		2,296,700			(1,074,379	)		53,422,506		4,949,175
MML Mid Cap Growth Fund, Initial Class		8,635,027		16,548		(955,889	)		1,464,106			(260,820	)		8,898,972		882,835
MML Mid Cap Value Fund, Initial Class		9,562,032		12,571		(726,069	)		252,683			(1,143	)		9,100,074		966,038
MML Short-Duration Bond Fund, Class II		14,420,202		25,510		(1,477,877	)		508,087			(166,138	)		13,309,784		1,502,233
MML Small Cap Growth Equity Fund, Initial Class		913,466		3,853		(222,740	)		178,944			(102,889	)		770,634		83,583
MML Small Company Value Fund, Class II		3,865,995		7,159		(413,471	)		660,607			(427,516	)		3,692,774		467,440
MML Small/Mid Cap Value Fund, Initial Class		2,243,142		3,976		(229,818	)		179,229			(32,636	)		2,163,893		228,018
MML Strategic Emerging Markets Fund, Class II		2,693,477		5,512		(318,408	)		647,505			(372,545	)		2,655,541		498,225
MML Total Return Bond Fund, Class II		43,433,557		6,579,873		(4,627,396	)		1,340,454			(650,442	)		46,076,046		5,153,920
	$	338,180,027	$	11,042,144	$	(41,862,871	)	$	35,325,480		$	(11,996,464	)	$	330,688,316

206

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 12/31/22		Purchases		Sales			Change in Unrealized Appreciation (Depreciation)			Net Realized Gain (Loss)			Value as of 6/30/23		Number of Shares Held as of 6/30/23
Moderate Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	66,347,513	$	19,691	$	(11,364,733	)	$	24,218,088		$	(2,622,803	)	$	76,597,756		5,300,883
MML Dynamic Bond Fund, Class II		98,675,491		5,526,797		(10,405,887	)		5,138,989			(1,593,240	)		97,342,150		11,292,593
MML Equity Income Fund, Initial Class		70,852,667		16,223		(12,338,998	)		1,438,487			331,238			60,299,617		5,826,050
MML Focused Equity Fund, Class II		124,237,613		28,919		(14,213,420	)		3,550,471			2,115,096			115,718,679		15,206,134
MML Foreign Fund, Initial Class		32,484,438		8,534		(3,244,296	)		3,625,358			(206,142	)		32,667,892		3,543,155
MML Fundamental Equity Fund, Class II		60,744,264		12,755		(18,482,532	)		10,235,501			(1,509,512	)		51,000,476		5,198,825
MML Fundamental Value Fund, Class II		60,360,627		4,016,223		(6,338,998	)		3,010,544			(635,432	)		60,412,964		5,072,457
MML Global Fund, Class I		39,367,706		9,732		(6,278,948	)		15,552,599			(11,558,488	)		37,092,601		8,373,048
MML High Yield Fund, Class II		7,886,418		667		(4,759,111	)		1,242,697			(912,531	)		3,458,140		403,047
MML Income & Growth Fund, Initial Class		57,505,173		8,111		(19,168,421	)		(2,114,433	)		2,147,232			38,377,662		3,508,013
MML Inflation-Protected and Income Fund, Initial Class		26,502,838		5,338		(6,072,886	)		1,291,459			(658,789	)		21,067,960		2,375,193
MML International Equity Fund, Class II		84,622,465		7,025,568		(9,719,793	)		14,209,124			(1,443,669	)		94,693,695		9,366,340
MML Large Cap Growth Fund, Initial Class		40,925,245		6,013,886		(5,341,036	)		14,771,748			440,639			56,810,482		4,192,656
MML Managed Bond Fund, Initial Class		176,387,341		42,798		(26,619,362	)		6,461,395			(3,112,107	)		153,160,065		14,189,075
MML Mid Cap Growth Fund, Initial Class		37,467,105		5,011,682		(4,535,915	)		8,287,271			(2,642,364	)		43,587,779		4,324,184
MML Mid Cap Value Fund, Initial Class		41,374,848		8,890		(8,451,839	)		1,772,178			(782,149	)		33,921,928		3,601,054
MML Short-Duration Bond Fund, Class II		44,488,012		12,011		(4,663,994	)		1,583,305			(533,802	)		40,885,532		4,614,620
MML Small Cap Growth Equity Fund, Initial Class		6,511,907		3,002,719		(1,056,484	)		1,272,334			(480,477	)		9,249,999		1,003,256
MML Small Company Value Fund, Class II		19,434,557		5,055		(1,963,883	)		3,108,043			(1,938,975	)		18,644,797		2,360,101
MML Small/Mid Cap Value Fund, Initial Class		11,081,400		2,792		(1,084,075	)		873,591			(150,475	)		10,723,233		1,129,951
MML Strategic Emerging Markets Fund, Class II		15,649,324		3,895		(2,512,185	)		4,456,529			(2,866,204	)		14,731,359		2,763,857
MML Total Return Bond Fund, Class II		112,726,084		33,537,500		(14,562,022	)		3,920,180			(2,020,561	)		133,601,181		14,944,204
	$	1,235,633,036	$	64,319,786	$	(193,178,818	)	$	127,905,458		$	(30,633,515	)	$	1,204,045,947
Growth Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	60,379,356	$	78,987	$	(4,600,085	)	$	22,149,778		$	(1,771,599	)	$	76,236,437		5,275,878
MML Dynamic Bond Fund, Class II		47,737,662		53,620		(3,057,399	)		2,136,776			(422,626	)		46,448,033		5,388,403
MML Equity Income Fund, Initial Class		63,011,625		65,075		(9,127,510	)		2,564,557			(1,081,681	)		55,432,066		5,355,755
MML Focused Equity Fund, Class II		100,683,103		3,116,065		(6,611,993	)		4,021,141			1,003,302			102,211,618		13,431,225
MML Foreign Fund, Initial Class		28,986,996		34,150		(1,916,770	)		3,208,661			(127,083	)		30,185,954		3,273,965
MML Fundamental Equity Fund, Class II		55,064,926		51,106		(7,227,072	)		9,608,981			(781,137	)		56,716,804		5,781,529
MML Fundamental Value Fund, Class II		53,515,272		65,076		(3,727,510	)		3,112,729			(1,097,091	)		51,868,476		4,355,036
MML Global Fund, Class I		38,388,646		39,006		(6,824,320	)		16,640,576			(12,798,654	)		35,445,254		8,001,186
MML High Yield Fund, Class II		3,729,492		1,349		(76,896	)		200,520			(9,740	)		3,844,725		448,103
MML Income & Growth Fund, Initial Class		52,908,087		32,480		(9,061,099	)		(282,998	)		866,066			44,462,536		4,064,217
MML Inflation-Protected and Income Fund, Initial Class		13,289,094		10,789		(615,171	)		416,099			(107,324	)		12,993,487		1,464,880
MML International Equity Fund, Class II		77,577,248		6,102,432		(5,748,538	)		12,547,774			(640,391	)		89,838,525		8,886,105
MML Large Cap Growth Fund, Initial Class		42,537,918		55,763		(3,155,811	)		15,275,709			444,562			55,158,141		4,070,712
MML Managed Bond Fund, Initial Class		69,919,276		5,085,770		(4,890,607	)		1,891,288			(613,080	)		71,392,647		6,613,967
MML Mid Cap Growth Fund, Initial Class		34,167,009		3,046,861		(2,671,767	)		6,513,247			(1,515,543	)		39,539,807		3,922,600
MML Mid Cap Value Fund, Initial Class		36,166,270		35,603		(4,029,849	)		1,262,543			(368,898	)		33,065,669		3,510,156
MML Short-Duration Bond Fund, Class II		22,602,190		24,275		(1,384,134	)		697,380			(157,072	)		21,782,639		2,458,537
MML Small Cap Growth Equity Fund, Initial Class		8,101,752		10,905		(622,156	)		1,239,376			(504,142	)		8,225,735		892,164
MML Small Company Value Fund, Class II		20,952,325		20,276		(1,156,605	)		2,436,735			(1,151,390	)		21,101,341		2,671,056
MML Small/Mid Cap Value Fund, Initial Class		9,141,303		11,259		(641,918	)		785,144			(182,196	)		9,113,592		960,336
MML Strategic Emerging Markets Fund, Class II		13,550,140		15,622		(890,751	)		2,197,112			(805,644	)		14,066,479		2,639,114
MML Total Return Bond Fund, Class II		53,186,583		6,574,981		(4,275,434	)		1,909,662			(820,778	)		56,575,014		6,328,301
	$	905,596,273	$	24,531,450	$	(82,313,395	)	$	110,532,790		$	(22,642,139	)	$	935,704,979

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Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 12/31/22		Purchases		Sales			Change in Unrealized Appreciation (Depreciation)			Net Realized Gain (Loss)			Value as of 6/30/23		Number of Shares Held as of 6/30/23
Aggressive Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	10,108,455	$	80,359	$	(825,602	)	$	3,677,201		$	(257,028	)	$	12,783,385		884,663
MML Dynamic Bond Fund, Class II		2,341,727		18,024		(182,711	)		116,604			(32,954	)		2,260,690		262,261
MML Equity Income Fund, Initial Class		9,780,968		66,204		(1,073,026	)		413,157			(192,394	)		8,994,909		869,073
MML Focused Equity Fund, Class II		17,960,172		118,106		(1,196,465	)		687,918			174,504			17,744,235		2,331,700
MML Foreign Fund, Initial Class		4,460,486		34,742		(348,678	)		515,927			(42,955	)		4,619,522		501,033
MML Fundamental Equity Fund, Class II		7,821,861		51,992		(1,228,574	)		1,430,185			(202,894	)		7,872,570		802,505
MML Fundamental Value Fund, Class II		8,689,889		66,204		(673,026	)		510,799			(190,693	)		8,403,173		705,556
MML Global Fund, Class I		1,736,980		3,839,709		(402,536	)		340,644			20,278			5,535,075		1,249,452
MML High Yield Fund, Class II		541,438		472		(404,783	)		70,223			(47,152	)		160,198		18,671
MML Income & Growth Fund, Initial Class		8,702,560		33,100		(4,336,484	)		(408,617	)		514,962			4,505,521		411,840
MML Inflation-Protected and Income Fund, Initial Class		239,677		3,775		(38,264	)		16,560			(10,893	)		210,855		23,772
MML International Equity Fund, Class II		12,543,464		3,104,129		(2,445,073	)		1,726,590			193,963			15,123,073		1,495,853
MML Large Cap Growth Fund, Initial Class		7,464,343		56,699		(572,122	)		2,692,830			71,997			9,713,747		716,882
MML Managed Bond Fund, Initial Class		4,251,237		28,877		(692,720	)		269,442			(184,997	)		3,671,839		340,167
MML Mid Cap Growth Fund, Initial Class		6,978,537		47,664		(483,141	)		1,269,565			(279,930	)		7,532,695		747,291
MML Mid Cap Value Fund, Initial Class		5,944,970		36,153		(366,512	)		270,871			(118,450	)		5,767,032		612,211
MML Short-Duration Bond Fund, Class II		2,125,436		8,493		(86,094	)		61,032			(9,809	)		2,099,058		236,914
MML Small Cap Growth Equity Fund, Initial Class		1,559,387		11,092		(112,481	)		239,420			(98,351	)		1,599,067		173,435
MML Small Company Value Fund, Class II		3,218,185		20,625		(209,062	)		417,921			(224,300	)		3,223,369		408,021
MML Small/Mid Cap Value Fund, Initial Class		1,390,449		11,451		(116,078	)		144,620			(54,997	)		1,375,445		144,936
MML Strategic Emerging Markets Fund, Class II		1,913,313		15,876		(160,940	)		383,290			(187,530	)		1,964,009		368,482
MML Total Return Bond Fund, Class II		1,983,197		525,291		(256,369	)		101,277			(57,086	)		2,296,310		256,858
	$	121,756,731	$	8,179,037	$	(16,210,741	)	$	14,947,459		$	(1,216,709	)	$	127,455,777

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 June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

10.

Coronavirus (COVID-19) Pandemic

The global pandemic outbreak of the novel coronavirus known as COVID-19 and efforts to contain its spread have produced, and may continue to produce, substantial market volatility, severe market dislocations and liquidity constraints in many markets, exchange trading suspensions and closures, higher default rates, and global business disruption, and they may result in future

208

Notes to Financial Statements (Unaudited) (Continued)

significant adverse effects. Such factors, and the effects of other infectious illness outbreaks, epidemics, or pandemics, 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, subadvisor, or other service providers to serve the Fund and could lead to disruptions that negatively impact the Fund.

11.

Russia-Ukraine War

In February 2022, Russia commenced a large-scale military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the regional and the global financial markets and economies. One or more of the Funds hold positions in securities or other instruments that are economically tied to Russia. Investments in Russia are subject to political, economic, legal, market, and currency risks, as well as the risks related to the economic sanctions on Russia, Russian individuals, and Russian corporate and banking entities imposed by the United States, other countries, and certain international organizations. Such sanctions — which affect companies in many sectors, including energy, financial services, and defense, among others — could adversely affect the global energy and financial markets and, thus, could affect the value of a Fund’s investments, even beyond any direct exposure the Fund may have to Russian issuers or the adjoining geographic regions. These sanctions and any other intergovernmental actions (including retaliatory actions by the Russian government) may also result in a decline in the value and liquidity of Russian securities and a weakening of the ruble, and will impair a Fund’s ability to buy, sell, receive, or deliver Russian securities. In addition, certain transactions have been or may be prohibited and/or existing investments have or may become illiquid (e.g., because transacting in certain existing investments is prohibited), which could cause a Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet shareholder redemptions.

209

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 https://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 https://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 21, 2023, the Trustees received a report prepared by the Committee regarding the operation and effectiveness of the Program for the period January 1, 2022 through December 31, 2022. 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 2023, 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 agreement with AllianceBernstein L.P. (“AllianceBernstein”) for the Small/Mid Cap Value Fund (the “March Amended Subadvisory Agreement”) intended to lower the fees payable under the agreement.

In arriving at their decision, the Trustees discussed the fees payable to AllianceBernstein by MML Advisers under the March Amended Subadvisory Agreement and the effect of such fees on the profitability to MML Advisers. The Trustees concluded that they were satisfied that MML Advisers’ projected level of profitability due to the March Amended Subadvisory Agreement is not excessive and the subadvisory fee amount under the March Amended Subadvisory Agreement is fair and reasonable. In their deliberations, the Trustees were advised by independent counsel.

210

Other Information (Unaudited) (Continued)

Prior to the vote being taken to approve the March Amended 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 March Amended Subadvisory Agreement became effective on April 1, 2023.

At their meetings in May and June 2023, 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 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, 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, Sustainable Equity 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 performance periods are to periods ended December 31, 2022, except as otherwise noted. 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.”)

211

Other Information (Unaudited) (Continued)

The Committee considered that almost half of the Funds had total net expense ratios at or below the medians of their peer groups, or in the top three comparative quintiles of their peer groups. Those Funds include the Total Return Bond Fund, Income & Growth Fund, Managed Volatility Fund, Equity Index Fund, Sustainable Equity Fund, MML American Funds Growth Fund, Large Cap Growth Fund, Mid Cap Growth Fund, Small/Mid Cap Value Fund, Small Company Value Fund, Global Fund, and Growth Allocation Fund. Of those Funds, all had net advisory fees at or below the medians of their peer groups except the Large Cap Growth Fund and Mid Cap Growth Fund. The Committee considered MML Advisers’ statement that the advisory arrangements for each of 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 might, in the case of each of the Funds, be expected to be less than the applicable peer group median.

In the case of a number of Funds, the Committee noted that the Fund’s net advisory fees were at or below the medians of their peer group, although the Funds’ total net expense ratios were higher than the 60th comparative percentiles of their peer groups. The Committee considered MML Advisers’ statements that the relatively high total net expense ratios were affected, in the case of the Conservative Allocation Fund, Balanced Allocation Fund, Moderate Allocation Fund, Aggressive Allocation Fund, and MML American Funds Core Allocation Fund, by the fact that the Funds invest principally in actively managed underlying funds, which are more expensive than the underlying index funds in which many of their peers invest. In the case of the Fundamental Value Fund, Fundamental Equity Fund, and International Equity Fund, the Committee considered that the absolute difference between each Fund’s total net expense ratio and its peer group median was not so high as to be inconsistent with the approval of its advisory agreement, particularly in light of the Funds’ generally favorable net advisory fees.

The Committee noted that a number of Funds had both total net expense ratios and net advisory fees above the 60th comparative percentiles of their respective peer groups. Those Funds included the Equity Income Fund, Blue Chip Growth Fund, Mid Cap Value Fund, Small Cap Growth Equity Fund, and Foreign 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 paid by each Fund other than Small Cap Growth Equity Fund would be less than the applicable peer group median. In the case of the Small Cap Growth Equity Fund, the Committee considered MML Advisers’ statement that, although the Fund’s net advisory fee would still be above the peer group median, MML Advisers considered the fee acceptable in light of the fact that it considers the Fund’s subadviser to be among the premier managers in the small-cap space and worth compensating at a premium to the market in light of the Fund’s long-term performance record. The Committee also determined that the absolute difference between the Funds’ total net expense ratios and their peer group medians were not otherwise so high as to prevent the approval of their advisory agreements. The Committee determined that the foregoing Funds’ net advisory fees did not appear unreasonable in light of the information presented.

The Committee noted that the Focused Equity Fund had both a total net expense ratio and net advisory fees above the 60th comparative percentiles of its peer group. The Committee noted that the Fund’s total net expense ratio and net advisory fees were both within two basis points of the peer group medians.

The Committee determined on the basis of these factors that the Funds’ net advisory fees, in light of the total net expenses of the Funds generally, were consistent with the continuation of their advisory agreements.

The Committee considered that the majority of the Funds achieved three-year investment performance above the medians of their performance categories, or in the top three comparative quintiles of their performance categories. Those included the Equity Income Fund, Equity Index Fund, Small/Mid Cap Value Fund, Fundamental Value Fund, Focused Equity Fund, Large Cap Growth Fund, Mid Cap Value Fund, Small Cap Growth Equity Fund, Conservative Allocation Fund, Balanced Allocation Fund, Growth Allocation Fund, MML American Funds Core Allocation Fund, MML American Funds Growth Fund, Income & Growth Fund, Small Company Value Fund, Fundamental Equity Fund, Global Fund, and Foreign Fund. In addition, the Committee considered that the Aggressive Allocation Fund, Moderate Allocation Fund, Sustainable Equity Fund, International Equity

212

Other Information (Unaudited) (Continued)

Fund, and Mid Cap 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 at or above the medians of their performance categories.

As to the Blue Chip Growth Fund, the Committee noted that the Fund had experienced performance for the one- and three-year periods in the 92nd and 98th comparative percentiles of its performance category, respectively. The Committee considered MML Advisers’ statement that the Fund has experienced favorable long-term performance, but that a number of stock selection decisions have contributed to the Fund’s recent underperformance. The Committee also noted MML Advisers’ conviction in the Fund’s subadviser and statement that the Fund’s portfolio manager has made changes to the implementation of the Fund’s investment strategy since taking over in 2021 that MML Advisers considers beneficial. The Committee noted that the Fund remains on heightened review in light of recent underperformance.

As to the Total Return Bond Fund, the Committee noted that, although the Fund had experienced performance for the one- and three-year periods in the 86th and 68th comparative percentiles of its performance category, respectively. The Committee considered MML Advisers’ statement that it views the Fund as providing a disciplined and risk-restrained strategy favorable to producing competitive returns with lower than peer tracking error compared to its benchmark, and that this conservative risk positioning resulted in underperformance relative to peers as markets recovered from the pandemic.

As to the Managed Volatility Fund, the Committee noted that the Fund had experienced performance in the 74th and 81st comparative percentile of its performance category for each of the one- and three-year periods, respectively. The Committee considered MML Advisers’ statements that the Fund’s performance category was recently expanded to include open-end funds from the long-short equity category and options trading category given the limited universe of variable funds, limiting the comparability of the category. The Committee considered MML Advisers’ statement that the subadviser’s strategy has delivered on its mandate of delivering absolute returns with lower volatility than equity markets and the S&P 500 Index.

The Committee determined on the basis of these factors and on other factors and information considered by the Committee that the Funds’ performance, for the various periods presented, and the level of ongoing review of various underperforming Funds, were generally consistent with the continuation of the Contracts.

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.

213

Other Information (Unaudited) (Continued)

Also at their meeting in June 2023, the Trustees, including the Independent Trustees, reviewed and approved a proposal to make changes to the existing subadvisory agreement with T. Rowe Price Associates, Inc. (“T. Rowe Price”) for the Blue Chip Growth Fund (the “June Amended Subadvisory Agreement”) intended to lower the fees payable under the agreement.

In arriving at their decision, the Trustees discussed the fees payable to T. Rowe Price by MML Advisers under the June Amended Subadvisory Agreement and the effect of such fees on the profitability to MML Advisers. The Trustees concluded that they were satisfied that MML Advisers’ projected level of profitability due to the June Amended Subadvisory Agreement is not excessive and the subadvisory fee amount under the June Amended Subadvisory Agreement is fair and reasonable. In their deliberations, the Trustees were advised by independent counsel.

Prior to the vote being taken to approve the June Amended 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 Amended Subadvisory Agreement became effective on July 1, 2023.

214

Other Information (Unaudited) (Continued)

Fund Expenses June 30, 2023

Expense Examples:

The following information is in regards to expenses for the six months ended June 30, 2023:

As a shareholder of the Funds, you incur ongoing costs, including investment 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, 2023.

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	0.14%	$1,063.40	$0.72	$1,024.10	$0.70
Service Class	1,000	0.39%	1,061.60	1.99	1,022.90	1.96
Balanced Allocation Fund
Initial Class	1,000	0.14%	1,070.20	0.72	1,024.10	0.70
Service Class	1,000	0.39%	1,068.50	2.00	1,022.90	1.96
Moderate Allocation Fund
Initial Class	1,000	0.12%	1,080.30	0.62	1,024.20	0.60
Service Class	1,000	0.37%	1,079.10	1.91	1,023.00	1.86
Growth Allocation Fund
Initial Class	1,000	0.12%	1,097.60	0.62	1,024.20	0.60
Service Class	1,000	0.37%	1,095.90	1.92	1,023.00	1.86
Aggressive Allocation Fund
Initial Class	1,000	0.17%	1,115.00	0.89	1,024.00	0.85
Service Class	1,000	0.42%	1,113.90	2.20	1,022.70	2.11

215

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	1.04%	$1,246.10	$5.79	$1,019.60	$5.21
MML American Funds Core Allocation Fund
Service Class I	1,000	0.61%	1,077.10	3.14	1,021.80	3.06
Blue Chip Growth Fund
Initial Class	1,000	0.79%	1,350.50	4.60	1,020.90	3.96
Service Class	1,000	1.04%	1,348.90	6.06	1,019.60	5.21
Equity Income Fund
Initial Class	1,000	0.77%	1,024.80	3.87	1,021.00	3.86
Service Class	1,000	1.02%	1,023.20	5.12	1,019.70	5.11
Equity Index Fund
Class I	1,000	0.44%	1,166.50	2.36	1,022.60	2.21
Class II	1,000	0.29%	1,167.10	1.56	1,023.40	1.45
Class III	1,000	0.14%	1,167.90	0.75	1,024.10	0.70
Service Class I	1,000	0.69%	1,164.90	3.70	1,021.40	3.46
Focused Equity Fund
Class II	1,000	0.88%	1,051.10	4.48	1,020.40	4.41
Service Class I	1,000	1.13%	1,050.70	5.75	1,019.20	5.66
Foreign Fund
Initial Class	1,000	0.95%	1,108.20	4.97	1,020.10	4.76
Service Class	1,000	1.20%	1,106.40	6.27	1,018.80	6.01
Fundamental Equity Fund
Class II	1,000	0.83%	1,173.40	4.47	1,020.70	4.16
Service Class I	1,000	1.08%	1,172.80	5.82	1,019.40	5.41
Fundamental Value Fund
Class II	1,000	0.80%	1,040.20	4.05	1,020.80	4.01
Service Class I	1,000	1.05%	1,037.80	5.31	1,019.60	5.26
Global Fund
Class I	1,000	0.87%	1,107.50	4.55	1,020.50	4.36
Class II	1,000	0.87%	1,106.50	4.54	1,020.50	4.36
Service Class I	1,000	1.12%	1,105.50	5.85	1,019.20	5.61
Income & Growth Fund
Initial Class	1,000	0.72%	1,011.10	3.59	1,021.20	3.61
Service Class	1,000	0.97%	1,010.40	4.84	1,020.00	4.86
International Equity Fund
Class II	1,000	0.95%	1,151.50	5.07	1,020.10	4.76
Service Class I	1,000	1.20%	1,150.90	6.40	1,018.80	6.01
Large Cap Growth Fund
Initial Class	1,000	0.71%	1,381.20	4.19	1,021.30	3.56
Service Class	1,000	0.96%	1,379.70	5.66	1,020.00	4.81
Managed Volatility Fund
Initial Class	1,000	1.11%	1,093.00	5.76	1,019.30	5.56
Service Class	1,000	1.36%	1,091.70	7.05	1,018.10	6.81
Mid Cap Growth Fund
Initial Class	1,000	0.83%	1,146.80	4.42	1,020.70	4.16
Service Class	1,000	1.08%	1,144.70	5.74	1,019.40	5.41
Mid Cap Value Fund
Initial Class	1,000	0.91%	1,027.30	4.57	1,020.30	4.56
Service Class	1,000	1.16%	1,025.80	5.83	1,019.00	5.81

216

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*
Small Cap Growth Equity Fund
Initial Class	$1,000	1.11%	$1,094.60	$5.76	$1,019.30	$5.56
Service Class	1,000	1.36%	1,093.30	7.06	1,018.10	6.81
Small Company Value Fund
Class II	1,000	0.95%	1,063.30	4.86	1,020.10	4.76
Service Class I	1,000	1.20%	1,063.40	6.14	1,018.80	6.01
Small/Mid Cap Value Fund
Initial Class	1,000	0.85%	1,068.70	4.36	1,020.60	4.26
Service Class	1,000	1.10%	1,067.70	5.64	1,019.30	5.51
Sustainable Equity Fund
Initial Class	1,000	0.59%	1,150.10	3.15	1,021.90	2.96
Service Class	1,000	0.84%	1,148.60	4.47	1,020.60	4.21
Total Return Bond Fund
Class II	1,000	0.64%	1,018.20	3.20	1,021.60	3.21
Service Class I	1,000	0.89%	1,017.30	4.45	1,020.40	4.46

Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2023, 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.

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Underwriter:
MML Distributors, LLC
1295 State Street
Springfield, Massachusetts 01111-0001

MM202407-306367

American Funds
Insurance Series^®

Semi-annual report
for the six months ended
June 30, 2023

American Funds Insurance Series, by Capital Group, is the underlying investment vehicle for many variable annuities and insurance products. For over 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

Investing for short periods makes losses more likely. For current information and month-end results, refer to capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

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 underlying funds in certain market conditions. Refer to the funds’ prospectuses and the Risk Factors section of this report for more information on these and other risks associated with investing in the funds.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Fellow investors:

Results for the American Funds Insurance Series for the periods ended June 30, 2023, 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, refer to 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

32		Global Small Capitalization Fund

39		Growth Fund

46		International Fund

51		New World Fund^®

65		Washington Mutual Investors Fund

70		Capital World Growth and Income Fund^®

78		Growth-Income Fund

84		International Growth and Income Fund

91		Capital Income Builder^®

112		Asset Allocation Fund

144		American Funds Global Balanced Fund

162		The Bond Fund of America^®

196		Capital World Bond Fund^®

217		American High-Income Trust^®

236		American Funds Mortgage Fund^®

244		Ultra-Short Bond Fund

246		U.S. Government Securities Fund^®

258		Managed Risk Growth Fund

260		Managed Risk International Fund

262		Managed Risk Washington Mutual Investors Fund

264		Managed Risk Growth-Income Fund

266		Managed Risk Asset Allocation Fund

268		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. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, refer to capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Results at a glance

For periods ended June 30, 2023, 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		15.37	%		20.63	%		9.76	%		11.20		9.98	%
MSCI All Country World Index (ACWI)¹			13.93			16.53			8.10			8.75		6.59
Global Small Capitalization Fund	4/30/98		11.56			15.84			4.39			7.34		8.69
MSCI All Country World Small Cap Index¹			8.02			13.02			4.53			7.62		7.43
Growth Fund	2/8/84		25.02			25.10			14.32			15.36		13.12
S&P 500 Index²			16.89			19.59			12.31			12.86		11.44
International Fund	5/1/90		12.49			15.34			1.59			5.06		7.34
MSCI All Country World Index (ACWI) ex USA¹			9.47			12.72			3.52			4.75		5.49
New World Fund	6/17/99		11.97			14.71			5.76			5.96		7.79
MSCI All Country World Index (ACWI)¹			13.93			16.53			8.10			8.75		5.47
Washington Mutual Investors Fund	7/5/01		7.89			13.59			8.91			10.90		7.18
S&P 500 Index²			16.89			19.59			12.31			12.86		8.15
Capital World Growth and Income Fund	5/1/06		12.54			18.35			7.02			8.53		6.95
MSCI All Country World Index (ACWI)¹			13.93			16.53			8.10			8.75		6.24
Growth-Income Fund	2/8/84		14.84			19.70			9.72			12.11		11.26
S&P 500 Index²			16.89			19.59			12.31			12.86		11.44
International Growth and Income Fund	11/18/08		10.31			15.75			3.27			4.48		7.39
MSCI All Country World Index (ACWI) ex USA¹			9.47			12.72			3.52			4.75		7.18
Capital Income Builder	5/1/14		3.67			6.81			5.56			—		4.50
70%/30% MSCI ACWI/Bloomberg U.S. Aggregate Index³			10.30			11.20			6.15			—		5.88
MSCI All Country World Index (ACWI)¹			13.93			16.53			8.10			—		7.59
Bloomberg U.S. Aggregate Index⁴			2.09			–0.94			0.77			—		1.29
Asset Allocation Fund	8/1/89		7.07			10.36			6.80			8.04		8.31
60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index⁵			10.81			11.24			7.94			8.45		8.37
S&P 500 Index²			16.89			19.59			12.31			12.86		10.12
Bloomberg U.S. Aggregate Index⁴			2.09			–0.94			0.77			1.52		5.09
American Funds Global Balanced Fund	5/2/11		7.74			10.29			5.31			6.01		5.66
60%/40% MSCI ACWI/Bloomberg Global Aggregate Index⁶			8.82			9.25			4.62			5.46		4.76
MSCI All Country World Index (ACWI)¹			13.93			16.53			8.10			8.75		7.55
Bloomberg Global Aggregate Index⁴			1.43			–1.32			–1.09			0.20		0.19
The Bond Fund of America	1/2/96		1.55			–1.04			1.69			2.03		4.03
Bloomberg U.S. Aggregate Index⁴			2.09			–0.94			0.77			1.52		4.17
Capital World Bond Fund	10/4/06		1.57			–0.10			–0.91			0.42		2.42
Bloomberg Global Aggregate Index⁴			1.43			–1.32			–1.09			0.20		2.07
American High-Income Trust	2/8/84		4.37			8.42			4.19			4.43		8.17
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index⁴			5.38			9.07			3.34			4.43		N/A
American Funds Mortgage Fund	5/2/11		0.97			–2.25			0.82			1.45		1.66
Bloomberg U.S. Mortgage Backed Securities Index⁴			1.87			–1.52			0.03			1.13		1.34
Ultra-Short Bond Fund	2/8/84		2.29			3.65			1.30			0.73		3.18
Bloomberg Short–Term Government/Corporate Index⁴			2.19			3.27			1.63			1.13		N/A
U.S. Government Securities Fund	12/2/85		0.38			–3.58			1.15			1.45		5.12
Bloomberg U.S. Government/ Mortgage-Backed Securities Index⁴			1.69			–1.86			0.30			1.05		5.42

2	American Funds Insurance Series

	Inception	Cumulative total returns						Average annual total returns
Class P1 shares	date	6 months			1 year			5 years			10 years			Lifetime
Managed Risk Growth Fund	5/1/13		14.20	%		10.63	%		8.33	%		9.18	%		9.11	%
S&P 500 Managed Risk Index — Moderate Aggressive⁷			11.56			12.05			7.74			8.70			8.64
Managed Risk International Fund	5/1/13		4.83			5.34			–1.28			1.52			1.29
S&P EPAC Ex. Korea LargeMidCap Managed Risk Index — Moderate Aggressive⁷			7.63			10.20			2.24			3.29			2.68
Managed Risk Washington Mutual Investors Fund	5/1/13		3.41			4.01			3.45			5.62			5.54
S&P 500 Managed Risk Index — Moderate⁷			10.42			10.53			6.99			7.90			7.81
Managed Risk Growth-Income Fund	5/1/13		8.67			7.55			5.35			7.29			7.22
S&P 500 Managed Risk Index — Moderate ⁷			10.42			10.53			6.99			7.90			7.81
Managed Risk Asset Allocation Fund	9/28/12		4.40			5.19			4.01			5.51			6.07
S&P 500 Managed Risk Index — Moderate Conservative⁷			9.36			9.11			6.28			7.17			7.33

The market indexes shown are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

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 U.S. Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg U.S. Aggregate Index by weighting their total returns at 70% and 30%, respectively. Its result assumes the blend is rebalanced monthly.
⁴	Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market. Bloomberg Global Aggregate Index represents the global investment-grade fixed income markets. Bloomberg 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 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 U.S. Government/Mortgage-Backed Securities Index covers obligations issued by the U.S. Treasury and U.S. government agencies. Bloomberg 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 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 Global Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg Global Aggregate Index by weighting their cumulative total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly.
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

About the series

Unless otherwise indicated, American Funds Insurance Series investment results are for Class 1 shares (Class P1 shares for managed risk funds). Class 1A shares began operations on January 6, 2017. Class 2 shares began operations on April 30, 1997. Class 3 shares began operations on January 16, 2004. Class 4 shares began operations on December 14, 2012. Results encompassing periods prior to those dates assume a hypothetical investment in Class 1 shares and include the deduction of additional annual expenses (0.25% for Class 1A shares, 0.25% for Class 2 shares, 0.18% for Class 3 shares and 0.50% for Class 4 shares).

The variable annuities and life insurance contracts that use the series’ funds contain certain fees and expenses not reflected in this report. Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Refer to capitalgroup.com/afis for more information.

The investment adviser is currently waiving a portion of its management fee for Global Growth Fund, Global Small Capitalization Fund, New World Fund, Washington Mutual Investors Fund, Capital World Growth and Income Fund, Capital Income Builder, American Funds Global Balanced Fund, The Bond Fund of America, American High-Income Trust, American Funds Mortgage Fund and U.S. Government Securities Fund. The waivers will be in effect through at least May 1, 2024. The waivers may only be modified or terminated with the approval of the series’ board. Applicable fund results shown reflect the waivers, without which results would have been lower. Refer to the Financial Highlights tables in this report for details.

For the managed risk funds, the investment adviser is currently waiving a portion of its management fee equal to 0.05% of each fund’s net assets. In addition, the investment adviser is currently reimbursing a portion of other expenses for Managed Risk International Fund. The waivers and reimbursement will be in effect through at least May 1, 2024, unless modified or terminated by the series’ board. After that time, the investment adviser may elect to extend, modify or terminate the reimbursement. The waivers may only be modified or terminated with the approval of the series’ board. Applicable fund results shown reflect the waivers and reimbursement, without which results would have been lower. Refer to the Financial Highlights tables in this report for details.

The Managed Risk Growth Fund pursues its objective by investing in shares of American Funds Insurance Series – Growth Fund and American Funds Insurance Series – The Bond Fund of America. The Managed Risk International Fund pursues its objective by investing in shares of American Funds Insurance Series – International Fund and American Funds Insurance Series – The Bond Fund of America. The Managed Risk Washington Mutual Investors Fund pursues its objective by investing in shares of American Funds Insurance Series – Washington Mutual Investors Fund and American Funds Insurance Series – U.S. Government Securities Fund. The Managed Risk Growth-Income Fund pursues its objective by investing in shares of American Funds Insurance Series – Growth-Income Fund and American Funds Insurance Series – The Bond Fund of America. The Managed Risk Asset Allocation Fund pursues its objective by investing in shares of American Funds Insurance Series – Asset Allocation Fund. The funds seek to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded futures. The benefit of the funds’ managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the funds’ results can be expected to lag those of the underlying fund.

Funds are listed in the report as follows: equity, balanced, fixed income and managed risk.

4	American Funds Insurance Series

Global Growth Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2023*

	6 months			1 year			5 years			10 years			Lifetime (since April 30,1997)			Gross expense ratio			Net expense ratio

Class 1		15.37	%		20.63	%		9.76	%		11.20	%		9.98	%		0.52	%		0.41	%
Class 1A		15.22			20.30			9.48			10.93			9.71			0.77			0.66
Class 2		15.25			20.32			9.49			10.93			9.71			0.77			0.66
Class 4		15.09			20.00			9.21			10.66			9.45			1.02			0.91

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Refer to capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2023. Refer to 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, 2023

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, 2023*

	6 months			1 year			5 years			10 years			Lifetime (since April 30, 1998)			Gross expense ratio			Net expense ratio

Class 1		11.56	%		15.84	%		4.39	%		7.34	%		8.69	%		0.70	%		0.66	%
Class 1A		11.43			15.54			4.13			7.08			8.43			0.95			0.91
Class 2		11.42			15.58			4.13			7.08			8.43			0.95			0.91
Class 4		11.20			15.20			3.85			6.80			8.15			1.20			1.16

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Refer to 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, 2023. Refer to 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, 2023

Percent of net assets

6	American Funds Insurance Series

Growth Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2023*

	6 months			1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio

Class 1		25.02	%		25.10	%		14.32	%		15.36	%		13.12	%		0.34	%
Class 1A		24.86			24.78			14.03			15.08			12.84			0.59
Class 2		24.87			24.80			14.03			15.07			12.84			0.59
Class 3		24.91			24.90			14.11			15.16			12.92			0.52
Class 4		24.72			24.48			13.75			14.79			12.56			0.84

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Refer to capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2023. Refer to 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, 2023

Percent of net assets

American Funds Insurance Series

International Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2023*

	6 months			1 year			5 years			10 years			Lifetime (since May 1, 1990)			Expense ratio

Class 1		12.49	%		15.34	%		1.59	%		5.06	%		7.34	%		0.53	%
Class 1A		12.38			15.09			1.34			4.80			7.07			0.78
Class 2		12.38			15.06			1.33			4.79			7.07			0.78
Class 3		12.42			15.15			1.40			4.86			7.15			0.71
Class 4		12.27			14.83			1.08			4.53			6.81			1.03

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Refer to 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, 2023. Refer to 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, 2023

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, 2023*

	6 months			1 year			5 years			10 years			Lifetime (since June 17, 1999)			Gross expense ratio			Net expense ratio

Class 1		11.97	%		14.71	%		5.76	%		5.96	%		7.79	%		0.64	%		0.57	%
Class 1A		11.85			14.40			5.49			5.70			7.53			0.89			0.82
Class 2		11.85			14.42			5.50			5.69			7.53			0.89			0.82
Class 4		11.72			14.13			5.24			5.43			7.26			1.14			1.07

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Refer to 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, 2023. Refer to 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, 2023

Percent of net assets

American Funds Insurance Series

Washington Mutual Investors Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2023^†

	6 months			1 year			5 years			10 years			Lifetime (since July 5, 2001)			Gross expense ratio			Net expense ratio

Class 1		7.89	%		13.59	%		8.91	%		10.90	%		7.18	%		0.40	%		0.25	%
Class 1A		7.71			13.32			8.64			10.63			6.91			0.65			0.50
Class 2		7.67			13.31			8.64			10.62			6.90			0.65			0.50
Class 4		7.54			13.05			8.38			10.37			6.67			0.90			0.75

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Refer to 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, 2023. Refer to 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, 2023

Percent of net assets

10	American Funds Insurance Series

Capital World Growth and Income Fund^®

Total returns based on a $1,000 investment

For periods ended June 30, 2023*

	6 months			1 year			5 years			10 years			Lifetime (since May 1, 2006)			Gross expense ratio			Net expense ratio

Class 1		12.54	%		18.35	%		7.02	%		8.53	%		6.95	%		0.53	%		0.42	%
Class 1A		12.39			18.09			6.77			8.28			6.69			0.78			0.67
Class 2		12.44			18.10			6.76			8.28			6.68			0.78			0.67
Class 4		12.28			17.75			6.50			8.00			6.43			1.03			0.92

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Refer to 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, 2023. Refer to 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, 2023

Percent of net assets

American Funds Insurance Series

Growth-Income Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2023*

	6 months			1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio

Class 1		14.84	%		19.70	%		9.72	%		12.11	%		11.26	%		0.28	%
Class 1A		14.68			19.39			9.45			11.84			10.98			0.53
Class 2		14.70			19.41			9.45			11.83			10.98			0.53
Class 3		14.74			19.48			9.52			11.91			11.06			0.46
Class 4		14.55			19.10			9.17			11.55			10.71			0.78

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2023

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, 2023*

	6 months			1 year			5 years			10 years			Lifetime (since November 18, 2008)			Expense ratio

Class 1		10.31	%		15.75	%		3.27	%		4.48	%		7.39	%		0.55	%
Class 1A		10.21			15.43			3.00			4.22			7.12			0.80
Class 2		10.20			15.53			3.01			4.22			7.12			0.80
Class 4		10.10			15.17			2.74			3.97			6.87			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 they would have been lower. Refer to 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, 2023. Refer to 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, 2023

Percent of net assets

American Funds Insurance Series

Capital Income Builder^®

Total returns based on a $1,000 investment

For periods ended June 30, 2023*

	6 months			1 year			5 years			Lifetime (since May 1, 2014)			Gross expense ratio			Net expense ratio

Class 1		3.67	%		6.81	%		5.56	%		4.50	%		0.41	%		0.27	%
Class 1A		3.54			6.55			5.30			4.25			0.66			0.52
Class 2		3.55			6.46			5.31			4.31			0.66			0.52
Class 4		3.51			6.30			5.05			3.99			0.91			0.77

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Refer to 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, 2023. Refer to 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, 2023

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, 2023*

	6 months			1 year			5 years			10 years			Lifetime (since August 1, 1989)			Expense ratio

Class 1		7.07	%		10.36	%		6.80	%		8.04	%		8.31	%		0.30	%
Class 1A		6.97			10.07			6.53			7.78			8.05			0.55
Class 2		6.89			10.07			6.53			7.77			8.04			0.55
Class 3		6.99			10.19			6.61			7.85			8.12			0.48
Class 4		6.81			9.79			6.27			7.52			7.79			0.80

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2023

Percent of net assets

American Funds Insurance Series

American Funds Global Balanced Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2023*

	6 months			1 year			5 years			10 years			Lifetime (since May 2, 2011)			Gross expense ratio			Net expense ratio

Class 1		7.74	%		10.29	%		5.31	%		6.01	%		5.66	%		0.51	%		0.50	%
Class 1A		7.65			10.12			5.06			5.78			5.42			0.76			0.75
Class 2		7.64			10.02			5.05			5.75			5.40			0.76			0.75
Class 4		7.55			9.87			4.79			5.59			5.23			1.01			1.00

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Refer to 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, 2023. Refer to 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, 2023

Percent of net assets

16	American Funds Insurance Series

The Bond Fund of America^®

Total returns based on a $1,000 investment

For periods ended June 30, 2023*

	6 months			1 year			5 years			10 years			Lifetime (since January 2, 1996)			Gross expense ratio			Net expense ratio

Class 1		1.55	%		–1.04	%		1.69	%		2.03	%		4.03	%		0.38	%		0.21	%
Class 1A		1.42			–1.29			1.44			1.79			3.77			0.63			0.46
Class 2		1.53			–1.22			1.46			1.79			3.77			0.63			0.46
Class 4		1.40			–1.45			1.18			1.53			3.52			0.88			0.71

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2023

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, 2023*

	6 months			1 year			5 years			10 years			Lifetime (since October 4, 2006)			Expense ratio

Class 1		1.57	%		–0.10	%		–0.91	%		0.42	%		2.42	%		0.47	%
Class 1A		1.47			–0.31			–1.16			0.19			2.18			0.72
Class 2		1.48			–0.31			–1.17			0.16			2.17			0.72
Class 4		1.29			–0.63			–1.42			–0.06			1.94			0.97

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Refer to 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, 2023. Refer to 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, 2023

Percent of net assets

18	American Funds Insurance Series

American High-Income Trust^®

Total returns based on a $1,000 investment

For periods ended June 30, 2023*

	6 months			1 year			5 years			10 years			Lifetime (since February 8, 1984)			Gross expense ratio			Net expense ratio

Class 1		4.37	%		8.42	%		4.19	%		4.43	%		8.17	%		0.44	%		0.30	%
Class 1A		4.36			8.31			3.95			4.18			7.91			0.69			0.55
Class 2		4.30			8.19			3.94			4.17			7.90			0.69			0.55
Class 3		4.43			8.41			4.03			4.25			7.98			0.62			0.48
Class 4		4.16			7.92			3.67			3.93			7.64			0.94			0.80

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Refer to 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, 2023. Refer to 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, 2023

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, 2023*

	6 months			1 year			5 years			10 years			Lifetime (since May 2, 2011)			Gross expense ratio			Net expense ratio

Class 1		0.97	%		–2.25	%		0.82	%		1.45	%		1.66	%		0.40	%		0.30	%
Class 1A		0.83			–2.51			0.57			1.20			1.41			0.65			0.55
Class 2		0.83			–2.43			0.56			1.20			1.41			0.65			0.55
Class 4		0.70			–2.67			0.31			0.97			1.20			0.90			0.80

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Refer to 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, 2023. Refer to 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, 2023

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, 2023*

	6 months			1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio

Class 1		2.29	%		3.65	%		1.30	%		0.73	%		3.18	%		0.30	%
Class 1A		2.21			3.56			1.28			0.63			2.97			0.55
Class 2		2.14			3.43			1.05			0.47			2.93			0.55
Class 3		2.22			3.53			1.11			0.56			3.00			0.48
Class 4		2.07			3.10			0.79			0.28			2.69			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 they would have been lower. Refer to 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, 2023. Refer to 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, 2023	Percent of net assets
Commercial paper		49.2	%
Federal agency bills & notes		21.2
Bonds & notes of governments & government agencies outside the U.S.		17.0
U.S. Treasury bills		10.3
Other assets less liabilities		2.3
Total		100.0	%

American Funds Insurance Series

U.S. Government Securities Fund^®

Total returns based on a $1,000 investment

For periods ended June 30, 2023*

	6 months			1 year			5 years			10 years			Lifetime (since December 2, 1985)			Gross expense ratio			Net expense ratio

Class 1		0.38	%		–3.58	%		1.15	%		1.45	%		5.12	%		0.34	%		0.24	%
Class 1A		0.15			–3.93			0.89			1.20			4.86			0.59			0.49
Class 2		0.14			–3.90			0.88			1.18			4.85			0.59			0.49
Class 3		0.25			–3.77			0.96			1.26			4.93			0.52			0.42
Class 4		0.10			–4.06			0.66			0.96			4.60			0.84			0.74

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Refer to 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, 2023. Refer to 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, 2023

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, 2023*

	6 months			1 year			5 years			10 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio

Class P1		14.20	%		10.63	%		8.33	%		9.18	%		9.11	%		0.74	%		0.69	%
Class P2		14.06			10.31			8.03			8.87			8.80			0.99			0.94

The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Refer to capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2023.

*	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, 2023*

	6 months			1 year			5 years			10 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio

Class P1		4.83	%		5.34	%		–1.28	%		1.52	%		1.29	%		0.93	%		0.86	%
Class P2		4.81			5.18			–1.53			1.17			0.95			1.18			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, 2024. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios shown reflect the waiver and reimbursement, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Refer to capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2023.

*	Periods greater than one year are annualized.

24	American Funds Insurance Series

Managed Risk Washington Mutual Investors Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2023*

	6 months			1 year			5 years			10 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio

Class P1		3.41	%		4.01	%		3.45	%		5.62	%		5.54	%		0.68	%		0.63	%
Class P2		3.29			3.74			3.16			5.28			5.20			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, 2023*

	6 months			1 year			5 years			10 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio

Class P1		8.67	%		7.55	%		5.35	%		7.29	%		7.22	%		0.67	%		0.62	%
Class P2		8.50			7.31			5.07			6.98			6.92			0.92			0.87

*	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, 2023*

	6 months			1 year			5 years			10 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio

Class P1		4.40	%		5.19	%		4.01	%		5.51	%		6.07	%		0.70	%		0.65	%
Class P2		4.32			4.97			3.76			5.25			5.81			0.95			0.90

*	Periods greater than one year are annualized.

American Funds Insurance Series

Global Growth Fund
Investment portfolio June 30, 2023	unaudited

Common stocks 95.23%	Shares		Value (000)
Information technology 24.52%
Microsoft Corp.	1,640,250	$	558,571
ASML Holding NV	436,031		315,630
ASML Holding NV (New York registered) (ADR)	209,558		151,877
Taiwan Semiconductor Manufacturing Company, Ltd.	9,924,200		184,941
Applied Materials, Inc.	875,000		126,472
Apple, Inc.	444,471		86,214
TE Connectivity, Ltd.	512,664		71,855
Broadcom, Inc.	75,950		65,881
NVIDIA Corp.	155,250		65,674
Samsung Electronics Co., Ltd.	785,100		43,272
Hexagon AB, Class B	2,733,712		33,661
Keyence Corp.	69,400		32,820
Capgemini SE	125,727		23,818
EPAM Systems, Inc.¹	93,560		21,028
Shopify, Inc., Class A, subordinate voting shares¹	178,500		11,531
Arista Networks, Inc.¹	65,356		10,592
Salesforce, Inc.¹	47,600		10,056
Synopsys, Inc.¹	22,000		9,579
			1,823,472

Health care 19.49%
Novo Nordisk AS, Class B	1,758,912		284,089
UnitedHealth Group, Inc.	306,020		147,085
DexCom, Inc.¹	969,700		124,616
ResMed, Inc.	509,000		111,217
Eli Lilly and Company	155,740		73,039
The Cigna Group	259,119		72,709
Merck & Co., Inc.	620,000		71,542
Regeneron Pharmaceuticals, Inc.¹	95,036		68,287
AstraZeneca PLC	474,010		67,896
Pfizer, Inc.	1,632,219		59,870
Centene Corp.¹	582,500		39,290
Gilead Sciences, Inc.	457,317		35,245
Mettler-Toledo International, Inc.¹	25,400		33,316
Sanofi	291,000		31,196
Seagen, Inc.¹	123,825		23,831
Bayer AG	363,860		20,116
Alnylam Pharmaceuticals, Inc.¹	104,200		19,792
Danaher Corp.	75,500		18,120
EssilorLuxottica SA	88,074		16,668
Argenx SE (ADR)¹	42,300		16,486
Zoetis, Inc., Class A	90,200		15,533
Vertex Pharmaceuticals, Inc.¹	43,700		15,379
Revance Therapeutics, Inc.¹	597,000		15,110
Catalent, Inc.¹	287,200		12,453
agilon health, Inc.¹	577,000		10,005
Virbac SA	33,154		9,798
Siemens Healthineers AG	163,670		9,263
Thermo Fisher Scientific, Inc.	17,472		9,116
Olympus Corp.	567,000		8,975
Bachem Holding AG²	93,403		8,156
Viatris, Inc.	110,678		1,105
EUROAPI¹	5,869		67
			1,449,370

Consumer discretionary 15.10%
Chipotle Mexican Grill, Inc.¹	136,100		291,118
LVMH Moët Hennessy-Louis Vuitton SE	221,218		208,769
Floor & Decor Holdings, Inc., Class A¹	914,698		95,092
Cie. Financière Richemont SA, Class A	423,330		71,828
Renault SA	1,688,781		71,256
Prosus NV, Class N	664,993		48,663

28	American Funds Insurance Series

Global Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Evolution AB		367,568	$	46,578
Booking Holdings, Inc.¹		16,000		43,205
MGM China Holdings, Ltd.^1,2		27,294,400		31,978
NIKE, Inc., Class B		266,500		29,414
MercadoLibre, Inc.¹		22,250		26,357
Coupang, Inc., Class A¹		1,445,604		25,153
Wynn Macau, Ltd.¹		21,430,000		19,515
Amazon.com, Inc.¹		147,000		19,163
Home Depot, Inc.		59,500		18,483
Melco Resorts & Entertainment, Ltd. (ADR)¹		1,434,100		17,510
Tractor Supply Co.		75,200		16,627
Tesla, Inc.¹		60,000		15,706
Moncler SpA		217,370		15,041
IDP Education, Ltd.²		802,377		11,865
				1,123,321

Financials 9.55%
Tradeweb Markets, Inc., Class A		1,527,288		104,589
AIA Group, Ltd.		9,002,200		91,851
3i Group PLC		2,792,000		69,337
Fiserv, Inc.¹		497,600		62,772
AXA SA		1,692,893		50,014
Aon PLC, Class A		96,600		33,346
Prudential PLC		2,203,282		31,071
Blackstone, Inc.		312,000		29,007
Société Générale		1,011,450		26,330
Citigroup, Inc.		569,715		26,230
Ping An Insurance (Group) Company of China, Ltd., Class H		3,855,500		24,703
HDFC Bank, Ltd.		1,098,800		22,830
Banco Santander, SA		5,334,500		19,794
Mastercard, Inc., Class A		49,000		19,272
London Stock Exchange Group PLC		165,000		17,484
Adyen NV¹		10,022		17,364
Visa, Inc., Class A		70,197		16,670
Zurich Insurance Group AG		32,005		15,206
Wells Fargo & Company		347,300		14,823
AU Small Finance Bank, Ltd.		1,416,725		13,021
The Carlyle Group, Inc.		95,600		3,054
Jackson Financial, Inc., Class A		44,327		1,357
Moscow Exchange MICEX-RTS PJSC³		12,640,000		—	⁴
				710,125

Industrials 7.97%
Carrier Global Corp.		1,366,400		67,924
Boeing Company¹		309,100		65,270
Caterpillar, Inc.		231,600		56,985
MTU Aero Engines AG		167,000		43,270
Alliance Global Group, Inc.		156,400,700		38,027
Airbus SE, non-registered shares		245,400		35,474
DSV A/S		157,870		33,224
Nidec Corp.		599,400		32,947
Safran SA		156,300		24,556
GT Capital Holdings, Inc.		2,454,611		22,927
NIBE Industrier AB, Class B		2,142,588		20,365
Rentokil Initial PLC		2,380,000		18,589
Techtronic Industries Co., Ltd.		1,679,500		18,377
Daikin Industries, Ltd.		74,600		15,228
Canadian Pacific Kansas City, Ltd. (CAD denominated)		183,000		14,781
ASSA ABLOY AB, Class B		611,000		14,667
SMC Corp.		22,500		12,505
L3Harris Technologies, Inc.		62,600		12,255
Recruit Holdings Co., Ltd.		382,400		12,204

American Funds Insurance Series

Global Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
BayCurrent Consulting, Inc.		321,000	$	12,060
Rheinmetall AG		37,223		10,220
Schneider Electric SE		33,509		6,108
TransDigm Group, Inc.		5,500		4,918
				592,881

Consumer staples 7.86%
Philip Morris International, Inc.		1,478,000		144,282
Keurig Dr Pepper, Inc.		2,125,530		66,465
Kweichow Moutai Co., Ltd., Class A		278,166		64,860
Altria Group, Inc.		1,248,500		56,557
Pernod Ricard SA		216,053		47,735
British American Tobacco PLC		1,383,000		45,883
Nestlé SA		360,086		43,327
Monster Beverage Corp.¹		634,204		36,429
Carrefour SA, non-registered shares		1,055,594		20,005
Costco Wholesale Corp.		35,970		19,366
Dollar Tree Stores, Inc.¹		95,000		13,632
Simply Good Foods Co.¹		263,800		9,652
Bunge, Ltd.		85,000		8,020
Target Corp.		60,500		7,980
				584,193

Materials 3.96%
Sherwin-Williams Company		385,500		102,358
Linde PLC		169,940		64,761
SIG Group AG¹		1,798,000		49,691
Vale SA, ordinary nominative shares		1,577,389		21,156
Shin-Etsu Chemical Co., Ltd.		552,500		18,363
First Quantum Minerals, Ltd.		706,200		16,707
Corteva, Inc.		201,300		11,535
DSM-Firmenich AG		93,100		10,019
				294,590

Communication services 3.44%
Alphabet, Inc., Class A¹		1,180,100		141,258
Meta Platforms, Inc., Class A¹		247,923		71,149
Publicis Groupe SA		273,000		21,297
Tencent Holdings, Ltd.		297,100		12,645
Bharti Airtel, Ltd.		868,779		9,319
				255,668

Energy 3.22%
Canadian Natural Resources, Ltd. (CAD denominated)		1,647,615		92,632
Cenovus Energy, Inc. (CAD denominated)		3,151,200		53,521
Reliance Industries, Ltd.		1,080,600		33,693
Schlumberger NV		335,000		16,455
Exxon Mobil Corp.		152,500		16,356
TotalEnergies SE		200,300		11,480
Halliburton Co.		235,128		7,757
Gaztransport & Technigaz SA		75,000		7,637
Gazprom PJSC³		8,346,000		—	⁴
LUKOIL Oil Co. PJSC³		246,300		—	⁴
				239,531

Utilities 0.12%
Brookfield Infrastructure Partners, LP		247,500		9,046

Total common stocks (cost: $4,481,950,000)				7,082,197

30	American Funds Insurance Series

Global Growth Fund (continued)

Preferred securities 1.30%	Shares		Value (000)
Health care 1.05%
Sartorius AG, nonvoting non-registered preferred shares²		228,400	$	78,324

Information technology 0.25%
Samsung Electronics Co., Ltd., nonvoting preferred shares		406,300		18,440

Total preferred securities (cost: $24,068,000)				96,764

Short-term securities 3.62%
Money market investments 3.50%
Capital Group Central Cash Fund 5.15%^5,6		2,604,985		260,524

Money market investments purchased with collateral from securities on loan 0.12%
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.01%^5,7		4,605,002		4,605
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.05%^5,7		4,045,720		4,046
				8,651

Total short-term securities (cost: $269,145,000)				269,175
Total investment securities 100.15% (cost: $4,775,163,000)				7,448,136
Other assets less liabilities (0.15)%				(11,283	)

Net assets 100.00%			$	7,436,853

Investments in affiliates⁶

	Value of affiliate at 1/1/2023 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized appreciation (000)		Value of affiliate at 6/30/2023 (000)		Dividend income (000)
Short-term securities 3.50%
Money market investments 3.50%
Capital Group Central Cash Fund 5.15%⁵	$	164,535	$	813,362	$	717,405	$	28	$	4	$	260,524	$	5,675

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 $11,345,000, which represented .15% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
³	Value determined using significant unobservable inputs.
⁴	Amount less than one thousand.
⁵	Rate represents the seven-day yield at 6/30/2023.
⁶	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
⁷	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

Refer to the notes to financial statements.

American Funds Insurance Series

Global Small Capitalization Fund
Investment portfolio June 30, 2023	unaudited

Common stocks 95.88%	Shares		Value (000)
Industrials 19.93%
International Container Terminal Services, Inc.		11,690,490	$	43,117
Visional, Inc.¹		542,250		30,019
Saia, Inc.¹		80,994		27,733
IMCD NV		177,337		25,508
Interpump Group SpA		454,700		25,289
Trelleborg AB, Class B		982,292		23,839
Cleanaway Waste Management, Ltd.		12,501,414		21,637
Instalco AB		4,098,065		20,452
Stericycle, Inc.¹		415,970		19,318
Fasadgruppen Group AB		2,370,503		18,648
Wizz Air Holdings PLC¹		487,387		16,953
The AZEK Co., Inc., Class A¹		526,835		15,958
Diploma PLC		413,200		15,689
Ceridian HCM Holding, Inc.¹		211,500		14,164
Dürr AG		426,625		13,799
EuroGroup Laminations SpA¹		1,841,164		13,197
Rumo SA		2,802,100		12,992
CG Power and Industrial Solutions, Ltd.		2,709,008		12,514
Woodward, Inc.		105,000		12,486
Melrose Industries PLC		1,755,389		11,300
Hensoldt AG		337,689		11,084
Alfen NV^1,2		162,431		10,926
Reliance Worldwide Corp., Ltd.		3,875,607		10,661
ALS, Ltd.		1,330,332		9,935
Engcon AB, Class B		1,070,647		9,547
Cargotec OYJ, Class B, non-registered shares		165,450		9,086
Comfort Systems USA, Inc.		55,327		9,085
Daiseki Co., Ltd.		313,600		8,846
XPO, Inc.¹		142,400		8,402
Japan Airport Terminal Co., Ltd.		184,700		8,361
Boyd Group Services, Inc.		40,993		7,821
Addtech AB, Class B		353,050		7,695
Carel Industries SpA		252,900		7,627
Centre Testing International Group Co., Ltd.		2,684,839		7,214
GVS SpA^1,2		1,192,262		7,210
Guangzhou Baiyun International Airport Co., Ltd., Class A¹		3,524,879		6,971
Trex Co., Inc.¹		102,977		6,751
Godrej Industries Ltd.¹		1,032,000		6,521
Controladora Vuela Compañía de Aviación, SAB de CV, Class A (ADR), ordinary participation certificates¹		460,200		6,420
KEI Industries, Ltd.		225,049		6,371
Burckhardt Compression Holding AG		9,963		5,849
SIS, Ltd.¹		1,128,949		5,820
First Advantage Corp.¹		361,017		5,563
Harsha Engineers International, Ltd.		970,777		5,448
ICF International, Inc.		43,592		5,422
DL E&C Co., Ltd.		177,600		4,713
Sulzer AG		54,789		4,713
Japan Elevator Service Holdings Co., Ltd.		331,056		4,350
Atkore, Inc.¹		22,400		3,493
TELUS International (Cda), Inc., subordinate voting shares¹		228,852		3,474
Dätwyler Holding, Inc., non-registered shares		16,159		3,447
NORMA Group SE, non-registered shares		153,947		2,842
Aalberts NV, non-registered shares		64,502		2,715
LIXIL Corp.		196,500		2,496
Antares Vision SpA¹		281,100		2,113
ManpowerGroup, Inc.		22,631		1,797
Matson, Inc.		8,674		674
				626,075

32	American Funds Insurance Series

Global Small Capitalization Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary 19.22%
Melco Resorts & Entertainment, Ltd. (ADR)¹		3,600,384	$	43,961
Skechers USA, Inc., Class A¹		700,000		36,862
Thor Industries, Inc.		340,472		35,239
DraftKings, Inc., Class A¹		1,286,908		34,193
Five Below, Inc.¹		165,181		32,465
Mattel, Inc.¹		1,400,000		27,356
YETI Holdings, Inc.¹		613,869		23,843
Entain PLC		1,424,930		23,141
TopBuild Corp.¹		82,261		21,883
Evolution AB		164,961		20,904
Light & Wonder, Inc.¹		299,658		20,604
NEXTAGE Co., Ltd.²		1,036,500		20,150
Wyndham Hotels & Resorts, Inc.		279,778		19,184
Asbury Automotive Group, Inc.¹		74,351		17,875
Inchcape PLC		1,740,829		17,205
WH Smith PLC		828,756		16,343
HUGO BOSS AG		208,981		16,313
Lands’ End, Inc.^1,3		2,100,000		16,296
Helen of Troy, Ltd.¹		141,542		15,289
Domino’s Pizza Enterprises, Ltd.		471,514		14,592
Kindred Group PLC (SDR)		1,164,011		12,401
Golden Entertainment, Inc.¹		256,800		10,734
Shoei Co., Ltd.		563,400		10,444
MRF, Ltd.		8,205		10,132
Musti Group OYJ		495,800		9,693
Tongcheng Travel Holdings, Ltd.¹		4,538,400		9,525
NOK Corp.		602,000		8,826
Tube Investments of India, Ltd.		204,200		7,908
On Holding AG, Class A¹		238,410		7,868
Compagnie Plastic Omnium SA		337,633		5,939
Ariston Holding NV		545,355		5,771
Melco International Development, Ltd.¹		6,130,000		5,711
Haichang Ocean Park Holdings, Ltd.¹		30,194,000		4,593
Chervon Holdings, Ltd.		1,048,800		4,151
IDP Education, Ltd.		246,810		3,650
Elior Group SA¹		1,153,174		3,303
Persimmon PLC		251,990		3,285
Everi Holdings, Inc.¹		174,900		2,529
First Watch Restaurant Group, Inc.¹		105,725		1,787
Arco Platform, Ltd., Class A^1,2		131,900		1,601
				603,549

Information technology 18.76%
eMemory Technology, Inc.		594,430		42,527
Wolfspeed, Inc.¹		705,981		39,245
Confluent, Inc., Class A¹		1,096,085		38,703
Rogers Corp.¹		171,112		27,708
PAR Technology Corp.^1,2		837,615		27,583
GitLab, Inc., Class A¹		512,260		26,182
Nordic Semiconductor ASA¹		2,041,037		24,786
ALTEN SA, non-registered shares		142,299		22,426
Net One Systems Co., Ltd.		973,456		21,401
SUMCO Corp.²		1,466,300		20,754
Credo Technology Group Holding, Ltd.¹		1,159,609		20,108
Tanla Platforms, Ltd.		1,327,291		16,572
Pegasystems, Inc.		309,854		15,276
Silicon Laboratories, Inc.¹		95,000		14,985
Smartsheet, Inc., Class A¹		346,627		13,262
Alphawave IP Group PLC¹		7,104,698		12,974
MACOM Technology Solutions Holdings, Inc.¹		190,000		12,451
CCC Intelligent Solutions Holdings, Inc.¹		1,033,074		11,581
Kingdee International Software Group Co., Ltd.¹		8,134,224		10,921

American Funds Insurance Series

Global Small Capitalization Fund (continued)

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
SHIFT, Inc.¹		59,200	$	10,817
Qorvo, Inc.¹		104,345		10,646
MongoDB, Inc., Class A¹		23,300		9,576
SINBON Electronics Co., Ltd.		797,550		9,491
BE Semiconductor Industries NV		86,402		9,367
Semtech Corp.¹		362,319		9,225
INFICON Holding AG		7,397		8,923
Keywords Studios PLC		344,606		7,927
Unity Software, Inc.^1,2		171,112		7,430
Xiamen Faratronic Co., Ltd., Class A		384,267		7,265
Topicus.com, Inc., subordinate voting shares¹		87,540		7,180
LEM Holding SA		2,850		7,133
Tokyo Seimitsu Co., Ltd.		125,600		6,953
Extreme Networks, Inc.¹		259,796		6,768
SentinelOne, Inc., Class A¹		447,038		6,750
Cognex Corp.		116,600		6,532
OVH Groupe SAS^1,2		591,394		6,106
Bentley Systems, Inc., Class B		111,857		6,066
MKS Instruments, Inc.		48,570		5,250
Kingboard Laminates Holdings, Ltd.		4,498,000		4,242
Softcat PLC		222,430		3,999
Globant SA¹		17,730		3,186
Aspen Technology, Inc.¹		17,052		2,858
GlobalWafers Co., Ltd.		145,000		2,327
Kingboard Holdings, Ltd.		710,000		1,946
Yotpo, Ltd.^1,4,5		678,736		923
Maruwa Co., Ltd.		5,300		822
				589,153

Health care 14.73%
Haemonetics Corp.¹		1,011,991		86,161
Insulet Corp.¹		251,425		72,496
CONMED Corp.		214,975		29,213
Max Healthcare Institute, Ltd.¹		3,187,586		23,317
Vaxcyte, Inc.¹		319,731		15,967
Integra LifeSciences Holdings Corp.¹		385,860		15,870
Hapvida Participações e Investimentos SA¹		16,873,150		15,435
DiaSorin Italia SpA		134,308		13,978
iRhythm Technologies, Inc.¹		132,230		13,794
Ambu AS, Class B, non-registered shares¹		752,899		12,316
Bachem Holding AG		135,555		11,837
ICON PLC¹		46,061		11,524
CompuGroup Medical SE & Co. KGaA		228,815		11,256
The Ensign Group, Inc.		114,846		10,963
Glenmark Pharmaceuticals, Ltd.¹		1,222,353		10,084
Penumbra, Inc.¹		28,870		9,933
Denali Therapeutics, Inc.¹		327,907		9,677
Ocumension Therapeutics^1,2		9,650,966		9,415
Guardant Health, Inc.¹		243,104		8,703
New Horizon Health, Ltd.^1,2		2,328,844		8,167
Encompass Health Corp.		117,866		7,981
Inhibrx, Inc.¹		263,236		6,834
Netcare, Ltd.		8,818,088		6,750
Angelalign Technology, Inc.²		640,800		6,000
CanSino Biologics, Inc., Class H		1,678,600		5,627
Hypera SA, ordinary nominative shares		582,885		5,601
Shandong Pharmaceutical Glass Co., Ltd., Class A		1,250,600		4,692
Medmix AG		171,454		4,534
Masimo Corp.¹		23,687		3,898
Amplifon SpA²		97,143		3,565

34	American Funds Insurance Series

Global Small Capitalization Fund (continued)

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Nordhealth AS, Class A^1,2		1,279,999	$	2,972
Amvis Holdings, Inc.		122,400		2,786
IDEAYA Biosciences, Inc.¹		47,360		1,113
				462,459

Financials 8.93%
Cholamandalam Investment and Finance Co., Ltd.		2,859,647		39,809
Eurobank Ergasias Services and Holdings SA¹		15,339,241		25,283
HDFC Asset Management Co., Ltd.		780,039		21,841
Euronet Worldwide, Inc.¹		144,187		16,923
Stifel Financial Corp.		271,050		16,174
Star Health & Allied Insurance Co., Ltd.¹		2,131,169		15,219
IIFL Finance, Ltd.		2,116,842		13,065
Janus Henderson Group PLC		440,000		11,990
Fukuoka Financial Group, Inc.		572,200		11,811
360 ONE WAM, Ltd.		2,054,000		11,376
SiriusPoint, Ltd.¹		1,100,000		9,933
Essent Group, Ltd.		200,000		9,360
Bridgepoint Group PLC		3,459,845		8,896
Remgro, Ltd.		1,137,720		8,890
Five-Star Business Finance, Ltd.¹		993,023		7,850
Patria Investments, Ltd., Class A²		508,200		7,267
Vontobel Holding AG		95,492		6,070
Aptus Value Housing Finance India, Ltd.		1,816,424		5,502
Aditya Birla Capital, Ltd.¹		2,125,733		5,094
AvidXchange Holdings, Inc.¹		489,768		5,084
Aavas Financiers, Ltd.¹		268,552		5,041
AU Small Finance Bank, Ltd.		483,716		4,446
Glacier Bancorp, Inc.		123,330		3,844
Banco del Bajio, SA		1,000,000		3,039
Bolsa Mexicana de Valores, SAB de CV, Series A		1,373,300		2,850
Marqeta, Inc., Class A¹		355,670		1,732
Capitec Bank Holdings, Ltd.		15,161		1,263
Independent Bank Group, Inc.		20,402		705
				280,357

Materials 3.97%
JSR Corp.		635,535		18,271
LANXESS AG		534,455		16,093
Zeon Corp.		1,648,100		15,980
PI Industries, Ltd.		188,382		9,011
Resonac Holdings Co., Ltd.		478,200		7,778
Kaneka Corp.		274,500		7,704
Huhtamäki OYJ		225,000		7,390
Gujarat Fluorochemicals, Ltd.¹		197,025		7,049
Navin Fluorine International, Ltd.		125,000		6,864
Vidrala, SA, non-registered shares		64,918		6,125
Materion Corp.		51,409		5,871
Livent Corp.¹		198,353		5,441
Lundin Mining Corp.		600,000		4,701
Mayr-Melnhof Karton AG, non-registered shares		17,479		2,559
Recticel SA/NV		175,000		2,082
Toyo Gosei Co., Ltd.		26,500		1,896
				124,815

Real estate 2.65%
Altus Group, Ltd.²		551,189		18,278
Embassy Office Parks REIT		4,939,400		17,527
Macrotech Developers, Ltd.		1,165,394		9,671
ESR-Logos REIT		36,822,373		9,122
JHSF Participações SA		5,823,950		6,191
Corp. Inmobiliaria Vesta, SAB de CV		1,900,000		6,164

American Funds Insurance Series

Global Small Capitalization Fund (continued)

Common stocks (continued)	Shares		Value (000)
Real estate (continued)
Fibra Uno Administración REIT, SA de CV		3,400,000	$	4,966
Mindspace Business Parks REIT		1,250,000		4,705
TAG Immobilien AG¹		410,076		3,875
Ayala Land, Inc.		3,718,100		1,639
St. Joe Co.		20,462		989
				83,127

Communication services 2.44%
Lions Gate Entertainment Corp., Class B¹		3,059,785		25,549
Indosat Tbk PT		38,135,167		21,944
JCDecaux SE¹		976,059		19,351
Rightmove PLC		816,439		5,423
Trustpilot Group PLC¹		2,966,832		2,568
IHS Holding, Ltd.¹		192,833		1,886
				76,721

Energy 2.31%
Venture Global LNG, Inc., Series C^1,4,5		2,760		47,549
United Tractors Tbk PT		6,273,300		9,842
Subsea 7 SA		617,043		7,676
Weatherford International¹		82,600		5,486
Aegis Logistics, Ltd.		427,266		1,674
Helmerich & Payne, Inc.		7,700		273
				72,500

Utilities 1.50%
ENN Energy Holdings, Ltd.		1,205,597		15,066
ACEN Corp.¹		152,135,250		14,892
Brookfield Infrastructure Corp., Class A, subordinate voting shares²		157,667		7,190
Neoenergia SA		1,442,015		6,394
SembCorp Industries, Ltd.		824,100		3,507
				47,049

Consumer staples 1.44%
Grocery Outlet Holding Corp.¹		790,478		24,197
Redcare Pharmacy NV, non-registered shares¹		146,055		15,113
Scandinavian Tobacco Group A/S		305,111		5,078
AAK AB		32,189		606
DocMorris AG^1,2		9,250		403
				45,397

Total common stocks (cost: $2,337,881,000)				3,011,202

Preferred securities 0.67%
Information technology 0.66%
SmartHR, Inc., Series D, preferred shares^1,4,5		3,006		12,304
Yotpo, Ltd., Series F, preferred shares^1,4,5		2,158,609		2,936
Yotpo, Ltd., Series B, preferred shares^1,4,5		287,894		391
Yotpo, Ltd., Series C, preferred shares^1,4,5		274,070		373
Yotpo, Ltd., Series A-1, preferred shares^1,4,5		183,819		250
Yotpo, Ltd., Series A, preferred shares^1,4,5		89,605		122
Yotpo, Ltd., Series C-1, preferred shares^1,4,5		75,980		103
Yotpo, Ltd., Series D, preferred shares^1,4,5		42,368		58
Yotpo, Ltd., Series B-1, preferred shares^1,4,5		33,838		46
Outreach Corp., Series G, preferred shares^1,4,5		154,354		4,101
				20,684

Health care 0.01%
PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares^1,4,5		2,931,405		196

Total preferred securities (cost: $31,674,000)				20,880

36	American Funds Insurance Series

Global Small Capitalization Fund (continued)

Rights & warrants 0.38%	Shares		Value (000)
Information technology 0.38%
OPT Machine Vision Tech Co., Ltd., Class A, warrants, expire 1/27/2025^1,6		526,700	$	11,970

Total rights & warrants (cost: $12,265,000)				11,970

Short-term securities 4.17%
Money market investments 2.96%
Capital Group Central Cash Fund 5.15%^3,7		928,942		92,904

Money market investments purchased with collateral from securities on loan 1.21%
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.05%^7,8		13,538,555		13,539
Capital Group Central Cash Fund 5.15%^3,7,8		132,339		13,235
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.01%^7,8		11,363,450		11,363
				38,137

Total short-term securities (cost: $131,016,000)				131,041
Total investment securities 101.10% (cost: $2,512,836,000)				3,175,093
Other assets less liabilities (1.10)%				(34,643	)

Net assets 100.00%			$	3,140,450

Investments in affiliates³

	Value of affiliates at 1/1/2023 (000)		Additions (000)		Reductions (000)			Net realized gain (000)		Net unrealized appreciation (000)		Value of affiliates at 6/30/2023 (000)		Dividend income (000)
Common stocks 0.52%
Consumer discretionary 0.52%
Lands’ End, Inc.¹	$	15,939	$	—	$	—		$	—	$	357	$	16,296	$	—
Short-term securities 3.38%
Money market investments 2.96%
Capital Group Central Cash Fund 5.15%⁷		95,809		237,021		239,945			12		7		92,904		2,594
Money market investments purchased with collateral from securities on loan 0.42%
Capital Group Central Cash Fund 5.15%^7,8		23,235				10,000	⁹						13,235		—	¹⁰
Total short-term securities													106,139
Total 3.90%								$	12	$	364	$	122,435	$	2,594

American Funds Insurance Series

Global Small Capitalization Fund (continued)

Restricted securities⁵

	Acquisition date	Cost (000)		Value (000)		Percent of net assets
Venture Global LNG, Inc., Series C^1,4	5/1/2015	$	8,280	$	47,549		1.51	%
SmartHR, Inc., Series D, preferred shares^1,4	5/28/2021		14,344		12,304		.39
Yotpo, Ltd., Series F, preferred shares^1,4	2/25/2021		4,748		2,936		.10
Yotpo, Ltd.^1,4	3/16/2021		1,418		923		.03
Yotpo, Ltd., Series B, preferred shares^1,4	3/16/2021		602		391		.01
Yotpo, Ltd., Series C, preferred shares^1,4	3/16/2021		573		373		.01
Yotpo, Ltd., Series A-1, preferred shares^1,4	3/16/2021		384		250		.01
Yotpo, Ltd., Series A, preferred shares^1,4	3/16/2021		187		122		.01
Yotpo, Ltd., Series C-1, preferred shares^1,4	3/16/2021		159		103		.00	¹¹
Yotpo, Ltd., Series D, preferred shares^1,4	3/16/2021		89		58		.00	¹¹
Yotpo, Ltd., Series B-1, preferred shares^1,4	3/16/2021		71		46		.00	¹¹
Outreach Corp., Series G, preferred shares^1,4	5/27/2021		4,517		4,101		.13
PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares^1,4	2/7/2020		6,000		196		.01
Total		$	41,372	$	69,352		2.21	%

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 $61,683,000, which represented 1.96% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
³	Affiliate of the fund or part of the same “group of investment companies” as the fund, as defined under the Investment Company Act of 1940, as amended.
⁴	Value determined using significant unobservable inputs.
⁵	Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $69,352,000, which represented 2.21% of the net assets of the fund.
⁶	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $11,970,000, which represented .38% of the net assets of the fund.
⁷	Rate represents the seven-day yield at 6/30/2023.
⁸	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
⁹	Represents net activity. Refer to Note 5 for more information on securities lending.
¹⁰	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.
¹¹	Amount less than .01%.

Key to abbreviations

ADR = American Depositary Receipts

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipts

Refer to the notes to financial statements.

38	American Funds Insurance Series

Growth Fund

Investment portfolio June 30, 2023	unaudited

Common stocks 97.70%	Shares		Value (000)
Information technology 19.62%
Microsoft Corp.		5,878,798	$	2,001,966
Broadcom, Inc.		991,420		859,987
ASML Holding NV		701,108		507,511
ASML Holding NV (New York registered) (ADR)		189,937		137,657
Salesforce, Inc.¹		1,876,667		396,465
Apple, Inc.		1,835,276		355,988
NVIDIA Corp.		722,500		305,632
Shopify, Inc., Class A, subordinate voting shares¹		4,184,614		270,326
Cloudflare, Inc., Class A¹		3,611,700		236,097
Synopsys, Inc.¹		459,300		199,984
Applied Materials, Inc.		1,213,730		175,433
Taiwan Semiconductor Manufacturing Company, Ltd.		5,119,000		95,394
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		788,400		79,566
Motorola Solutions, Inc.		501,000		146,933
ServiceNow, Inc.¹		233,666		131,313
Adobe, Inc.¹		253,534		123,976
Micron Technology, Inc.		1,861,457		117,477
Wolfspeed, Inc.¹		2,109,815		117,285
MicroStrategy, Inc., Class A^1,2		236,458		80,968
Constellation Software, Inc.		38,102		78,944
Keyence Corp.		165,500		78,268
SAP SE		477,361		65,181
DocuSign, Inc.¹		1,148,159		58,659
CDW Corp.		311,859		57,226
GoDaddy, Inc., Class A¹		645,081		48,465
RingCentral, Inc., Class A¹		1,465,500		47,966
MongoDB, Inc., Class A¹		99,000		40,688
NetApp, Inc.		527,540		40,304
MKS Instruments, Inc.		360,705		38,992
Intel Corp.		1,136,000		37,988
Silicon Laboratories, Inc.¹		231,815		36,566
TE Connectivity, Ltd.		218,000		30,555
Trimble, Inc.¹		533,734		28,256
Smartsheet, Inc., Class A¹		729,700		27,918
BILL Holdings, Inc.¹		205,146		23,971
Intuit, Inc.		48,300		22,131
Atlassian Corp., Class A¹		125,959		21,137
Ciena Corp.¹		382,700		16,261
Fair Isaac Corp.¹		17,982		14,551
Dynatrace, Inc.¹		230,250		11,851
Palo Alto Networks, Inc.¹		43,600		11,140
CrowdStrike Holdings, Inc., Class A¹		62,700		9,209
Kulicke and Soffa Industries, Inc.		151,860		9,028
Datadog, Inc., Class A¹		85,225		8,384
Enphase Energy, Inc.¹		45,303		7,587
Stripe, Inc., Class B^1,3,4		168,598		3,395
				7,214,579

Communication services 17.89%
Meta Platforms, Inc., Class A¹		9,732,179		2,792,941
Netflix, Inc.¹		3,534,737		1,557,016
Alphabet, Inc., Class C¹		7,205,896		871,697
Alphabet, Inc., Class A¹		2,496,033		298,775
Take-Two Interactive Software, Inc.¹		1,259,595		185,362
Charter Communications, Inc., Class A¹		441,976		162,369
Snap, Inc., Class A, nonvoting shares¹		12,016,000		142,269
Verizon Communications, Inc.		3,720,000		138,347
Comcast Corp., Class A		3,165,988		131,547
Pinterest, Inc., Class A¹		3,756,864		102,713
Frontier Communications Parent, Inc.¹		3,168,010		59,052
T-Mobile US, Inc.¹		408,294		56,712

American Funds Insurance Series

Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Communication services (continued)
Iridium Communications, Inc.		604,439	$	37,548
Electronic Arts, Inc.		188,500		24,448
ZoomInfo Technologies, Inc.¹		555,700		14,109
				6,574,905

Consumer discretionary 15.52%
Tesla, Inc.¹		7,647,300		2,001,834
Amazon.com, Inc.¹		3,330,441		434,156
D.R. Horton, Inc.		2,611,044		317,738
Home Depot, Inc.		1,021,730		317,390
Royal Caribbean Cruises, Ltd.¹		2,197,978		228,018
Chipotle Mexican Grill, Inc.¹		104,198		222,880
DoorDash, Inc., Class A¹		2,869,400		219,280
Airbnb, Inc., Class A¹		1,544,000		197,879
LVMH Moët Hennessy-Louis Vuitton SE		158,000		149,109
Tractor Supply Co.		620,446		137,181
Evolution AB		1,047,654		132,758
Hermès International		61,000		132,702
Norwegian Cruise Line Holdings, Ltd.¹		5,591,100		121,718
Aramark		2,477,864		106,672
adidas AG		513,503		99,596
Amadeus IT Group SA, Class A, non-registered shares		1,300,613		99,160
O’Reilly Automotive, Inc.¹		79,800		76,233
Booking Holdings, Inc.¹		23,023		62,170
Toll Brothers, Inc.		744,683		58,882
Etsy, Inc.¹		630,310		53,331
Darden Restaurants, Inc.		308,568		51,556
NIKE, Inc., Class B		467,106		51,554
Las Vegas Sands Corp.¹		845,000		49,010
YUM! Brands, Inc.		275,700		38,198
Floor & Decor Holdings, Inc., Class A¹		355,300		36,937
Salvatore Ferragamo SpA²		2,174,477		35,824
Polaris, Inc.		280,000		33,860
Burlington Stores, Inc.¹		197,450		31,077
VF Corp.		1,614,746		30,826
Helen of Troy, Ltd.¹		269,597		29,122
Adient PLC¹		722,000		27,667
Caesars Entertainment, Inc.¹		532,514		27,142
NVR, Inc.¹		3,395		21,560
Skyline Champion Corp.¹		259,241		16,967
Flutter Entertainment PLC (CDI)¹		65,253		13,106
Flutter Entertainment PLC¹		8,614		1,734
Hilton Worldwide Holdings, Inc.		100,828		14,676
YETI Holdings, Inc.¹		372,600		14,472
Service Corp. International		200,000		12,918
				5,706,893

Health care 14.09%
Regeneron Pharmaceuticals, Inc.¹		1,068,751		767,940
Intuitive Surgical, Inc.¹		2,058,000		703,713
UnitedHealth Group, Inc.		1,202,858		578,142
Alnylam Pharmaceuticals, Inc.¹		2,109,316		400,643
Seagen, Inc.¹		1,832,651		352,712
Vertex Pharmaceuticals, Inc.¹		879,601		309,540
Thermo Fisher Scientific, Inc.		525,500		274,180
Eli Lilly and Company		458,748		215,144
Centene Corp.¹		2,975,690		200,710
Moderna, Inc.¹		1,271,838		154,528
Edwards Lifesciences Corp.¹		1,471,694		138,825
NovoCure, Ltd.¹		2,216,243		91,974
AstraZeneca PLC		550,784		78,893
Karuna Therapeutics, Inc.¹		354,222		76,813

40	American Funds Insurance Series

Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Novo Nordisk AS, Class B		425,517	$	68,727
Molina Healthcare, Inc.¹		205,507		61,907
R1 RCM, Inc.^1,2		3,162,865		58,355
Guardant Health, Inc.¹		1,545,803		55,340
Danaher Corp.		216,235		51,896
Zoetis, Inc., Class A		297,320		51,201
Bristol-Myers Squibb Company		796,057		50,908
Verily Life Sciences, LLC^1,3,4		300,178		45,222
Align Technology, Inc.¹		121,000		42,790
Abbott Laboratories		384,981		41,971
Ascendis Pharma AS (ADR)¹		437,553		39,052
Veeva Systems, Inc., Class A¹		186,440		36,865
Mettler-Toledo International, Inc.¹		26,000		34,103
Catalent, Inc.¹		704,073		30,529
Exact Sciences Corp.¹		276,000		25,916
GE HealthCare Technologies, Inc.		312,599		25,396
agilon health, Inc.¹		1,405,448		24,370
Humana, Inc.		52,000		23,251
DexCom, Inc.¹		148,800		19,122
CRISPR Therapeutics AG¹		262,678		14,747
Pacific Biosciences of California, Inc.¹		1,102,052		14,657
Galapagos NV¹		231,294		9,412
Ultragenyx Pharmaceutical, Inc.¹		161,278		7,440
Biohaven, Ltd.¹		65,550		1,568
Sana Biotechnology, Inc.^1,2		179,600		1,070
				5,179,572

Industrials 12.12%
Uber Technologies, Inc.¹		14,666,767		633,164
TransDigm Group, Inc.		698,282		624,383
Delta Air Lines, Inc.		7,215,000		343,001
Carrier Global Corp.		5,403,661		268,616
Jacobs Solutions, Inc.		2,169,000		257,872
United Rentals, Inc.		463,100		206,251
Caterpillar, Inc.		715,348		176,011
Ryanair Holdings PLC (ADR)¹		1,500,325		165,936
Ryanair Holdings PLC¹		96,554		1,817
General Electric Co.		1,414,588		155,393
Waste Connections, Inc.		1,008,159		144,096
MTU Aero Engines AG		541,769		140,375
Airbus SE, non-registered shares		955,893		138,179
United Airlines Holdings, Inc.¹		2,195,376		120,460
Old Dominion Freight Line, Inc.		323,000		119,429
Alaska Air Group, Inc.¹		2,000,000		106,360
Robert Half International, Inc.		1,300,500		97,824
Boeing Company¹		385,500		81,402
Equifax, Inc.		290,691		68,400
Ceridian HCM Holding, Inc.¹		1,005,539		67,341
Genpact, Ltd.		1,524,231		57,265
Northrop Grumman Corp.		121,535		55,396
Quanta Services, Inc.		238,000		46,755
Axon Enterprise, Inc.¹		233,551		45,571
AMETEK, Inc.		253,600		41,053
Advanced Drainage Systems, Inc.		350,426		39,871
Rockwell Automation		118,900		39,172
Canadian Pacific Kansas City, Ltd.		456,300		36,855
ITT, Inc.		343,000		31,971
HEICO Corp.		179,400		31,743
Dun & Bradstreet Holdings, Inc.		2,339,500		27,068
Saia, Inc.¹		75,433		25,829
Safran SA		160,243		25,176

American Funds Insurance Series

Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Armstrong World Industries, Inc.		297,461	$	21,852
Paylocity Holding Corp.¹		65,763		12,135
Einride AB^1,3,4		78,648		2,804
				4,456,826

Financials 6.59%
Visa, Inc., Class A		2,482,783		589,611
Mastercard, Inc., Class A		610,368		240,058
Fiserv, Inc.¹		1,833,900		231,346
Bank of America Corp.		7,760,600		222,652
KKR & Co., Inc.		2,409,043		134,906
Apollo Asset Management, Inc.		1,557,942		119,666
Toast, Inc., Class A^1,2		4,137,957		93,394
Marsh & McLennan Companies, Inc.		403,461		75,883
T. Rowe Price Group, Inc.		642,000		71,917
Blackstone, Inc.		738,000		68,612
MSCI, Inc.		129,390		60,721
Aon PLC, Class A		155,700		53,748
JPMorgan Chase & Co.		313,702		45,625
Ryan Specialty Holdings, Inc., Class A¹		870,000		39,054
Arch Capital Group, Ltd.¹		492,472		36,862
Capital One Financial Corp.		335,500		36,694
Progressive Corp.		265,951		35,204
Blue Owl Capital, Inc., Class A		2,891,712		33,688
Block, Inc., Class A¹		475,088		31,627
Ares Management Corp., Class A		310,500		29,917
Brookfield Asset Management, Ltd., Class A		826,188		26,958
Tradeweb Markets, Inc., Class A		390,000		26,707
S&P Global, Inc.		64,900		26,018
Wells Fargo & Company		593,000		25,309
Goldman Sachs Group, Inc.		64,250		20,723
Nasdaq, Inc.		411,500		20,513
Morgan Stanley		161,174		13,764
Trupanion, Inc.^1,2		519,075		10,215
				2,421,392

Energy 4.33%
Halliburton Co.		12,143,661		400,620
Canadian Natural Resources, Ltd. (CAD denominated)		6,534,500		367,382
EOG Resources, Inc.		1,836,699		210,192
Schlumberger NV		3,952,000		194,122
EQT Corp.		2,798,000		115,082
Cenovus Energy, Inc. (CAD denominated)		6,046,800		102,701
Tourmaline Oil Corp.		2,061,700		97,144
Hess Corp.		354,000		48,126
ConocoPhillips		324,408		33,612
MEG Energy Corp.¹		830,000		13,157
Equitrans Midstream Corp.		936,942		8,957
				1,591,095

Consumer staples 3.92%
Dollar Tree Stores, Inc.¹		1,909,701		274,042
Dollar General Corp.		1,389,679		235,940
Performance Food Group Co.¹		3,559,500		214,424
Target Corp.		1,400,000		184,660
Costco Wholesale Corp.		249,200		134,164
Kroger Co.		2,066,000		97,102
Constellation Brands, Inc., Class A		320,900		78,983
Monster Beverage Corp.¹		983,479		56,491
Keurig Dr Pepper, Inc.		1,562,000		48,844
Molson Coors Beverage Company, Class B, restricted voting shares		608,423		40,059

42	American Funds Insurance Series

Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer staples (continued)
Estée Lauder Companies, Inc., Class A		197,486	$	38,782
Philip Morris International, Inc.		201,113		19,633
British American Tobacco PLC		484,684		16,080
				1,439,204

Materials 2.45%
Wheaton Precious Metals Corp.		3,674,000		158,790
Silgan Holdings, Inc.		2,858,000		134,012
Linde PLC		338,760		129,095
Grupo México, SAB de CV, Series B		21,150,000		101,827
ATI, Inc.¹		2,070,860		91,594
CF Industries Holdings, Inc.		1,006,500		69,871
Royal Gold, Inc.		599,000		68,753
Franco-Nevada Corp.		390,000		55,585
Olin Corp.		550,660		28,298
Mosaic Co.		684,500		23,957
Summit Materials, Inc., Class A		570,855		21,607
Barrick Gold Corp.		1,103,000		18,674
				902,063

Utilities 0.73%
PG&E Corp.¹		9,227,065		159,444
Constellation Energy Corp.		799,127		73,160
AES Corp.		1,085,884		22,510
Edison International		199,191		13,834
				268,948

Real estate 0.44%
Zillow Group, Inc., Class C, nonvoting shares¹		1,568,375		78,826
Crown Castle, Inc. REIT		381,000		43,411
Equinix, Inc. REIT		51,784		40,596
				162,833

Total common stocks (cost: $19,742,913,000)				35,918,310

Preferred securities 0.31%
Information technology 0.29%
Stripe, Inc., Series I, 6.00% noncumulative preferred shares^1,3,4		2,763,342		55,638
Stripe, Inc., Series H, 6.00% noncumulative preferred shares^1,3,4		52,656		1,060
PsiQuantum Corp., Series D, preferred shares^1,3,4		906,761		24,301
Samsung Electronics Co., Ltd., nonvoting preferred shares		489,101		22,198
Tipalti Solutions, Ltd., Series F, preferred shares^1,3,4		406,310		2,218
				105,415

Industrials 0.02%
ABL Space Systems Co., Series B2, preferred shares^1,3,4		153,713		4,908
Einride AB, Series C, preferred shares^1,3,4		77,647		2,640
				7,548

Total preferred securities (cost: $121,925,000)				112,963

Convertible stocks 0.02%
Financials 0.02%
KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 9/15/2023		125,800		8,316

Total convertible stocks (cost: $7,758,000)				8,316

American Funds Insurance Series

Growth Fund (continued)

Convertible bonds & notes 0.01%	Principal amount (000)		Value (000)
Consumer staples 0.01%
JUUL Labs, Inc., convertible notes, 7.00% PIK 2/3/2025^3,4,5	USD	48,099	$	3,434

Total convertible bonds & notes (cost: $43,662,000)				3,434

Bonds, notes & other debt instruments 0.05%
Corporate bonds, notes & loans 0.05%
Consumer discretionary 0.05%
Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028⁶		19,060		17,793

Total bonds, notes & other debt instruments (cost: $14,502,000)				17,793

Short-term securities 2.14%		Shares
Money market investments 2.07%
Capital Group Central Cash Fund 5.15%^7,8		7,604,200		760,496

Money market investments purchased with collateral from securities on loan 0.07%
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.05%^7,9		9,611,308		9,612
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.01%^7,9		9,440,918		9,441
Capital Group Central Cash Fund 5.15%^7,8,9		67,093		6,710
				25,763

Total short-term securities (cost: $786,036,000)				786,259
Total investment securities 100.23% (cost: $20,716,796,000)				36,847,075
Other assets less liabilities (0.23)%				(82,747	)

Net assets 100.00%			$	36,764,328

Investments in affiliates⁸

	Value of affiliates at 1/1/2023 (000)		Additions (000)		Reductions (000)			Net realized gain (000)		Net unrealized appreciation (000)		Value of affiliates at 6/30/2023 (000)		Dividend income (000)
Short-term securities 2.09%
Money market investments 2.07%
Capital Group Central Cash Fund 5.15%⁷	$	1,142,555	$	2,047,669	$	2,429,917		$	184	$	5	$	760,496	$	26,412
Money market investments purchased with collateral from securities on loan 0.02%
Capital Group Central Cash Fund 5.15%^7,9		24,410				17,700	¹⁰						6,710		—	¹¹
Total 2.09%								$	184	$	5	$	767,206	$	26,412

44	American Funds Insurance Series

Growth Fund (continued)

Restricted securities⁴
	Acquisition date(s)		Cost (000)		Value (000)	Percent of net assets
Stripe, Inc., Series I, 6.00% noncumulative preferred shares^1,3	3/15/2023	$	55,638	$	55,638	.15	%
Stripe, Inc., Class B^1,3	5/6/2021		6,766		3,395	.01
Stripe, Inc., Series H, 6.00% noncumulative preferred shares^1,3	3/15/2021		2,113		1,060	.0012
Verily Life Sciences, LLC^1,3	12/21/2018		37,000		45,222	.12
PsiQuantum Corp., Series D, preferred shares^1,3	5/28/2021		23,781		24,301	.07
Einride AB^1,3	2/1/2023		2,674		2,804	.01
Einride AB, Series C, preferred shares^1,3	11/23/2022		2,640		2,640	.01
ABL Space Systems Co., Series B2, preferred shares^1,3	10/22/2021		10,452		4,908	.01
JUUL Labs, Inc., convertible notes, 7.00% PIK 2/3/2025^3,5	2/3/2020-5/3/2023		43,662		3,434	.01
Tipalti Solutions, Ltd., Series F, preferred shares^1,3	12/1/2021		6,956		2,218	.01
Total		$	191,682	$	145,620	.40	%

¹	Security did not produce income during the last 12 months.
²	All or a portion of this security was on loan. The total value of all such securities was $27,798,000, which represented .08% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
³	Value determined using significant unobservable inputs.
⁴	Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $145,620,000, which represented .40% of the net assets of the fund.
⁵	Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.
⁶	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $17,793,000, which represented .05% of the net assets of the fund.
⁷	Rate represents the seven-day yield at 6/30/2023.
⁸	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
⁹	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
¹⁰	Represents net activity. Refer to Note 5 for more information on securities lending.
¹¹	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.
¹²	Amount less than .01%.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

PIK = Payment In Kind

REIT = Real Estate Investment

Trust USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series

International Fund	unaudited
Investment portfolio June 30, 2023

Common stocks 95.95%	Shares		Value (000)
Industrials 16.31%
Airbus SE, non-registered shares		1,603,511	$	231,796
Recruit Holdings Co., Ltd.		4,813,889		153,628
Safran SA		698,073		109,675
Melrose Industries PLC		12,204,660		78,564
Siemens AG		385,532		64,171
MTU Aero Engines AG		229,720		59,522
DSV A/S		230,223		48,451
Ashtead Group PLC		645,000		44,789
Thales SA		271,438		40,631
Techtronic Industries Co., Ltd.		3,599,500		39,386
NIBE Industrier AB, Class B		3,485,992		33,134
Legrand SA		305,587		30,315
International Container Terminal Services, Inc.		7,953,240		29,333
Rumo SA		6,131,077		28,426
Diploma PLC		599,545		22,765
Shenzhen Inovance Technology Co., Ltd., Class A		2,350,967		20,806
Grab Holdings, Ltd., Class A¹		5,356,295		18,372
ZTO Express (Cayman), Inc., Class A (ADR)		595,154		14,926
DHL Group		253,300		12,369
AB Volvo, Class B		537,810		11,155
Airports of Thailand PCL, foreign registered shares¹		5,078,900		10,366
Kingspan Group PLC		153,796		10,240
Larsen & Toubro, Ltd.		290,071		8,747
Fluidra, SA, non-registered shares		432,985		8,433
Bureau Veritas SA		292,900		8,034
TELUS International (Cda), Inc., subordinate voting shares^1,2		526,752		7,996
Astra International Tbk PT		15,845,900		7,220
CCR SA, ordinary nominative shares		1,865,765		5,475
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A		846,334		3,535
				1,162,260

Information technology 15.18%
SK hynix, Inc.		3,170,752		279,579
Shopify, Inc., Class A, subordinate voting shares¹		3,657,025		236,244
ASML Holding NV		180,335		130,539
Taiwan Semiconductor Manufacturing Company, Ltd.		6,501,000		121,148
NICE, Ltd. (ADR)¹		382,500		78,986
NXP Semiconductors NV		173,200		35,451
Samsung Electronics Co., Ltd.		631,500		34,806
Lasertec Corp.²		214,511		32,421
Fujitsu, Ltd.		246,200		31,742
Disco Corp.		146,500		23,177
OBIC Co., Ltd.		108,800		17,443
Constellation Software, Inc.		7,730		16,016
Dassault Systemes SE		277,000		12,284
SAP SE		60,985		8,327
Tata Consultancy Services, Ltd.		185,186		7,472
Canva, Inc.^1,3,4		4,819		5,885
Renesas Electronics Corp.¹		300,600		5,689
Infosys, Ltd.		305,452		4,951
				1,082,160

Health care 12.98%
Daiichi Sankyo Company, Ltd.		9,749,808		309,180
Novo Nordisk AS, Class B		1,250,591		201,988
Olympus Corp.		5,036,100		79,716
Bayer AG		958,036		52,966
Siemens Healthineers AG		810,600		45,878
Grifols, SA, Class A, non-registered shares¹		2,789,283		35,774
Grifols, SA, Class B (ADR)¹		793,690		7,270
Eurofins Scientific SE, non-registered shares		525,037		33,350
AstraZeneca PLC		201,300		28,834

46	American Funds Insurance Series

International Fund (continued)

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Takeda Pharmaceutical Company, Ltd.		690,800	$	21,713
M3, Inc.		963,135		20,822
HOYA Corp.		148,500		17,714
Sanofi		153,524		16,458
Insulet Corp.¹		46,653		13,452
Ambu AS, Class B, non-registered shares¹		662,880		10,843
WuXi Biologics (Cayman), Inc.¹		2,168,166		10,447
WuXi AppTec Co., Ltd., Class H		920,200		7,393
WuXi AppTec Co., Ltd., Class A		288,960		2,489
bioMérieux SA		52,046		5,462
Hapvida Participações e Investimentos SA¹		3,777,281		3,455
				925,204

Materials 11.04%
First Quantum Minerals, Ltd.		11,403,572		269,778
Fortescue Metals Group, Ltd.		12,796,750		190,582
Shin-Etsu Chemical Co., Ltd.		2,617,500		86,997
Glencore PLC		12,159,588		68,976
Vale SA (ADR), ordinary nominative shares		3,943,205		52,918
Vale SA, ordinary nominative shares		264,281		3,544
Ivanhoe Mines, Ltd., Class A^1,2		3,403,051		31,083
JSR Corp.		787,000		22,625
Wacker Chemie AG		147,773		20,279
Linde PLC		35,287		13,447
Air Liquide SA, non-registered shares		61,482		11,023
DSM-Firmenich AG		82,598		8,889
BASF SE		136,760		6,640
				786,781

Consumer discretionary 10.79%
MercadoLibre, Inc.¹		120,397		142,622
Evolution AB		699,962		88,699
Sony Group Corp.		868,100		77,867
Flutter Entertainment PLC¹		357,914		72,035
Flutter Entertainment PLC (CDI)¹		17,996		3,615
LVMH Moët Hennessy-Louis Vuitton SE		76,982		72,650
Entain PLC		4,112,405		66,786
Ferrari NV (EUR denominated)		177,292		58,043
adidas AG		275,290		53,394
Maruti Suzuki India, Ltd.		398,600		47,648
Coupang, Inc., Class A¹		1,150,314		20,015
Dowlais Group PLC¹		12,204,660		19,676
Cie. Financière Richemont SA, Class A		103,117		17,496
InterContinental Hotels Group PLC		155,468		10,736
Burberry Group PLC		338,176		9,101
Aptiv PLC¹		84,000		8,576
				768,959

Financials 8.99%
Kotak Mahindra Bank, Ltd.		7,207,964		162,321
AIA Group, Ltd.		11,919,676		121,618
Nu Holdings, Ltd., Class A¹		10,961,215		86,484
Aegon NV		12,263,736		62,112
HDFC Bank, Ltd.		2,216,455		46,051
HDFC Bank, Ltd. (ADR)		207,750		14,480
Bajaj Finance, Ltd.		396,342		34,681
Axis Bank, Ltd.		2,029,545		24,492
ING Groep NV		1,354,776		18,296
FinecoBank SpA		1,211,135		16,337
B3 SA - Brasil, Bolsa, Balcao		4,413,000		13,465
China Merchants Bank Co., Ltd., Class A		2,726,800		12,352
Bajaj Finserv, Ltd.		325,950		6,082

American Funds Insurance Series

International Fund (continued)

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Allfunds Group PLC		974,588	$	5,959
China Pacific Insurance (Group) Co., Ltd., Class H		2,236,800		5,792
ICICI Bank, Ltd.		485,000		5,543
Futu Holdings, Ltd. (ADR)^1,2		119,972		4,768
				640,833

Energy 8.64%
Reliance Industries, Ltd.		7,522,542		234,555
Canadian Natural Resources, Ltd. (CAD denominated)		2,200,639		123,724
Woodside Energy Group, Ltd.		3,071,566		71,133
TotalEnergies SE		1,147,298		65,755
Cenovus Energy, Inc. (CAD denominated)		3,289,364		55,868
Neste OYJ		1,237,003		47,675
Shell PLC (GBP denominated)		573,839		17,085
				615,795

Communication services 6.52%
Sea, Ltd., Class A (ADR)¹		3,230,406		187,493
Bharti Airtel, Ltd.		10,221,902		109,642
Bharti Airtel, Ltd., interim shares		644,900		3,825
Universal Music Group NV		1,717,633		38,162
Informa PLC		3,630,108		33,463
Tencent Holdings, Ltd.		705,800		30,041
Ubisoft Entertainment SA¹		800,864		22,637
SoftBank Group Corp.		406,900		19,312
Singapore Telecommunications, Ltd.		5,800,500		10,747
Vivendi SE		811,801		7,484
Yandex NV, Class A¹		157,000		2,218
				465,024

Consumer staples 3.52%
Danone SA		878,392		53,825
Kweichow Moutai Co., Ltd., Class A		218,023		50,837
Seven & i Holdings Co., Ltd.		1,044,300		45,153
Treasury Wine Estates, Ltd.		3,953,315		29,704
Kobe Bussan Co., Ltd.		1,115,700		28,841
JBS SA		3,640,000		13,273
Essity Aktiebolag, Class B		331,455		8,822
Nestlé SA		65,808		7,918
Diageo PLC		177,187		7,601
Pernod Ricard SA		22,974		5,076
				251,050

Utilities 1.38%
ENN Energy Holdings, Ltd.		7,292,228		91,129
SembCorp Industries, Ltd.		1,647,600		7,012
				98,141

Real estate 0.60%
ESR Group, Ltd.		14,852,600		25,570
China Resources Mixc Lifestyle Services, Ltd.		2,244,600		11,167
Ayala Land, Inc.		14,181,500		6,251
				42,988

Total common stocks (cost: $5,274,387,000)				6,839,195

Preferred securities 0.54%
Health care 0.29%
Grifols, SA, Class B, nonvoting non-registered preferred shares¹		2,274,930		20,673

48	American Funds Insurance Series

International Fund (continued)

Preferred securities (continued)	Shares		Value (000)
Consumer discretionary 0.13%
Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares		76,781	$	9,530

Financials 0.11%
Itaú Unibanco Holding SA, preferred nominative shares		1,308,816		7,768

Information technology 0.01%
Canva, Inc., Series A, noncumulative preferred shares^1,3,4		422		516
Canva, Inc., Series A-3, noncumulative preferred shares^1,3,4		18		22
Canva, Inc., Series A-4, noncumulative preferred shares^1,3,4		1		1
				539

Total preferred securities (cost: $55,332,000)				38,510

Rights & warrants 0.09%
Health care 0.09%
WuXi AppTec Co., Ltd., Class A, warrants, expire 11/21/2023^1,5		729,706		6,285

Total rights & warrants (cost: $8,772,000)				6,285

Short-term securities 2.77%
Money market investments 2.74%
Capital Group Central Cash Fund 5.15%^6,7		1,955,955		195,615

Money market investments purchased with collateral from securities on loan 0.03%
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.01%^6,8		1,699,039		1,699
Capital Group Central Cash Fund 5.15%^6,7,8		4,222		422
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.05%^6,8		175,418		176
				2,297

Total short-term securities (cost: $197,855,000)				197,912
Total investment securities 99.35% (cost: $5,536,346,000)				7,081,902
Other assets less liabilities 0.65%				46,054

Net assets 100.00%			$	7,127,956

Investments in affiliates⁷

	Value of affiliates at 1/1/2023 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized appreciation (000)		Value of affiliates at 6/30/2023 (000)		Dividend income (000)
Short-term securities 2.75%
Money market investments 2.74%
Capital Group Central Cash Fund 5.15%⁶	$	306,023	$	381,566	$	492,024	$	42	$	8	$	195,615	$	5,681
Money market investments purchased with collateral from securities on loan 0.01%
Capital Group Central Cash Fund 5.15%^6,8		422										422		—	⁹
Total 2.75%							$	42	$	8	$	196,037	$	5,681

American Funds Insurance Series

International Fund (continued)

Restricted securities⁴

	Acquisition date(s)	Cost (000)		Value (000)		Percent of net assets
Canva, Inc.^1,3	8/26/2021-11/4/2021	$	8,215	$	5,885		.08	%
Canva, Inc., Series A, noncumulative preferred shares^1,3	11/4/2021		719		516		.01
Canva, Inc., Series A-3, noncumulative preferred shares^1,3	11/4/2021		31		22		.00	¹⁰
Canva, Inc., Series A-4, noncumulative preferred shares^1,3	11/4/2021		2		1		.00	¹⁰
Total		$	8,967	$	6,424		.09	%

¹	Security did not produce income during the last 12 months.
²	All or a portion of this security was on loan. The total value of all such securities was $22,230,000, which represented .31% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
³	Value determined using significant unobservable inputs.
⁴	Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $6,424,000, which represented .09% of the net assets of the fund.
⁵	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $6,285,000, which represented .09% of the net assets of the fund.
⁶	Rate represents the seven-day yield at 6/30/2023.
⁷	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
⁸	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
⁹	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.
¹⁰	Amount less than .01%.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

EUR = Euros

GBP = British pounds

Refer to the notes to financial statements.

50	American Funds Insurance Series

New World Fund	unaudited
Investment portfolio June 30, 2023

Common stocks 90.65%	Shares		Value (000)
Financials 14.66%
Kotak Mahindra Bank, Ltd.		2,384,734	$	53,703
AIA Group, Ltd.		3,711,800		37,872
HDFC Bank, Ltd.		1,726,442		35,870
B3 SA - Brasil, Bolsa, Balcao		10,314,336		31,472
Ping An Insurance (Group) Company of China, Ltd., Class H		3,647,344		23,369
Capitec Bank Holdings, Ltd.		238,370		19,854
AU Small Finance Bank, Ltd.		1,861,927		17,113
Bank Central Asia Tbk PT		27,651,300		17,046
ICICI Bank, Ltd.		909,991		10,401
ICICI Bank, Ltd. (ADR)		280,339		6,470
Nu Holdings, Ltd., Class A¹		2,097,110		16,546
Mastercard, Inc., Class A		41,629		16,373
XP, Inc., Class A¹		630,152		14,783
Bank Mandiri (Persero) Tbk PT		35,224,400		12,334
Visa, Inc., Class A		45,982		10,920
Shriram Finance, Ltd.		482,099		10,203
Bajaj Finance, Ltd.		104,921		9,181
Eurobank Ergasias Services and Holdings SA¹		5,195,798		8,564
Discovery, Ltd.¹		1,002,954		7,750
UniCredit SpA		312,716		7,293
Bank Rakyat Indonesia (Persero) Tbk PT		19,379,000		7,044
Edenred SA		96,426		6,457
Bank of the Philippine Islands		3,235,588		6,392
China Merchants Bank Co., Ltd., Class H		1,387,500		6,310
Bank of Baroda		2,620,540		6,100
PagSeguro Digital, Ltd., Class A¹		616,655		5,821
Industrial and Commercial Bank of China, Ltd., Class H		10,655,000		5,687
Erste Group Bank AG		160,960		5,652
Bank of Ningbo Co., Ltd., Class A		1,461,600		5,109
Banco Bilbao Vizcaya Argentaria, SA		661,833		5,103
Axis Bank, Ltd.		383,495		4,628
Alpha Services and Holdings SA¹		2,455,612		4,026
Canara Bank		1,089,787		4,024
United Overseas Bank, Ltd.		160,000		3,317
Bajaj Finserv, Ltd.		176,172		3,287
China Pacific Insurance (Group) Co., Ltd., Class H		1,268,800		3,286
Aon PLC, Class A		9,274		3,201
Grupo Financiero Banorte, SAB de CV, Series O		380,087		3,136
National Bank of Greece SA¹		461,283		2,999
Ngern Tid Lor PCL, foreign registered shares		4,337,950		2,846
DBS Group Holdings, Ltd.		119,573		2,796
East Money Information Co., Ltd., Class A		1,403,147		2,753
Max Financial Services, Ltd.¹		276,426		2,734
Moody’s Corp.		7,817		2,718
Piramal Enterprises, Ltd.		224,052		2,576
Postal Savings Bank of China Co., Ltd., Class H		3,924,000		2,421
Euronet Worldwide, Inc.¹		19,369		2,273
Hong Kong Exchanges and Clearing, Ltd.		58,600		2,229
S&P Global, Inc.		5,172		2,073
Prudential PLC		117,401		1,656
China Construction Bank Corp., Class H		1,934,000		1,254
Société Générale		38,740		1,008
TISCO Financial Group PCL, foreign registered shares		314,900		865
StoneCo, Ltd., Class A¹		66,035		841
PB Fintech, Ltd.¹		91,463		780
Türkiye Garanti Bankasi AS		525,956		652
Akbank TAS		694,966		543
Lufax Holding, Ltd. (ADR)		235,400		337
Standard Bank Group, Ltd.		25,200		238

American Funds Insurance Series

New World Fund (continued)

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Network International Holdings PLC¹		44,787	$	218
Moscow Exchange MICEX-RTS PJSC²		438,203		—	³
Sberbank of Russia PJSC²		2,662,164		—	³
				492,507

Information technology 13.31%
Microsoft Corp.		287,276		97,829
Taiwan Semiconductor Manufacturing Company, Ltd.		3,651,000		68,038
Broadcom, Inc.		39,912		34,621
ASML Holding NV		47,468		34,361
Apple, Inc.		114,469		22,204
Wolfspeed, Inc.¹		321,162		17,853
SK hynix, Inc.		182,698		16,109
NVIDIA Corp.		30,935		13,086
Synopsys, Inc.¹		26,832		11,683
Tata Consultancy Services, Ltd.		268,866		10,848
Keyence Corp.		22,600		10,688
Micron Technology, Inc.		163,658		10,328
SAP SE		57,592		7,864
ASM International NV		17,927		7,624
Cognizant Technology Solutions Corp., Class A		106,943		6,981
Capgemini SE		35,356		6,698
Infosys, Ltd. (ADR)		332,266		5,339
Infosys, Ltd.		65,336		1,059
Samsung Electronics Co., Ltd.		113,953		6,281
Accenture PLC, Class A		19,360		5,974
Tokyo Electron, Ltd.		40,000		5,728
EPAM Systems, Inc.¹		22,876		5,141
NICE, Ltd. (ADR)¹		22,182		4,581
Xiamen Faratronic Co., Ltd., Class A		221,800		4,194
Nokia Corp.		949,741		3,986
TE Connectivity, Ltd.		25,325		3,550
Applied Materials, Inc.		19,715		2,850
Silergy Corp.		226,376		2,830
MediaTek, Inc.		109,000		2,419
Kingdee International Software Group Co., Ltd.¹		1,800,000		2,417
Trimble, Inc.¹		39,778		2,106
Coforge, Ltd.		33,028		1,901
KLA Corp.		3,477		1,686
Hamamatsu Photonics KK		32,400		1,591
Logitech International SA⁴		26,456		1,573
Globant SA¹		7,546		1,356
Atlassian Corp., Class A¹		7,099		1,191
Disco Corp.		6,300		997
MKS Instruments, Inc.		7,581		819
Canva, Inc.^1,2,5		385		470
Intel Corp.		3,575		120
				446,974

Industrials 13.04%
Airbus SE, non-registered shares		358,867		51,876
General Electric Co.		222,693		24,463
Larsen & Toubro, Ltd.		707,114		21,323
Safran SA		135,073		21,222
Shenzhen Inovance Technology Co., Ltd., Class A		2,238,574		19,811
DSV A/S		93,966		19,775
Copa Holdings, SA, Class A		166,717		18,436
IMCD NV		125,558		18,060
Carrier Global Corp.		337,420		16,773
Rumo SA		3,573,255		16,567
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A		3,188,388		13,316
Grab Holdings, Ltd., Class A¹		3,839,148		13,168

52	American Funds Insurance Series

New World Fund (continued)

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
International Container Terminal Services, Inc.		3,562,350	$	13,139
Astra International Tbk PT		27,246,500		12,415
Daikin Industries, Ltd.		50,800		10,370
Grupo Aeroportuario del Pacífico, SAB de CV, Class B		422,047		7,575
Grupo Aeroportuario del Pacífico, SAB de CV, Class B (ADR)		10,485		1,874
Caterpillar, Inc.		37,485		9,223
ZTO Express (Cayman), Inc., Class A (ADR)		324,378		8,135
InPost SA¹		744,921		8,083
TransDigm Group, Inc.		8,524		7,622
CCR SA, ordinary nominative shares		2,313,906		6,790
BAE Systems PLC		533,775		6,298
Contemporary Amperex Technology Co., Ltd., Class A		189,564		5,986
Thales SA		38,028		5,692
Wizz Air Holdings PLC¹		162,803		5,663
Techtronic Industries Co., Ltd.		475,000		5,198
Boeing Company¹		24,171		5,104
Jiangsu Hengli Hydraulic Co., Ltd., Class A		570,564		5,054
SMC Corp.		8,900		4,947
Mitsui & Co., Ltd.		128,500		4,835
Siemens AG		27,001		4,494
TELUS International (Cda), Inc., subordinate voting shares^1,4		284,781		4,323
Interpump Group SpA		76,471		4,253
Bharat Electronics, Ltd.		2,642,606		4,058
Raytheon Technologies Corp.		38,466		3,768
Spirax-Sarco Engineering PLC		20,921		2,756
Legrand SA		27,553		2,733
ABB, Ltd.		68,631		2,701
Bureau Veritas SA		96,885		2,658
Centre Testing International Group Co., Ltd.		927,496		2,492
Epiroc AB, Class B		148,206		2,397
Suzhou Maxwell Technologies Co., Ltd., Class A		99,660		2,324
Hitachi, Ltd.		31,200		1,931
Wuxi Lead Intelligent Equipment Co., Ltd., Class A		291,900		1,456
GT Capital Holdings, Inc.		128,260		1,198
Teleperformance SE⁴		6,774		1,137
Haitian International Holdings, Ltd.		485,000		1,133
Nidec Corp.		17,700		973
Vicor Corp.¹		15,480		836
Schneider Electric SE		4,375		797
Experian PLC		20,695		795
				438,006

Health care 12.15%
Novo Nordisk AS, Class B		450,956		72,836
Eli Lilly and Company		89,943		42,182
Thermo Fisher Scientific, Inc.		60,512		31,572
Max Healthcare Institute, Ltd.¹		4,252,406		31,107
AstraZeneca PLC		207,534		29,727
Abbott Laboratories		147,994		16,134
Rede D’Or Sao Luiz SA		2,108,947		14,499
Jiangsu Hengrui Medicine Co., Ltd., Class A		2,186,888		14,420
EssilorLuxottica SA		66,832		12,648
Danaher Corp.		46,548		11,172
Revvity, Inc.		91,492		10,868
Hypera SA, ordinary nominative shares		1,080,763		10,385
BeiGene, Ltd. (ADR)¹		53,513		9,541
BeiGene, Ltd.¹		42,200		577
Laurus Labs, Ltd.		1,889,092		8,448
GE HealthCare Technologies, Inc.		96,358		7,828
WuXi Biologics (Cayman), Inc.¹		1,594,600		7,684
Bayer AG		129,367		7,152
Innovent Biologics, Inc.¹		1,616,373		6,138

American Funds Insurance Series

New World Fund (continued)

Common stocks (continued)	Shares		Value (000)
Health care (continued)
WuXi AppTec Co., Ltd., Class H		419,500	$	3,370
WuXi AppTec Co., Ltd., Class A		195,859		1,687
Olympus Corp.		317,000		5,018
Zoetis, Inc., Class A		28,522		4,912
Siemens Healthineers AG		84,064		4,758
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A		114,600		4,730
Straumann Holding AG		27,463		4,460
CSL, Ltd.		23,589		4,365
Legend Biotech Corp. (ADR)¹		61,586		4,251
Zai Lab, Ltd. (ADR)¹		144,629		4,011
Pfizer, Inc.		82,783		3,036
Align Technology, Inc.¹		6,196		2,191
Carl Zeiss Meditec AG, non-registered shares		19,100		2,065
Mettler-Toledo International, Inc.¹		1,375		1,803
Asahi Intecc Co., Ltd.⁴		86,400		1,699
Medtronic PLC		18,936		1,668
Angelalign Technology, Inc.⁴		177,800		1,665
CanSino Biologics, Inc., Class H⁴		441,296		1,479
Teva Pharmaceutical Industries, Ltd. (ADR)¹		196,284		1,478
Shionogi & Co., Ltd.		32,900		1,390
OdontoPrev SA		385,157		1,010
Merck KGaA		5,502		910
Genus PLC		27,174		748
Alcon, Inc.		3,273		272
Shandong Pharmaceutical Glass Co., Ltd., Class A		47,100		177
				408,071

Consumer discretionary 10.78%
LVMH Moët Hennessy-Louis Vuitton SE		64,564		60,931
MercadoLibre, Inc.¹		29,934		35,460
Midea Group Co., Ltd., Class A		3,438,868		27,990
Evolution AB		147,261		18,661
Hermès International		7,881		17,145
Galaxy Entertainment Group, Ltd.¹		2,513,000		16,039
Alibaba Group Holding, Ltd. (ADR)¹		99,487		8,292
Alibaba Group Holding, Ltd.¹		683,672		7,110
Trip.com Group, Ltd. (ADR)¹		404,137		14,145
adidas AG		59,310		11,503
Jumbo SA		367,791		10,107
Li Ning Co., Ltd.		1,756,501		9,499
General Motors Company		236,850		9,133
Tesla, Inc.¹		30,852		8,076
YUM! Brands, Inc.		56,802		7,870
Titan Co., Ltd.		191,703		7,134
Eicher Motors, Ltd.¹		146,037		6,381
Zhongsheng Group Holdings, Ltd.		1,654,000		6,355
Kering SA		11,160		6,181
Marriott International, Inc., Class A		33,133		6,086
NIKE, Inc., Class B		53,555		5,911
Amadeus IT Group SA, Class A, non-registered shares		72,348		5,516
Naspers, Ltd., Class N		23,182		4,201
Industria de Diseño Textil, SA		107,220		4,166
Airbnb, Inc., Class A¹		32,385		4,150
H World Group, Ltd. (ADR)¹		97,896		3,796
IDP Education, Ltd.		240,057		3,550
Ferrari NV (EUR denominated)		10,234		3,350
Stellantis NV		178,203		3,137
JD.com, Inc., Class A		178,531		3,037
Maruti Suzuki India, Ltd.		23,836		2,849
Sands China, Ltd.¹		768,800		2,631
Cie. Financière Richemont SA, Class A		15,317		2,599
Melco Resorts & Entertainment, Ltd. (ADR)¹		203,530		2,485

54	American Funds Insurance Series

New World Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
InterContinental Hotels Group PLC		35,617	$	2,460
Aptiv PLC¹		22,350		2,282
Magazine Luiza SA¹		2,749,107		1,935
Shangri-La Asia, Ltd.¹		2,130,000		1,631
Inchcape PLC		158,322		1,565
Renault SA		31,040		1,310
Flutter Entertainment PLC¹		6,201		1,248
Levi Strauss & Co., Class A		82,394		1,189
Booking Holdings, Inc.¹		417		1,126
Gree Electric Appliances, Inc. of Zhuhai, Class A		132,946		668
MakeMyTrip, Ltd., non-registered shares¹		18,674		504
Cyrela Brazil Realty SA, ordinary nominative shares		108,930		458
Americanas SA, ordinary nominative shares¹		801,908		196
Meituan, Class B¹		5,521		87
				362,135

Materials 7.71%
Vale SA (ADR), ordinary nominative shares		1,491,477		20,016
Vale SA, ordinary nominative shares		1,300,390		17,441
First Quantum Minerals, Ltd.		1,317,192		31,161
Freeport-McMoRan, Inc.		613,907		24,556
Asian Paints, Ltd.		452,075		18,527
Linde PLC		45,213		17,230
Sika AG		51,771		14,808
Albemarle Corp.		56,242		12,547
Gerdau SA (ADR)		2,356,541		12,301
Pidilite Industries, Ltd.		351,743		11,141
Shin-Etsu Chemical Co., Ltd.		266,400		8,854
CEMEX, SAB de CV (ADR), ordinary participation certificates, units¹		1,247,606		8,833
Barrick Gold Corp.		475,300		8,047
LANXESS AG⁴		177,746		5,352
Jindal Steel & Power, Ltd.¹		724,643		5,145
Wacker Chemie AG		31,798		4,364
Givaudan SA		1,315		4,362
Nutrien, Ltd. (CAD denominated)⁴		67,724		3,998
Sociedad Química y Minera de Chile SA, Class B (ADR)		40,251		2,923
Loma Negra Compania Industrial Argentina SA (ADR)		422,194		2,871
Arkema SA		28,764		2,713
Fresnillo PLC		290,007		2,248
Shandong Sinocera Functional Material Co., Ltd., Class A		551,700		2,081
Amcor PLC (CDI)		203,326		2,023
Corteva, Inc.		33,900		1,943
Wheaton Precious Metals Corp.		39,331		1,700
Grupo México, SAB de CV, Series B		347,874		1,675
BASF SE		32,586		1,582
Guangzhou Tinci Materials Technology Co., Ltd., Class A		263,900		1,499
China Jushi Co., Ltd., Class A		714,543		1,396
Glencore PLC		238,546		1,353
CCL Industries, Inc., Class B, nonvoting shares		25,121		1,235
Umicore SA		34,684		970
DSM-Firmenich AG		8,226		885
OCI NV		36,366		873
Polymetal International PLC¹		76,572		186
Alrosa PJSC²		1,123,215		—	³
				258,839

Consumer staples 6.14%
Kweichow Moutai Co., Ltd., Class A		117,807		27,469
ITC, Ltd.		3,962,060		21,837
Varun Beverages, Ltd.		1,341,512		13,159
Bunge, Ltd.		126,566		11,942
Nestlé SA		97,530		11,735

American Funds Insurance Series

New World Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer staples (continued)
Arca Continental, SAB de CV		898,100	$	9,231
Constellation Brands, Inc., Class A		37,226		9,162
Ajinomoto Co., Inc.		211,399		8,417
Monster Beverage Corp.¹		144,515		8,301
Carlsberg A/S, Class B		46,686		7,465
Raia Drogasil SA, ordinary nominative shares		1,190,042		7,357
Philip Morris International, Inc.		68,636		6,700
Pernod Ricard SA		28,656		6,331
Kimberly-Clark de México, SAB de CV, Class A, ordinary participation certificates		2,794,663		6,216
Anheuser-Busch InBev SA/NV		92,587		5,244
DINO POLSKA SA, non-registered shares¹		44,368		5,184
Avenue Supermarts, Ltd.¹		93,053		4,419
British American Tobacco PLC		126,241		4,188
Dabur India, Ltd.		513,024		3,587
Uni-Charm Corp.		83,800		3,105
Japan Tobacco, Inc.⁴		131,700		2,887
L’Oréal SA, non-registered shares		5,963		2,783
Mondelez International, Inc.		32,758		2,389
Essity Aktiebolag, Class B		89,027		2,370
JBS SA		564,954		2,060
Danone SA		33,298		2,040
United Spirits, Ltd.¹		149,299		1,663
Kao Corp.⁴		43,100		1,561
Proya Cosmetics Co., Ltd., Class A		97,468		1,512
JD Health International, Inc.¹		233,200		1,478
Reckitt Benckiser Group PLC		18,928		1,422
Foshan Haitian Flavouring and Food Co., Ltd., Class A		219,115		1,413
Wuliangye Yibin Co., Ltd., Class A		51,771		1,169
BIM Birlesik Magazalar AS, non-registered shares		50,288		330
X5 Retail Group NV (GDR)^1,2		88,147		—	³
				206,126

Communication services 6.00%
Alphabet, Inc., Class C¹		163,025		19,721
Alphabet, Inc., Class A¹		80,681		9,658
Bharti Airtel, Ltd.		2,238,316		24,009
Bharti Airtel, Ltd., interim shares		80,154		475
Tencent Holdings, Ltd.		483,400		20,575
MTN Group, Ltd.		2,757,235		20,288
Meta Platforms, Inc., Class A¹		56,343		16,169
Sea, Ltd., Class A (ADR)¹		272,125		15,794
Netflix, Inc.¹		27,579		12,148
NetEase, Inc.		353,200		6,864
NetEase, Inc. (ADR)		26,335		2,546
América Móvil, SAB de CV, Class B (ADR)		418,548		9,057
Telefónica, SA, non-registered shares		1,960,258		7,952
TIM SA		1,807,873		5,520
Vodafone Group PLC		4,409,965		4,161
Activision Blizzard, Inc.¹		46,218		3,896
Singapore Telecommunications, Ltd.		2,093,400		3,879
Indus Towers, Ltd.¹		1,660,068		3,329
Yandex NV, Class A¹		229,738		3,246
Informa PLC		288,172		2,656
Saudi Telecom Co., non-registered shares		217,720		2,526
Telefônica Brasil SA, ordinary nominative shares		211,900		1,915
JCDecaux SE¹		88,804		1,761
SoftBank Group Corp.		35,900		1,704
Telkom Indonesia (Persero) Tbk PT, Class B		5,851,700		1,562
				201,411

56	American Funds Insurance Series

New World Fund (continued)

Common stocks (continued)	Shares		Value (000)
Energy 3.88%
Reliance Industries, Ltd.		1,260,037	$	39,288
TotalEnergies SE		413,905		23,722
Baker Hughes Co., Class A		366,859		11,596
Exxon Mobil Corp.		78,782		8,449
Woodside Energy Group, Ltd.		284,002		6,577
Hess Corp.		41,002		5,574
New Fortress Energy, Inc., Class A		192,707		5,161
Cheniere Energy, Inc.		32,638		4,973
BP PLC		822,878		4,821
Saudi Arabian Oil Co.		523,194		4,502
Chevron Corp.		23,778		3,742
Schlumberger NV		74,972		3,683
TechnipFMC PLC¹		166,307		2,764
Shell PLC (GBP denominated)		85,118		2,534
Borr Drilling, Ltd.¹		129,674		977
Borr Drilling, Ltd. (NOK denominated)^1,4		131,769		964
INPEX Corp.⁴		48,100		536
Petróleo Brasileiro SA (Petrobras) (ADR), ordinary nominative shares		23,280		322
Gazprom PJSC²		945,858		—	³
Rosneft Oil Co. PJSC²		588,661		—	³
				130,185

Real estate 1.75%
Macrotech Developers, Ltd.		2,512,414		20,850
China Resources Mixc Lifestyle Services, Ltd.		1,386,800		6,900
Aliansce Sonae Shopping Centers SA, ordinary nominative shares		1,284,655		6,614
American Tower Corp. REIT		30,171		5,851
CK Asset Holdings, Ltd.		1,014,500		5,630
ESR Group, Ltd.		2,662,800		4,584
Longfor Group Holdings, Ltd.		1,191,500		2,918
KE Holdings, Inc., Class A (ADR)¹		158,053		2,347
CTP NV		134,007		1,740
Country Garden Services Holdings Co., Ltd.		722,000		933
Sun Hung Kai Properties, Ltd.		24,500		309
Ayala Land, Inc.		195,600		86
				58,762

Utilities 1.23%
ENN Energy Holdings, Ltd.		1,757,800		21,967
AES Corp.		398,987		8,271
Power Grid Corporation of India, Ltd.		1,366,963		4,252
China Resources Gas Group, Ltd.		827,600		2,837
Enel SpA		360,828		2,431
Engie SA		98,876		1,645
China Gas Holdings, Ltd.		67,400		77
				41,480

Total common stocks (cost: $2,170,787,000)				3,044,496

Preferred securities 0.77%
Financials 0.30%
Banco Bradesco SA, preferred nominative shares		1,678,812		5,768
Itaú Unibanco Holding SA (ADR), preferred nominative shares		449,520		2,652
Itaú Unibanco Holding SA, preferred nominative shares		307,303		1,824
				10,244

Consumer discretionary 0.27%
Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares		42,282		5,248
Getir BV, Series D, preferred shares^1,2,5		7,768		3,735
				8,983

American Funds Insurance Series

New World Fund (continued)

Preferred securities (continued)	Shares		Value (000)
Real estate 0.17%
QuintoAndar, Ltd., Series E, preferred shares^1,2,5		32,657	$	4,694
QuintoAndar, Ltd., Series E-1, preferred shares^1,2,5		8,400		1,207
				5,901

Health care 0.02%
Grifols, SA, Class B, nonvoting non-registered preferred shares¹		59,284		539

Industrials 0.01%
GOL Linhas Aéreas Inteligentes SA, preferred nominative shares¹		129,359		356

Information technology 0.00%
Canva, Inc., Series A, noncumulative preferred shares^1,2,5		34		42
Canva, Inc., Series A-3, noncumulative preferred shares^1,2,5		1		1
				43

Total preferred securities (cost: $23,863,000)				26,066

Rights & warrants 0.04%
Consumer discretionary 0.03%
Midea Group Co., Ltd., Class A, warrants, expire 2/26/2024^1,6		128,407		1,045
Compagnie Financière Richemont SA, Class A, warrants, expire 11/22/2023¹		37,386		52
				1,097

Materials 0.01%
Shandong Sinocera Functional Material Co., Ltd., Class A, warrants, expire 10/30/2023^1,6		43,474		164

Total rights & warrants (cost: $1,148,000)				1,261

Bonds, notes & other debt instruments 3.99%	Principal amount (000)
Bonds & notes of governments & government agencies outside the U.S. 3.42%
Abu Dhabi (Emirate of) 1.70% 3/2/2031⁶	USD	550		458
Angola (Republic of) 9.50% 11/12/2025		200		196
Angola (Republic of) 8.25% 5/9/2028		500		445
Angola (Republic of) 8.00% 11/26/2029⁶		445		378
Angola (Republic of) 8.75% 4/14/2032⁶		280		236
Argentine Republic 1.00% 7/9/2029		32		10
Argentine Republic 0.50% 7/9/2030 (0.75% on 7/9/2023)⁷		2,341		783
Argentine Republic 1.50% 7/9/2035 (3.625% on 7/9/2023)⁷		2,217		667
Argentine Republic 3.875% 1/9/2038 (4.25% on 7/9/2023)⁷		1,091		387
Argentine Republic 3.50% 7/9/2041 (4.875% on 7/9/2029)⁷		2,909		939
Brazil (Federative Republic of) 0% 1/1/2024	BRL	7,600		1,495
Brazil (Federative Republic of) 10.00% 1/1/2025		5,739		1,185
Brazil (Federative Republic of) 0% 7/1/2025		5,900		1,012
Brazil (Federative Republic of) 10.00% 1/1/2027		10,669		2,216
Brazil (Federative Republic of) 6.00% 5/15/2027⁸		29,914		6,434
Brazil (Federative Republic of) 10.00% 1/1/2029		9,650		1,972
Brazil (Federative Republic of) 10.00% 1/1/2031		8,986		1,826
Brazil (Federative Republic of) 10.00% 1/1/2033		14,603		2,941
Brazil (Federative Republic of) 6.00% 8/15/2050⁸		1,626		365
Chile (Republic of) 6.00% 4/1/2033	CLP	1,170,000		1,546
Chile (Republic of) 4.34% 3/7/2042	USD	350		312
China (People’s Republic of), Series INBK, 2.89% 11/18/2031	CNY	34,530		4,815
China (People’s Republic of), Series INBK, 2.88% 2/25/2033		11,700		1,639
China (People’s Republic of), Series INBK, 3.72% 4/12/2051		32,980		5,071
China (People’s Republic of), Series INBK, 3.12% 10/25/2052		3,570		498
Colombia (Republic of) 4.50% 1/28/2026	USD	280		267

58	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)
Colombia (Republic of) 3.25% 4/22/2032	USD	700	$	520
Colombia (Republic of) 5.625% 2/26/2044		520		389
Colombia (Republic of) 5.20% 5/15/2049		755		521
Colombia (Republic of), Series B, 7.00% 3/26/2031	COP	2,927,200		592
Colombia (Republic of), Series B, 13.25% 2/9/2033		11,839,900		3,332
Cote d’Ivoire (Republic of) 4.875% 1/30/2032	EUR	150		128
Czech Republic 1.25% 2/14/2025	CZK	32,530		1,400
Dominican Republic 8.625% 4/20/2027⁶	USD	575		601
Dominican Republic 5.50% 2/22/2029⁶		275		258
Dominican Republic 11.375% 7/6/2029	DOP	12,800		252
Dominican Republic 7.05% 2/3/2031⁶	USD	150		150
Dominican Republic 13.625% 2/3/2033	DOP	9,000		203
Dominican Republic 7.45% 4/30/2044⁶	USD	1,125		1,105
Dominican Republic 7.45% 4/30/2044		1,000		982
Dominican Republic 5.875% 1/30/2060⁶		280		218
Egypt (Arab Republic of) 6.375% 4/11/2031	EUR	550		334
Egypt (Arab Republic of) 8.50% 1/31/2047	USD	400		214
Egypt (Arab Republic of) 8.875% 5/29/2050		455		246
Egypt (Arab Republic of) 8.75% 9/30/2051		500		271
Egypt (Arab Republic of) 8.15% 11/20/2059⁶		500		260
Ethiopia (Federal Democratic Republic of) 6.625% 12/11/2024		640		444
Gabonese Republic 7.00% 11/24/2031		300		239
Ghana (Republic of) 7.75% 4/7/2029^6,9		1,125		484
Ghana (Republic of) 8.125% 3/26/2032⁹		1,280		553
Honduras (Republic of) 6.25% 1/19/2027		1,365		1,246
Honduras (Republic of) 5.625% 6/24/2030		678		550
Honduras (Republic of) 5.625% 6/24/2030⁶		281		228
Hungary (Republic of) 6.25% 9/22/2032⁶		330		339
Hungary (Republic of), Series B, 3.00% 6/26/2024	HUF	259,900		708
Hungary (Republic of), Series A, 6.75% 10/22/2028		519,260		1,462
Indonesia (Republic of) 6.625% 2/17/2037	USD	300		343
Indonesia (Republic of) 7.125% 6/15/2038	IDR	32,478,000		2,297
Indonesia (Republic of), Series 95, 6.375% 8/15/2028		47,130,000		3,209
Indonesia (Republic of), Series 82, 7.00% 9/15/2030		12,900,000		896
Indonesia (Republic of), Series 96, 7.00% 2/15/2033		27,200,000		1,910
International Bank for Reconstruction and Development 6.85% 4/24/2028	INR	78,000		950
Kenya (Republic of) 6.875% 6/24/2024	USD	400		381
Kenya (Republic of) 8.25% 2/28/2048⁶		845		649
Malaysia (Federation of), Series 0119, 3.906% 7/15/2026	MYR	3,240		702
Malaysia (Federation of), Series 0219, 3.885% 8/15/2029		2,095		451
Malaysia (Federation of), Series 0419, 3.828% 7/5/2034		4,280		901
Malaysia (Federation of), Series 0418, 4.893% 6/8/2038		6,176		1,452
MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 6.50% 6/29/2028	USD	940		932
Mongolia (State of) 8.75% 3/9/2024		370		373
Mongolia (State of) 4.45% 7/7/2031		300		233
Morocco (Kingdom of) 5.95% 3/8/2028⁶		255		258
Mozambique (Republic of) 5.00% 9/15/2031 (9.00% on 9/15/2023)⁷		880		671
Oman (Sultanate of) 5.375% 3/8/2027		380		374
Oman (Sultanate of) 6.25% 1/25/2031⁶		200		203
Oman (Sultanate of) 6.75% 1/17/2048		850		819
Oman (Sultanate of) 7.00% 1/25/2051		600		596
Panama (Republic of) 3.75% 4/17/2026		100		98
Panama (Republic of) 4.50% 4/16/2050		200		156
Panama (Republic of) 4.30% 4/29/2053		400		299
Panama (Republic of) 6.853% 3/28/2054		590		615
Panama (Republic of) 4.50% 1/19/2063		200		147
Paraguay (Republic of) 4.95% 4/28/2031		320		308
Peru (Republic of) 3.00% 1/15/2034		225		188
Peru (Republic of) 6.55% 3/14/2037		1,070		1,203
Peru (Republic of) 3.55% 3/10/2051		370		278
Peru (Republic of) 2.78% 12/1/2060		365		224

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)
PETRONAS Capital, Ltd. 4.55% 4/21/2050⁶	USD	400	$	368
Philippines (Republic of) 6.375% 10/23/2034		145		162
Philippines (Republic of) 3.95% 1/20/2040		500		431
Poland (Republic of) 4.875% 10/4/2033		560		551
Poland (Republic of), Series 0726, 2.50% 7/25/2026	PLN	8,510		1,910
Qatar (State of) 4.50% 4/23/2028	USD	600		601
Qatar (State of) 4.50% 4/23/2028⁶		450		451
Romania 2.00% 1/28/2032	EUR	1,375		1,105
Romania 2.00% 4/14/2033		300		232
Romania 5.125% 6/15/2048⁶	USD	500		428
Russian Federation 5.10% 3/28/2035⁹		1,600		672
Russian Federation 5.25% 6/23/2047^2,9		1,200		72
Saudi Arabia (Kingdom of) 4.75% 1/18/2028⁶		630		625
Senegal (Republic of) 4.75% 3/13/2028	EUR	950		895
South Africa (Republic of) 5.875% 4/20/2032	USD	400		355
South Africa (Republic of), Series R-213, 7.00% 2/28/2031	ZAR	57,197		2,434
South Africa (Republic of), Series R-2035, 8.875% 2/28/2035		55,948		2,437
South Africa (Republic of), Series R-2040, 9.00% 1/31/2040		26,540		1,085
Sri Lanka (Democratic Socialist Republic of) 6.125% 6/3/2025⁹	USD	450		215
Sri Lanka (Democratic Socialist Republic of) 6.85% 11/3/2025⁹		1,170		558
Sri Lanka (Democratic Socialist Republic of) 6.825% 7/18/2026⁹		1,270		602
Sri Lanka (Democratic Socialist Republic of) 7.55% 3/28/2030⁹		471		217
Thailand (Kingdom of) 2.875% 12/17/2028	THB	15,532		451
Thailand (Kingdom of) 3.45% 6/17/2043		18,658		558
Tunisia (Republic of) 5.625% 2/17/2024	EUR	1,150		1,043
Tunisia (Republic of) 5.75% 1/30/2025	USD	425		284
Turkey (Republic of) 9.875% 1/15/2028		200		204
Turkey (Republic of) 11.875% 1/15/2030		500		575
Ukraine 8.994% 2/1/2026⁹		600		152
Ukraine 7.75% 9/1/2029⁹		2,328		564
Ukraine 9.75% 11/1/2030⁹		900		225
Ukraine 7.375% 9/25/2034⁹		2,180		510
United Mexican States 4.75% 3/8/2044		1,090		936
United Mexican States 3.75% 4/19/2071		200		134
United Mexican States, Series M, 7.50% 6/3/2027	MXN	20,360		1,132
United Mexican States, Series M20, 8.50% 5/31/2029		49,359		2,858
United Mexican States, Series M, 7.75% 5/29/2031		114,879		6,352
United Mexican States, Series M, 7.50% 5/26/2033		63,500		3,418
Venezuela (Bolivarian Republic of) 7.00% 12/1/2018⁹	USD	64		4
Venezuela (Bolivarian Republic of) 7.75% 10/13/2019⁹		1,149		69
Venezuela (Bolivarian Republic of) 6.00% 12/9/2020⁹		950		59
Venezuela (Bolivarian Republic of) 12.75% 8/23/2022⁹		85		8
Venezuela (Bolivarian Republic of) 8.25% 10/13/2024⁹		299		28
Venezuela (Bolivarian Republic of) 7.65% 4/21/2025⁹		129		11
Venezuela (Bolivarian Republic of) 11.75% 10/21/2026⁹		64		6
Venezuela (Bolivarian Republic of) 9.25% 9/15/2027⁹		170		15
Venezuela (Bolivarian Republic of) 9.25% 5/7/2028⁹		319		29
Venezuela (Bolivarian Republic of) 11.95% 8/5/2031⁹		106		10
Venezuela (Bolivarian Republic of) 9.00% 5/7/2033⁹		1,383		124
Venezuela (Bolivarian Republic of) 7.00% 3/31/2038⁹		107		9
				114,612

Corporate bonds, notes & loans 0.49%
Energy 0.12%
AI Candelaria (Spain), SLU 7.50% 12/15/2028		323		303
Oleoducto Central SA 4.00% 7/14/2027⁶		255		224
Oleoducto Central SA 4.00% 7/14/2027		200		175
Petrobras Global Finance BV 6.85% 6/5/2115		314		274
Petroleos Mexicanos 6.875% 8/4/2026		2,585		2,416

60	American Funds Insurance Series

New World Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Petrorio Luxembourg SARL 6.125% 6/9/2026	USD	200	$	192
PTTEP Treasury Center Co., Ltd. 2.993% 1/15/2030		200		179
Sinopec Group Overseas Development (2018), Ltd. 3.10% 1/8/2051⁶		630		442
				4,205

Financials 0.08%
Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)⁷		800		679
BBVA Bancomer, SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on 6/29/2033)^6,7		340		341
CMB International Leasing Management, Ltd. 2.75% 8/12/2030		500		409
HDFC Bank, Ltd. 3.70% junior subordinated perpetual bonds (5-Year UST Yield Curve Rate T Note Constant Maturity + 2.925% on 2/25/2027)^6,7		600		521
HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043)⁷		600		622
				2,572

Utilities 0.08%
AES Panama Generation Holdings SRL 4.375% 5/31/2030⁶		278		237
Empresas Publicas de Medellin ESP 4.25% 7/18/2029⁶		412		325
Enfragen Energia Sur SA 5.375% 12/30/2030		969		630
State Grid Europe Development (2014) Public, Ltd. Co. 3.125% 4/7/2025		1,400		1,344
				2,536

Communication services 0.06%
América Móvil, SAB de CV 9.50% 1/27/2031	MXN	17,000		984
Axiata SPV5 (Labuan), Ltd. 3.064% 8/19/2050	USD	357		250
PLDT, Inc. 2.50% 1/23/2031		210		173
Tencent Holdings, Ltd. 3.975% 4/11/2029		400		372
Tencent Holdings, Ltd. 3.24% 6/3/2050⁶		580		381
				2,160

Consumer discretionary 0.06%
Alibaba Group Holding, Ltd. 4.20% 12/6/2047		600		472
Alibaba Group Holding, Ltd. 3.15% 2/9/2051		410		266
Arcos Dorados BV 6.125% 5/27/2029		450		438
Meituan 3.05% 10/28/2030⁶		400		317
MercadoLibre, Inc. 3.125% 1/14/2031		400		319
Sands China, Ltd. 4.875% 6/18/2030		220		196
				2,008

Materials 0.04%
Braskem Idesa SAPI 7.45% 11/15/2029		775		521
Braskem Idesa SAPI 7.45% 11/15/2029⁶		300		202
GC Treasury Center Co., Ltd. 4.40% 3/30/2032⁶		230		208
Sasol Financing USA, LLC 5.875% 3/27/2024		500		494
				1,425

Consumer staples 0.03%
MARB BondCo PLC 3.95% 1/29/2031		520		373
NBM US Holdings, Inc. 7.00% 5/14/2026⁵		200		194
NBM US Holdings, Inc. 6.625% 8/6/2029⁵		420		385
				952

Health care 0.01%
Rede D’Or Finance SARL 4.50% 1/22/2030		480		409

American Funds Insurance Series

New World Fund (continued)

Bonds, notes & other debt instruments (continued)

Principal amount
(000)

Value
(000)

Corporate bonds, notes & loans (continued)

Industrials 0.01%

Mexico City Airport Trust 4.25% 10/31/2026

USD

200

193

Total corporate bonds, notes & loans

16,460

U.S. Treasury bonds & notes 0.08%

U.S. Treasury 0.08%

U.S. Treasury (3-month U.S. Treasury Bill Yield + 0.015%) 5.234% 1/31/2024^10,11

2,730

Total bonds, notes & other debt instruments (cost: $144,225,000)

133,802

Short-term securities 4.35%

Money market investments 4.23%

Capital Group Central Cash Fund 5.15%^12,13

1,420,041

142,018

Money market investments purchased with collateral from securities on loan 0.10%

Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.05%^12,14

2,309,977

2,310

Goldman Sachs Financial Square Government Fund, Institutional Shares 5.01%^12,14

1,163,631

1,163

3,473

Weighted
average yield
at acquisition

Principal amount
(000)

Bills & notes of governments & government agencies outside the U.S. 0.02%

Sri Lanka (Democratic Socialist Republic of) 11/17/2023

17.046

LKR

97,000

293

Sri Lanka (Democratic Socialist Republic of) 8/11/2023

17.592

123,000

392

685

Total short-term securities (cost: $146,127,000)

146,176

Total investment securities 99.80% (cost: $2,486,150,000)

3,351,801

Other assets less liabilities 0.20%

6,712

Net assets 100.00%

3,358,513

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized (depreciation) appreciation at 6/30/2023 (000)
2 Year U.S. Treasury Note Futures	Long	76	September 2023		USD15,454		$	(192	)
10 Year Euro-Bund Futures	Short	11	September 2023		(1,605	)		21
10 Year Ultra U.S. Treasury Note Futures	Short	62	September 2023		(7,343	)		65
30 Year Ultra U.S. Treasury Bond Futures	Long	7	September 2023		953			18
							$	(88	)

62	American Funds Insurance Series

New World Fund (continued)

Forward currency contracts

Contract amount						Unrealized appreciation (depreciation)
Currency purchased (000)		Currency sold (000)		Counterparty	Settlement date	at 6/30/2023 (000)
MXN	1,185	USD	68	HSBC Bank	7/10/2023		$ 1
COP	939,260	USD	225	Goldman Sachs	7/10/2023		—	³
USD	20	MXN	340	UBS AG	7/10/2023		—	³
ZAR	1,097	USD	58	Barclays Bank PLC	7/10/2023		—	³
MXN	7,650	USD	448	UBS AG	7/10/2023		(2	)
USD	34	ZAR	665	Morgan Stanley	7/10/2023		(2	)
INR	38,972	USD	472	Standard Chartered Bank	7/17/2023		2
INR	16,075	USD	195	HSBC Bank	7/17/2023		—	³
USD	1,451	EUR	1,322	Morgan Stanley	7/24/2023		6
USD	1,863	EUR	1,696	UBS AG	7/25/2023		10
USD	999	MXN	17,145	Bank of America	7/26/2023		3
BRL	1,195	USD	244	Goldman Sachs	8/4/2023		4
PLN	8,045	USD	1,907	JPMorgan Chase	8/30/2023		66
HUF	504,380	USD	1,419	Citibank	8/30/2023		35
CZK	21,025	USD	951	Citibank	8/30/2023		12
USD	2,409	MYR	11,100	Standard Chartered Bank	9/8/2023		9
USD	1,147	MYR	5,265	Standard Chartered Bank	9/8/2023		9
MYR	350	USD	76	Standard Chartered Bank	9/8/2023		(1	)
USD	1,018	IDR	15,000,000	Citibank	11/8/2023		23
USD	733	BRL	4,100	Citibank	1/2/2024		(99	)
							$ 76

Investments in affiliates¹³

	Value of affiliates at 1/1/2023 (000)		Additions (000)		Reductions (000)			Net realized gain (000)		Net unrealized appreciation (000)		Value of affiliates at 6/30/2023 (000)		Dividend income (000)
Short-term securities 4.23%
Money market investments 4.23%
Capital Group Central Cash Fund 5.15%¹²	$	167,328	$	182,651	$	207,989		$	11	$	17	$	142,018	$	4,211
Money market investments purchased with collateral from securities on loan 0.00%
Capital Group Central Cash Fund 5.15%¹²		86				86	¹⁵						—		—	¹⁶
Total 4.23%								$	11	$	17	$	142,018	$	4,211

Restricted securities⁵

	Acquisition date(s)	Cost (000)		Value (000)		Percent of net assets
QuintoAndar, Ltd., Series E, preferred shares^1,2	5/26/2021	$	5,258	$	4,694		.14	%
QuintoAndar, Ltd., Series E-1, preferred shares^1,2	12/20/2021		1,716		1,207		.04
Getir BV, Series D, preferred shares^1,2	5/27/2021		3,500		3,735		.11
NBM US Holdings, Inc. 6.625% 8/6/2029	7/8/2022		405		385		.01
NBM US Holdings, Inc. 7.00% 5/14/2026	5/16/2023		191		194		.01
Canva, Inc.^1,2	8/26/2021-11/4/2021		656		470		.01
Canva, Inc., Series A, noncumulative preferred shares^1,2	11/4/2021		58		42		.00	¹⁷
Canva, Inc., Series A-3, noncumulative preferred shares^1,2	11/4/2021		2		1		.00	¹⁷
Total		$	11,786	$	10,728		.32	%

American Funds Insurance Series

New World Fund (continued)

¹	Security did not produce income during the last 12 months.
²	Value determined using significant unobservable inputs.
³	Amount less than one thousand.
⁴	All or a portion of this security was on loan. The total value of all such securities was $11,128,000, which represented .33% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
⁵	Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $10,728,000, which represented .32% of the net assets of the fund.
⁶	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $12,104,000, which represented .36% of the net assets of the fund.
⁷	Step bond; coupon rate may change at a later date.
⁸	Index-linked bond whose principal amount moves with a government price index.
⁹	Scheduled interest and/or principal payment was not received.
¹⁰	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $207,000, which represented .01% of the net assets of the fund.
¹¹	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
¹²	Rate represents the seven-day yield at 6/30/2023.
¹³	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
¹⁴	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
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.
¹⁷	Amount less than .01%.

Key to abbreviations

ADR = American Depositary Receipts

BRL = Brazilian reais

CAD = Canadian dollars

CDI = CREST Depository Interest

CLP = Chilean pesos

CNY = Chinese yuan

COP = Colombian pesos

CZK = Czech korunas

DOP = Dominican pesos

EUR = Euros

GBP = British pounds

GDR = Global Depositary Receipts

HUF = Hungarian forints

IDR = Indonesian rupiah

INR = Indian rupees

LKR = Sri Lankan rupees

MXN = Mexican pesos

MYR = Malaysian ringgits

NOK = Norwegian kroner

PLN = Polish zloty

REIT = Real Estate Investment Trust

SOFR = Secured Overnight Financing Rate

THB = Thai baht

USD = U.S. dollars

ZAR = South African rand

Refer to the notes to financial statements.

64	American Funds Insurance Series

Washington Mutual Investors Fund	unaudited
Investment portfolio June 30, 2023

Common stocks 95.85%	Shares		Value (000)
Information technology 20.88%
Broadcom, Inc.		737,213	$	639,481
Microsoft Corp.		1,807,071		615,380
Apple, Inc.		822,944		159,626
ASML Holding NV (New York registered) (ADR)		168,682		122,252
Intel Corp.		2,617,286		87,522
TE Connectivity, Ltd.		506,250		70,956
Applied Materials, Inc.		381,522		55,145
SAP SE (ADR)		399,441		54,647
Motorola Solutions, Inc.		156,536		45,909
Oracle Corp.		367,639		43,782
KLA Corp.		72,251		35,043
Salesforce, Inc.¹		139,495		29,470
NetApp, Inc.		362,489		27,694
QUALCOMM, Inc.		200,387		23,854
Texas Instruments, Inc.		131,807		23,728
Synopsys, Inc.¹		45,829		19,954
Cadence Design Systems, Inc.¹		39,031		9,154
Analog Devices, Inc.		28,186		5,491
Micron Technology, Inc.		80,504		5,081
Ciena Corp.¹		17,550		746
				2,074,915

Health care 16.76%
UnitedHealth Group, Inc.		670,455		322,247
Eli Lilly and Company		420,799		197,346
Johnson & Johnson		936,932		155,081
AstraZeneca PLC (ADR)		1,669,157		119,462
AbbVie, Inc.		845,851		113,962
Pfizer, Inc.		3,072,899		112,714
Humana, Inc.		218,264		97,592
Gilead Sciences, Inc.		1,261,158		97,197
Danaher Corp.		293,360		70,406
Abbott Laboratories		506,208		55,187
Elevance Health, Inc.		110,532		49,108
CVS Health Corp.		678,148		46,880
Bristol-Myers Squibb Company		658,323		42,100
Vertex Pharmaceuticals, Inc.¹		111,833		39,355
Merck & Co., Inc.		189,754		21,896
Thermo Fisher Scientific, Inc.		38,181		19,921
Regeneron Pharmaceuticals, Inc.¹		25,933		18,634
Novo Nordisk AS, Class B (ADR)		108,860		17,617
Zoetis, Inc., Class A		100,233		17,261
Edwards Lifesciences Corp.¹		135,556		12,787
Molina Healthcare, Inc.¹		37,656		11,344
The Cigna Group		32,974		9,253
Becton, Dickinson and Co.		23,003		6,073
ResMed, Inc.		24,754		5,409
Baxter International, Inc.		114,187		5,202
Sanofi (ADR)		36,949		1,992
				1,666,026

Financials 13.83%
Marsh & McLennan Companies, Inc.		1,320,030		248,271
JPMorgan Chase & Co.		958,018		139,334
CME Group, Inc., Class A		576,563		106,831
BlackRock, Inc.		149,685		103,453
Chubb, Ltd.		441,856		85,084
Visa, Inc., Class A		353,109		83,856
Wells Fargo & Company		1,640,661		70,024
Mastercard, Inc., Class A		144,219		56,721
Discover Financial Services		463,236		54,129
S&P Global, Inc.		111,492		44,696

American Funds Insurance Series

Washington Mutual Investors Fund (continued)

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Blackstone, Inc.		427,289	$	39,725
Morgan Stanley		450,953		38,512
Capital One Financial Corp.		342,552		37,465
Apollo Asset Management, Inc.		443,289		34,049
KKR & Co., Inc.		600,824		33,646
Brookfield Asset Management, Ltd., Class A		832,644		27,169
Aon PLC, Class A		75,142		25,939
Intercontinental Exchange, Inc.		210,505		23,804
Citizens Financial Group, Inc.		856,604		22,340
Nasdaq, Inc.		421,309		21,002
Goldman Sachs Group, Inc.		53,799		17,352
Canadian Imperial Bank of Commerce		314,869		13,439
Arthur J. Gallagher & Co.		56,363		12,376
The Carlyle Group, Inc.		291,631		9,318
Bank of America Corp.		306,789		8,802
KeyCorp		823,999		7,614
Fidelity National Information Services, Inc.		115,515		6,319
Progressive Corp.		14,654		1,940
Charles Schwab Corp.		19,606		1,111
				1,374,321

Industrials 11.09%
Northrop Grumman Corp.		392,665		178,977
CSX Corp.		3,018,858		102,943
Caterpillar, Inc.		411,115		101,155
Raytheon Technologies Corp.		980,036		96,004
Boeing Company¹		301,180		63,597
Union Pacific Corp.		267,774		54,792
Lockheed Martin Corp.		92,475		42,574
Paychex, Inc.		375,340		41,989
L3Harris Technologies, Inc.		208,280		40,775
General Electric Co.		300,152		32,972
Norfolk Southern Corp.		139,188		31,562
Equifax, Inc.		129,553		30,484
Waste Connections, Inc.		206,801		29,558
Carrier Global Corp.		574,980		28,582
ABB, Ltd. (ADR)²		710,074		27,870
Honeywell International, Inc.		107,338		22,273
United Parcel Service, Inc., Class B		123,077		22,062
Robert Half International, Inc.		281,341		21,163
Rockwell Automation		59,734		19,679
Johnson Controls International PLC		195,711		13,336
PACCAR, Inc.		157,552		13,179
Republic Services, Inc.		75,257		11,527
BAE Systems PLC (ADR)²		227,638		10,918
Huntington Ingalls Industries, Inc.		47,307		10,767
Southwest Airlines Co.		259,907		9,411
Delta Air Lines, Inc.		189,145		8,992
HEICO Corp.		46,818		8,284
Air Lease Corp., Class A		155,159		6,493
Broadridge Financial Solutions, Inc.		38,963		6,453
RELX PLC (ADR)		186,041		6,219
FedEx Corp.		22,317		5,532
Waste Management, Inc.		11,150		1,934
				1,102,056

Consumer staples 8.58%
Philip Morris International, Inc.		1,726,204		168,512
Archer Daniels Midland Company		1,110,316		83,895
Target Corp.		609,982		80,457
Keurig Dr Pepper, Inc.		2,247,850		70,290
Altria Group, Inc.		1,317,703		59,692

66	American Funds Insurance Series

Washington Mutual Investors Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer staples (continued)
Dollar General Corp.		272,626	$	46,286
Procter & Gamble Company		274,309		41,624
Kraft Heinz Company		1,121,765		39,823
Constellation Brands, Inc., Class A		141,911		34,928
Costco Wholesale Corp.		60,997		32,839
Reckitt Benckiser Group PLC (ADR)²		2,132,114		32,387
Hormel Foods Corp.		681,076		27,393
Nestlé SA (ADR)		227,484		27,378
General Mills, Inc.		340,811		26,140
Mondelez International, Inc.		281,163		20,508
British American Tobacco PLC (ADR)		604,417		20,067
Church & Dwight Co., Inc.		149,274		14,962
Walgreens Boots Alliance, Inc.		316,943		9,030
Danone (ADR)		694,054		8,530
Kimberly-Clark Corp.		55,541		7,668
				852,409

Consumer discretionary 7.09%
Home Depot, Inc.		560,199		174,020
YUM! Brands, Inc.		782,244		108,380
Darden Restaurants, Inc.		501,843		83,848
General Motors Company		1,881,616		72,555
TJX Companies, Inc.		469,607		39,818
NIKE, Inc., Class B		346,275		38,218
D.R. Horton, Inc.		278,964		33,947
Wynn Resorts, Ltd.		238,444		25,182
Lennar Corp., Class A		198,427		24,865
Royal Caribbean Cruises, Ltd.¹		228,574		23,712
Chipotle Mexican Grill, Inc.¹		8,776		18,772
Tractor Supply Co.		69,721		15,415
Starbucks Corp.		116,663		11,557
Marriott International, Inc., Class A		56,207		10,325
VF Corp.		440,631		8,412
McDonald’s Corp.		25,001		7,461
Polaris, Inc.		52,835		6,389
Amazon.com, Inc.¹		17,265		2,251
				705,127

Energy 5.22%
Exxon Mobil Corp.		852,858		91,469
Chevron Corp.		505,982		79,616
Pioneer Natural Resources Company		359,231		74,426
ConocoPhillips		624,722		64,728
Halliburton Co.		1,909,938		63,009
EOG Resources, Inc.		448,779		51,358
Baker Hughes Co., Class A		1,201,116		37,967
Canadian Natural Resources, Ltd.		666,140		37,477
TC Energy Corp.		473,648		19,140
				519,190

Communication services 5.20%
Comcast Corp., Class A		6,404,153		266,093
Alphabet, Inc., Class C¹		951,895		115,151
Alphabet, Inc., Class A¹		505,747		60,538
Meta Platforms, Inc., Class A¹		188,087		53,977
Activision Blizzard, Inc.¹		138,701		11,692
Electronic Arts, Inc.		36,898		4,786
Deutsche Telekom AG (ADR)		142,813		3,120
Netflix, Inc.¹		3,715		1,636
				516,993

American Funds Insurance Series

Washington Mutual Investors Fund (continued)

Common stocks (continued)	Shares		Value (000)
Utilities 2.83%
Constellation Energy Corp.		1,061,682	$	97,197
Sempra Energy		480,841		70,006
Entergy Corp.		350,024		34,082
CMS Energy Corp.		388,909		22,848
Public Service Enterprise Group, Inc.		235,300		14,732
FirstEnergy Corp.		354,995		13,802
NextEra Energy, Inc.		168,179		12,479
The Southern Co.		146,620		10,300
Evergy, Inc.		95,724		5,592
				281,038

Materials 2.45%
Linde PLC		250,591		95,495
Corteva, Inc.		679,065		38,910
Rio Tinto PLC (ADR)		534,050		34,094
Mosaic Co.		674,652		23,613
Nucor Corp.		125,314		20,549
LyondellBasell Industries NV		162,588		14,930
Celanese Corp.		105,110		12,172
H.B. Fuller Co.		49,263		3,523
				243,286

Real estate 1.92%
Extra Space Storage, Inc. REIT		374,494		55,743
Welltower, Inc. REIT		522,586		42,272
Public Storage REIT		133,459		38,954
Equinix, Inc. REIT		27,812		21,803
American Tower Corp. REIT		94,759		18,378
Regency Centers Corp. REIT		115,400		7,128
Digital Realty Trust, Inc. REIT		43,588		4,963
Crown Castle, Inc. REIT		14,137		1,611
				190,852

Total common stocks (cost: $7,202,076,000)				9,526,213

Convertible stocks 0.15%
Financials 0.08%
KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 9/15/2023		113,300		7,489

Utilities 0.07%
NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/2025		90,700		4,108
American Electric Power Company, Inc., convertible preferred units, 6.125% 8/15/2023		56,400		2,802
				6,910

Total convertible stocks (cost: $15,554,000)				14,399

Short-term securities 3.83%
Money market investments 3.80%
Capital Group Central Cash Fund 5.15%^3,4		3,775,150		377,553

68	American Funds Insurance Series

Washington Mutual Investors Fund (continued)

Short-term securities (continued)	Shares		Value (000)
Money market investments purchased with collateral from securities on loan 0.03%
Capital Group Central Cash Fund 5.15%^3,4,5		18,382	$	1,838
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.05%^3,5		1,021,366		1,021
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.01%^3,5		326,601		327
				3,186

Total short-term securities (cost: $380,646,000)				380,739
Total investment securities 99.83% (cost: $7,598,276,000)				9,921,351
Other assets less liabilities 0.17%				17,215

Net assets 100.00%			$	9,938,566

Investments in affiliates⁴

	Value of affiliates at 1/1/2023 (000)		Additions (000)		Reductions (000)			Net realized gain (000)		Net unrealized appreciation (000)		Value of affiliates at 6/30/2023 (000)		Dividend income (000)
Short-term securities 3.82%
Money market investments 3.80%
Capital Group Central Cash Fund 5.15%³	$	384,669	$	669,240	$	676,418		$	20	$	42	$	377,553	$	9,174
Money market investments purchased with collateral from securities on loan 0.02%
Capital Group Central Cash Fund 5.15%^3,5		6,338				4,500	⁶						1,838		—	⁷
Total 3.82%								$	20	$	42	$	379,391	$	9,174

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 $3,429,000, which represented .03% 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 6/30/2023.
⁴	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
⁵	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
⁶	Represents net activity. Refer to Note 5 for more information on securities lending.
⁷	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

American Funds Insurance Series

Capital World Growth and Income Fund	unaudited
Investment portfolio June 30, 2023

Common stocks 95.50%	Shares		Value (000)
Information technology 19.40%
Broadcom, Inc.		75,527	$	65,513
Microsoft Corp.		190,561		64,894
Taiwan Semiconductor Manufacturing Company, Ltd.		2,250,800		41,944
ASML Holding NV		44,139		31,951
Apple, Inc.		132,705		25,741
Tokyo Electron, Ltd.		105,200		15,065
Accenture PLC, Class A		31,081		9,591
Capgemini SE		46,560		8,820
EPAM Systems, Inc.¹		38,580		8,671
NVIDIA Corp.		17,416		7,367
Salesforce, Inc.¹		31,604		6,677
Micron Technology, Inc.		105,789		6,676
Oracle Corp.		44,124		5,255
TE Connectivity, Ltd.		35,481		4,973
Applied Materials, Inc.		30,066		4,346
Shopify, Inc., Class A, subordinate voting shares¹		67,145		4,338
Intel Corp.		116,712		3,903
Logitech International SA		63,731		3,789
Delta Electronics, Inc.		317,000		3,525
Keyence Corp.		6,400		3,027
Hexagon AB, Class B		230,923		2,843
Adobe, Inc.¹		5,524		2,701
Synopsys, Inc.¹		5,970		2,599
Texas Instruments, Inc.		14,012		2,523
OBIC Co., Ltd.		14,600		2,341
GlobalWafers Co., Ltd.		133,000		2,134
Marvell Technology, Inc.		33,050		1,976
Snowflake, Inc., Class A¹		9,869		1,737
Disco Corp.		10,500		1,661
Cognizant Technology Solutions Corp., Class A		24,853		1,622
Arista Networks, Inc.¹		8,221		1,332
MediaTek, Inc.		52,000		1,154
Fujitsu, Ltd.		8,700		1,122
Infosys, Ltd.		55,715		903
Wolfspeed, Inc.¹		12,732		708
Advantech Co., Ltd.		1,000		13
				353,435

Health care 14.92%
UnitedHealth Group, Inc.		71,147		34,196
Eli Lilly and Company		55,547		26,050
Abbott Laboratories		238,293		25,979
AstraZeneca PLC		117,801		16,874
Novo Nordisk AS, Class B		94,231		15,220
Gilead Sciences, Inc.		168,230		12,965
Vertex Pharmaceuticals, Inc.¹		33,431		11,765
Takeda Pharmaceutical Company, Ltd.		363,100		11,413
Daiichi Sankyo Company, Ltd.		333,000		10,560
Thermo Fisher Scientific, Inc.		17,979		9,381
GE HealthCare Technologies, Inc.		111,287		9,041
Sanofi		82,797		8,876
Pfizer, Inc.		237,450		8,710
Stryker Corp.		27,717		8,456
Novartis AG		63,978		6,457
Siemens Healthineers AG		111,456		6,308
Bayer AG		88,195		4,876
Centene Corp.¹		53,126		3,583
Medtronic PLC		33,194		2,924
Catalent, Inc.¹		65,331		2,833
Olympus Corp.		178,800		2,830
Insulet Corp.¹		9,148		2,638
Molina Healthcare, Inc.¹		8,737		2,632

70	American Funds Insurance Series

Capital World Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Health care (continued)
DexCom, Inc.¹		18,878	$	2,426
Intuitive Surgical, Inc.¹		6,932		2,370
Amgen, Inc.		10,536		2,339
EssilorLuxottica SA		12,169		2,303
AbbVie, Inc.		16,926		2,280
Rede D’Or Sao Luiz SA		295,690		2,033
Zoetis, Inc., Class A		11,180		1,925
The Cigna Group		6,310		1,771
Penumbra, Inc.¹		5,051		1,738
CVS Health Corp.		23,562		1,629
Lonza Group AG		2,651		1,583
Eurofins Scientific SE, non-registered shares		19,671		1,249
Regeneron Pharmaceuticals, Inc.¹		1,365		981
CSL, Ltd.		4,998		925
agilon health, Inc.¹		51,498		893
Cooper Companies, Inc.		1,256		482
ResMed, Inc.		1,831		400
				271,894

Industrials 13.82%
Airbus SE, non-registered shares		160,312		23,174
General Electric Co.		192,601		21,157
Carrier Global Corp.		287,458		14,290
Recruit Holdings Co., Ltd.		329,750		10,524
BAE Systems PLC		871,044		10,277
Safran SA		63,276		9,941
Boeing Company¹		46,535		9,826
Melrose Industries PLC		1,509,271		9,716
Raytheon Technologies Corp.		93,680		9,177
Siemens AG		52,824		8,792
Deere & Company		21,025		8,519
Caterpillar, Inc.		30,713		7,557
Mitsui & Co., Ltd.		195,500		7,356
Bureau Veritas SA		246,012		6,748
TransDigm Group, Inc.		7,372		6,592
Lockheed Martin Corp.		13,212		6,083
CSX Corp.		166,384		5,674
Johnson Controls International PLC		57,220		3,899
Daikin Industries, Ltd.		19,000		3,878
DHL Group		78,459		3,831
LIXIL Corp.		282,500		3,588
Compagnie de Saint-Gobain SA, non-registered shares		53,097		3,235
Brenntag SE		36,908		2,876
L3Harris Technologies, Inc.		14,584		2,855
Legrand SA		28,404		2,818
International Consolidated Airlines Group SA (CDI)¹		1,321,449		2,728
Thales SA		17,875		2,676
ASSA ABLOY AB, Class B		108,369		2,601
Ceridian HCM Holding, Inc.¹		37,048		2,481
Ryanair Holdings PLC (ADR)¹		22,029		2,436
Astra International Tbk PT		5,087,400		2,318
Techtronic Industries Co., Ltd.		211,500		2,314
Schneider Electric SE		12,693		2,314
Canadian Pacific Kansas City, Ltd.		27,858		2,250
MTU Aero Engines AG		7,929		2,054
ITOCHU Corp.		51,500		2,048
RELX PLC		60,515		2,017
The Weir Group PLC		90,083		2,011
VINCI SA		15,017		1,745
Rentokil Initial PLC		222,930		1,741
Rockwell Automation		5,224		1,721
Northrop Grumman Corp.		3,702		1,687

American Funds Insurance Series

Capital World Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Waste Connections, Inc.		11,403	$	1,630
SMC Corp.		2,700		1,501
Bunzl PLC		36,011		1,371
AB Volvo, Class B		57,566		1,194
Larsen & Toubro, Ltd.		38,289		1,155
SS&C Technologies Holdings, Inc.		18,920		1,147
Nidec Corp.		20,500		1,127
AGC, Inc.²		30,700		1,105
Adecco Group AG		31,507		1,028
Atlas Copco AB, Class B		80,657		1,005
				251,788

Financials 10.56%
Zurich Insurance Group AG		32,303		15,347
AIA Group, Ltd.		1,355,399		13,829
Kotak Mahindra Bank, Ltd.		522,949		11,777
HDFC Bank, Ltd.		502,076		10,432
HDFC Bank, Ltd. (ADR)		13,515		942
ING Groep NV		703,205		9,497
B3 SA - Brasil, Bolsa, Balcao		2,894,024		8,830
Ping An Insurance (Group) Company of China, Ltd., Class H		1,064,000		6,817
Ping An Insurance (Group) Company of China, Ltd., Class A		10,900		70
JPMorgan Chase & Co.		43,395		6,311
Mastercard, Inc., Class A		15,273		6,007
Morgan Stanley		62,556		5,342
Aon PLC, Class A		15,144		5,228
HDFC Life Insurance Co., Ltd.		656,026		5,210
Blackstone, Inc.		53,281		4,954
Discover Financial Services		40,276		4,706
Chubb, Ltd.		22,335		4,301
Toronto-Dominion Bank (CAD denominated)		69,180		4,288
Postal Savings Bank of China Co., Ltd., Class H		6,840,000		4,219
DNB Bank ASA		197,610		3,694
S&P Global, Inc.		8,540		3,424
CME Group, Inc., Class A		18,023		3,339
Fairfax Financial Holdings, Ltd., subordinate voting shares		3,997		2,994
AXA SA		100,858		2,980
Great-West Lifeco, Inc.		97,775		2,839
China Merchants Bank Co., Ltd., Class A		408,272		1,850
China Merchants Bank Co., Ltd., Class H		199,903		909
Citigroup, Inc.		58,968		2,715
DBS Group Holdings, Ltd.		111,300		2,602
Israel Discount Bank, Ltd., Class A		472,063		2,347
Apollo Asset Management, Inc.		30,286		2,326
Banco Santander, SA		604,537		2,243
BNP Paribas SA		34,400		2,173
Wells Fargo & Company		48,925		2,088
FinecoBank SpA		153,752		2,074
National Bank of Canada		26,966		2,009
Blue Owl Capital, Inc., Class A		171,427		1,997
Arthur J. Gallagher & Co.		9,079		1,993
Worldline SA, non-registered shares¹		48,188		1,764
MSCI, Inc.		3,463		1,625
Power Corporation of Canada, subordinate voting shares²		58,745		1,581
American International Group, Inc.		25,619		1,474
KBC Groep NV		20,095		1,405
Marsh & McLennan Companies, Inc.		7,341		1,381
Macquarie Group, Ltd.		11,334		1,351
Axis Bank, Ltd.		106,988		1,291
Bajaj Finance, Ltd.		12,773		1,118
East Money Information Co., Ltd., Class A		564,580		1,108
United Overseas Bank, Ltd.		44,700		927

72	American Funds Insurance Series

Capital World Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Aegon NV		177,180	$	897
Brookfield Asset Management, Ltd., Class A (CAD denominated)		26,356		860
Goldman Sachs Group, Inc.		1,974		637
ICICI Bank, Ltd.		18,525		212
Lufax Holding, Ltd. (ADR)		48,300		69
Sberbank of Russia PJSC³		3,196,952		—	⁴
				192,403

Consumer discretionary 10.04%
LVMH Moët Hennessy-Louis Vuitton SE		34,529		32,586
Home Depot, Inc.		68,193		21,183
Amazon.com, Inc.¹		121,358		15,820
Booking Holdings, Inc.¹		3,648		9,851
Flutter Entertainment PLC¹		44,029		8,862
Restaurant Brands International, Inc.		63,114		4,892
Restaurant Brands International, Inc. (CAD denominated)		41,026		3,181
General Motors Company		191,735		7,393
Cie. Financière Richemont SA, Class A		38,558		6,542
Industria de Diseño Textil, SA		162,734		6,323
Chipotle Mexican Grill, Inc.¹		2,528		5,407
Marriott International, Inc., Class A		28,977		5,323
Lennar Corp., Class A		28,758		3,604
Sony Group Corp.		39,400		3,534
Evolution AB		27,614		3,499
Tesla, Inc.¹		13,345		3,493
Shimano, Inc.²		18,700		3,130
Trip.com Group, Ltd. (ADR)¹		89,385		3,129
Sands China, Ltd.¹		893,200		3,057
YUM! Brands, Inc.		19,864		2,752
InterContinental Hotels Group PLC		37,124		2,564
Stellantis NV		134,629		2,366
Darden Restaurants, Inc.		13,635		2,278
Dowlais Group PLC¹		1,167,726		1,883
MercadoLibre, Inc.¹		1,576		1,867
NIKE, Inc., Class B		16,849		1,860
Starbucks Corp.		18,523		1,835
Pan Pacific International Holdings Corp.		93,100		1,668
Moncler SpA		23,963		1,658
Royal Caribbean Cruises, Ltd.¹		15,976		1,657
Rivian Automotive, Inc., Class A¹		91,806		1,530
NEXT PLC		17,196		1,510
Midea Group Co., Ltd., Class A		182,900		1,489
Kindred Group PLC (SDR)		127,475		1,358
Aristocrat Leisure, Ltd.		36,903		956
B&M European Value Retail SA		111,205		788
Li Ning Co., Ltd.		139,500		754
Wynn Macau, Ltd.¹		826,400		753
Bandai Namco Holdings, Inc.		21,200		491
Hermès International		105		228
				183,054

Consumer staples 6.99%
Philip Morris International, Inc.		293,159		28,618
Nestlé SA		105,359		12,677
Kroger Co.		166,414		7,821
Seven & i Holdings Co., Ltd.		177,580		7,678
British American Tobacco PLC		217,347		7,211
Imperial Brands PLC		318,362		7,041
Ocado Group PLC¹		863,537		6,239
Ajinomoto Co., Inc.		140,500		5,594
Kweichow Moutai Co., Ltd., Class A		22,100		5,153
Bunge, Ltd.		50,508		4,765

American Funds Insurance Series

Capital World Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer staples (continued)
Danone SA		67,283	$	4,123
Keurig Dr Pepper, Inc.		124,625		3,897
Arca Continental, SAB de CV		377,660		3,882
Dollar Tree Stores, Inc.¹		27,039		3,880
Constellation Brands, Inc., Class A		14,919		3,672
Altria Group, Inc.		65,913		2,986
ITC, Ltd.		501,567		2,764
Treasury Wine Estates, Ltd.		343,339		2,580
Target Corp.		12,196		1,609
Kao Corp.²		41,100		1,489
Essity Aktiebolag, Class B		45,808		1,219
Wilmar International, Ltd.		422,200		1,189
Costco Wholesale Corp.		827		445
L’Oréal SA, non-registered shares		951		444
Pernod Ricard SA		1,544		341
				127,317

Materials 6.31%
Vale SA, ordinary nominative shares		1,295,106		17,370
Vale SA (ADR), ordinary nominative shares		728,719		9,780
Fortescue Metals Group, Ltd.		1,267,595		18,878
Glencore PLC		1,431,132		8,118
Rio Tinto PLC		126,162		8,015
Linde PLC		20,624		7,859
Air Liquide SA, non-registered shares		34,303		6,150
Air Liquide SA, bonus shares		6,397		1,147
Freeport-McMoRan, Inc.		177,915		7,117
Albemarle Corp.		20,974		4,679
Shin-Etsu Chemical Co., Ltd.		121,400		4,035
First Quantum Minerals, Ltd.		148,702		3,518
BHP Group, Ltd. (CDI)		113,284		3,365
Evonik Industries AG		148,278		2,818
Air Products and Chemicals, Inc.		8,673		2,598
Heidelberg Materials AG, non-registered shares		29,270		2,403
Akzo Nobel NV		25,784		2,107
Barrick Gold Corp. (CAD denominated)		121,716		2,059
Dow, Inc.		22,324		1,189
Corteva, Inc.		17,755		1,017
CRH PLC		12,762		705
				114,927

Communication services 5.46%
Alphabet, Inc., Class C¹		157,995		19,113
Alphabet, Inc., Class A¹		87,018		10,416
Netflix, Inc.¹		29,129		12,831
Publicis Groupe SA		101,328		7,904
Meta Platforms, Inc., Class A¹		25,350		7,275
NetEase, Inc.		333,100		6,473
Comcast Corp., Class A		145,949		6,064
Sea, Ltd., Class A (ADR)¹		83,174		4,827
Bharti Airtel, Ltd.		394,026		4,226
Bharti Airtel, Ltd., interim shares		13,994		83
Take-Two Interactive Software, Inc.¹		23,346		3,436
Deutsche Telekom AG		152,088		3,315
Universal Music Group NV		136,351		3,029
Singapore Telecommunications, Ltd.		1,510,800		2,799
SoftBank Corp.		256,685		2,746
Omnicom Group, Inc.		21,678		2,063

74	American Funds Insurance Series

Capital World Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Communication services (continued)
Nippon Telegraph and Telephone Corp.		1,215,000	$	1,440
Tencent Holdings, Ltd.		29,500		1,256
Yandex NV, Class A¹		9,810		139
				99,435

Energy 5.23%
Canadian Natural Resources, Ltd. (CAD denominated)		399,557		22,464
EOG Resources, Inc.		77,547		8,875
Cenovus Energy, Inc. (CAD denominated)		462,034		7,847
TotalEnergies SE		122,540		7,023
Baker Hughes Co., Class A		201,698		6,376
Cameco Corp. (CAD denominated)		144,029		4,511
Cameco Corp.		43,262		1,355
Tourmaline Oil Corp.		120,026		5,655
BP PLC		906,866		5,313
Shell PLC (GBP denominated)		144,033		4,288
Reliance Industries, Ltd.		137,445		4,286
ConocoPhillips		34,528		3,577
Woodside Energy Group, Ltd.		115,207		2,668
Woodside Energy Group, Ltd. (CDI)		21,821		504
TC Energy Corp. (CAD denominated)		74,003		2,991
Suncor Energy, Inc.		76,426		2,242
Schlumberger NV		41,874		2,057
Exxon Mobil Corp.		18,586		1,993
Aker BP ASA		56,759		1,330
Gazprom PJSC³		2,248,304		—	⁴
				95,355

Utilities 2.12%
E.ON SE		416,028		5,303
DTE Energy Company		44,922		4,942
PG&E Corp.¹		263,771		4,558
Engie SA		224,709		3,737
Engie SA, bonus shares		41,586		692
Edison International		49,486		3,437
China Resources Gas Group, Ltd.		946,432		3,245
Iberdrola, SA, non-registered shares		248,020		3,240
Constellation Energy Corp.		34,696		3,176
NextEra Energy, Inc.		32,920		2,443
Power Grid Corporation of India, Ltd.		663,057		2,063
AES Corp.		44,200		916
Public Service Enterprise Group, Inc.		13,054		817
				38,569

Real estate 0.65%
Crown Castle, Inc. REIT		38,059		4,337
Longfor Group Holdings, Ltd.		829,738		2,032
American Tower Corp. REIT		10,183		1,975
China Resources Mixc Lifestyle Services, Ltd.		326,600		1,625
Iron Mountain, Inc. REIT		17,607		1,000
Sun Hung Kai Properties, Ltd.		70,500		889
				11,858

Total common stocks (cost: $1,280,753,000)				1,740,035

Preferred securities 0.10%
Consumer discretionary 0.06%
Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares		8,854		1,099

American Funds Insurance Series

Capital World Growth and Income Fund (continued)

Preferred securities (continued)	Shares		Value (000)
Health care 0.03%
Grifols, SA, Class B, nonvoting non-registered preferred shares¹		59,790	$	543

Financials 0.01%
Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares¹		57,948		133
Fannie Mae, Series S, 8.25% noncumulative preferred shares¹		56,047		132
				265

Total preferred securities (cost: $2,388,000)				1,907

Bonds, notes & other debt instruments 0.59%	Principal amount (000)
Bonds & notes of governments & government agencies outside the U.S. 0.32%
Brazil (Federative Republic of) 10.00% 1/1/2033	BRL	23,200		4,672
United Mexican States, Series M, 8.00% 12/7/2023	MXN	20,000		1,153
				5,825

Corporate bonds, notes & loans 0.27%
Health care 0.14%
Teva Pharmaceutical Finance Netherlands III BV 6.00% 4/15/2024	USD	1,600		1,591
Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026		1,100		987
				2,578

Consumer discretionary 0.06%
Royal Caribbean Cruises, Ltd. 11.50% 6/1/2025⁵		465		494
Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028⁵		390		364
Royal Caribbean Cruises, Ltd. 8.25% 1/15/2029⁵		151		159
Royal Caribbean Cruises, Ltd. 9.25% 1/15/2029⁵		125		133
				1,150

Energy 0.04%
TransCanada Pipelines, Ltd. 5.10% 3/15/2049		800		746

Financials 0.03%
Lloyds Banking Group PLC 3.369% 12/14/2046 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.50% on 12/14/2041)⁶		709		470

Total corporate bonds, notes & loans				4,944

Total bonds, notes & other debt instruments (cost: $10,451,000)				10,769

Short-term securities 3.94%		Shares
Money market investments 3.89%
Capital Group Central Cash Fund 5.15%^7,8		708,625		70,870

76	American Funds Insurance Series

Capital World Growth and Income Fund (continued)

Short-term securities (continued)	Shares		Value (000)
Money market investments purchased with collateral from securities on loan 0.05%
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.01%^7,9		428,400	$	429
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.05%^7,9		428,400		428
				857

Total short-term securities (cost: $71,717,000)				71,727
Total investment securities 100.13% (cost: $1,365,309,000)				1,824,438
Other assets less liabilities (0.13)%				(2,311	)

Net assets 100.00%			$	1,822,127

Investments in affiliates⁸

	Value of affiliates at 1/1/2023 (000)		Additions (000)		Reductions (000)			Net realized loss (000)			Net unrealized appreciation (000)		Value of affiliates at 6/30/2023 (000)		Dividend income (000)
Short-term securities 3.89%
Money market investments 3.89%
Capital Group Central Cash Fund 5.15%⁷	$	693	$	205,416	$	135,244		$	(5	)	$	10	$	70,870	$	1,471
Money market investments purchased with collateral from securities on loan 0.00%
Capital Group Central Cash Fund 5.15%⁷		111				111	¹⁰							—		—	¹¹
Total 3.89%								$	(5	)	$	10	$	70,870	$	1,471

¹	Security did not produce income during the last 12 months.
²	All or a portion of this security was on loan. The total value of all such securities was $6,023,000, which represented .33% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
³	Value determined using significant unobservable inputs.
⁴	Amount less than one thousand.
⁵	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,150,000, which represented .06% of the net assets of the fund.
⁶	Step bond; coupon rate may change at a later date.
⁷	Rate represents the seven-day yield at 6/30/2023.
⁸	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
⁹	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
¹⁰	Represents net activity. Refer to Note 5 for more information on securities lending.
¹¹	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

BRL = Brazilian reais

CAD = Canadian dollars

CDI = CREST Depository Interest

GBP = British pounds

MXN = Mexican pesos

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipts

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series

Growth-Income Fund
Investment portfolio June 30, 2023	unaudited

Common stocks 94.66%	Shares		Value (000)
Information technology 20.32%
Microsoft Corp.		7,657,151	$	2,607,566
Broadcom, Inc.		2,065,791		1,791,929
Apple, Inc.		1,666,424		323,236
ASML Holding NV		215,068		155,682
ASML Holding NV (New York registered) (ADR)		137,293		99,503
Taiwan Semiconductor Manufacturing Company, Ltd.		12,123,000		225,916
Accenture PLC, Class A		703,659		217,135
Adobe, Inc.¹		417,161		203,988
Applied Materials, Inc.		1,300,400		187,960
ServiceNow, Inc.¹		294,412		165,451
NVIDIA Corp.		380,677		161,034
Texas Instruments, Inc.		744,443		134,015
SK hynix, Inc.		1,326,567		116,969
GoDaddy, Inc., Class A¹		1,402,444		105,366
Salesforce, Inc.¹		460,286		97,240
Arista Networks, Inc.¹		548,871		88,950
Analog Devices, Inc.		398,402		77,613
Intel Corp.		2,300,000		76,912
Micron Technology, Inc.		1,077,000		67,970
QUALCOMM, Inc.		564,911		67,247
Snowflake, Inc., Class A¹		366,942		64,574
KLA Corp.		116,000		56,262
MKS Instruments, Inc.		481,000		51,996
Cognizant Technology Solutions Corp., Class A		682,850		44,576
Datadog, Inc., Class A¹		365,800		35,987
Lam Research Corp.		50,039		32,168
Trimble, Inc.¹		443,800		23,495
Dye & Durham, Ltd.		243,145		3,324
				7,284,064

Industrials 16.14%
General Electric Co.		7,403,660		813,292
Raytheon Technologies Corp.		6,583,828		644,952
Carrier Global Corp.		7,536,978		374,663
TransDigm Group, Inc.		379,321		339,178
Northrop Grumman Corp.		597,300		272,249
Woodward, Inc.		2,204,500		262,137
Airbus SE, non-registered shares		1,617,590		233,831
Waste Connections, Inc.		1,425,463		203,741
General Dynamics Corp.		848,975		182,657
Waste Management, Inc.		1,005,502		174,374
GFL Environmental, Inc., subordinate voting shares		4,404,748		170,904
Automatic Data Processing, Inc.		764,135		167,949
TFI International, Inc.		1,386,815		158,041
Equifax, Inc.		597,507		140,593
Lincoln Electric Holdings, Inc.		651,887		129,484
Safran SA		750,153		117,858
ITT, Inc.		1,244,379		115,989
Broadridge Financial Solutions, Inc.		675,596		111,899
United Airlines Holdings, Inc.¹		1,946,966		106,830
BWX Technologies, Inc.		1,485,298		106,303
L3Harris Technologies, Inc.		520,048		101,810
Old Dominion Freight Line, Inc.		245,487		90,769
United Rentals, Inc.		183,000		81,503
Fortive Corp.		1,085,000		81,126
CSX Corp.		2,368,992		80,783
Union Pacific Corp.		368,000		75,300
Concentrix Corp.		904,367		73,028
Delta Air Lines, Inc.		1,415,000		67,269
Honeywell International, Inc.		291,182		60,420
Boeing Company¹		270,800		57,182
Ceridian HCM Holding, Inc.¹		561,543		37,607

78	American Funds Insurance Series

Growth-Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
TELUS International (Cda), Inc., subordinate voting shares¹		2,302,991	$	34,959
Norfolk Southern Corp.		143,359		32,508
Otis Worldwide Corp.		268,100		23,864
Lockheed Martin Corp.		50,000		23,019
Fastenal Co.		379,747		22,401
Paychex, Inc.		127,131		14,222
				5,784,694

Health care 12.80%
UnitedHealth Group, Inc.		1,440,199		692,217
Abbott Laboratories		6,276,960		684,314
AbbVie, Inc.		3,434,623		462,747
GE HealthCare Technologies, Inc.		4,644,037		377,282
Novo Nordisk AS, Class B		1,693,679		273,552
Eli Lilly and Company		542,974		254,644
AstraZeneca PLC		1,209,323		173,222
AstraZeneca PLC (ADR)		721,200		51,616
Danaher Corp.		888,895		213,335
Thermo Fisher Scientific, Inc.		321,657		167,824
Bristol-Myers Squibb Company		2,284,278		146,080
Humana, Inc.		322,703		144,290
Takeda Pharmaceutical Company, Ltd.		3,045,800		95,733
Regeneron Pharmaceuticals, Inc.¹		131,081		94,187
Revvity, Inc.		769,600		91,421
Johnson & Johnson		510,333		84,470
Vertex Pharmaceuticals, Inc.¹		231,626		81,511
CVS Health Corp.		1,133,178		78,337
Zoetis, Inc., Class A		400,684		69,002
Pfizer, Inc.		1,470,000		53,920
Penumbra, Inc.¹		150,905		51,920
Elevance Health, Inc.		105,511		46,877
Gilead Sciences, Inc.		537,989		41,463
Medtronic PLC		413,597		36,438
Stryker Corp.		105,643		32,231
Edwards Lifesciences Corp.¹		317,059		29,908
Tandem Diabetes Care, Inc.¹		910,186		22,336
BioMarin Pharmaceutical, Inc.¹		155,000		13,435
Seagen, Inc.¹		47,504		9,143
NovoCure, Ltd.¹		193,600		8,034
Vir Biotechnology, Inc.¹		258,400		6,338
				4,587,827

Financials 10.82%
Mastercard, Inc., Class A		1,561,599		614,177
JPMorgan Chase & Co.		3,087,383		449,029
Marsh & McLennan Companies, Inc.		1,709,201		321,466
Visa, Inc., Class A		1,346,541		319,777
Arthur J. Gallagher & Co.		1,189,650		261,211
Chubb, Ltd.		927,008		178,505
Aon PLC, Class A		442,013		152,583
Morgan Stanley		1,673,017		142,876
BlackRock, Inc.		202,957		140,272
B3 SA - Brasil, Bolsa, Balcao		39,829,500		121,530
Fidelity National Information Services, Inc.		2,114,700		115,674
FleetCor Technologies, Inc.¹		420,507		105,581
Wells Fargo & Company		2,248,532		95,967
Global Payments, Inc.		973,628		95,922
S&P Global, Inc.		228,138		91,458
Berkshire Hathaway, Inc., Class B¹		250,000		85,250
State Street Corp.		1,077,260		78,834
Fiserv, Inc.¹		536,700		67,705
Webster Financial Corp.		1,701,139		64,218

American Funds Insurance Series

Growth-Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Power Corporation of Canada, subordinate voting shares²		2,293,100	$	61,726
Blue Owl Capital, Inc., Class A		4,749,165		55,328
KKR & Co., Inc.		970,000		54,320
MSCI, Inc.		91,248		42,822
American International Group, Inc.		704,000		40,508
TPG, Inc., Class A		1,347,552		39,429
PNC Financial Services Group, Inc.		299,471		37,718
Truist Financial Corp.		800,000		24,280
Citizens Financial Group, Inc.		728,750		19,006
CME Group, Inc., Class A		5,500		1,019
				3,878,191

Communication services 8.96%
Alphabet, Inc., Class C¹		5,999,920		725,810
Alphabet, Inc., Class A¹		5,066,514		606,462
Meta Platforms, Inc., Class A¹		2,031,905		583,116
Netflix, Inc.¹		1,202,337		529,617
Comcast Corp., Class A		10,213,138		424,356
Charter Communications, Inc., Class A¹		326,637		119,997
Electronic Arts, Inc.		843,700		109,428
Take-Two Interactive Software, Inc.¹		502,094		73,888
T-Mobile US, Inc.¹		268,821		37,339
				3,210,013

Consumer discretionary 8.49%
Amazon.com, Inc.¹		6,914,363		901,356
Royal Caribbean Cruises, Ltd.¹		2,651,730		275,090
Hilton Worldwide Holdings, Inc.		1,430,007		208,137
Starbucks Corp.		1,763,887		174,731
General Motors Company		3,674,894		141,704
Home Depot, Inc.		415,393		129,038
Chipotle Mexican Grill, Inc.¹		51,964		111,151
Restaurant Brands International, Inc.		1,405,154		108,927
Churchill Downs, Inc.		720,852		100,321
InterContinental Hotels Group PLC		1,396,700		96,451
Wyndham Hotels & Resorts, Inc.		1,322,000		90,650
Entain PLC		5,237,408		85,057
NIKE, Inc., Class B		692,740		76,458
Tesla, Inc.¹		284,057		74,358
D.R. Horton, Inc.		556,366		67,704
Burlington Stores, Inc.¹		399,428		62,866
Kering SA		101,695		56,322
CarMax, Inc.¹		650,000		54,405
Darden Restaurants, Inc.		296,000		49,456
Marriott International, Inc., Class A		258,000		47,392
Airbnb, Inc., Class A¹		350,000		44,856
Tapestry, Inc.		948,126		40,580
YUM! Brands, Inc.		196,630		27,243
NVR, Inc.¹		3,010		19,115
Aptiv PLC¹		11,457		1,170
				3,044,538

Consumer staples 5.77%
Philip Morris International, Inc.		6,618,268		646,075
British American Tobacco PLC		9,803,959		325,261
Dollar Tree Stores, Inc.¹		1,559,165		223,740
General Mills, Inc.		2,118,800		162,512
Molson Coors Beverage Company, Class B, restricted voting shares		2,332,249		153,555
Mondelez International, Inc.		1,607,973		117,285
Constellation Brands, Inc., Class A		407,978		100,416
Anheuser-Busch InBev SA/NV		1,339,531		75,866
Church & Dwight Co., Inc.		662,578		66,410


80	American Funds Insurance Series

Growth-Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer staples (continued)
Archer Daniels Midland Company		670,100	$	50,633
Dollar General Corp.		291,102		49,423
PepsiCo, Inc.		215,112		39,843
Monster Beverage Corp.¹		357,120		20,513
Kraft Heinz Company		567,200		20,136
Keurig Dr Pepper, Inc.		575,591		17,999
				2,069,667

Energy 3.73%
Chevron Corp.		2,053,300		323,087
Baker Hughes Co., Class A		7,353,936		232,458
ConocoPhillips		2,074,316		214,920
Canadian Natural Resources, Ltd. (CAD denominated)		3,393,801		190,806
TC Energy Corp.		1,909,381		77,158
TC Energy Corp. (CAD denominated)		1,849,358		74,742
EOG Resources, Inc.		620,310		70,988
Exxon Mobil Corp.		660,220		70,808
Equitrans Midstream Corp.		3,862,622		36,927
Cheniere Energy, Inc.		238,735		36,374
Diamondback Energy, Inc.		51,890		6,816
				1,335,084

Utilities 3.46%
PG&E Corp.¹		21,353,804		368,994
Edison International		2,689,330		186,774
Constellation Energy Corp.		1,414,838		129,528
Sempra Energy		690,000		100,457
Engie SA		5,237,367		87,114
CenterPoint Energy, Inc.		2,840,104		82,789
AES Corp.		3,252,943		67,434
NextEra Energy, Inc.		866,000		64,257
Entergy Corp.		645,000		62,804
CMS Energy Corp.		783,323		46,020
DTE Energy Company		401,000		44,118
				1,240,289

Materials 2.99%
Linde PLC		1,122,332		427,698
LyondellBasell Industries NV		1,735,980		159,415
Vale SA (ADR), ordinary nominative shares		5,459,475		73,266
Vale SA, ordinary nominative shares		3,404,848		45,666
Celanese Corp.		782,815		90,650
Corteva, Inc.		1,505,942		86,290
ATI, Inc.¹		1,626,963		71,961
Freeport-McMoRan, Inc.		1,437,967		57,519
Barrick Gold Corp.		2,373,000		40,175
Sherwin-Williams Company		73,315		19,467
				1,072,107

Real estate 1.18%
Equinix, Inc. REIT		278,701		218,485
VICI Properties, Inc. REIT		5,171,525		162,541
Crown Castle, Inc. REIT		380,433		43,346
				424,372

Total common stocks (cost: $19,905,770,000)				33,930,846

Convertible stocks 0.17%
Financials 0.09%
KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 9/15/2023		527,700		34,881

American Funds Insurance Series

Growth-Income Fund (continued)

Convertible stocks (continued)	Shares		Value (000)
Utilities 0.08%
NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/2025²		617,200	$	27,953

Total convertible stocks (cost: $74,384,000)				62,834

Bonds, notes & other debt instruments 0.02%	Principal amount (000)
Corporate bonds, notes & loans 0.02%
Industrials 0.02%
Boeing Co. 4.875% 5/1/2025	USD	4,706		4,641

Consumer discretionary 0.00%
General Motors Financial Co., Inc. 4.30% 7/13/2025		160		155
General Motors Financial Co., Inc. 5.25% 3/1/2026		827		815
				970
Total corporate bonds, notes & loans				5,611

Total bonds, notes & other debt instruments (cost: $5,618,000)				5,611

Short-term securities 5.47%		Shares
Money market investments 5.31%
Capital Group Central Cash Fund 5.15%^3,4		19,017,596		1,901,950

Money market investments purchased with collateral from securities on loan 0.16%
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.05%^3,5		29,173,894		29,174
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.01%^3,5		28,974,017		28,974
Capital Group Central Cash Fund 5.15%^3,4,5		208		21
				58,169

Total short-term securities (cost: $1,959,423,000)				1,960,119
Total investment securities 100.32% (cost: $21,945,195,000)				35,959,410
Other assets less liabilities (0.32)%				(115,570	)

Net assets 100.00%			$	35,843,840


Investments in affiliates⁴

	Value of affiliates at 1/1/2023 (000)		Additions (000)		Reductions (000)			Net realized gain (000)		Net unrealized appreciation (000)		Value of affiliates at 6/30/2023 (000)		Dividend income (000)
Short-term securities 5.31%
Money market investments 5.31%
Capital Group Central Cash Fund 5.15%³	$	2,565,190	$	1,994,435	$	2,658,100		$	56	$	369	$	1,901,950	$	56,076
Money market investments purchased with collateral from securities on loan 0.00%
Capital Group Central Cash Fund 5.15%^3,5		40,231				40,210	⁶						21		—	⁷
Total 5.31%								$	56	$	369	$	1,901,971	$	56,076


82	American Funds Insurance Series

Growth-Income Fund (continued)

¹	Security did not produce income during the last 12 months.
²	All or a portion of this security was on loan. The total value of all such securities was $61,497,000, which represented .17% 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 6/30/2023.
⁴	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
⁵	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
⁶	Represents net activity. Refer to Note 5 for more information on securities lending.
⁷	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations
ADR = American Depositary Receipts
CAD = Canadian dollars
REIT = Real Estate Investment Trust
USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series

International Growth and Income Fund
Investment portfolio June 30, 2023	unaudited

Common stocks 93.80%	Shares		Value (000)
Financials 16.65%
Ping An Insurance (Group) Company of China, Ltd., Class H		709,000	$	4,543
AXA SA		136,862		4,043
AIA Group, Ltd.		379,400		3,871
Edenred SA		49,245		3,298
HDFC Bank, Ltd.		124,454		2,586
Zurich Insurance Group AG		5,353		2,543
DNB Bank ASA		122,116		2,283
UniCredit SpA		91,384		2,131
Société Générale		72,702		1,893
Resona Holdings, Inc.		387,000		1,854
Tokio Marine Holdings, Inc.		72,100		1,665
Euronext NV		19,426		1,321
Hana Financial Group, Inc.		40,282		1,206
Banco Santander, SA		296,060		1,099
London Stock Exchange Group PLC		9,959		1,055
KB Financial Group, Inc.		27,632		1,002
Aon PLC, Class A		2,758		952
Bank Hapoalim B.M.		112,043		919
Banco Bilbao Vizcaya Argentaria, SA		113,087		872
Erste Group Bank AG		23,853		838
Hang Seng Bank, Ltd.		55,600		792
Prudential PLC		54,761		772
Toronto-Dominion Bank (CAD denominated)		12,366		766
Grupo Financiero Banorte, SAB de CV, Series O		86,376		713
Industrial and Commercial Bank of China, Ltd., Class H		1,240,040		662
HDFC Life Insurance Co., Ltd.		79,609		632
DBS Group Holdings, Ltd.		24,695		577
China Merchants Bank Co., Ltd., Class H		125,500		571
Bank Leumi Le Israel BM		75,305		564
Tryg A/S		24,722		535
Discovery, Ltd.¹		63,658		492
Kotak Mahindra Bank, Ltd.		20,930		471
CaixaBank, SA, non-registered shares		110,211		457
XP, Inc., Class A¹		18,639		437
Israel Discount Bank, Ltd., Class A		87,188		433
Bank Mandiri (Persero) Tbk PT		1,210,116		424
ICICI Bank, Ltd. (ADR)		17,096		395
Dai-ichi Life Holdings, Inc.		20,400		391
United Overseas Bank, Ltd.		16,600		344
Skandinaviska Enskilda Banken AB, Class A		30,983		343
ICICI Securities, Ltd.		45,682		339
Brookfield Corp., Class A (CAD denominated)		9,671		326
Postal Savings Bank of China Co., Ltd., Class H		437,000		270
3i Group PLC		10,807		268
ING Groep NV		19,804		267
B3 SA - Brasil, Bolsa, Balcao		79,142		241
Canara Bank		62,228		230
Hong Kong Exchanges and Clearing, Ltd.		5,900		224
Banca Generali SpA		5,999		207
Intesa Sanpaolo SpA		77,253		203
ABN AMRO Bank NV		11,559		180
AU Small Finance Bank, Ltd.		12,289		113
Moscow Exchange MICEX-RTS PJSC²		346,177		—	³
Sberbank of Russia PJSC²		476,388		—	³
				53,613

Industrials 13.33%
Airbus SE, non-registered shares		49,518		7,158
BAE Systems PLC		392,905		4,636
CCR SA, ordinary nominative shares		804,508		2,361
ABB, Ltd.		54,020		2,126
Alliance Global Group, Inc.		7,601,700		1,848


84	American Funds Insurance Series

International Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
SMC Corp.		3,000	$	1,668
Daikin Industries, Ltd.		7,900		1,613
RELX PLC		43,468		1,449
Ryanair Holdings PLC (ADR)¹		12,942		1,431
Bunzl PLC		33,727		1,284
InPost SA¹		113,181		1,228
Safran SA		6,996		1,099
Rheinmetall AG		3,570		980
Brenntag SE		12,182		949
Mitsui & Co., Ltd.		24,100		907
LIXIL Corp.		60,000		762
Nidec Corp.		12,900		709
Epiroc AB, Class A		19,168		363
Epiroc AB, Class B		18,749		303
Experian PLC		16,847		647
Techtronic Industries Co., Ltd.		59,000		646
TFI International, Inc. (CAD denominated)		4,727		539
Caterpillar, Inc.		2,180		536
BELIMO Holding AG		1,072		535
Canadian Pacific Kansas City, Ltd. (CAD denominated)		6,588		532
DSV A/S		2,346		494
Interpump Group SpA		8,775		488
Wizz Air Holdings PLC¹		13,369		465
DHL Group		9,199		449
Canadian National Railway Company (CAD denominated)		3,461		419
SITC International Holdings Co., Ltd.		227,659		418
Siemens AG		2,467		411
AGC, Inc.⁴		10,000		360
Adecco Group AG		10,191		333
Diploma PLC		8,627		328
ITOCHU Corp.		8,000		318
Fluidra, SA, non-registered shares		15,091		294
IMCD NV		1,944		280
ASSA ABLOY AB, Class B		10,930		262
Hitachi, Ltd.		3,900		241
Rentokil Initial PLC		28,943		226
Komatsu, Ltd.		7,400		200
Shenzhen Inovance Technology Co., Ltd., Class A		22,300		197
Melrose Industries PLC		28,547		184
VAT Group AG		324		134
Polycab India, Ltd.		2,077		90
Thales SA		121		18
				42,918

Consumer discretionary 11.30%
LVMH Moët Hennessy-Louis Vuitton SE		5,443		5,137
Renault SA		72,530		3,060
Evolution AB		20,484		2,596
InterContinental Hotels Group PLC		27,923		1,928
Restaurant Brands International, Inc. (CAD denominated)⁴		24,397		1,892
Industria de Diseño Textil, SA		46,557		1,809
Midea Group Co., Ltd., Class A		189,700		1,544
adidas AG		7,496		1,454
B&M European Value Retail SA		194,270		1,377
Prosus NV, Class N		18,590		1,360
Sands China, Ltd.¹		390,772		1,337
MGM China Holdings, Ltd.^1,4		1,132,400		1,327
Sodexo SA		11,248		1,239
Galaxy Entertainment Group, Ltd.¹		178,000		1,136
Stellantis NV		64,100		1,128
Wynn Macau, Ltd.¹		1,149,200		1,047
Valeo SA, non-registered shares		38,408		824

American Funds Insurance Series

International Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Paltac Corp.		21,100	$	702
Li Ning Co., Ltd.		117,500		635
Cie. Financière Richemont SA, Class A		3,572		606
Alibaba Group Holding, Ltd.¹		52,100		542
Trip.com Group, Ltd.¹		9,700		339
Trip.com Group, Ltd. (ADR)¹		5,672		199
Entain PLC		32,062		521
Coupang, Inc., Class A¹		28,125		489
D’Ieteren Group		2,544		450
Amadeus IT Group SA, Class A, non-registered shares		4,610		352
Games Workshop Group PLC		2,533		352
Kering SA		554		307
IDP Education, Ltd.		10,558		156
Pan Pacific International Holdings Corp.		8,200		147
Nitori Holdings Co., Ltd.		1,300		145
MercadoLibre, Inc.¹		88		104
Dixon Technologies (India), Ltd.¹		1,572		84
Balkrishna Industries, Ltd.		2,474		71
				36,396

Information technology 10.93%
Taiwan Semiconductor Manufacturing Company, Ltd.		417,000		7,771
ASML Holding NV		10,492		7,594
Tokyo Electron, Ltd.		23,900		3,423
Samsung Electronics Co., Ltd.		43,937		2,422
MediaTek, Inc.		103,000		2,286
Broadcom, Inc.		2,607		2,261
SAP SE		14,130		1,929
Keyence Corp.		2,600		1,230
TDK Corp.		29,700		1,150
Capgemini SE		6,068		1,149
ASM International NV		1,957		832
Nokia Corp.		179,319		752
Kingdee International Software Group Co., Ltd.¹		432,000		580
Sage Group PLC		48,580		571
Halma PLC		11,436		331
Vanguard International Semiconductor Corp.		81,000		230
eMemory Technology, Inc.		3,000		215
NICE, Ltd. (ADR)¹		890		184
Nomura Research Institute, Ltd.		5,300		146
Fujitsu, Ltd.		1,000		129
				35,185

Health care 9.62%
AstraZeneca PLC		71,421		10,231
Novo Nordisk AS, Class B		45,528		7,353
Sanofi		43,549		4,669
EssilorLuxottica SA		9,703		1,836
Bayer AG		26,813		1,482
Grifols, SA, Class B (ADR)¹		86,250		790
Lonza Group AG		1,067		637
HOYA Corp.		4,800		573
Genus PLC		20,620		568
Siemens Healthineers AG		9,920		561
WuXi Biologics (Cayman), Inc.¹		112,000		540
Roche Holding AG, nonvoting non-registered shares		1,227		375
Eisai Co., Ltd.		5,100		344
Argenx SE (ADR)¹		777		303
Hypera SA, ordinary nominative shares		27,159		261
BeiGene, Ltd. (ADR)¹		1,113		198


86	American Funds Insurance Series

International Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Innovent Biologics, Inc.¹		46,000	$	175
CanSino Biologics, Inc., Class H⁴		21,400		72
EUROAPI¹		1,412		16
				30,984

Consumer staples 9.57%
Philip Morris International, Inc.		72,448		7,072
British American Tobacco PLC		145,829		4,838
Carlsberg A/S, Class B		15,731		2,515
Nestlé SA		20,772		2,499
Kweichow Moutai Co., Ltd., Class A		10,390		2,423
Pernod Ricard SA		8,902		1,967
Anheuser-Busch InBev SA/NV		25,928		1,469
KT&G Corp.		19,729		1,242
Arca Continental, SAB de CV		95,987		987
Carrefour SA, non-registered shares		46,158		875
Japan Tobacco, Inc.⁴		34,500		756
Asahi Group Holdings, Ltd.		18,300		709
Ocado Group PLC¹		97,053		701
L’Oréal SA, non-registered shares		1,405		656
Foshan Haitian Flavouring and Food Co., Ltd., Class A		89,824		579
Imperial Brands PLC		26,127		578
Kimberly-Clark de México, SAB de CV, Class A, ordinary participation certificates		160,671		357
Reckitt Benckiser Group PLC		4,464		335
Danone SA		3,976		244
				30,802

Energy 6.60%
TotalEnergies SE		99,075		5,678
BP PLC		640,457		3,752
TechnipFMC PLC¹		138,787		2,307
Schlumberger NV		33,086		1,625
Cameco Corp. (CAD denominated)		50,859		1,593
Canadian Natural Resources, Ltd. (CAD denominated)		24,662		1,387
TC Energy Corp. (CAD denominated)		28,137		1,137
Woodside Energy Group, Ltd.		30,934		716
Reliance Industries, Ltd.		18,277		570
Aker BP ASA		22,064		517
Saudi Arabian Oil Co.		55,149		475
Gaztransport & Technigaz SA		4,511		459
Tourmaline Oil Corp.		7,638		360
INPEX Corp.⁴		30,400		339
Equinor ASA		11,120		323
Sovcomflot PAO²		356,717		—	³
Gazprom PJSC²		671,150		—	³
LUKOIL Oil Co. PJSC²		9,706		—	³
				21,238

Communication services 5.81%
Publicis Groupe SA		40,679		3,173
Koninklijke KPN NV		772,856		2,759
Tencent Holdings, Ltd.		46,700		1,988
Nippon Telegraph and Telephone Corp.		1,645,000		1,949
Telefónica, SA, non-registered shares		387,455		1,572
BT Group PLC		791,363		1,231
SoftBank Corp.		91,600		980
América Móvil, SAB de CV, Class B (ADR)		33,508		725
Vodafone Group PLC		766,708		723
MTN Group, Ltd.		88,340		650
Deutsche Telekom AG		28,053		612
Singapore Telecommunications, Ltd.		312,200		578
KANZHUN, Ltd., Class A (ADR)¹		32,449		488


American Funds Insurance Series	87

International Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Communication services (continued)
Indus Towers, Ltd.¹		219,926	$	441
Sea, Ltd., Class A (ADR)¹		4,726		274
NetEase, Inc.		14,000		272
Universal Music Group NV		8,573		191
KT Corp.		3,535		80
Viaplay Group AB, Class B¹		6,878		40
				18,726

Materials 5.49%
Vale SA, ordinary nominative shares		166,547		2,234
Vale SA (ADR), ordinary nominative shares		59,920		804
Barrick Gold Corp.		118,707		2,010
Barrick Gold Corp. (CAD denominated)		13,543		229
Linde PLC		5,564		2,120
Glencore PLC		289,339		1,641
Rio Tinto PLC		15,796		1,004
Air Liquide SA, non-registered shares		4,736		849
Nutrien, Ltd. (CAD denominated)		13,817		816
Sociedad Química y Minera de Chile SA, Class B (ADR)		10,473		761
CEMEX, SAB de CV (ADR), ordinary participation certificates, units¹		93,913		665
Asahi Kasei Corp.		96,500		655
Fortescue Metals Group, Ltd.		40,894		609
Holcim, Ltd.		8,429		567
Shin-Etsu Chemical Co., Ltd.		15,500		515
Sika AG		1,725		493
UPM-Kymmene OYJ		14,948		445
Fresnillo PLC		56,173		435
Grupo México, SAB de CV, Series B		86,163		415
DSM-Firmenich AG		2,262		243
Givaudan SA		52		173
Alrosa PJSC²		53,607		—	³
				17,683

Utilities 2.72%
Engie SA		170,504		2,836
ENN Energy Holdings, Ltd.		124,500		1,556
Brookfield Infrastructure Partners, LP		35,195		1,286
Enel SpA		121,999		822
National Grid PLC		51,693		683
Iberdrola, SA, non-registered shares		50,006		653
Veolia Environnement		17,522		554
China Resources Gas Group, Ltd.		103,400		355
				8,745

Real estate 1.78%
CK Asset Holdings, Ltd.		349,000		1,937
Prologis Property Mexico, SA de CV, REIT		269,369		1,001
Longfor Group Holdings, Ltd.		339,500		831
Mitsubishi Estate Co., Ltd.		65,100		777
Link REIT		125,768		700
KE Holdings, Inc., Class A (ADR)¹		31,820		473
				5,719

Total common stocks (cost: $270,796,000)				302,009

Preferred securities 0.44%
Materials 0.36%
Gerdau SA, preferred nominative shares		221,414		1,159


88	American Funds Insurance Series

International Growth and Income Fund (continued)

Preferred securities (continued)	Shares		Value (000)
Information technology 0.08%
Samsung Electronics Co., Ltd., nonvoting preferred shares		5,728	$	260

Total preferred securities (cost: $1,473,000)				1,419

Rights & warrants 0.03%
Consumer discretionary 0.03%
Midea Group Co., Ltd., Class A, warrants, expire 2/26/2024^1,5		12,424		101

Total rights & warrants (cost: $93,000)				101

Bonds, notes & other debt instruments 0.33%	Principal amount (000)
Bonds & notes of governments & government agencies outside the U.S. 0.33%
Brazil (Federative Republic of) 10.00% 1/1/2033	BRL	5,300		1,067

Total bonds, notes & other debt instruments (cost: $923,000)				1,067

Short-term securities 4.86%		Shares
Money market investments 4.38%
Capital Group Central Cash Fund 5.15%^6,7		140,872		14,089

Money market investments purchased with collateral from securities on loan 0.48%
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.01%^6,8		774,570		775
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.05%^6,8		774,802		775
				1,550
Total short-term securities (cost: $15,633,000)				15,639
Total investment securities 99.46% (cost: $288,918,000)				320,235
Other assets less liabilities 0.54%				1,752

Net assets 100.00%			$	321,987

Investments in affiliates⁷

	Value of affiliate at 1/1/2023 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized appreciation (000)		Value of affiliate at 6/30/2023 (000)		Dividend income (000)
Short-term securities 4.38%
Money market investments 4.38%
Capital Group Central Cash Fund 5.15%⁶	$	5,492	$	35,329	$	26,735	$	1	$	2	$	14,089	$	282


American Funds Insurance Series	89

International Growth and Income Fund (continued)

¹	Security did not produce income during the last 12 months.
²	Value determined using significant unobservable inputs.
³	Amount less than one thousand.
⁴	All or a portion of this security was on loan. The total value of all such securities was $2,761,000, which represented .86% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
⁵	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $101,000, which represented .03% of the net assets of the fund.
⁶	Rate represents the seven-day yield at 6/30/2023.
⁷	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
⁸	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

Key to abbreviations
ADR = American Depositary Receipts
BRL = Brazilian reais
CAD = Canadian dollars
REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

90	American Funds Insurance Series

Capital Income Builder
Investment portfolio June 30, 2023	unaudited

Common stocks 75.05%	Shares		Value (000)
Financials 12.46%
Zurich Insurance Group AG		36,882	$	17,523
CME Group, Inc., Class A		61,555		11,405
JPMorgan Chase & Co.		70,175		10,206
Morgan Stanley		102,538		8,757
DBS Group Holdings, Ltd.		322,206		7,534
Power Corporation of Canada, subordinate voting shares¹		201,698		5,429
DNB Bank ASA		285,670		5,341
BlackRock, Inc.		7,080		4,893
B3 SA - Brasil, Bolsa, Balcao		1,404,549		4,286
Münchener Rückversicherungs-Gesellschaft AG		10,154		3,808
AIA Group, Ltd.		367,400		3,749
ING Groep NV		249,623		3,371
Blackstone, Inc.		33,876		3,149
KBC Groep NV		42,469		2,970
Principal Financial Group, Inc.		39,022		2,959
China Pacific Insurance (Group) Co., Ltd., Class H		1,062,950		2,753
American International Group, Inc.		46,102		2,653
United Overseas Bank, Ltd.		114,400		2,371
National Bank of Canada		31,087		2,316
Wells Fargo & Company		52,572		2,244
Kaspi.kz JSC²		21,756		1,732
Kaspi.kz JSC (GDR)		5,504		438
Webster Financial Corp.		57,320		2,164
Toronto-Dominion Bank (CAD denominated)		33,526		2,078
Great-West Lifeco, Inc.		70,712		2,053
Tryg A/S		93,596		2,026
China Merchants Bank Co., Ltd., Class A		300,400		1,361
China Merchants Bank Co., Ltd., Class H		94,500		429
Hana Financial Group, Inc.		58,605		1,754
Capital One Financial Corp.		15,007		1,641
Ping An Insurance (Group) Company of China, Ltd., Class H		249,500		1,599
Swedbank AB, Class A		92,163		1,556
East West Bancorp, Inc.		26,392		1,393
State Street Corp.		16,884		1,236
360 ONE WAM, Ltd.		220,416		1,221
EFG International AG		119,467		1,214
BNP Paribas SA		19,047		1,203
Franklin Resources, Inc.		44,949		1,201
Western Union Company		88,324		1,036
Truist Financial Corp.		34,064		1,034
PNC Financial Services Group, Inc.		8,189		1,031
Citizens Financial Group, Inc.		39,063		1,019
TPG, Inc., Class A		31,841		932
Bank Central Asia Tbk PT		1,488,500		918
Patria Investments, Ltd., Class A		63,717		911
OneMain Holdings, Inc.		18,599		813
Banco Santander, SA		217,744		808
Citigroup, Inc.		17,383		800
Euronext NV		11,764		800
Société Générale		29,067		757
Vontobel Holding AG		11,821		751
Skandinaviska Enskilda Banken AB, Class A		63,216		699
Fidelity National Information Services, Inc.		10,115		553
Fukuoka Financial Group, Inc.		26,500		547
Bank of Montreal		4,075		368
UniCredit SpA		12,643		295
Travelers Companies, Inc.		1,600		278
Moscow Exchange MICEX-RTS PJSC³		875,002		—	⁴
Sberbank of Russia PJSC³		204,176		—	⁴
				148,366


American Funds Insurance Series	91

Capital Income Builder (continued)

Common stocks (continued)	Shares		Value (000)
Health care 9.66%
AbbVie, Inc.		164,878	$	22,214
Abbott Laboratories		134,527		14,666
Gilead Sciences, Inc.		156,388		12,053
Amgen, Inc.		48,290		10,721
Sanofi		87,478		9,378
Medtronic PLC		102,282		9,011
AstraZeneca PLC		55,623		7,967
Bristol-Myers Squibb Company		119,512		7,643
Takeda Pharmaceutical Company, Ltd.		163,825		5,149
Roche Holding AG, nonvoting non-registered shares		10,518		3,214
Novartis AG		29,445		2,972
UnitedHealth Group, Inc.		6,021		2,894
Johnson & Johnson		14,328		2,372
GSK PLC		101,005		1,784
Merck & Co., Inc.		8,309		959
Pfizer, Inc.		19,387		711
EBOS Group, Ltd.		31,061		703
Bayer AG		12,628		698
				115,109

Consumer staples 9.60%
Philip Morris International, Inc.		269,741		26,332
British American Tobacco PLC		416,259		13,810
British American Tobacco PLC (ADR)		61,542		2,043
Nestlé SA		65,960		7,937
Altria Group, Inc.		170,048		7,703
General Mills, Inc.		89,727		6,882
PepsiCo, Inc.		32,513		6,022
Imperial Brands PLC		248,968		5,506
ITC, Ltd.		969,000		5,341
Danone SA		52,836		3,238
Carlsberg A/S, Class B		19,656		3,143
Unilever PLC		52,239		2,724
Diageo PLC		62,535		2,683
Seven & i Holdings Co., Ltd.		60,700		2,625
Kimberly-Clark Corp.		17,055		2,355
Anheuser-Busch InBev SA/NV		38,833		2,199
Kenvue, Inc.⁵		61,041		1,613
Wilmar International, Ltd.		564,000		1,588
Mondelez International, Inc.		17,875		1,304
Pernod Ricard SA		5,365		1,185
Kraft Heinz Company		33,332		1,183
Procter & Gamble Company		7,261		1,102
Essity Aktiebolag, Class B		39,037		1,039
Vector Group, Ltd.		69,487		890
Kao Corp.¹		20,600		746
Target Corp.		5,570		735
Reckitt Benckiser Group PLC		7,982		599
Viscofan, SA, non-registered shares		7,558		522
Asahi Group Holdings, Ltd.¹		11,800		457
Scandinavian Tobacco Group A/S		21,667		361
Coca-Cola HBC AG (CDI)		8,272		246
Kimberly-Clark de México, SAB de CV, Class A, ordinary participation certificates		99,537		221
				114,334

Industrials 8.19%
Raytheon Technologies Corp.		215,838		21,143
BAE Systems PLC		538,573		6,355
Siemens AG		35,691		5,941
Honeywell International, Inc.		23,926		4,965
Lockheed Martin Corp.		10,428		4,801
DHL Group		87,449		4,270

92	American Funds Insurance Series

Capital Income Builder (continued)

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
RELX PLC		121,397	$	4,047
Paychex, Inc.		30,673		3,431
Union Pacific Corp.		15,264		3,123
Marubeni Corp.		178,800		3,055
Kone OYJ, Class B		56,581		2,956
United Parcel Service, Inc., Class B		16,388		2,937
Singapore Technologies Engineering, Ltd.		968,200		2,641
L3Harris Technologies, Inc.		12,595		2,466
ITOCHU Corp.		58,800		2,338
Trinity Industries, Inc.		90,425		2,325
VINCI SA		17,993		2,091
Broadridge Financial Solutions, Inc.		11,724		1,942
Illinois Tool Works, Inc.		7,540		1,886
BOC Aviation, Ltd.		199,400		1,615
AB Volvo, Class B		75,480		1,566
SGS SA		15,425		1,457
Automatic Data Processing, Inc.		6,541		1,438
Compañia de Distribución Integral Logista Holdings, SA, non-registered shares		47,408		1,278
Grupo Aeroportuario del Pacífico, SAB de CV, Class B		68,673		1,233
Trelleborg AB, Class B		49,881		1,211
Canadian National Railway Company (CAD denominated)		9,101		1,102
Carrier Global Corp.		17,129		851
Bureau Veritas SA		29,068		797
Waste Management, Inc.		3,955		686
General Dynamics Corp.		2,786		599
Airbus SE, non-registered shares		3,671		531
Sulzer AG		4,052		349
LIXIL Corp.		10,000		127
				97,553

Information technology 7.73%
Broadcom, Inc.		45,416		39,396
Microsoft Corp.		64,408		21,933
Taiwan Semiconductor Manufacturing Company, Ltd.		549,800		10,246
Texas Instruments, Inc.		41,595		7,488
KLA Corp.		5,048		2,448
Tokyo Electron, Ltd.		11,100		1,590
NetApp, Inc.		17,470		1,335
Analog Devices, Inc.		6,364		1,240
GlobalWafers Co., Ltd.		76,938		1,235
SAP SE		8,709		1,189
Vanguard International Semiconductor Corp.		398,700		1,132
Samsung Electronics Co., Ltd.		16,417		905
Intel Corp.		18,847		630
SINBON Electronics Co., Ltd.		37,446		446
BE Semiconductor Industries NV		3,224		349
Tripod Technology Corp.		67,000		266
QUALCOMM, Inc.		1,645		196
				92,024

Utilities 6.20%
National Grid PLC		662,548		8,755
Engie SA		378,476		6,295
Engie SA, bonus shares		36,900		614
E.ON SE		501,396		6,391
Power Grid Corporation of India, Ltd.		2,052,725		6,386
The Southern Co.		77,968		5,477
DTE Energy Company		48,749		5,363
Iberdrola, SA, non-registered shares		301,212		3,934
Edison International		55,028		3,822
Sempra Energy		26,255		3,822
Duke Energy Corp.		38,994		3,499


American Funds Insurance Series	93

Capital Income Builder (continued)

Common stocks (continued)	Shares		Value (000)
Utilities (continued)
Dominion Energy, Inc.		53,949	$	2,794
AES Corp.		119,553		2,478
CenterPoint Energy, Inc.		77,961		2,273
SSE PLC		77,332		1,812
Entergy Corp.		18,533		1,804
Public Service Enterprise Group, Inc.		25,936		1,624
Pinnacle West Capital Corp.		15,295		1,246
ENN Energy Holdings, Ltd.		96,100		1,201
Exelon Corp.		28,319		1,154
SembCorp Industries, Ltd.		239,800		1,021
Evergy, Inc.		15,369		898
Power Assets Holdings, Ltd.		106,500		559
NextEra Energy, Inc.		6,009		446
CMS Energy Corp.		3,992		234
				73,902

Real estate 5.81%
VICI Properties, Inc. REIT		523,772		16,462
Crown Castle, Inc. REIT		100,515		11,453
Equinix, Inc. REIT		10,387		8,143
Public Storage REIT		15,169		4,428
Extra Space Storage, Inc. REIT		23,243		3,460
Federal Realty Investment Trust REIT		29,425		2,847
Gaming and Leisure Properties, Inc. REIT		54,176		2,625
Link REIT		467,128		2,601
American Tower Corp. REIT		13,195		2,559
Boston Properties, Inc. REIT		34,917		2,011
CK Asset Holdings, Ltd.		330,500		1,834
Welltower, Inc. REIT		20,296		1,642
Sun Hung Kai Properties, Ltd.		113,755		1,435
Charter Hall Group REIT		153,228		1,097
POWERGRID Infrastructure Investment Trust REIT		681,110		955
CTP NV		69,427		901
Digital Realty Trust, Inc. REIT		6,950		791
Longfor Group Holdings, Ltd.		298,000		730
Mindspace Business Parks REIT		186,589		702
Kimco Realty Corp. REIT		31,679		625
Prologis, Inc. REIT		4,763		584
Americold Realty Trust, Inc. REIT		17,402		562
Embassy Office Parks REIT		115,328		409
CubeSmart REIT		8,847		395
				69,251

Energy 5.80%
Canadian Natural Resources, Ltd. (CAD denominated)		220,983		12,424
Exxon Mobil Corp.		83,569		8,963
TC Energy Corp. (CAD denominated)		189,219		7,647
TC Energy Corp.		16,085		650
TotalEnergies SE		107,364		6,153
Chevron Corp.		37,408		5,886
BP PLC		828,721		4,855
EOG Resources, Inc.		41,596		4,760
Shell PLC (GBP denominated)		121,163		3,608
Shell PLC (ADR)		8,467		511
Woodside Energy Group, Ltd.		123,536		2,861
Woodside Energy Group, Ltd. (CDI)		25,206		582
Equitrans Midstream Corp.		220,130		2,104
Schlumberger NV		37,613		1,848
ConocoPhillips		16,317		1,691
Enbridge, Inc. (CAD denominated)		41,796		1,554
Pioneer Natural Resources Company		4,023		833
Baker Hughes Co., Class A		25,932		820


94	American Funds Insurance Series

Capital Income Builder (continued)

Common stocks (continued)	Shares		Value (000)
Energy (continued)
DT Midstream, Inc.		13,716	$	680
Neste OYJ		15,434		595
Gazprom PJSC³		880,428		—	⁴
				69,025

Consumer discretionary 3.65%
Home Depot, Inc.		20,368		6,327
Industria de Diseño Textil, SA		119,156		4,629
Starbucks Corp.		44,556		4,414
Midea Group Co., Ltd., Class A		531,675		4,327
Kering SA		7,159		3,965
Restaurant Brands International, Inc.		48,923		3,793
LVMH Moët Hennessy-Louis Vuitton SE		3,751		3,540
YUM! Brands, Inc.		25,305		3,506
McDonald’s Corp.		11,591		3,459
Galaxy Entertainment Group, Ltd.⁵		202,000		1,289
Darden Restaurants, Inc.		7,342		1,227
NEXT PLC		12,327		1,083
Tractor Supply Co.		2,597		574
OPAP SA		22,896		399
Inchcape PLC		31,417		310
Pearson PLC		26,653		281
Kindred Group PLC (SDR)		24,452		261
VF Corp.		4,833		92
				43,476

Communication services 3.15%
Comcast Corp., Class A		236,587		9,830
Nippon Telegraph and Telephone Corp.		3,885,000		4,603
Koninklijke KPN NV		1,059,102		3,781
Singapore Telecommunications, Ltd.		1,895,500		3,512
Verizon Communications, Inc.		91,806		3,414
SoftBank Corp.		305,400		3,267
BCE, Inc.		53,284		2,429
América Móvil, SAB de CV, Class B (ADR)		90,869		1,967
HKT Trust and HKT, Ltd., units		1,154,240		1,344
Omnicom Group, Inc.		10,871		1,034
WPP PLC		91,116		953
Warner Music Group Corp., Class A		34,824		909
Indus Towers, Ltd.⁵		230,158		462
				37,505

Materials 2.80%
Vale SA (ADR), ordinary nominative shares		343,898		4,615
Vale SA, ordinary nominative shares		225,122		3,019
Rio Tinto PLC		84,330		5,357
Air Products and Chemicals, Inc.		13,544		4,057
Linde PLC		9,160		3,491
BHP Group, Ltd. (CDI)		63,035		1,872
UPM-Kymmene OYJ		56,040		1,670
Evonik Industries AG¹		71,217		1,354
LyondellBasell Industries NV		14,470		1,329
International Flavors & Fragrances, Inc.		16,439		1,308
Sociedad Química y Minera de Chile SA, Class B (ADR)		12,929		939
BASF SE		16,210		787
Asahi Kasei Corp.		102,400		695
Celanese Corp.		5,292		613
Smurfit Kappa Group PLC		17,699		591
Gerdau SA (ADR)		105,698		552


American Funds Insurance Series	95

Capital Income Builder (continued)

Common stocks (continued)	Shares		Value (000)
Materials (continued)
WestRock Co.		16,223	$	472
Fortescue Metals Group, Ltd.		28,457		424
Nexa Resources SA¹		51,286		249
				33,394

Total common stocks (cost: $740,664,000)				893,939

Preferred securities 0.04%
Financials 0.04%
Banco Bradesco SA, preferred nominative shares		138,496		476

Total preferred securities (cost: $385,000)				476

Rights & warrants 0.00%
Consumer discretionary 0.00%
Compagnie Financière Richemont SA, Class A, warrants, expire 11/22/2023⁵		7,130		10

Total rights & warrants (cost: $0)				10

Convertible stocks 0.24%
Utilities 0.24%
NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/2025		35,900		1,626
AES Corp., convertible preferred units, 6.875% 2/15/2024		8,659		707
American Electric Power Company, Inc., convertible preferred units, 6.125% 8/15/2023		9,704		482

Total convertible stocks (cost: $3,074,000)				2,815

Investment funds 3.08%
Capital Group Central Corporate Bond Fund⁶		4,434,560		36,718

Total investment funds (cost: $41,985,000)				36,718


Bonds, notes & other debt instruments 17.31%	Principal amount (000)
Mortgage-backed obligations 7.22%
Federal agency mortgage-backed obligations 6.37%
Fannie Mae Pool #695412 5.00% 6/1/2033⁷	USD	—	⁴	—	⁴
Fannie Mae Pool #AD3566 5.00% 10/1/2035⁷		1		1
Fannie Mae Pool #931768 5.00% 8/1/2039⁷		1		1
Fannie Mae Pool #AC0794 5.00% 10/1/2039⁷		5		5
Fannie Mae Pool #932606 5.00% 2/1/2040⁷		2		2
Fannie Mae Pool #AE0311 3.50% 8/1/2040⁷		8		8
Fannie Mae Pool #AE1248 5.00% 6/1/2041⁷		8		8
Fannie Mae Pool #AJ1873 4.00% 10/1/2041⁷		6		6
Fannie Mae Pool #AE1274 5.00% 10/1/2041⁷		6		6
Fannie Mae Pool #AE1277 5.00% 11/1/2041⁷		4		4
Fannie Mae Pool #AE1283 5.00% 12/1/2041⁷		2		2
Fannie Mae Pool #AE1290 5.00% 2/1/2042⁷		4		4
Fannie Mae Pool #AT0300 3.50% 3/1/2043⁷		1		1
Fannie Mae Pool #AT3954 3.50% 4/1/2043⁷		2		2
Fannie Mae Pool #AY1829 3.50% 12/1/2044⁷		2		2
Fannie Mae Pool #FM9416 3.50% 7/1/2045⁷		143		133
Fannie Mae Pool #BH3122 4.00% 6/1/2047⁷		1		1
Fannie Mae Pool #BJ5015 4.00% 12/1/2047⁷		35		34
Fannie Mae Pool #BK5232 4.00% 5/1/2048⁷		19		18
Fannie Mae Pool #BK6840 4.00% 6/1/2048⁷		25		24
Fannie Mae Pool #BK9743 4.00% 8/1/2048⁷		8		7


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)
Fannie Mae Pool #BK9761 4.50% 8/1/2048⁷	USD	5	$	5
Fannie Mae Pool #FM3280 3.50% 5/1/2049⁷		36		34
Fannie Mae Pool #CA5540 3.00% 4/1/2050⁷		3,097		2,762
Fannie Mae Pool #CA6309 3.00% 7/1/2050⁷		364		325
Fannie Mae Pool #CA6349 3.00% 7/1/2050⁷		136		120
Fannie Mae Pool #CA6740 3.00% 8/1/2050⁷		95		84
Fannie Mae Pool #CA7048 3.00% 9/1/2050⁷		50		44
Fannie Mae Pool #CA7052 3.00% 9/1/2050⁷		15		13
Fannie Mae Pool #CA7381 3.00% 10/1/2050⁷		152		134
Fannie Mae Pool #FM5166 3.00% 12/1/2050⁷		97		86
Fannie Mae Pool #BR4104 2.00% 1/1/2051⁷		49		41
Fannie Mae Pool #FM5509 3.00% 1/1/2051⁷		148		131
Fannie Mae Pool #CB0191 3.00% 4/1/2051⁷		182		162
Fannie Mae Pool #CB0193 3.00% 4/1/2051⁷		22		20
Fannie Mae Pool #FM7909 3.00% 6/1/2051⁷		18		16
Fannie Mae Pool #FM8477 3.00% 8/1/2051⁷		131		116
Fannie Mae Pool #CB2787 3.50% 12/1/2051⁷		23		21
Fannie Mae Pool #BV0790 3.50% 1/1/2052⁷		96		88
Fannie Mae Pool #FS0647 3.00% 2/1/2052⁷		973		868
Fannie Mae Pool #CB3179 3.50% 3/1/2052⁷		341		311
Fannie Mae Pool #BW1289 5.50% 10/1/2052⁷		131		131
Fannie Mae Pool #BW1243 5.50% 10/1/2052⁷		123		122
Fannie Mae Pool #MA4842 5.50% 12/1/2052⁷		177		177
Fannie Mae Pool #MA4919 5.50% 2/1/2053⁷		115		114
Fannie Mae Pool #FS4563 5.00% 5/1/2053⁷		66		65
Fannie Mae Pool #MA5010 5.50% 5/1/2053⁷		307		305
Fannie Mae Pool #MA5011 6.00% 5/1/2053⁷		1,785		1,801
Fannie Mae Pool #MA5039 5.50% 6/1/2053⁷		376		375
Fannie Mae Pool #CB6485 6.00% 6/1/2053⁷		464		468
Fannie Mae Pool #CB6486 6.00% 6/1/2053⁷		287		291
Fannie Mae Pool #CB6465 6.00% 6/1/2053⁷		205		207
Fannie Mae Pool #MA5071 5.00% 7/1/2053⁷		372		365
Fannie Mae Pool #MA5072 5.50% 7/1/2053⁷		1,251		1,246
Fannie Mae Pool #BF0142 5.50% 8/1/2056⁷		371		381
Fannie Mae Pool #BF0342 5.50% 1/1/2059⁷		252		256
Fannie Mae Pool #BM6737 4.50% 11/1/2059⁷		655		634
Fannie Mae Pool #BF0497 3.00% 7/1/2060⁷		440		376
Freddie Mac Pool #SC0149 2.00% 3/1/2041⁷		75		64
Freddie Mac Pool #RB0544 2.00% 6/1/2041⁷		130		111
Freddie Mac Pool #Q15874 4.00% 2/1/2043⁷		1		1
Freddie Mac Pool #G67711 4.00% 3/1/2048⁷		222		213
Freddie Mac Pool #Q55971 4.00% 5/1/2048⁷		18		17
Freddie Mac Pool #Q56175 4.00% 5/1/2048⁷		16		16
Freddie Mac Pool #Q55970 4.00% 5/1/2048⁷		8		8
Freddie Mac Pool #Q56599 4.00% 6/1/2048⁷		25		24
Freddie Mac Pool #Q57242 4.50% 7/1/2048⁷		12		12
Freddie Mac Pool #Q58411 4.50% 9/1/2048⁷		49		48
Freddie Mac Pool #Q58436 4.50% 9/1/2048⁷		27		27
Freddie Mac Pool #Q58378 4.50% 9/1/2048⁷		19		18
Freddie Mac Pool #ZT1704 4.50% 1/1/2049⁷		1,169		1,147
Freddie Mac Pool #RA3384 3.00% 8/1/2050⁷		16		14
Freddie Mac Pool #RA3506 3.00% 9/1/2050⁷		156		138
Freddie Mac Pool #RA5901 3.00% 9/1/2051⁷		81		71
Freddie Mac Pool #RA6347 3.00% 11/1/2051⁷		163		144
Freddie Mac Pool #SD8214 3.50% 5/1/2052⁷		606		552
Freddie Mac Pool #QE3580 3.50% 6/1/2052⁷		493		449
Freddie Mac Pool #QE4383 4.00% 6/1/2052⁷		337		317
Freddie Mac Pool #RA7556 4.50% 6/1/2052⁷		909		875
Freddie Mac Pool #SD1584 4.50% 9/1/2052⁷		200		195
Freddie Mac Pool #QF0924 5.50% 9/1/2052⁷		320		319
Freddie Mac Pool #SD2948 5.50% 11/1/2052⁷		127		126


American Funds Insurance Series	97

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 #SD2716 5.00% 4/1/2053⁷	USD	108		$	106
Freddie Mac Pool #SD8316 5.50% 4/1/2053⁷		618			616
Freddie Mac Pool #SD8324 5.50% 5/1/2053⁷		467			465
Freddie Mac Pool #SD8329 5.00% 6/1/2053⁷		36			35
Freddie Mac Pool #SD8331 5.50% 6/1/2053⁷		1,172			1,167
Freddie Mac Pool #RA9294 6.50% 6/1/2053⁷		21			22
Freddie Mac Pool #RA9289 6.50% 6/1/2053⁷		17			18
Freddie Mac Pool #RA9288 6.50% 6/1/2053⁷		16			17
Freddie Mac Pool #RA9292 6.50% 6/1/2053⁷		17			17
Freddie Mac Pool #RA9287 6.50% 6/1/2053⁷		11			11
Freddie Mac Pool #RA9290 6.50% 6/1/2053⁷		8			8
Freddie Mac Pool #RA9291 6.50% 6/1/2053⁷		6			6
Freddie Mac Pool #RA9295 6.50% 6/1/2053⁷		4			4
Freddie Mac Pool #SD8341 5.00% 7/1/2053⁷		360			353
Freddie Mac Pool #SD8342 5.50% 7/1/2053⁷		2,559			2,549
Freddie Mac, Series K156, Class A2, Multi Family, 4.43% 2/25/2033^7,8		160			160
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056^7,8		110			102
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056⁷		227			209
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056^7,8		222			205
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057^7,8		93			84
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/2057⁷		77			69
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057⁷		19			17
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 7/25/2058⁷		960			857
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/2058⁷		379			355
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058⁷		590			551
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MA, 3.50% 10/25/2058⁷		17			16
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058⁷		10			9
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028⁷		872			823
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-2, Class A1C, 2.75% 9/25/2029⁷		1,234			1,129
Government National Mortgage Assn. 5.50% 7/1/2053^7,9		970			966
Government National Mortgage Assn. 4.00% 8/1/2053^7,9		3,568			3,379
Government National Mortgage Assn. 5.00% 8/1/2053^7,9		1,610			1,582
Government National Mortgage Assn. Pool #MA5764 4.50% 2/20/2049⁷		199			195
Government National Mortgage Assn. Pool #694836 5.75% 9/20/2059⁷		—	⁴		—	⁴
Government National Mortgage Assn. Pool #765152 4.14% 7/20/2061⁷		—	⁴		—	⁴
Government National Mortgage Assn. Pool #766525 4.70% 11/20/2062⁷		—	⁴		—	⁴
Government National Mortgage Assn. Pool #725893 5.20% 9/20/2064⁷		—	⁴		—	⁴
Uniform Mortgage-Backed Security 2.50% 7/1/2038^7,9		308			280
Uniform Mortgage-Backed Security 2.50% 8/1/2038^7,9		1,400			1,277
Uniform Mortgage-Backed Security 2.00% 7/1/2053^7,9		981			800
Uniform Mortgage-Backed Security 3.00% 7/1/2053^7,9		1,083			953
Uniform Mortgage-Backed Security 3.50% 7/1/2053^7,9		3,995			3,641
Uniform Mortgage-Backed Security 4.00% 7/1/2053^7,9		407			382
Uniform Mortgage-Backed Security 4.50% 7/1/2053^7,9		176			169
Uniform Mortgage-Backed Security 5.00% 7/1/2053^7,9		7,608			7,455
Uniform Mortgage-Backed Security 5.50% 7/1/2053^7,9		2,585			2,573
Uniform Mortgage-Backed Security 2.00% 8/1/2053^7,9		300			245
Uniform Mortgage-Backed Security 2.50% 8/1/2053^7,9		560			476


98	American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Uniform Mortgage-Backed Security 3.00% 8/1/2053^7,9	USD	160	$	141
Uniform Mortgage-Backed Security 4.00% 8/1/2053^7,9		2,600		2,442
Uniform Mortgage-Backed Security 4.50% 8/1/2053^7,9		2,300		2,213
Uniform Mortgage-Backed Security 5.50% 8/1/2053^7,9		11,110		11,055
Uniform Mortgage-Backed Security 6.00% 8/1/2053^7,9		6,352		6,407
Uniform Mortgage-Backed Security 6.50% 8/1/2053^7,9		1,386		1,414
				75,895

Collateralized mortgage-backed obligations (privately originated) 0.48%
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048^2,7,8		131		105
BINOM Securitization Trust, Series 2022-RPL1, Class A1, 3.00% 2/25/2061^2,7,8		78		69
BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/2061^2,7		86		76
Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 10/27/2031^2,7,8		119		112
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 6/25/2036^2,7,8		89		85
CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061^2,7,8		176		162
Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060^2,7,8		10		9
Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M1, (30-day Average USD-SOFR + 0.75%) 5.817% 10/25/2041^2,7,8		3		3
Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) 7.467% 12/25/2042^2,7,8		40		41
Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) 6.967% 6/25/2043^2,7,8		432		433
DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class A, 5.919% 8/12/2043^2,7,8		574		559
Finance of America Structured Securities Trust, Series 2019-JR3, Class A, 2.00% 9/25/2069^2,7		58		61
Finance of America Structured Securities Trust, Series 2019-JR4, Class A, 2.00% 11/25/2069^2,7		65		64
Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 10/25/2051^2,7,8		114		92
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A, (30-day Average USD-SOFR + 2.00%) 7.067% 4/25/2042^2,7,8		97		98
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA4, Class M1A, (30-day Average USD-SOFR + 2.20%) 7.267% 5/25/2042^2,7,8		17		17
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 7.217% 9/25/2042^2,7,8		29		30
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average USD-SOFR + 3.70%) 8.767% 9/25/2042^2,7,8		64		66
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA1, Class M2, (1-month USD-LIBOR + 1.70%) 6.85% 1/25/2050^2,7,8		148		148
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class M2, (1-month USD-LIBOR + 1.85%) 7.00% 2/25/2050^2,7,8		358		359
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA3, Class B1, (1-month USD-LIBOR + 5.10%) 10.25% 6/27/2050^2,7,8		535		576
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA4, Class B1, (1-month USD-LIBOR + 6.00%) 11.15% 8/25/2050^2,7,8		502		558
Home Partners of America Trust, Series 2022-1, Class A, 3.93% 4/17/2039^2,7		194		181
Legacy Mortgage Asset Trust, Series 2022-GS1, Class A1, 4.00% 2/25/2061 (7.00% on 4/25/2025)^2,7,10		188		181
Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 4/25/2061^2,7,8		73		68
Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 7/25/2067 (5.25% on 11/25/2024)^2,7,10		124		115
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 6.00% 11/25/2055^2,7,8		202		200
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, (1-month USD-LIBOR + 0.75%) 5.90% 5/25/2055^2,7,8		244		242
Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039^2,7		99		90
Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 11/25/2031^2,7,8		48		46
Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 10/25/2056^2,7,8		12		12
Towd Point Mortgage Trust, Series 2017-3, Class A1, 2.75% 7/25/2057^2,7,8		14		14
Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 10/25/2057^2,7,8		35		33


American Funds Insurance Series	99

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued)
Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 3/25/2058^2,7,8	USD	42	$	40
Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25% 7/25/2058^2,7,8		22		21
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060^2,7		442		387
Treehouse Park Improvement Association No.1 9.75% 12/1/2033^2,3		100		88
Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038^2,7		196		174
Tricon Residential Trust, Series 2023-SFR1, Class A, 5.10% 7/17/2040^2,7		100		98
				5,713

Commercial mortgage-backed securities 0.37%
Bank Commercial Mortgage Trust, Series 2023-5YR1, Class A3, 6.26% 3/15/2056^7,8		287		292
BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.77%) 6.917% 5/15/2039^2,7,8		110		109
BPR Trust, Series 2022-OANA, Class A, (1-month USD CME Term SOFR + 1.898%) 7.045% 4/15/2037^2,7,8		329		320
BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 7.262% 6/15/2027^2,7,8		332		332
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 5.893% 9/15/2036^2,7,8		648		628
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 6.092% 10/15/2036^2,7,8		266		258
BX Trust, Series 2021-ARIA, Class C, (1-month USD-LIBOR + 1.646%) 6.839% 10/15/2036^2,7,8		100		96
BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 6.638% 4/15/2037^2,7,8		152		150
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 5.863% 6/15/2038^2,7,8		169		164
BX Trust, Series 2021-SOAR, Class D, (1-month USD-LIBOR + 1.40%) 6.593% 6/15/2038^2,7,8		97		93
BX Trust, Series 2021-ACNT, Class C, (1-month USD-LIBOR + 1.50%) 6.693% 11/15/2038^2,7,8		100		97
BX Trust, Series 2022-PSB, Class A, (1-month USD CME Term SOFR + 2.451%) 7.598% 8/15/2039^2,7,8		89		89
BX Trust, Series 2023-VLT2, Class A, (1-month USD CME Term SOFR + 2.281%) 7.34% 6/15/2040^2,7,8		221		221
Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 6/10/2028^2,7,8		237		237
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 6.273% 7/15/2038^2,7,8		96		95
FIVE Mortgage Trust, Series 2023-V1, Class A3, 5.668% 2/10/2056⁷		73		73
Great Wolf Trust, Series 2019-WOLF, Class A, (1-month USD CME Term SOFR + 1.148%) 6.295% 12/15/2036 (1-month USD CME Term SOFR + 1.348% on 12/15/2023)^2,7,10		24		24
GS Mortgage Securities Trust, Series 2018-HULA, Class A, 6.113% 7/15/2025^2,7,8		229		225
Hawaii Hotel Trust, Series 2019-MAUI, Class A, (1-month USD-LIBOR + 1.15%) 6.343% 5/17/2038^2,7,8		300		297
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.565% 1/5/2039^2,7,8		100		77
Multifamily Connecticut Avenue Securities, Series 2019-1, Class M10, (1-month USD-LIBOR + 3.25%) 8.40% 10/15/2049^2,7,8		141		137
SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 5.924% 11/15/2038^2,7,8		361		351
				4,365

Total mortgage-backed obligations				85,973

U.S. Treasury bonds & notes 7.13%
U.S. Treasury 6.06%
U.S. Treasury 0.125% 12/15/2023		2,160		2,111
U.S. Treasury 2.50% 4/30/2024		364		355
U.S. Treasury 4.25% 9/30/2024		2,126		2,098
U.S. Treasury 0.625% 10/15/2024		11,050		10,413


100	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 3.875% 3/31/2025	USD	12,897	$	12,645
U.S. Treasury 4.25% 5/31/2025		5,017		4,953
U.S. Treasury 4.00% 2/15/2026		2,621		2,581
U.S. Treasury 0.75% 3/31/2026		1		1
U.S. Treasury 0.75% 5/31/2026		3,850		3,458
U.S. Treasury 1.875% 6/30/2026		4,855		4,506
U.S. Treasury 1.125% 10/31/2026		995		895
U.S. Treasury 2.00% 11/15/2026¹¹		2,800		2,590
U.S. Treasury 0.50% 4/30/2027		2,900		2,513
U.S. Treasury 2.625% 5/31/2027		80		75
U.S. Treasury 6.125% 11/15/2027		950		1,021
U.S. Treasury 4.00% 2/29/2028		745		740
U.S. Treasury 1.25% 3/31/2028		1,350		1,181
U.S. Treasury 3.625% 3/31/2028		4		4
U.S. Treasury 3.625% 5/31/2028		10,265		10,039
U.S. Treasury 4.00% 2/28/2030		1,659		1,658
U.S. Treasury 6.25% 5/15/2030		890		1,009
U.S. Treasury 4.125% 11/15/2032		9		9
U.S. Treasury 3.375% 5/15/2033		819		791
U.S. Treasury 4.50% 8/15/2039		640		688
U.S. Treasury 1.125% 5/15/2040¹¹		2,400		1,556
U.S. Treasury 2.00% 11/15/2041		300		220
U.S. Treasury 3.875% 5/15/2043		106		104
U.S. Treasury 2.375% 5/15/2051		197		146
U.S. Treasury 4.00% 11/15/2052¹¹		157		161
U.S. Treasury 3.625% 2/15/2053¹¹		3,754		3,599
				72,120

U.S. Treasury inflation-protected securities 1.07%
U.S. Treasury Inflation-Protected Security 0.50% 4/15/2024¹²		1,441		1,407
U.S. Treasury Inflation-Protected Security 0.25% 1/15/2025¹²		549		527
U.S. Treasury Inflation-Protected Security 0.125% 4/15/2025¹²		1,292		1,230
U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025¹²		384		367
U.S. Treasury Inflation-Protected Security 0.125% 10/15/2025¹²		234		222
U.S. Treasury Inflation-Protected Security 0.125% 4/15/2026¹²		2,431		2,281
U.S. Treasury Inflation-Protected Security 1.625% 10/15/2027¹²		1,464		1,443
U.S. Treasury Inflation-Protected Security 0.125% 1/15/2030¹²		2,181		1,957
U.S. Treasury Inflation-Protected Security 0.125% 1/15/2031¹²		1,864		1,657
U.S. Treasury Inflation-Protected Security 0.125% 7/15/2031¹²		141		125
U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049¹²		205		176
U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051^11,12		2,068		1,379
				12,771

Total U.S. Treasury bonds & notes				84,891

Corporate bonds, notes & loans 2.00%
Health care 0.35%
Amgen, Inc. 5.507% 3/2/2026		50		50
Amgen, Inc. 5.15% 3/2/2028		65		65
Amgen, Inc. 4.05% 8/18/2029		145		138
Amgen, Inc. 5.25% 3/2/2030		134		134
Amgen, Inc. 4.20% 3/1/2033		133		124
Amgen, Inc. 5.25% 3/2/2033		71		71
Amgen, Inc. 5.60% 3/2/2043		125		125
Amgen, Inc. 4.20% 2/22/2052		19		16
Amgen, Inc. 4.875% 3/1/2053		45		41
Amgen, Inc. 5.65% 3/2/2053		37		37
Amgen, Inc. 5.75% 3/2/2063		95		96
AstraZeneca Finance, LLC 4.875% 3/3/2028		35		35
AstraZeneca PLC 3.375% 11/16/2025		200		192
AstraZeneca PLC 3.00% 5/28/2051		11		8


American Funds Insurance Series	101

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Baxter International, Inc. 3.132% 12/1/2051	USD	25	$	17
Centene Corp. 4.625% 12/15/2029		530		488
Centene Corp. 3.375% 2/15/2030		179		154
Centene Corp. 2.625% 8/1/2031		40		32
CVS Health Corp. 5.125% 2/21/2030		50		50
CVS Health Corp. 5.25% 2/21/2033		23		23
CVS Health Corp. 5.30% 6/1/2033		24		24
CVS Health Corp. 5.625% 2/21/2053		55		55
Elevance Health, Inc. 4.90% 2/8/2026		10		10
Elevance Health, Inc. 4.75% 2/15/2033		16		16
Elevance Health, Inc. 5.125% 2/15/2053		13		13
Eli Lilly and Co. 5.00% 2/27/2026		35		35
Eli Lilly and Co. 4.875% 2/27/2053		23		24
Eli Lilly and Co. 4.95% 2/27/2063		14		14
Gilead Sciences, Inc. 1.65% 10/1/2030		8		7
HCA, Inc. 2.375% 7/15/2031		18		14
Humana, Inc. 3.70% 3/23/2029		12		11
Merck & Co., Inc. 1.70% 6/10/2027		118		106
Merck & Co., Inc. 3.40% 3/7/2029		110		103
Merck & Co., Inc. 4.50% 5/17/2033		35		35
Merck & Co., Inc. 4.90% 5/17/2044		35		35
Merck & Co., Inc. 5.00% 5/17/2053		18		18
Molina Healthcare, Inc. 3.875% 5/15/2032²		40		34
Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033		13		13
Pfizer Investment Enterprises Pte., Ltd. 5.11% 5/19/2043		35		35
Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053		12		12
Regeneron Pharmaceuticals, Inc. 1.75% 9/15/2030		8		6
Regeneron Pharmaceuticals, Inc. 2.80% 9/15/2050		2		1
Shire Acquisitions Investments Ireland DAC 3.20% 9/23/2026		270		254
Teva Pharmaceutical Finance Netherlands III BV 6.00% 4/15/2024		551		548
Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026		650		583
Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046		300		198
Zoetis, Inc. 5.60% 11/16/2032		25		26
				4,126

Consumer discretionary 0.30%
BMW US Capital, LLC 4.15% 4/9/2030²		290		277
BMW US Capital, LLC 3.70% 4/1/2032²		25		23
Daimler Trucks Finance North America, LLC 1.125% 12/14/2023²		495		485
Daimler Trucks Finance North America, LLC 1.625% 12/13/2024²		175		165
Daimler Trucks Finance North America, LLC 5.15% 1/16/2026²		150		149
Daimler Trucks Finance North America, LLC 2.375% 12/14/2028²		150		130
Daimler Trucks Finance North America, LLC 2.50% 12/14/2031²		150		122
Ford Motor Credit Co., LLC 2.30% 2/10/2025		200		187
Ford Motor Credit Co., LLC 5.125% 6/16/2025		695		677
Ford Motor Credit Co., LLC 2.70% 8/10/2026		306		274
Ford Motor Credit Co., LLC 4.95% 5/28/2027		604		570
Grand Canyon University 4.125% 10/1/2024		200		189
McDonald’s Corp. 3.60% 7/1/2030		12		11
McDonald’s Corp. 4.60% 9/9/2032		6		6
McDonald’s Corp. 5.15% 9/9/2052		10		10
Royal Caribbean Cruises, Ltd. 11.50% 6/1/2025²		115		122
Toyota Motor Credit Corp. 5.40% 11/10/2025		228		230
				3,627

Financials 0.29%
AerCap Ireland Capital DAC 5.75% 6/6/2028		150		149
AerCap Ireland Capital DAC 3.30% 1/30/2032		150		123
American Express Co. 4.90% 2/13/2026		28		28
American International Group, Inc. 5.125% 3/27/2033		17		17


102	American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Aon Corp. 5.35% 2/28/2033	USD	21	$	21
Bank of America Corp. 4.948% 7/22/2028 (USD-SOFR + 2.04% on 7/22/2027)¹⁰		40		39
Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030)¹⁰		231		183
Bank of America Corp. 5.015% 7/22/2033 (USD-SOFR + 2.16% on 7/22/2032)¹⁰		84		82
Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033)¹⁰		40		40
CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028)^2,10		200		200
Capital One Financial Corp. 5.468% 2/1/2029 (USD-SOFR + 2.08% on 2/1/2028)¹⁰		30		29
Capital One Financial Corp. 5.817% 2/1/2034 (USD-SOFR + 2.60% on 2/1/2033)¹⁰		70		67
Charles Schwab Corp. 5.853% 5/19/2034 (USD-SOFR + 2.50% on 5/19/2033)¹⁰		15		15
Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032)¹⁰		35		29
Citigroup, Inc. 6.174% 5/25/2034 (USD-SOFR + 2.661% on 5/25/2033)¹⁰		50		50
CME Group, Inc. 2.65% 3/15/2032		50		43
Corebridge Financial, Inc. 3.85% 4/5/2029		180		162
Corebridge Financial, Inc. 3.90% 4/5/2032		32		28
Corebridge Financial, Inc. 4.35% 4/5/2042		7		6
Corebridge Financial, Inc. 4.40% 4/5/2052		49		39
Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)^2,10		200		187
Deutsche Bank AG 6.72% 1/18/2029 (USD-SOFR + 3.18% on 1/18/2028)¹⁰		150		150
Discover Financial Services 6.70% 11/29/2032		25		26
Goldman Sachs Group, Inc. 2.65% 10/21/2032 (USD-SOFR + 1.264% on 10/21/2031)¹⁰		75		61
Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)¹⁰		40		34
Intercontinental Exchange, Inc. 4.60% 3/15/2033		18		17
Intercontinental Exchange, Inc. 4.95% 6/15/2052		16		15
JPMorgan Chase & Co. 5.546% 12/15/2025 (USD-SOFR + 1.07% on 12/15/2024)¹⁰		100		100
JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)¹⁰		40		39
JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031)¹⁰		227		181
JPMorgan Chase & Co. 2.963% 1/25/2033 (USD-SOFR + 1.26% on 1/25/2032)¹⁰		17		14
JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)¹⁰		25		24
Marsh & McLennan Companies, Inc. 5.45% 3/15/2053		30		31
Mastercard, Inc. 4.875% 3/9/2028		31		31
Morgan Stanley 5.123% 2/1/2029 (USD-SOFR + 1.73% on 2/1/2028)¹⁰		25		25
Morgan Stanley 4.889% 7/20/2033 (USD-SOFR + 2.077% on 7/20/2032)¹⁰		20		19
Nasdaq, Inc. 5.65% 6/28/2025		45		45
Nasdaq, Inc. 5.35% 6/28/2028		20		20
Nasdaq, Inc. 5.55% 2/15/2034		17		17
Nasdaq, Inc. 5.95% 8/15/2053		8		8
Nasdaq, Inc. 6.10% 6/28/2063		11		11
Navient Corp. 5.00% 3/15/2027		150		134
New York Life Global Funding 3.00% 1/10/2028²		150		139
PNC Financial Services Group, Inc. 5.812% 6/12/2026 (USD-SOFR + 1.322% on 6/12/2025)¹⁰		35		35
PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028)¹⁰		50		50
Royal Bank of Canada 5.00% 2/1/2033		30		29
State Street Corp. 4.857% 1/26/2026 (USD-SOFR + 0.604% on 1/26/2025)¹⁰		15		15
SVB Financial Group 4.70% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.064% on 11/15/2031)^10,13		38		3
Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033)¹⁰		10		10
U.S. Bancorp 5.775% 6/12/2029 (USD-SOFR + 2.02% on 6/12/2028)¹⁰		70		70
U.S. Bancorp 5.836% 6/12/2034 (USD-SOFR + 2.26% on 6/10/2033)¹⁰		35		35
UBS Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030)^2,10		374		333
Wells Fargo & Company 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027)¹⁰		45		44
Wells Fargo & Company 3.35% 3/2/2033 (USD-SOFR + 1.50% on 3/2/2032)¹⁰		105		90
Wells Fargo & Company 4.897% 7/25/2033 (USD-SOFR + 4.897% on 7/25/2032)¹⁰		35		34
				3,426


American Funds Insurance Series	103

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities 0.29%
AEP Transmission Co., LLC 3.80% 6/15/2049	USD	45	$	36
Consumers Energy Co. 4.625% 5/15/2033		50		49
DTE Electric Co. 5.20% 4/1/2033		35		36
Duke Energy Florida, LLC 5.95% 11/15/2052		25		27
Edison International 4.125% 3/15/2028		132		123
Edison International 5.25% 11/15/2028		55		54
Edison International 6.95% 11/15/2029		25		26
Electricité de France SA 6.25% 5/23/2033²		200		203
Electricité de France SA 9.125% 12/31/2079 (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033)^2,10		200		206
FirstEnergy Corp. 2.65% 3/1/2030		493		416
FirstEnergy Corp. 2.25% 9/1/2030		107		87
Florida Power & Light Company 5.05% 4/1/2028		70		71
Florida Power & Light Company 5.10% 4/1/2033		35		35
NiSource, Inc. 5.40% 6/30/2033		25		25
Pacific Gas and Electric Co. 3.25% 2/16/2024		1,025		1,006
Pacific Gas and Electric Co. 2.95% 3/1/2026		97		89
Pacific Gas and Electric Co. 3.75% 7/1/2028		105		94
Pacific Gas and Electric Co. 4.65% 8/1/2028		284		263
Pacific Gas and Electric Co. 2.50% 2/1/2031		375		294
Pacific Gas and Electric Co. 6.40% 6/15/2033		50		50
Southern California Edison Co. 5.30% 3/1/2028		25		25
Southern California Edison Co. 3.60% 2/1/2045		206		152
Union Electric Co. 3.90% 4/1/2052		25		20
WEC Energy Group, Inc. 5.15% 10/1/2027		25		25
				3,412

Energy 0.24%
Apache Corp. 4.25% 1/15/2030		385		343
Baker Hughes Holdings, LLC 2.061% 12/15/2026		8		7
BP Capital Markets America, Inc. 3.633% 4/6/2030		360		335
Cenovus Energy, Inc. 5.40% 6/15/2047		73		66
ConocoPhillips Co. 5.30% 5/15/2053		25		26
EQT Corp. 5.00% 1/15/2029		35		33
EQT Corp. 3.625% 5/15/2031²		20		17
Equinor ASA 2.375% 5/22/2030		365		317
Exxon Mobil Corp. 2.995% 8/16/2039		200		159
Exxon Mobil Corp. 3.452% 4/15/2051		25		19
Kinder Morgan, Inc. 5.20% 6/1/2033		27		26
Kinder Morgan, Inc. 5.45% 8/1/2052		11		10
MPLX, LP 4.95% 9/1/2032		20		19
MPLX, LP 4.95% 3/14/2052		20		17
New Fortress Energy, Inc. 6.50% 9/30/2026²		80		72
NGL Energy Operating, LLC 7.50% 2/1/2026²		80		79
ONEOK, Inc. 3.10% 3/15/2030		42		36
ONEOK, Inc. 7.15% 1/15/2051		97		102
Petroleos Mexicanos 6.50% 1/23/2029		20		17
Petroleos Mexicanos 8.75% 6/2/2029		177		160
Petroleos Mexicanos 6.625% 6/15/2035		150		105
Sabine Pass Liquefaction, LLC 4.50% 5/15/2030		142		135
Shell International Finance BV 2.00% 11/7/2024		420		402
TransCanada Pipelines, Ltd. 5.10% 3/15/2049		150		140
TransCanada Trust 5.875% 8/15/2076 (3-month USD-LIBOR + 4.64% on 8/15/2026)¹⁰		205		194
Williams Companies, Inc. 5.30% 8/15/2052		40		37
				2,873


104	American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services 0.23%
América Móvil, SAB de CV, 8.46% 12/18/2036	MXN	1,300	$	68
AT&T, Inc. 3.50% 6/1/2041	USD	75		58
CCO Holdings, LLC 4.25% 2/1/2031²		360		292
CCO Holdings, LLC 4.75% 2/1/2032²		25		20
CCO Holdings, LLC 4.25% 1/15/2034²		175		132
Charter Communications Operating, LLC 3.70% 4/1/2051		25		16
Meta Platforms, Inc. 3.85% 8/15/2032		160		149
Meta Platforms, Inc. 4.45% 8/15/2052		95		83
Netflix, Inc. 4.875% 4/15/2028		150		148
SBA Tower Trust 1.631% 11/15/2026²		253		218
Sprint Capital Corp. 6.875% 11/15/2028		325		345
Sprint Capital Corp. 8.75% 3/15/2032		90		109
The Walt Disney Co. 4.625% 3/23/2040		120		115
T-Mobile USA, Inc. 3.875% 4/15/2030		625		576
T-Mobile USA, Inc. 2.55% 2/15/2031		203		169
Verizon Communications, Inc. 1.75% 1/20/2031		142		112
WarnerMedia Holdings, Inc. 5.05% 3/15/2042		47		40
WarnerMedia Holdings, Inc. 5.141% 3/15/2052		88		72
				2,722

Consumer staples 0.09%
7-Eleven, Inc. 0.80% 2/10/2024²		50		49
7-Eleven, Inc. 1.30% 2/10/2028²		14		12
7-Eleven, Inc. 1.80% 2/10/2031²		128		101
Altria Group, Inc. 3.875% 9/16/2046		22		15
Altria Group, Inc. 3.70% 2/4/2051		28		19
Anheuser-Busch InBev Worldwide, Inc. 4.50% 6/1/2050		5		5
BAT Capital Corp. 4.70% 4/2/2027		105		102
BAT Capital Corp. 4.54% 8/15/2047		82		60
BAT Capital Corp. 4.758% 9/6/2049		121		91
BAT International Finance PLC 4.448% 3/16/2028		150		142
Constellation Brands, Inc. 5.00% 2/2/2026		50		50
H.J. Heinz Co. 3.00% 6/1/2026		93		88
H.J. Heinz Co. 4.875% 10/1/2049		235		215
Philip Morris International, Inc. 5.125% 11/17/2027		43		43
Philip Morris International, Inc. 5.625% 11/17/2029		23		23
Philip Morris International, Inc. 5.125% 2/15/2030		56		55
Philip Morris International, Inc. 5.75% 11/17/2032		16		16
Philip Morris International, Inc. 5.375% 2/15/2033		55		55
				1,141

Information technology 0.08%
Apple, Inc. 3.35% 8/8/2032		145		135
Apple, Inc. 4.30% 5/10/2033		35		35
Apple, Inc. 4.85% 5/10/2053		27		28
Broadcom, Inc. 4.00% 4/15/2029²		3		3
Broadcom, Inc. 4.15% 4/15/2032²		11		10
Broadcom, Inc. 3.137% 11/15/2035²		2		2
Broadcom, Inc. 3.75% 2/15/2051²		91		67
Intel Corp. 5.125% 2/10/2030		45		45
Intel Corp. 5.20% 2/10/2033		53		54
Intel Corp. 5.70% 2/10/2053		14		14
Lenovo Group, Ltd. 5.875% 4/24/2025		400		398
Oracle Corp. 3.60% 4/1/2050		150		107
ServiceNow, Inc. 1.40% 9/1/2030		130		103
				1,001


American Funds Insurance Series	105

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials 0.07%
Boeing Co. 2.75% 2/1/2026	USD	91	$	85
Boeing Co. 3.625% 2/1/2031		280		252
Boeing Co. 5.805% 5/1/2050		95		95
Canadian Pacific Railway Co. 3.10% 12/2/2051		102		73
CSX Corp. 4.75% 11/15/2048		50		46
CSX Corp. 4.50% 11/15/2052		35		32
Lockheed Martin Corp. 5.10% 11/15/2027		19		19
Masco Corp. 3.125% 2/15/2051		10		6
Northrop Grumman Corp. 4.95% 3/15/2053		21		20
Raytheon Technologies Corp. 5.00% 2/27/2026		11		11
Raytheon Technologies Corp. 5.375% 2/27/2053		43		45
Republic Services, Inc. 5.00% 4/1/2034		13		13
Union Pacific Corp. 2.80% 2/14/2032		17		15
Union Pacific Corp. 3.50% 2/14/2053		20		15
Waste Management, Inc. 4.625% 2/15/2030		60		59
				786

Materials 0.04%
BHP Billiton Finance (USA), Ltd. 4.875% 2/27/2026		35		35
BHP Billiton Finance (USA), Ltd. 4.75% 2/28/2028		35		35
BHP Billiton Finance (USA), Ltd. 4.90% 2/28/2033		23		23
Celanese US Holdings, LLC 6.379% 7/15/2032		10		10
Dow Chemical Co. (The) 3.60% 11/15/2050		75		56
EIDP, Inc. 4.80% 5/15/2033		27		26
International Flavors & Fragrances, Inc. 1.832% 10/15/2027²		100		84
International Flavors & Fragrances, Inc. 3.468% 12/1/2050²		10		7
LYB International Finance III, LLC 3.625% 4/1/2051		102		71
Nutrien, Ltd. 5.90% 11/7/2024		84		84
Nutrien, Ltd. 5.80% 3/27/2053		15		15
South32 Treasury, Ltd. 4.35% 4/14/2032²		10		9
				455

Real estate 0.02%
American Tower Corp. 4.05% 3/15/2032		11		10
Boston Properties, LP 2.45% 10/1/2033		7		5
Boston Properties, LP 6.50% 1/15/2034		38		38
Crown Castle, Inc. 5.00% 1/11/2028		56		55
Equinix, Inc. 1.55% 3/15/2028		25		21
Equinix, Inc. 3.20% 11/18/2029		144		127
Equinix, Inc. 2.50% 5/15/2031		47		38
				294

Total corporate bonds, notes & loans				23,863

Asset-backed obligations 0.88%
ACHV ABS Trust, Series 2023-1, Class A, 6.42% 3/18/2030^2,7		44		44
Affirm Asset Securitization Trust, Series 2022-X1, Class A, 1.75% 2/15/2027^2,7		38		37
Affirm Asset Securitization Trust, Series 2023-A, Class A, 6.61% 1/18/2028^2,7		100		100
American Express Credit Account Master Trust, Series 2022-3, Class A, 3.75% 8/16/2027⁷		100		97
American Homes 4 Rent, Series 2014-SFR2, Class A, 3.786% 10/17/2036^2,7		84		82
American Homes 4 Rent, Series 2015-SFR2, Class A, 3.732% 10/17/2052^2,7		86		83
American Homes 4 Rent, Series 2015-SFR2, Class B, 4.295% 10/17/2052^2,7		100		96
AmeriCredit Automobile Receivables Trust, Series 2022-2, Class A2B, (30-day Average USD-SOFR + 1.15%) 6.216% 12/18/2025^7,8		75		75
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027^2,7		197		179
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027^2,7		100		92


106	American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029^2,7	USD	339	$	339
Bankers Healthcare Group Securitization Trust, Series 2022-A, Class A, 1.71% 2/20/2035^2,7		52		49
CarMax Auto Owner Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.77%) 5.837% 9/15/2025^7,8		63		63
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060^2,7		351		315
CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060^2,7		88		73
CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060^2,7		90		80
CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060^2,7		90		75
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061^2,7		316		274
CF Hippolyta, LLC, Series 2022-1, Class A1, 5.97% 8/15/2062^2,7		489		477
CPS Auto Receivables Trust, Series 2023-A, Class A, 5.54% 3/16/2026^2,7		72		71
Discover Card Execution Note Trust, Series 2023-A1, Class A, 4.31% 3/15/2028⁷		326		319
DriveTime Auto Owner Trust, Series 2023-1, Class A, 5.48% 4/15/2027^2,7		73		72
First National Master Note Trust, Series 2023-1, Class A, 5.13% 4/16/2029⁷		213		210
FirstKey Homes Trust, Series 2022-SFR2, Class A, 4.145% 5/17/2039^2,7		131		124
Ford Credit Auto Owner Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.60%) 5.667% 2/15/2025^7,8		34		34
Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85% 8/15/2035^2,7		176		172
Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A1, 4.92% 5/15/2028^2,7		188		186
GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045^2,7		469		411
GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046^2,7		81		69
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 9/17/2039^2,7		123		114
GM Financial Automobile Leasing Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.71%) 5.776% 10/21/2024^7,8		44		44
GM Financial Consumer Automobile Receivables Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.60%) 5.667% 9/16/2025^7,8		52		52
GM Financial Revolving Receivables Trust, Series 2023-1, Class A, 5.12% 4/11/2035^2,7		285		282
GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035^2,7		184		188
GM Financial Securitized Term Auto Receivables Trust, Series 2023-2, Class A3, 4.47% 2/16/2028⁷		25		25
GM Financial Securitized Term Auto Receivables Trust, Series 2023-2, Class A4, 4.43% 10/16/2028⁷		48		47
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/2025^2,7		247		232
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/2025^2,7		100		94
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027^2,7		268		234
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027^2,7		100		88
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027^2,7		100		86
Hyundai Auto Receivables Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.58%) 5.647% 5/15/2025^7,8		66		66
Hyundai Auto Receivables Trust, Series 2023-A, Class A3, 4.58% 4/15/2027⁷		28		28
Hyundai Auto Receivables Trust, Series 2023-A, Class A4, 4.48% 7/17/2028⁷		28		28
LAD Auto Receivables Trust, Series 2023-1, Class A2, 5.68% 10/15/2026^2,7		28		28
Mission Lane Credit Card Master Trust, Series 2023-A, Class A, 7.23% 7/17/2028^2,7		70		69
Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069^2,7		42		36
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/2069^2,7		131		113
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062^2,7		187		166
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062^2,7		375		334
Nelnet Student Loan Trust, Series 2021-C, Class AFL, (1-month USD-LIBOR + 0.74%) 5.886% 4/20/2062^2,7,8		190		187
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061^2,7		935		798
Nissan Auto Lease Trust, Series 2021-A, Class A3, 0.52% 8/15/2024⁷		100		99
Nissan Auto Lease Trust, Series 2022-A, Class A2B, (30-day Average USD-SOFR + 0.68%) 5.747% 8/15/2024^7,8		121		121
OnDeck Asset Securitization Trust, LLC, Series 2021-1A, Class A, 1.59% 5/17/2027^2,7		100		96
Oportun Funding, LLC, Series 2021-B, Class A, 1.47% 5/8/2031^2,7		100		91


American Funds Insurance Series	107

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
PFS Financing Corp., Series 2022-D, Class A, 4.27% 8/16/2027^2,7	USD	100	$	97
PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028^2,7		175		174
Santander Drive Auto Receivables Trust, Series 2022-4, Class A2, 4.05% 7/15/2025⁷		32		32
Santander Drive Auto Receivables Trust, Series 2022-7, Class A2, 5.81% 1/15/2026⁷		415		415
Santander Drive Auto Receivables Trust, Series 2023-1, Class A2, 5.36% 5/15/2026⁷		62		62
SFS Auto Receivables Securitization Trust, Series 2023-1, Class A2A, 5.89% 3/22/2027^2,7		73		73
SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 1/15/2053^2,7		63		54
Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033^2,7		171		155
Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/2034^2,7,8		335		299
Toyota Auto Receivables Owner Trust, Series 2022-C, Class A2B, (30-day Average USD-SOFR + 0.57%) 5.637% 8/15/2025^7,8		21		21
Verizon Master Trust, Series 2022-3, Class A, 3.01% 5/20/2027 (3.76% on 11/20/2023)^7,10		160		158
Verizon Master Trust, Series 2022-7, Class A1A, 5.23% 11/22/2027 (5.98% on 11/20/2024)^7,10		451		448
Volkswagen Auto Lease Trust, Series 2022-A, Class A2, 3.02% 10/21/2024⁷		60		60
Westlake Automobile Receivables Trust, Series 2022-2A, Class A2A, 3.36% 8/15/2025^2,7		253		250
Westlake Automobile Receivables Trust, Series 2022-3, Class C, 5.49% 7/15/2026^2,7		80		80
Westlake Automobile Receivables Trust, Series 2022-3, Class B, 5.99% 12/15/2027^2,7		100		99
				10,521

Bonds & notes of governments & government agencies outside the U.S. 0.06%
Peru (Republic of) 2.783% 1/23/2031		190		163
Portuguese Republic 5.125% 10/15/2024		18		18
Qatar (State of) 4.50% 4/23/2028		200		200
Saudi Arabia (Kingdom of) 3.625% 3/4/2028		200		190
United Mexican States 3.25% 4/16/2030		200		178
				749

Municipals 0.02%
California 0.00%
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034		15		12

Illinois 0.02%
G.O. Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033		225		222

Total municipals				234

Total bonds, notes & other debt instruments (cost: $216,307,000)				206,231

Short-term securities 8.52%		Shares

Money market investments 8.06%
Capital Group Central Cash Fund 5.15%^6,14		959,287		95,938


108	American Funds Insurance Series

Capital Income Builder (continued)

Short-term securities (continued)	Shares		Value (000)
Money market investments purchased with collateral from securities on loan 0.46%
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.01%^14,15		2,448,932	$	2,449
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.05%^14,15		2,433,668		2,433
Capital Group Central Cash Fund 5.15%^6,14,15		6,116		612
				5,494

Total short-term securities (cost: $101,407,000)				101,432
Total investment securities 104.24% (cost: $1,103,822,000)				1,241,621
Other assets less liabilities (4.24)%				(50,464	)

Net assets 100.00%			$	1,191,157

Futures contracts

Contracts	Type	Number of contracts		Expiration	Notional amount (000)		Value and unrealized (depreciation) appreciation at 6/30/2023 (000)
2 Year U.S. Treasury Note Futures	Long		224	September 2023		USD45,549	$	(578	)
5 Year U.S. Treasury Note Futures	Long		456	September 2023		48,835		(843	)
10 Year U.S. Treasury Note Futures	Long		6	September 2023		674		1
10 Year Ultra U.S. Treasury Note Futures	Long		2	September 2023		237		(3	)
20 Year U.S. Treasury Bond Futures	Long		9	September 2023		1,142		(2	)
30 Year Ultra U.S. Treasury Bond Futures	Long		71	September 2023		9,671		108
							$	(1,317	)

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

Receive		Pay			Notional		Value at			Upfront premium		Unrealized (depreciation) appreciation
Rate	Payment frequency	Rate	Payment frequency	Expiration date		amount (000)		6/30/2023 (000)			paid (000)		at 6/30/2023 (000)
4.8585%	Annual	U.S. EFFR	Annual	1/12/2024		USD4,037	$	(13	)	$	—	$	(13	)
4.8674%	Annual	U.S. EFFR	Annual	1/12/2024		5,914		(20	)		—		(20	)
4.8615%	Annual	U.S. EFFR	Annual	1/12/2024		8,100		(27	)		—		(27	)
3.52647%	Annual	U.S. EFFR	Annual	6/16/2024		5,215		(90	)		—		(90	)
3.5291%	Annual	U.S. EFFR	Annual	6/16/2024		5,635		(97	)		—		(97	)
3.497%	Annual	U.S. EFFR	Annual	6/16/2024		5,600		(98	)		—		(98	)
3.4585%	Annual	U.S. EFFR	Annual	6/17/2024		898		(16	)		—		(16	)
3.4325%	Annual	U.S. EFFR	Annual	6/17/2024		4,100		(74	)		—		(74	)
SOFR	Annual	3.055%	Annual	4/6/2031		6,700		269			—		269
SOFR	Annual	2.91%	Annual	9/18/2050		592		36			—		36
							$	(130	)	$	—	$	(130	)

American Funds Insurance Series

109

Capital Income Builder (continued)

Swap contracts (continued)

Credit default swaps

Centrally cleared credit default swaps on credit indices — sell protection

Financing
rate received

Payment
frequency

Reference
index

Expiration
date

Notional
amount
(000)

¹⁶

Value at
6/30/2023
(000)

¹⁷

Upfront
premium
paid
(000)

Unrealized
appreciation
at 6/30/2023
(000)

5.00%

Quarterly

CDX.NA.HY.40

6/20/2028

USD 6,200

172

159

Investments in affiliates⁶

	Value of affiliates at 1/1/2023 (000)		Additions (000)		Reductions (000)			Net realized gain (000)		Net unrealized appreciation (000)		Value of affiliates at 6/30/2023 (000)		Dividend income (000)
Investment funds 3.08%
Capital Group Central Corporate Bond Fund	$	28,059	$	8,243	$	—		$	—	$	416	$	36,718	$	612
Short-term securities 8.11%
Money market investments 8.06%
Capital Group Central Cash Fund 5.15%¹⁴		77,952		131,623		113,656			4		15		95,938		2,156
Money market investments purchased with collateral from securities on loan 0.05%
Capital Group Central Cash Fund 5.15%^14,15		1,712				1,100	¹⁸						612		—	¹⁹
Total short-term securities													96,550
Total 11.19%								$	4	$	431	$	133,268	$	2,768


¹	All or a portion of this security was on loan. The total value of all such securities was $6,985,000, which represented .59% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
²	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $23,411,000, which represented 1.97% of the net assets of the fund.
³	Value determined using significant unobservable inputs.
⁴	Amount less than one thousand.
⁵	Security did not produce income during the last 12 months.
⁶	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
⁷	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
⁸	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
⁹	Purchased on a TBA basis.
¹⁰	Step bond; coupon rate may change at a later date.
¹¹	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $2,385,000, which represented .20% of the net assets of the fund.
¹²	Index-linked bond whose principal amount moves with a government price index.
¹³	Scheduled interest and/or principal payment was not received.
¹⁴	Rate represents the seven-day yield at 6/30/2023.
¹⁵	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
¹⁶	The maximum potential amount the fund may pay as a protection seller should a credit event occur.
¹⁷	The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively.
¹⁸	Represents net activity. Refer to Note 5 for more information on securities lending.
¹⁹	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.


110	American Funds Insurance Series

Capital Income Builder (continued)

Key to abbreviations
ADR = American Depositary Receipts
Assn. = Association
CAD = Canadian dollars
CDI = CREST Depository Interest
CME = CME Group
DAC = Designated Activity Company
EFFR = Effective Federal Funds Rate
G.O. = General Obligation
GBP = British pounds
GDR = Global Depositary Receipts
LIBOR = London Interbank Offered Rate
MXN = Mexican pesos
REIT = Real Estate Investment Trust
SDR = Swedish Depositary Receipts
SOFR = Secured Overnight Financing Rate
TBA = To be announced
USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series

111

Asset Allocation Fund
Investment portfolio June 30, 2023	unaudited

Common stocks 68.72%	Shares		Value (000)
Information technology 14.33%
Microsoft Corp.		3,468,640	$	1,181,211
Broadcom, Inc.		1,202,067		1,042,709
ASML Holding NV (New York registered) (ADR)		487,911		353,614
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		2,167,000		218,694
MKS Instruments, Inc.		1,600,000		172,960
TE Connectivity, Ltd.		1,120,708		157,078
Oracle Corp.		1,083,246		129,004
Apple, Inc.		474,122		91,965
Snowflake, Inc., Class A¹		432,116		76,044
Constellation Software, Inc.		25,700		53,248
NVIDIA Corp.		95,291		40,310
MediaTek, Inc.		1,463,000		32,475
Applied Materials, Inc.		135,000		19,513
GoDaddy, Inc., Class A¹		207,378		15,580
Synopsys, Inc.¹		35,500		15,457
MicroStrategy, Inc., Class A¹		43,100		14,758
KLA Corp.		17,862		8,663
				3,623,283

Health care 10.88%
UnitedHealth Group, Inc.		877,396		421,712
Johnson & Johnson		1,847,058		305,725
Gilead Sciences, Inc.		3,115,000		240,073
Humana, Inc.		500,000		223,565
Eli Lilly and Company		400,469		187,812
Vertex Pharmaceuticals, Inc.¹		505,500		177,890
Abbott Laboratories		1,600,000		174,432
Regeneron Pharmaceuticals, Inc.¹		213,795		153,620
AbbVie, Inc.		1,089,767		146,824
Pfizer, Inc.		3,440,135		126,184
Bristol-Myers Squibb Company		1,374,818		87,920
AstraZeneca PLC		461,000		66,033
AstraZeneca PLC (ADR)		249,881		17,884
Centene Corp.¹		1,004,000		67,720
Molina Healthcare, Inc.¹		222,959		67,164
Thermo Fisher Scientific, Inc.		116,000		60,523
Alnylam Pharmaceuticals, Inc.¹		261,834		49,733
Zoetis, Inc., Class A		279,361		48,109
Novo Nordisk AS, Class B		246,400		39,797
Seagen, Inc.¹		115,000		22,133
Rotech Healthcare, Inc.^1,2,3		184,138		19,334
AbCellera Biologics, Inc.^1,4		2,871,293		18,549
Elevance Health, Inc.		37,542		16,679
Karuna Therapeutics, Inc.¹		57,100		12,382
				2,751,797

Consumer discretionary 9.17%
Aramark		10,375,152		446,650
Home Depot, Inc.		1,255,700		390,071
Booking Holdings, Inc.¹		92,416		249,554
Royal Caribbean Cruises, Ltd.¹		1,748,724		181,413
LVMH Moët Hennessy-Louis Vuitton SE		165,700		156,375
General Motors Company		4,000,000		154,240
Entain PLC		7,000,000		113,682
D.R. Horton, Inc.		870,000		105,870
Amazon.com, Inc.¹		800,000		104,288
Etsy, Inc.¹		945,985		80,040
Darden Restaurants, Inc.		478,474		79,943
Burlington Stores, Inc.¹		431,484		67,911
adidas AG		301,543		58,486
YUM! Brands, Inc.		277,000		38,378
Moncler SpA		395,000		27,331

112	American Funds Insurance Series

Asset Allocation Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Tractor Supply Co.		112,000	$	24,763
Chipotle Mexican Grill, Inc.¹		9,709		20,768
YETI Holdings, Inc.¹		495,471		19,244
				2,319,007

Communication services 7.40%
Meta Platforms, Inc., Class A¹		1,777,348		510,063
Alphabet, Inc., Class C¹		3,009,502		364,059
Alphabet, Inc., Class A¹		1,014,477		121,433
Charter Communications, Inc., Class A¹		821,000		301,611
Netflix, Inc.¹		437,545		192,734
Comcast Corp., Class A		3,423,000		142,226
Walt Disney Company¹		874,000		78,031
Take-Two Interactive Software, Inc.¹		445,000		65,486
ZoomInfo Technologies, Inc.¹		2,500,000		63,475
Activision Blizzard, Inc.¹		400,000		33,720
				1,872,838

Financials 6.92%
Aon PLC, Class A		806,892		278,539
Apollo Asset Management, Inc.		2,630,627		202,058
Synchrony Financial		4,100,000		139,072
JPMorgan Chase & Co.		725,000		105,444
Arthur J. Gallagher & Co.		476,724		104,674
Ares Management Corp., Class A		1,015,403		97,834
Capital One Financial Corp.		850,000		92,965
Blue Owl Capital, Inc., Class A		7,085,161		82,542
Mastercard, Inc., Class A		195,977		77,078
CME Group, Inc., Class A		380,200		70,447
Discover Financial Services		600,000		70,110
Blackstone, Inc.		737,500		68,565
Intercontinental Exchange, Inc.		599,487		67,790
Brookfield Corp., Class A		1,260,000		42,399
S&P Global, Inc.		102,000		40,891
Morgan Stanley		339,372		28,982
Trupanion, Inc.^1,4		1,429,966		28,142
The Carlyle Group, Inc.		814,688		26,029
Wells Fargo & Company		570,000		24,328
Antin Infrastructure Partners SA		1,243,300		20,183
London Stock Exchange Group PLC		189,000		20,028
Nasdaq, Inc.		336,300		16,765
Progressive Corp.		105,000		13,899
OneMain Holdings, Inc.		300,000		13,107
Bridgepoint Group PLC		3,872,625		9,958
Islandsbanki hf.		9,555,235		7,999
Sberbank of Russia PJSC²		8,880,000		—	⁵
				1,749,828

Consumer staples 6.18%
Philip Morris International, Inc.		8,973,171		875,961
Nestlé SA		1,677,000		201,785
Target Corp.		750,000		98,925
Archer Daniels Midland Company		1,200,000		90,672
British American Tobacco PLC (ADR)		1,409,481		46,795
British American Tobacco PLC		1,080,000		35,830
Altria Group, Inc.		1,570,000		71,121
Avenue Supermarts, Ltd.¹		970,539		46,092
Dollar General Corp.		236,327		40,124
Costco Wholesale Corp.		52,600		28,319
Dollar Tree Stores, Inc.¹		185,000		26,547
				1,562,171

American Funds Insurance Series

113

Asset Allocation Fund (continued)

Common stocks (continued)	Shares		Value (000)
Industrials 6.16%
Northrop Grumman Corp.		933,553	$	425,513
Boeing Company¹		1,219,206		257,447
Lockheed Martin Corp.		338,500		155,839
Caterpillar, Inc.		618,000		152,059
L3Harris Technologies, Inc.		744,000		145,653
CSX Corp.		2,628,369		89,627
Delta Air Lines, Inc.		1,224,213		58,199
General Electric Co.		318,583		34,996
Raytheon Technologies Corp.		269,433		26,394
Southwest Airlines Co.		675,300		24,453
United Airlines Holdings, Inc.¹		421,388		23,122
Paychex, Inc.		205,595		23,000
Concentrix Corp.		282,626		22,822
Huntington Ingalls Industries, Inc.		100,000		22,760
AMETEK, Inc.		140,000		22,663
Copart, Inc.¹		232,000		21,161
Chart Industries, Inc.¹		130,200		20,805
HEICO Corp.		88,528		15,664
Equifax, Inc.		61,931		14,572
				1,556,749

Materials 3.70%
Corteva, Inc.		4,615,508		264,469
Mosaic Co.		3,321,012		116,235
Linde PLC		261,370		99,603
Nucor Corp.		500,000		81,990
Royal Gold, Inc.		700,000		80,346
Wheaton Precious Metals Corp.		1,785,000		77,148
Lundin Mining Corp.		6,465,000		50,656
First Quantum Minerals, Ltd.		2,100,000		49,680
Franco-Nevada Corp.		347,089		49,469
ATI, Inc.¹		970,000		42,903
Nutrien, Ltd. (CAD denominated)		400,272		23,631
				936,130

Energy 2.88%
Canadian Natural Resources, Ltd. (CAD denominated)		5,852,700		329,050
ConocoPhillips		1,252,000		129,720
Cenovus Energy, Inc. (CAD denominated)		7,300,000		123,986
Hess Corp.		400,000		54,380
Halliburton Co.		1,410,700		46,539
Chevron Corp.		187,421		29,491
Exxon Mobil Corp.		129,835		13,925
Altera Infrastructure, LP^1,2		14,641		1,231
Diamond Offshore Drilling, Inc.¹		34,404		490
Constellation Oil Services Holding SA, Class B-1^1,2		480,336		53
McDermott International, Ltd.¹		30,762		5
Earthstone Energy, Inc., Class A¹		101		1
Bighorn Permian Resources, LLC²		4,392		—	⁵
				728,871

Real estate 0.73%
VICI Properties, Inc. REIT		2,004,628		63,006
Gaming and Leisure Properties, Inc. REIT		1,101,246		53,366
Equinix, Inc. REIT		63,445		49,737
Crown Castle, Inc. REIT		166,000		18,914
				185,023

114	American Funds Insurance Series

Asset Allocation Fund (continued)

Common stocks (continued)	Shares		Value (000)
Utilities 0.37%
CenterPoint Energy, Inc.		1,717,846	$	50,075
Sempra Energy		132,039		19,224
Constellation Energy Corp.		138,666		12,695
FirstEnergy Corp.		307,000		11,936
				93,930

Total common stocks (cost: $11,392,769,000)				17,379,627

Preferred securities 0.00%
Industrials 0.00%
ACR III LSC Holdings, LLC, Series B, preferred shares^1,2,6		450		337

Total preferred securities (cost: $466,000)				337

Rights & warrants 0.00%
Energy 0.00%
Constellation Oil Services Holding SA, Class D, warrants, expire 6/10/2071^1,2		4		—	⁵

Total rights & warrants (cost: $0)				—	⁵

Convertible stocks 0.20%
Health care 0.20%
Carbon Health Technologies, Inc., Series D-2, 8.00% noncumulative convertible preferred shares^2,3		4,955,500		50,695

Total convertible stocks (cost: $50,000,000)				50,695

Investment funds 4.06%
Capital Group Central Corporate Bond Fund⁷		124,024,730		1,026,925

Total investment funds (cost: $1,234,226,000)				1,026,925

Bonds, notes & other debt instruments 21.42%		Principal amount (000)
Mortgage-backed obligations 7.37%
Federal agency mortgage-backed obligations 6.80%
Fannie Mae Pool #AD7072 4.00% 6/1/2025⁸	USD	1		1
Fannie Mae Pool #AE3069 4.00% 9/1/2025⁸		1		1
Fannie Mae Pool #AH0829 4.00% 1/1/2026⁸		1		1
Fannie Mae Pool #AH6431 4.00% 2/1/2026⁸		137		134
Fannie Mae Pool #AH5618 4.00% 2/1/2026⁸		1		1
Fannie Mae Pool #890329 4.00% 4/1/2026⁸		20		20
Fannie Mae Pool #MA1109 4.00% 5/1/2027⁸		2		2
Fannie Mae Pool #MA3653 3.00% 3/1/2029⁸		11		11
Fannie Mae Pool #AL8347 4.00% 3/1/2029⁸		131		128
Fannie Mae Pool #254767 5.50% 6/1/2033⁸		189		194
Fannie Mae Pool #555956 5.50% 12/1/2033⁸		121		124
Fannie Mae Pool #BN1085 4.00% 1/1/2034⁸		392		381
Fannie Mae Pool #BN3172 4.00% 1/1/2034⁸		156		151
Fannie Mae Pool #929185 5.50% 1/1/2036⁸		368		377
Fannie Mae Pool #893641 6.00% 9/1/2036⁸		756		786
Fannie Mae Pool #893688 6.00% 10/1/2036⁸		147		152
Fannie Mae Pool #AS8554 3.00% 12/1/2036⁸		5,674		5,243
Fannie Mae Pool #907239 6.00% 12/1/2036⁸		32		32
Fannie Mae Pool #928031 6.00% 1/1/2037⁸		58		61
Fannie Mae Pool #888292 6.00% 3/1/2037⁸		495		514
Fannie Mae Pool #AD0249 5.50% 4/1/2037⁸		100		103
Fannie Mae Pool #190379 5.50% 5/1/2037⁸		51		53
Fannie Mae Pool #924952 6.00% 8/1/2037⁸		820		851

American Funds Insurance Series

115

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 #888637 6.00% 9/1/2037⁸	USD	9		$	9
Fannie Mae Pool #995674 6.00% 5/1/2038⁸		295			307
Fannie Mae Pool #AD0119 6.00% 7/1/2038⁸		901			937
Fannie Mae Pool #995224 6.00% 9/1/2038⁸		8			8
Fannie Mae Pool #AE0021 6.00% 10/1/2038⁸		271			281
Fannie Mae Pool #AL7164 6.00% 10/1/2038⁸		186			190
Fannie Mae Pool #889983 6.00% 10/1/2038⁸		17			17
Fannie Mae Pool #AD0095 6.00% 11/1/2038⁸		650			674
Fannie Mae Pool #AB0538 6.00% 11/1/2038⁸		105			109
Fannie Mae Pool #995391 6.00% 11/1/2038⁸		12			12
Fannie Mae Pool #AD0833 6.00% 1/1/2039⁸		—	⁵		—	⁵
Fannie Mae Pool #AL0309 6.00% 1/1/2040⁸		58			61
Fannie Mae Pool #AL0013 6.00% 4/1/2040⁸		172			178
Fannie Mae Pool #AL7228 6.00% 4/1/2041⁸		227			232
Fannie Mae Pool #AB4536 6.00% 6/1/2041⁸		380			390
Fannie Mae Pool #MA4387 2.00% 7/1/2041⁸		7,346			6,270
Fannie Mae Pool #MA4501 2.00% 12/1/2041⁸		8,448			7,153
Fannie Mae Pool #FS0305 1.50% 1/1/2042⁸		22,069			17,905
Fannie Mae Pool #MA4520 2.00% 1/1/2042⁸		14,380			12,170
Fannie Mae Pool #AP2131 3.50% 8/1/2042⁸		2,987			2,789
Fannie Mae Pool #AU8813 4.00% 11/1/2043⁸		2,095			2,027
Fannie Mae Pool #AU9348 4.00% 11/1/2043⁸		1,175			1,137
Fannie Mae Pool #AU9350 4.00% 11/1/2043⁸		941			905
Fannie Mae Pool #AL8773 3.50% 2/1/2045⁸		5,079			4,759
Fannie Mae Pool #FM9416 3.50% 7/1/2045⁸		8,436			7,853
Fannie Mae Pool #AL8354 3.50% 10/1/2045⁸		1,263			1,177
Fannie Mae Pool #AL8522 3.50% 5/1/2046⁸		2,659			2,474
Fannie Mae Pool #BC7611 4.00% 5/1/2046⁸		112			107
Fannie Mae Pool #AS8310 3.00% 11/1/2046⁸		359			323
Fannie Mae Pool #BD9307 4.00% 11/1/2046⁸		1,306			1,246
Fannie Mae Pool #BD9699 3.50% 12/1/2046⁸		1,463			1,351
Fannie Mae Pool #BE1290 3.50% 2/1/2047⁸		1,946			1,797
Fannie Mae Pool #BM1179 3.00% 4/1/2047⁸		449			402
Fannie Mae Pool #256975 7.00% 10/1/2047⁸		2			2
Fannie Mae Pool #CA0770 3.50% 11/1/2047⁸		1,441			1,334
Fannie Mae Pool #257036 7.00% 11/1/2047⁸		6			6
Fannie Mae Pool #MA3211 4.00% 12/1/2047⁸		2,527			2,417
Fannie Mae Pool #MA3277 4.00% 2/1/2048⁸		10			10
Fannie Mae Pool #BK5255 4.00% 5/1/2048⁸		11			10
Fannie Mae Pool #FM3278 3.50% 11/1/2048⁸		16,166			14,930
Fannie Mae Pool #FM3280 3.50% 5/1/2049⁸		2,201			2,049
Fannie Mae Pool #CA4756 3.00% 12/1/2049⁸		1,682			1,501
Fannie Mae Pool #CA5968 2.50% 6/1/2050⁸		5,436			4,673
Fannie Mae Pool #CA6593 2.50% 8/1/2050⁸		12,355			10,629
Fannie Mae Pool #CA7052 3.00% 9/1/2050⁸		388			344
Fannie Mae Pool #CA7737 2.50% 11/1/2050⁸		9,852			8,396
Fannie Mae Pool #CA7599 2.50% 11/1/2050⁸		1,546			1,331
Fannie Mae Pool #FM4897 3.00% 11/1/2050⁸		13,980			12,541
Fannie Mae Pool #MA4237 2.00% 1/1/2051⁸		6,549			5,392
Fannie Mae Pool #CA8828 2.50% 2/1/2051⁸		3,886			3,344
Fannie Mae Pool #CB0290 2.00% 4/1/2051⁸		4,689			3,855
Fannie Mae Pool #CB0191 3.00% 4/1/2051⁸		5,276			4,675
Fannie Mae Pool #CB0193 3.00% 4/1/2051⁸		649			575
Fannie Mae Pool #FM7909 3.00% 6/1/2051⁸		514			456
Fannie Mae Pool #FM8453 3.00% 8/1/2051⁸		4,683			4,172
Fannie Mae Pool #CB1304 3.00% 8/1/2051⁸		84			74
Fannie Mae Pool #CB1810 3.00% 10/1/2051⁸		160			141
Fannie Mae Pool #CB2078 3.00% 11/1/2051⁸		9,576			8,470
Fannie Mae Pool #CB2286 2.50% 12/1/2051⁸		16,836			14,425
Fannie Mae Pool #CB2375 2.50% 12/1/2051⁸		7,770			6,648
Fannie Mae Pool #CB2319 2.50% 12/1/2051⁸		191			163

116	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #BT9483 2.50% 12/1/2051⁸	USD	92	$	79
Fannie Mae Pool #BT9510 2.50% 12/1/2051⁸		91		78
Fannie Mae Pool #CB2372 2.50% 12/1/2051⁸		90		77
Fannie Mae Pool #FS0182 3.00% 1/1/2052⁸		12,476		11,039
Fannie Mae Pool #BV3076 2.00% 2/1/2052⁸		8,399		6,868
Fannie Mae Pool #FS0647 3.00% 2/1/2052⁸		64,988		58,010
Fannie Mae Pool #BX0097 4.50% 10/1/2052⁸		928		896
Fannie Mae Pool #MA4842 5.50% 12/1/2052⁸		2,836		2,832
Fannie Mae Pool #MA4919 5.50% 2/1/2053⁸		1,213		1,208
Fannie Mae Pool #FS4563 5.00% 5/1/2053⁸		855		838
Fannie Mae Pool #MA5010 5.50% 5/1/2053⁸		207		206
Fannie Mae Pool #MA5039 5.50% 6/1/2053⁸		738		735
Fannie Mae Pool #CB6491 6.50% 6/1/2053⁸		1,766		1,814
Fannie Mae Pool #FS4652 6.50% 6/1/2053⁸		1,680		1,718
Fannie Mae Pool #CB6490 6.50% 6/1/2053⁸		598		611
Fannie Mae Pool #CB6468 6.50% 6/1/2053⁸		437		447
Fannie Mae Pool #MA5071 5.00% 7/1/2053⁸		3,948		3,871
Fannie Mae Pool #MA5072 5.50% 7/1/2053⁸		2,758		2,746
Fannie Mae Pool #BM6736 4.50% 11/1/2059⁸		11,168		10,812
Fannie Mae Pool #BF0497 3.00% 7/1/2060⁸		3,966		3,388
Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/2041⁸		23		24
Fannie Mae, Series 2001-T10, Class A1, 7.00% 12/25/2041⁸		77		78
Fannie Mae, Series 2014-M1, Class A2, Multi Family, 3.004% 7/25/2023^8,9		250		249
Fannie Mae, Series 2006-43, Class JO, principal only, 0% 6/25/2036⁸		36		30
Freddie Mac Pool #C91912 3.00% 2/1/2037⁸		10,459		9,682
Freddie Mac Pool #G03978 5.00% 3/1/2038⁸		407		410
Freddie Mac Pool #G04553 6.50% 9/1/2038⁸		44		46
Freddie Mac Pool #G08347 4.50% 6/1/2039⁸		63		62
Freddie Mac Pool #RB5071 2.00% 9/1/2040⁸		24,289		20,846
Freddie Mac Pool #C03518 5.00% 9/1/2040⁸		547		551
Freddie Mac Pool #Q05807 4.00% 1/1/2042⁸		1,546		1,489
Freddie Mac Pool #Q23185 4.00% 11/1/2043⁸		1,237		1,199
Freddie Mac Pool #Q23190 4.00% 11/1/2043⁸		742		715
Freddie Mac Pool #760014 2.73% 8/1/2045^8,9		174		165
Freddie Mac Pool #Q37988 4.00% 12/1/2045⁸		5,456		5,226
Freddie Mac Pool #G60344 4.00% 12/1/2045⁸		4,676		4,479
Freddie Mac Pool #Z40130 3.00% 1/1/2046⁸		4,202		3,772
Freddie Mac Pool #Q41090 4.50% 6/1/2046⁸		201		198
Freddie Mac Pool #Q41909 4.50% 7/1/2046⁸		238		234
Freddie Mac Pool #760015 2.568% 1/1/2047^8,9		424		402
Freddie Mac Pool #Q46021 3.50% 2/1/2047⁸		1,133		1,048
Freddie Mac Pool #SI2002 4.00% 3/1/2048⁸		2,215		2,114
Freddie Mac Pool #RA3384 3.00% 8/1/2050⁸		402		357
Freddie Mac Pool #SD8106 2.00% 11/1/2050⁸		32,110		26,435
Freddie Mac Pool #SD7528 2.00% 11/1/2050⁸		17,288		14,303
Freddie Mac Pool #RA5288 2.00% 5/1/2051⁸		29,597		24,316
Freddie Mac Pool #SD7544 3.00% 7/1/2051⁸		403		359
Freddie Mac Pool #RA5782 2.50% 9/1/2051⁸		9,974		8,522
Freddie Mac Pool #SD7545 2.50% 9/1/2051⁸		6,811		5,857
Freddie Mac Pool #RA5971 3.00% 9/1/2051⁸		6,622		5,891
Freddie Mac Pool #QC6456 3.00% 9/1/2051⁸		693		611
Freddie Mac Pool #SD0734 3.00% 10/1/2051⁸		173		154
Freddie Mac Pool #RA6483 2.50% 12/1/2051⁸		6,675		5,711
Freddie Mac Pool #SD7552 2.50% 1/1/2052⁸		2,343		2,008
Freddie Mac Pool #SD0813 3.00% 1/1/2052⁸		337		300
Freddie Mac Pool #QD7089 3.50% 2/1/2052⁸		1,133		1,035
Freddie Mac Pool #SD7554 2.50% 4/1/2052⁸		90		78
Freddie Mac Pool #SD8214 3.50% 5/1/2052⁸		145		132
Freddie Mac Pool #QE4383 4.00% 6/1/2052⁸		2,317		2,180
Freddie Mac Pool #SD7556 3.00% 8/1/2052⁸		1,383		1,228
Freddie Mac Pool #RA7938 5.00% 9/1/2052⁸		1,286		1,262

American Funds Insurance Series

117

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 #SD8276 5.00% 12/1/2052⁸	USD	6,659	$	6,531
Freddie Mac Pool #SD2716 5.00% 4/1/2053⁸		1,384		1,357
Freddie Mac Pool #SD8329 5.00% 6/1/2053⁸		453		444
Freddie Mac Pool #SD8331 5.50% 6/1/2053⁸		3,284		3,270
Freddie Mac Pool #RA9294 6.50% 6/1/2053⁸		815		836
Freddie Mac Pool #RA9292 6.50% 6/1/2053⁸		685		702
Freddie Mac Pool #RA9289 6.50% 6/1/2053⁸		665		686
Freddie Mac Pool #RA9288 6.50% 6/1/2053⁸		638		660
Freddie Mac Pool #RA9287 6.50% 6/1/2053⁸		439		455
Freddie Mac Pool #RA9290 6.50% 6/1/2053⁸		341		351
Freddie Mac Pool #RA9291 6.50% 6/1/2053⁸		237		242
Freddie Mac Pool #RA9295 6.50% 6/1/2053⁸		174		181
Freddie Mac Pool #SD8341 5.00% 7/1/2053⁸		5,706		5,594
Freddie Mac Pool #SD8342 5.50% 7/1/2053⁸		9,919		9,877
Freddie Mac, Series T041, Class 3A, 4.317% 7/25/2032^8,9		177		167
Freddie Mac, Series KPLB, Class A, Multi Family, 2.77% 5/25/2025⁸		3,277		3,127
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056^8,9		2,541		2,351
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 7/25/2056^8,9		1,095		1,019
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056⁸		4,932		4,544
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056^8,9		4,841		4,472
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057^8,9		875		786
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/2057⁸		723		649
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057⁸		1,704		1,602
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/2057⁸		1,873		1,671
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058⁸		8,904		8,322
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/2059⁸		5,160		4,713
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028⁸		2,036		1,922
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 5/25/2029⁸		4,055		3,812
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A2, 3.50% 5/25/2029⁸		2,455		2,270
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/2029⁸		2,549		2,328
Government National Mortgage Assn. 2.00% 7/1/2053^8,10		68,784		57,830
Government National Mortgage Assn. 2.50% 7/1/2053^8,10		18,016		15,603
Government National Mortgage Assn. 3.00% 7/1/2053^8,10		42,194		37,709
Government National Mortgage Assn. 3.50% 7/1/2053^8,10		8,404		7,757
Government National Mortgage Assn. 4.00% 7/1/2053^8,10		10,028		9,490
Government National Mortgage Assn. 4.50% 7/1/2053^8,10		33,457		32,294
Government National Mortgage Assn. 2.50% 8/1/2053^8,10		5,100		4,420
Government National Mortgage Assn. 3.00% 8/1/2053^8,10		41,469		37,093
Government National Mortgage Assn. 3.50% 8/1/2053^8,10		8,100		7,486
Government National Mortgage Assn. 4.00% 8/1/2053^8,10		5,900		5,587
Government National Mortgage Assn. Pool #BD7245 4.00% 1/20/2048⁸		432		411
Government National Mortgage Assn. Pool #MA5652 4.50% 12/20/2048⁸		318		311
Government National Mortgage Assn. Pool #MA6602 4.50% 4/20/2050⁸		191		187
Government National Mortgage Assn. Pool #MA7259 4.50% 3/20/2051⁸		1,635		1,600
Government National Mortgage Assn. Pool #MA7316 4.50% 4/20/2051⁸		460		450
Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063⁸		2,106		1,621
Uniform Mortgage-Backed Security 1.50% 7/1/2038^8,10		25,420		21,933

118	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)
Uniform Mortgage-Backed Security 2.50% 8/1/2038^8,10	USD	638	$	582
Uniform Mortgage-Backed Security 2.00% 7/1/2053^8,10		63,714		51,974
Uniform Mortgage-Backed Security 2.50% 7/1/2053^8,10		66,965		56,795
Uniform Mortgage-Backed Security 3.00% 7/1/2053^8,10		19,499		17,164
Uniform Mortgage-Backed Security 3.50% 7/1/2053^8,10		83,843		76,412
Uniform Mortgage-Backed Security 4.00% 7/1/2053^8,10		89,848		84,327
Uniform Mortgage-Backed Security 4.50% 7/1/2053^8,10		45,563		43,808
Uniform Mortgage-Backed Security 5.00% 7/1/2053^8,10		103,736		101,653
Uniform Mortgage-Backed Security 5.50% 7/1/2053^8,10		44,760		44,547
Uniform Mortgage-Backed Security 6.00% 7/1/2053^8,10		36,852		37,180
Uniform Mortgage-Backed Security 6.50% 7/1/2053^8,10		14,693		15,003
Uniform Mortgage-Backed Security 2.00% 8/1/2053^8,10		76,600		62,576
Uniform Mortgage-Backed Security 2.50% 8/1/2053^8,10		166,370		141,311
Uniform Mortgage-Backed Security 3.00% 8/1/2053^8,10		61,480		54,196
Uniform Mortgage-Backed Security 3.50% 8/1/2053^8,10		9,500		8,667
Uniform Mortgage-Backed Security 4.00% 8/1/2053^8,10		37,710		35,422
Uniform Mortgage-Backed Security 4.50% 8/1/2053^8,10		44,000		42,326
Uniform Mortgage-Backed Security 5.50% 8/1/2053^8,10		36,910		36,728
Uniform Mortgage-Backed Security 6.00% 8/1/2053^8,10		32,227		32,506
				1,719,065

Commercial mortgage-backed securities 0.44%
Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063⁸		2,909		2,421
Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 2/15/2051⁸		1,000		911
Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 3/15/2053⁸		2,960		2,390
BX Trust, Series 2021-SDMF, Class A, (1-month USD-LIBOR + 0.589%) 5.782% 9/15/2034^6,8,9		5,954		5,752
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 5.893% 9/15/2036^6,8,9		4,505		4,365
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 6.092% 10/15/2036^6,8,9		7,968		7,732
BX Trust, Series 2021-ARIA, Class B, (1-month USD-LIBOR + 1.297%) 6.49% 10/15/2036^6,8,9		5,968		5,754
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 5.863% 6/15/2038^6,8,9		7,307		7,122
BX Trust, Series 2021-SOAR, Class B, (1-month USD-LIBOR + 0.87%) 6.063% 6/15/2038^6,8,9		1,319		1,280
BX Trust, Series 2021-SOAR, Class C, (1-month USD-LIBOR + 1.10%) 6.293% 6/15/2038^6,8,9		1,191		1,151
BX Trust, Series 2021-ACNT, Class A, (1-month USD-LIBOR + 0.85%) 6.043% 11/15/2038^6,8,9		5,254		5,129
BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 6.137% 2/15/2039^6,8,9		4,834		4,706
Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 6/10/2028^6,8,9		3,606		3,606
Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class AAB, 2.984% 4/10/2048⁸		330		322
Commercial Mortgage Trust, Series 2015-PC1, Class A5, 3.902% 7/10/2050⁸		4,735		4,527
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class ASB, 3.617% 11/15/2048⁸		631		611
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 6.273% 7/15/2038^6,8,9		1,517		1,489
Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD-LIBOR + 1.38%) 6.573% 7/15/2038^6,8,9		1,385		1,353
Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD-LIBOR + 1.70%) 6.893% 7/15/2038^6,8,9		1,447		1,410
Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 12/10/2040^6,8		3,795		2,959
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053⁸		2,489		2,029
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039^6,8		1,964		1,570

American Funds Insurance Series

119

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.377% 1/5/2039^6,8	USD	868	$	684
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.565% 1/5/2039^6,8,9		523		400
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2021-410T, Class A, 2.287% 3/5/2042^6,8		1,431		1,119
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class B, (1-month USD-LIBOR + 1.40%) 6.593% 10/15/2038^6,8,9		1,326		1,304
Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 9/10/2039^6,8		13,772		11,770
MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD CME Term SOFR + 0.915%) 6.062% 4/15/2038^6,8,9		3,950		3,881
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27, Class ASB, 3.557% 12/15/2047⁸		428		416
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class ASB, 3.04% 4/15/2048⁸		348		339
SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041^6,8		2,194		1,764
SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 5.924% 11/15/2038^6,8,9		4,808		4,676
StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class A, (1-month USD CME Term SOFR + 1.00%) 6.147% 1/15/2039^6,8,9		10,709		10,389
WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + 2.789%) 7.936% 11/15/2027^6,8,9		6,379		6,388
				111,719

Collateralized mortgage-backed obligations (privately originated) 0.13%
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048^6,8,9		1,020		819
Cascade Funding Mortgage Trust, Series 2018-RM2, Class A, 4.00% 10/25/2068^6,8,9		996		964
Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M1, (30-day Average USD-SOFR + 0.75%) 5.817% 10/25/2041^6,8,9		115		115
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 8/15/2037^6,8		4,096		3,669
CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 9/25/2034⁸		143		137
Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 3/25/2069^6,8		2,002		2,159
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 6/25/2069^6,8		6,120		6,141
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, (1-month USD-LIBOR + 3.30%) 8.45% 10/25/2027^8,9		172		174
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 7.217% 9/25/2042^6,8,9		872		878
Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026^6,8		4,132		3,609
Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 3.25% 11/25/2059^6,8,9		1,000		992
MASTR Alternative Loan Trust, Series 2004-2, Class 2A1, 6.00% 2/25/2034⁸		297		285
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 6.00% 11/25/2055^6,8,9		4,040		3,994
Onslow Bay Financial Mortgage Loan Trust, Series 2022-J1, Class A2, 2.50% 2/25/2052^6,8,9		2,724		2,206
Towd Point Mortgage Trust, Series 2023-1, Class A1, 3.75% 1/25/2063^6,8		3,315		3,039
Verus Securitization Trust, Series 2023-5, Class A5, 6.476% 6/25/2068 (7.476% on 6/1/2027)^6,8,11		3,604		3,616
				32,797

Total mortgage-backed obligations				1,863,581

Corporate bonds, notes & loans 6.09%
Financials 1.45%
Advisor Group Holdings, Inc. 10.75% 8/1/2027⁶		2,420		2,439
AerCap Ireland Capital DAC 2.45% 10/29/2026		5,457		4,878
AerCap Ireland Capital DAC 5.75% 6/6/2028		1,371		1,361
AerCap Ireland Capital DAC 3.00% 10/29/2028		4,501		3,895
AerCap Ireland Capital DAC 3.30% 1/30/2032		2,838		2,323

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)
Financials (continued)
AerCap Ireland Capital DAC 3.85% 10/29/2041	USD	1,970	$	1,498
AG Issuer, LLC 6.25% 3/1/2028⁶		4,470		4,263
AG TTMT Escrow Issuer, LLC 8.625% 9/30/2027⁶		1,072		1,100
AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025)^6,11		7,750		7,876
Alliant Holdings Intermediate, LLC 4.25% 10/15/2027⁶		2,100		1,888
Alliant Holdings Intermediate, LLC 5.875% 11/1/2029⁶		2,295		1,999
Ally Financial, Inc. 8.00% 11/1/2031		3,000		3,101
American International Group, Inc. 2.50% 6/30/2025		10,533		9,926
American International Group, Inc. 5.125% 3/27/2033		2,161		2,112
AmWINS Group, Inc. 4.875% 6/30/2029⁶		1,348		1,219
Aretec Escrow Issuer, Inc. 7.50% 4/1/2029⁶		1,250		1,087
Banco Santander, SA 2.746% 5/28/2025		1,200		1,127
Banco Santander, SA 5.147% 8/18/2025		1,400		1,376
Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)¹¹		2,428		2,061
Bank of America Corp. 5.08% 1/20/2027 (USD-SOFR + 1.29% on 1/20/2026)¹¹		2,250		2,216
Bank of America Corp. 1.734% 7/22/2027 (USD-SOFR + 0.96% on 7/22/2026)¹¹		1,565		1,398
Bank of America Corp. 6.204% 11/10/2028 (USD-SOFR + 1.99% on 11/10/2027)¹¹		2,500		2,572
Bank of America Corp. 3.419% 12/20/2028 (3-month USD CME Term SOFR + 1.302% on 12/20/2027)¹¹		2,345		2,153
Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030)¹¹		1,000		792
Bank of America Corp. 5.015% 7/22/2033 (USD-SOFR + 2.16% on 7/22/2032)¹¹		7,000		6,852
Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033)¹¹		2,250		2,230
Berkshire Hathaway, Inc. 3.125% 3/15/2026		500		482
Blackstone Private Credit Fund 7.05% 9/29/2025		2,510		2,505
Block, Inc. 3.50% 6/1/2031		2,325		1,929
BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027)^6,11		3,062		2,739
BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)^6,11		2,829		2,359
BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031)^6,11		400		328
BPCE 5.70% 10/22/2023⁶		2,250		2,240
BPCE 5.15% 7/21/2024⁶		3,710		3,644
BPCE 1.00% 1/20/2026⁶		3,000		2,672
BPCE 5.975% 1/18/2027 (USD-SOFR + 2.10% on 1/18/2026)^6,11		5,000		4,955
BPCE 5.748% 7/19/2033 (USD-SOFR + 2.865% on 7/19/2032)^6,11		271		265
CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028)^6,11		1,450		1,448
Castlelake Aviation Finance DAC 5.00% 4/15/2027⁶		3,370		2,987
Chubb INA Holdings, Inc. 3.35% 5/3/2026		880		846
Chubb INA Holdings, Inc. 4.35% 11/3/2045		400		363
Citigroup, Inc. 5.61% 9/29/2026 (USD-SOFR + 1.546% on 12/29/2025)¹¹		8,000		7,993
Citigroup, Inc. 2.976% 11/5/2030 (USD-SOFR + 1.422% on 11/5/2029)¹¹		3,254		2,823
Citigroup, Inc. 6.174% 5/25/2034 (USD-SOFR + 2.661% on 5/25/2033)¹¹		1,475		1,489
CME Group, Inc. 3.75% 6/15/2028		3,425		3,281
Coinbase Global, Inc. 3.375% 10/1/2028⁶		2,625		1,758
Coinbase Global, Inc. 3.625% 10/1/2031⁶		2,875		1,702
Compass Group Diversified Holdings, LLC 5.25% 4/15/2029⁶		820		720
Compass Group Diversified Holdings, LLC 5.00% 1/15/2032⁶		715		580
Cooperatieve Rabobank UA 4.375% 8/4/2025		4,500		4,346
Corebridge Financial, Inc. 3.50% 4/4/2025		642		612
Corebridge Financial, Inc. 3.65% 4/5/2027		914		854
Corebridge Financial, Inc. 3.85% 4/5/2029		621		559
Corebridge Financial, Inc. 3.90% 4/5/2032		351		305
Corebridge Financial, Inc. 4.35% 4/5/2042		203		164
Corebridge Financial, Inc. 4.40% 4/5/2052		489		385
Crédit Agricole SA 4.375% 3/17/2025⁶		850		819
Credit Suisse AG 3.625% 9/9/2024		1,500		1,445
Credit Suisse AG 7.95% 1/9/2025		7,750		7,911
Danske Bank AS 3.773% 3/28/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.45% on 3/28/2024)^6,11		6,000		5,866
Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025)¹¹		2,212		1,969
Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)¹¹		2,788		2,398
Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027)¹¹		6,650		5,771

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)
Financials (continued)
Deutsche Bank AG 6.72% 1/18/2029 (USD-SOFR + 3.18% on 1/18/2028)¹¹	USD	2,100	$	2,105
Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030)¹¹		300		249
Deutsche Bank AG 7.079% 2/10/2034 (USD-SOFR + 3.65% on 2/10/2033)¹¹		2,975		2,753
DNB Bank ASA 5.896% 10/9/2026 (USD-SOFR + 1.95% on 10/9/2025)^6,11		7,750		7,680
Fidelity National Information Services, Inc. 3.10% 3/1/2041		302		208
Fiserv, Inc. 3.50% 7/1/2029		471		430
Fiserv, Inc. 2.65% 6/1/2030		3,605		3,074
Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026)¹¹		2,198		1,956
Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027)¹¹		4,000		3,632
Goldman Sachs Group, Inc. 3.814% 4/23/2029 (3-month USD CME Term SOFR + 1.42% on 4/23/2028)¹¹		390		362
Goldman Sachs Group, Inc. 2.615% 4/22/2032 (USD-SOFR + 1.281% on 4/22/2031)¹¹		2,323		1,906
Goldman Sachs Group, Inc. 3.21% 4/22/2042 (USD-SOFR + 1.513% on 4/22/2041)¹¹		2,000		1,480
Hightower Holding, LLC 6.75% 4/15/2029⁶		870		753
HSBC Holdings PLC 4.25% 3/14/2024		3,000		2,962
HSBC Holdings PLC 2.633% 11/7/2025 (USD-SOFR + 1.402% on 11/7/2024)¹¹		625		594
HSBC Holdings PLC 3.973% 5/22/2030 (3-month USD CME Term SOFR + 1.872% on 5/22/2029)¹¹		1,500		1,348
HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031)¹¹		400		323
HSBC Holdings PLC 6.254% 3/9/2034 (USD-SOFR + 2.39% on 3/9/2033)¹¹		8,862		9,089
Intercontinental Exchange, Inc. 2.65% 9/15/2040		7,425		5,260
Intesa Sanpaolo SpA 5.017% 6/26/2024⁶		1,730		1,676
Intesa Sanpaolo SpA 3.25% 9/23/2024⁶		750		720
Intesa Sanpaolo SpA 3.875% 7/14/2027⁶		300		271
Intesa Sanpaolo SpA 8.248% 11/21/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 4.40% on 11/21/2032)^6,11		4,600		4,835
Intesa Sanpaolo SpA 7.778% 6/20/2054 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.90% on 6/20/2053)^6,11		623		622
JPMorgan Chase & Co. 5.546% 12/15/2025 (USD-SOFR + 1.07% on 12/15/2024)¹¹		250		249
JPMorgan Chase & Co. 4.08% 4/26/2026 (USD-SOFR + 1.32% on 4/26/2025)¹¹		3,143		3,056
JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026)¹¹		2,975		2,651
JPMorgan Chase & Co. 1.578% 4/22/2027 (USD-SOFR + 0.885% on 4/22/2026)¹¹		1,017		914
JPMorgan Chase & Co. 1.47% 9/22/2027 (USD-SOFR + 0.765% on 9/22/2026)¹¹		383		338
JPMorgan Chase & Co. 4.323% 4/26/2028 (USD-SOFR + 1.56% on 4/26/2027)¹¹		4,000		3,863
JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)¹¹		3,740		3,692
JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031)¹¹		3,025		2,411
JPMorgan Chase & Co. 4.586% 4/26/2033 (USD-SOFR + 1.80% on 4/26/2032)¹¹		299		285
JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)¹¹		3,982		3,893
Kasikornbank PCL (Hong Kong Branch) 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)¹¹		1,222		1,080
Lloyds Banking Group PLC 4.05% 8/16/2023		2,000		1,996
Lloyds Banking Group PLC 1.627% 5/11/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 5/11/2026)¹¹		800		708
LPL Holdings, Inc. 4.625% 11/15/2027⁶		2,700		2,534
LPL Holdings, Inc. 4.375% 5/15/2031⁶		1,805		1,561
Marsh & McLennan Companies, Inc. 3.875% 3/15/2024		820		809
Marsh & McLennan Companies, Inc. 4.375% 3/15/2029		1,705		1,658
Marsh & McLennan Companies, Inc. 4.90% 3/15/2049		719		677
Marsh & McLennan Companies, Inc. 2.90% 12/15/2051		920		614
Mastercard, Inc. 4.875% 3/9/2028		3,246		3,285
Mastercard, Inc. 4.85% 3/9/2033		5,758		5,859
Metropolitan Life Global Funding I 5.15% 3/28/2033⁶		1,600		1,584
MGIC Investment Corp. 5.25% 8/15/2028		1,175		1,109
Morgan Stanley 4.679% 7/17/2026 (USD-SOFR + 1.669% on 7/17/2025)¹¹		2,450		2,405
Morgan Stanley 3.125% 7/27/2026		325		305
Morgan Stanley 5.123% 2/1/2029 (USD-SOFR + 1.73% on 2/1/2028)¹¹		425		419
Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028)¹¹		975		964
Morgan Stanley 5.25% 4/21/2034 (USD-SOFR + 1.87% on 4/21/2033)¹¹		2,500		2,470
Nasdaq, Inc. 5.35% 6/28/2028		1,926		1,930

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)
Financials (continued)
Nasdaq, Inc. 5.55% 2/15/2034	USD	3,120	$	3,134
Nasdaq, Inc. 5.95% 8/15/2053		259		265
Nasdaq, Inc. 6.10% 6/28/2063		411		421
Navient Corp. 6.125% 3/25/2024		8,030		7,974
Navient Corp. 5.875% 10/25/2024		1,005		989
Navient Corp. 6.75% 6/15/2026		300		290
Navient Corp. 5.50% 3/15/2029		5,980		5,105
New York Life Global Funding 2.35% 7/14/2026⁶		590		543
New York Life Global Funding 4.55% 1/28/2033⁶		1,263		1,218
Northwestern Mutual Global Funding 1.75% 1/11/2027⁶		2,500		2,230
OneMain Finance Corp. 6.125% 3/15/2024		2,550		2,544
OneMain Finance Corp. 3.875% 9/15/2028		756		619
Owl Rock Capital Corp. 4.00% 3/30/2025		102		96
Owl Rock Capital Corp. 3.75% 7/22/2025		2,874		2,665
Owl Rock Capital Corp. 3.40% 7/15/2026		1,290		1,144
Owl Rock Capital Corp. II 4.625% 11/26/2024⁶		2,305		2,188
Owl Rock Capital Corp. III 3.125% 4/13/2027		2,520		2,138
Owl Rock Core Income Corp. 4.70% 2/8/2027		2,500		2,271
Oxford Finance, LLC 6.375% 2/1/2027⁶		1,125		1,048
PayPal Holdings, Inc. 2.65% 10/1/2026		662		615
PayPal Holdings, Inc. 2.30% 6/1/2030		616		523
PNC Financial Services Group, Inc. 3.90% 4/29/2024		2,000		1,964
Power Finance Corp., Ltd. 5.25% 8/10/2028		383		375
Power Finance Corp., Ltd. 6.15% 12/6/2028		350		354
Power Finance Corp., Ltd. 4.50% 6/18/2029		554		515
Power Finance Corp., Ltd. 3.95% 4/23/2030		1,213		1,080
Prudential Financial, Inc. 4.35% 2/25/2050		2,205		1,874
Prudential Financial, Inc. 3.70% 3/13/2051		755		579
Rocket Mortgage, LLC 2.875% 10/15/2026⁶		2,110		1,870
Rocket Mortgage, LLC 3.625% 3/1/2029⁶		1,505		1,266
Royal Bank of Canada 1.15% 6/10/2025		4,711		4,350
Ryan Specialty Group, LLC 4.375% 2/1/2030⁶		270		239
Starwood Property Trust, Inc. 5.50% 11/1/2023⁶		1,160		1,151
Starwood Property Trust, Inc. 4.375% 1/15/2027⁶		2,180		1,880
Swiss Re Finance (Luxembourg) SA 5.00% 4/2/2049 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.582% on 4/2/2029)^6,11		2,800		2,686
Toronto-Dominion Bank 2.65% 6/12/2024		625		606
Toronto-Dominion Bank 0.75% 9/11/2025		5,375		4,867
Toronto-Dominion Bank 1.25% 9/10/2026		2,425		2,144
Toronto-Dominion Bank 1.95% 1/12/2027		2,500		2,248
Toronto-Dominion Bank 2.45% 1/12/2032		787		646
Travelers Companies, Inc. 4.00% 5/30/2047		860		727
U.S. Bancorp 2.375% 7/22/2026		4,000		3,655
UBS Group AG 2.593% 9/11/2025 (USD-SOFR + 1.56% on 9/11/2024)^6,11		1,568		1,495
UBS Group AG 4.125% 9/24/2025⁶		2,750		2,629
UBS Group AG 2.193% 6/5/2026 (USD-SOFR + 2.044% on 6/5/2025)^6,11		1,250		1,147
UBS Group AG 3.869% 1/12/2029 (3-month USD-LIBOR + 1.41% on 1/12/2028)^6,11		800		724
UniCredit SpA 4.625% 4/12/2027⁶		625		594
Wells Fargo & Company 2.164% 2/11/2026 (3-month USD CME Term SOFR + 1.012% on 2/11/2025)¹¹		8,000		7,538
Wells Fargo & Company 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)¹¹		4,337		4,052
Wells Fargo & Company 5.389% 4/24/2034 (USD-SOFR + 2.02% on 4/24/2033)¹¹		4,000		3,976
Westpac Banking Corp. 2.894% 2/4/2030 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 2/4/2025)¹¹		3,000		2,805
Westpac Banking Corp. 2.668% 11/15/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 11/15/2030)¹¹		3,325		2,554
Westpac Banking Corp. 2.963% 11/16/2040		1,500		1,007
				366,478

American Funds Insurance Series

123

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care 0.74%
AbbVie, Inc. 3.80% 3/15/2025	USD	206	$	200
AbbVie, Inc. 2.95% 11/21/2026		1,445		1,351
AdaptHealth, LLC 6.125% 8/1/2028⁶		160		139
AdaptHealth, LLC 4.625% 8/1/2029⁶		225		180
Amgen, Inc. 5.25% 3/2/2030		2,638		2,645
Amgen, Inc. 5.25% 3/2/2033		1,243		1,245
Amgen, Inc. 5.60% 3/2/2043		1,500		1,506
Amgen, Inc. 5.65% 3/2/2053		878		890
Amgen, Inc. 4.40% 2/22/2062		1,697		1,394
Amgen, Inc. 5.75% 3/2/2063		1,500		1,523
AstraZeneca Finance, LLC 1.20% 5/28/2026		3,786		3,418
AstraZeneca Finance, LLC 1.75% 5/28/2028		1,871		1,622
AstraZeneca Finance, LLC 2.25% 5/28/2031		742		626
AstraZeneca PLC 3.375% 11/16/2025		1,140		1,096
Bausch Health Companies, Inc. 5.50% 11/1/2025⁶		6,275		5,553
Bausch Health Companies, Inc. 4.875% 6/1/2028⁶		7,450		4,443
Baxter International, Inc. 1.322% 11/29/2024		7,109		6,673
Baxter International, Inc. 1.915% 2/1/2027		4,739		4,212
Baxter International, Inc. 2.272% 12/1/2028		3,180		2,727
Bayer US Finance II, LLC 3.875% 12/15/2023⁶		1,685		1,669
Becton, Dickinson and Company 3.363% 6/6/2024		198		194
Boston Scientific Corp. 3.45% 3/1/2024		313		308
Centene Corp. 4.25% 12/15/2027		565		529
Centene Corp. 2.45% 7/15/2028		1,325		1,134
Centene Corp. 4.625% 12/15/2029		1,265		1,166
CHS / Community Health Systems, Inc. 5.625% 3/15/2027⁶		1,960		1,729
CHS / Community Health Systems, Inc. 5.25% 5/15/2030⁶		3,675		2,899
CVS Health Corp. 5.00% 1/30/2029		3,831		3,796
CVS Health Corp. 5.30% 6/1/2033		4,018		4,014
CVS Health Corp. 5.875% 6/1/2053		1,250		1,283
Elevance Health, Inc. 2.375% 1/15/2025		818		778
Elevance Health, Inc. 4.90% 2/8/2026		1,417		1,394
Elevance Health, Inc. 4.75% 2/15/2033		811		788
Elevance Health, Inc. 5.125% 2/15/2053		344		334
Eli Lilly and Co. 3.375% 3/15/2029		1,353		1,272
Eli Lilly and Co. 4.70% 2/27/2033		1,543		1,564
Eli Lilly and Co. 4.875% 2/27/2053		447		459
HCA, Inc. 3.375% 3/15/2029⁶		804		715
HCA, Inc. 3.50% 9/1/2030		4,050		3,552
HCA, Inc. 3.625% 3/15/2032⁶		1,000		868
HCA, Inc. 4.375% 3/15/2042⁶		1,500		1,244
HCA, Inc. 4.625% 3/15/2052⁶		1,450		1,193
Jazz Securities DAC 4.375% 1/15/2029⁶		1,975		1,764
Medtronic Global Holdings S.C.A. 4.25% 3/30/2028		2,213		2,161
Medtronic Global Holdings S.C.A. 4.50% 3/30/2033		4,000		3,922
Merck & Co., Inc. 1.90% 12/10/2028		600		524
Merck & Co., Inc. 2.75% 12/10/2051		1,103		762
Molina Healthcare, Inc. 3.875% 11/15/2030⁶		2,899		2,494
Molina Healthcare, Inc. 3.875% 5/15/2032⁶		3,855		3,237
Novant Health, Inc. 3.168% 11/1/2051		3,750		2,695
Novartis Capital Corp. 1.75% 2/14/2025		1,250		1,186
Novartis Capital Corp. 2.00% 2/14/2027		2,386		2,188
Owens & Minor, Inc. 4.375% 12/15/2024		5,615		5,452
Owens & Minor, Inc. 4.50% 3/31/2029⁶		5,065		4,211
Owens & Minor, Inc. 6.625% 4/1/2030⁶		1,495		1,358
Par Pharmaceutical, Inc. 7.50% 4/1/2027⁶		9,648		7,144
Pfizer Investment Enterprises Pte., Ltd. 4.45% 5/19/2028		4,000		3,933
Pfizer Investment Enterprises Pte., Ltd. 4.65% 5/19/2030		4,000		3,954
Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033		1,503		1,498
Pfizer Investment Enterprises Pte., Ltd. 5.11% 5/19/2043		3,000		3,009
Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053		1,039		1,081

124	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Pfizer, Inc. 2.95% 3/15/2024	USD	219	$	215
Radiology Partners, Inc., Term Loan, (1-month USD CME Term SOFR + 4.25%) 9.467% 7/9/2025^9,12		487		368
RP Escrow Issuer, LLC 5.25% 12/15/2025⁶		2,080		1,537
Shire Acquisitions Investments Ireland DAC 2.875% 9/23/2023		1,365		1,356
Summa Health 3.511% 11/15/2051		1,655		1,176
Tenet Healthcare Corp. 4.875% 1/1/2026		11,225		10,944
Tenet Healthcare Corp. 4.25% 6/1/2029		2,060		1,863
Teva Pharmaceutical Finance Netherlands III BV 6.00% 4/15/2024		4,253		4,229
Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026		17,790		15,963
Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029		7,495		6,807
Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046		3,550		2,339
The Cigna Group 3.75% 7/15/2023		245		245
UnitedHealth Group, Inc. 1.15% 5/15/2026		2,610		2,361
UnitedHealth Group, Inc. 5.30% 2/15/2030		2,500		2,563
UnitedHealth Group, Inc. 2.00% 5/15/2030		974		820
UnitedHealth Group, Inc. 4.20% 5/15/2032		767		733
UnitedHealth Group, Inc. 3.05% 5/15/2041		3,875		2,999
UnitedHealth Group, Inc. 3.25% 5/15/2051		2,504		1,870
UnitedHealth Group, Inc. 4.75% 5/15/2052		1,250		1,187
				186,473

Energy 0.65%
Antero Midstream Partners, LP 5.375% 6/15/2029⁶		2,170		2,018
Antero Resources Corp. 7.625% 2/1/2029⁶		955		970
Ascent Resources Utica Holdings, LLC 7.00% 11/1/2026⁶		2,000		1,938
Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029⁶		1,270		1,134
BP Capital Markets America, Inc. 2.772% 11/10/2050		681		451
Canadian Natural Resources, Ltd. 2.05% 7/15/2025		961		895
Canadian Natural Resources, Ltd. 4.95% 6/1/2047		1,559		1,392
Cheniere Energy, Inc. 4.625% 10/15/2028		4,645		4,342
Chesapeake Energy Corp. 4.875% 4/15/2022¹³		7,225		163
Chesapeake Energy Corp. 5.50% 2/1/2026⁶		685		668
Chesapeake Energy Corp. 5.875% 2/1/2029⁶		2,240		2,130
Chord Energy Corp. 6.375% 6/1/2026⁶		1,945		1,930
Civitas Resources, Inc. 5.00% 10/15/2026⁶		480		453
Civitas Resources, Inc. 8.375% 7/1/2028⁶		1,705		1,726
CNX Midstream Partners, LP 4.75% 4/15/2030⁶		1,055		896
CNX Resources Corp. 7.25% 3/14/2027⁶		1,725		1,709
CNX Resources Corp. 6.00% 1/15/2029⁶		2,675		2,482
CNX Resources Corp. 7.375% 1/15/2031⁶		553		539
Comstock Resources, Inc. 5.875% 1/15/2030⁶		450		391
ConocoPhillips Co. 3.80% 3/15/2052		2,000		1,622
ConocoPhillips Co. 5.30% 5/15/2053		1,015		1,033
Constellation Oil Services Holding SA 13.50% 6/30/2025^2,6		1,121		1,120
Constellation Oil Services Holding SA 4.00% PIK 12/31/2026¹⁴		441		261
Crestwood Midstream Partners, LP 8.00% 4/1/2029⁶		4,265		4,327
Diamond Foreign Asset Co. 9.00% Cash 4/22/2027^6,9,14		204		197
Diamond Foreign Asset Co. 9.00% Cash 4/22/2027¹⁴		185		178
Diamondback Energy, Inc. 6.25% 3/15/2053		500		506
DT Midstream, Inc. 4.375% 6/15/2031⁶		1,680		1,449
Enbridge Energy Partners, LP 7.50% 4/15/2038		300		338
Enbridge, Inc. 4.00% 10/1/2023		278		277
Enbridge, Inc. 2.50% 1/15/2025		300		285
Enbridge, Inc. 3.70% 7/15/2027		62		59
Energy Transfer, LP 4.50% 4/15/2024		1,210		1,196
Energy Transfer, LP 4.75% 1/15/2026		2,494		2,439
Energy Transfer, LP 5.00% 5/15/2050		1,869		1,580
Enterprise Products Operating, LLC 5.05% 1/10/2026		3,519		3,514
Enterprise Products Operating, LLC 5.35% 1/31/2033		1,498		1,524

American Funds Insurance Series

125

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Enterprise Products Operating, LLC 4.90% 5/15/2046	USD	500	$	461
EQM Midstream Partners, LP 4.125% 12/1/2026		686		639
EQM Midstream Partners, LP 6.50% 7/1/2027⁶		1,690		1,669
EQM Midstream Partners, LP 5.50% 7/15/2028		3,088		2,925
EQM Midstream Partners, LP 7.50% 6/1/2030⁶		642		650
EQM Midstream Partners, LP 4.75% 1/15/2031⁶		1,635		1,434
Equinor ASA 3.25% 11/10/2024		2,850		2,768
Equinor ASA 3.00% 4/6/2027		4,000		3,746
Equinor ASA 3.625% 9/10/2028		3,685		3,519
Equinor ASA 4.25% 11/23/2041		2,000		1,801
Exxon Mobil Corp. 2.019% 8/16/2024		643		620
Exxon Mobil Corp. 2.44% 8/16/2029		1,963		1,744
Exxon Mobil Corp. 3.452% 4/15/2051		1,000		778
Genesis Energy, LP 6.50% 10/1/2025		4,280		4,220
Genesis Energy, LP 6.25% 5/15/2026		1,805		1,717
Genesis Energy, LP 8.00% 1/15/2027		4,612		4,502
Genesis Energy, LP 7.75% 2/1/2028		470		448
Genesis Energy, LP 8.875% 4/15/2030		394		385
Halliburton Co. 3.80% 11/15/2025		6		6
Harvest Midstream I, LP 7.50% 9/1/2028⁶		850		844
Hess Midstream Operations, LP 5.125% 6/15/2028⁶		2,155		2,019
Hess Midstream Operations, LP 4.25% 2/15/2030⁶		960		839
Hess Midstream Operations, LP 5.50% 10/15/2030⁶		400		370
Hilcorp Energy I, LP 6.00% 4/15/2030⁶		350		319
Hilcorp Energy I, LP 6.00% 2/1/2031⁶		460		412
Holly Energy Partners, LP 6.375% 4/15/2027⁶		545		539
Jonah Energy, LLC 12.00% 11/5/2025²		707		707
Kinder Morgan, Inc. 5.20% 6/1/2033		803		779
Kinder Morgan, Inc. 5.45% 8/1/2052		1,238		1,132
Marathon Oil Corp. 4.40% 7/15/2027		1,005		959
MPLX, LP 4.125% 3/1/2027		500		479
MPLX, LP 2.65% 8/15/2030		4,273		3,577
MPLX, LP 4.50% 4/15/2038		750		646
MPLX, LP 4.70% 4/15/2048		1,101		905
New Fortress Energy, Inc. 6.75% 9/15/2025⁶		1,065		1,000
New Fortress Energy, Inc. 6.50% 9/30/2026⁶		3,410		3,055
NGL Energy Operating, LLC 7.50% 2/1/2026⁶		14,165		13,966
NGL Energy Partners, LP 6.125% 3/1/2025		3,922		3,770
Noble Finance II, LLC 8.00% 4/15/2030⁶		175		178
Northern Oil and Gas, Inc. 8.75% 6/15/2031⁶		605		595
Parkland Corp. 4.625% 5/1/2030⁶		1,035		898
Petroleos Mexicanos 6.875% 10/16/2025		3,755		3,610
Petroleos Mexicanos 5.35% 2/12/2028		1,870		1,541
Petroleos Mexicanos 6.75% 9/21/2047		1,996		1,255
Pioneer Natural Resources Co. 2.15% 1/15/2031		1,669		1,367
Plains All American Pipeline, LP 3.80% 9/15/2030		113		100
Range Resources Corp. 8.25% 1/15/2029		900		938
Range Resources Corp. 4.75% 2/15/2030⁶		1,670		1,498
Rockies Express Pipeline, LLC 4.95% 7/15/2029⁶		2,689		2,463
Southwestern Energy Co. 8.375% 9/15/2028		395		412
Southwestern Energy Co. 5.375% 2/1/2029		1,355		1,277
Southwestern Energy Co. 5.375% 3/15/2030		1,945		1,817
Southwestern Energy Co. 4.75% 2/1/2032		960		847
Sunoco, LP 4.50% 5/15/2029		1,050		933
Sunoco, LP 4.50% 4/30/2030		1,255		1,099
Targa Resources Partners, LP 5.50% 3/1/2030		2,260		2,177
TotalEnergies Capital International SA 2.986% 6/29/2041		88		67
TransCanada Pipelines, Ltd. 4.25% 5/15/2028		1,090		1,041
TransCanada Pipelines, Ltd. 4.10% 4/15/2030		598		556
TransCanada Pipelines, Ltd. 4.75% 5/15/2038		2,000		1,789
TransCanada Pipelines, Ltd. 4.875% 5/15/2048		700		628

126	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Valero Energy Corp. 4.00% 4/1/2029	USD	4,000	$	3,777
Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031⁶		840		724
Venture Global LNG, Inc. 8.375% 6/1/2031⁶		3,905		3,942
Weatherford International, Ltd. 6.50% 9/15/2028⁶		2,380		2,392
Weatherford International, Ltd. 8.625% 4/30/2030⁶		7,825		7,952
Williams Companies, Inc. 3.50% 11/15/2030		1,094		979
				165,333

Consumer discretionary 0.61%
Alibaba Group Holding, Ltd. 2.125% 2/9/2031		501		408
Alibaba Group Holding, Ltd. 4.50% 11/28/2034		766		708
Alibaba Group Holding, Ltd. 4.00% 12/6/2037		200		168
Allied Universal Holdco, LLC 4.625% 6/1/2028⁶		1,660		1,407
Amazon.com, Inc. 2.70% 6/3/2060		2,765		1,781
American Honda Finance Corp. 3.50% 2/15/2028		750		706
Asbury Automotive Group, Inc. 4.625% 11/15/2029⁶		2,115		1,880
Atlas LuxCo 4 SARL 4.625% 6/1/2028⁶		1,065		897
BMW US Capital, LLC 2.25% 9/15/2023⁶		300		298
Caesars Entertainment, Inc. 6.25% 7/1/2025⁶		2,815		2,804
Carnival Corp. 4.00% 8/1/2028⁶		3,875		3,439
Carnival Corp. 6.00% 5/1/2029⁶		375		335
Daimler Trucks Finance North America, LLC 5.20% 1/17/2025⁶		2,437		2,419
Daimler Trucks Finance North America, LLC 3.50% 4/7/2025⁶		2,000		1,925
Daimler Trucks Finance North America, LLC 5.15% 1/16/2026⁶		1,783		1,775
Daimler Trucks Finance North America, LLC 2.00% 12/14/2026⁶		2,400		2,144
Daimler Trucks Finance North America, LLC 3.65% 4/7/2027⁶		450		426
Daimler Trucks Finance North America, LLC 5.125% 1/19/2028⁶		604		599
Daimler Trucks Finance North America, LLC 2.375% 12/14/2028⁶		1,350		1,170
Fertitta Entertainment, LLC 4.625% 1/15/2029⁶		3,580		3,145
Fertitta Entertainment, LLC 6.75% 1/15/2030⁶		1,790		1,525
Ford Motor Credit Co., LLC 5.125% 6/16/2025		3,855		3,753
Ford Motor Credit Co., LLC 6.95% 3/6/2026		5,165		5,197
Ford Motor Credit Co., LLC 4.542% 8/1/2026		2,455		2,310
Ford Motor Credit Co., LLC 2.70% 8/10/2026		2,110		1,886
Ford Motor Credit Co., LLC 6.80% 5/12/2028		1,350		1,353
Gap, Inc. 3.625% 10/1/2029⁶		486		344
Gap, Inc. 3.875% 10/1/2031⁶		323		222
General Motors Financial Co., Inc. 5.40% 4/6/2026		7,750		7,664
General Motors Financial Co., Inc. 2.35% 2/26/2027		783		698
Hanesbrands, Inc. 4.875% 5/15/2026⁶		2,700		2,524
Hanesbrands, Inc. 9.00% 2/15/2031⁶		370		373
Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031⁶		1,885		1,639
Hilton Grand Vacations Borrower, LLC 5.00% 6/1/2029⁶		3,580		3,180
Home Depot, Inc. 1.50% 9/15/2028		3,000		2,569
Home Depot, Inc. 3.90% 12/6/2028		825		799
Home Depot, Inc. 2.95% 6/15/2029		1,174		1,069
Home Depot, Inc. 1.875% 9/15/2031		3,000		2,442
Home Depot, Inc. 4.25% 4/1/2046		2,000		1,775
Home Depot, Inc. 4.50% 12/6/2048		428		397
Hyundai Capital America 1.00% 9/17/2024⁶		3,025		2,846
Hyundai Capital America 1.50% 6/15/2026⁶		850		753
Hyundai Capital America 1.65% 9/17/2026⁶		3,075		2,711
Hyundai Capital America 2.375% 10/15/2027⁶		2,579		2,258
Hyundai Capital America 2.10% 9/15/2028⁶		3,075		2,580
International Game Technology PLC 6.50% 2/15/2025⁶		1,344		1,345
International Game Technology PLC 5.25% 1/15/2029⁶		5,490		5,205
KB Home 7.25% 7/15/2030		1,295		1,313
Kontoor Brands, Inc. 4.125% 11/15/2029⁶		910		761
LCM Investments Holdings II, LLC 4.875% 5/1/2029⁶		590		506
Lindblad Expeditions, LLC 6.75% 2/15/2027⁶		775		739

American Funds Insurance Series

127

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Lithia Motors, Inc. 3.875% 6/1/2029⁶	USD	2,900	$	2,523
Lithia Motors, Inc. 4.375% 1/15/2031⁶		1,025		886
Marriott International, Inc. 4.90% 4/15/2029		1,207		1,175
Marriott International, Inc. 2.75% 10/15/2033		2,500		1,989
Marriott Ownership Resorts, Inc. 4.50% 6/15/2029⁶		620		536
McDonald’s Corp. 4.60% 9/9/2032		1,275		1,263
Melco Resorts Finance, Ltd. 5.75% 7/21/2028⁶		1,710		1,513
Mercedes-Benz Finance North America, LLC 5.375% 11/26/2025⁶		1,500		1,501
NCL Corp., Ltd. 5.875% 2/15/2027⁶		2,450		2,387
NCL Corp., Ltd. 7.75% 2/15/2029⁶		1,375		1,307
Neiman Marcus Group, Ltd., LLC 7.125% 4/1/2026⁶		1,345		1,253
Party City Holdings, Inc. (6-month USD-LIBOR + 5.00%) 10.13% 7/15/2025^6,9,13		780		86
Party City Holdings, Inc. 8.75% 2/15/2026^6,13		3,440		533
Party City Holdings, Inc., Term Loan DIP, 15.05% 7/19/2023^9,12		732		758
Penske Automotive Group, Inc. 3.75% 6/15/2029		1,375		1,189
Royal Caribbean Cruises, Ltd. 4.25% 7/1/2026⁶		3,120		2,867
Royal Caribbean Cruises, Ltd. 5.375% 7/15/2027⁶		3,520		3,295
Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028⁶		650		607
Royal Caribbean Cruises, Ltd. 8.25% 1/15/2029⁶		1,408		1,479
Sally Holdings, LLC 5.625% 12/1/2025		2,705		2,670
Sands China, Ltd. 5.625% 8/8/2025		1,302		1,271
Sands China, Ltd. 2.80% 3/8/2027		2,075		1,802
Scientific Games International, Inc. 7.00% 5/15/2028⁶		750		747
Scientific Games International, Inc. 7.25% 11/15/2029⁶		2,240		2,245
Sonic Automotive, Inc. 4.625% 11/15/2029⁶		3,035		2,545
Sonic Automotive, Inc. 4.875% 11/15/2031⁶		1,325		1,089
Stellantis Finance US, Inc. 1.711% 1/29/2027⁶		2,200		1,929
Stellantis Finance US, Inc. 5.625% 1/12/2028⁶		2,500		2,523
Stellantis Finance US, Inc. 2.691% 9/15/2031⁶		2,150		1,719
Stellantis Finance US, Inc. 6.375% 9/12/2032⁶		2,000		2,043
Tempur Sealy International, Inc. 4.00% 4/15/2029⁶		850		737
Toyota Motor Credit Corp. 0.80% 1/9/2026		429		386
Toyota Motor Credit Corp. 1.90% 1/13/2027		2,500		2,259
Travel + Leisure Co. 4.50% 12/1/2029⁶		2,100		1,789
Travel + Leisure Co. 4.625% 3/1/2030⁶		1,300		1,101
Volkswagen Group of America Finance, LLC 4.25% 11/13/2023⁶		3,770		3,748
Volkswagen Group of America Finance, LLC 4.625% 11/13/2025⁶		3,845		3,750
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/2028⁶		2,255		2,061
				154,731

Communication services 0.58%
Alphabet, Inc. 1.998% 8/15/2026		500		463
Alphabet, Inc. 1.90% 8/15/2040		375		259
Alphabet, Inc. 2.25% 8/15/2060		265		161
AT&T, Inc. 5.40% 2/15/2034		7,076		7,092
AT&T, Inc. 3.50% 9/15/2053		5,140		3,642
CCO Holdings, LLC 4.75% 3/1/2030⁶		2,500		2,140
CCO Holdings, LLC 4.50% 8/15/2030⁶		3,500		2,918
CCO Holdings, LLC 4.25% 2/1/2031⁶		3,875		3,138
CCO Holdings, LLC 4.75% 2/1/2032⁶		2,150		1,756
CCO Holdings, LLC 4.50% 5/1/2032		2,710		2,167
Charter Communications Operating, LLC 4.908% 7/23/2025		500		491
Comcast Corp. 2.35% 1/15/2027		4,000		3,675
Comcast Corp. 4.80% 5/15/2033		2,416		2,392
Comcast Corp. 2.887% 11/1/2051		2,571		1,725
Comcast Corp. 5.35% 5/15/2053		1,490		1,514
CSC Holdings, LLC 3.375% 2/15/2031⁶		1,875		1,271
DIRECTV Financing, LLC 5.875% 8/15/2027⁶		3,655		3,314
DISH DBS Corp. 5.875% 11/15/2024		1,368		1,198
DISH Network Corp. 11.75% 11/15/2027⁶		4,600		4,494

128	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)
Embarq Corp. 7.995% 6/1/2036	USD	7,384	$	4,473
Fox Corp. 4.03% 1/25/2024		1,120		1,109
Frontier Communications Holdings, LLC 5.875% 10/15/2027⁶		1,565		1,438
Frontier Communications Holdings, LLC 5.00% 5/1/2028⁶		6,210		5,364
Frontier Communications Holdings, LLC 6.75% 5/1/2029⁶		4,400		3,418
Frontier Communications Holdings, LLC 5.875% 11/1/2029		1,850		1,352
Frontier Communications Holdings, LLC 6.00% 1/15/2030⁶		1,900		1,399
Frontier Communications Holdings, LLC 8.75% 5/15/2030⁶		1,100		1,076
Gray Escrow II, Inc. 5.375% 11/15/2031⁶		4,275		2,838
Gray Television, Inc. 5.875% 7/15/2026⁶		675		606
Gray Television, Inc. 4.75% 10/15/2030⁶		850		577
Intelsat Jackson Holdings SA 6.50% 3/15/2030⁶		2,891		2,639
Ligado Networks, LLC 15.50% PIK 11/1/2023^6,14		5,837		2,247
Ligado Networks, LLC, Term Loan, 15.00% PIK 11/1/2023^2,12,14		359		341
Live Nation Entertainment, Inc. 3.75% 1/15/2028⁶		1,350		1,208
Midas OpCo Holdings, LLC 5.625% 8/15/2029⁶		3,205		2,746
Netflix, Inc. 4.875% 4/15/2028		1,250		1,238
Netflix, Inc. 5.875% 11/15/2028		2,175		2,252
Netflix, Inc. 6.375% 5/15/2029		50		53
Netflix, Inc. 5.375% 11/15/2029⁶		25		25
News Corp. 3.875% 5/15/2029⁶		875		769
News Corp. 5.125% 2/15/2032⁶		550		502
Nexstar Media, Inc. 4.75% 11/1/2028⁶		3,950		3,431
SBA Tower Trust 1.631% 11/15/2026⁶		8,707		7,521
Scripps Escrow II, Inc. 3.875% 1/15/2029⁶		2,325		1,880
Sirius XM Radio, Inc. 4.00% 7/15/2028⁶		3,575		3,110
Sirius XM Radio, Inc. 4.125% 7/1/2030⁶		950		777
Sirius XM Radio, Inc. 3.875% 9/1/2031⁶		1,975		1,529
Take-Two Interactive Software, Inc. 3.30% 3/28/2024		123		121
Take-Two Interactive Software, Inc. 4.00% 4/14/2032		2,438		2,235
Tencent Holdings, Ltd. 2.39% 6/3/2030		566		471
T-Mobile USA, Inc. 1.50% 2/15/2026		500		452
T-Mobile USA, Inc. 2.05% 2/15/2028		325		282
T-Mobile USA, Inc. 4.95% 3/15/2028		1,918		1,889
T-Mobile USA, Inc. 4.80% 7/15/2028		4,000		3,919
T-Mobile USA, Inc. 5.05% 7/15/2033		4,000		3,929
T-Mobile USA, Inc. 5.75% 1/15/2054		2,000		2,067
Univision Communications, Inc. 6.625% 6/1/2027⁶		5,800		5,615
Univision Communications, Inc. 4.50% 5/1/2029⁶		3,475		2,989
Univision Communications, Inc. 7.375% 6/30/2030⁶		225		215
Verizon Communications, Inc. 2.875% 11/20/2050		2,453		1,600
Virgin Media Secured Finance PLC 4.50% 8/15/2030⁶		2,115		1,775
VMED O2 UK Financing I PLC 4.25% 1/31/2031⁶		4,525		3,663
VMED O2 UK Financing I PLC 4.75% 7/15/2031⁶		225		187
Vodafone Group PLC 4.25% 9/17/2050		4,350		3,495
WarnerMedia Holdings, Inc. 3.638% 3/15/2025		3,807		3,674
WarnerMedia Holdings, Inc. 3.755% 3/15/2027		1,018		950
WarnerMedia Holdings, Inc. 4.054% 3/15/2029		1,435		1,312
WarnerMedia Holdings, Inc. 4.279% 3/15/2032		1,754		1,556
WarnerMedia Holdings, Inc. 5.05% 3/15/2042		500		422
WarnerMedia Holdings, Inc. 5.141% 3/15/2052		1,500		1,222
Ziggo Bond Co. BV 5.125% 2/28/2030⁶		1,775		1,346
Ziggo BV 4.875% 1/15/2030⁶		725		602
				145,716

Industrials 0.55%
AAdvantage Loyalty IP, Ltd. 5.50% 4/20/2026⁶		1,005		997
Allison Transmission, Inc. 3.75% 1/30/2031⁶		3,445		2,913
Avis Budget Car Rental, LLC 5.75% 7/15/2027⁶		1,025		970
Avis Budget Car Rental, LLC 5.375% 3/1/2029⁶		2,450		2,275

American Funds Insurance Series

129

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
Avolon Holdings Funding, Ltd. 3.95% 7/1/2024⁶	USD	1,587	$	1,540
Avolon Holdings Funding, Ltd. 4.25% 4/15/2026⁶		1,126		1,050
Avolon Holdings Funding, Ltd. 4.375% 5/1/2026⁶		1,975		1,847
Boeing Co. 4.875% 5/1/2025		1,052		1,037
Boeing Co. 3.10% 5/1/2026		251		236
Boeing Co. 3.25% 2/1/2028		2,000		1,838
Boeing Co. 5.15% 5/1/2030		1,100		1,090
Boeing Co. 3.60% 5/1/2034		2,500		2,129
Boeing Co. 5.805% 5/1/2050		2,500		2,493
Bombardier, Inc. 7.125% 6/15/2026⁶		4,100		4,077
Bombardier, Inc. 7.875% 4/15/2027⁶		8,070		8,061
BWX Technologies, Inc. 4.125% 4/15/2029⁶		1,025		927
Canadian Pacific Railway Co. 1.75% 12/2/2026		1,385		1,245
Canadian Pacific Railway Co. 3.10% 12/2/2051		829		589
Chart Industries, Inc. 7.50% 1/1/2030⁶		1,347		1,376
Clarivate Science Holdings Corp. 3.875% 7/1/2028⁶		590		524
Clarivate Science Holdings Corp. 4.875% 7/1/2029⁶		520		462
CoreLogic, Inc. 4.50% 5/1/2028⁶		6,075		4,905
Covanta Holding Corp. 4.875% 12/1/2029⁶		1,035		897
CSX Corp. 4.25% 3/15/2029		1,062		1,029
CSX Corp. 2.50% 5/15/2051		1,125		717
Honeywell International, Inc. 2.30% 8/15/2024		2,640		2,552
Honeywell International, Inc. 1.35% 6/1/2025		5,947		5,551
Honeywell International, Inc. 2.70% 8/15/2029		1,470		1,309
Icahn Enterprises, LP 4.75% 9/15/2024		2,090		1,999
Icahn Enterprises, LP 5.25% 5/15/2027		1,185		1,023
Icahn Enterprises, LP 4.375% 2/1/2029		1,525		1,200
KKR Apple Bidco, LLC, Term Loan B, (1-month USD CME Term SOFR + 4.00%) 9.102% 9/22/2028^9,12		733		732
Lockheed Martin Corp. 5.10% 11/15/2027		951		968
Lockheed Martin Corp. 4.45% 5/15/2028		2,906		2,867
Lockheed Martin Corp. 5.25% 1/15/2033		4,742		4,914
Lockheed Martin Corp. 4.75% 2/15/2034		7,750		7,736
Lockheed Martin Corp. 5.70% 11/15/2054		1,849		2,055
LSC Communications, Inc. 8.75% 10/15/2023^2,6,13		4,063		12
Masco Corp. 1.50% 2/15/2028		774		660
Masco Corp. 2.00% 2/15/2031		497		392
Masco Corp. 3.125% 2/15/2051		230		145
MasTec, Inc. 4.50% 8/15/2028⁶		1,425		1,315
Mileage Plus Holdings, LLC 6.50% 6/20/2027⁶		1,760		1,766
Norfolk Southern Corp. 4.45% 3/1/2033		654		626
Norfolk Southern Corp. 3.05% 5/15/2050		2,746		1,903
Northrop Grumman Corp. 2.93% 1/15/2025		1,820		1,750
Northrop Grumman Corp. 3.25% 1/15/2028		3,495		3,262
Otis Worldwide Corp. 2.293% 4/5/2027		2,135		1,938
Raytheon Technologies Corp. 3.65% 8/16/2023		52		52
Raytheon Technologies Corp. 3.95% 8/16/2025		3,155		3,092
Raytheon Technologies Corp. 5.00% 2/27/2026		779		778
Raytheon Technologies Corp. 4.125% 11/16/2028		1,075		1,036
Raytheon Technologies Corp. 5.15% 2/27/2033		2,669		2,707
Raytheon Technologies Corp. 5.375% 2/27/2053		3,950		4,106
Ritchie Bros. Holdings, Inc. 7.75% 3/15/2031⁶		311		323
Roller Bearing Company of America, Inc. 4.375% 10/15/2029⁶		195		175
Rolls-Royce PLC 5.75% 10/15/2027⁶		1,940		1,899
Sabre GLBL, Inc. 9.25% 4/15/2025⁶		379		354
Sabre GLBL, Inc. 7.375% 9/1/2025⁶		946		841
Siemens Financieringsmaatschappij NV 1.20% 3/11/2026⁶		3,887		3,515
Siemens Financieringsmaatschappij NV 1.70% 3/11/2028⁶		3,700		3,216
SkyMiles IP, Ltd. 4.75% 10/20/2028⁶		1,950		1,894
Spirit AeroSystems, Inc. 7.50% 4/15/2025⁶		650		643
Spirit AeroSystems, Inc. 9.375% 11/30/2029⁶		507		543

130	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
The Brink’s Co. 4.625% 10/15/2027⁶	USD	2,385	$	2,216
TK Elevator U.S. Newco, Inc. 5.25% 7/15/2027⁶		2,000		1,850
TransDigm, Inc. 6.25% 3/15/2026⁶		3,476		3,462
TransDigm, Inc. 5.50% 11/15/2027		2,200		2,078
Triumph Group, Inc. 7.75% 8/15/2025		2,375		2,312
Triumph Group, Inc. 9.00% 3/15/2028⁶		1,347		1,377
Union Pacific Corp. 2.40% 2/5/2030		2,414		2,100
Union Pacific Corp. 2.95% 3/10/2052		1,000		695
Union Pacific Corp. 3.839% 3/20/2060		546		435
Union Pacific Corp. 3.799% 4/6/2071		545		417
United Airlines, Inc. 4.375% 4/15/2026⁶		975		927
United Airlines, Inc. 4.625% 4/15/2029⁶		2,225		2,029
United Rentals (North America), Inc. 3.875% 2/15/2031		2,050		1,777
XPO, Inc. 7.125% 6/1/2031⁶		800		807
				139,555

Materials 0.39%
Alcoa Nederland Holding BV 4.125% 3/31/2029⁶		1,175		1,051
Anglo American Capital PLC 2.25% 3/17/2028⁶		484		416
Anglo American Capital PLC 2.625% 9/10/2030⁶		2,500		2,064
Anglo American Capital PLC 3.95% 9/10/2050⁶		1,281		952
ATI, Inc. 4.875% 10/1/2029		710		641
ATI, Inc. 5.125% 10/1/2031		1,110		991
Avient Corp. 7.125% 8/1/2030⁶		855		865
Ball Corp. 6.875% 3/15/2028		1,415		1,444
Ball Corp. 3.125% 9/15/2031		3,520		2,900
BHP Billiton Finance (USA), Ltd. 4.90% 2/28/2033		1,610		1,604
CAN-PACK Spolka Akcyjna 3.875% 11/15/2029⁶		935		762
Celanese US Holdings, LLC 6.165% 7/15/2027		3,500		3,484
Cleveland-Cliffs, Inc. 5.875% 6/1/2027		9,000		8,793
Cleveland-Cliffs, Inc. 4.625% 3/1/2029⁶		1,525		1,375
Cleveland-Cliffs, Inc. 6.75% 4/15/2030⁶		1,775		1,712
Cleveland-Cliffs, Inc. 4.875% 3/1/2031⁶		775		682
CVR Partners, LP 6.125% 6/15/2028⁶		745		649
Dow Chemical Co. (The) 3.60% 11/15/2050		1,328		990
First Quantum Minerals, Ltd. 7.50% 4/1/2025⁶		9,004		9,005
First Quantum Minerals, Ltd. 6.875% 3/1/2026⁶		4,400		4,337
First Quantum Minerals, Ltd. 6.875% 10/15/2027⁶		4,240		4,143
FXI Holdings, Inc. 12.25% 11/15/2026⁶		4,517		4,099
FXI Holdings, Inc. 12.25% 11/15/2026⁶		2,181		1,968
Glencore Funding, LLC 4.125% 3/12/2024⁶		945		934
INEOS Finance PLC 6.75% 5/15/2028⁶		1,985		1,909
International Flavors & Fragrances, Inc. 1.832% 10/15/2027⁶		5,400		4,558
Kaiser Aluminum Corp. 4.625% 3/1/2028⁶		2,495		2,186
Linde, Inc. 1.10% 8/10/2030		2,938		2,338
LSB Industries, Inc. 6.25% 10/15/2028⁶		860		769
LYB International Finance III, LLC 2.25% 10/1/2030		1,198		982
LYB International Finance III, LLC 4.20% 5/1/2050		1,186		906
LYB International Finance III, LLC 3.625% 4/1/2051		2,537		1,758
Methanex Corp. 5.125% 10/15/2027		6,305		5,876
Mineral Resources, Ltd. 8.50% 5/1/2030⁶		1,525		1,533
Mosaic Co. 4.05% 11/15/2027		1,050		1,001
Nova Chemicals Corp. 4.25% 5/15/2029⁶		1,875		1,532
Novelis Corp. 3.875% 8/15/2031⁶		1,115		919
SCIH Salt Holdings, Inc. 4.875% 5/1/2028⁶		3,485		3,117
SCIH Salt Holdings, Inc. 6.625% 5/1/2029⁶		1,230		1,032
Sherwin-Williams Co. 3.125% 6/1/2024		275		269
Sherwin-Williams Co. 3.80% 8/15/2049		5,208		4,031
South32 Treasury, Ltd. 4.35% 4/14/2032⁶		1,527		1,341
SPCM SA 3.375% 3/15/2030⁶		600		500

American Funds Insurance Series

131

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Materials (continued)
Venator Finance SARL 9.50% 7/1/2025^6,13	USD	1,825	$	1,396
Venator Finance SARL 5.75% 7/15/2025^6,13		5,845		139
Venator Finance SARL, Term Loan, 15.05% 9/14/2023^9,12		486		501
Warrior Met Coal, Inc. 7.875% 12/1/2028⁶		3,400		3,418
Westlake Corp. 4.375% 11/15/2047		500		393
				98,265

Real estate 0.32%
Alexandria Real Estate Equities, Inc. 3.80% 4/15/2026		315		301
Alexandria Real Estate Equities, Inc. 3.95% 1/15/2028		1,220		1,138
Alexandria Real Estate Equities, Inc. 2.75% 12/15/2029		1,940		1,643
Alexandria Real Estate Equities, Inc. 3.375% 8/15/2031		1,320		1,132
Alexandria Real Estate Equities, Inc. 1.875% 2/1/2033		4,095		2,997
Alexandria Real Estate Equities, Inc. 4.85% 4/15/2049		410		345
American Tower Corp. 1.45% 9/15/2026		2,369		2,086
American Tower Corp. 3.55% 7/15/2027		1,425		1,322
American Tower Corp. 3.60% 1/15/2028		1,000		922
American Tower Corp. 1.50% 1/31/2028		2,500		2,100
American Tower Corp. 2.30% 9/15/2031		1,500		1,195
American Tower Corp. 2.95% 1/15/2051		2,000		1,264
Anywhere Real Estate Group, LLC 5.75% 1/15/2029⁶		2,260		1,694
Boston Properties, LP 6.50% 1/15/2034		2,223		2,239
Essex Portfolio, LP 3.875% 5/1/2024		1,000		982
Essex Portfolio, LP 3.50% 4/1/2025		6,825		6,546
Extra Space Storage, LP 2.35% 3/15/2032		1,385		1,084
GLP Capital, LP 3.35% 9/1/2024		1,263		1,220
Host Hotels & Resorts, LP 4.50% 2/1/2026		355		344
Howard Hughes Corp. 5.375% 8/1/2028⁶		1,450		1,293
Howard Hughes Corp. 4.125% 2/1/2029⁶		1,860		1,541
Howard Hughes Corp. 4.375% 2/1/2031⁶		2,690		2,149
Invitation Homes Operating Partnership, LP 2.00% 8/15/2031		2,401		1,842
Iron Mountain, Inc. 5.25% 7/15/2030⁶		3,785		3,414
Iron Mountain, Inc. 4.50% 2/15/2031⁶		2,650		2,279
Kennedy-Wilson, Inc. 4.75% 3/1/2029		2,780		2,201
Kennedy-Wilson, Inc. 4.75% 2/1/2030		1,990		1,503
Kennedy-Wilson, Inc. 5.00% 3/1/2031		2,260		1,693
Ladder Capital Finance Holdings LLLP 4.25% 2/1/2027⁶		3,842		3,342
Ladder Capital Finance Holdings LLLP 4.75% 6/15/2029⁶		50		41
Park Intermediate Holdings, LLC 4.875% 5/15/2029⁶		2,280		1,967
Prologis, LP 4.875% 6/15/2028		2,357		2,338
Prologis, LP 4.75% 6/15/2033		4,359		4,262
Prologis, LP 5.125% 1/15/2034		2,000		1,987
Prologis, LP 5.25% 6/15/2053		1,365		1,343
Public Storage 1.85% 5/1/2028		2,490		2,164
Public Storage 1.95% 11/9/2028		2,027		1,740
Public Storage 2.30% 5/1/2031		719		599
RHP Hotel Properties, LP 4.50% 2/15/2029⁶		1,300		1,152
RLJ Lodging Trust, LP 4.00% 9/15/2029⁶		1,240		1,040
Scentre Group Trust 1 3.50% 2/12/2025⁶		3,075		2,952
Scentre Group Trust 1 3.25% 10/28/2025⁶		1,000		941
Scentre Group Trust 1 3.75% 3/23/2027⁶		2,430		2,285
Service Properties Trust 4.35% 10/1/2024		1,000		964
Service Properties Trust 4.50% 3/15/2025		1,385		1,310
Sun Communities Operating, LP 2.30% 11/1/2028		1,845		1,553
Sun Communities Operating, LP 2.70% 7/15/2031		876		693
UDR, Inc. 2.95% 9/1/2026		760		695
				81,837

132	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer staples 0.30%
7-Eleven, Inc. 0.80% 2/10/2024⁶	USD	1,700	$	1,648
7-Eleven, Inc. 0.95% 2/10/2026⁶		825		737
7-Eleven, Inc. 1.30% 2/10/2028⁶		2,500		2,114
Albertsons Companies, Inc. 3.50% 3/15/2029⁶		1,230		1,066
Anheuser-Busch InBev Worldwide, Inc. 4.00% 4/13/2028		845		818
Anheuser-Busch InBev Worldwide, Inc. 4.35% 6/1/2040		2,500		2,302
Anheuser-Busch InBev Worldwide, Inc. 4.60% 4/15/2048		1,500		1,394
BAT Capital Corp. 3.222% 8/15/2024		2,826		2,743
BAT Capital Corp. 3.215% 9/6/2026		3,323		3,090
BAT Capital Corp. 4.54% 8/15/2047		940		693
Central Garden & Pet Co. 4.125% 4/30/2031⁶		1,395		1,152
Coca-Cola Co. 1.00% 3/15/2028		940		808
Conagra Brands, Inc. 1.375% 11/1/2027		4,615		3,912
Constellation Brands, Inc. 3.60% 2/15/2028		625		586
Constellation Brands, Inc. 2.25% 8/1/2031		1,487		1,216
Coty, Inc. 4.75% 1/15/2029⁶		1,680		1,551
Imperial Brands Finance PLC 6.125% 7/27/2027⁶		845		847
Kronos Acquisition Holdings, Inc. 5.00% 12/31/2026⁶		2,990		2,739
Lamb Weston Holdings, Inc. 4.125% 1/31/2030⁶		2,210		1,977
Nestle Holdings, Inc. 4.85% 3/14/2033⁶		5,750		5,872
PepsiCo, Inc. 2.625% 10/21/2041		5,000		3,776
PepsiCo, Inc. 3.625% 3/19/2050		777		661
PepsiCo, Inc. 2.75% 10/21/2051		1,723		1,238
Philip Morris International, Inc. 2.875% 5/1/2024		788		772
Philip Morris International, Inc. 3.25% 11/10/2024		2,000		1,943
Philip Morris International, Inc. 4.875% 2/13/2026		7,002		6,955
Philip Morris International, Inc. 0.875% 5/1/2026		2,990		2,668
Philip Morris International, Inc. 5.125% 11/17/2027		3,073		3,085
Philip Morris International, Inc. 4.875% 2/15/2028		6,000		5,913
Philip Morris International, Inc. 5.625% 11/17/2029		1,482		1,511
Philip Morris International, Inc. 5.125% 2/15/2030		4,166		4,123
Post Holdings, Inc. 4.625% 4/15/2030⁶		2,886		2,532
Prestige Brands, Inc. 3.75% 4/1/2031⁶		1,115		925
Reynolds American, Inc. 5.85% 8/15/2045		2,030		1,808
Simmons Foods, Inc. 4.625% 3/1/2029⁶		560		449
				75,624

Utilities 0.25%
Ameren Corp. 2.50% 9/15/2024		969		929
Calpine Corp. 3.75% 3/1/2031⁶		1,975		1,602
Commonwealth Edison Co. 4.35% 11/15/2045		1,085		950
Commonwealth Edison Co. 3.85% 3/15/2052		2,600		2,084
Duke Energy Carolinas, LLC 3.95% 11/15/2028		900		860
Duke Energy Corp. 4.50% 8/15/2032		2,000		1,886
Duke Energy Corp. 3.50% 6/15/2051		2,000		1,451
Duke Energy Florida, LLC 3.20% 1/15/2027		1,445		1,370
Duke Energy Indiana, LLC 3.25% 10/1/2049		1,225		879
Duke Energy Progress, LLC 3.70% 10/15/2046		457		357
Duke Energy Progress, LLC 2.50% 8/15/2050		202		126
Duke Energy Progress, LLC 2.90% 8/15/2051		91		61
Edison International 3.55% 11/15/2024		2,200		2,127
EDP Finance BV 3.625% 7/15/2024⁶		4,100		3,996
Electricité de France SA 6.25% 5/23/2033⁶		1,275		1,297
Electricité de France SA 4.75% 10/13/2035⁶		1,250		1,101
Electricité de France SA 4.875% 9/21/2038⁶		2,750		2,313
Electricité de France SA 5.60% 1/27/2040		525		483
Electricité de France SA 6.90% 5/23/2053⁶		650		674
Electricité de France SA 9.125% 12/31/2079 (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033)^6,11		1,475		1,516

American Funds Insurance Series

133

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Emera US Finance, LP 3.55% 6/15/2026	USD	320	$	303
Enel Américas SA 4.00% 10/25/2026		245		236
Entergy Corp. 2.80% 6/15/2030		3,325		2,823
Eversource Energy 3.80% 12/1/2023		2,730		2,711
FirstEnergy Corp. 3.40% 3/1/2050		2,250		1,553
FirstEnergy Transmission, LLC 2.866% 9/15/2028⁶		675		595
NextEra Energy Capital Holdings, Inc. 6.051% 3/1/2025		650		653
Pacific Gas and Electric Co. 2.10% 8/1/2027		125		107
Pacific Gas and Electric Co. 2.50% 2/1/2031		2,941		2,305
Pacific Gas and Electric Co. 3.30% 8/1/2040		100		67
Pacific Gas and Electric Co. 3.50% 8/1/2050		1,250		797
PacifiCorp 4.125% 1/15/2049		4,000		3,107
PG&E Corp. 5.00% 7/1/2028		3,750		3,444
PG&E Corp. 5.25% 7/1/2030		3,400		3,051
Public Service Electric and Gas Co. 3.60% 12/1/2047		548		432
Public Service Electric and Gas Co. 3.15% 1/1/2050		2,451		1,789
Southern California Edison Co. 2.85% 8/1/2029		4,450		3,893
Southern California Edison Co. 6.00% 1/15/2034		2,500		2,591
Southern California Edison Co. 5.75% 4/1/2035		675		686
Southern California Edison Co. 5.35% 7/15/2035		3,000		2,936
Southern California Edison Co. 4.00% 4/1/2047		264		210
Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029⁶		1,030		901
Virginia Electric & Power 2.40% 3/30/2032		2,575		2,102
Xcel Energy, Inc. 2.60% 12/1/2029		1,131		967
				64,321

Information technology 0.25%
Adobe, Inc. 1.90% 2/1/2025		366		348
Almonde, Inc., Term Loan B, (3-month USD-LIBOR + 3.50%) 9.231% 6/13/2024^9,12		651		627
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 12.405% 6/13/2025^9,12		4,150		3,771
Analog Devices, Inc. 1.70% 10/1/2028		1,286		1,106
Analog Devices, Inc. 2.10% 10/1/2031		1,212		1,004
Analog Devices, Inc. 2.80% 10/1/2041		1,461		1,086
Analog Devices, Inc. 2.95% 10/1/2051		1,955		1,383
Broadcom, Inc. 1.95% 2/15/2028⁶		1,407		1,218
Broadcom, Inc. 2.60% 2/15/2033⁶		2,524		1,974
Broadcom, Inc. 3.469% 4/15/2034⁶		193		158
CommScope Technologies, LLC 6.00% 6/15/2025⁶		1,752		1,635
CommScope Technologies, LLC 5.00% 3/15/2027⁶		1,375		959
CommScope, Inc. 6.00% 3/1/2026⁶		3,600		3,359
CommScope, Inc. 8.25% 3/1/2027⁶		1,442		1,156
CommScope, Inc. 7.125% 7/1/2028⁶		1,633		1,162
Diebold Nixdorf, Inc. 9.375% 7/15/2025^6,13		10,434		1,930
Diebold Nixdorf, Inc., units, 8.50% PIK or 8.50% Cash 10/15/2026^6,13,14		7,984		120
Diebold Nixdorf, Inc., Term Loan B1, (USD-SOFR + 7.50%) 11.50% 10/2/2023^9,12		12,450		11,796
Diebold Nixdorf, Inc., Term Loan B2, (USD-SOFR + 7.50%) 11.50% 10/2/2023^9,12		7,926		7,509
Diebold Nixdorf, Inc., Term Loan, (3-month USD CME Term SOFR + 5.25%) 10.479% 7/15/2025^9,12,13		10,831		1,950
Finastra, Ltd., Term Loan B, (3-month EUR-EURIBOR + 3.00%) 6.134% 6/13/2024^9,12	EUR	1,336		1,381
Gartner, Inc. 4.50% 7/1/2028⁶	USD	650		608
Intuit, Inc. 0.95% 7/15/2025		1,530		1,398
Intuit, Inc. 1.35% 7/15/2027		1,395		1,223
Intuit, Inc. 1.65% 7/15/2030		1,845		1,498
Microsoft Corp. 2.921% 3/17/2052		4,814		3,585
NCR Corp. 5.125% 4/15/2029⁶		1,650		1,462
Oracle Corp. 3.60% 4/1/2050		2,794		1,998
Oracle Corp. 5.55% 2/6/2053		2,556		2,477
Synaptics, Inc. 4.00% 6/15/2029⁶		875		736

134	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Information technology (continued)
Unisys Corp. 6.875% 11/1/2027⁶	USD	725	$	523
Viavi Solutions, Inc. 3.75% 10/1/2029⁶		725		617
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)^2,3,11		1,005		965
				62,722

Total corporate bonds, notes & loans				1,541,055

U.S. Treasury bonds & notes 5.60%
U.S. Treasury 4.60%
U.S. Treasury 2.50% 5/15/2024		700		683
U.S. Treasury 2.50% 5/31/2024		100,000		97,399
U.S. Treasury 4.25% 9/30/2024		880		869
U.S. Treasury 1.00% 12/15/2024		10,725		10,096
U.S. Treasury 4.625% 2/28/2025		65,500		64,999
U.S. Treasury 3.875% 4/30/2025		4,250		4,167
U.S. Treasury 4.25% 5/31/2025		5,505		5,436
U.S. Treasury 3.00% 7/15/2025		3,165		3,051
U.S. Treasury 0.375% 1/31/2026		45,000		40,405
U.S. Treasury 4.00% 2/15/2026		26,676		26,270
U.S. Treasury 0.50% 2/28/2026		42,515		38,195
U.S. Treasury 3.625% 5/15/2026		1,195		1,166
U.S. Treasury 0.75% 8/31/2026		52		46
U.S. Treasury 0.875% 9/30/2026		565		505
U.S. Treasury 1.125% 10/31/2026		471		423
U.S. Treasury 1.125% 2/28/2027		762		680
U.S. Treasury 2.375% 5/15/2027		880		820
U.S. Treasury 2.625% 5/31/2027		96,250		90,426
U.S. Treasury 0.50% 6/30/2027		36,300		31,294
U.S. Treasury 4.125% 9/30/2027		90,000		89,487
U.S. Treasury 0.625% 12/31/2027		7,109		6,074
U.S. Treasury 4.00% 2/29/2028		46,200		45,859
U.S. Treasury 3.625% 3/31/2028		10		10
U.S. Treasury 3.50% 4/30/2028		5,600		5,440
U.S. Treasury 2.875% 5/15/2028		5,217		4,922
U.S. Treasury 3.625% 5/31/2028		77,126		75,429
U.S. Treasury 1.25% 9/30/2028		3,142		2,720
U.S. Treasury 1.50% 11/30/2028		25,000		21,864
U.S. Treasury 1.375% 12/31/2028		10,900		9,453
U.S. Treasury 2.875% 4/30/2029		50,000		46,880
U.S. Treasury 1.50% 2/15/2030		26,651		22,822
U.S. Treasury 4.00% 2/28/2030		1,598		1,597
U.S. Treasury 0.625% 5/15/2030		20,225		16,201
U.S. Treasury 3.75% 5/31/2030		17,000		16,759
U.S. Treasury 2.875% 5/15/2032		50,000		46,337
U.S. Treasury 4.125% 11/15/2032		723		739
U.S. Treasury 3.50% 2/15/2033		29,540		28,756
U.S. Treasury 3.375% 5/15/2033		52,556		50,764
U.S. Treasury 1.125% 5/15/2040		37,775		24,494
U.S. Treasury 1.375% 11/15/2040¹⁵		27,695		18,533
U.S. Treasury 1.75% 8/15/2041		47,854		33,626
U.S. Treasury 2.00% 11/15/2041		1,181		865
U.S. Treasury 3.875% 5/15/2043		25,703		25,148
U.S. Treasury 2.50% 2/15/2046		3,755		2,890
U.S. Treasury 3.00% 5/15/2047		9,355		7,875
U.S. Treasury 3.00% 2/15/2048		336		283
U.S. Treasury 2.00% 2/15/2050		13,825		9,473
U.S. Treasury 1.375% 8/15/2050		12,500		7,261
U.S. Treasury 2.375% 5/15/2051		4,757		3,534
U.S. Treasury 2.00% 8/15/2051		1,356		923

American Funds Insurance Series

135

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 2.25% 2/15/2052¹⁵	USD	72,025	$	52,000
U.S. Treasury 4.00% 11/15/2052¹⁵		8,369		8,587
U.S. Treasury 3.625% 2/15/2053¹⁵		61,360		58,826
				1,163,361

U.S. Treasury inflation-protected securities 1.00%
U.S. Treasury Inflation-Protected Security 0.50% 4/15/2024¹⁶		22,463		21,930
U.S. Treasury Inflation-Protected Security 0.125% 10/15/2024¹⁶		100,487		96,971
U.S. Treasury Inflation-Protected Security 0.25% 1/15/2025¹⁶		25,612		24,561
U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025¹⁶		4,732		4,531
U.S. Treasury Inflation-Protected Security 0.125% 10/15/2025¹⁶		3,974		3,770
U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026¹⁶		8,325		7,787
U.S. Treasury Inflation-Protected Security 0.125% 1/15/2032¹⁶		54,518		48,007
U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049^15,16		51,228		44,087
				251,644

Total U.S. Treasury bonds & notes				1,415,005

Asset-backed obligations 2.05%
Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 11/16/2026^6,8		640		617
Allegro CLO, Ltd., Series 2016-1A, Class AR2, (3-month USD-LIBOR + 0.95%) 6.21% 1/15/2030^6,8,9		1,816		1,804
Allegro CLO, Ltd., Series 2017-1A, Class AR, (3-month USD-LIBOR + 0.95%) 6.21% 10/16/2030^6,8,9		1,552		1,529
American Express Credit Account Master Trust, Series 2018-9, Class A, (1-month USD-LIBOR + 0.38%) 5.573% 4/15/2026^8,9		9,000		9,003
American Express Credit Account Master Trust, Series 2022-3, Class A, 3.75% 8/16/2027⁸		12,228		11,863
AmeriCredit Automobile Receivables Trust, Series 2023-1, Class A2A, 5.84% 10/19/2026⁸		3,602		3,602
Ares CLO, Ltd., Series 2017-42A, Class AR, (3-month USD-LIBOR + 0.92%) 6.193% 1/22/2028^6,8,9		1,845		1,833
Avis Budget Rental Car Funding (AESOP), LLC, Series 2018-1A, Class A, 3.70% 9/20/2024^6,8		557		556
Avis Budget Rental Car Funding (AESOP), LLC, Series 2018-2A, Class A, 4.00% 3/20/2025^6,8		3,100		3,071
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027^6,8		539		489
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027^6,8		138		127
Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/2027^6,8		11,617		10,221
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/2028^6,8		32,377		32,137
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029^6,8		5,535		5,532
BA Credit Card Trust, Series 2022-A2, Class A2, 5.00% 4/17/2028⁸		6,633		6,605
Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 6.379% 11/20/2030^6,8,9		7,269		7,211
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 11/17/2033^6,8		434		405
CarMax Auto Owner Trust, Series 2023-2, Class A2A, 5.50% 6/15/2026⁸		3,971		3,961
Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037^6,8		4,677		3,896
Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041^6,8		507		461
Cent CLO, Ltd., Series 2014-21A, Class AR, (3-month USD-LIBOR + 0.97%) 6.262% 7/27/2030^6,8,9		4,328		4,298
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060^6,8		5,140		4,618
CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060^6,8		1,724		1,444
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061^6,8		6,034		5,235

136	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Citibank Credit Card Issuance Trust, Series 2017-A5, Class A5, (1-month USD-LIBOR + 0.62%) 5.774% 4/22/2026^8,9	USD	4,960	$	4,969
CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045^6,8		1,351		1,170
CLI Funding VI, LLC, Series 2020-1A, Class A, 2.08% 9/18/2045^6,8		5,034		4,367
CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045^6,8		1,083		942
CLI Funding VIII, LLC, Series 2021-1A, Class A, 1.64% 2/18/2046^6,8		1,501		1,282
Discover Card Execution Note Trust, Series 2018-A6, Class A6, (1-month USD-LIBOR + 0.39%) 5.583% 3/15/2026^8,9		11,400		11,400
DriveTime Auto Owner Trust, Series 2022-3, Class A, 6.05% 10/15/2026^6,8		4,088		4,088
DriveTime Auto Owner Trust, Series 2023-2, Class A, 5.88% 4/15/2027^6,8		3,766		3,756
Dryden Senior Loan Fund, CLO, Series 2017-47A, Class A1R, (3-month USD-LIBOR + 0.98%) 6.24% 4/15/2028^6,8,9		4,517		4,490
EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045^6,8		325		283
Enterprise Fleet Financing, LLC, Series 2022-1, Class A2, 3.03% 1/20/2028^6,8		4,840		4,715
Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029^6,8		3,195		3,127
Enterprise Fleet Financing, LLC, Series 2022-4, Class A2, 5.76% 10/22/2029^6,8		5,092		5,075
Exeter Automobile Receivables Trust, Series 2022-6, Class A2, 5.73% 11/17/2025⁸		664		664
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 10/19/2037^6,8		5,976		5,368
Flagship Credit Auto Trust, Series 2022-4, Class A2, 6.15% 9/15/2026^6,8		2,869		2,867
Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 1/15/2030^6,8		4,825		4,821
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.52% 7/15/2030^6,8		6,000		5,924
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 7/15/2031^6,8		9,605		9,234
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 8/15/2031^6,8		8,861		8,344
GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045^6,8		634		556
GCI Funding I, LLC, Series 2020-1, Class B, 3.81% 10/18/2045^6,8		255		226
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 9/17/2039^6,8		2,260		2,089
Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/2040^6,8		9,517		8,466
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040^6,8		11,908		10,609
Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041^6,8		3,780		3,247
Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041^6,8		5,630		4,865
Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041^6,8		446		378
GoldenTree Loan Opportunities XI, Ltd., CLO, Series 2015-11A, Class AR2, (3-month USD-LIBOR + 1.07%) 6.332% 1/18/2031^6,8,9		2,250		2,233
Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 9.44% 6/25/2025^2,6,8		5,930		5,930
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/2025^6,8		8,452		7,924
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/2025^6,8		634		593
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 12/26/2025^6,8		405		377
Hertz Vehicle Financing III, LLC, Series 2022-4A, Class A, 3.73% 9/25/2026^6,8		8,390		8,007
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027^6,8		5,565		4,858
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027^6,8		685		599
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027^6,8		429		371
Hertz Vehicle Financing III, LLC, Series 2022-2A, Class A, 2.33% 6/26/2028^6,8		4,900		4,313
Hertz Vehicle Financing III, LLC, Series 2022-5A, Class A, 3.89% 9/25/2028^6,8		4,960		4,635
Honda Auto Receivables Owner Trust, Series 2023-1, Class A2, 5.22% 10/21/2025⁸		1,198		1,194
Honda Auto Receivables Owner Trust, Series 2023-1, Class A3, 5.04% 4/21/2027⁸		1,141		1,134
Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD-LIBOR + 1.00%) 6.261% 7/21/2030^6,8,9		5,391		5,346
Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD-LIBOR + 1.15%) 6.41% 4/15/2029^6,8,9		1,916		1,904
Mission Lane Credit Card Master Trust, Series 2022-A, Class A, 6.92% 9/15/2027^6,8		2,531		2,499
Mission Lane Credit Card Master Trust, Series 2023-A, Class A, 7.23% 7/17/2028^6,8		3,475		3,443
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/2069^6,8		4,651		4,016
Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070^6,8		5,552		4,771
Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046^6,8		6,098		5,319
Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 4/20/2062^6,8		9,129		8,116
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062^6,8		5,232		4,647
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062^6,8		8,885		7,901
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061^6,8		23,051		19,672

American Funds Insurance Series

137

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD-LIBOR + 0.97%) 6.225% 7/25/2030^6,8,9	USD	1,657	$	1,640
OCP CLO, Ltd., Series 2018-15A, Class A1, (3-month USD-LIBOR + 1.10%) 6.35% 7/20/2031^6,8,9		2,250		2,233
Palmer Square Loan Funding, CLO, Series 2020-4, Class A1, (3-month USD-LIBOR + 1.00%) 6.396% 11/25/2028^6,8,9		1,021		1,018
Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD-LIBOR + 0.90%) 6.15% 4/20/2029^6,8,9		374		372
Palmer Square Loan Funding, CLO, Series 2021-4A, Class A1, (3-month USD-LIBOR + 0.80%) 6.06% 10/15/2029^6,8,9		7,545		7,470
Palmer Square Loan Funding, CLO, Series 2021-4A, Class A2, (3-month USD-LIBOR + 1.40%) 6.66% 10/15/2029^6,8,9		5,378		5,259
Palmer Square Loan Funding, CLO, Series 2022-5, Class A1, (3-month USD CME Term SOFR + 1.56%) 6.546% 1/15/2031^6,8,9		5,357		5,335
PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028^6,8		5,912		5,878
PG&E Wildfire Recovery Funding, LLC, Series 2022-A, Class A2, 4.263% 6/1/2036⁸		2,725		2,596
PPM CLO, Ltd., Series 2022-6, Class A, (3-month USD CME Term SOFR + 2.45%) 7.025% 1/20/2031^6,8,9		9,947		9,954
Race Point CLO, Ltd., Series 2015-9A, Class A1A2, (3-month USD-LIBOR + 0.94%) 6.20% 10/15/2030^6,8,9		4,453		4,414
Santander Drive Auto Receivables Trust, Series 2022-5, Class A2, 3.98% 1/15/2025⁸		1,060		1,059
Santander Drive Auto Receivables Trust, Series 2020-1, Class C, 4.11% 12/15/2025⁸		303		301
Santander Drive Auto Receivables Trust, Series 2022-7, Class A2, 5.81% 1/15/2026⁸		1,429		1,429
Santander Drive Auto Receivables Trust, Series 2022-5, Class A3, 4.11% 8/17/2026⁸		4,101		4,060
SFS Auto Receivables Securitization Trust, Series 2023-1, Class A3, 5.47% 10/20/2028^6,8		3,573		3,570
SMB Private Education Loan Trust, Series 2021-A, Class A2A2, (1-month USD-LIBOR + 0.73%) 5.923% 1/15/2053^6,8,9		5,689		5,555
SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046^6,8		3,326		2,896
SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046^6,8		4,283		3,841
Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041^6,8		4,499		3,642
Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033^6,8		2,018		1,828
Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033^6,8		1,613		1,435
Stratus Static CLO, Ltd., Series 2022-3, Class A, (3-month USD CME Term SOFR + 2.15%) 7.198% 10/20/2031^6,8,9		7,088		7,098
SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075^6,8		2,889		2,632
TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045^6,8		1,695		1,487
Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045^6,8		751		660
Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 2/20/2046^6,8		881		744
Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046^6,8		2,538		2,180
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 11/25/2031^6,8		3,250		3,157
Toyota Auto Loan Extended Note Trust, Series 2020-1, Class A, 1.35% 5/25/2033^6,8		8,337		7,702
Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/2034^6,8,9		7,257		6,486
Toyota Lease Owner Trust, Series 2023-A, Class A2, 5.30% 8/20/2025^6,8		3,825		3,808
Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045^6,8		9,801		8,413
Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046^6,8		1,732		1,456
Verizon Master Trust, Series 2023-2, Class A, 4.89% 4/13/2028⁸		8,460		8,390
Verizon Master Trust, Series 2023-1, Class A, 4.49% 1/22/2029 (5.24% on 1/20/2026)^8,11		7,481		7,356
Verizon Master Trust, Series 2023-3, Class A, 4.73% 4/21/2031^6,8		8,981		8,910
Westlake Automobile Receivables Trust, Series 2022-3, Class A2, 5.24% 7/15/2025^6,8		6,032		6,018
Westlake Automobile Receivables Trust, Series 2023-1, Class A2A, 5.51% 6/15/2026^6,8		1,922		1,915
Westlake Automobile Receivables Trust, Series 2023-2, Class A2A, 5.87% 7/15/2026^6,8		4,807		4,795
Westlake Automobile Receivables Trust, Series 2023-2, Class A3, 5.80% 2/16/2027^6,8		3,504		3,500
Westlake Automobile Receivables Trust, Series 2023-1, Class A3, 5.21% 1/18/2028^6,8		794		786
World Financial Network Credit Card Master Trust, Series 2023-A, Class A, 5.02% 3/15/2030⁸		7,845		7,760
				518,680

138	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. 0.17%
CPPIB Capital, Inc. 2.75% 11/2/2027⁶	USD	6,600	$	6,146
European Investment Bank 0.75% 10/26/2026		6,194		5,486
OMERS Finance Trust 3.50% 4/19/2032⁶		4,315		3,959
OMERS Finance Trust 4.00% 4/19/2052⁶		4,315		3,601
Panama (Republic of) 3.298% 1/19/2033		4,365		3,659
Panama (Republic of) 4.50% 1/19/2063		1,035		760
Peru (Republic of) 1.862% 12/1/2032		2,525		1,950
Peru (Republic of) 2.78% 12/1/2060		3,775		2,318
Qatar (State of) 3.375% 3/14/2024⁶		2,315		2,282
Qatar (State of) 4.00% 3/14/2029⁶		745		730
Qatar (State of) 4.817% 3/14/2049⁶		750		722
Swedish Export Credit Corp. 3.625% 9/3/2024		5,089		4,976
United Mexican States 2.659% 5/24/2031		2,703		2,254
United Mexican States 4.875% 5/19/2033		1,790		1,711
United Mexican States 3.771% 5/24/2061		1,528		1,043
				41,597

Municipals 0.14%
California 0.02%
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 2.158% 6/1/2026		1,200		1,092
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 2.332% 6/1/2027		1,660		1,481
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034		495		404
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 3.293% 6/1/2042		1,170		882
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 3.00% 6/1/2046		2,205		2,032
				5,891

Connecticut 0.00%
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-C-1, 4.00% 11/15/2044		5		5

Florida 0.04%
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 7/1/2027		5,335		4,726
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 7/1/2030		5,365		4,478
				9,204

Guam 0.00%
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 3.839% 10/1/2036		240		192
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 4.46% 10/1/2043		315		240
				432

Illinois 0.01%
G.O. Bonds, Pension Funding, Series 2003, Assured Guaranty Municipal insured, 5.10% 6/1/2033		4,125		4,039

Maryland 0.00%
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Ref. Bonds, Series 2014-E, 2.857% 9/1/2040		5		5

American Funds Insurance Series

139

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Municipals (continued) Minnesota 0.00%
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-A, 4.00% 7/1/2038	USD	20	$	20

New York 0.03%
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.187% 3/15/2026 (escrowed to maturity)		2,865		2,589
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.748% 3/15/2028		4,745		4,132
				6,721

Ohio 0.02%
Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), Series 2021, 4.425% 5/1/2031		5,080		4,357

South Carolina 0.00%
Housing Fin. Auth., Mortgage Rev. Ref. Bonds, Series 2014, AMT, 4.00% 7/1/2041		5		5

Tennessee 0.00%
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2013-2-A, AMT, 4.00% 7/1/2043		5		5

Wisconsin 0.02%
Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034		5,845		5,485
Total municipals				36,169

Total bonds, notes & other debt instruments (cost: $5,793,406,000)				5,416,087

Short-term securities 9.70%		Shares
Money market investments 9.64%
Capital Group Central Cash Fund 5.15%^7,17		24,370,984		2,437,342

Money market investments purchased with collateral from securities on loan 0.06%
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.01%^17,18		8,631,344		8,631
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.05%^17,18		4,782,204		4,782
Capital Group Central Cash Fund 5.15%^7,17,18		21,214		2,122
				15,535

Total short-term securities (cost: $2,452,333,000)				2,452,877

Total investment securities 104.10% (cost: $20,923,200,000)				26,326,548
Other assets less liabilities (4.10)%				(1,036,246	)

Net assets 100.00%			$	25,290,302

140	American Funds Insurance Series

Asset Allocation Fund (continued)

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized (depreciation) appreciation at 6/30/2023 (000)
2 Year U.S. Treasury Note Futures	Long	8,978	September 2023		USD 1,825,620		$	(24,888	)
5 Year U.S. Treasury Note Futures	Long	9,589	September 2023		1,026,922			(17,429	)
10 Year U.S. Treasury Note Futures	Long	199	September 2023		22,341			(241	)
10 Year Ultra U.S. Treasury Note Futures	Short	3,884	September 2023		(460,011	)		5,273
20 Year U.S. Treasury Bond Futures	Long	167	September 2023		21,193			45
30 Year Ultra U.S. Treasury Bond Futures	Long	113	September 2023		15,393			(129	)
							$	(37,369	)

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

Receive		Pay			Notional		Value at				Upfront premium			Unrealized (depreciation) appreciation
Rate	Payment frequency	Rate	Payment frequency	Expiration date	amount (000)		6/30/2023 (000)				paid (000)			at 6/30/2023 (000)
4.1645%	Annual	SOFR	Annual	1/24/2025	USD	3,491		$	(48	)		$	—		$	(48	)
4.16253%	Annual	SOFR	Annual	1/24/2025		215,868			(2,973	)			—			(2,973	)
3.7025%	Annual	SOFR	Annual	3/28/2025		17,082			(358	)			—			(358	)
3.7515%	Annual	SOFR	Annual	3/28/2025		177,000			(3,568	)			—			(3,568	)
SOFR	Annual	3.2015%	Annual	1/19/2033		37,178			1,121				—			1,121
SOFR	Annual	3.1205%	Annual	1/20/2033		46,560			1,705				—			1,705
SOFR	Annual	3.16653%	Annual	1/24/2033		48,133			1,586				—			1,586
SOFR	Annual	3.18606%	Annual	1/24/2033		44,502			1,397				—			1,397
								$	(1,138	)		$	—		$	(1,138	)

Credit default swaps

Centrally cleared credit default swaps on credit indices — sell protection

Financing
rate received

Payment
frequency

Reference
index

Expiration
date

Notional
amount
(000)

¹⁹

Value at
6/30/2023
(000)

²⁰

Upfront
premium
paid
(000)

Unrealized
appreciation
at 6/30/2023
(000)

1.00%

Quarterly

CDX.NA.IG.40

6/20/2028

USD 45,000

$ 672

578

Investments in affiliates⁷

	Value of affiliates at 1/1/2023 (000)		Additions (000)		Reductions (000)		Net realized (loss) gain (000)			Net unrealized appreciation (000)		Value of affiliates at 6/30/2023 (000)		Dividend income (000)
Investment funds 4.06%
Capital Group Central Corporate Bond Fund	$	1,367,122	$	22,963	$	385,740	$	(79,020	)	$	101,600	$	1,026,925	$	22,962
Short-term securities 9.65%
Money market investments 9.64%
Capital Group Central Cash Fund 5.15%¹⁷		1,639,716		2,739,466		1,942,243		61			342		2,437,342		47,383

American Funds Insurance Series

141

Asset Allocation Fund (continued)

Investments in affiliates⁷(continued)

	Value of affiliates at 1/1/2023 (000)		Additions (000)	Reductions (000)			Net realized (loss) gain (000)			Net unrealized appreciation (000)		Value of affiliates at 6/30/2023 (000)		Dividend income (000)
Money market investments purchased with collateral from securities on loan 0.01%
Capital Group Central Cash Fund 5.19%^17,18	$	12,622	$	$	10,500	²¹	$			$		$	2,122	$	—	²²
Total short-term securities													2,439,464
Total 13.71%							$	(78,959	)	$	101,942	$	3,466,389	$	70,345

Restricted securities³

	Acquisition date		Cost (000)		Value (000)	Percent of net assets
Carbon Health Technologies, Inc., Series D-2, 8.00% noncumulative convertible preferred shares²	7/9/2021	$	50,000	$	50,695	.20	%
Rotech Healthcare, Inc.^1,2	8/22/2014		6,949		19,334	.08
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)^2,11	6/23/2023		965		965	.00	²³
Total		$	57,914	$	70,994	.28	%

¹	Security did not produce income during the last 12 months.
²	Value determined using significant unobservable inputs.
³	Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $70,994,000, which represented .28% of the net assets of the fund.
⁴	All or a portion of this security was on loan. The total value of all such securities was $16,802,000, which represented .07% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
⁵	Amount less than one thousand.
⁶	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,183,530,000, which represented 4.68% of the net assets of the fund.
⁷	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
⁸	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
⁹	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
¹⁰	Purchased on a TBA basis.
¹¹	Step bond; coupon rate may change at a later date.
¹²	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $29,734,000, which represented .12% of the net assets of the fund.
¹³	Scheduled interest and/or principal payment was not received.
¹⁴	Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.
¹⁵	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $27,347,000, which represented .11% of the net assets of the fund.
¹⁶	Index-linked bond whose principal amount moves with a government price index.
¹⁷	Rate represents the seven-day yield at 6/30/2023.
¹⁸	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
¹⁹	The maximum potential amount the fund may pay as a protection seller should a credit event occur.
²⁰	The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively.
²¹	Represents net activity. Refer to Note 5 for more information on securities lending.
²²	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.
²³	Amount less than .01%.

Key to abbreviations

ADR = American Depositary Receipts

Agcy. = Agency

AMT = Alternative Minimum Tax

Assn. = Association

Auth. = Authority

CAD = Canadian dollars

CLO = Collateralized Loan Obligations

CME = CME Group

142	American Funds Insurance Series

Asset Allocation Fund (continued)

CMO = Collateralized Mortgage Obligations

DAC = Designated Activity Company

Dept. = Department

Dev. = Development

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

LIBOR = London Interbank Offered Rate

PIK = Payment In Kind

Ref. = Refunding

REIT = Real Estate Investment Trust

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series

143

American Funds Global Balanced Fund
Investment portfolio June 30, 2023	unaudited

Common stocks 61.58%	Shares		Value (000)
Health care 9.93%
Abbott Laboratories		54,400	$	5,931
Sanofi		48,931		5,245
Siemens Healthineers AG		49,030		2,775
AstraZeneca PLC		16,439		2,355
GE HealthCare Technologies, Inc.		27,640		2,245
Takeda Pharmaceutical Company, Ltd.		65,700		2,065
UnitedHealth Group, Inc.		4,294		2,064
Gilead Sciences, Inc.		20,691		1,595
Medtronic PLC		17,319		1,526
Merck KGaA		7,787		1,287
Novo Nordisk AS, Class B		7,676		1,240
Eurofins Scientific SE, non-registered shares		18,613		1,182
Stryker Corp.		3,820		1,165
Novartis AG		8,847		893
AbbVie, Inc.		6,161		830
Amgen, Inc.		3,155		700
Bayer AG		10,940		605
Molina Healthcare, Inc.¹		2,000		602
Danaher Corp.		2,436		585
BioMarin Pharmaceutical, Inc.¹		6,363		551
Thermo Fisher Scientific, Inc.		1,031		538
Eli Lilly and Company		1,133		531
Humana, Inc.		1,120		501
Vertex Pharmaceuticals, Inc.¹		800		281
CVS Health Corp.		3,857		267
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A		5,200		215
Revvity, Inc.		1,556		185
				37,959

Information technology 9.75%
Broadcom, Inc.		14,837		12,870
Microsoft Corp.		30,861		10,509
SK hynix, Inc.		21,732		1,916
Taiwan Semiconductor Manufacturing Company, Ltd.		93,000		1,733
GlobalWafers Co., Ltd.		105,000		1,685
ServiceNow, Inc.¹		2,848		1,600
Marvell Technology, Inc.		26,177		1,565
Texas Instruments, Inc.		7,589		1,366
Cognizant Technology Solutions Corp., Class A		19,270		1,258
Accenture PLC, Class A		3,725		1,149
Intel Corp.		28,608		957
Arista Networks, Inc.¹		2,207		358
Infineon Technologies AG		7,580		313
				37,279

Financials 8.69%
B3 SA - Brasil, Bolsa, Balcao		1,552,555		4,737
HDFC Bank, Ltd. (ADR)		29,869		2,082
HDFC Bank, Ltd.		79,598		1,654
ING Groep NV		234,995		3,173
Zurich Insurance Group AG		5,919		2,812
AIA Group, Ltd.		272,800		2,783
DBS Group Holdings, Ltd.		73,900		1,728
Kotak Mahindra Bank, Ltd.		74,045		1,667
BlackRock, Inc.		2,234		1,544
Citigroup, Inc.		29,096		1,340
National Bank of Canada		11,357		846
United Overseas Bank, Ltd.		38,800		804
BNP Paribas SA		12,164		768
JPMorgan Chase & Co.		5,190		755
KBC Groep NV		10,792		755
DNB Bank ASA		39,441		737

144	American Funds Insurance Series

American Funds Global Balanced Fund (continued)

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Münchener Rückversicherungs-Gesellschaft AG		1,797	$	674
Bank Central Asia Tbk PT		1,068,300		659
CME Group, Inc., Class A		3,446		639
Banco Santander, SA		163,476		607
Aegon NV		117,255		594
Great-West Lifeco, Inc.		19,414		564
Ping An Insurance (Group) Company of China, Ltd., Class H		63,000		404
Ping An Insurance (Group) Company of China, Ltd., Class A		11,400		73
FinecoBank SpA		30,555		412
Fairfax Financial Holdings, Ltd., subordinate voting shares		506		379
Lufax Holding, Ltd. (ADR)		15,700		22
				33,212

Industrials 8.43%
Raytheon Technologies Corp.		69,235		6,782
General Electric Co.		36,174		3,974
Thales SA		20,924		3,132
BAE Systems PLC		248,800		2,936
Carrier Global Corp.		53,245		2,647
Siemens AG		12,631		2,102
General Dynamics Corp.		8,045		1,731
L3Harris Technologies, Inc.		8,583		1,680
Honeywell International, Inc.		6,162		1,279
CSX Corp.		36,109		1,231
DHL Group		16,578		809
Melrose Industries PLC		118,016		760
Safran SA		4,570		718
LIXIL Corp.		51,200		650
Astra International Tbk PT		1,380,000		629
Singapore Technologies Engineering, Ltd.		132,600		362
Grupo Aeroportuario del Pacífico, SAB de CV, Class B		14,580		262
Grupo Aeroportuario del Pacífico, SAB de CV, Class B (ADR)		100		18
Airbus SE, non-registered shares		1,805		261
Trelleborg AB, Class B		10,352		251
				32,214

Consumer staples 5.49%
ITC, Ltd.		738,576		4,070
Philip Morris International, Inc.		40,211		3,925
Seven & i Holdings Co., Ltd.		63,200		2,733
Nestlé SA		19,187		2,309
Imperial Brands PLC		103,716		2,294
British American Tobacco PLC		63,277		2,099
Pernod Ricard SA		5,362		1,185
Heineken NV		7,022		723
Altria Group, Inc.		13,780		624
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		99,800		390
Essity Aktiebolag, Class B		8,371		223
Kweichow Moutai Co., Ltd., Class A		921		215
Treasury Wine Estates, Ltd.		27,708		208
				20,998

Materials 4.76%
Freeport-McMoRan, Inc.		86,968		3,479
Linde PLC		7,997		3,047
Shin-Etsu Chemical Co., Ltd.		69,600		2,313
Evonik Industries AG		106,024		2,015
Fortescue Metals Group, Ltd.		119,786		1,784
BHP Group, Ltd. (CDI)		59,147		1,757
Rio Tinto PLC		15,450		982
Vale SA (ADR), ordinary nominative shares		60,901		817
Air Products and Chemicals, Inc.		2,229		668

American Funds Insurance Series

145

American Funds Global Balanced Fund (continued)

Common stocks (continued)	Shares		Value (000)
Materials (continued)
UPM-Kymmene OYJ		14,405	$	429
Air Liquide SA, non-registered shares		2,376		426
Celanese Corp.		2,621		304
International Flavors & Fragrances, Inc.		2,492		198
				18,219

Energy 3.95%
Canadian Natural Resources, Ltd. (CAD denominated)		122,544		6,890
Neste OYJ		47,925		1,847
Shell PLC (GBP denominated)		51,179		1,524
Woodside Energy Group, Ltd.		47,068		1,090
Woodside Energy Group, Ltd. (CDI)		10,942		253
Chevron Corp.		7,748		1,219
BP PLC		177,059		1,037
Baker Hughes Co., Class A		16,864		533
TC Energy Corp. (CAD denominated)		11,486		464
Adaro Energy Indonesia Tbk PT		1,534,800		229
				15,086

Utilities 3.53%
DTE Energy Company		26,908		2,960
Power Grid Corporation of India, Ltd.		672,082		2,091
E.ON SE		149,488		1,905
Duke Energy Corp.		15,732		1,412
SembCorp Industries, Ltd.		283,400		1,206
Constellation Energy Corp.		12,743		1,167
National Grid PLC		61,691		815
ENN Energy Holdings, Ltd.		60,400		755
Dominion Energy, Inc.		13,376		693
NextEra Energy, Inc.		3,685		274
Public Service Enterprise Group, Inc.		3,392		212
				13,490

Communication services 3.11%
Netflix, Inc.¹		7,610		3,352
Alphabet, Inc., Class A¹		18,144		2,172
Alphabet, Inc., Class C¹		7,735		936
Singapore Telecommunications, Ltd.		744,000		1,378
Meta Platforms, Inc., Class A¹		4,605		1,322
BCE, Inc.		21,072		961
Omnicom Group, Inc.		10,103		961
Comcast Corp., Class A		19,737		820
				11,902

Consumer discretionary 2.67%
LVMH Moët Hennessy-Louis Vuitton SE		2,473		2,334
Ferrari NV		3,735		1,215
Ferrari NV (EUR denominated)		1,247		408
Cie. Financière Richemont SA, Class A		8,087		1,372
Royal Caribbean Cruises, Ltd.¹		7,737		803
InterContinental Hotels Group PLC		11,581		800
Amazon.com, Inc.¹		4,577		597
Starbucks Corp.		5,767		571
Restaurant Brands International, Inc.		6,596		511
General Motors Company		10,806		417
adidas AG		1,770		343
Zhongsheng Group Holdings, Ltd.		85,000		326
Airbnb, Inc., Class A¹		2,525		323
Dowlais Group PLC¹		122,051		197
				10,217

146	American Funds Insurance Series

American Funds Global Balanced Fund (continued)

Common stocks (continued)	Shares		Value (000)
Real estate 1.27%
Equinix, Inc. REIT		1,925	$	1,509
CTP NV		98,971		1,285
Embassy Office Parks REIT		329,879		1,170
Sun Hung Kai Properties, Ltd.		45,000		568
Crown Castle, Inc. REIT		2,866		327
				4,859

Total common stocks (cost: $192,266,000)				235,435

Preferred securities 0.41%
Financials 0.24%
Fannie Mae, Series S, 8.25% noncumulative preferred shares¹		212,295		499
Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares¹		180,862		416
				915

Consumer discretionary 0.17%
Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares		5,305		658

Total preferred securities (cost: $1,889,000)				1,573

Convertible stocks 0.32%
Utilities 0.32%
NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/2025²		27,300		1,237

Total convertible stocks (cost: $1,321,000)				1,237

Investment funds 1.39%
Capital Group Central Corporate Bond Fund³		641,083		5,308

Total investment funds (cost: $5,151,000)				5,308

Bonds, notes & other debt instruments 30.45%	Principal amount (000)
Bonds & notes of governments & government agencies outside the U.S. 15.25%
Abu Dhabi (Emirate of) 0.75% 9/2/2023⁴	USD	275		273
Agricultural Development Bank of China 3.75% 1/25/2029	CNY	550		80
Asian Development Bank 1.125% 6/10/2025	GBP	100		116
Australia (Commonwealth of), Series 152, 2.75% 11/21/2028	AUD	310		195
Australia (Commonwealth of), Series 157, 1.50% 6/21/2031		1,055		584
Australia (Commonwealth of), Series 163, 1.00% 11/21/2031		150		79
Australia (Commonwealth of), Series 166, 3.00% 11/21/2033		2,020		1,229
Austria (Republic of) 0% 2/20/2031	EUR	660		575
Belgium (Kingdom of), Series 97, 3.00% 6/22/2033		270		293
Brazil (Federative Republic of) 0% 10/1/2023	BRL	5,925		1,198
Brazil (Federative Republic of) 0% 1/1/2024		9,254		1,820
Brazil (Federative Republic of) 10.00% 1/1/2025		900		186
Brazil (Federative Republic of) 10.00% 1/1/2033		280		56
Brazil (Federative Republic of) 6.00% 8/15/2040⁵		206		46
Brazil (Federative Republic of) 6.00% 8/15/2050⁵		2,142		480
Brazilian Government International Bond 6.00% 8/15/2060⁵		206		47
Bulgaria (Republic of) 4.50% 1/27/2033	EUR	120		130
Canada 0.75% 10/1/2024	CAD	1,125		808
Canada 2.25% 6/1/2025		1,400		1,014
Canada 0.25% 3/1/2026		246		167
Canada 3.50% 3/1/2028		1,009		756
Chile (Republic of) 5.80% 6/1/2024	CLP	190,000		234

American Funds Insurance Series

147

American Funds Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Chile (Republic of) 4.70% 9/1/2030	CLP	150,000	$	181
China (People’s Republic of), Series INBK, 2.64% 1/15/2028	CNY	9,650		1,341
China (People’s Republic of), Series INBK, 2.88% 2/25/2033		12,290		1,721
China (People’s Republic of), Series INBK, 3.81% 9/14/2050		5,890		917
China (People’s Republic of), Series INBK, 3.12% 10/25/2052		3,960		553
China Development Bank Corp., Series 2008, 2.89% 6/22/2025		3,240		451
China Development Bank Corp., Series 2004, 3.43% 1/14/2027		1,060		150
China Development Bank Corp., Series 2009, 3.39% 7/10/2027		8,580		1,215
China Development Bank Corp., Series 1805, 4.88% 2/9/2028		2,040		308
Colombia (Republic of), Series B, 5.75% 11/3/2027	COP	2,331,300		481
Colombia (Republic of), Series B, 7.00% 3/26/2031		4,543,300		919
Colombia (Republic of), Series B, 13.25% 2/9/2033		1,202,000		338
European Investment Bank 0.375% 9/15/2027	EUR	110		107
European Investment Bank 0.25% 1/20/2032		860		744
European Union 0% 7/6/2026		100		99
European Union 0.25% 10/22/2026		50		50
French Republic O.A.T. 0.75% 2/25/2028		640		633
French Republic O.A.T. 0% 11/25/2030		1,320		1,171
French Republic O.A.T. 0% 5/25/2032		650		551
French Republic O.A.T. 2.00% 11/25/2032		610		617
French Republic O.A.T. 3.25% 5/25/2045		160		175
Germany (Federal Republic of) 2.50% 3/13/2025		845		911
Germany (Federal Republic of) 0% 4/16/2027		950		937
Germany (Federal Republic of) 0% 8/15/2031		1,110		1,002
Germany (Federal Republic of) 0% 2/15/2032		540		482
Germany (Federal Republic of) 1.70% 8/15/2032		674		696
Germany (Federal Republic of) 1.00% 5/15/2038		280		249
Germany (Federal Republic of) 0% 8/15/2050		130		76
Germany (Federal Republic of) 0% 8/15/2052		20		11
Greece (Hellenic Republic of) 3.45% 4/2/2024		110		120
Greece (Hellenic Republic of) 3.375% 2/15/2025		50		55
Greece (Hellenic Republic of) 3.875% 6/15/2028		640		711
Greece (Hellenic Republic of) 1.50% 6/18/2030		190		180
Greece (Hellenic Republic of) 1.75% 6/18/2032		790		740
Greece (Hellenic Republic of) 4.25% 6/15/2033		535		612
Greece (Hellenic Republic of) 1.875% 1/24/2052		636		442
India (Republic of) 5.22% 6/15/2025	INR	12,720		150
India (Republic of) 5.15% 11/9/2025		8,000		94
Indonesia (Republic of), Series 64, 6.125% 5/15/2028	IDR	1,165,000		78
Indonesia (Republic of), Series 95, 6.375% 8/15/2028		1,767,000		120
Indonesia (Republic of), Series 71, 9.00% 3/15/2029		1,201,000		92
Indonesia (Republic of), Series 78, 8.25% 5/15/2029		3,301,000		243
Indonesia (Republic of), Series 82, 7.00% 9/15/2030		1,201,000		83
Indonesia (Republic of), Series 87, 6.50% 2/15/2031		1,253,000		84
Ireland (Republic of) 3.00% 10/18/2043	EUR	150		161
Israel (State of) 2.875% 1/29/2024		200		217
Israel (State of) 1.50% 1/18/2027		100		101
Israel (State of) 4.50% 1/17/2033	USD	200		197
Italy (Republic of) 1.35% 4/1/2030	EUR	550		514
Italy (Republic of) 4.40% 5/1/2033		1,030		1,163
Japan, Series 17, 0.10% 9/10/2023⁵	JPY	11,040		77
Japan, Series 18, 0.10% 3/10/2024⁵		21,940		155
Japan, Series 19, 0.10% 9/10/2024⁵		32,040		228
Japan, Series 150, 0.005% 12/20/2026		84,950		590
Japan, Series 22, 0.10% 3/10/2027⁵		26,797		197
Japan, Series 346, 0.10% 3/20/2027		134,150		935
Japan, Series 363, 0.10% 6/20/2031		56,000		383
Japan, Series 365, 0.10% 12/20/2031		317,600		2,164
Japan, Series 145, 1.70% 6/20/2033		59,800		466
Japan, Series 152, 1.20% 3/20/2035		264,400		1,967
Japan, Series 179, 0.50% 12/20/2041		71,600		459

148	American Funds Insurance Series

American Funds Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Japan, Series 42, 1.70% 3/20/2044	JPY	50,150	$	391
Japan, Series 37, 0.60% 6/20/2050		26,950		160
Japan, Series 74, 1.00% 3/20/2052		178,400		1,163
Japan, Series 76, 1.40% 9/20/2052		80,350		578
KfW 1.125% 7/4/2025	GBP	95		110
Malaysia (Federation of), Series 0119, 3.906% 7/15/2026	MYR	1,380		299
Malaysia (Federation of), Series 0219, 3.885% 8/15/2029		620		134
Malaysia (Federation of), Series 0519, 3.757% 5/22/2040		270		55
Morocco (Kingdom of) 3.50% 6/19/2024	EUR	100		108
Morocco (Kingdom of) 1.50% 11/27/2031		100		81
Netherlands (Kingdom of the) 5.50% 1/15/2028		100		121
Nova Scotia (Province of) 3.15% 12/1/2051	CAD	170		108
Peru (Republic of) 2.392% 1/23/2026	USD	90		84
Peru (Republic of) 6.15% 8/12/2032	PEN	925		244
Philippines (Republic of) 0.001% 4/12/2024	JPY	100,000		690
Philippines (Republic of) 0.25% 4/28/2025	EUR	100		102
Philippines (Republic of) 1.648% 6/10/2031	USD	200		158
Poland (Republic of), Series 1029, 2.75% 10/25/2029	PLN	410		86
Portuguese Republic 0.475% 10/18/2030	EUR	230		210
Portuguese Republic 3.50% 6/18/2038		230		251
Romania 2.125% 3/7/2028		130		124
Romania 2.00% 4/14/2033		200		155
Romania 3.375% 2/8/2038		80		63
Romania 4.625% 4/3/2049		39		33
Romania 3.375% 1/28/2050		73		50
Russian Federation 4.25% 6/23/2027⁶	USD	200		82
Russian Federation 4.375% 3/21/2029⁶		200		84
Russian Federation 6.90% 5/23/2029^6,7	RUB	28,250		19
Russian Federation 5.90% 3/12/2031⁶		5,620		21
Russian Federation 7.70% 3/23/2033⁶		23,030		86
Russian Federation 7.25% 5/10/2034⁶		8,140		31
Serbia (Republic of) 3.125% 5/15/2027	EUR	385		378
Serbia (Republic of) 2.05% 9/23/2036		185		124
South Africa (Republic of), Series R-2030, 8.00% 1/31/2030	ZAR	3,000		141
South Africa (Republic of), Series R-2035, 8.875% 2/28/2035		4,234		184
South Korea (Republic of), Series 2712, 2.375% 12/10/2027	KRW	348,590		251
South Korea (Republic of), Series 3212, 4.25% 12/10/2032		1,459,910		1,156
Spain (Kingdom of) 0% 1/31/2027	EUR	335		325
Spain (Kingdom of) 0.80% 7/30/2027		490		485
Spain (Kingdom of) 0.50% 10/31/2031		165		144
Spain (Kingdom of) 3.15% 4/30/2033		317		339
Spain (Kingdom of) 3.55% 10/31/2033		70		77
Tunisia (Republic of) 6.75% 10/31/2023		260		264
Ukraine 6.876% 5/21/2031^4,6	USD	250		58
Ukraine 6.876% 5/21/2031⁶		200		46
United Kingdom 2.75% 9/7/2024	GBP	50		62
United Kingdom 1.25% 7/22/2027		410		452
United Kingdom 0.375% 10/22/2030		490		467
United Kingdom 0.25% 7/31/2031		160		147
United Kingdom 1.00% 1/31/2032		920		889
United Kingdom 4.25% 6/7/2032		1,165		1,472
United Kingdom 3.25% 1/22/2044		174		184
United Kingdom 1.25% 7/31/2051		413		260
United Mexican States, Series M, 5.75% 3/5/2026	MXN	12,150		650
United Mexican States, Series M, 7.50% 6/3/2027		7,285		405
United Mexican States, Series M, 7.75% 5/29/2031		5,000		276
United Mexican States, Series M, 7.50% 5/26/2033		3,500		188

American Funds Insurance Series

149

American Funds Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
United Mexican States, Series M, 7.75% 11/23/2034	MXN	6,500	$	355
United Mexican States, Series M, 8.00% 11/7/2047		5,120		274
United Mexican States, Series M, 8.00% 7/31/2053		21,380		1,134
				58,298

Corporate bonds, notes & loans 5.56%
Financials 1.92%
AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Mid-Swap + 1.10% on 9/9/2028)⁸	EUR	200		173
AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025)^4,8	USD	200		203
Banco de Sabadell, SA 2.625% 3/24/2026 (5-year EUR Mid-Swap + 2.20% on 3/24/2025)⁸	EUR	100		104
Banco de Sabadell, SA 5.25% 2/7/2029 (1-year EUR Mid-Swap + 2.40% on 2/7/2028)⁸		200		214
Bank of America Corp. 0.976% 4/22/2025 (USD-SOFR + 0.69% on 4/22/2024)⁸	USD	200		192
Bank of America Corp. 1.319% 6/19/2026 (USD-SOFR + 1.15% on 6/19/2025)⁸		500		458
Bank of America Corp. 1.734% 7/22/2027 (USD-SOFR + 0.96% on 7/22/2026)⁸		160		143
Bank of America Corp. 3.419% 12/20/2028 (3-month USD CME Term SOFR + 1.302% on 12/20/2027)⁸		236		217
Bank of America Corp. 2.496% 2/13/2031 (3-month USD CME Term SOFR + 1.252% on 2/13/2030)⁸		20		17
Barclays PLC 5.304% 8/9/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/9/2025)⁸		475		463
BPCE 5.70% 10/22/2023⁴		200		199
BPCE 4.50% 1/13/2033	EUR	100		110
CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028)^4,8	USD	200		200
Chubb INA Holdings, Inc. 3.35% 5/3/2026		10		10
Chubb INA Holdings, Inc. 4.35% 11/3/2045		20		18
Citigroup, Inc. 0.981% 5/1/2025 (USD-SOFR + 0.669% on 5/1/2024)⁸		103		99
Citigroup, Inc. 3.106% 4/8/2026 (USD-SOFR + 2.842% on 3/8/2026)⁸		175		167
Citigroup, Inc. 3.07% 2/24/2028 (USD-SOFR + 1.28% on 2/24/2027)⁸		110		101
Citigroup, Inc. 4.91% 5/24/2033 (USD-SOFR + 2.086% on 5/24/2032)⁸		29		28
Commonwealth Bank of Australia 2.688% 3/11/2031⁴		225		177
Corebridge Financial, Inc. 3.90% 4/5/2032		59		51
Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)⁸		160		138
Deutsche Bank AG 1.75% 11/19/2030 (3-month EUR-EURIBOR + 2.05% on 11/19/2029)⁸	EUR	200		173
Deutsche Bank AG 4.00% 6/24/2032 (3-month EUR-EURIBOR + 3.30% on 6/24/2027)⁸		100		96
Goldman Sachs Group, Inc. 1.00% 3/18/2033⁹		210		171
Goldman Sachs Group, Inc. 4.017% 10/31/2038 (3-month USD CME Term SOFR + 1.635% on 10/31/2037)⁸	USD	78		66
HSBC Holdings PLC 4.292% 9/12/2026 (3-month USD CME Term SOFR + 1.609% on 9/12/2025)⁸		200		192
ING Groep NV 5.25% 11/14/2033 (3-month EUR-EURIBOR + 2.15% on 11/14/2032)⁸	EUR	100		115
JPMorgan Chase & Co. 1.578% 4/22/2027 (USD-SOFR + 0.885% on 4/22/2026)⁸	USD	186		167
JPMorgan Chase & Co. 4.493% 3/24/2031 (USD-SOFR + 3.79% on 3/24/2030)⁸		160		154
JPMorgan Chase & Co. 5.35% 6/1/2034 (USD-SOFR + 1.845% on 6/1/2033)⁸		425		429
Mastercard, Inc. 2.00% 11/18/2031		102		84
Morgan Stanley 0.985% 12/10/2026 (USD-SOFR + 0.72% on 12/10/2025)⁸		200		178
Morgan Stanley 1.593% 5/4/2027 (USD-SOFR + 0.879% on 5/4/2026)⁸		126		113
Morgan Stanley 2.699% 1/22/2031 (USD-SOFR + 1.143% on 1/22/2030)⁸		72		61
Morgan Stanley 2.95% 5/7/2032 (3-month EUR-EURIBOR + 1.245% on 5/7/2031)⁸	EUR	280		276
NatWest Group PLC 0.78% 2/26/2030 (3-month EUR-EURIBOR + 0.949% on 2/26/2029)⁸		175		152
New York Life Insurance Company 3.75% 5/15/2050⁴	USD	23		18
Nordea Bank ABP 3.60% 6/6/2025⁴		200		192
Royal Bank of Canada 1.20% 4/27/2026		175		156
UBS Group AG 4.49% 8/5/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.60% on 8/5/2024)^4,8		450		440

150	American Funds Insurance Series

American Funds Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Wells Fargo & Company 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)⁸	USD	210	$	196
Wells Fargo & Company 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027)⁸		400		357
Wells Fargo & Company 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)⁸		100		88
				7,356
Utilities 0.81%
Alabama Power Co. 3.00% 3/15/2052		250		169
CMS Energy Corp. 3.00% 5/15/2026		80		75
Consumers Energy Co. 3.60% 8/15/2032		250		226
Duke Energy Progress, LLC 3.70% 9/1/2028		75		71
E.ON SE 1.625% 3/29/2031	EUR	240		227
Edison International 4.125% 3/15/2028	USD	160		149
Electricité de France SA 6.25% 5/23/2033⁴		200		203
Enel Américas SA 4.00% 10/25/2026		35		34
Enel Finance International NV 1.875% 7/12/2028⁴		200		168
Entergy Louisiana, LLC 4.75% 9/15/2052		100		92
Exelon Corp. 3.40% 4/15/2026		150		143
Interstate Power and Light Co. 2.30% 6/1/2030		50		42
NextEra Energy Capital Holdings, Inc. 2.75% 11/1/2029		232		201
Niagara Mohawk Power Corp. 3.508% 10/1/2024⁴		85		82
Pacific Gas and Electric Co. 2.95% 3/1/2026		25		23
Pacific Gas and Electric Co. 2.10% 8/1/2027		100		85
Pacific Gas and Electric Co. 3.00% 6/15/2028		140		121
Pacific Gas and Electric Co. 4.65% 8/1/2028		114		106
Pacific Gas and Electric Co. 4.55% 7/1/2030		31		28
Pacific Gas and Electric Co. 2.50% 2/1/2031		600		470
Pacific Gas and Electric Co. 3.25% 6/1/2031		50		41
Pacific Gas and Electric Co. 3.50% 8/1/2050		137		87
The Cleveland Electric Illuminating Co. 3.50% 4/1/2028⁴		35		32
Xcel Energy, Inc. 3.35% 12/1/2026		216		203
				3,078

Health care 0.58%
Amgen, Inc. 1.90% 2/21/2025		40		38
Amgen, Inc. 2.20% 2/21/2027		30		27
Amgen, Inc. 4.20% 3/1/2033		280		262
Amgen, Inc. 5.25% 3/2/2033		183		183
Amgen, Inc. 5.65% 3/2/2053		171		173
AstraZeneca Finance, LLC 2.25% 5/28/2031		69		58
AstraZeneca PLC 3.50% 8/17/2023		150		150
Becton, Dickinson and Company 3.734% 12/15/2024		10		10
Becton, Dickinson and Company 3.70% 6/6/2027		43		41
Becton, Dickinson and Company 4.298% 8/22/2032		320		304
EMD Finance, LLC 3.25% 3/19/2025⁴		250		240
Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033		197		196
Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053		21		22
Stryker Corp. 0.75% 3/1/2029	EUR	210		194
Takeda Pharmaceutical Co., Ltd. 2.25% 11/21/2026		100		103
The Cigna Group 4.125% 11/15/2025	USD	80		78
UnitedHealth Group, Inc. 4.00% 5/15/2029		135		129
				2,208

Communication services 0.55%
América Móvil, SAB de CV 9.50% 1/27/2031	MXN	6,640		384
AT&T, Inc. 2.75% 6/1/2031	USD	375		317
AT&T, Inc. 2.55% 12/1/2033		64		50
AT&T, Inc. 4.30% 11/18/2034	EUR	100		109
Comcast Corp. 0% 9/14/2026		100		96
Deutsche Telekom International Finance BV 9.25% 6/1/2032	USD	45		57
Netflix, Inc. 3.875% 11/15/2029⁹	EUR	200		213

American Funds Insurance Series

151

American Funds Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
Orange 9.00% 3/1/2031⁸	USD	65	$	80
T-Mobile USA, Inc. 2.05% 2/15/2028		200		174
Verizon Communications, Inc. 0.375% 3/22/2029	EUR	140		126
Verizon Communications, Inc. 2.55% 3/21/2031	USD	325		271
Verizon Communications, Inc. 0.75% 3/22/2032	EUR	100		84
WarnerMedia Holdings, Inc. 5.05% 3/15/2042	USD	168		142
				2,103

Consumer discretionary 0.45%
Amazon.com, Inc. 2.80% 8/22/2024		45		44
BMW US Capital, LLC 3.90% 4/9/2025⁴		70		68
Daimler Trucks Finance North America, LLC 3.65% 4/7/2027⁴		150		142
General Motors Financial Co., Inc. 2.40% 4/10/2028		150		129
Hyundai Capital America 1.50% 6/15/2026⁴		250		222
Hyundai Capital America 2.375% 10/15/2027⁴		109		95
Hyundai Capital America 5.60% 3/30/2028⁴		150		149
Royal Caribbean Cruises, Ltd. 11.50% 6/1/2025⁴		159		169
Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028⁴		185		173
Royal Caribbean Cruises, Ltd. 8.25% 1/15/2029⁴		70		74
Royal Caribbean Cruises, Ltd. 9.25% 1/15/2029⁴		59		63
Stellantis Finance US, Inc. 5.625% 1/12/2028⁴		200		202
Stellantis Finance US, Inc. 2.691% 9/15/2031⁴		200		160
Toyota Motor Credit Corp. 3.375% 4/1/2030		33		30
				1,720

Energy 0.40%
Canadian Natural Resources, Ltd. 2.95% 7/15/2030		161		138
Ecopetrol SA 6.875% 4/29/2030		160		146
Equinor ASA 3.70% 3/1/2024		50		49
Halliburton Co. 3.80% 11/15/2025		2		2
Kinder Morgan, Inc. 4.30% 6/1/2025		165		161
Petroleos Mexicanos 7.19% 9/12/2024	MXN	5,236		284
Petroleos Mexicanos 6.875% 8/4/2026	USD	465		435
Qatar Energy 3.125% 7/12/2041⁴		270		207
TransCanada Trust 5.875% 8/15/2076 (3-month USD-LIBOR + 4.64% on 8/15/2026)⁸		110		104
				1,526

Information technology 0.35%
Apple, Inc. 3.35% 8/8/2032		580		541
Broadcom, Inc. 4.00% 4/15/2029⁴		21		19
Broadcom, Inc. 4.15% 11/15/2030		70		64
Broadcom, Inc. 3.419% 4/15/2033⁴		53		44
Broadcom, Inc. 3.137% 11/15/2035⁴		15		12
Lenovo Group, Ltd. 5.875% 4/24/2025		269		268
Microsoft Corp. 2.40% 8/8/2026		187		176
Oracle Corp. 2.65% 7/15/2026		216		200
				1,324

Consumer staples 0.20%
Altria Group, Inc. 2.20% 6/15/2027	EUR	270		274
Anheuser-Busch InBev Worldwide, Inc. 4.00% 4/13/2028	USD	100		97
BAT Capital Corp. 3.215% 9/6/2026		62		57
BAT Capital Corp. 4.70% 4/2/2027		67		65
BAT Capital Corp. 3.557% 8/15/2027		105		96
BAT Capital Corp. 3.462% 9/6/2029		75		65
Philip Morris International, Inc. 5.75% 11/17/2032		110		113
				767

152	American Funds Insurance Series

American Funds Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials 0.16%
Canadian Pacific Railway Co. 3.10% 12/2/2051	USD	164	$	117
Carrier Global Corp. 2.242% 2/15/2025		6		6
Carrier Global Corp. 2.493% 2/15/2027		7		6
CSX Corp. 3.80% 4/15/2050		6		5
CSX Corp. 2.50% 5/15/2051		75		48
Lima Metro Line 2 Finance, Ltd. 5.875% 7/5/2034⁴		92		89
MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027⁴		200		187
Raytheon Technologies Corp. 4.125% 11/16/2028		170		164
				622

Real estate 0.11%
American Tower Corp. 0.875% 5/21/2029	EUR	130		116
Equinix, Inc. 2.15% 7/15/2030	USD	176		142
Essex Portfolio, LP 3.50% 4/1/2025		120		115
Essex Portfolio, LP 3.375% 4/15/2026		40		38
				411

Materials 0.03%
Celanese US Holdings, LLC 6.379% 7/15/2032		50		50
Vale Overseas, Ltd. 3.75% 7/8/2030		94		83
				133

Total corporate bonds, notes & loans				21,248

U.S. Treasury bonds & notes 4.78%
U.S. Treasury 4.31%
U.S. Treasury 1.50% 2/29/2024		627		612
U.S. Treasury 2.50% 4/30/2024		890		869
U.S. Treasury 3.25% 8/31/2024		641		626
U.S. Treasury 4.25% 9/30/2024		1,196		1,180
U.S. Treasury 1.75% 3/15/2025		98		93
U.S. Treasury 3.00% 7/15/2025		966		931
U.S. Treasury 3.125% 8/15/2025		18		17
U.S. Treasury 4.50% 11/15/2025		178		177
U.S. Treasury 0.375% 11/30/2025		50		45
U.S. Treasury 3.75% 4/15/2026		76		74
U.S. Treasury 2.25% 2/15/2027		278		258
U.S. Treasury 1.875% 2/28/2027		4,896		4,488
U.S. Treasury 2.75% 4/30/2027		450		425
U.S. Treasury 2.75% 7/31/2027		46		43
U.S. Treasury 4.125% 9/30/2027		268		267
U.S. Treasury 4.125% 10/31/2027		357		355
U.S. Treasury 3.625% 5/31/2028		525		514
U.S. Treasury 0.625% 8/15/2030		130		104
U.S. Treasury 1.375% 11/15/2031		780		642
U.S. Treasury 1.875% 2/15/2032		343		294
U.S. Treasury 2.875% 5/15/2032		300		278
U.S. Treasury 2.75% 8/15/2032		203		186
U.S. Treasury 3.50% 2/15/2033		100		97
U.S. Treasury 3.375% 5/15/2033		215		208
U.S. Treasury 1.875% 2/15/2041¹⁰		920		668
U.S. Treasury 2.25% 5/15/2041		525		404
U.S. Treasury 4.00% 11/15/2042		305		303
U.S. Treasury 3.875% 5/15/2043		175		171
U.S. Treasury 2.875% 11/15/2046		400		330
U.S. Treasury 1.25% 5/15/2050		630		354
U.S. Treasury 2.375% 5/15/2051¹⁰		490		364
U.S. Treasury 2.00% 8/15/2051¹⁰		560		381

American Funds Insurance Series

153

American Funds Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued)
U.S. Treasury 1.875% 11/15/2051¹⁰	USD	686	$	452
U.S. Treasury 2.25% 2/15/2052		180		130
U.S. Treasury 3.625% 2/15/2053		134		129
				16,469

U.S. Treasury inflation-protected securities 0.47%
U.S. Treasury Inflation-Protected Security 0.125% 7/15/2024⁵		786		763
U.S. Treasury Inflation-Protected Security 0.125% 10/15/2024⁵		527		508
U.S. Treasury Inflation-Protected Security 0.375% 7/15/2027⁵		349		328
U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049⁵		253		218
				1,817

Total U.S. Treasury bonds & notes				18,286

Mortgage-backed obligations 4.30%
Federal agency mortgage-backed obligations 3.80%
Fannie Mae Pool #MA5071 5.00% 7/1/2053¹¹		28		28
Freddie Mac Pool #RB5071 2.00% 9/1/2040¹¹		778		667
Freddie Mac Pool #SD8276 5.00% 12/1/2052¹¹		490		480
Freddie Mac Pool #SD8341 5.00% 7/1/2053¹¹		17		17
Freddie Mac, Series K153, Class A2, Multi Family, 3.82% 1/25/2033¹¹		580		551
Government National Mortgage Assn. Pool #785607 2.50% 8/20/2051¹¹		314		268
Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051¹¹		113		96
Uniform Mortgage-Backed Security 2.00% 7/1/2053^11,12		800		653
Uniform Mortgage-Backed Security 2.50% 7/1/2053^11,12		1,374		1,165
Uniform Mortgage-Backed Security 3.50% 7/1/2053^11,12		2,210		2,014
Uniform Mortgage-Backed Security 4.00% 7/1/2053^11,12		1,049		985
Uniform Mortgage-Backed Security 4.50% 7/1/2053^11,12		2,525		2,428
Uniform Mortgage-Backed Security 5.00% 7/1/2053^11,12		2,391		2,343
Uniform Mortgage-Backed Security 6.00% 7/1/2053^11,12		1,700		1,715
Uniform Mortgage-Backed Security 2.50% 8/1/2053^11,12		1,300		1,104
				14,514

Other mortgage-backed securities 0.25%
Nykredit Realkredit AS, Series 01E, 1.50% 10/1/2037¹¹	DKK	485		62
Nykredit Realkredit AS, Series 01E, 1.50% 10/1/2040¹¹		1,244		154
Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2043¹¹		5,700		630
Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2050¹¹		483		48
Nykredit Realkredit AS, Series CCE, 1.00% 10/1/2050¹¹		579		61
Realkredit Danmark AS 1.00% 10/1/2053¹¹		191		20
				975

Commercial mortgage-backed securities 0.13%
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 5.893% 9/15/2036^4,11,13	USD	150		145
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 6.092% 10/15/2036^4,11,13		110		107
Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 6/10/2028^4,11,13		135		135
Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/2028^4,11,13		100		102
				489

154	American Funds Insurance Series

American Funds Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) 0.12%
Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) 7.367% 5/25/2043^4,11,13	USD	215	$	216
Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) 6.967% 6/25/2043^4,11,13		127		127
Tricon Residential Trust, Series 2023-SFR1, Class A, 5.10% 7/17/2040^4,11		108		106
				449

Total mortgage-backed obligations				16,427

Asset-backed obligations 0.46%
American Credit Acceptance Receivables Trust, Series 2022-3, Class C, 4.86% 10/13/2028^4,11		26		25
AmeriCredit Automobile Receivables Trust, Series 2022-2, Class A2B, (30-day Average USD-SOFR + 1.15%) 6.216% 12/18/2025^11,13		115		116
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class A, 5.20% 10/20/2027^4,11		125		122
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029^4,11		148		148
CarMax Auto Owner Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.77%) 5.837% 9/15/2025^11,13		78		78
Ford Credit Auto Owner Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.60%) 5.667% 2/15/2025^11,13		55		55
GM Financial Automobile Leasing Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.71%) 5.776% 10/21/2024^11,13		63		63
GM Financial Consumer Automobile Receivables Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.60%) 5.667% 9/16/2025^11,13		80		80
Hyundai Auto Receivables Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.58%) 5.647% 5/15/2025^11,13		79		79
Nissan Auto Lease Trust, Series 2021-A, Class A3, 0.52% 8/15/2024¹¹		152		151
Nissan Auto Lease Trust, Series 2022-A, Class A2B, (30-day Average USD-SOFR + 0.68%) 5.747% 8/15/2024^11,13		145		145
Prestige Auto Receivables Trust, Series 2023-1, Class A2, 5.88% 3/16/2026^4,11		67		67
Santander Drive Auto Receivables Trust, Series 2022-4, Class A2, 4.05% 7/15/2025¹¹		39		39
Toyota Auto Receivables Owner Trust, Series 2022-C, Class A2B, (30-day Average USD-SOFR + 0.57%) 5.637% 8/15/2025^11,13		31		31
Verizon Master Trust, Series 2022-3, Class A, 3.01% 5/20/2027 (3.76% on 11/20/2023)^8,11		250		247
Volkswagen Auto Lease Trust, Series 2022-A, Class A2, 3.02% 10/21/2024¹¹		92		91
Westlake Automobile Receivables Trust, Series 2022-2A, Class A2A, 3.36% 8/15/2025^4,11		93		92
Westlake Automobile Receivables Trust, Series 2023-1, Class A2A, 5.51% 6/15/2026^4,11		113		113
Westlake Automobile Receivables Trust, Series 2023-1, Class A3, 5.21% 1/18/2028^4,11		19		19
				1,761

Federal agency bonds & notes 0.07%
Korea Development Bank 4.375% 2/15/2033		270		263

Municipals 0.03%
Ohio 0.02%
Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, 3.216% 2/15/2048		100		73

Texas 0.01%
Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052		80		59

Total municipals				132

Total bonds, notes & other debt instruments (cost: $125,939,000)				116,415

American Funds Insurance Series

155

American Funds Global Balanced Fund (continued)

Short-term securities 8.80%

Value
(000)

Money market investments 8.21%

Capital Group Central Cash Fund 5.15%^3,14

314,104

31,413

Weighted
average yield
at acquisition

Principal amount
(000)

Bills & notes of governments & government agencies outside the U.S. 0.42%

Japan Treasury 2/20/2024

(0.103

JPY

230,900

1,602

Money market investments purchased with collateral from securities on loan 0.17%

Goldman Sachs Financial Square Government Fund, Institutional Shares 5.01%^14,15

320,400

321

Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.05%^14,15

320,399

320

641

Total short-term securities (cost: $33,772,000)

33,656

Total investment securities 102.95% (cost: $360,338,000)

393,624

Other assets less liabilities (2.95)%

(11,270

)

Net assets 100.00%

382,354

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized (depreciation) appreciation at 6/30/2023 (000)
2 Year U.S. Treasury Note Futures	Long	38	September 2023		USD7,727		$	(50	)
5 Year Euro-Bobl Futures	Long	19	September 2023		2,399			(37	)
5 Year U.S. Treasury Note Futures	Long	76	September 2023		8,139			(129	)
10 Year Italy Government Bond Futures	Long	6	September 2023		760			(3	)
10 Year Euro-Bund Futures	Short	7	September 2023		(1,022	)		9
10 Year Japanese Government Bond Futures	Short	6	September 2023		(6,177	)		(23	)
10 Year Australian Treasury Bond Futures	Long	4	September 2023		310			(1	)
10 Year U.S. Treasury Note Futures	Short	17	September 2023		(1,908	)		28
10 Year Ultra U.S. Treasury Note Futures	Short	33	September 2023		(3,908	)		37
10 Year UK Gilt Futures	Long	4	September 2023		484			(1	)
20 Year U.S. Treasury Bond Futures	Long	23	September 2023		2,919			(3	)
30 Year Euro-Buxl Futures	Long	1	September 2023		152			2
30 Year Ultra U.S. Treasury Bond Futures	Short	5	September 2023		(681	)		—	¹⁶
							$	(171	)

156	American Funds Insurance Series

American Funds Global Balanced Fund (continued)

Forward currency contracts

Contract amount							Unrealized appreciation (depreciation)
Currency purchased (000)		Currency sold (000)		Counterparty	Settlement date		at 6/30/2023 (000)
GBP	140	USD	176	Bank of New York Mellon	7/3/2023	$	1
ZAR	6,000	USD	318	UBS AG	7/3/2023		—	¹⁶
USD	174	GBP	140	Goldman Sachs	7/3/2023		(3	)
USD	308	ZAR	6,000	UBS AG	7/3/2023		(11	)
USD	2,906	JPY	400,500	Standard Chartered Bank	7/7/2023		128
EUR	810	USD	872	Morgan Stanley	7/7/2023		12
EUR	1,000	USD	1,081	Standard Chartered Bank	7/7/2023		10
USD	240	EUR	220	Standard Chartered Bank	7/7/2023		(1	)
AUD	750	USD	516	Standard Chartered Bank	7/7/2023		(16	)
AUD	1,050	USD	723	Bank of America	7/7/2023		(23	)
USD	1,174	AUD	1,800	HSBC Bank	7/7/2023		(25	)
EUR	1,230	USD	1,323	Morgan Stanley	7/10/2023		19
MXN	14,500	USD	844	Bank of America	7/10/2023		2
EUR	100	USD	110	Bank of America	7/10/2023		—	¹⁶
AUD	45	USD	31	Standard Chartered Bank	7/10/2023		(1	)
USD	626	AUD	950	JPMorgan Chase	7/10/2023		(7	)
JPY	57,410	USD	414	Morgan Stanley	7/10/2023		(16	)
USD	824	MXN	14,500	Morgan Stanley	7/10/2023		(21	)
GBP	180	USD	223	Morgan Stanley	7/11/2023		5
USD	239	CAD	320	Citibank	7/11/2023		(3	)
CAD	1,270	USD	951	Bank of America	7/12/2023		8
USD	97	CAD	130	Morgan Stanley	7/12/2023		(1	)
USD	505	MXN	8,853	Morgan Stanley	7/12/2023		(11	)
THB	38,000	USD	1,099	Citibank	7/14/2023		(22	)
PLN	3,110	USD	748	HSBC Bank	7/17/2023		17
USD	497	KRW	637,850	HSBC Bank	7/17/2023		12
EUR	600	USD	651	BNP Paribas	7/17/2023		4
BRL	700	USD	145	Goldman Sachs	7/17/2023		1
USD	15	CNH	110	Citibank	7/17/2023		—	¹⁶
COP	922,000	USD	219	BNP Paribas	7/17/2023		—	¹⁶
USD	167	COP	700,000	BNP Paribas	7/17/2023		—	¹⁶
EUR	396	DKK	2,950	Bank of America	7/17/2023		—	¹⁶
USD	197	NZD	320	Morgan Stanley	7/17/2023		—	¹⁶
IDR	2,940,160	USD	197	JPMorgan Chase	7/17/2023		(1	)
SEK	1,270	USD	118	BNP Paribas	7/17/2023		(1	)
USD	548	COP	2,313,140	Morgan Stanley	7/17/2023		(3	)
NZD	470	USD	293	JPMorgan Chase	7/17/2023		(4	)
USD	487	BRL	2,395	Citibank	7/17/2023		(12	)
CNH	12,060	USD	1,690	Citibank	7/17/2023		(29	)
JPY	664,730	USD	4,788	Morgan Stanley	7/18/2023		(167	)
EUR	170	USD	185	Standard Chartered Bank	7/20/2023		1
EUR	605	USD	666	Goldman Sachs	7/20/2023		(5	)
THB	26,000	USD	740	Morgan Stanley	7/24/2023		(3	)
EUR	1,895	USD	2,080	Morgan Stanley	7/24/2023		(9	)
USD	578	CAD	760	Bank of America	7/25/2023		4
USD	187	MXN	3,200	Bank of America	7/25/2023		1
MXN	4,800	USD	280	HSBC Bank	7/25/2023		(1	)
USD	748	MXN	12,910	Morgan Stanley	7/25/2023		(2	)
JPY	139,869	USD	986	Bank of America	7/25/2023		(13	)
CNH	9,100	USD	1,264	Barclays Bank PLC	7/27/2023		(10	)
USD	318	ZAR	6,000	UBS AG	7/28/2023		—	¹⁶
USD	176	GBP	140	Bank of New York Mellon	7/28/2023		(1	)
USD	58	BRL	280	Citibank	8/4/2023		—	¹⁶
USD	590	BRL	2,860	JPMorgan Chase	10/2/2023		3
USD	334	BRL	1,619	Citibank	10/2/2023		2
USD	436	BRL	2,280	Citibank	1/2/2024		(27	)

American Funds Insurance Series

157

American Funds Global Balanced Fund (continued)

Forward currency contracts (continued)

Contract amount						Unrealized appreciation (depreciation)
Currency purchased (000)		Currency sold (000)		Counterparty	Settlement date	at 6/30/2023 (000)
USD	953	BRL	5,254	Citibank	1/2/2024	$	(114	)
USD	1,823	JPY	230,900	HSBC Bank	2/16/2024		161
JPY	230,900	USD	1,808	HSBC Bank	2/16/2024		(145	)
USD	1,809	JPY	230,900	HSBC Bank	2/20/2024		146
						$	(171	)

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

Receive		Pay			Notional		Value at		Upfront premium		Unrealized (depreciation) appreciation
Rate	Payment frequency	Rate	Payment frequency	Expiration date	amount (000)		6/30/2023 (000)		paid (000)		at 6/30/2023 (000)
1.2475%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/20/2023	NZD	375	$ (1	)	$	—	$	(1	)
1.234974%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/20/2023		3,197	(12	)		—		(12	)
1.2375%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/26/2023		1,178	(5	)		—		(5	)
1.264%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/27/2023		2,945	(13	)		—		(13	)
1.26%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/30/2023		486	(2	)		—		(2	)
1.28%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/31/2023		486	(2	)		—		(2	)
1.30%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	9/3/2023		533	(3	)		—		(3	)
1.4975%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	9/21/2023		1,001	(6	)		—		(6	)
1.445%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	9/28/2023		1,000	(6	)		—		(6	)
1.4475%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	9/29/2023		1,019	(6	)		—		(6	)
1.4475%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	9/30/2023		1,023	(7	)		—		(7	)
1.5125%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	10/14/2023		904	(7	)		—		(7	)
1.53%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	10/14/2023		1,031	(8	)		—		(8	)
1.5625%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	10/15/2023		1,029	(8	)		—		(8	)
1.59%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	10/18/2023		1,029	(8	)		—		(8	)
1.62%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	10/19/2023		1,144	(9	)		—		(9	)
3.7697%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	11/6/2023		5,500	(23	)		—		(23	)
2.24%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	11/8/2023		1,463	(11	)		—		(11	)
2.2525%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	11/8/2023		1,463	(11	)		—		(11	)
2.20%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	11/9/2023		123	(1	)		—		(1	)
3.79165%	Annual	SOFR	Annual	1/13/2026	USD	6,240	(114	)		—		(114	)
6.59%	28-day	28-day MXN-TIIE	28-day	6/25/2026	MXN	2,000	(7	)		—		(7	)
6.585%	28-day	28-day MXN-TIIE	28-day	6/25/2026		2,600	(9	)		—		(9	)
6.64%	28-day	28-day MXN-TIIE	28-day	6/25/2026		3,200	(11	)		—		(11	)
6.6175%	28-day	28-day MXN-TIIE	28-day	6/25/2026		8,600	(31	)		—		(31	)
6.633%	28-day	28-day MXN-TIIE	28-day	6/25/2026		8,900	(32	)		—		(32	)
6.58%	28-day	28-day MXN-TIIE	28-day	6/25/2026		11,300	(41	)		—		(41	)
7.59%	28-day	28-day MXN-TIIE	28-day	10/29/2026		2,500	(5	)		—		(5	)
7.62%	28-day	28-day MXN-TIIE	28-day	10/29/2026		3,701	(7	)		—		(7	)
7.66%	28-day	28-day MXN-TIIE	28-day	10/29/2026		6,100	(12	)		—		(12	)
7.64%	28-day	28-day MXN-TIIE	28-day	10/29/2026		6,000	(12	)		—		(12	)
7.52%	28-day	28-day MXN-TIIE	28-day	10/30/2026		7,639	(16	)		—		(16	)
9.07%	28-day	28-day MXN-TIIE	28-day	4/28/2027		20,400	18			—		18
4.96048%	Annual	SONIA	Annual	6/21/2028	GBP	850	(6	)		—		(6	)
4.98038%	Annual	SONIA	Annual	6/21/2028		1,715	(10	)		—		(10	)
SOFR	Annual	3.29015%	Annual	1/13/2030	USD	2,870	75			—		75

158	American Funds Insurance Series

American Funds Global Balanced Fund (continued)

Swap contracts (continued)

Interest rate swaps (continued)

Centrally cleared interest rate swaps (continued)

Receive		Pay			Notional	Value at			Upfront premium			Unrealized (depreciation) appreciation
Rate	Payment frequency	Rate	Payment frequency	Expiration date	amount (000)	6/30/2023 (000)			paid (000)			at 6/30/2023 (000)
SONIA	Annual	4.34948%	Annual	6/21/2033	GBP 460	$1				$	—	$	1
SONIA	Annual	4.36738%	Annual	6/21/2033	930	—		¹⁶		—			—	¹⁶
						$	(368	)		$	—	$	(368	)

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Reference
index

Financing
rate paid

Payment
frequency

Expiration
date

Notional
amount
(000)

Value at
6/30/2023
(000)

Upfront
premium
received
(000)

Unrealized
depreciation
at 6/30/2023
(000)

CDX.NA.HY.40

5.00%

Quarterly

6/20/2028

USD 30

—

¹⁶

—

¹⁶

—

¹⁶

Centrally cleared credit default swaps on credit indices — sell protection

Financing
rate received

Payment
frequency

Reference
index

Expiration
date

Notional
amount
(000)

¹⁷

Value at
6/30/2023
(000)

¹⁸

Upfront
premium
paid
(000)

Unrealized
appreciation
at 6/30/2023
(000)

1.00%

Quarterly

CDX.NA.IG.40

6/20/2028

USD 1,365

American Funds Insurance Series

159

American Funds Global Balanced Fund (continued)

Investments in affiliates³

	Value of affiliates at 1/1/2023 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized appreciation (000)		Value of affiliates at 6/30/2023 (000)		Dividend income (000)
Investment funds 1.39%
Capital Group Central Corporate Bond Fund	$	5,532	$	102	$	412	$	(19	)	$	105	$	5,308	$	102
Short-term securities 8.21%
Money market investments 8.21%
Capital Group Central Cash Fund 5.15%¹⁴		3,928		66,804		39,323		—	¹⁶		4		31,413		535
Total 9.60%							$	(19	)	$	109	$	36,721	$	637

Restricted securities⁹

	Acquisition date(s)	Cost (000)		Value (000)		Percent of net assets
Netflix, Inc. 3.875% 11/15/2029	7/11/2022-7/12/2022	$	192	$	213		.06	%
Goldman Sachs Group, Inc. 1.00% 3/18/2033	5/19/2021		252		171		.04
Total		$	444	$	384		.10	%

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 $697,000, which represented .18% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
³	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
⁴	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $6,084,000, which represented 1.59% of the net assets of the fund.
⁵	Index-linked bond whose principal amount moves with a government price index.
⁶	Scheduled interest and/or principal payment was not received.
⁷	Value determined using significant unobservable inputs.
⁸	Step bond; coupon rate may change at a later date.
⁹	Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $384,000, which represented .10% of the net assets of the fund.
¹⁰	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $593,000, which represented .16% of the net assets of the fund.
¹¹	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
¹²	Purchased on a TBA basis.
¹³	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
¹⁴	Rate represents the seven-day yield at 6/30/2023.
¹⁵	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
¹⁶	Amount less than one thousand.
¹⁷	The maximum potential amount the fund may pay as a protection seller should a credit event occur.
¹⁸	The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively.

160	American Funds Insurance Series

American Funds Global Balanced Fund (continued)

Key to abbreviations

ADR = American Depositary Receipts

Assn. = Association

AUD = Australian dollars

BBR = Bank Base Rate

BRL = Brazilian reais

CAD = Canadian dollars

CDI = CREST Depository Interest

CLP = Chilean pesos

CME = CME Group

CNH = Chinese yuan renminbi

CNY = Chinese yuan

COP = Colombian pesos

DKK = Danish kroner

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

FRA = Forward Rate Agreement

GBP = British pounds

IDR = Indonesian rupiah

INR = Indian rupees

JPY = Japanese yen

KRW = South Korean won

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

MYR = Malaysian ringgits

NZD = New Zealand dollars

PEN = Peruvian nuevos soles

PLN = Polish zloty

Ref. = Refunding

REIT = Real Estate Investment Trust

Rev. = Revenue

RUB = Russian rubles

SEK = Swedish kronor

SOFR = Secured Overnight Financing Rate

SONIA = Sterling Overnight Interbank Average Rate

TBA = To be announced

THB = Thai baht

TIIE = Equilibrium Interbank Interest Rate

USD = U.S. dollars

ZAR = South African rand

Refer to the notes to financial statements.

American Funds Insurance Series

161

The Bond Fund of America

Investment portfolio June 30, 2023

unaudited

Bonds, notes & other debt instruments 95.51%	Principal amount (000)		Value (000)
Corporate bonds, notes & loans 33.90%
Financials 10.66%
AerCap Ireland Capital DAC 1.15% 10/29/2023	USD	3,130	$	3,080
AerCap Ireland Capital DAC 1.65% 10/29/2024		5,996		5,637
AerCap Ireland Capital DAC 6.50% 7/15/2025		1,798		1,808
AerCap Ireland Capital DAC 1.75% 1/30/2026		2,841		2,552
AerCap Ireland Capital DAC 2.45% 10/29/2026		10,289		9,198
AerCap Ireland Capital DAC 5.75% 6/6/2028		4,065		4,036
AerCap Ireland Capital DAC 3.00% 10/29/2028		9,124		7,896
AerCap Ireland Capital DAC 3.30% 1/30/2032		9,395		7,691
AerCap Ireland Capital DAC 3.40% 10/29/2033		5,120		4,118
AerCap Ireland Capital DAC 3.85% 10/29/2041		1,254		954
Ally Financial, Inc. 5.125% 9/30/2024		1,500		1,472
Ally Financial, Inc. 8.00% 11/1/2031		6,872		7,103
American Express Co. 5.043% 5/1/2034 (USD-SOFR + 1.835% on 5/1/2033)¹		4,565		4,468
American International Group, Inc. 5.125% 3/27/2033		2,224		2,174
Aon Corp. 5.35% 2/28/2033		1,630		1,643
Arthur J. Gallagher & Co. 3.50% 5/20/2051		1,073		769
Banco Santander, SA 5.147% 8/18/2025		4,000		3,931
Banco Santander, SA 1.722% 9/14/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.90% on 9/14/2026)¹		1,400		1,216
Bank of America Corp. 1.53% 12/6/2025 (USD-SOFR + 0.65% on 12/6/2024)¹		1,970		1,842
Bank of America Corp. 5.08% 1/20/2027 (USD-SOFR + 1.29% on 1/20/2026)¹		2,818		2,776
Bank of America Corp. 1.734% 7/22/2027 (USD-SOFR + 0.96% on 7/22/2026)¹		6,289		5,618
Bank of America Corp. 2.551% 2/4/2028 (USD-SOFR + 1.05% on 2/4/2027)¹		4,295		3,880
Bank of America Corp. 4.376% 4/27/2028 (USD-SOFR + 1.58% on 4/27/2027)¹		2,635		2,532
Bank of America Corp. 4.948% 7/22/2028 (USD-SOFR + 2.04% on 7/22/2027)¹		6,128		6,023
Bank of America Corp. 6.204% 11/10/2028 (USD-SOFR + 1.99% on 11/10/2027)¹		1,502		1,545
Bank of America Corp. 3.419% 12/20/2028 (3-month USD CME Term SOFR + 1.302% on 12/20/2027)¹		10,129		9,297
Bank of America Corp. 5.202% 4/25/2029 (USD-SOFR + 1.63% on 4/25/2028)¹		9,480		9,382
Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028)¹		2,773		2,368
Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030)¹		21,177		16,770
Bank of America Corp. 2.687% 4/22/2032 (USD-SOFR + 1.32% on 4/22/2031)¹		2,653		2,200
Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031)¹		36,155		28,928
Bank of America Corp. 2.972% 2/4/2033 (USD-SOFR + 1.33% on 2/4/2032)¹		4,089		3,410
Bank of America Corp. 4.571% 4/27/2033 (USD-SOFR + 1.83% on 4/27/2032)¹		8,750		8,231
Bank of America Corp. 5.015% 7/22/2033 (USD-SOFR + 2.16% on 7/22/2032)¹		4,985		4,879
Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033)¹		3,460		3,429
Bank of Ireland Group PLC 6.253% 9/16/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.65% on 9/16/2025)^1,2		4,850		4,820
Bank of Montreal 5.30% 6/5/2026		1,370		1,367
Barclays PLC 5.304% 8/9/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/9/2025)¹		4,525		4,416
Barclays PLC 5.829% 5/9/2027 (USD-SOFR + 2.21% on 5/9/2026)¹		2,085		2,058
Barclays PLC 6.224% 5/9/2034 (USD-SOFR + 2.98% on 5/9/2033)¹		3,530		3,518
Block, Inc. 2.75% 6/1/2026		1,975		1,800
Block, Inc. 3.50% 6/1/2031		825		684
BNP Paribas SA 1.675% 6/30/2027 (USD-SOFR + 0.912% on 6/30/2026)^1,2		6,633		5,852
BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027)^1,2		13,134		11,750
BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)^1,2		3,594		2,997
BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031)^1,2		4,177		3,425
BPCE 5.70% 10/22/2023²		28,166		28,046
BPCE 5.15% 7/21/2024²		5,481		5,384
BPCE 1.625% 1/14/2025²		2,980		2,783
BPCE 1.652% 10/6/2026 (USD-SOFR + 1.52% on 10/6/2025)^1,2		6,350		5,698
BPCE 5.975% 1/18/2027 (USD-SOFR + 2.10% on 1/18/2026)^1,2		2,150		2,131
BPCE 2.277% 1/20/2032 (USD-SOFR + 1.312% on 1/20/2031)^1,2		250		193
BPCE 5.748% 7/19/2033 (USD-SOFR + 2.865% on 7/19/2032)^1,2		6,195		6,054
CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028)^1,2		3,650		3,645
Capital One Financial Corp. 1.343% 12/6/2024 (USD-SOFR + 0.69% on 12/6/2023)¹		4,525		4,408
Capital One Financial Corp. 4.985% 7/24/2026 (USD-SOFR + 2.16% on 7/24/2025)¹		2,430		2,356
Capital One Financial Corp. 5.468% 2/1/2029 (USD-SOFR + 2.08% on 2/1/2028)¹		515		494

162	American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Charles Schwab Corp. 5.643% 5/19/2029 (USD-SOFR + 2.21% on 5/19/2028)¹	USD	2,445	$	2,445
Charles Schwab Corp. 5.853% 5/19/2034 (USD-SOFR + 2.50% on 5/19/2033)¹		1,776		1,804
China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 8/12/2031		926		720
Chubb INA Holdings, Inc. 3.35% 5/3/2026		2,020		1,942
Chubb INA Holdings, Inc. 4.35% 11/3/2045		2,015		1,826
Citigroup, Inc. 4.60% 3/9/2026		1,800		1,744
Citigroup, Inc. 1.462% 6/9/2027 (USD-SOFR + 0.67% on 6/9/2026)¹		6,304		5,601
Citigroup, Inc. 3.07% 2/24/2028 (USD-SOFR + 1.28% on 2/24/2027)¹		13,528		12,457
Citigroup, Inc. 2.52% 11/3/2032 (USD-SOFR + 1.177% on 11/3/2031)¹		20		16
Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032)¹		1,030		860
Citigroup, Inc. 3.785% 3/17/2033 (USD-SOFR + 1.939% on 3/17/2032)¹		4,030		3,563
Citigroup, Inc. 6.27% 11/17/2033 (USD-SOFR + 2.338% on 11/17/2032)¹		2,895		3,074
Citigroup, Inc. 6.174% 5/25/2034 (USD-SOFR + 2.661% on 5/25/2033)¹		140		141
Corebridge Financial, Inc. 3.50% 4/4/2025		1,439		1,372
Corebridge Financial, Inc. 3.65% 4/5/2027		3,913		3,657
Corebridge Financial, Inc. 3.85% 4/5/2029		5,794		5,219
Corebridge Financial, Inc. 3.90% 4/5/2032		5,959		5,186
Corebridge Financial, Inc. 4.35% 4/5/2042		361		292
Corebridge Financial, Inc. 4.40% 4/5/2052		1,352		1,065
Crédit Agricole SA 1.907% 6/16/2026 (USD-SOFR + 1.676% on 6/16/2025)^1,2		4,450		4,099
Crédit Agricole SA 1.247% 1/26/2027 (USD-SOFR + 0.892% on 1/26/2026)^1,2		2,450		2,172
Credit Suisse AG 7.50% 2/15/2028		2,445		2,600
Danske Bank AS 1.549% 9/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.73% on 9/10/2026)^1,2		2,990		2,599
Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)^1,2		2,975		2,780
Deutsche Bank AG 0.898% 5/28/2024		2,500		2,376
Deutsche Bank AG 3.70% 5/30/2024		5,150		5,002
Deutsche Bank AG 2.222% 9/18/2024 (USD-SOFR + 2.159% on 9/18/2023)¹		10,475		10,343
Deutsche Bank AG 3.961% 11/26/2025 (USD-SOFR + 2.581% on 11/26/2024)¹		3,673		3,504
Deutsche Bank AG 4.10% 1/13/2026		7,305		6,843
Deutsche Bank AG 4.10% 1/13/2026		857		809
Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025)¹		27,047		24,077
Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)¹		4,851		4,172
Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027)¹		9,129		7,922
Deutsche Bank AG 6.72% 1/18/2029 (USD-SOFR + 3.18% on 1/18/2028)¹		7,998		8,016
Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030)¹		3,200		2,659
Deutsche Bank AG 3.729% 1/14/2032 (USD-SOFR + 2.757% on 1/14/2031)¹		3,235		2,448
Discover Financial Services 6.70% 11/29/2032		754		777
DNB Bank ASA 1.535% 5/25/2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.72% on 5/25/2026)^1,2		1,200		1,057
Five Corners Funding Trust III 5.791% 2/15/2033²		942		956
Five Corners Funding Trust IV 5.997% 2/15/2053²		360		366
Global Payments, Inc. 2.90% 11/15/2031		1,005		818
Goldman Sachs Group, Inc. 1.431% 3/9/2027 (USD-SOFR + 0.795% on 3/9/2026)¹		3,030		2,709
Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026)¹		13,275		11,676
Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026)¹		13,961		12,424
Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027)¹		3,703		3,363
Goldman Sachs Group, Inc. 3.615% 3/15/2028 (USD-SOFR + 1.846% on 3/15/2027)¹		5,534		5,197
Goldman Sachs Group, Inc. 4.482% 8/23/2028 (USD-SOFR + 1.725% on 8/23/2027)¹		5,114		4,948
Goldman Sachs Group, Inc. 3.814% 4/23/2029 (3-month USD CME Term SOFR + 1.42% on 4/23/2028)¹		9,600		8,920
Goldman Sachs Group, Inc. 2.65% 10/21/2032 (USD-SOFR + 1.264% on 10/21/2031)¹		260		212
Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)¹		10,662		9,012
Goldman Sachs Group, Inc. 2.908% 7/21/2042 (USD-SOFR + 1.40% on 7/21/2041)¹		3,160		2,235
Goldman Sachs Group, Inc. 5.30% junior subordinated perpetual bonds (3-month USD CME Term SOFR + 4.096% on 11/10/2026)¹		1,750		1,693
HSBC Holdings PLC 2.251% 11/22/2027 (USD-SOFR + 1.10% on 11/22/2026)¹		5,270		4,680
HSBC Holdings PLC 6.161% 3/9/2029 (USD-SOFR + 1.97% on 3/9/2028)¹		1,565		1,580

American Funds Insurance Series

163

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
HSBC Holdings PLC 2.206% 8/17/2029 (USD-SOFR + 1.285% on 8/17/2028)¹	USD	12,619	$	10,569
HSBC Holdings PLC 2.804% 5/24/2032 (USD-SOFR + 1.187% on 5/24/2031)¹		5,250		4,249
HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031)¹		4,463		3,602
HSBC Holdings PLC 6.254% 3/9/2034 (USD-SOFR + 2.39% on 3/9/2033)¹		2,100		2,154
HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043)¹		1,600		1,660
Huarong Finance 2017 Co., Ltd. 4.75% 4/27/2027		669		579
Huarong Finance 2017 Co., Ltd. 4.25% 11/7/2027		6,335		5,282
Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.25%) 6.625% 2/24/2025³		397		374
Huarong Finance II Co., Ltd. 5.50% 1/16/2025		6,669		6,345
Huarong Finance II Co., Ltd. 5.00% 11/19/2025		480		443
Huarong Finance II Co., Ltd. 4.625% 6/3/2026		200		178
Huarong Finance II Co., Ltd. 4.875% 11/22/2026		2,106		1,865
Intercontinental Exchange, Inc. 4.35% 6/15/2029		8,710		8,530
Intercontinental Exchange, Inc. 4.60% 3/15/2033		4,601		4,468
Intercontinental Exchange, Inc. 4.95% 6/15/2052		5,327		5,073
Intesa Sanpaolo SpA 5.017% 6/26/2024²		68,143		66,030
Intesa Sanpaolo SpA 3.25% 9/23/2024²		770		739
Intesa Sanpaolo SpA 5.71% 1/15/2026²		15,400		14,671
Intesa Sanpaolo SpA 3.875% 7/14/2027²		6,250		5,639
Intesa Sanpaolo SpA 3.875% 1/12/2028²		1,986		1,775
Intesa Sanpaolo SpA 7.778% 6/20/2054 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.90% on 6/20/2053)^1,2		5,100		5,088
Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032²		2,060		1,781
JPMorgan Chase & Co. 0.969% 6/23/2025 (USD-SOFR + 0.58% on 6/23/2024)¹		5,870		5,574
JPMorgan Chase & Co. 1.561% 12/10/2025 (USD-SOFR + 0.605% on 12/10/2024)¹		11,105		10,403
JPMorgan Chase & Co. 5.546% 12/15/2025 (USD-SOFR + 1.07% on 12/15/2024)¹		4,196		4,180
JPMorgan Chase & Co. 1.578% 4/22/2027 (USD-SOFR + 0.885% on 4/22/2026)¹		4,353		3,912
JPMorgan Chase & Co. 1.47% 9/22/2027 (USD-SOFR + 0.765% on 9/22/2026)¹		5,965		5,270
JPMorgan Chase & Co. 2.947% 2/24/2028 (USD-SOFR + 1.17% on 2/24/2027)¹		9,282		8,529
JPMorgan Chase & Co. 4.323% 4/26/2028 (USD-SOFR + 1.56% on 4/26/2027)¹		8,675		8,379
JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)¹		10,282		10,151
JPMorgan Chase & Co. 3.509% 1/23/2029 (3-month USD CME Term SOFR + 1.207% on 1/23/2028)¹		9,600		8,883
JPMorgan Chase & Co. 2.069% 6/1/2029 (USD-SOFR + 1.015% on 6/1/2028)¹		2,453		2,106
JPMorgan Chase & Co. 4.203% 7/23/2029 (3-month USD CME Term SOFR + 1.522% on 7/23/2028)¹		11,980		11,396
JPMorgan Chase & Co. 2.522% 4/22/2031 (USD-SOFR + 2.04% on 4/22/2030)¹		1,991		1,685
JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031)¹		1,126		898
JPMorgan Chase & Co. 2.58% 4/22/2032 (USD-SOFR + 1.25% on 4/22/2031)¹		4,802		3,990
JPMorgan Chase & Co. 2.545% 11/8/2032 (USD-SOFR + 1.18% on 11/8/2031)¹		5,313		4,355
JPMorgan Chase & Co. 2.963% 1/25/2033 (USD-SOFR + 1.26% on 1/25/2032)¹		553		466
JPMorgan Chase & Co. 4.586% 4/26/2033 (USD-SOFR + 1.80% on 4/26/2032)¹		1,907		1,819
JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)¹		7,726		7,553
Kasikornbank PCL (Hong Kong Branch) 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)¹		2,415		2,134
KBC Groep NV 5.796% 1/19/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.10% on 1/19/2028)^1,2		1,375		1,367
Korea Exchange Bank 3.25% 3/30/2027²		1,315		1,232
Lloyds Banking Group PLC 2.438% 2/5/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on 2/5/2025)¹		2,675		2,520
Lloyds Banking Group PLC 5.871% 3/6/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 3/6/2028)¹		2,705		2,685
Marsh & McLennan Companies, Inc. 2.375% 12/15/2031		222		181
Marsh & McLennan Companies, Inc. 2.90% 12/15/2051		505		337
Marsh & McLennan Companies, Inc. 5.45% 3/15/2053		207		211
Mastercard, Inc. 4.875% 3/9/2028		169		171
Mastercard, Inc. 4.85% 3/9/2033		2,787		2,836
MetLife Capital Trust IV, junior subordinated, 7.875% 12/15/2067 (3-month USD-LIBOR + 3.96% on 12/1/2037)^1,2		1,405		1,474
MetLife, Inc. 3.60% 11/13/2025		3,490		3,355
Metropolitan Life Global Funding I 5.05% 1/6/2028²		855		852

164	American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Metropolitan Life Global Funding I 5.15% 3/28/2033²	USD	832	$	823
Mitsubishi UFJ Financial Group, Inc. 0.962% 10/11/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.45% on 10/11/2024)¹		2,960		2,763
Mitsubishi UFJ Financial Group, Inc. 1.538% 7/20/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/20/2026)¹		6,200		5,476
Mitsubishi UFJ Financial Group, Inc. 1.64% 10/13/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.67% on 10/13/2026)¹		2,225		1,959
Mitsubishi UFJ Financial Group, Inc. 2.341% 1/19/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.83% on 1/19/2027)¹		2,970		2,658
Mitsubishi UFJ Financial Group, Inc. 4.08% 4/19/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.30% on 4/19/2027)¹		2,945		2,796
Mitsubishi UFJ Financial Group, Inc. 5.422% 2/22/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.38% on 2/22/2028)¹		1,430		1,423
Mitsubishi UFJ Financial Group, Inc. 5.133% 7/20/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.125% on 7/20/2032)¹		763		749
Mizuho Financial Group, Inc. 1.554% 7/9/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/9/2026)¹		4,615		4,074
Mizuho Financial Group, Inc. 5.778% 7/6/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.65% on 7/6/2028)¹		1,701		1,706
Mizuho Financial Group, Inc. 5.669% 9/13/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.40% on 9/13/2032)¹		2,390		2,409
Morgan Stanley 0.791% 1/22/2025 (USD-SOFR + 0.509% on 1/22/2024)¹		3,065		2,971
Morgan Stanley 2.72% 7/22/2025 (USD-SOFR + 1.152% on 7/22/2024)¹		2,300		2,219
Morgan Stanley 1.512% 7/20/2027 (USD-SOFR + 0.858% on 7/20/2026)¹		8,508		7,541
Morgan Stanley 5.123% 2/1/2029 (USD-SOFR + 1.73% on 2/1/2028)¹		9,403		9,279
Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028)¹		21,869		21,618
Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031)¹		85		66
Morgan Stanley 2.239% 7/21/2032 (USD-SOFR + 1.178% on 7/21/2031)¹		28,887		22,971
Morgan Stanley 2.511% 10/20/2032 (USD-SOFR + 1.20% on 10/20/2031)¹		3,063		2,475
Morgan Stanley 6.342% 10/18/2033 (USD-SOFR + 2.565% on 10/18/2032)¹		8,152		8,676
Morgan Stanley 5.25% 4/21/2034 (USD-SOFR + 1.87% on 4/21/2033)¹		8,935		8,827
MSCI, Inc. 3.25% 8/15/2033²		2,750		2,218
Nasdaq, Inc. 5.35% 6/28/2028		553		554
Nasdaq, Inc. 5.55% 2/15/2034		1,178		1,183
Nasdaq, Inc. 5.95% 8/15/2053		69		71
Nasdaq, Inc. 6.10% 6/28/2063		100		102
NatWest Group PLC 5.847% 3/2/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 3/2/2026)¹		3,555		3,518
NatWest Group PLC 6.016% 3/2/2034 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.10% on 3/2/2033)¹		1,140		1,147
Navient Corp. 6.75% 6/25/2025		425		418
OneMain Finance Corp. 7.125% 3/15/2026		250		246
PayPal Holdings, Inc. 5.05% 6/1/2052		2,405		2,357
PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028)¹		5,919		5,895
Rede D’Or Finance SARL 4.50% 1/22/2030²		1,572		1,341
Royal Bank of Canada 4.90% 1/12/2028		360		355
Royal Bank of Canada 5.00% 2/1/2033		3,591		3,522
Santander Holdings USA, Inc. 3.50% 6/7/2024		8,325		8,087
Santander Holdings USA, Inc. 6.499% 3/9/2029 (USD-SOFR + 2.356% on 3/9/2028)¹		5,100		5,048
Standard Chartered PLC 6.296% 7/6/2034 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.58% on 7/6/2033)^1,2		1,207		1,210
State Street Corp. 4.164% 8/4/2033 (USD-SOFR + 1.726% on 8/4/2032)¹		1,640		1,520
State Street Corp. 5.159% 5/18/2034 (USD-SOFR + 1.89% on 5/18/2033)¹		7,763		7,720
Sumitomo Mitsui Financial Group, Inc. 2.174% 1/14/2027		1,100		984
Sumitomo Mitsui Financial Group, Inc. 5.766% 1/13/2033		373		384
SVB Financial Group 4.70% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.064% on 11/15/2031)^1,4		1,530		108
Synchrony Financial 4.375% 3/19/2024		3,640		3,570
The Allstate Corp. 5.25% 3/30/2033		1,154		1,151

American Funds Insurance Series

165

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
The Bank of Nova Scotia 5.25% 6/12/2028	USD	1,370	$	1,361
The Northwestern Mutual Life Insurance Co. 4.90% 6/12/2028²		2,090		2,075
Toronto-Dominion Bank 1.95% 1/12/2027		1,060		953
Toronto-Dominion Bank 5.156% 1/10/2028		10,973		10,903
Travelers Companies, Inc. 2.55% 4/27/2050		623		400
Travelers Companies, Inc. 5.45% 5/25/2053		163		171
Truist Financial Corp. 6.047% 6/8/2027 (USD-SOFR + 2.05% on 6/8/2026)¹		1,370		1,371
Truist Financial Corp. 4.873% 1/26/2029 (USD-SOFR + 1.435% on 1/26/2028)¹		2,605		2,506
Truist Financial Corp. 5.122% 1/26/2034 (USD-SOFR + 1.60% on 1/26/2033)¹		2,750		2,607
Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033)¹		1,223		1,224
U.S. Bancorp 4.548% 7/22/2028 (USD-SOFR + 1.66% on 7/27/2027)¹		2,440		2,335
U.S. Bancorp 4.839% 2/1/2034 (USD-SOFR + 1.60% on 2/1/2033)¹		3,119		2,915
U.S. Bancorp 5.836% 6/12/2034 (USD-SOFR + 2.26% on 6/10/2033)¹		4,093		4,124
UBS Group AG 2.593% 9/11/2025 (USD-SOFR + 1.56% on 9/11/2024)^1,2		850		811
UBS Group AG 2.193% 6/5/2026 (USD-SOFR + 2.044% on 6/5/2025)^1,2		7,609		6,981
UBS Group AG 1.305% 2/2/2027 (USD-SOFR + 0.98% on 2/2/2026)^1,2		11,200		9,813
UBS Group AG 1.494% 8/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 8/10/2026)^1,2		6,623		5,693
UBS Group AG 6.442% 8/11/2028 (USD-SOFR + 3.70% on 8/11/2027)^1,2		1,265		1,271
UBS Group AG 3.126% 8/13/2030 (3-month USD-LIBOR + 1.468% on 8/13/2029)^1,2		1,202		1,014
UBS Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030)^1,2		6,916		6,159
UBS Group AG 2.095% 2/11/2032 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on 2/11/2031)^1,2		877		665
UBS Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031)^1,2		7,869		6,369
UBS Group AG 2.746% 2/11/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.10% on 2/11/2032)^1,2		3,000		2,338
UBS Group AG 6.537% 8/12/2033 (USD-SOFR + 3.92% on 8/12/2032)^1,2		10,507		10,770
UBS Group AG 9.016% 11/15/2033 (USD-SOFR + 5.02% on 11/15/2032)^1,2		5,000		5,997
UBS Group AG 5.959% 1/12/2034 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.20% on 1/12/2033)^1,2		370		368
UniCredit SpA 4.625% 4/12/2027²		1,395		1,326
UniCredit SpA 5.861% 6/19/2032 (5-year USD-ICE Swap + 3.703% on 6/19/2027)^1,2		16,130		14,675
Vigorous Champion International, Ltd. 4.25% 5/28/2029		462		411
Wells Fargo & Company 2.406% 10/30/2025 (3-month USD CME Term SOFR + 1.087% on 10/30/2024)¹		20,480		19,510
Wells Fargo & Company 3.908% 4/25/2026 (USD-SOFR + 1.32% on 4/25/2025)¹		3,524		3,409
Wells Fargo & Company 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)¹		6,615		6,181
Wells Fargo & Company 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027)¹		678		605
Wells Fargo & Company 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027)¹		13,490		13,197
Wells Fargo & Company 3.35% 3/2/2033 (USD-SOFR + 1.50% on 3/2/2032)¹		4,180		3,579
Wells Fargo & Company 4.897% 7/25/2033 (USD-SOFR + 4.897% on 7/25/2032)¹		3,820		3,666
Wells Fargo & Company 5.389% 4/24/2034 (USD-SOFR + 2.02% on 4/24/2033)¹		19,316		19,202
Wells Fargo & Company 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)¹		5,759		5,055
Willis North America, Inc. 4.65% 6/15/2027		930		904
				1,123,863

Utilities 4.32%
AEP Texas, Inc. 3.45% 5/15/2051		1,380		984
AEP Transmission Co., LLC 5.40% 3/15/2053		500		515
Alabama Power Co. 3.00% 3/15/2052		3,697		2,501
Alfa Desarrollo SpA 4.55% 9/27/2051²		1,000		735
Ameren Illinois Co. 4.50% 3/15/2049		2,875		2,623
Baltimore Gas and Electric Co. 4.55% 6/1/2052		525		468
Berkshire Hathaway Energy Company 4.50% 2/1/2045		5,895		5,048
Berkshire Hathaway Energy Company 4.60% 5/1/2053		1,722		1,477
Comision Federal de Electricidad 4.688% 5/15/2029²		3,655		3,294
Consumers Energy Co. 4.625% 5/15/2033		3,500		3,408
Consumers Energy Co. 3.75% 2/15/2050		5,625		4,489
Consumers Energy Co. 3.10% 8/15/2050		4,123		2,919
DTE Electric Co. 5.20% 4/1/2033		215		218

166	American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Duke Energy Carolinas, LLC 5.35% 1/15/2053	USD	332	$	337
Duke Energy Corp. 3.75% 4/15/2024		3,826		3,773
Duke Energy Florida, LLC 3.40% 10/1/2046		5,669		4,244
Duke Energy Florida, LLC 3.00% 12/15/2051		293		201
Duke Energy Florida, LLC 5.95% 11/15/2052		575		628
Duke Energy Progress, LLC 3.70% 9/1/2028		3,750		3,546
Duke Energy Progress, LLC 2.00% 8/15/2031		1,775		1,429
Duke Energy Progress, LLC 2.50% 8/15/2050		644		401
Edison International 4.95% 4/15/2025		175		171
Edison International 5.75% 6/15/2027		3,181		3,183
Edison International 4.125% 3/15/2028		3,644		3,404
Edison International 5.25% 11/15/2028		4,350		4,236
Edison International 6.95% 11/15/2029		2,060		2,169
Electricité de France SA 5.70% 5/23/2028²		675		674
Electricité de France SA 6.25% 5/23/2033²		2,000		2,034
Electricité de France SA 6.90% 5/23/2053²		2,475		2,567
Electricité de France SA 9.125% 12/31/2079 (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033)^1,2		1,025		1,054
Electricité de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on 6/1/2028)¹	EUR	2,800		2,473
Emera US Finance, LP 0.833% 6/15/2024	USD	600		568
Emera US Finance, LP 2.639% 6/15/2031		4,400		3,516
Enel SpA 8.75% 9/24/2073 (USD Semi Annual 30/360 (vs. 3-month USD-LIBOR) + 5.88% on 9/24/2023)^1,2		1,000		999
ENN Clean Energy International Investment, Ltd. 3.375% 5/12/2026²		1,310		1,214
Entergy Louisiana, LLC 4.20% 9/1/2048		6,325		5,300
Entergy Louisiana, LLC 4.75% 9/15/2052		1,255		1,154
Eversource Energy 3.80% 12/1/2023		5,000		4,965
FirstEnergy Corp. 1.60% 1/15/2026		20,066		18,214
FirstEnergy Corp. 2.65% 3/1/2030		12,524		10,574
FirstEnergy Corp. 2.25% 9/1/2030		13,707		11,136
FirstEnergy Corp., Series B, 4.15% 7/15/2027		12,178		11,578
FirstEnergy Transmission, LLC 2.866% 9/15/2028²		4,000		3,524
Florida Power & Light Company 5.05% 4/1/2028		2,650		2,672
Florida Power & Light Company 4.40% 5/15/2028		1,655		1,625
Florida Power & Light Company 2.45% 2/3/2032		1,844		1,553
Florida Power & Light Company 5.10% 4/1/2033		7,431		7,544
Florida Power & Light Company 4.80% 5/15/2033		1,085		1,078
Florida Power & Light Company 2.875% 12/4/2051		8,109		5,616
Georgia Power Co. 4.65% 5/16/2028		1,500		1,471
Georgia Power Co. 4.95% 5/17/2033		4,000		3,950
Georgia Power Co. 3.70% 1/30/2050		275		211
Israel Electric Corp., Ltd. 4.25% 8/14/2028²		10,190		9,512
Israel Electric Corp., Ltd. 3.75% 2/22/2032²		340		291
Jersey Central Power & Light Co. 2.75% 3/1/2032²		525		434
Mid-Atlantic Interstate Transmission, LLC 4.10% 5/15/2028²		425		402
Mississippi Power Co. 4.25% 3/15/2042		5,020		4,187
Monongahela Power Co. 3.55% 5/15/2027²		1,700		1,595
NextEra Energy Capital Holdings, Inc. 5.25% 2/28/2053		1,440		1,388
NiSource, Inc. 5.40% 6/30/2033		2,150		2,154
Northern States Power Co. 5.10% 5/15/2053		1,747		1,722
Oncor Electric Delivery Company, LLC 4.55% 9/15/2032		205		199
Pacific Gas and Electric Co. 3.40% 8/15/2024		2,000		1,936
Pacific Gas and Electric Co. 3.15% 1/1/2026		27,543		25,572
Pacific Gas and Electric Co. 2.95% 3/1/2026		10,850		9,944
Pacific Gas and Electric Co. 3.30% 3/15/2027		5,645		5,128
Pacific Gas and Electric Co. 3.30% 12/1/2027		12,289		10,784
Pacific Gas and Electric Co. 3.75% 7/1/2028		13,075		11,727
Pacific Gas and Electric Co. 4.65% 8/1/2028		7,900		7,312
Pacific Gas and Electric Co. 6.10% 1/15/2029		3,760		3,702

American Funds Insurance Series

167

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Pacific Gas and Electric Co. 4.55% 7/1/2030	USD	35,299	$	31,973
Pacific Gas and Electric Co. 2.50% 2/1/2031		21,597		16,925
Pacific Gas and Electric Co. 6.40% 6/15/2033		10,641		10,590
Pacific Gas and Electric Co. 3.30% 8/1/2040		9,898		6,682
Pacific Gas and Electric Co. 3.75% 8/15/2042		106		73
Pacific Gas and Electric Co. 4.75% 2/15/2044		336		261
Pacific Gas and Electric Co. 3.50% 8/1/2050		14,919		9,510
Pacific Gas and Electric Co. 6.75% 1/15/2053		625		618
Public Service Company of Colorado 2.70% 1/15/2051		2,472		1,568
Public Service Electric and Gas Co. 3.20% 5/15/2029		6,000		5,438
Public Service Electric and Gas Co. 1.90% 8/15/2031		775		623
Public Service Electric and Gas Co. 3.10% 3/15/2032		5,012		4,385
Puget Energy, Inc. 3.65% 5/15/2025		300		287
Southern California Edison Co. 4.90% 6/1/2026		1,375		1,356
Southern California Edison Co. 5.30% 3/1/2028		455		455
Southern California Edison Co. 4.20% 3/1/2029		11,000		10,465
Southern California Edison Co. 2.85% 8/1/2029		8,200		7,173
Southern California Edison Co. 2.50% 6/1/2031		5,149		4,286
Southern California Edison Co. 5.95% 11/1/2032		1,100		1,152
Southern California Edison Co. 5.75% 4/1/2035		4,549		4,627
Southern California Edison Co. 5.35% 7/15/2035		6,450		6,312
Southern California Edison Co. 5.625% 2/1/2036		7,051		6,993
Southern California Edison Co. 5.55% 1/15/2037		3,844		3,753
Southern California Edison Co. 5.95% 2/1/2038		5,121		5,274
Southern California Edison Co. 3.60% 2/1/2045		2,717		2,002
Southern California Edison Co. 4.00% 4/1/2047		9,402		7,479
Southern California Edison Co. 3.65% 2/1/2050		14,600		10,880
Southwestern Electric Power Co. 1.65% 3/15/2026		3,550		3,211
Southwestern Electric Power Co. 3.25% 11/1/2051		2,270		1,527
The Cleveland Electric Illuminating Co. 3.50% 4/1/2028²		2,400		2,202
The Connecticut Light and Power Co. 2.05% 7/1/2031		1,775		1,447
Union Electric Co. 2.15% 3/15/2032		3,175		2,544
Virginia Electric & Power 2.30% 11/15/2031		1,700		1,381
Virginia Electric & Power 2.40% 3/30/2032		2,575		2,102
Wisconsin Power and Light Co. 1.95% 9/16/2031		525		417
Wisconsin Power and Light Co. 3.65% 4/1/2050		1,075		816
Wisconsin Public Service Corp. 2.85% 12/1/2051		375		248
Xcel Energy, Inc. 3.30% 6/1/2025		5,650		5,406
Xcel Energy, Inc. 1.75% 3/15/2027		5,660		5,017
Xcel Energy, Inc. 2.60% 12/1/2029		1,725		1,475
Xcel Energy, Inc. 4.60% 6/1/2032		4,600		4,347
				454,934

Health care 4.04%
Amgen, Inc. 5.507% 3/2/2026		725		724
Amgen, Inc. 5.15% 3/2/2028		5,326		5,325
Amgen, Inc. 4.05% 8/18/2029		7,760		7,363
Amgen, Inc. 2.45% 2/21/2030		5,131		4,402
Amgen, Inc. 5.25% 3/2/2030		2,854		2,862
Amgen, Inc. 4.20% 3/1/2033		8,502		7,940
Amgen, Inc. 5.25% 3/2/2033		8,192		8,206
Amgen, Inc. 5.60% 3/2/2043		2,565		2,575
Amgen, Inc. 4.875% 3/1/2053		4,565		4,203
Amgen, Inc. 5.65% 3/2/2053		5,331		5,403
Amgen, Inc. 4.40% 2/22/2062		196		161
Amgen, Inc. 5.75% 3/2/2063		3,260		3,310
AstraZeneca Finance, LLC 1.75% 5/28/2028		1,429		1,239
AstraZeneca Finance, LLC 4.90% 3/3/2030		1,760		1,764
AstraZeneca Finance, LLC 2.25% 5/28/2031		1,159		979
AstraZeneca Finance, LLC 4.875% 3/3/2033		2,520		2,557

168	American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
AstraZeneca PLC 4.00% 1/17/2029	USD	5,920	$	5,713
Bausch Health Companies, Inc. 4.875% 6/1/2028²		830		495
Baxter International, Inc. 2.539% 2/1/2032		3,906		3,166
Centene Corp. 4.25% 12/15/2027		14,860		13,908
Centene Corp. 2.45% 7/15/2028		12,410		10,620
Centene Corp. 4.625% 12/15/2029		14,945		13,769
Centene Corp. 3.375% 2/15/2030		15,718		13,523
Centene Corp. 2.50% 3/1/2031		8,550		6,827
Centene Corp. 2.625% 8/1/2031		2,510		2,003
CVS Health Corp. 5.125% 2/21/2030		1,720		1,709
CVS Health Corp. 5.25% 1/30/2031		960		957
CVS Health Corp. 5.25% 2/21/2033		2,122		2,115
CVS Health Corp. 5.30% 6/1/2033		2,393		2,390
CVS Health Corp. 5.625% 2/21/2053		895		890
CVS Health Corp. 5.875% 6/1/2053		677		695
CVS Health Corp. 6.00% 6/1/2063		1,525		1,571
Elevance Health, Inc. 2.375% 1/15/2025		1,534		1,459
Elevance Health, Inc. 4.10% 5/15/2032		7,996		7,457
Elevance Health, Inc. 4.75% 2/15/2033		1,128		1,096
Elevance Health, Inc. 4.55% 5/15/2052		271		242
Elevance Health, Inc. 5.125% 2/15/2053		784		761
Eli Lilly and Co. 3.375% 3/15/2029		1,035		973
Eli Lilly and Co. 4.70% 2/27/2033		5,162		5,232
Eli Lilly and Co. 4.875% 2/27/2053		1,103		1,134
Eli Lilly and Co. 4.95% 2/27/2063		144		147
GE HealthCare Technologies, Inc. 5.65% 11/15/2027		4,895		4,957
GE HealthCare Technologies, Inc. 5.857% 3/15/2030		1,145		1,176
GE HealthCare Technologies, Inc. 5.905% 11/22/2032		7,896		8,264
GE HealthCare Technologies, Inc. 6.377% 11/22/2052		375		418
HCA, Inc. 5.20% 6/1/2028		4,165		4,134
HCA, Inc. 2.375% 7/15/2031		2,233		1,787
HCA, Inc. 3.625% 3/15/2032²		2,400		2,084
HCA, Inc. 4.625% 3/15/2052²		226		186
Johnson & Johnson 0.95% 9/1/2027		12,708		11,116
Johnson & Johnson 2.10% 9/1/2040		670		472
Johnson & Johnson 2.25% 9/1/2050		1,758		1,166
Laboratory Corporation of America Holdings 1.55% 6/1/2026		773		691
Laboratory Corporation of America Holdings 4.70% 2/1/2045		3,975		3,450
Medtronic Global Holdings S.C.A. 4.50% 3/30/2033		1,485		1,456
Merck & Co., Inc. 1.70% 6/10/2027		3,093		2,772
Merck & Co., Inc. 4.90% 5/17/2044		380		381
Merck & Co., Inc. 2.75% 12/10/2051		808		558
Merck & Co., Inc. 5.00% 5/17/2053		895		907
Merck & Co., Inc. 5.15% 5/17/2063		1,091		1,115
Pfizer Investment Enterprises Pte., Ltd. 4.45% 5/19/2028		1,375		1,352
Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033		4,442		4,427
Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053		3,747		3,899
Regeneron Pharmaceuticals, Inc. 1.75% 9/15/2030		1,558		1,243
Roche Holdings, Inc. 1.93% 12/13/2028²		7,545		6,556
Roche Holdings, Inc. 2.076% 12/13/2031²		12,562		10,357
Roche Holdings, Inc. 2.607% 12/13/2051²		645		438
Shire Acquisitions Investments Ireland DAC 3.20% 9/23/2026		13,390		12,577
Teva Pharmaceutical Finance Netherlands III BV 2.80% 7/21/2023		260		260
Teva Pharmaceutical Finance Netherlands III BV 7.125% 1/31/2025		45,000		45,649
Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026		68,853		61,782
Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028		26,824		26,452
Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046		46,666		30,741
UnitedHealth Group, Inc. 3.75% 7/15/2025		5,410		5,268
UnitedHealth Group, Inc. 4.00% 5/15/2029		2,231		2,134
UnitedHealth Group, Inc. 2.00% 5/15/2030		466		393
UnitedHealth Group, Inc. 4.20% 5/15/2032		2,739		2,616

American Funds Insurance Series

169

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
UnitedHealth Group, Inc. 3.05% 5/15/2041	USD	1,300	$	1,006
UnitedHealth Group, Inc. 4.25% 6/15/2048		960		847
UnitedHealth Group, Inc. 3.25% 5/15/2051		572		427
UnitedHealth Group, Inc. 4.75% 5/15/2052		1,400		1,329
UnitedHealth Group, Inc. 4.95% 5/15/2062		69		66
UnitedHealth Group, Inc. 6.05% 2/15/2063		140		158
Zoetis, Inc. 5.60% 11/16/2032		1,063		1,112
				426,044

Consumer discretionary 3.63%
Alibaba Group Holding, Ltd. 4.00% 12/6/2037		200		168
Allied Universal Holdco, LLC 4.625% 6/1/2028²		335		284
Amazon.com, Inc. 1.65% 5/12/2028		3,860		3,373
Amazon.com, Inc. 3.45% 4/13/2029		600		565
Amazon.com, Inc. 2.875% 5/12/2041		650		502
Amazon.com, Inc. 3.10% 5/12/2051		5,705		4,262
Amazon.com, Inc. 3.95% 4/13/2052		1,635		1,426
Amazon.com, Inc. 3.25% 5/12/2061		4,100		2,972
Amazon.com, Inc. 4.10% 4/13/2062		470		405
Atlas LuxCo 4 SARL 4.625% 6/1/2028²		255		215
Bath & Body Works, Inc. 6.875% 11/1/2035		740		678
BMW US Capital, LLC 3.45% 4/1/2027²		1,075		1,020
BMW US Capital, LLC 3.70% 4/1/2032²		1,350		1,246
Daimler Trucks Finance North America, LLC 1.125% 12/14/2023²		3,015		2,953
Daimler Trucks Finance North America, LLC 1.625% 12/13/2024²		4,950		4,662
Daimler Trucks Finance North America, LLC 3.50% 4/7/2025²		1,750		1,684
Daimler Trucks Finance North America, LLC 3.65% 4/7/2027²		3,567		3,374
Daimler Trucks Finance North America, LLC 2.375% 12/14/2028²		3,230		2,798
Daimler Trucks Finance North America, LLC 2.50% 12/14/2031²		9,625		7,825
Ford Motor Credit Co., LLC 5.125% 6/16/2025		3,870		3,767
Ford Motor Credit Co., LLC 4.271% 1/9/2027		18,542		17,182
Ford Motor Credit Co., LLC 4.125% 8/17/2027		39,080		35,721
Ford Motor Credit Co., LLC 3.815% 11/2/2027		3,790		3,391
Ford Motor Credit Co., LLC 7.35% 11/4/2027		6,289		6,438
Ford Motor Credit Co., LLC 2.90% 2/10/2029		1,065		882
Ford Motor Credit Co., LLC 5.113% 5/3/2029		4,205		3,904
Ford Motor Credit Co., LLC 7.35% 3/6/2030		6,298		6,439
General Motors Company 6.125% 10/1/2025		23,743		23,914
General Motors Company 5.40% 10/15/2029		781		762
General Motors Company 5.40% 4/1/2048		5,200		4,473
General Motors Financial Co., Inc. 1.05% 3/8/2024		4,200		4,063
General Motors Financial Co., Inc. 4.35% 4/9/2025		11,358		11,068
General Motors Financial Co., Inc. 1.50% 6/10/2026		6,712		5,934
General Motors Financial Co., Inc. 2.35% 2/26/2027		9,771		8,715
General Motors Financial Co., Inc. 2.40% 4/10/2028		13,909		12,001
General Motors Financial Co., Inc. 5.80% 6/23/2028		2,595		2,586
General Motors Financial Co., Inc. 2.40% 10/15/2028		464		393
General Motors Financial Co., Inc. 3.60% 6/21/2030		465		402
General Motors Financial Co., Inc. 2.35% 1/8/2031		6,075		4,763
General Motors Financial Co., Inc. 2.70% 6/10/2031		5,495		4,386
General Motors Financial Co., Inc. 6.40% 1/9/2033		2,455		2,497
Grand Canyon University 4.125% 10/1/2024		4,190		3,969
Hanesbrands, Inc. 9.00% 2/15/2031²		528		533
Home Depot, Inc. 2.95% 6/15/2029		4,641		4,228
Home Depot, Inc. 4.50% 12/6/2048		1,915		1,776
Hyundai Capital America 1.25% 9/18/2023²		3,150		3,120
Hyundai Capital America 0.875% 6/14/2024²		380		363
Hyundai Capital America 3.40% 6/20/2024²		8,180		7,978
Hyundai Capital America 1.00% 9/17/2024²		2,750		2,587
Hyundai Capital America 2.65% 2/10/2025²		12,372		11,732

170	American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Hyundai Capital America 1.80% 10/15/2025²	USD	13,274	$	12,114
Hyundai Capital America 1.30% 1/8/2026²		6,000		5,371
Hyundai Capital America 5.50% 3/30/2026²		705		699
Hyundai Capital America 1.50% 6/15/2026²		7,475		6,624
Hyundai Capital America 1.65% 9/17/2026²		7,275		6,414
Hyundai Capital America 3.00% 2/10/2027²		9,000		8,211
Hyundai Capital America 2.375% 10/15/2027²		7,543		6,605
Hyundai Capital America 1.80% 1/10/2028²		5,965		5,033
Hyundai Capital America 5.60% 3/30/2028²		1,385		1,379
Hyundai Capital America 2.00% 6/15/2028²		5,775		4,860
Hyundai Capital America 5.68% 6/26/2028²		2,590		2,571
Hyundai Capital America 2.10% 9/15/2028²		3,010		2,525
Hyundai Capital America 5.80% 4/1/2030²		2,398		2,416
Hyundai Capital America 5.70% 6/26/2030²		1,555		1,546
Hyundai Capital Services, Inc. 1.25% 2/8/2026²		3,695		3,297
KIA Corp. 2.375% 2/14/2025²		1,580		1,499
Marriott International, Inc. 5.75% 5/1/2025		190		191
Marriott International, Inc. 5.00% 10/15/2027		4,470		4,438
Marriott International, Inc. 4.90% 4/15/2029		1,073		1,044
McDonald’s Corp. 2.125% 3/1/2030		2,482		2,113
McDonald’s Corp. 3.60% 7/1/2030		1,014		944
McDonald’s Corp. 4.60% 9/9/2032		542		537
McDonald’s Corp. 4.45% 3/1/2047		3,535		3,183
McDonald’s Corp. 3.625% 9/1/2049		2,938		2,320
McDonald’s Corp. 5.15% 9/9/2052		509		508
Meituan 3.05% 10/28/2030²		3,200		2,537
Nissan Motor Acceptance Corp. 2.75% 3/9/2028²		3,167		2,605
Nissan Motor Co., Ltd. 3.043% 9/15/2023²		240		238
Sands China, Ltd. 2.80% 3/8/2027		2,368		2,057
Starbucks Corp. 3.75% 12/1/2047		3,785		2,989
Stellantis Finance US, Inc. 1.711% 1/29/2027²		5,486		4,810
Stellantis Finance US, Inc. 5.625% 1/12/2028²		825		833
Stellantis Finance US, Inc. 2.691% 9/15/2031²		5,119		4,093
Stellantis Finance US, Inc. 6.375% 9/12/2032²		8,490		8,672
Toyota Motor Credit Corp. 3.375% 4/1/2030		4,954		4,561
Toyota Motor Credit Corp. 4.55% 5/17/2030		1,625		1,586
Travel + Leisure Co. 6.625% 7/31/2026²		675		671
Volkswagen Group of America Finance, LLC 4.25% 11/13/2023²		15,000		14,913
Volkswagen Group of America Finance, LLC 2.85% 9/26/2024²		546		527
Volkswagen Group of America Finance, LLC 3.35% 5/13/2025²		2,636		2,526
Volkswagen Group of America Finance, LLC 1.625% 11/24/2027²		2,550		2,184
Wynn Resorts Finance, LLC 5.125% 10/1/2029²		410		368
				382,991

Communication services 2.99%
AT&T, Inc. 1.70% 3/25/2026		18,913		17,246
AT&T, Inc. 1.65% 2/1/2028		4,700		4,042
AT&T, Inc. 4.30% 2/15/2030		15,940		15,138
AT&T, Inc. 2.55% 12/1/2033		12,748		10,018
AT&T, Inc. 5.40% 2/15/2034		2,749		2,755
CCO Holdings, LLC 5.125% 5/1/2027²		4,800		4,475
CCO Holdings, LLC 4.75% 2/1/2032²		1,265		1,033
CCO Holdings, LLC 4.25% 1/15/2034²		3,875		2,933
Charter Communications Operating, LLC 2.25% 1/15/2029		1,351		1,126
Charter Communications Operating, LLC 2.80% 4/1/2031		6,057		4,876
Charter Communications Operating, LLC 4.40% 4/1/2033		1,947		1,710
Charter Communications Operating, LLC 5.75% 4/1/2048		5,000		4,284
Charter Communications Operating, LLC 5.25% 4/1/2053		835		675
Comcast Corp. 3.15% 2/15/2028		7,200		6,718
Comcast Corp. 4.55% 1/15/2029		1,610		1,582

American Funds Insurance Series

171

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
Comcast Corp. 4.80% 5/15/2033	USD	5,196	$	5,144
Comcast Corp. 2.887% 11/1/2051		554		372
Comcast Corp. 5.35% 5/15/2053		7,617		7,741
Comcast Corp. 5.50% 5/15/2064		250		254
Lumen Technologies, Inc. 4.00% 2/15/2027²		6,756		5,042
Meta Platforms, Inc. 4.45% 8/15/2052		3,775	��	3,285
Netflix, Inc. 4.875% 4/15/2028		23,259		23,025
Netflix, Inc. 5.875% 11/15/2028		29,921		30,977
Netflix, Inc. 6.375% 5/15/2029		5,078		5,377
Netflix, Inc. 5.375% 11/15/2029²		15,600		15,673
Netflix, Inc. 4.875% 6/15/2030²		18,665		18,385
News Corp. 5.125% 2/15/2032²		1,300		1,187
SBA Tower Trust 1.631% 11/15/2026²		6,741		5,823
Sirius XM Radio, Inc. 4.00% 7/15/2028²		675		587
Sprint Corp. 7.625% 2/15/2025		6,665		6,814
Tencent Holdings, Ltd. 2.39% 6/3/2030²		10,000		8,313
T-Mobile USA, Inc. 3.50% 4/15/2025		3,275		3,150
T-Mobile USA, Inc. 2.25% 2/15/2026		2,388		2,196
T-Mobile USA, Inc. 2.625% 4/15/2026		9,691		8,990
T-Mobile USA, Inc. 3.75% 4/15/2027		5,000		4,735
T-Mobile USA, Inc. 4.95% 3/15/2028		705		694
T-Mobile USA, Inc. 4.80% 7/15/2028		175		171
T-Mobile USA, Inc. 2.625% 2/15/2029		3,117		2,710
T-Mobile USA, Inc. 2.40% 3/15/2029		1,224		1,053
T-Mobile USA, Inc. 3.875% 4/15/2030		4,500		4,148
T-Mobile USA, Inc. 2.875% 2/15/2031		17,956		15,194
T-Mobile USA, Inc. 5.05% 7/15/2033		2,137		2,099
T-Mobile USA, Inc. 3.00% 2/15/2041		2,100		1,536
Verizon Communications, Inc. 4.329% 9/21/2028		1,539		1,484
Verizon Communications, Inc. 1.75% 1/20/2031		9,144		7,218
Verizon Communications, Inc. 2.55% 3/21/2031		7,535		6,293
Verizon Communications, Inc. 2.355% 3/15/2032		2,775		2,233
Verizon Communications, Inc. 3.40% 3/22/2041		1,085		838
Verizon Communications, Inc. 3.55% 3/22/2051		1,520		1,135
Verizon Communications, Inc. 3.875% 3/1/2052		3,155		2,491
Vodafone Group PLC 4.25% 9/17/2050		3,050		2,450
WarnerMedia Holdings, Inc. 3.428% 3/15/2024		6,552		6,435
WarnerMedia Holdings, Inc. 3.638% 3/15/2025		3,056		2,949
WarnerMedia Holdings, Inc. 3.755% 3/15/2027		7,031		6,561
WarnerMedia Holdings, Inc. 4.054% 3/15/2029		1,316		1,204
WarnerMedia Holdings, Inc. 4.279% 3/15/2032		2,152		1,909
WarnerMedia Holdings, Inc. 5.05% 3/15/2042		719		606
WarnerMedia Holdings, Inc. 5.141% 3/15/2052		7,158		5,833
WarnerMedia Holdings, Inc. 5.391% 3/15/2062		577		471
ZipRecruiter, Inc. 5.00% 1/15/2030²		1,500		1,279
				314,675

Industrials 2.85%
ADT Security Corp. 4.125% 8/1/2029²		510		441
Air Lease Corp. 0.80% 8/18/2024		3,175		2,992
Air Lease Corp. 2.875% 1/15/2026		10,172		9,416
Air Lease Corp. 2.20% 1/15/2027		4,341		3,853
Air Lease Corp. 5.30% 2/1/2028		3,725		3,658
Air Lease Corp. 2.10% 9/1/2028		2,450		2,037
Avolon Holdings Funding, Ltd. 3.95% 7/1/2024²		12,514		12,144
Avolon Holdings Funding, Ltd. 2.125% 2/21/2026²		8,333		7,412
Avolon Holdings Funding, Ltd. 4.25% 4/15/2026²		3,302		3,079
Avolon Holdings Funding, Ltd. 3.25% 2/15/2027²		8,000		7,135
Avolon Holdings Funding, Ltd. 2.528% 11/18/2027²		2,142		1,808

172	American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
BNSF Funding Trust I, junior subordinated, 6.613% 12/15/2055 (3-month USD-LIBOR + 2.35% on 1/15/2026)¹	USD	1,680	$	1,629
Boeing Co. 1.95% 2/1/2024		5,206		5,088
Boeing Co. 2.80% 3/1/2024		500		490
Boeing Co. 4.875% 5/1/2025		31,897		31,454
Boeing Co. 2.75% 2/1/2026		17,427		16,236
Boeing Co. 2.196% 2/4/2026		18,147		16,663
Boeing Co. 3.10% 5/1/2026		649		610
Boeing Co. 2.70% 2/1/2027		6,473		5,920
Boeing Co. 5.04% 5/1/2027		14,350		14,182
Boeing Co. 3.25% 2/1/2028		10,801		9,924
Boeing Co. 3.25% 3/1/2028		1,925		1,753
Boeing Co. 5.15% 5/1/2030		41,174		40,803
Boeing Co. 3.625% 2/1/2031		877		790
Boeing Co. 3.90% 5/1/2049		1,411		1,080
Boeing Co. 5.805% 5/1/2050		4,836		4,822
Canadian Pacific Railway Co. 1.75% 12/2/2026		1,982		1,782
Canadian Pacific Railway Co. 3.10% 12/2/2051		2,286		1,625
Carrier Global Corp. 3.377% 4/5/2040		14,710		11,304
CK Hutchison International (23), Ltd. 4.75% 4/21/2028²		1,260		1,247
CSX Corp. 4.10% 11/15/2032		6,195		5,865
CSX Corp. 4.50% 11/15/2052		6,670		6,033
General Dynamics Corp. 3.75% 5/15/2028		479		459
General Dynamics Corp. 3.625% 4/1/2030		387		365
MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027²		2,690		2,519
Norfolk Southern Corp. 4.55% 6/1/2053		2,359		2,134
Northrop Grumman Corp. 3.25% 1/15/2028		10,845		10,121
Northrop Grumman Corp. 4.70% 3/15/2033		4,259		4,182
Northrop Grumman Corp. 4.95% 3/15/2053		2,459		2,398
Raytheon Technologies Corp. 3.125% 5/4/2027		4,551		4,266
Raytheon Technologies Corp. 4.125% 11/16/2028		4,974		4,794
Raytheon Technologies Corp. 2.375% 3/15/2032		451		370
Raytheon Technologies Corp. 5.15% 2/27/2033		3,359		3,406
Raytheon Technologies Corp. 2.82% 9/1/2051		665		447
Raytheon Technologies Corp. 3.03% 3/15/2052		1,190		838
Republic Services, Inc. 2.375% 3/15/2033		1,635		1,331
Republic Services, Inc. 5.00% 4/1/2034		15		15
Summit Digitel Infrastructure Pvt, Ltd. 2.875% 8/12/2031²		2,550		2,018
The Dun & Bradstreet Corp. 5.00% 12/15/2029²		2,798		2,470
Triton Container International, Ltd. 1.15% 6/7/2024²		1,609		1,526
Triton Container International, Ltd. 3.15% 6/15/2031²		2,482		1,912
Union Pacific Corp. 2.15% 2/5/2027		2,213		2,023
Union Pacific Corp. 2.40% 2/5/2030		4,454		3,875
Union Pacific Corp. 2.375% 5/20/2031		2,298		1,945
Union Pacific Corp. 2.80% 2/14/2032		5,244		4,528
Union Pacific Corp. 3.25% 2/5/2050		7,000		5,239
Union Pacific Corp. 2.95% 3/10/2052		1,405		977
United Rentals (North America), Inc. 5.50% 5/15/2027		2,500		2,463
Waste Management, Inc. 1.50% 3/15/2031		419		334
Waste Management, Inc. 4.15% 4/15/2032		688		656
				300,886

Energy 2.41%
Antero Resources Corp. 5.375% 3/1/2030²		280		259
Apache Corp. 4.625% 11/15/2025		645		624
Apache Corp. 4.25% 1/15/2030		2,465		2,198
Baker Hughes Holdings, LLC 2.061% 12/15/2026		1,136		1,024
BP Capital Markets America, Inc. 4.893% 9/11/2033		5,605		5,550
Canadian Natural Resources, Ltd. 2.05% 7/15/2025		754		703
Cenovus Energy, Inc. 5.375% 7/15/2025		2,763		2,732

American Funds Insurance Series

173

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Cenovus Energy, Inc. 4.25% 4/15/2027	USD	13,613	$	13,027
Cenovus Energy, Inc. 2.65% 1/15/2032		2,969		2,398
Cenovus Energy, Inc. 5.25% 6/15/2037		770		710
Cenovus Energy, Inc. 5.40% 6/15/2047		14,816		13,434
Cenovus Energy, Inc. 3.75% 2/15/2052		594		421
Cheniere Energy Partners, LP 3.25% 1/31/2032		937		772
Chevron Corp. 2.954% 5/16/2026		3,365		3,204
Chevron Corp. 3.078% 5/11/2050		692		516
Civitas Resources, Inc. 8.75% 7/1/2031²		1,400		1,421
ConocoPhillips Co. 3.80% 3/15/2052		466		378
ConocoPhillips Co. 5.30% 5/15/2053		5,888		5,994
Devon Energy Corp. 4.50% 1/15/2030		5,197		4,898
DT Midstream, Inc. 4.125% 6/15/2029²		555		488
Ecopetrol SA 4.625% 11/2/2031		270		209
Ecopetrol SA 8.875% 1/13/2033		15,110		14,975
Enbridge, Inc. 4.00% 10/1/2023		1,500		1,494
Energy Transfer, LP 6.625% junior subordinated perpetual bonds (3-month USD-LIBOR + 4.155% on 2/15/2028)¹		500		384
Energy Transfer, LP (3-month USD-LIBOR + 4.028%) 9.349% junior subordinated perpetual bonds³		7,850		7,055
EQT Corp. 5.70% 4/1/2028		1,223		1,208
EQT Corp. 7.25% 2/1/2030¹		7,500		7,859
Equinor ASA 3.625% 9/10/2028		4,928		4,706
Equinor ASA 3.125% 4/6/2030		20,000		18,327
Equinor ASA 3.25% 11/18/2049		5,687		4,276
Exxon Mobil Corp. 3.043% 3/1/2026		4,625		4,423
Exxon Mobil Corp. 2.61% 10/15/2030		1,040		914
Kinder Morgan, Inc. 5.20% 6/1/2033		2,169		2,103
Occidental Petroleum Corp. 8.875% 7/15/2030		4,345		4,998
Odebrecht Drilling Services, LLC 7.50% 6/15/2030²		6		6
Odebrecht Oil & Gas Finance, Ltd. 0% 12/31/2079²		1,150		3
Oleoducto Central SA 4.00% 7/14/2027²		1,715		1,504
Oleoducto Central SA 4.00% 7/14/2027		350		307
Petroleos Mexicanos 4.875% 1/18/2024		1,563		1,537
Petroleos Mexicanos 6.875% 10/16/2025		5,000		4,807
Petroleos Mexicanos 6.49% 1/23/2027		20,653		18,369
Petroleos Mexicanos 6.50% 3/13/2027		31,829		28,343
Petroleos Mexicanos 6.50% 1/23/2029		3,139		2,605
Petroleos Mexicanos 8.75% 6/2/2029		5,805		5,257
Petroleos Mexicanos 5.95% 1/28/2031		847		619
Petroleos Mexicanos 6.70% 2/16/2032		10,538		8,022
Qatar Energy 2.25% 7/12/2031²		22,020		18,496
Qatar Energy 3.30% 7/12/2051²		2,185		1,608
Sabine Pass Liquefaction, LLC 5.75% 5/15/2024		5,148		5,141
Shell International Finance BV 3.875% 11/13/2028		9,410		9,109
Shell International Finance BV 2.75% 4/6/2030		1,186		1,060
Southwestern Energy Co. 5.70% 1/23/2025¹		495		493
Total Capital Canada, Ltd. 2.75% 7/15/2023		2,140		2,138
TotalEnergies Capital International SA 3.455% 2/19/2029		885		824
TransCanada Pipelines, Ltd. 4.10% 4/15/2030		1,578		1,467
Western Midstream Operating, LP 3.35% 2/1/2025¹		2,782		2,662
Western Midstream Operating, LP 4.30% 2/1/2030¹		2,202		1,979
Western Midstream Operating, LP 5.50% 2/1/2050¹		3,079		2,527
Williams Companies, Inc. 4.50% 11/15/2023		500		498
Williams Companies, Inc. 4.30% 3/4/2024		595		588
				253,651

174	American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer staples 1.50%
7-Eleven, Inc. 1.80% 2/10/2031²	USD	2,923	$	2,313
7-Eleven, Inc. 2.80% 2/10/2051²		5,000		3,174
Altria Group, Inc. 4.40% 2/14/2026		4,585		4,489
Altria Group, Inc. 4.50% 5/2/2043		1,585		1,262
Altria Group, Inc. 5.95% 2/14/2049		3,184		3,026
Anheuser-Busch InBev Worldwide, Inc. 4.75% 1/23/2029		7,500		7,472
Anheuser-Busch InBev Worldwide, Inc. 5.55% 1/23/2049		4,715		4,974
Anheuser-Busch InBev Worldwide, Inc. 4.50% 6/1/2050		1,355		1,251
BAT Capital Corp. 3.557% 8/15/2027		9,271		8,531
BAT Capital Corp. 2.259% 3/25/2028		2,353		2,018
BAT Capital Corp. 4.742% 3/16/2032		2,675		2,441
BAT Capital Corp. 4.39% 8/15/2037		812		650
BAT Capital Corp. 4.54% 8/15/2047		11,017		8,119
BAT Capital Corp. 4.758% 9/6/2049		15,972		12,074
BAT Capital Corp. 5.65% 3/16/2052		120		104
BAT International Finance PLC 3.95% 6/15/2025²		16,879		16,262
BAT International Finance PLC 1.668% 3/25/2026		4,070		3,661
BAT International Finance PLC 4.448% 3/16/2028		2,925		2,763
Conagra Brands, Inc. 5.30% 11/1/2038		436		419
Conagra Brands, Inc. 5.40% 11/1/2048		37		35
Constellation Brands, Inc. 3.50% 5/9/2027		7,500		7,105
Constellation Brands, Inc. 4.35% 5/9/2027		890		868
Constellation Brands, Inc. 2.875% 5/1/2030		620		538
Constellation Brands, Inc. 2.25% 8/1/2031		1,487		1,216
Constellation Brands, Inc. 4.75% 5/9/2032		2,284		2,218
Constellation Brands, Inc. 4.90% 5/1/2033		2,807		2,759
H.J. Heinz Co. 4.875% 10/1/2049		2,725		2,489
Imperial Brands Finance PLC 6.125% 7/27/2027²		1,605		1,609
Indofood CBP Sukses Makmur Tbk PT 3.398% 6/9/2031		3,110		2,632
Indofood CBP Sukses Makmur Tbk PT 4.745% 6/9/2051		685		513
JBS USA Lux SA 2.50% 1/15/2027²		3,491		3,061
JBS USA Lux SA 3.00% 2/2/2029²		2,709		2,304
JBS USA Lux SA 5.50% 1/15/2030²		435		418
JBS USA Lux SA 3.625% 1/15/2032²		1,430		1,162
JBS USA Lux SA 3.00% 5/15/2032²		3,430		2,636
JBS USA Lux SA 5.75% 4/1/2033²		3,164		2,977
PepsiCo, Inc. 1.95% 10/21/2031		6,354		5,262
Philip Morris International, Inc. 4.875% 2/13/2026		2,508		2,491
Philip Morris International, Inc. 5.125% 2/15/2030		982		972
Philip Morris International, Inc. 5.375% 2/15/2033		2,435		2,431
Philip Morris International, Inc. 4.125% 3/4/2043		4,117		3,365
Philip Morris International, Inc. 4.875% 11/15/2043		5,088		4,553
Reynolds American, Inc. 4.45% 6/12/2025		14,570		14,165
Reynolds American, Inc. 5.85% 8/15/2045		1,395		1,242
Walmart, Inc. 4.10% 4/15/2033		2,800		2,720
Walmart, Inc. 4.50% 4/15/2053		1,277		1,246
				157,990

Real estate 0.78%
American Tower Corp. 3.65% 3/15/2027		1,375		1,289
Boston Properties, LP 2.45% 10/1/2033		1,335		963
Boston Properties, LP 6.50% 1/15/2034		10,849		10,925
Corp. Inmobiliaria Vesta, SAB de CV 3.625% 5/13/2031²		395		329
Corporate Office Properties, LP 2.00% 1/15/2029		1,139		869
Corporate Office Properties, LP 2.75% 4/15/2031		1,547		1,177
Corporate Office Properties, LP 2.90% 12/1/2033		564		392
Crown Castle, Inc. 5.00% 1/11/2028		4,922		4,836
Equinix, Inc. 2.90% 11/18/2026		2,762		2,535
Equinix, Inc. 3.20% 11/18/2029		2,146		1,887
Equinix, Inc. 2.50% 5/15/2031		5,155		4,202

American Funds Insurance Series

175

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Real estate (continued)
Equinix, Inc. 3.90% 4/15/2032	USD	1,155	$	1,038
Equinix, Inc. 3.40% 2/15/2052		436		305
FibraSOMA 4.375% 7/22/2031²		1,475		1,105
Howard Hughes Corp. 4.375% 2/1/2031²		675		539
Invitation Homes Operating Partnership, LP 2.30% 11/15/2028		767		653
Invitation Homes Operating Partnership, LP 2.00% 8/15/2031		1,333		1,023
Iron Mountain, Inc. 4.875% 9/15/2027²		1,605		1,518
Iron Mountain, Inc. 5.25% 3/15/2028²		3,500		3,276
Iron Mountain, Inc. 5.25% 7/15/2030²		675		609
Omega Healthcare Investors, Inc. 4.375% 8/1/2023		186		186
Piedmont Operating Partnership, LP 4.45% 3/15/2024		1,000		978
Prologis, LP 4.875% 6/15/2028		1,040		1,031
Prologis, LP 4.75% 6/15/2033		1,409		1,378
Prologis, LP 5.125% 1/15/2034		6,175		6,135
Prologis, LP 5.25% 6/15/2053		117		115
Public Storage 2.30% 5/1/2031		3,195		2,661
Scentre Group Trust 1 3.50% 2/12/2025²		4,015		3,854
Service Properties Trust 4.50% 3/15/2025		855		809
Service Properties Trust 3.95% 1/15/2028		1,710		1,341
VICI Properties, LP 4.375% 5/15/2025		670		648
VICI Properties, LP 4.75% 2/15/2028		6,844		6,487
VICI Properties, LP 4.95% 2/15/2030		5,515		5,178
VICI Properties, LP 5.125% 5/15/2032		11,766		11,020
VICI Properties, LP 5.625% 5/15/2052		550		491
				81,782

Information technology 0.46%
Analog Devices, Inc. 2.80% 10/1/2041		521		387
Apple, Inc. 4.00% 5/10/2028		2,850		2,805
Apple, Inc. 3.35% 8/8/2032		320		299
Apple, Inc. 4.30% 5/10/2033		1,205		1,199
Apple, Inc. 2.70% 8/5/2051		7,080		4,938
Apple, Inc. 3.95% 8/8/2052		3,335		2,942
Apple, Inc. 4.85% 5/10/2053		3,439		3,527
Broadcom Corp. 3.875% 1/15/2027		5,966		5,692
Broadcom, Inc. 4.00% 4/15/2029²		1,470		1,359
Broadcom, Inc. 4.15% 4/15/2032²		2,270		2,057
Broadcom, Inc. 3.469% 4/15/2034²		9,934		8,152
Broadcom, Inc. 3.137% 11/15/2035²		847		650
Intel Corp. 5.20% 2/10/2033		1,353		1,367
Intel Corp. 5.70% 2/10/2053		231		235
Intel Corp. 5.90% 2/10/2063		425		439
Oracle Corp. 1.65% 3/25/2026		4,867		4,419
Oracle Corp. 3.95% 3/25/2051		4,359		3,298
Salesforce, Inc. 1.95% 7/15/2031		3,775		3,118
Salesforce, Inc. 2.70% 7/15/2041		875		644
Salesforce, Inc. 2.90% 7/15/2051		2,012		1,416
				48,943

Materials 0.25%
Air Products and Chemicals, Inc. 2.70% 5/15/2040		2,911		2,175
BHP Billiton Finance (USA), Ltd. 4.875% 2/27/2026		1,225		1,220
BHP Billiton Finance (USA), Ltd. 4.75% 2/28/2028		2,502		2,487
BHP Billiton Finance (USA), Ltd. 4.90% 2/28/2033		441		440
Braskem Netherlands Finance BV 7.25% 2/13/2033²		700		688
Celanese US Holdings, LLC 6.165% 7/15/2027		2,875		2,862
Celanese US Holdings, LLC 6.33% 7/15/2029		297		295
Celanese US Holdings, LLC 6.379% 7/15/2032		2,200		2,220
EIDP, Inc. 4.50% 5/15/2026		1,494		1,467
EIDP, Inc. 4.80% 5/15/2033		4,840		4,741

176	American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Materials (continued)
International Flavors & Fragrances, Inc. 2.30% 11/1/2030²	USD	2,861	$	2,269
Methanex Corp. 5.125% 10/15/2027		510		475
Nova Chemicals Corp. 4.25% 5/15/2029²		425		347
Nutrien, Ltd. 4.90% 3/27/2028		567		557
Nutrien, Ltd. 5.80% 3/27/2053		402		404
OCI NV 6.70% 3/16/2033²		1,350		1,321
POSCO 5.75% 1/17/2028²		745		756
Rio Tinto Finance (USA) PLC 5.00% 3/9/2033		440		444
Rio Tinto Finance (USA) PLC 5.125% 3/9/2053		470		474
South32 Treasury, Ltd. 4.35% 4/14/2032²		1,384		1,216
				26,858

Municipals 0.01%
Aeropuerto Internacional de Tocumen, SA 4.00% 8/11/2041²		730		586
Aeropuerto Internacional de Tocumen, SA 5.125% 8/11/2061²		565		436
				1,022

Total corporate bonds, notes & loans				3,573,639

Mortgage-backed obligations 30.68%
Federal agency mortgage-backed obligations 27.83%
Fannie Mae Pool #AB1068 4.50% 5/1/2025⁵		24		24
Fannie Mae Pool #256133 4.50% 1/1/2026⁵		25		24
Fannie Mae Pool #AR3058 3.00% 1/1/2028⁵		66		64
Fannie Mae Pool #AS8018 3.00% 9/1/2031⁵		39		37
Fannie Mae Pool #BM4741 3.00% 4/1/2032⁵		24		23
Fannie Mae Pool #913966 6.00% 2/1/2037⁵		34		34
Fannie Mae Pool #945680 6.00% 9/1/2037⁵		398		413
Fannie Mae Pool #924866 3.765% 10/1/2037^3,5		141		137
Fannie Mae Pool #988588 5.50% 8/1/2038⁵		180		184
Fannie Mae Pool #889982 5.50% 11/1/2038⁵		851		874
Fannie Mae Pool #AB1297 5.00% 8/1/2040⁵		186		187
Fannie Mae Pool #AH8144 5.00% 4/1/2041⁵		790		790
Fannie Mae Pool #AH9479 5.00% 4/1/2041⁵		739		744
Fannie Mae Pool #FM7365 2.00% 5/1/2041⁵		160,121		136,785
Fannie Mae Pool #AI1862 5.00% 5/1/2041⁵		892		897
Fannie Mae Pool #AI3510 5.00% 6/1/2041⁵		457		459
Fannie Mae Pool #AJ0704 5.00% 9/1/2041⁵		410		413
Fannie Mae Pool #AJ5391 5.00% 11/1/2041⁵		296		298
Fannie Mae Pool #MA4501 2.00% 12/1/2041⁵		9,604		8,132
Fannie Mae Pool #MA4540 2.00% 2/1/2042⁵		2,528		2,150
Fannie Mae Pool #AZ3904 4.00% 5/1/2045⁵		41		39
Fannie Mae Pool #FM9416 3.50% 7/1/2045⁵		2,688		2,503
Fannie Mae Pool #AL8522 3.50% 5/1/2046⁵		849		790
Fannie Mae Pool #BD1968 4.00% 7/1/2046⁵		781		745
Fannie Mae Pool #BD5477 4.00% 7/1/2046⁵		135		129
Fannie Mae Pool #BE0592 4.00% 11/1/2046⁵		309		292
Fannie Mae Pool #MA3058 4.00% 7/1/2047⁵		40		38
Fannie Mae Pool #CA0770 3.50% 11/1/2047⁵		4,446		4,115
Fannie Mae Pool #CA0706 4.00% 11/1/2047⁵		86		82
Fannie Mae Pool #BM4413 4.50% 12/1/2047⁵		2,621		2,574
Fannie Mae Pool #CA1189 3.50% 2/1/2048⁵		1,327		1,228
Fannie Mae Pool #BJ5749 4.00% 5/1/2048⁵		16		16
Fannie Mae Pool #BF0293 3.00% 7/1/2048⁵		6,601		5,885
Fannie Mae Pool #BF0318 3.50% 8/1/2048⁵		5,313		4,909
Fannie Mae Pool #FM4891 3.50% 10/1/2048⁵		20,028		18,640
Fannie Mae Pool #BM4676 4.00% 10/1/2048⁵		12		12
Fannie Mae Pool #FM3280 3.50% 5/1/2049⁵		702		654
Fannie Mae Pool #CA3807 3.00% 7/1/2049⁵		1,344		1,201
Fannie Mae Pool #CA3806 3.00% 7/1/2049⁵		892		798
Fannie Mae Pool #FM1262 4.00% 7/1/2049⁵		21,572		20,580

American Funds Insurance Series

177

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #FM0007 3.50% 9/1/2049⁵		USD	14,432	$	13,321
Fannie Mae Pool #FM1589 3.50% 9/1/2049⁵			4,208		3,883
Fannie Mae Pool #FM1954 3.50% 11/1/2049⁵			6,438		5,941
Fannie Mae Pool #CA5968 2.50% 6/1/2050⁵			5,920		5,089
Fannie Mae Pool #FM5507 3.00% 7/1/2050⁵			17,873		16,031
Fannie Mae Pool #CA6309 3.00% 7/1/2050⁵			6,449		5,767
Fannie Mae Pool #CA6349 3.00% 7/1/2050⁵			1,990		1,764
Fannie Mae Pool #CA6740 3.00% 8/1/2050⁵			1,187		1,052
Fannie Mae Pool #BQ1226 2.00% 9/1/2050⁵			4,344		3,576
Fannie Mae Pool #BP6715 2.00% 9/1/2050⁵			1		1
Fannie Mae Pool #FM4256 2.50% 9/1/2050⁵			3,170		2,730
Fannie Mae Pool #CA7028 2.50% 9/1/2050⁵			1,066		917
Fannie Mae Pool #CA7052 3.00% 9/1/2050⁵			446		396
Fannie Mae Pool #CA7325 2.00% 10/1/2050⁵			4,954		4,105
Fannie Mae Pool #CA7257 2.50% 10/1/2050⁵			302		260
Fannie Mae Pool #CA7381 3.00% 10/1/2050⁵			1,770		1,568
Fannie Mae Pool #CA7599 2.50% 11/1/2050⁵			7,177		6,179
Fannie Mae Pool #FM4897 3.00% 11/1/2050⁵			18,185		16,313
Fannie Mae Pool #MA4208 2.00% 12/1/2050⁵			12,380		10,192
Fannie Mae Pool #FM5166 3.00% 12/1/2050⁵			1,213		1,075
Fannie Mae Pool #MA4237 2.00% 1/1/2051⁵			36,405		29,970
Fannie Mae Pool #BR4104 2.00% 1/1/2051⁵			5,834		4,802
Fannie Mae Pool #FM6113 2.50% 1/1/2051⁵			25,937		22,103
Fannie Mae Pool #BR2666 2.00% 2/1/2051⁵			460		381
Fannie Mae Pool #CA8828 2.50% 2/1/2051⁵			6,092		5,242
Fannie Mae Pool #FM6548 2.00% 3/1/2051⁵			4,949		4,100
Fannie Mae Pool #MA4282 2.50% 3/1/2051⁵			1,495		1,276
Fannie Mae Pool #CB0290 2.00% 4/1/2051⁵			21,066		17,321
Fannie Mae Pool #MA4305 2.00% 4/1/2051⁵			32		26
Fannie Mae Pool #BR6309 2.50% 4/1/2051⁵	��		4,884		4,162
Fannie Mae Pool #MA4306 2.50% 4/1/2051⁵			4,224		3,604
Fannie Mae Pool #CB0191 3.00% 4/1/2051⁵			3,533		3,130
Fannie Mae Pool #CB0193 3.00% 4/1/2051⁵			435		385
Fannie Mae Pool #BR1035 2.00% 5/1/2051⁵			19		16
Fannie Mae Pool #FM7803 2.00% 6/1/2051⁵			591		489
Fannie Mae Pool #FM7909 3.00% 6/1/2051⁵			343		304
Fannie Mae Pool #FM7510 3.00% 6/1/2051⁵			232		206
Fannie Mae Pool #FM7900 2.50% 7/1/2051⁵			516		443
Fannie Mae Pool #FM8442 2.50% 8/1/2051⁵			8,826		7,527
Fannie Mae Pool #FS1057 2.50% 8/1/2051⁵			178		152
Fannie Mae Pool #CB1304 3.00% 8/1/2051⁵			1,589		1,413
Fannie Mae Pool #CB1527 2.50% 9/1/2051⁵			1,218		1,040
Fannie Mae Pool #FS4628 3.00% 10/1/2051⁵			3,932		3,484
Fannie Mae Pool #FS0965 2.00% 11/1/2051⁵			152		125
Fannie Mae Pool #FM9810 3.00% 11/1/2051⁵			1,130		1,000
Fannie Mae Pool #MA4493 2.50% 12/1/2051⁵			449		381
Fannie Mae Pool #CB2787 3.50% 12/1/2051⁵			27		24
Fannie Mae Pool #FS0454 3.00% 1/1/2052⁵			1,160		1,027
Fannie Mae Pool #BV3076 2.00% 2/1/2052⁵			20,332		16,627
Fannie Mae Pool #CB2765 2.00% 2/1/2052⁵			6,672		5,483
Fannie Mae Pool #FS0647 3.00% 2/1/2052⁵			39,435		35,201
Fannie Mae Pool #FS1655 4.00% 4/1/2052⁵			330		310
Fannie Mae Pool #CB3597 3.50% 5/1/2052⁵			496		453
Fannie Mae Pool #FS3539 3.50% 7/1/2052⁵			1,965		1,793
Fannie Mae Pool #BW8497 4.50% 9/1/2052⁵			64		62
Fannie Mae Pool #BX0097 4.50% 10/1/2052⁵			2,785		2,689
Fannie Mae Pool #BW1289 5.50% 10/1/2052⁵			3,406		3,401
Fannie Mae Pool #BW1243 5.50% 10/1/2052⁵			3,185		3,182
Fannie Mae Pool #MA4820 6.50% 10/1/2052⁵			260		267
Fannie Mae Pool #BX1132 4.50% 11/1/2052⁵			982		945
Fannie Mae Pool #MA4842 5.50% 12/1/2052⁵			5,901		5,893

178	American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #CB5778 6.00% 12/1/2052⁵	USD	48		$	49
Fannie Mae Pool #MA4919 5.50% 2/1/2053⁵		9,171			9,132
Fannie Mae Pool #BX7779 5.50% 3/1/2053⁵		5,000			4,978
Fannie Mae Pool #MA4977 4.50% 4/1/2053⁵		747			718
Fannie Mae Pool #BY0130 5.50% 4/1/2053⁵		1,000			996
Fannie Mae Pool #CB6033 6.00% 4/1/2053⁵		22,938			23,211
Fannie Mae Pool #MA4981 6.50% 4/1/2053⁵		25,614			26,170
Fannie Mae Pool #FS4563 5.00% 5/1/2053⁵		3,239			3,178
Fannie Mae Pool #MA5010 5.50% 5/1/2053⁵		7,149			7,119
Fannie Mae Pool #BY1592 5.50% 5/1/2053⁵		1,000			996
Fannie Mae Pool #MA5011 6.00% 5/1/2053⁵		9,145			9,229
Fannie Mae Pool #MA5039 5.50% 6/1/2053⁵		12,621			12,568
Fannie Mae Pool #FS5192 5.50% 6/1/2053⁵		8,170			8,152
Fannie Mae Pool #CB6485 6.00% 6/1/2053⁵		4,820			4,864
Fannie Mae Pool #CB6486 6.00% 6/1/2053⁵		2,981			3,021
Fannie Mae Pool #CB6465 6.00% 6/1/2053⁵		2,128			2,153
Fannie Mae Pool #FS4652 6.50% 6/1/2053⁵		1,723			1,761
Fannie Mae Pool #MA5071 5.00% 7/1/2053⁵		52,841			51,807
Fannie Mae Pool #MA5072 5.50% 7/1/2053⁵		16,468			16,398
Fannie Mae Pool #BF0145 3.50% 3/1/2057⁵		11,371			10,434
Fannie Mae Pool #BF0264 3.50% 5/1/2058⁵		8,601			7,850
Fannie Mae Pool #BF0332 3.00% 1/1/2059⁵		18,456			16,314
Fannie Mae Pool #BF0497 3.00% 7/1/2060⁵		21,551			18,412
Fannie Mae Pool #BF0585 4.50% 12/1/2061⁵		1,285			1,240
Fannie Mae, Series 2001-4, Class GA, 9.00% 4/17/2025^3,5		—	⁶		—	⁶
Fannie Mae, Series 2001-50, Class BA, 7.00% 10/25/2041⁵		6			6
Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/2041⁵		17			18
Fannie Mae, Series 2002-W1, Class 2A, 4.782% 2/25/2042^3,5		20			19
Freddie Mac Pool #ZS8507 3.00% 11/1/2028⁵		98			93
Freddie Mac Pool #ZK7590 3.00% 1/1/2029⁵		2,077			1,988
Freddie Mac Pool #A15120 5.50% 10/1/2033⁵		49			49
Freddie Mac Pool #QN1073 3.00% 12/1/2034⁵		41			38
Freddie Mac Pool #G05196 5.50% 10/1/2038⁵		47			48
Freddie Mac Pool #G05267 5.50% 12/1/2038⁵		35			36
Freddie Mac Pool #G06020 5.50% 12/1/2039⁵		67			69
Freddie Mac Pool #G05860 5.50% 2/1/2040⁵		246			253
Freddie Mac Pool #RB5071 2.00% 9/1/2040⁵		2,162			1,855
Freddie Mac Pool #A93948 4.50% 9/1/2040⁵		151			149
Freddie Mac Pool #SC0149 2.00% 3/1/2041⁵		6,434			5,510
Freddie Mac Pool #G06868 4.50% 4/1/2041⁵		162			160
Freddie Mac Pool #RB0544 2.00% 6/1/2041⁵		11,217			9,588
Freddie Mac Pool #G06841 5.50% 6/1/2041⁵		390			401
Freddie Mac Pool #RB5138 2.00% 12/1/2041⁵		2,531			2,153
Freddie Mac Pool #RB5145 2.00% 2/1/2042⁵		2,480			2,109
Freddie Mac Pool #RB5148 2.00% 3/1/2042⁵		5,296			4,502
Freddie Mac Pool #Z40130 3.00% 1/1/2046⁵		19,611			17,600
Freddie Mac Pool #ZT2100 3.00% 4/1/2047⁵		105			94
Freddie Mac Pool #G08789 4.00% 11/1/2047⁵		594			569
Freddie Mac Pool #G61733 3.00% 12/1/2047⁵		4,922			4,414
Freddie Mac Pool #G67709 3.50% 3/1/2048⁵		12,797			11,864
Freddie Mac Pool #G61628 3.50% 9/1/2048⁵		318			294
Freddie Mac Pool #Q58494 4.00% 9/1/2048⁵		1,256			1,200
Freddie Mac Pool #ZN4842 3.50% 4/1/2049⁵		742			685
Freddie Mac Pool #RA1369 3.50% 9/1/2049⁵		1,911			1,763
Freddie Mac Pool #SD7508 3.50% 10/1/2049⁵		10,429			9,635
Freddie Mac Pool #QA4673 3.00% 11/1/2049⁵		28,476			25,449
Freddie Mac Pool #QB1368 2.50% 7/1/2050⁵		5,674			4,887
Freddie Mac Pool #RA3384 3.00% 8/1/2050⁵		464			411
Freddie Mac Pool #SD8090 2.00% 9/1/2050⁵		1,324			1,090
Freddie Mac Pool #RA3506 3.00% 9/1/2050⁵		2,024			1,793
Freddie Mac Pool #SD7525 2.50% 10/1/2050⁵		7,136			6,146

American Funds Insurance Series

179

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #SD8106 2.00% 11/1/2050⁵	USD	2,753	$	2,266
Freddie Mac Pool #RA3987 2.50% 11/1/2050⁵		12,538		10,715
Freddie Mac Pool #QB8605 2.00% 2/1/2051⁵		502		415
Freddie Mac Pool #SD8128 2.00% 2/1/2051⁵		112		92
Freddie Mac Pool #SD8134 2.00% 3/1/2051⁵		80,974		66,410
Freddie Mac Pool #RA5288 2.00% 5/1/2051⁵		2,814		2,312
Freddie Mac Pool #RA5267 3.00% 5/1/2051⁵		1,312		1,162
Freddie Mac Pool #SD1852 2.50% 6/1/2051⁵		13,448		11,469
Freddie Mac Pool #QC2817 2.50% 6/1/2051⁵		2,755		2,359
Freddie Mac Pool #SD7544 3.00% 7/1/2051⁵		6,928		6,171
Freddie Mac Pool #RA5901 3.00% 9/1/2051⁵		1,292		1,143
Freddie Mac Pool #SD2880 3.00% 10/1/2051⁵		7,694		6,815
Freddie Mac Pool #SD0734 3.00% 10/1/2051⁵		2,081		1,851
Freddie Mac Pool #SD1385 2.50% 11/1/2051⁵		1,604		1,378
Freddie Mac Pool #RA6347 3.00% 11/1/2051⁵		1,466		1,297
Freddie Mac Pool #QD2025 3.50% 11/1/2051⁵		1,123		1,025
Freddie Mac Pool #SD7552 2.50% 1/1/2052⁵		10,613		9,094
Freddie Mac Pool #SD0855 2.50% 1/1/2052⁵		4,351		3,699
Freddie Mac Pool #SD0813 3.00% 1/1/2052⁵		4,710		4,187
Freddie Mac Pool #QD7089 3.50% 2/1/2052⁵		822		751
Freddie Mac Pool #SD8214 3.50% 5/1/2052⁵		6,869		6,266
Freddie Mac Pool #QE4855 3.50% 6/1/2052⁵		67		62
Freddie Mac Pool #QE4084 6.50% 6/1/2052⁵		319		330
Freddie Mac Pool #SD7556 3.00% 8/1/2052⁵		665		591
Freddie Mac Pool #QF1205 4.50% 9/1/2052⁵		295		284
Freddie Mac Pool #SD1896 4.00% 11/1/2052⁵		19,664		18,739
Freddie Mac Pool #SD1894 4.00% 11/1/2052⁵		6,861		6,568
Freddie Mac Pool #SD2948 5.50% 11/1/2052⁵		2,514		2,505
Freddie Mac Pool #QF2862 6.50% 11/1/2052⁵		63		64
Freddie Mac Pool #SD8280 6.50% 11/1/2052⁵		50		52
Freddie Mac Pool #SD2065 4.00% 12/1/2052⁵		1,094		1,027
Freddie Mac Pool #SD8288 5.00% 1/1/2053⁵		223		219
Freddie Mac Pool #SD8298 4.50% 2/1/2053⁵		16,900		16,257
Freddie Mac Pool #QF7144 5.50% 2/1/2053⁵		5,000		4,988
Freddie Mac Pool #SD8314 4.50% 4/1/2053⁵		218		209
Freddie Mac Pool #SD2716 5.00% 4/1/2053⁵		5,246		5,147
Freddie Mac Pool #SD8315 5.00% 4/1/2053⁵		624		611
Freddie Mac Pool #SD8316 5.50% 4/1/2053⁵		13,493		13,436
Freddie Mac Pool #QG1023 5.50% 4/1/2053⁵		5,000		4,978
Freddie Mac Pool #SD8324 5.50% 5/1/2053⁵		9,984		9,941
Freddie Mac Pool #QG3365 5.50% 5/1/2053⁵		5,000		4,978
Freddie Mac Pool #SD8329 5.00% 6/1/2053⁵		1,718		1,685
Freddie Mac Pool #SD8331 5.50% 6/1/2053⁵		26,570		26,457
Freddie Mac Pool #RA9294 6.50% 6/1/2053⁵		927		951
Freddie Mac Pool #RA9292 6.50% 6/1/2053⁵		778		797
Freddie Mac Pool #RA9289 6.50% 6/1/2053⁵		756		780
Freddie Mac Pool #RA9288 6.50% 6/1/2053⁵		725		751
Freddie Mac Pool #RA9287 6.50% 6/1/2053⁵		499		517
Freddie Mac Pool #RA9290 6.50% 6/1/2053⁵		388		400
Freddie Mac Pool #RA9291 6.50% 6/1/2053⁵		269		275
Freddie Mac Pool #RA9295 6.50% 6/1/2053⁵		198		206
Freddie Mac Pool #SD8341 5.00% 7/1/2053⁵		41,831		41,012
Freddie Mac Pool #SD8342 5.50% 7/1/2053⁵		69,423		69,129
Freddie Mac, Series 3061, Class PN, 5.50% 11/15/2035⁵		52		52
Freddie Mac, Series 3318, Class JT, 5.50% 5/15/2037⁵		120		121
Freddie Mac, Series K156, Class A2, Multi Family, 4.43% 2/25/2033^3,5		3,461		3,452
Freddie Mac, Series 3146, Class PO, principal only, 0% 4/15/2036⁵		114		95
Freddie Mac, Series 3156, Class PO, principal only, 0% 5/15/2036⁵		109		91
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057⁵		7,817		7,350

180	American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058⁵	USD	1,809	$	1,691
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032⁵		10,215		9,550
Government National Mortgage Assn. 2.00% 7/1/2053^5,7		6,025		5,066
Government National Mortgage Assn. 2.50% 7/1/2053^5,7		4,621		4,002
Government National Mortgage Assn. 3.00% 7/1/2053^5,7		9,198		8,220
Government National Mortgage Assn. 3.50% 7/1/2053^5,7		2,631		2,429
Government National Mortgage Assn. 4.00% 7/1/2053^5,7		1,048		992
Government National Mortgage Assn. 4.50% 7/1/2053^5,7		34,475		33,277
Government National Mortgage Assn. 5.50% 7/1/2053^5,7		46,140		45,927
Government National Mortgage Assn. 3.50% 8/1/2053^5,7		29,925		27,655
Government National Mortgage Assn. 4.00% 8/1/2053^5,7		42,107		39,875
Government National Mortgage Assn. 5.00% 8/1/2053^5,7		12,796		12,571
Government National Mortgage Assn. Pool #MA5817 4.00% 3/20/2049⁵		11,598		11,097
Government National Mortgage Assn. Pool #MA6042 5.00% 7/20/2049⁵		32		32
Government National Mortgage Assn. Pool #MA6221 4.50% 10/20/2049⁵		4,864		4,755
Government National Mortgage Assn. Pool #MA6600 3.50% 4/20/2050⁵		10,735		10,008
Government National Mortgage Assn. Pool #785607 2.50% 8/20/2051⁵		9,388		8,019
Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051⁵		3,423		2,917
Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051⁵		3,387		2,878
Government National Mortgage Assn. Pool #785998 2.50% 3/20/2052⁵		3,984		3,394
Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063⁵		1,532		1,179
Uniform Mortgage-Backed Security 2.00% 7/1/2038^5,7		5,845		5,180
Uniform Mortgage-Backed Security 2.50% 7/1/2038^5,7		1,315		1,197
Uniform Mortgage-Backed Security 4.00% 7/1/2038^5,7		1,390		1,342
Uniform Mortgage-Backed Security 2.50% 8/1/2038^5,7		6,230		5,681
Uniform Mortgage-Backed Security 2.00% 7/1/2053^5,7		74,274		60,588
Uniform Mortgage-Backed Security 2.50% 7/1/2053^5,7		36,782		31,195
Uniform Mortgage-Backed Security 3.00% 7/1/2053^5,7		24,375		21,457
Uniform Mortgage-Backed Security 3.50% 7/1/2053^5,7		94,647		86,258
Uniform Mortgage-Backed Security 4.00% 7/1/2053^5,7		15,782		14,812
Uniform Mortgage-Backed Security 5.00% 7/1/2053^5,7		107,111		104,960
Uniform Mortgage-Backed Security 5.50% 7/1/2053^5,7		29,681		29,540
Uniform Mortgage-Backed Security 5.50% 7/1/2053^5,7		2,930		2,917
Uniform Mortgage-Backed Security 6.00% 7/1/2053^5,7		7,995		8,066
Uniform Mortgage-Backed Security 2.00% 8/1/2053^5,7		36,780		30,046
Uniform Mortgage-Backed Security 2.50% 8/1/2053^5,7		197,530		167,777
Uniform Mortgage-Backed Security 3.00% 8/1/2053^5,7		16,715		14,735
Uniform Mortgage-Backed Security 3.50% 8/1/2053^5,7		3,680		3,357
Uniform Mortgage-Backed Security 4.00% 8/1/2053^5,7		114,980		108,005
Uniform Mortgage-Backed Security 4.50% 8/1/2053^5,7		119,790		115,232
Uniform Mortgage-Backed Security 5.50% 8/1/2053^5,7		128,010		127,380
Uniform Mortgage-Backed Security 6.00% 8/1/2053^5,7		493,305		497,583
Uniform Mortgage-Backed Security 6.50% 8/1/2053^5,7		8,447		8,620
				2,933,632

Commercial mortgage-backed securities 1.72%
Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 2/15/2052⁵		770		715
Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 4/15/2052⁵		100		91
Bank Commercial Mortgage Trust, Series 2023-5YR1, Class A3, 6.26% 3/15/2056^3,5		3,500		3,565
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A5, 3.688% 2/15/2061⁵		205		189
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 2/17/2061⁵		126		116
Bank Commercial Mortgage Trust, Series 2018-BN12, Class A4, 4.255% 5/15/2061^3,5		2,444		2,309
Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 8/15/2061⁵		1,018		878
Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063⁵		295		245
Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 1/15/2052⁵		2,541		2,338
Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/2053^3,5		781		736
BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.77%) 6.917% 5/15/2039^2,3,5		8,575		8,527

American Funds Insurance Series

181

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
BPR Trust, Series 2022-OANA, Class A, (1-month USD CME Term SOFR + 1.898%) 7.045% 4/15/2037^2,3,5	USD	3,822	$	3,716
BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 7.262% 6/15/2027^2,3,5		8,476		8,476
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 5.893% 9/15/2036^2,3,5		14,727		14,269
BX Trust, Series 2021-VOLT, Class B, (1-month USD-LIBOR + 0.95%) 6.143% 9/15/2036^2,3,5		570		547
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 6.092% 10/15/2036^2,3,5		5,292		5,135
BX Trust, Series 2021-ARIA, Class B, (1-month USD-LIBOR + 1.297%) 6.49% 10/15/2036^2,3,5		995		959
BX Trust, Series 2021-ARIA, Class C, (1-month USD-LIBOR + 1.646%) 6.839% 10/15/2036^2,3,5		996		959
BX Trust, Series 2021-RISE, Class A, (1-month USD-LIBOR + 0.74%) 5.941% 11/15/2036^2,3,5		12,622		12,297
BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 6.638% 4/15/2037^2,3,5		5,336		5,263
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 5.863% 6/15/2038^2,3,5		3,653		3,561
BX Trust, Series 2021-SOAR, Class B, (1-month USD-LIBOR + 0.87%) 6.063% 6/15/2038^2,3,5		423		410
BX Trust, Series 2021-SOAR, Class C, (1-month USD-LIBOR + 1.10%) 6.293% 6/15/2038^2,3,5		286		276
BX Trust, Series 2021-SOAR, Class D, (1-month USD-LIBOR + 1.40%) 6.593% 6/15/2038^2,3,5		723		695
BX Trust, Series 2021-ACNT, Class A, (1-month USD-LIBOR + 0.85%) 6.043% 11/15/2038^2,3,5		9,979		9,741
BX Trust, Series 2021-ACNT, Class B, (1-month USD-LIBOR + 1.25%) 6.443% 11/15/2038^2,3,5		339		331
BX Trust, Series 2021-ACNT, Class C, (1-month USD-LIBOR + 1.50%) 6.693% 11/15/2038^2,3,5		100		97
BX Trust, Series 2021-ACNT, Class D, (1-month USD-LIBOR + 1.85%) 7.043% 11/15/2038^2,3,5		151		146
BX Trust, Series 2022-GPA, Class A, (1-month USD CME Term SOFR + 2.165%) 7.312% 10/15/2039^2,3,5		3,198		3,199
BX Trust, Series 2023-VLT2, Class A, (1-month USD CME Term SOFR + 2.281%) 7.34% 6/15/2040^2,3,5		3,891		3,886
Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 6/10/2028^2,3,5		19,044		19,045
Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 2/10/2049⁵		610		570
Commercial Mortgage Trust, Series 2014-LC15, Class AM, 4.198% 4/10/2047⁵		350		338
CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A3, 3.231% 6/15/2057⁵		1,137		1,092
Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 5/10/2049⁵		200		182
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 6.273% 7/15/2038^2,3,5		2,776		2,724
Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD-LIBOR + 1.38%) 6.573% 7/15/2038^2,3,5		633		619
Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD-LIBOR + 1.70%) 6.893% 7/15/2038^2,3,5		864		842
Extended Stay America Trust, Series 2021-ESH, Class D, (1-month USD-LIBOR + 2.25%) 7.443% 7/15/2038^2,3,5		661		644
FIVE Mortgage Trust, Series 2023-V1, Class A3, 5.668% 2/10/2056⁵		2,432		2,429
Fontainebleau Miami Beach Trust, CMO, Series 2019-FBLU, Class A, 3.144% 12/10/2036^2,5		449		425
Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 12/10/2040^2,5		1,897		1,479
Great Wolf Trust, Series 2019-WOLF, Class A, (1-month USD CME Term SOFR + 1.148%) 6.295% 12/15/2036 (1-month USD CME Term SOFR + 1.348% on 12/15/2023)^1,2,5		3,894		3,850

182	American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
GS Mortgage Securities Trust, Series 2022-SHIP, Class A, (1-month USD CME Term SOFR + 0.731%) 5.878% 8/15/2024^2,3,5	USD	1,317	$	1,309
GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 8/10/2050⁵		400		361
GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 2/10/2052⁵		100		93
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053⁵		1,536		1,252
ILPT Commercial Mortgage Pass-through Certificates, Series 2022-LPF2, Class A, (1-month USD CME Term SOFR + 2.245%) 7.392% 10/15/2039^2,3,5		3,391		3,388
JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class A5, 4.079% 2/15/2047⁵		3,280		3,225
JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 3/15/2050⁵		640		591
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 10/15/2050⁵		240		218
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039^2,5		7,867		6,287
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% 12/15/2049^3,5		2,040		1,894
MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD CME Term SOFR + 0.915%) 6.062% 4/15/2038^2,3,5		154		151
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class A5, 3.741% 8/15/2047⁵		5,446		5,283
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A-4, 3.306% 4/15/2048⁵		410		389
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A-4, 3.72% 12/15/2049⁵		245		229
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class AS, 4.114% 12/15/2048⁵		730		675
SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041^2,5		4,065		3,268
SREIT Trust, Series 2021-FLWR, Class A, (1-month USD-LIBOR + 0.577%) 5.77% 7/15/2036^2,3,5		9,351		9,080
SREIT Trust, Series 2021-FLWR, Class B, (1-month USD-LIBOR + 0.926%) 6.119% 7/15/2036^2,3,5		1,000		971
SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 5.924% 11/15/2038^2,3,5		8,739		8,499
SREIT Trust, Series 2021-MFP, Class B, (1-month USD-LIBOR + 1.079%) 6.273% 11/15/2038^2,3,5		263		255
SREIT Trust, Series 2021-MFP, Class C, (1-month USD-LIBOR + 1.329%) 6.522% 11/15/2038^2,3,5		141		136
Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class A-4, 3.789% 9/15/2048⁵		2,373		2,252
Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 12/15/2049⁵		2,550		2,388
Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 12/15/2052⁵		1,019		889
Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 1/15/2060⁵		205		190
				181,184

Collateralized mortgage-backed obligations (privately originated) 1.13%
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048^2,3,5		2,651		2,128
Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 3/25/2055^2,5		120		110
Arroyo Mortgage Trust, Series 2022-1, Class A1A, 2.495% 12/25/2056 (3.495% on 2/25/2026)^1,2,5		5,724		5,193
BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 5/25/2059^2,3,5		849		758
BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 5/26/2059^2,3,5		526		495
BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/2061^2,5		4,663		4,085
Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 10/27/2031^2,3,5		2,649		2,493
Cascade Funding Mortgage Trust, Series 2023-HB12, Class A, 4.25% 4/25/2033^2,3,5		603		578
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 6/25/2036^2,3,5		1,451		1,376
CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061^2,3,5		6,565		6,046
Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060^2,3,5		193		174

American Funds Insurance Series

183

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued)
COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066^2,3,5	USD	1,574	$	1,310
Connecticut Avenue Securities Trust, Series 2022-R06, Class 1M1, (30-day Average USD-SOFR + 2.75%) 7.817% 5/25/2042^2,3,5		298		304
Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) 7.467% 12/25/2042^2,3,5		664		669
Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) 7.367% 5/25/2043^2,3,5		3,574		3,593
Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) 6.967% 6/25/2043^2,3,5		2,505		2,514
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 8/15/2037^2,5		1,575		1,411
DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class A, 5.919% 8/12/2043^2,3,5		8,924		8,695
Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 3/25/2069^2,5		2,002		2,159
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 6/25/2069^2,5		2,550		2,559
Flagstar Mortgage Trust, Series 2021-5INV, Class A2, 2.50% 7/25/2051^2,3,5		2,013		1,626
Flagstar Mortgage Trust, Series 2021-6INV, Class A4, 2.50% 8/25/2051^2,3,5		1,882		1,520
Flagstar Mortgage Trust, Series 2021-8INV, Class A3, 2.50% 9/25/2051^2,3,5		1,980		1,599
Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 10/25/2051^2,3,5		3,106		2,519
Flagstar Mortgage Trust, Series 2021-11INV, Class A4, 2.50% 11/25/2051^2,3,5		2,159		1,744
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A, (30-day Average USD-SOFR + 2.00%) 7.067% 4/25/2042^2,3,5		1,376		1,380
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA4, Class M1A, (30-day Average USD-SOFR + 2.20%) 7.267% 5/25/2042^2,3,5		66		66
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1A, (30-day Average USD-SOFR + 2.95%) 8.017% 6/25/2042^2,3,5		250		254
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 7.217% 9/25/2042^2,3,5		535		538
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average USD-SOFR + 3.70%) 8.767% 9/25/2042^2,3,5		1,519		1,568
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class M2, (1-month USD-LIBOR + 1.85%) 7.00% 2/25/2050^2,3,5		2,638		2,647
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA4, Class B1, (1-month USD-LIBOR + 6.00%) 11.15% 8/25/2050^2,3,5		881		979
GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/2066^2,3,5		3,272		2,736
Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026^2,5		5,165		4,511
Hundred Acre Wood Trust, Series 2021-INV1, Class A3, 2.50% 7/25/2051^2,3,5		863		697
Legacy Mortgage Asset Trust, Series 2022-GS1, Class A1, 4.00% 2/25/2061 (7.00% on 4/25/2025)^1,2,5		3,329		3,199
Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 4/25/2061^2,3,5		804		747
Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 7/25/2067 (5.25% on 11/25/2024)^1,2,5		2,488		2,311
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 6.00% 11/25/2055^2,3,5		16,160		15,976
MFRA Trust, Series 2021-RPL1, Class A1, 1.131% 7/25/2060^2,3,5		2,874		2,536
PRKCM Trust, Series 2021-AFC2, Class A1, 2.071% 11/25/2056^2,3,5		3,400		2,799
Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039^2,5		1,124		1,024
Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 11/25/2031^2,3,5		2,415		2,320
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060^2,5		10,053		8,787
Treehouse Park Improvement Association No.1 9.75% 12/1/2033^2,8		1,680		1,486
Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038^2,5		5,033		4,481
Tricon Residential Trust, Series 2023-SFR1, Class A, 5.10% 7/17/2040^2,5		2,229		2,180
				118,880

Total mortgage-backed obligations				3,233,696

184	American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
U.S. Treasury bonds & notes 23.16%
U.S. Treasury 20.12%
U.S. Treasury 2.25% 12/31/2023	USD	378		$	373
U.S. Treasury 1.50% 2/29/2024		407			396
U.S. Treasury 2.125% 2/29/2024		7,655			7,495
U.S. Treasury 4.50% 11/30/2024		41,180			40,752
U.S. Treasury 3.875% 3/31/2025⁹		276,152			270,744
U.S. Treasury 4.25% 5/31/2025		107,063			105,715
U.S. Treasury 4.625% 6/30/2025		37,155			36,997
U.S. Treasury 3.00% 7/15/2025		97,643			94,118
U.S. Treasury 2.25% 11/15/2025		6,785			6,412
U.S. Treasury 0.375% 12/31/2025		44,080			39,734
U.S. Treasury 0.375% 1/31/2026		5,615			5,042
U.S. Treasury 4.00% 2/15/2026		13,188			12,987
U.S. Treasury 3.625% 5/15/2026		1,926			1,879
U.S. Treasury 0.75% 5/31/2026		21,890			19,663
U.S. Treasury 4.125% 6/15/2026		205			203
U.S. Treasury 0.75% 8/31/2026		16,021			14,291
U.S. Treasury 1.875% 2/28/2027		4,000			3,667
U.S. Treasury 2.75% 4/30/2027		11,500			10,862
U.S. Treasury 2.625% 5/31/2027		43,530			40,896
U.S. Treasury 2.25% 11/15/2027⁹		105,830			97,464
U.S. Treasury 6.125% 11/15/2027		24,000			25,804
U.S. Treasury 1.125% 2/29/2028		9,895			8,622
U.S. Treasury 4.00% 2/29/2028		4,750			4,715
U.S. Treasury 3.625% 3/31/2028		13			13
U.S. Treasury 3.625% 5/31/2028		90,450			88,460
U.S. Treasury 4.00% 6/30/2028		24,000			23,886
U.S. Treasury 1.00% 7/31/2028		5,630			4,828
U.S. Treasury 1.125% 8/31/2028		13,555			11,678
U.S. Treasury 5.25% 11/15/2028		5,700			5,994
U.S. Treasury 2.375% 5/15/2029		4,070			3,710
U.S. Treasury 3.875% 12/31/2029⁹		264,735			262,366
U.S. Treasury 4.00% 2/28/2030		38,255			38,222
U.S. Treasury 3.75% 5/31/2030		22,646			22,325
U.S. Treasury 3.75% 6/30/2030		18,000			17,783
U.S. Treasury 1.625% 5/15/2031		1,630			1,385
U.S. Treasury 4.125% 11/15/2032		114			116
U.S. Treasury 3.375% 5/15/2033		111,174			107,384
U.S. Treasury 4.25% 5/15/2039⁹		102,285			106,981
U.S. Treasury 1.125% 5/15/2040		103,968			67,416
U.S. Treasury 1.375% 11/15/2040		24,540			16,422
U.S. Treasury 1.875% 2/15/2041		36,900			26,792
U.S. Treasury 2.00% 11/15/2041		57			42
U.S. Treasury 2.375% 2/15/2042		2,701			2,103
U.S. Treasury 3.875% 5/15/2043		29,819			29,175
U.S. Treasury 3.00% 2/15/2049		129,850			109,802
U.S. Treasury 2.875% 5/15/2049		290			240
U.S. Treasury 1.25% 5/15/2050		3,390			1,905
U.S. Treasury 1.875% 11/15/2051		4,670			3,080
U.S. Treasury 2.875% 5/15/2052		990			819
U.S. Treasury 4.00% 11/15/2052		13,243			13,588
U.S. Treasury 3.625% 2/15/2053⁹		318,152			305,015
					2,120,361

U.S. Treasury inflation-protected securities 3.04%
U.S. Treasury Inflation-Protected Security 0.50% 4/15/2024¹⁰		—	⁶		—	⁶
U.S. Treasury Inflation-Protected Security 0.125% 7/15/2024¹⁰		67,156			65,184
U.S. Treasury Inflation-Protected Security 0.25% 1/15/2025¹⁰		19,310			18,518
U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025¹⁰		55,723			53,356
U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026¹⁰		5,716			5,346
U.S. Treasury Inflation-Protected Security 0.125% 4/15/2027¹⁰		51,430			47,612

American Funds Insurance Series

185

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury inflation-protected securities (continued)
U.S. Treasury Inflation-Protected Security 0.375% 7/15/2027¹⁰	USD	73,752	$	69,161
U.S. Treasury Inflation-Protected Security 1.625% 10/15/2027¹⁰		5,427		5,349
U.S. Treasury Inflation-Protected Security 0.50% 1/15/2028^9,10		55,297		51,741
U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051¹⁰		6,228		4,152
U.S. Treasury Inflation-Protected Security 0.125% 2/15/2052¹⁰		185		123
U.S. Treasury Inflation-Protected Security 1.50% 2/15/2053¹⁰		59		57
				320,599

Total U.S. Treasury bonds & notes				2,440,960

Asset-backed obligations 4.89%
ACHV ABS Trust, Series 2023-1, Class A, 6.42% 3/18/2030^2,5		104		104
Affirm Asset Securitization Trust, Series 2021-B, Class A, 1.03% 8/17/2026^2,5		701		682
Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 11/16/2026^2,5		409		395
Affirm Asset Securitization Trust, Series 2022-X1, Class A, 1.75% 2/15/2027^2,5		305		299
American Credit Acceptance Receivables Trust, Series 2020-3, Class C, 1.85% 6/15/2026^2,5		317		316
American Credit Acceptance Receivables Trust, Series 2020-3, Class D, 2.40% 6/15/2026^2,5		2,500		2,462
American Credit Acceptance Receivables Trust, Series 2022-3, Class B, 4.55% 10/13/2026^2,5		360		356
American Credit Acceptance Receivables Trust, Series 2023-2, Class A, 5.89% 10/13/2026^2,5		1,232		1,229
American Credit Acceptance Receivables Trust, Series 2021-1, Class C, 0.83% 3/15/2027^2,5		488		483
American Credit Acceptance Receivables Trust, Series 2021-1, Class D, 1.14% 3/15/2027^2,5		806		777
American Homes 4 Rent, Series 2014-SFR2, Class A, 3.786% 10/17/2036^2,5		1,121		1,088
American Homes 4 Rent, Series 2015-SFR2, Class A, 3.732% 10/17/2052^2,5		2,748		2,633
American Homes 4 Rent, Series 2015-SFR2, Class B, 4.295% 10/17/2052^2,5		396		382
AmeriCredit Automobile Receivables Trust, Series 2023-1, Class A2A, 5.84% 10/19/2026⁵		1,535		1,535
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class B, 0.69% 1/19/2027⁵		997		941
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01% 1/19/2027⁵		1,109		1,014
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class D, 1.29% 6/18/2027⁵		2,613		2,348
Avis Budget Rental Car Funding (AESOP), LLC, Series 2018-2A, Class A, 4.00% 3/20/2025^2,5		2,755		2,729
Avis Budget Rental Car Funding (AESOP), LLC, Series 2019-2A, Class A, 3.35% 9/22/2025^2,5		2,210		2,146
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-1A, Class A, 2.33% 8/20/2026^2,5		7,689		7,157
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027^2,5		2,427		2,201
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027^2,5		623		574
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 4.25% 2/20/2027^2,5		1,279		1,191
Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/2027^2,5		3,445		3,031
Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class B, 1.63% 8/20/2027^2,5		531		463
Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class C, 2.13% 8/20/2027^2,5		193		167
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/2028^2,5		6,724		6,674
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029^2,5		5,059		5,056
Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 6.379% 11/20/2030^2,3,5		535		531

186	American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Bankers Healthcare Group Securitization Trust, Series 2021-B, Class A, 0.90% 10/17/2034^2,5	USD	134	$	128
Bankers Healthcare Group Securitization Trust, Series 2021-B, Class B, 1.67% 10/17/2034^2,5		269		238
Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class A, 2.443% 7/15/2046^2,5		3,707		3,199
Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class B, 3.446% 7/15/2046^2,5		474		392
CarMax Auto Owner Trust, Series 2023-2, Class A2A, 5.50% 6/15/2026⁵		695		693
CarMax Auto Owner Trust, Series 2021-1, Class C, 0.94% 12/15/2026⁵		210		192
CarMax Auto Owner Trust, Series 2021-1, Class D, 1.28% 7/15/2027⁵		206		188
Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.72% 9/11/2028⁵		341		327
Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037^2,5		15,521		12,930
Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 3.464% 5/11/2037^2,5		6,025		4,931
Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 6.171% 5/11/2037^2,5		657		519
Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041^2,5		612		556
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060^2,5		18,497		16,618
CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060^2,5		1,926		1,612
CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060^2,5		3,362		3,007
CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060^2,5		364		303
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061^2,5		5,994		5,201
CF Hippolyta, LLC, Series 2021-1, Class B1, 1.98% 3/15/2061^2,5		1,898		1,610
CF Hippolyta, LLC, Series 2022-1, Class A1, 5.97% 8/15/2062^2,5		14,984		14,623
CF Hippolyta, LLC, Series 2022-1, Class A2, 6.11% 8/15/2062^2,5		6,572		6,390
CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045^2,5		2,146		1,860
CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045^2,5		4,446		3,865
CLI Funding VIII, LLC, Series 2021-1A, Class A, 2.38% 2/18/2046^2,5		407		342
CPS Auto Receivables Trust, Series 2022-B, Class A, 2.88% 6/15/2026^2,5		1,110		1,096
CPS Auto Receivables Trust, Series 2021-A, Class C, 0.83% 9/15/2026^2,5		110		110
CPS Auto Receivables Trust, Series 2021-A, Class D, 1.16% 12/15/2026^2,5		590		567
CPS Auto Receivables Trust, Series 2023-B, Class A, 5.91% 8/16/2027^2,5		1,263		1,260
CPS Auto Receivables Trust, Series 2022-B, Class B, 3.88% 8/15/2028^2,5		2,111		2,056
CPS Auto Receivables Trust, Series 2022-B, Class C, 4.33% 8/15/2028^2,5		2,797		2,698
Discover Card Execution Note Trust, Series 2023-A1, Class A, 4.31% 3/15/2028⁵		9,641		9,437
Drive Auto Receivables Trust, Series 2019-3, Class D, 3.18% 10/15/2026⁵		2,356		2,340
Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02% 6/15/2027⁵		2,918		2,877
Drive Auto Receivables Trust, Series 2021-1, Class D, 1.45% 1/16/2029⁵		4,053		3,814
DriveTime Auto Owner Trust, Series 2019-2A, Class D, 3.48% 2/18/2025^2,5		448		448
DriveTime Auto Owner Trust, Series 2019-3, Class D, 2.96% 4/15/2025^2,5		775		769
DriveTime Auto Owner Trust, Series 2020-3A, Class C, 1.47% 6/15/2026^2,5		560		548
DriveTime Auto Owner Trust, Series 2021-1A, Class C, 0.84% 10/15/2026^2,5		745		725
DriveTime Auto Owner Trust, Series 2021-1A, Class D, 1.16% 11/16/2026^2,5		449		416
DriveTime Auto Owner Trust, Series 2021-2A, Class B, 0.81% 1/15/2027^2,5		482		479
DriveTime Auto Owner Trust, Series 2021-2A, Class C, 1.10% 2/16/2027^2,5		1,231		1,191
DriveTime Auto Owner Trust, Series 2021-2A, Class D, 1.50% 2/16/2027^2,5		832		775
DriveTime Auto Owner Trust, Series 2023-2, Class A, 5.88% 4/15/2027^2,5		659		657
EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045^2,5		397		345
Enterprise Fleet Financing, LLC, Series 2022-3, Class A3, 4.29% 7/20/2029^2,5		897		864
Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029^2,5		1,351		1,323
Exeter Automobile Receivables Trust, Series 2019-2A, Class D, 3.71% 3/17/2025^2,5		1,683		1,673
Exeter Automobile Receivables Trust, Series 2023-1, Class A2, 5.61% 6/16/2025⁵		267		267
Exeter Automobile Receivables Trust, Series 2020-3A, Class C, 1.32% 7/15/2025⁵		56		56
Exeter Automobile Receivables Trust, Series 2019-3A, Class D, 3.11% 8/15/2025^2,5		1,948		1,927
Exeter Automobile Receivables Trust, Series 2023-3, Class A2, 6.11% 9/15/2025⁵		198		198
Exeter Automobile Receivables Trust, Series 2022-2A, Class A3, 2.80% 11/17/2025⁵		566		563
Exeter Automobile Receivables Trust, Series 2022-6, Class A2, 5.73% 11/17/2025⁵		355		354
Exeter Automobile Receivables Trust, Series 2020-1A, Class D, 2.73% 12/15/2025^2,5		591		578
Exeter Automobile Receivables Trust, Series 2021-2, Class C, 0.98% 6/15/2026⁵		1,508		1,475
Exeter Automobile Receivables Trust, Series 2020-3A, Class D, 1.73% 7/15/2026⁵		1,012		990
Exeter Automobile Receivables Trust, Series 2023-3, Class A3, 6.04% 7/15/2026⁵		100		100
Exeter Automobile Receivables Trust, Series 2022-2A, Class B, 3.65% 10/15/2026⁵		3,047		3,003

American Funds Insurance Series

187

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Exeter Automobile Receivables Trust, Series 2022-4A, Class B, 4.57% 1/15/2027⁵	USD	568	$	558
Exeter Automobile Receivables Trust, Series 2021-2, Class D, 1.40% 4/15/2027⁵		2,612		2,422
Exeter Automobile Receivables Trust, Series 2023-3, Class B, 6.11% 9/15/2027⁵		232		232
Exeter Automobile Receivables Trust, Series 2023-3, Class C, 6.21% 6/15/2028⁵		418		417
Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56% 7/17/2028⁵		271		258
Exeter Automobile Receivables Trust, Series 2023-3, Class D, 6.68% 4/16/2029⁵		758		758
Exeter Automobile Receivables Trust, Series 2023-1, Class D, 6.69% 6/15/2029⁵		462		461
Exeter Automobile Receivables Trust, Series 2023-3, Class E, 9.98% 1/15/2031^2,5		1,014		1,019
First National Master Note Trust, Series 2023-1, Class A, 5.13% 4/16/2029⁵		1,184		1,169
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 10/19/2037^2,5		17,891		16,073
FirstKey Homes Trust, Series 2021-SFR3, Class A, 2.135% 12/17/2038^2,5		1,378		1,217
FirstKey Homes Trust, Series 2022-SFR2, Class A, 4.145% 5/17/2039^2,5		1,733		1,635
Ford Credit Auto Owner Trust, Series 2023-A, Class A2A, 5.14% 3/15/2026⁵		2,583		2,571
Ford Credit Auto Owner Trust, Series 2023-B, Class A3, 5.23% 5/15/2028⁵		765		764
Ford Credit Auto Owner Trust, Series 2023-B, Class A4, 5.06% 2/15/2029⁵		597		596
Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 1/15/2030^2,5		17,675		17,661
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.52% 7/15/2030^2,5		2,180		2,152
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 7/15/2031^2,5		30,070		28,909
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 8/15/2031^2,5		1,619		1,524
Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85% 8/15/2035^2,5		4,218		4,133
Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A1, 4.92% 5/15/2028^2,5		5,833		5,776
GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045^2,5		1,915		1,681
GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046^2,5		1,354		1,153
GCI Funding I, LLC, Series 2021-1, Class B, 3.04% 6/18/2046^2,5		151		125
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040^2,5		2,662		2,371
Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041^2,5		9,210		7,912
Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041^2,5		2,573		2,224
Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041^2,5		201		170
GLS Auto Receivables Trust, Series 2023-2, Class A2, 5.70% 1/15/2027^2,5		710		707
GM Financial Revolving Receivables Trust, Series 2023-1, Class A, 5.12% 4/11/2035^2,5		4,815		4,768
GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035^2,5		2,703		2,758
GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1, 5.45% 6/15/2028^2,5		1,600		1,599
GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A, 5.34% 6/17/2030^2,5		948		946
Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 9.44% 6/25/2025^2,5,8		8,590		8,590
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/2025^2,5		12,703		11,909
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/2025^2,5		1,171		1,096
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 12/26/2025^2,5		810		754
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027^2,5		17,770		15,511
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027^2,5		1,264		1,106
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027^2,5		859		742
Honda Auto Receivables Owner Trust, Series 2023-1, Class A3, 5.04% 4/21/2027⁵		342		340
Honda Auto Receivables Owner Trust, Series 2023-1, Class A4, 4.38% 6/21/2029⁵		188		187
LAD Auto Receivables Trust, Series 2021-1A, Class A, 1.30% 8/17/2026^2,5		541		527
LAD Auto Receivables Trust, Series 2023-1, Class A2, 5.68% 10/15/2026^2,5		1,781		1,773
LAD Auto Receivables Trust, Series 2021-1A, Class B, 1.94% 11/16/2026^2,5		304		288
LAD Auto Receivables Trust, Series 2022-1, Class A, 5.21% 6/15/2027^2,5		908		898
LAD Auto Receivables Trust, Series 2023-1, Class A3, 5.48% 6/15/2027^2,5		706		698
LAD Auto Receivables Trust, Series 2023-2, Class A2, 5.93% 6/15/2027^2,5		2,263		2,253
LAD Auto Receivables Trust, Series 2022-1, Class B, 5.87% 9/15/2027^2,5		438		433
LAD Auto Receivables Trust, Series 2023-2, Class A3, 5.42% 2/15/2028^2,5		861		849
LAD Auto Receivables Trust, Series 2023-2, Class B, 5.45% 4/15/2028^2,5		615		606
LAD Auto Receivables Trust, Series 2023-2, Class C, 5.58% 9/15/2028^2,5		1,361		1,340
LAD Auto Receivables Trust, Series 2022-1, Class C, 6.85% 4/15/2030^2,5		623		621
LAD Auto Receivables Trust, Series 2023-2, Class D, 6.30% 2/15/2031^2,5		123		121
Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD-LIBOR + 1.00%) 6.261% 7/21/2030^2,3,5		875		868
Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD-LIBOR + 1.15%) 6.41% 4/15/2029^2,3,5		476		473

188	American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Mission Lane Credit Card Master Trust, Series 2022-B, Class A1, 8.25% 1/15/2028^5,8,11	USD	1,006	$	1,003
Mission Lane Credit Card Master Trust, Series 2022-B, Class A2, 8.73% 1/15/2028^5,8,11		150		150
Mission Lane Credit Card Master Trust, Series 2023-A, Class A, 7.23% 7/17/2028^2,5		3,155		3,126
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/2069^2,5		3,707		3,201
Navient Student Loan Trust, Series 2021-EA, Class A, 0.97% 12/16/2069^2,5		2,321		1,964
Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070^2,5		832		715
Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046^2,5		4,226		3,686
Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 4/20/2062^2,5		274		244
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062^2,5		4,776		4,242
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062^2,5		10,931		9,721
Nelnet Student Loan Trust, Series 2021-C, Class AFL, (1-month USD-LIBOR + 0.74%) 5.886% 4/20/2062^2,3,5		3,519		3,455
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061^2,5		50,765		43,323
Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD-LIBOR + 0.97%) 6.225% 7/25/2030^2,3,5		258		255
Oportun Funding, LLC, Series 2021-A, Class A, 1.21% 3/8/2028^2,5		196		186
Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD-LIBOR + 0.90%) 6.15% 4/20/2029^2,3,5		219		218
PFS Financing Corp., Series 2021-B, Class A, 0.775% 8/17/2026^2,5		7,884		7,424
PFS Financing Corp., Series 2022-D, Class A, 4.27% 8/16/2027^2,5		1,721		1,668
PFS Financing Corp., Series 2023-A, Class A, 5.80% 3/15/2028^2,5		1,710		1,713
PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028^2,5		4,558		4,532
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70% 10/15/2024^2,5		67		67
Prestige Auto Receivables Trust, Series 2019-1A, Class D, 3.01% 8/15/2025^2,5		1,355		1,345
Prestige Auto Receivables Trust, Series 2023-1, Class A2, 5.88% 3/16/2026^2,5		238		237
Prodigy Finance DAC, Series 2021-1A, Class A, (1-month USD CME Term SOFR + 1.365%) 6.40% 7/25/2051^2,3,5		414		409
Santander Drive Auto Receivables Trust, Series 2019-2, Class D, 3.22% 7/15/2025⁵		463		462
Santander Drive Auto Receivables Trust, Series 2023-2, Class A2, 5.87% 3/16/2026⁵		463		463
Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.90% 6/15/2026⁵		1,709		1,685
Santander Drive Auto Receivables Trust, Series 2020-3, Class D, 1.64% 11/16/2026⁵		2,198		2,143
Santander Drive Auto Receivables Trust, Series 2022-5, Class B, 4.43% 3/15/2027⁵		917		899
Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35% 7/15/2027⁵		1,802		1,704
Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.95% 9/15/2027⁵		1,659		1,626
Santander Drive Auto Receivables Trust, Series 2021-3, Class D, 1.33% 9/15/2027⁵		2,236		2,089
Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.74% 10/15/2028⁵		856		830
SFS Auto Receivables Securitization Trust, Series 2023-1, Class A2A, 5.89% 3/22/2027^2,5		2,043		2,044
SFS Auto Receivables Securitization Trust, Series 2023-1, Class A3, 5.47% 10/20/2028^2,5		624		624
SFS Auto Receivables Securitization Trust, Series 2023-1, Class A4, 5.47% 12/20/2029^2,5		361		360
SLAM, Ltd., Series 2021-1, Class A, 2.434% 6/15/2046^2,5		2,550		2,191
SLAM, Ltd., Series 2021-1, Class B, 3.422% 6/15/2046^2,5		470		393
SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046^2,5		2,305		2,007
SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046^2,5		2,872		2,576
Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041^2,5		425		344
Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033^2,5		1,012		916
Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033^2,5		1,135		1,009
SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075^2,5		2,022		1,842
TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045^2,5		2,767		2,428
Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 8/21/2045^2,5		1,154		1,049
Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045^2,5		2,085		1,831
Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 2/20/2046^2,5		5,900		4,984
Textainer Marine Containers, Ltd., Series 2021-1A, Class B, 2.52% 2/20/2046^2,5		330		275
Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046^2,5		4,960		4,261
TIF Funding II, LLC, Series 2020-1A, Class A, 2.09% 8/20/2045^2,5		4,145		3,598

American Funds Insurance Series

189

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
TIF Funding II, LLC, Series 2021-1A, Class B, 2.54% 2/20/2046^2,5	USD	124	$	101
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 11/25/2031^2,5		6,000		5,828
Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045^2,5		9,870		8,472
Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046^2,5		3,385		2,846
Triton Container Finance VIII, LLC, Series 2021-1A, Class B, 2.58% 3/20/2046^2,5		329		271
Verizon Master Trust, Series 2023-2, Class A, 4.89% 4/13/2028⁵		1,215		1,205
Verizon Master Trust, Series 2023-3, Class A, 4.73% 4/21/2031^2,5		5,380		5,338
Westlake Automobile Receivables Trust, Series 2020-3A, Class C, 1.24% 11/17/2025^2,5		1,012		999
Westlake Automobile Receivables Trust, Series 2020-3A, Class D, 1.65% 2/17/2026^2,5		3,023		2,905
Westlake Automobile Receivables Trust, Series 2021-2, Class B, 0.62% 7/15/2026^2,5		1,690		1,667
Westlake Automobile Receivables Trust, Series 2021-2, Class C, 0.89% 7/15/2026^2,5		2,181		2,085
Westlake Automobile Receivables Trust, Series 2023-2, Class A2A, 5.87% 7/15/2026^2,5		180		180
Westlake Automobile Receivables Trust, Series 2021-2, Class D, 1.23% 12/15/2026^2,5		1,446		1,340
Westlake Automobile Receivables Trust, Series 2023-2, Class A3, 5.80% 2/16/2027^2,5		1,799		1,797
				515,920

Municipals 1.52%
California 0.03%
G.O. Bonds, Series 2009, 7.50% 4/1/2034		2,100		2,561
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034		450		367
				2,928

Illinois 1.38%
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-C, 6.319% 11/1/2029		65		65
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2009-E, 6.138% 12/1/2039		31,050		29,373
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-D, 6.519% 12/1/2040		8,945		8,526
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Qualified School Construction Bonds), Series 2009-G, 1.75% 12/15/2025		2,500		2,232
G.O. Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033		107,000		105,260
				145,456

New York 0.04%
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 2.202% 3/15/2034		6,390		5,032

Texas 0.03%
Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052		4,075		3,004

Wisconsin 0.04%
Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034		4,570		4,289

Total municipals				160,709

Bonds & notes of governments & government agencies outside the U.S. 1.25%
Chile (Republic of) 4.00% 1/31/2052		580		474
Colombia (Republic of) 7.50% 2/2/2034		2,530		2,481
Dominican Republic 5.95% 1/25/2027²		8,100		7,959
Dominican Republic 7.05% 2/3/2031²		680		679
Greece (Hellenic Republic of) 3.875% 6/15/2028	EUR	21,570		23,974
Greece (Hellenic Republic of) 1.50% 6/18/2030		10,830		10,283

190	American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Greece (Hellenic Republic of) 0.75% 6/18/2031	EUR	9,600	$	8,414
Greece (Hellenic Republic of) 4.25% 6/15/2033		23,825		27,244
Indonesia Asahan Aluminium (Persero) PT 5.71% 11/15/2023²	USD	1,020		1,016
Indonesia Asahan Aluminium (Persero) PT 5.80% 5/15/2050²		1,150		1,016
Panama (Republic of) 3.362% 6/30/2031		13,834		11,908
Paraguay (Republic of) 5.00% 4/15/2026		1,250		1,242
Poland (Republic of) 5.75% 11/16/2032		555		583
Poland (Republic of) 4.875% 10/4/2033		830		816
Portuguese Republic 5.125% 10/15/2024		24,775		24,626
Qatar (State of) 4.50% 4/23/2028²		5,100		5,110
Qatar (State of) 5.103% 4/23/2048²		3,400		3,395
				131,220

Federal agency bonds & notes 0.11%
Fannie Mae 2.125% 4/24/2026⁹		11,910		11,147

Total bonds, notes & other debt instruments (cost: $10,634,674,000)				10,067,291

Common stocks 0.00%		Shares
Energy 0.00%
FORESEA Holding SA, Class C, nonvoting shares^2,8,12		555		13
FORESEA Holding SA, Class B^2,8,12		61		1
Total common stocks (cost: $8,000)				14

Short-term securities 19.05%
Money market investments 19.05%
Capital Group Central Cash Fund 5.15%^13,14		20,073,402		2,007,541

Total short-term securities (cost: $2,007,086,000)				2,007,541
Total investment securities 114.56% (cost: $12,641,768,000)				12,074,846
Other assets less liabilities (14.56)%				(1,534,491	)

Net assets 100.00%			$	10,540,355

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized appreciation (depreciation) at 6/30/2023 (000)
30 Day Federal Funds Futures	Short	1	July 2023	USD	(395	)	$	—	⁶
30 Day Federal Funds Futures	Short	17	October 2023		(6,706	)		22
30 Day Federal Funds Futures	Short	7	November 2023		(2,759	)		5
3 Month SOFR Futures	Long	153	September 2023		36,253			36
3 Month SOFR Futures	Long	7,642	December 2023		1,807,333			(3,654	)
3 Month SOFR Futures	Short	4,916	March 2024		(1,163,126	)		413
3 Month SOFR Futures	Long	182	September 2024		43,334			(75	)
2 Year U.S. Treasury Note Futures	Long	6,747	September 2023		1,371,960			(12,221	)
5 Year U.S. Treasury Note Futures	Long	12,198	September 2023		1,306,330			(13,244	)
10 Year Euro-Bund Futures	Short	403	September 2023		(58,813	)		782
10 Year Japanese Government Bond Futures	Short	50	September 2023		(51,474	)		(177	)
10 Year U.S. Treasury Note Futures	Long	10,107	September 2023		1,134,669			(16,854	)
10 Year Ultra U.S. Treasury Note Futures	Short	6,061	September 2023		(717,850	)		7,380


American Funds Insurance Series	191

The Bond Fund of America (continued)

Futures contracts (continued)

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized appreciation (depreciation) at 6/30/2023 (000)
20 Year U.S. Treasury Bond Futures	Short	2,654	September 2023		USD(336,809	)	$	(121	)
30 Year Ultra U.S. Treasury Bond Futures	Long	3,651	September 2023		497,335			4,468
							$	(33,240	)

Forward currency contracts

Contract amount						Unrealized appreciation (depreciation)
Currency purchased		Currency sold			Settlement	at 6/30/2023
(000)		(000)		Counterparty	date	(000)
USD	4,632	MYR	21,170	BNP Paribas	7/7/2023	$	70
EUR	2,000	USD	2,153	BNP Paribas	7/7/2023		31
USD	629	EUR	582	Goldman Sachs	7/7/2023		(6	)
MYR	21,170	USD	4,608	HSBC Bank	7/7/2023		(46	)
MXN	150,290	USD	8,716	HSBC Bank	7/11/2023		45
USD	1,745	IDR	25,943,000	JPMorgan Chase	7/11/2023		21
IDR	25,943,000	USD	1,744	BNP Paribas	7/11/2023		(20	)
JPY	243,400	USD	1,757	Bank of America	7/11/2023		(67	)
USD	9,095	MXN	160,010	HSBC Bank	7/11/2023		(233	)
USD	37,171	KRW	47,448,000	JPMorgan Chase	7/17/2023		1,134
USD	56,539	EUR	52,030	Citibank	7/17/2023		(287	)
KRW	47,448,000	USD	37,346	HSBC Bank	7/17/2023		(1,309	)
USD	1,295	EUR	1,180	Morgan Stanley	7/24/2023		6
USD	2,945	EUR	2,681	UBS AG	7/25/2023		16
USD	12,881	EUR	11,740	Bank of America	7/27/2023		51
JPY	730,350	USD	5,095	HSBC Bank	7/27/2023		(11	)
USD	1,074	KRW	1,415,000	JPMorgan Chase	8/11/2023		(2	)
KRW	1,415,000	USD	1,092	Citibank	8/11/2023		(16	)
						$	(623	)

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

Receive		Pay			Notional		Value at			Upfront premium		Unrealized appreciation (depreciation)
Rate	Payment frequency	Rate	Payment frequency	Expiration date	amount (000)		6/30/2023 (000)			paid (000)		at 6/30/2023 (000)
SOFR	Annual	0.471%	Annual	10/26/2023	USD	87,775	$	1,355		$	—	$	1,355
0.45801%	Annual	SOFR	Annual	10/26/2023		85,775		(1,327	)		—		(1,327	)
4.8585%	Annual	U.S. EFFR	Annual	1/12/2024		65,416		(219	)		—		(219	)
4.8674%	Annual	U.S. EFFR	Annual	1/12/2024		95,844		(317	)		—		(317	)
4.8615%	Annual	U.S. EFFR	Annual	1/12/2024		130,900		(436	)		—		(436	)
3.497%	Annual	U.S. EFFR	Annual	6/16/2024		27,000		(473	)		—		(473	)
3.52647%	Annual	U.S. EFFR	Annual	6/16/2024		72,532		(1,250	)		—		(1,250	)
3.5291%	Annual	U.S. EFFR	Annual	6/16/2024		78,378		(1,349	)		—		(1,349	)
3.4585%	Annual	U.S. EFFR	Annual	6/17/2024		4,154		(74	)		—		(74	)


192	American Funds Insurance Series

The Bond Fund of America (continued)

Swap contracts (continued)

Interest rate swaps (continued)

Centrally cleared interest rate swaps (continued)

Receive		Pay			Notional		Value at			Upfront premium		Unrealized appreciation (depreciation)
Rate	Payment frequency	Rate	Payment frequency	Expiration date	amount (000)		6/30/2023 (000)			paid (000)		at 6/30/2023 (000)
3.4325%	Annual	U.S. EFFR	Annual	6/17/2024	USD	19,800	$	(358	)	$	—	$	(358	)
SOFR	Annual	3.2975%	Annual	3/8/2051		39,095		(373	)		—		(373	)
							$	(4,821	)	$	—	$	(4,821	)

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Reference index	Financing rate paid	Payment frequency	Expiration date	Notional amount (000)		Value at 6/30/2023 (000)			Upfront premium received (000)			Unrealized depreciation at 6/30/2023 (000)
CDX.NA.IG.40	1.00%	Quarterly	6/20/2028	USD	105,948	$	(1,583	)	$	(1,029	)	$	(554	)
CDX.NA.HY.40	5.00%	Quarterly	6/20/2028		52,895		(1,464	)		(403	)		(1,061	)
						$	(3,047	)	$	(1,432	)	$	(1,615	)

Investments in affiliates¹⁴

	Value of affiliate at 1/1/2023 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized appreciation (000)		Value of affiliate at 6/30/2023 (000)		Dividend income (000)
Short-term securities 19.05%
Money market investments 19.05%
Capital Group Central Cash Fund 5.15%¹³	$	1,425,720	$	3,767,938	$	3,186,502	$	128	$	257	$	2,007,541	$	43,566

Restricted securities¹¹

	Acquisition date	Cost (000)		Value (000)		Percent of net assets
Mission Lane Credit Card Master Trust, Series 2022-B, Class A1, 8.25% 1/15/2028^5,8	12/6/2022	$	1,006	$	1,003		.01	%
Mission Lane Credit Card Master Trust, Series 2022-B, Class A2, 8.73% 1/15/2028^5,8	12/6/2022		150		150		.0015
Total		$	1,156	$	1,153		.01	%


American Funds Insurance Series	193

The Bond Fund of America (continued)

¹	Step bond; coupon rate may change at a later date.
²	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,439,489,000, which represented 13.66% 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	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
⁶	Amount less than one thousand.
⁷	Purchased on a TBA basis.
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 $74,570,000, which represented .71% of the net assets of the fund.
¹⁰	Index-linked bond whose principal amount moves with a government price index.
¹¹	Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $1,153,000, which represented .01% of the net assets of the fund.
¹²	Security did not produce income during the last 12 months.
¹³	Rate represents the seven-day yield at 6/30/2023.
¹⁴	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
¹⁵	Amount less than .01%.


194	American Funds Insurance Series

The Bond Fund of America (continued)

Key to abbreviations

Assn. = Association

Auth. = Authority

CLO = Collateralized Loan Obligations

CME = CME Group

CMO = Collateralized Mortgage Obligations

DAC = Designated Activity Company

EFFR = Effective Federal Funds Rate

EUR = Euros

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

ICE = Intercontinental Exchange, Inc.

IDR = Indonesian rupiah

JPY = Japanese yen

KRW = South Korean won

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

MYR = Malaysian ringgits

Ref. = Refunding

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series

195

Capital World Bond Fund
Investment portfolio June 30, 2023	unaudited

Bonds, notes & other debt instruments 93.12%	Principal amount (000)		Value (000)
Euros 20.62%
AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Mid-Swap + 1.10% on 9/9/2028)¹	EUR	2,800	$	2,424
Albania (Republic of) 5.90% 6/9/2028		800		856
Altria Group, Inc. 3.125% 6/15/2031		800		753
American Honda Finance Corp. 1.95% 10/18/2024		560		595
American Tower Corp. 0.45% 1/15/2027		2,525		2,392
American Tower Corp. 0.875% 5/21/2029		1,470		1,308
AT&T, Inc. 1.60% 5/19/2028		2,350		2,297
AT&T, Inc. 4.30% 11/18/2034		260		285
Austria (Republic of) 0% 2/20/2031		3,530		3,077
Banco de Sabadell, SA 2.625% 3/24/2026 (5-year EUR Mid-Swap + 2.20% on 3/24/2025)¹		500		519
Banco de Sabadell, SA 5.25% 2/7/2029 (1-year EUR Mid-Swap + 2.40% on 2/7/2028)¹		2,100		2,247
Bank of America Corp. 3.648% 3/31/2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028)^1,2		5,000		5,296
Banque Federative du Credit Mutuel 3.875% 6/16/2032 (5-year EUR Mid-Swap + 2.20% on 6/16/2027)¹		2,800		2,862
Belgium (Kingdom of), Series 97, 3.00% 6/22/2033		3,000		3,258
Belgium (Kingdom of), Series 98, 3.30% 6/22/2054		880		940
BPCE 4.625% 7/18/2023		1,200		1,310
BPCE 1.00% 4/1/2025		2,900		2,987
BPCE 4.50% 1/13/2033		1,400		1,534
British American Tobacco PLC 3.00% subordinated perpetual bonds (5-year EUR Mid-Swap + 3.372% on 12/27/2026)¹		2,400		2,205
Bulgaria (Republic of) 4.50% 1/27/2033		865		937
CaixaBank, SA 2.25% 4/17/2030 (5-year EUR Annual (vs. 6-month EUR-EURIBOR) + 1.68% on 4/17/2025)¹		2,400		2,432
Celanese US Holdings, LLC 4.777% 7/19/2026		235		250
Deutsche Bank AG 1.75% 11/19/2030 (3-month EUR-EURIBOR + 2.05% on 11/19/2029)¹		2,100		1,813
Deutsche Bank AG 4.00% 6/24/2032 (3-month EUR-EURIBOR + 3.30% on 6/24/2027)¹		700		673
Deutsche Telekom International Finance BV 7.50% 1/24/2033		200		285
Dow Chemical Co. (The) 0.50% 3/15/2027		1,110		1,054
E.ON SE 1.625% 3/29/2031		810		768
Egypt (Arab Republic of) 5.625% 4/16/2030		300		182
Electricité de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on 6/1/2028)¹		1,400		1,236
Equinor ASA 1.375% 5/22/2032		2,550		2,315
European Investment Bank 0.25% 1/20/2032		4,900		4,241
European Investment Bank 1.50% 6/15/2032		1,000		963
European Union 0% 7/6/2026		1,600		1,585
European Union 0.25% 10/22/2026		610		604
European Union 0% 7/4/2031		705		607
European Union 0% 7/4/2035		220		166
European Union 0.20% 6/4/2036		1,500		1,128
Finland (Republic of) 3.00% 9/15/2033		2,740		2,991
Finland (Republic of) 2.75% 4/15/2038		380		396
French Republic O.A.T. 0.75% 2/25/2028		4,500		4,453
French Republic O.A.T. 0% 11/25/2030		19,550		17,337
French Republic O.A.T. 0% 5/25/2032		2,120		1,798
French Republic O.A.T. 2.00% 11/25/2032		4,260		4,309
French Republic O.A.T. 0.50% 5/25/2040		2,080		1,482
French Republic O.A.T. 0.75% 5/25/2052		2,850		1,694
French Republic O.A.T. 3.00% 5/25/2054		2,140		2,207
Germany (Federal Republic of) 2.50% 3/13/2025		6,245		6,731
Germany (Federal Republic of) 0% 4/11/2025		2,100		2,167
Germany (Federal Republic of) 0% 10/9/2026		6,060		6,039
Germany (Federal Republic of) 0% 4/16/2027		32,700		32,252
Germany (Federal Republic of) 1.30% 10/15/2027		6,380		6,589
Germany (Federal Republic of) 0% 2/15/2030		13,340		12,425
Germany (Federal Republic of) 0% 8/15/2030		6,285		5,796
Germany (Federal Republic of) 0% 8/15/2031		12,600		11,378


196	American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Euros (continued)
Germany (Federal Republic of) 1.70% 8/15/2032	EUR	2,381	$	2,457
Germany (Federal Republic of) 1.00% 5/15/2038		1,175		1,046
Germany (Federal Republic of) 0% 8/15/2050		1,200		703
Goldman Sachs Group, Inc. 3.375% 3/27/2025²		5,000		5,384
Goldman Sachs Group, Inc. 1.00% 3/18/2033²		2,705		2,199
Greece (Hellenic Republic of) 3.875% 6/15/2028		15,835		17,600
Greece (Hellenic Republic of) 1.50% 6/18/2030		2,760		2,621
Greece (Hellenic Republic of) 0.75% 6/18/2031		700		614
Greece (Hellenic Republic of) 1.75% 6/18/2032		4,730		4,433
Greece (Hellenic Republic of) 4.25% 6/15/2033		985		1,126
Greece (Hellenic Republic of) 1.875% 1/24/2052		7,918		5,504
ING Groep NV 5.25% 11/14/2033 (3-month EUR-EURIBOR + 2.15% on 11/14/2032)¹		1,200		1,383
Intesa Sanpaolo SpA 6.625% 9/13/2023		510		559
Ireland (Republic of) 3.00% 10/18/2043		2,010		2,158
Israel (State of) 2.875% 1/29/2024		1,180		1,278
Italy (Republic of) 1.85% 7/1/2025		17,700		18,607
Italy (Republic of) 1.35% 4/1/2030		7		7
JPMorgan Chase & Co. 0.389% 2/24/2028 (3-month EUR-EURIBOR + 0.65% on 2/24/2027)^1,2		3,208		3,041
KfW 0.125% 6/30/2025		590		603
Lloyds Banking Group PLC 1.75% 9/7/2028 (5-year EUR-EURIBOR + 1.30% on 9/7/2023)¹		2,400		2,599
Morgan Stanley 2.103% 5/8/2026 (3-month EUR-EURIBOR + 0.904% on 5/8/2025)¹		580		604
Morgan Stanley 2.95% 5/7/2032 (3-month EUR-EURIBOR + 1.245% on 5/7/2031)¹		1,535		1,514
Morocco (Kingdom of) 3.50% 6/19/2024		1,400		1,518
Morocco (Kingdom of) 1.50% 11/27/2031		3,300		2,686
NatWest Group PLC 0.78% 2/26/2030 (3-month EUR-EURIBOR + 0.949% on 2/26/2029)¹		2,725		2,373
Philippines (Republic of) 0.25% 4/28/2025		875		891
Portuguese Republic 0.475% 10/18/2030		1,610		1,469
Portuguese Republic 3.50% 6/18/2038		3,140		3,429
Quebec (Province of) 0.25% 5/5/2031		920		792
Quebec (Province of) 0.50% 1/25/2032		1,155		993
Romania 2.125% 3/7/2028		1,440		1,368
Romania 2.00% 1/28/2032		1,605		1,290
Romania 3.75% 2/7/2034		530		469
Serbia (Republic of) 1.50% 6/26/2029		3,353		2,836
Spain (Kingdom of) 1.45% 4/30/2029		1,890		1,872
Spain (Kingdom of) 1.25% 10/31/2030		1,295		1,231
Spain (Kingdom of) 0.50% 10/31/2031		1,247		1,088
Spain (Kingdom of) 3.15% 4/30/2033		3,647		3,901
Spain (Kingdom of) 3.55% 10/31/2033		4,790		5,275
Spain (Kingdom of) 3.90% 7/30/2039		530		591
Spain (Kingdom of) 1.90% 10/31/2052		1,010		729
State Grid Overseas Investment (2016), Ltd. 1.375% 5/2/2025		441		456
State Grid Overseas Investment (2016), Ltd. 2.125% 5/2/2030		200		190
Stryker Corp. 0.25% 12/3/2024		480		497
Stryker Corp. 0.75% 3/1/2029		980		905
Stryker Corp. 1.00% 12/3/2031		450		389
TotalEnergies SE 1.75% junior subordinated perpetual bonds (5-year EUR-EURIBOR + 1.765% on 4/4/2024)¹		2,000		2,116
Toyota Motor Credit Corp. 0.125% 11/5/2027		1,850		1,730
Tunisia (Republic of) 6.75% 10/31/2023		3,609		3,669
Ukraine 6.75% 6/20/2028		3,119		736
Ukraine 6.75% 6/20/2028		1,225		289
Ukraine 4.375% 1/27/2032³		2,705		649
				300,895


American Funds Insurance Series	197

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Japanese yen 7.58%
Japan, Series 18, 0.10% 3/10/2024⁴	JPY	1,078,241	$	7,622
Japan, Series 19, 0.10% 9/10/2024⁴		470,027		3,350
Japan, Series 346, 0.10% 3/20/2027		777,900		5,419
Japan, Series 356, 0.10% 9/20/2029		2,220,800		15,364
Japan, Series 116, 2.20% 3/20/2030		576,100		4,536
Japan, Series 26, 0.005% 3/10/2031⁴		534,341		3,981
Japan, Series 362, 0.10% 3/20/2031		737,200		5,049
Japan, Series 152, 1.20% 3/20/2035		987,100		7,344
Japan, Series 21, 2.30% 12/20/2035		720,000		6,014
Japan, Series 162, 0.60% 9/20/2037		1,617,000		11,055
Japan, Series 179, 0.50% 12/20/2041		196,950		1,263
Japan, Series 182, 1.10% 9/20/2042		1,559,050		11,049
Japan, Series 37, 0.60% 6/20/2050		694,500		4,128
Japan, Series 73, 0.70% 12/20/2051		1,568,700		9,462
Japan, Series 74, 1.00% 3/20/2052		246,100		1,604
Japan, Series 76, 1.40% 9/20/2052		991,950		7,130
Philippines (Republic of) 0.001% 4/12/2024		900,000		6,206
				110,576

British pounds 4.48%
American Honda Finance Corp. 0.75% 11/25/2026	GBP	1,420		1,510
Asian Development Bank 1.125% 6/10/2025		740		859
KfW 1.125% 7/4/2025		1,165		1,349
Lloyds Bank PLC 7.625% 4/22/2025		655		840
Quebec (Province of) 2.25% 9/15/2026		1,870		2,134
United Kingdom 0.125% 1/30/2026		425		476
United Kingdom 1.25% 7/22/2027		3,060		3,376
United Kingdom 4.25% 12/7/2027		5,910		7,326
United Kingdom 4.75% 12/7/2030		8,230		10,686
United Kingdom 0.25% 7/31/2031		11,850		10,868
United Kingdom 1.00% 1/31/2032		10,970		10,597
United Kingdom 4.25% 6/7/2032		3,010		3,803
United Kingdom 0.625% 7/31/2035		210		173
United Kingdom 3.75% 1/29/2038		3,015		3,515
United Kingdom 0.875% 1/31/2046		4,917		3,077
United Kingdom 1.25% 7/31/2051		4,045		2,547
United Kingdom 3.75% 10/22/2053		1,870		2,112
United Kingdom 1.125% 10/22/2073		225		111
				65,359

Chinese yuan renminbi 3.36%
China (People’s Republic of), Series INBK, 2.44% 10/15/2027	CNY	23,520		3,237
China (People’s Republic of), Series 1906, 3.29% 5/23/2029		22,340		3,206
China (People’s Republic of), Series INBK, 2.75% 2/17/2032		59,810		8,248
China (People’s Republic of), Series INBK, 2.88% 2/25/2033		22,240		3,115
China (People’s Republic of), Series 1910, 3.86% 7/22/2049		81,080		12,688
China (People’s Republic of), Series INBK, 3.81% 9/14/2050		56,220		8,756
China (People’s Republic of), Series INBK, 3.53% 10/18/2051		45,510		6,780
China Development Bank Corp., Series 1814, 4.15% 10/26/2025		20,900		2,987
				49,017

Brazilian reais 2.77%
Brazil (Federative Republic of) 0% 10/1/2023	BRL	55,114		11,146
Brazil (Federative Republic of) 0% 1/1/2024		86,272		16,965
Brazil (Federative Republic of) 6.00% 8/15/2024⁴		13,905		2,865
Brazil (Federative Republic of) 10.00% 1/1/2025		1,700		351
Brazil (Federative Republic of) 10.00% 1/1/2033		2,594		522
Brazil (Federative Republic of) 6.00% 8/15/2040⁴		1,939		432
Brazil (Federative Republic of) 6.00% 8/15/2050⁴		34,201		7,673
Brazilian Government International Bond 6.00% 8/15/2060⁴		1,939		440
				40,394


198	American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mexican pesos 2.73%
América Móvil, SAB de CV 9.50% 1/27/2031	MXN	70,580	$	4,085
Petroleos Mexicanos 7.19% 9/12/2024		61,629		3,340
United Mexican States 0% 10/3/2024		7,575		389
United Mexican States 4.50% 12/4/2025⁴		16,793		956
United Mexican States, Series M, 7.50% 6/3/2027		251,720		13,999
United Mexican States, Series M20, 8.50% 5/31/2029		140,400		8,129
United Mexican States, Series M, 7.75% 5/29/2031		3,930		217
United Mexican States, Series M30, 8.50% 11/18/2038		21,100		1,202
United Mexican States, Series M, 8.00% 11/7/2047		7,830		418
United Mexican States, Series M, 8.00% 7/31/2053		133,170		7,061
				39,796

South Korean won 2.05%
South Korea (Republic of), Series 2503, 1.50% 3/10/2025	KRW	5,183,670		3,791
South Korea (Republic of), Series 2709, 3.125% 9/10/2027		4,513,500		3,352
South Korea (Republic of), Series 2712, 2.375% 12/10/2027		5,158,930		3,709
South Korea (Republic of), Series 3212, 4.25% 12/10/2032		24,004,520		19,010
				29,862

Canadian dollars 2.01%
Canada 0.75% 10/1/2024	CAD	6,860		4,928
Canada 0.25% 3/1/2026		5,800		3,945
Canada 3.50% 3/1/2028		24,018		17,993
Canada 2.75% 12/1/2048		3,500		2,463
				29,329

Australian dollars 1.89%
Australia (Commonwealth of), Series 157, 1.50% 6/21/2031	AUD	6,610		3,657
Australia (Commonwealth of), Series 163, 1.00% 11/21/2031		5,789		3,036
Australia (Commonwealth of), Series 166, 3.00% 11/21/2033		9,735		5,922
Australia (Commonwealth of), Series 167, 3.75% 5/21/2034		20,520		13,320
Australia (Commonwealth of), Series 168, 3.50% 12/21/2034		2,750		1,738
				27,673

Indonesian rupiah 1.61%
Indonesia (Republic of), Series 84, 7.25% 2/15/2026	IDR	22,733,000		1,569
Indonesia (Republic of), Series 64, 6.125% 5/15/2028		20,866,000		1,399
Indonesia (Republic of), Series 95, 6.375% 8/15/2028		34,820,000		2,371
Indonesia (Republic of), Series 71, 9.00% 3/15/2029		26,010,000		1,984
Indonesia (Republic of), Series 78, 8.25% 5/15/2029		129,751,000		9,551
Indonesia (Republic of), Series 82, 7.00% 9/15/2030		2,930,000		204
Indonesia (Republic of), Series 96, 7.00% 2/15/2033		61,346,000		4,308
Indonesia (Republic of), Series 68, 8.375% 3/15/2034		27,353,000		2,102
				23,488

Colombian pesos 1.04%
Colombia (Republic of), Series B, 7.00% 3/26/2031	COP	41,734,700		8,442
Colombia (Republic of), Series B, 13.25% 2/9/2033		10,989,500		3,093
Colombia (Republic of), Series B, 7.25% 10/26/2050		21,884,200		3,729	��
				15,264

South African rand 0.48%
South Africa (Republic of), Series R-2030, 8.00% 1/31/2030	ZAR	30,120		1,414
South Africa (Republic of), Series R-2035, 8.875% 2/28/2035		101,121		4,405
South Africa (Republic of), Series R-2048, 8.75% 2/28/2048		30,850		1,190
				7,009

Danish kroner 0.43%
Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2043⁵	DKK	53,963		5,961
Realkredit Danmark AS 1.00% 10/1/2053⁵		2,669		278
				6,239


American Funds Insurance Series	199

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
New Zealand dollars 0.28%
New Zealand 4.50% 5/15/2030	NZD	6,638	$	4,055

Chilean pesos 0.25%
Chile (Republic of) 1.50% 3/1/2026⁴	CLP	830,141		995
Chile (Republic of) 5.00% 10/1/2028		955,000		1,167
Chile (Republic of) 4.70% 9/1/2030		1,205,000		1,455
				3,617

Peruvian nuevos soles 0.16%
Peru (Republic of) 6.15% 8/12/2032	PEN	9,010		2,373

Malaysian ringgits 0.15%
Malaysia (Federation of), Series 0519, 3.757% 5/22/2040	MYR	10,588		2,160

Indian rupees 0.08%
India (Republic of) 5.15% 11/9/2025	INR	96,010		1,125

Romanian leu 0.07%
Romania 4.75% 2/24/2025	RON	5,000		1, 074

Polish zloty 0.07%
Poland (Republic of), Series 1029, 2.75% 10/25/2029	PLN	4,900		1,028

Norwegian kroner 0.04%
Norway (Kingdom of) 2.125% 5/18/2032	NOK	6,615		545

Ukrainian hryvnia 0.01%
Ukraine 10.95% 11/1/2023	UAH	5,740		96
Ukraine 9.99% 5/22/2024		7,168		121
				217

U.S. dollars 40.96%
1375209 B.C., Ltd. 9.00% 1/30/2028⁶	USD	60		60
7-Eleven, Inc. 0.95% 2/10/2026⁶		520		465
7-Eleven, Inc. 1.30% 2/10/2028⁶		2,180		1,843
7-Eleven, Inc. 1.80% 2/10/2031⁶		2,015		1,595
Advisor Group Holdings, Inc. 10.75% 8/1/2027⁶		256		258
AerCap Ireland Capital DAC 2.45% 10/29/2026		2,102		1,879
Aeropuerto Internacional de Tocumen, SA 5.125% 8/11/2061⁶		660		510
AG Issuer, LLC 6.25% 3/1/2028⁶		295		281
AG TTMT Escrow Issuer, LLC 8.625% 9/30/2027⁶		103		106
AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025)^1,6		1,225		1,245
Alabama Power Co. 3.00% 3/15/2052		980		663
Albertsons Companies, Inc. 3.50% 3/15/2029⁶		190		165
Alcoa Nederland Holding BV 4.125% 3/31/2029⁶		75		67
Alliant Holdings Intermediate, LLC 6.75% 10/15/2027⁶		290		273
Alliant Holdings Intermediate, LLC 5.875% 11/1/2029⁶		120		105
Allied Universal Holdco, LLC 9.75% 7/15/2027⁶		175		155
Allied Universal Holdco, LLC 6.00% 6/1/2029⁶		300		222
Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/2029⁶		200		203
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 12.405% 6/13/2025^7,8		570		518
Amazon.com, Inc. 1.50% 6/3/2030		2,040		1,678
American Credit Acceptance Receivables Trust, Series 2022-3, Class C, 4.86% 10/13/2028^5,6		241		236

200	American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
American Electric Power Company, Inc. 1.00% 11/1/2025	USD	250	$	226
American Express Co. 3.375% 5/3/2024		4,202		4,121
Amgen, Inc. 2.20% 2/21/2027		445		405
Amgen, Inc. 5.25% 3/2/2030		981		984
Amgen, Inc. 5.25% 3/2/2033		2,687		2,692
Amgen, Inc. 5.65% 3/2/2053		1,284		1,301
AmWINS Group, Inc. 4.875% 6/30/2029⁶		135		122
Anglo American Capital PLC 3.95% 9/10/2050⁶		521		387
Angola (Republic of) 9.50% 11/12/2025		1,010		990
Anywhere Real Estate Group, LLC 5.75% 1/15/2029⁶		110		82
Anywhere Real Estate Group, LLC 5.25% 4/15/2030⁶		115		82
Apache Corp. 5.10% 9/1/2040		30		24
Apache Corp. 5.35% 7/1/2049		25		19
Apple, Inc. 3.35% 8/8/2032		1,600		1,493
ARD Finance SA 6.50% Cash 6/30/2027^6,9		210		170
Aretec Escrow Issuer, Inc. 7.50% 4/1/2029⁶		245		213
Argentine Republic 0.50% 7/9/2030 (0.75% on 7/9/2023)¹		1,921		643
Argentine Republic 1.50% 7/9/2035 (3.625% on 7/9/2023)¹		3,025		910
Asbury Automotive Group, Inc. 5.00% 2/15/2032⁶		55		48
Ascensus, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 11.688% 8/2/2029^7,8		120		108
Ascent Resources Utica Holdings, LLC 8.25% 12/31/2028⁶		160		157
Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029⁶		55		49
AssuredPartners, Inc. 7.00% 8/15/2025⁶		120		119
AssuredPartners, Inc. 5.625% 1/15/2029⁶		365		316
AstraZeneca PLC 3.50% 8/17/2023		2,700		2,693
AT&T, Inc. 3.50% 9/15/2053		2,070		1,467
Atkore, Inc. 4.25% 6/1/2031⁶		25		22
Atlantic Aviation FBO, Inc., Term Loan, (3-month USD CME Term SOFR + 2.75%) 7.967% 9/22/2028^7,8		148		147
Avantor Funding, Inc. 4.625% 7/15/2028⁶		160		148
Avantor Funding, Inc. 3.875% 11/1/2029⁶		90		79
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class A, 5.20% 10/20/2027^5,6		1,817		1,779
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029^5,6		996		995
B&G Foods, Inc. 5.25% 4/1/2025		65		62
B&G Foods, Inc. 5.25% 9/15/2027		220		191
Bank of America Corp. 2.456% 10/22/2025 (3-month USD CME Term SOFR + 1.132% % on 10/22/2024)¹		847		809
Bank of America Corp. 1.53% 12/6/2025 (USD-SOFR + 0.65% on 12/6/2024)¹		6,260		5,855
Bank of America Corp. 1.734% 7/22/2027 (USD-SOFR + 0.96% on 7/22/2026)¹		3,745		3,346
Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031)¹		4,780		3,825
Barclays PLC 5.304% 8/9/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/9/2025)¹		2,350		2,293
Barclays PLC 5.501% 8/9/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.65% on 8/5/2027)¹		1,290		1,259
BAT Capital Corp. 2.789% 9/6/2024		1,150		1,107
BAT Capital Corp. 3.215% 9/6/2026		955		888
BAT Capital Corp. 3.557% 8/15/2027		1,545		1,422
BAT Capital Corp. 3.462% 9/6/2029		1,150		997
Bath & Body Works, Inc. 6.625% 10/1/2030⁶		120		116
Bath & Body Works, Inc. 6.875% 11/1/2035		75		69
Bausch Health Americas, Inc. 9.25% 4/1/2026⁶		80		67
Bausch Health Companies, Inc. 5.50% 11/1/2025⁶		75		66
Bausch Health Companies, Inc. 14.00% 10/15/2030⁶		160		96
Bausch Health Companies, Inc. 5.25% 2/15/2031⁶		145		61
Beasley Mezzanine Holdings, LLC 8.625% 2/1/2026⁶		30		20
Becton, Dickinson and Company 4.298% 8/22/2032		320		304
Berkshire Hathaway Energy Company 2.85% 5/15/2051		300		194
Berkshire Hathaway Energy Company 4.60% 5/1/2053		117		100
BIP-V Chinook Holdco, LLC 5.50% 6/15/2031⁶		400		357
Blue Racer Midstream, LLC 7.625% 12/15/2025⁶		65		66


American Funds Insurance Series	201

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
BMC Software, Inc., Term Loan, (3-month USD CME Term SOFR + 5.50%) 10.717% 2/27/2026^7,8	USD	25	$	24
BMW US Capital, LLC 3.90% 4/9/2025⁶		900		878
BMW US Capital, LLC 4.15% 4/9/2030⁶		900		861
BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)^1,6		700		584
BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031)^1,6		1,275		1,045
Boeing Co. 5.15% 5/1/2030		2,855		2,829
Boeing Co. 3.625% 2/1/2031		1,127		1,015
Bombardier, Inc. 7.125% 6/15/2026⁶		60		60
Bombardier, Inc. 6.00% 2/15/2028⁶		65		62
Booz Allen Hamilton, Inc. 3.875% 9/1/2028⁶		43		39
Booz Allen Hamilton, Inc. 4.00% 7/1/2029⁶		32		29
Boxer Parent Co., Inc. 9.125% 3/1/2026⁶		160		159
Boyd Gaming Corp. 4.75% 12/1/2027		120		114
Boyd Gaming Corp. 4.75% 6/15/2031⁶		45		40
Boyne USA, Inc. 4.75% 5/15/2029⁶		107		97
BPCE 5.15% 7/21/2024⁶		1,800		1,768
Brazil (Federative Republic of) 6.00% 10/20/2033		1,600		1,585
British Columbia (Province of) 4.20% 7/6/2033		1,240		1,238
Broadcom, Inc. 4.00% 4/15/2029⁶		250		231
Broadcom, Inc. 3.419% 4/15/2033⁶		698		584
Broadcom, Inc. 3.469% 4/15/2034⁶		48		39
Broadcom, Inc. 3.137% 11/15/2035⁶		185		142
Broadcom, Inc. 3.75% 2/15/2051⁶		926		682
Brookfield Property REIT, Inc. 4.50% 4/1/2027⁶		50		42
BWX Technologies, Inc. 4.125% 4/15/2029⁶		195		176
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 5.893% 9/15/2036^5,6,8		1,310		1,269
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 6.092% 10/15/2036^5,6,8		989		960
Caesars Entertainment, Inc. 6.25% 7/1/2025⁶		35		35
Caesars Entertainment, Inc. 4.625% 10/15/2029⁶		15		13
Caesars Entertainment, Inc. 7.00% 2/15/2030⁶		209		210
Caesars Entertainment, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 8.452% 2/6/2030^6,7,8		15		15
CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028)^1,6		2,150		2,147
California Resources Corp. 7.125% 2/1/2026⁶		100		101
Callon Petroleum Co. 7.50% 6/15/2030⁶		30		28
Canadian Pacific Railway Co. 3.10% 12/2/2051		1,378		979
CAN-PACK Spolka Akcyjna 3.875% 11/15/2029⁶		90		73
Carnival Corp. 6.00% 5/1/2029⁶		100		89
CCO Holdings, LLC 5.125% 5/1/2027⁶		125		117
CCO Holdings, LLC 4.75% 3/1/2030⁶		135		116
CCO Holdings, LLC 4.50% 8/15/2030⁶		255		213
CCO Holdings, LLC 4.25% 2/1/2031⁶		155		126
CCO Holdings, LLC 4.50% 6/1/2033⁶		162		127
CCO Holdings, LLC 4.25% 1/15/2034⁶		70		53
Cedar Fair, LP 5.50% 5/1/2025⁶		120		119
Centene Corp. 2.45% 7/15/2028		40		34
Centene Corp. 4.625% 12/15/2029		325		299
Centene Corp. 2.50% 3/1/2031		65		52
Central Garden & Pet Co. 4.125% 10/15/2030		74		62
Central Garden & Pet Co. 4.125% 4/30/2031⁶		110		91
Charles River Laboratories International, Inc. 4.25% 5/1/2028⁶		35		32
Charter Communications Operating, LLC 3.75% 2/15/2028		2,650		2,431
Cheniere Energy Partners, LP 4.50% 10/1/2029		160		147
Cheniere Energy Partners, LP 4.00% 3/1/2031		75		66
Cheniere Energy Partners, LP 3.25% 1/31/2032		26		21
Chesapeake Energy Corp. 4.875% 4/15/2022³		915		21
Chesapeake Energy Corp. 5.875% 2/1/2029⁶		130		124
Chesapeake Energy Corp. 6.75% 4/15/2029⁶		30		30
Chord Energy Corp. 6.375% 6/1/2026⁶		15		15


202	American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Chubb INA Holdings, Inc. 3.35% 5/3/2026	USD	195	$	188
Chubb INA Holdings, Inc. 4.35% 11/3/2045		425		385
Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 6/10/2028^5,6,8		1,240		1,240
Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/2028^5,6,8		805		820
Civitas Resources, Inc. 8.75% 7/1/2031⁶		90		91
Clarios Global, LP 6.25% 5/15/2026⁶		44		44
Clarios Global, LP 8.50% 5/15/2027⁶		50		50
Clarivate Science Holdings Corp. 3.875% 7/1/2028⁶		45		40
Clarivate Science Holdings Corp. 4.875% 7/1/2029⁶		5		4
Clean Harbors, Inc. 6.375% 2/1/2031⁶		60		60
Cleveland-Cliffs, Inc. 4.875% 3/1/2031⁶		100		88
Cloud Software Group, Inc. 6.50% 3/31/2029⁶		235		209
Cloud Software Group, Inc. 9.00% 9/30/2029⁶		125		109
CMS Energy Corp. 3.875% 3/1/2024		100		99
CMS Energy Corp. 3.00% 5/15/2026		1,200		1,124
CNX Resources Corp. 7.25% 3/14/2027⁶		240		238
Coinbase Global, Inc. 3.375% 10/1/2028⁶		55		37
Coinbase Global, Inc. 3.625% 10/1/2031⁶		85		50
Colombia (Republic of) 3.875% 4/25/2027		350		318
Comcast Corp. 4.80% 5/15/2033		4,100		4,059
Commonwealth Bank of Australia 2.688% 3/11/2031⁶		4,650		3,649
CommScope Technologies, LLC 6.00% 6/15/2025⁶		160		149
Compass Group Diversified Holdings, LLC 5.25% 4/15/2029⁶		307		269
Compass Group Diversified Holdings, LLC 5.00% 1/15/2032⁶		65		53
Comstock Resources, Inc. 6.75% 3/1/2029⁶		110		101
Comstock Resources, Inc. 5.875% 1/15/2030⁶		65		57
Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) 7.367% 5/25/2043^5,6,8		1,819		1,829
Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) 6.967% 6/25/2043^5,6,8		1,165		1,169
ConocoPhillips Co. 5.30% 5/15/2053		761		775
Constellation Oil Services Holding SA 4.00% PIK 12/31/2026⁹		1,116		661
Constellium SE 3.75% 4/15/2029⁶		125		106
Consumers Energy Co. 3.375% 8/15/2023		345		344
Consumers Energy Co. 3.60% 8/15/2032		1,600		1,444
Corebridge Financial, Inc. 3.90% 4/5/2032		748		651
CoreLogic, Inc. 4.50% 5/1/2028⁶		364		294
CoreLogic, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 7.00% 6/4/2029^7,8		65		53
Corporate Office Properties, LP 2.75% 4/15/2031		1,212		922
Coty, Inc. 4.75% 1/15/2029⁶		65		60
Covanta Holding Corp. 4.875% 12/1/2029⁶		25		22
CPS Auto Receivables Trust, Series 2022-C, Class B, 4.88% 4/15/2030^5,6		333		328
Crédit Agricole SA 4.375% 3/17/2025⁶		1,100		1,060
Crédit Agricole SA 1.907% 6/16/2026 (USD-SOFR + 1.676% on 6/16/2025)^1,6		2,675		2,464
Crescent Energy Finance, LLC 9.25% 2/15/2028⁶		188		183
Crestwood Midstream Partners, LP 6.00% 2/1/2029⁶		55		51
Crestwood Midstream Partners, LP 8.00% 4/1/2029⁶		100		101
Crestwood Midstream Partners, LP 7.375% 2/1/2031⁶		14		14
Crown Castle, Inc. 2.50% 7/15/2031		767		631
CSX Corp. 3.80% 4/15/2050		75		60
CVR Partners, LP 6.125% 6/15/2028⁶		65		57
Daimler Trucks Finance North America, LLC 3.65% 4/7/2027⁶		725		686
Danske Bank AS 3.875% 9/12/2023⁶		1,675		1,669
Darling Ingredients, Inc. 6.00% 6/15/2030⁶		180		176
Deluxe Corp. 8.00% 6/1/2029⁶		20		16
Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025)¹		850		757
Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)¹		1,160		998
Deutsche Telekom International Finance BV 9.25% 6/1/2032		930		1,184
Development Bank of Mongolia, LLC 7.25% 10/23/2023		1,980		1,973
Diamond Foreign Asset Co. 9.00% Cash 4/22/2027^6,8,9		25		24


American Funds Insurance Series	203

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Diamond Foreign Asset Co. 9.00% Cash 4/22/2027⁹	USD	22	$	21
Diamond Sports Group, LLC 6.625% 8/15/2027^3,6		310		8
Diebold Nixdorf, Inc. 9.375% 7/15/2025^3,6		309		57
Diebold Nixdorf, Inc., Term Loan B1, (USD-SOFR + 7.50%) 11.50% 10/2/2023^7,8		198		187
Diebold Nixdorf, Inc., Term Loan B2, (USD-SOFR + 7.50%) 11.50% 10/2/2023^7,8		129		122
Diebold Nixdorf, Inc., Term Loan, (3-month USD CME Term SOFR + 5.25%) 10.479% 7/15/2025^3,7,8		93		17
DIRECTV Financing, LLC 5.875% 8/15/2027⁶		50		45
DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.00%) 10.217% 8/2/2027^7,8		97		95
DISH DBS Corp. 5.25% 12/1/2026⁶		15		12
DISH Network Corp. 11.75% 11/15/2027⁶		260		254
Dominican Republic 5.50% 1/27/2025⁶		1,375		1,355
Dominican Republic 8.625% 4/20/2027⁶		225		235
Dominican Republic 5.50% 2/22/2029⁶		350		328
Dominican Republic 6.40% 6/5/2049⁶		813		695
Ecopetrol SA 6.875% 4/29/2030		1,445		1,319
Edison International 4.125% 3/15/2028		2,390		2,232
Edison International 5.00% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.901% on 3/15/2027)¹		100		87
Electricité de France SA 6.25% 5/23/2033⁶		800		814
Electricité de France SA 4.875% 9/21/2038⁶		795		669
Electricité de France SA 6.90% 5/23/2053⁶		600		622
Electricité de France SA 9.125% 12/31/2079 (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033)^1,6		300		308
Eli Lilly and Co. 4.70% 2/27/2033		1,118		1,133
Empresas Publicas de Medellin ESP 4.25% 7/18/2029⁶		830		654
Enbridge, Inc. 4.00% 10/1/2023		600		598
Endo Luxembourg Finance Co. I SARL 6.125% 4/1/2029⁶		205		152
Enel Finance International NV 1.375% 7/12/2026⁶		1,248		1,102
Enel Finance International NV 1.875% 7/12/2028⁶		1,227		1,030
Enfragen Energia Sur SA 5.375% 12/30/2030		264		172
Entegris Escrow Corp. 4.75% 4/15/2029⁶		45		42
Entergy Corp. 0.90% 9/15/2025		750		674
Entergy Louisiana, LLC 4.75% 9/15/2052		1,275		1,172
Enviri Corp. 5.75% 7/31/2027⁶		145		126
EQM Midstream Partners, LP 6.50% 7/1/2027⁶		225		222
EQM Midstream Partners, LP 7.50% 6/1/2030⁶		45		46
EQM Midstream Partners, LP 6.50% 7/15/2048		40		36
Equinix, Inc. 1.80% 7/15/2027		1,145		993
Equinix, Inc. 2.15% 7/15/2030		3,216		2,603
EquipmentShare.com, Inc. 9.00% 5/15/2028⁶		60		58
Ethiopia (Federal Democratic Republic of) 6.625% 12/11/2024		3,910		2,712
Export-Import Bank of Korea 5.125% 1/11/2033		1,175		1,205
Fair Isaac Corp. 4.00% 6/15/2028⁶		35		32
Fannie Mae Pool #CB0046 3.00% 4/1/2051⁵		1,868		1,652
Fannie Mae Pool #MA4919 5.50% 2/1/2053⁵		115		114
Fannie Mae Pool #MA5010 5.50% 5/1/2053⁵		20		19
Fannie Mae Pool #MA5039 5.50% 6/1/2053⁵		70		69
Fannie Mae Pool #MA5071 5.00% 7/1/2053⁵		5,701		5,589
Fannie Mae Pool #MA5072 5.50% 7/1/2053⁵		261		260
Fertitta Entertainment, LLC 4.625% 1/15/2029⁶		25		22
Fertitta Entertainment, LLC 6.75% 1/15/2030⁶		25		21
First Quantum Minerals, Ltd. 6.875% 3/1/2026⁶		325		320
First Quantum Minerals, Ltd. 6.875% 10/15/2027⁶		240		234
First Student Bidco, Inc. 4.00% 7/31/2029⁶		45		38
FirstEnergy Corp., Series B, 4.15% 7/15/2027		1,800		1,711
FirstEnergy Transmission, LLC 2.866% 9/15/2028⁶		2,325		2,048
Ford Motor Co. 3.25% 2/12/2032		20		16
Ford Motor Co. 6.10% 8/19/2032		60		58
Ford Motor Credit Co., LLC 3.81% 1/9/2024		290		286


204	American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Ford Motor Credit Co., LLC 2.90% 2/16/2028	USD	200	$	171
Ford Motor Credit Co., LLC 4.00% 11/13/2030		125		107
Freddie Mac, Series K153, Class A2, Multi Family, 3.82% 1/25/2033⁵		3,975		3,778
Freddie Mac Pool #RB5071 2.00% 9/1/2040⁵		4,004		3,436
Freddie Mac Pool #RB5111 2.00% 5/1/2041⁵		6,322		5,404
Freddie Mac Pool #QE6084 5.00% 7/1/2052⁵		1,187		1,166
Freddie Mac Pool #SD8276 5.00% 12/1/2052⁵		3,793		3,720
Freddie Mac Pool #SD8331 5.50% 6/1/2053⁵		310		309
Freddie Mac Pool #SD8341 5.00% 7/1/2053⁵		3,315		3,250
Freddie Mac Pool #SD8342 5.50% 7/1/2053⁵		820		817
FXI Holdings, Inc. 12.25% 11/15/2026⁶		497		451
Gartner, Inc. 3.75% 10/1/2030⁶		70		61
General Motors Financial Co., Inc. 1.05% 3/8/2024		725		701
Genesis Energy, LP 8.00% 1/15/2027		125		122
Genesis Energy, LP 8.875% 4/15/2030		38		37
Georgia (Republic of) 2.75% 4/22/2026⁶		400		360
Go Daddy Operating Co., LLC 3.50% 3/1/2029⁶		80		69
Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026)¹		1,080		950
Goldman Sachs Group, Inc. 2.383% 7/21/2032 (USD-SOFR + 1.248% on 7/21/2031)¹		726		582
Government National Mortgage Assn. Pool #785607 2.50% 8/20/2051⁵		2,883		2,462
Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051⁵		1,040		884
Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063⁵		785		604
State of Texas, Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052		1,780		1,312
Gray Escrow II, Inc. 5.375% 11/15/2031⁶		30		20
Group 1 Automotive, Inc. 4.00% 8/15/2028⁶		115		101
Grupo Energia Bogota SA ESP 4.875% 5/15/2030⁶		660		598
Hanesbrands, Inc. 4.875% 5/15/2026⁶		10		9
Hanesbrands, Inc. 9.00% 2/15/2031⁶		17		17
Hanesbrands, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 8.852% 3/8/2030^7,8		39		39
Harvest Midstream I, LP 7.50% 9/1/2028⁶		25		25
HCA, Inc. 5.625% 9/1/2028		120		120
HealthEquity, Inc. 4.50% 10/1/2029⁶		80		71
Hess Midstream Operations, LP 5.50% 10/15/2030⁶		34		31
Hightower Holding, LLC 6.75% 4/15/2029⁶		235		203
Hilcorp Energy I, LP 6.00% 4/15/2030⁶		105		96
Hilton Domestic Operating Co., Inc. 5.375% 5/1/2025⁶		55		54
Hilton Domestic Operating Co., Inc. 4.875% 1/15/2030		25		23
Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031⁶		115		100
Honduras (Republic of) 6.25% 1/19/2027		2,083		1,901
Honduras (Republic of) 5.625% 6/24/2030		958		777
Howard Hughes Corp. 5.375% 8/1/2028⁶		275		245
Howard Hughes Corp. 4.125% 2/1/2029⁶		195		162
Howard Hughes Corp. 4.375% 2/1/2031⁶		120		96
Howmet Aerospace, Inc. 5.95% 2/1/2037		95		97
HSBC Holdings PLC 2.633% 11/7/2025 (USD-SOFR + 1.402% on 11/7/2024)¹		305		290
HSBC Holdings PLC 4.292% 9/12/2026 (3-month USD CME Term SOFR + 1.609% on 9/12/2025)¹		4,172		4,014
HSBC Holdings PLC 4.755% 6/9/2028 (USD-SOFR + 2.11% on 6/9/2027)¹		1,700		1,635
HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031)¹		921		743
HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043)¹		1,200		1,245
Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.25%) 6.625% 2/24/2025⁸		363		342
Huarong Finance II Co., Ltd. 5.50% 1/16/2025		880		837
Huarong Finance II Co., Ltd. 5.00% 11/19/2025		1,007		930
HUB International, Ltd. 7.00% 5/1/2026⁶		304		304
HUB International, Ltd., Term Loan B, (3-month USD CME Term SOFR + 4.25%) 9.40% 6/20/2030^7,8		39		39
Hyundai Capital America 0.875% 6/14/2024⁶		1,200		1,145
Hyundai Capital America 1.50% 6/15/2026⁶		2,375		2,105
Hyundai Capital America 1.65% 9/17/2026⁶		269		237
Hyundai Capital America 5.60% 3/30/2028⁶		1,380		1,374

	��
American Funds Insurance Series	205

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Hyundai Capital America 2.00% 6/15/2028⁶	USD	600	$	505
Indonesia Asahan Aluminium (Persero) PT 5.71% 11/15/2023		960		956
Indonesia Asahan Aluminium (Persero) PT 5.45% 5/15/2030⁶		500		485
Ingles Markets, Inc. 4.00% 6/15/2031⁶		140		118
Intesa Sanpaolo SpA 5.017% 6/26/2024⁶		3,270		3,169
Intesa Sanpaolo SpA 7.00% 11/21/2025⁶		225		227
Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032⁶		55		48
Iron Mountain, Inc. 5.25% 7/15/2030⁶		235		212
Israel (State of) 4.50% 1/17/2033		1,020		1,006
Israel (State of) 3.375% 1/15/2050		1,470		1,108
Israel (State of) 3.875% 7/3/2050		795		654
JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)¹		45		44
JPMorgan Chase & Co. 5.35% 6/1/2034 (USD-SOFR + 1.845% on 6/1/2033)¹		2,670		2,692
Kantar Group, LLC, Term Loan B2, (3-month USD CME Term SOFR + 4.50%) 10.002% 12/4/2026^7,8		64		60
KB Home 6.875% 6/15/2027		50		51
Kennedy-Wilson, Inc. 4.75% 3/1/2029		110		87
Kennedy-Wilson, Inc. 4.75% 2/1/2030		245		185
Korea Development Bank 4.375% 2/15/2028		2,100		2,059
Korea Development Bank 4.375% 2/15/2033		2,010		1,955
Kronos Acquisition Holdings, Inc. 5.00% 12/31/2026⁶		85		78
Kronos Acquisition Holdings, Inc. 7.00% 12/31/2027⁶		140		124
LABL, Inc. 10.50% 7/15/2027⁶		45		43
LAD Auto Receivables Trust, Series 2023-1, Class A2, 5.68% 10/15/2026^5,6		247		246
LAD Auto Receivables Trust, Series 2023-1, Class A3, 5.48% 6/15/2027^5,6		651		643
Lamar Media Corp. 3.75% 2/15/2028		135		123
Lamar Media Corp. 3.625% 1/15/2031		160		135
Lamb Weston Holdings, Inc. 4.125% 1/31/2030⁶		140		125
Lamb Weston Holdings, Inc. 4.375% 1/31/2032⁶		60		54
LCM Investments Holdings II, LLC 4.875% 5/1/2029⁶		110		94
Levi Strauss & Co. 3.50% 3/1/2031⁶		115		95
Lindblad Expeditions, LLC 6.75% 2/15/2027⁶		5		5
Lithia Motors, Inc. 4.625% 12/15/2027⁶		120		112
Live Nation Entertainment, Inc. 4.75% 10/15/2027⁶		130		121
Lloyds Banking Group PLC 1.627% 5/11/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 5/11/2026)¹		7,000		6,197
LPL Holdings, Inc. 4.625% 11/15/2027⁶		410		385
LSB Industries, Inc. 6.25% 10/15/2028⁶		165		147
LSC Communications, Inc. 8.75% 10/15/2023^3,6,10		430		1
Marriott International, Inc. 2.75% 10/15/2033		5		4
Marriott Ownership Resorts, Inc. 4.50% 6/15/2029⁶		45		39
Mastercard, Inc. 2.00% 11/18/2031		600		496
Medline Borrower, LP 5.25% 10/1/2029⁶		155		135
Medline Borrower, LP, Term Loan, (3-month USD CME Term SOFR + 3.25%) 8.352% 10/23/2028^7,8		55		54
Meituan 2.125% 10/28/2025		1,730		1,581
Methanex Corp. 5.125% 10/15/2027		55		51
Methanex Corp. 5.25% 12/15/2029		170		155
MGM Resorts International 5.50% 4/15/2027		90		86
Midas OpCo Holdings, LLC 5.625% 8/15/2029⁶		115		99
Mileage Plus Holdings, LLC 6.50% 6/20/2027⁶		32		32
Mineral Resources, Ltd. 8.00% 11/1/2027⁶		155		155
Mineral Resources, Ltd. 8.50% 5/1/2030⁶		25		25
MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027⁶		1,736		1,626
Mission Lane Credit Card Master Trust, Series 2023-A, Class A, 7.23% 7/17/2028^5,6		761		754
Mission Lane Credit Card Master Trust, Series 2023-A, Class B, 8.15% 7/17/2028^5,6		225		223
Molina Healthcare, Inc. 4.375% 6/15/2028⁶		80		74
Molina Healthcare, Inc. 3.875% 11/15/2030⁶		75		65
Morgan Stanley 1.593% 5/4/2027 (USD-SOFR + 0.879% on 5/4/2026)¹		2,164		1,938
Morgan Stanley 1.928% 4/28/2032 (USD-SOFR + 1.02% on 4/28/2031)¹		1,396		1,090


206	American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
MSCI, Inc. 3.875% 2/15/2031⁶	USD	255	$	221
MSCI, Inc. 3.625% 11/1/2031⁶		350		299
MSCI, Inc. 3.25% 8/15/2033⁶		33		27
Murphy Oil USA, Inc. 4.75% 9/15/2029		48		44
Nabors Industries, Inc. 7.375% 5/15/2027⁶		55		52
Nasdaq, Inc. 5.95% 8/15/2053		113		116
Nationstar Mortgage Holdings, Inc. 5.125% 12/15/2030⁶		135		110
Navient Corp. 5.00% 3/15/2027		45		40
Navient Corp. 4.875% 3/15/2028		145		124
NBM US Holdings, Inc. 7.00% 5/14/2026²		1,525		1,480
NCL Corp., Ltd. 5.875% 2/15/2027⁶		80		78
NCR Corp. 5.25% 10/1/2030⁶		15		13
Neiman Marcus Group, Ltd., LLC 7.125% 4/1/2026⁶		85		79
Netflix, Inc. 4.875% 4/15/2028		45		45
Netflix, Inc. 4.875% 6/15/2030⁶		225		222
New Fortress Energy, Inc. 6.75% 9/15/2025⁶		50		47
New Fortress Energy, Inc. 6.50% 9/30/2026⁶		255		228
New York Life Global Funding 1.20% 8/7/2030⁶		2,725		2,113
Newell Brands, Inc. 4.70% 4/1/2026		80		75
Nexstar Media, Inc. 4.75% 11/1/2028⁶		165		143
NFP Corp. 6.875% 8/15/2028⁶		105		91
NGL Energy Operating, LLC 7.50% 2/1/2026⁶		215		212
Niagara Mohawk Power Corp. 3.508% 10/1/2024⁶		180		173
Northern Oil and Gas, Inc. 8.125% 3/1/2028⁶		150		147
NorthRiver Midstream Finance, LP 5.625% 2/15/2026⁶		105		98
Nova Chemicals Corp. 5.25% 6/1/2027⁶		20		18
Novelis Corp. 4.75% 1/30/2030⁶		80		71
Novelis Corp. 3.875% 8/15/2031⁶		20		16
NuStar Logistics, LP 5.625% 4/28/2027		80		77
Occidental Petroleum Corp. 6.375% 9/1/2028		194		197
Occidental Petroleum Corp. 6.625% 9/1/2030		95		99
Occidental Petroleum Corp. 6.125% 1/1/2031		40		41
Occidental Petroleum Corp. 6.45% 9/15/2036		35		36
Occidental Petroleum Corp. 6.20% 3/15/2040		10		10
Occidental Petroleum Corp. 6.60% 3/15/2046		15		15
Oleoducto Central SA 4.00% 7/14/2027		630		552
Open Text Corp. 3.875% 2/15/2028⁶		25		22
Open Text Corp., Term Loan B, (3-month USD CME Term SOFR + 3.50%) 8.702% 1/31/2030^7,8		154		155
Option Care Health, Inc. 4.375% 10/31/2029⁶		25		22
Oracle Corp. 2.65% 7/15/2026		2,327		2,152
Oracle Corp. 3.25% 11/15/2027		1,880		1,745
Oracle Corp. 3.95% 3/25/2051		22		17
Orange 9.00% 3/1/2031¹		2,434		2,990
Oxford Finance, LLC 6.375% 2/1/2027⁶		20		19
Pacific Gas and Electric Co. 4.65% 8/1/2028		542		502
Pacific Gas and Electric Co. 3.30% 8/1/2040		6,850		4,624
Panama (Republic of) 3.75% 4/17/2026		465		458
Panama (Republic of) 6.40% 2/14/2035		850		889
Park Intermediate Holdings, LLC 4.875% 5/15/2029⁶		65		56
Party City Holdings, Inc. 8.75% 2/15/2026^3,6		5		1
Party City Holdings, Inc., Term Loan DIP, 15.05% 7/19/2023^7,8		1		1
Performance Food Group, Inc. 5.50% 10/15/2027⁶		11		11
Peru (Republic of) 2.392% 1/23/2026		500		467
Petrobras Global Finance BV 6.75% 6/3/2050		29		26
Petrobras Global Finance BV 5.50% 6/10/2051		21		17
Petroleos Mexicanos 4.625% 9/21/2023		714		708
Petroleos Mexicanos 4.875% 1/18/2024		1,700		1,672
Petroleos Mexicanos 6.875% 10/16/2025		660		635
Petroleos Mexicanos 6.875% 8/4/2026		1,410		1,318
Petroleos Mexicanos 6.84% 1/23/2030		681		542
Petroleos Mexicanos 6.70% 2/16/2032		779		593


American Funds Insurance Series	207

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033	USD	2,128	$	2,121
Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053		188		196
PG&E Corp. 5.00% 7/1/2028		145		133
PG&E Corp. 5.25% 7/1/2030		175		157
Philip Morris International, Inc. 5.125% 11/17/2027		315		316
Philip Morris International, Inc. 5.625% 11/17/2029		420		428
Philip Morris International, Inc. 2.10% 5/1/2030		634		525
Philip Morris International, Inc. 5.75% 11/17/2032		1,554		1,592
Philip Morris International, Inc. 5.375% 2/15/2033		1,382		1,380
Post Holdings, Inc. 5.625% 1/15/2028⁶		85		82
Post Holdings, Inc. 5.50% 12/15/2029⁶		80		74
Post Holdings, Inc. 4.625% 4/15/2030⁶		444		390
Prestige Auto Receivables Trust, Series 2023-1, Class A2, 5.88% 3/16/2026^5,6		613		611
Procter & Gamble Company 3.00% 3/25/2030		338		313
Qatar Energy 3.125% 7/12/2041⁶		2,895		2,221
Qatar Energy 3.30% 7/12/2051⁶		2,942		2,166
Radiology Partners, Inc. 9.25% 2/1/2028⁶		245		90
Radiology Partners, Inc., Term Loan, (1-month USD CME Term SOFR + 4.25%) 9.467% 7/9/2025^7,8		10		8
Range Resources Corp. 4.75% 2/15/2030⁶		145		130
Raptor Acquisition Corp. 4.875% 11/1/2026⁶		180		170
Real Hero Merger Sub 2, Inc. 6.25% 2/1/2029⁶		25		21
Regal Rexnord Corp. 6.40% 4/15/2033⁶		140		140
RHP Hotel Properties, LP 7.25% 7/15/2028⁶		80		81
RHP Hotel Properties, LP 4.50% 2/15/2029⁶		15		13
Ritchie Bros. Holdings, Inc. 7.75% 3/15/2031⁶		55		57
RLJ Lodging Trust, LP 4.00% 9/15/2029⁶		25		21
Roller Bearing Company of America, Inc. 4.375% 10/15/2029⁶		20		18
Royal Caribbean Cruises, Ltd. 5.375% 7/15/2027⁶		40		37
Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028⁶		75		70
Royal Caribbean Cruises, Ltd. 9.25% 1/15/2029⁶		160		171
Royal Caribbean Cruises, Ltd. 7.25% 1/15/2030⁶		4		4
RP Escrow Issuer, LLC 5.25% 12/15/2025⁶		190		140
Russian Federation 4.25% 6/23/2027³		1,400		574
Ryan Specialty Group, LLC 4.375% 2/1/2030⁶		45		40
Sabre GLBL, Inc. 11.25% 12/15/2027⁶		75		64
Santander Holdings USA, Inc. 3.244% 10/5/2026		3,750		3,380
Scentre Group Trust 1 3.50% 2/12/2025⁶		210		202
Scentre Group Trust 1 3.75% 3/23/2027⁶		110		103
Scientific Games Holdings, LP 6.625% 3/1/2030⁶		46		41
Scientific Games International, Inc. 7.00% 5/15/2028⁶		20		20
SCIH Salt Holdings, Inc. 4.875% 5/1/2028⁶		115		103
Scotts Miracle-Gro Co. 4.50% 10/15/2029		140		120
Scotts Miracle-Gro Co. 4.375% 2/1/2032		55		43
Serbia (Republic of) 6.25% 5/26/2028⁶		740		738
ServiceNow, Inc. 1.40% 9/1/2030		1,830		1,450
Simmons Foods, Inc. 4.625% 3/1/2029⁶		160		128
Sirius XM Radio, Inc. 3.125% 9/1/2026⁶		50		45
Sirius XM Radio, Inc. 4.00% 7/15/2028⁶		195		170
Sirius XM Radio, Inc. 3.875% 9/1/2031⁶		170		132
SM Energy Co. 6.50% 7/15/2028		45		43
Sonic Automotive, Inc. 4.625% 11/15/2029⁶		45		38
Sonic Automotive, Inc. 4.875% 11/15/2031⁶		20		16
Southern California Edison Co. 2.85% 8/1/2029		200		175
Southwestern Energy Co. 5.70% 1/23/2025¹		110		110
Southwestern Energy Co. 8.375% 9/15/2028		30		31
Southwestern Energy Co. 5.375% 3/15/2030		135		126
Southwestern Energy Co. 4.75% 2/1/2032		105		93
Spirit AeroSystems, Inc. 9.375% 11/30/2029⁶		17		18
Sprint Corp. 7.625% 3/1/2026		130		135
Sri Lanka (Democratic Socialist Republic of) 5.75% 4/18/2023³		2,890		1,318
Stellantis Finance US, Inc. 1.711% 1/29/2027⁶		1,500		1,315


208	American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Stellantis Finance US, Inc. 5.625% 1/12/2028⁶	USD	2,560	$	2,584
Stellantis Finance US, Inc. 2.691% 9/15/2031⁶		453		362
Stericycle, Inc. 3.875% 1/15/2029⁶		110		98
Sunoco, LP 4.50% 5/15/2029		290		258
Sunoco, LP 4.50% 4/30/2030		35		31
Surgery Center Holdings, Inc. 10.00% 4/15/2027⁶		103		105
SVB Financial Group 4.70% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.064% on 11/15/2031)^1,3		12		1
Swiss Re Finance (Luxembourg) SA 5.00% 4/2/2049 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.582% on 4/2/2029)^1,6		800		767
Talen Energy Supply, LLC 8.625% 6/1/2030⁶		94		97
Tencent Holdings, Ltd. 3.24% 6/3/2050⁶		3,450		2,267
Tenet Healthcare Corp. 6.125% 10/1/2028		25		24
Teva Pharmaceutical Finance Netherlands III BV 6.00% 4/15/2024		2,789		2,773
The Bank of Nova Scotia 2.45% 2/2/2032		2,100		1,713
The Cigna Group 2.375% 3/15/2031		375		315
The Dun & Bradstreet Corp. 5.00% 12/15/2029⁶		47		42
Tibco Software, Inc., Term Loan A, (3-month USD CME Term SOFR + 4.50%) 9.842% 9/29/2028^7,8		244		229
T-Mobile USA, Inc. 2.40% 3/15/2029		1,079		928
Toyota Motor Credit Corp. 3.375% 4/1/2030		453		417
TransDigm, Inc. 6.25% 3/15/2026⁶		65		65
TransDigm, Inc. 5.50% 11/15/2027		45		43
TransDigm, Inc. 4.875% 5/1/2029		80		72
Transocean Poseidon, Ltd. 6.875% 2/1/2027⁶		61		60
Transocean Titan Financing, Ltd. 8.375% 2/1/2028⁶		102		104
Transocean, Inc. 8.75% 2/15/2030⁶		40		41
Transocean, Inc. 6.80% 3/15/2038		35		24
Treehouse Park Improvement Association No.1 9.75% 12/1/2033^6,10		100		88
Tricon Residential Trust, Series 2023-SFR1, Class A, 5.10% 7/17/2040^5,6		379		371
Tricon Residential Trust, Series 2023-SFR1, Class B, 5.10% 7/17/2040^5,6		251		241
Tricon Residential Trust, Series 2023-SFR1, Class C, 5.10% 7/17/2040^5,6		100		95
Triumph Group, Inc. 9.00% 3/15/2028⁶		71		73
State of Ohio, Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, 3.216% 2/15/2048		1,410		1,035
U.S. Treasury 0.75% 8/31/2026		4,361		3,890
U.S. Treasury 0.875% 9/30/2026		11,098		9,929
U.S. Treasury 1.125% 10/31/2026		1,698		1,527
U.S. Treasury 2.50% 3/31/2027		9,560		8,958
U.S. Treasury 3.625% 3/31/2028		20		20
U.S. Treasury 3.625% 5/31/2028¹¹		42,769		41,828
U.S. Treasury 1.625% 8/15/2029		383		334
U.S. Treasury 1.375% 11/15/2031¹¹		15,508		12,780
U.S. Treasury 3.375% 5/15/2033		1,975		1,908
U.S. Treasury 1.125% 5/15/2040¹¹		6,190		4,014
U.S. Treasury 1.75% 8/15/2041		4,650		3,268
U.S. Treasury 3.875% 5/15/2043		1,600		1,565
U.S. Treasury 3.00% 8/15/2048		5,045		4,254
U.S. Treasury 2.00% 8/15/2051		5,755		3,918
U.S. Treasury 3.00% 8/15/2052¹¹		6,370		5,411
U.S. Treasury 4.00% 11/15/2052		1,072		1,100
U.S. Treasury 3.625% 2/15/2053¹¹		25,826		24,760
U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051⁴		3,297		2,198
UBS Group AG 1.008% 7/30/2024 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.83% on 7/30/2023)^1,6		1,950		1,942
UBS Group AG 4.49% 8/5/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.60% on 8/5/2024)^1,6		2,265		2,215
UKG, Inc., Term Loan, (1-month USD CME Term SOFR + 4.50%) 4.50% 5/4/2026^7,8		75		75
UKG, Inc., Term Loan, (3-month USD CME Term SOFR + 5.25%) 10.271% 5/3/2027^7,8		75		73
Ukraine 7.75% 9/1/2024³		6,210		1,615
Ukraine 7.75% 9/1/2026³		1,570		382


American Funds Insurance Series	209

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Ukraine 6.876% 5/21/2031³	USD	1,269	$	293
Uniform Mortgage-Backed Security 2.00% 7/1/2038^5,12		3,075		2,725
Uniform Mortgage-Backed Security 2.00% 7/1/2053^5,12		9,600		7,831
Uniform Mortgage-Backed Security 2.50% 7/1/2053^5,12		10,995		9,325
Uniform Mortgage-Backed Security 3.00% 7/1/2053^5,12		277		244
Uniform Mortgage-Backed Security 3.50% 7/1/2053^5,12		32,639		29,746
Uniform Mortgage-Backed Security 4.00% 7/1/2053^5,12		6,410		6,016
Uniform Mortgage-Backed Security 4.50% 7/1/2053^5,12		29,613		28,472
Uniform Mortgage-Backed Security 5.00% 7/1/2053^5,12		4,191		4,107
Uniform Mortgage-Backed Security 5.50% 7/1/2053^5,12		8,696		8,654
Uniform Mortgage-Backed Security 6.00% 7/1/2053^5,12		16,005		16,148
Uniform Mortgage-Backed Security 2.50% 8/1/2053^5,12		14,100		11,976
Uniform Mortgage-Backed Security 3.00% 8/1/2053^5,12		1,660		1,463
Uniform Mortgage-Backed Security 4.00% 8/1/2053^5,12		4,000		3,757
United Mexican States 6.338% 5/4/2053		425		434
United Natural Foods, Inc. 6.75% 10/15/2028⁶		85		71
Univision Communications, Inc. 4.50% 5/1/2029⁶		250		215
US Foods, Inc. 4.625% 6/1/2030⁶		35		31
Vail Resorts, Inc. 6.25% 5/15/2025⁶		120		120
Valvoline, Inc. 3.625% 6/15/2031⁶		85		69
Venator Finance SARL 9.50% 7/1/2025^3,6		185		142
Venator Finance SARL 5.75% 7/15/2025^3,6		140		3
Venator Finance SARL, Term Loan, 15.05% 9/14/2023^7,8		39		41
Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029⁶		35		31
Venture Global Calcasieu Pass, LLC 6.25% 1/15/2030⁶		31		31
Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031⁶		125		108
Verizon Communications, Inc. 3.15% 3/22/2030		575		511
Verizon Communications, Inc. 2.55% 3/21/2031		2,100		1,754
Verizon Communications, Inc. 2.355% 3/15/2032		3,500		2,816
VICI Properties, LP 4.375% 5/15/2025		1,563		1,512
VICI Properties, LP 4.625% 12/1/2029⁶		15		14
VICI Properties, LP 4.125% 8/15/2030⁶		420		370
VZ Secured Financing BV 5.00% 1/15/2032⁶		200		161
W&T Offshore, Inc. 11.75% 2/1/2026⁶		55		55
WarnerMedia Holdings, Inc. 4.279% 3/15/2032		917		814
WarnerMedia Holdings, Inc. 5.05% 3/15/2042		1,928		1,626
Warrior Met Coal, Inc. 7.875% 12/1/2028⁶		140		141
WASH Multifamily Acquisition, Inc. 5.75% 4/15/2026⁶		320		299
WEA Finance, LLC 3.75% 9/17/2024⁶		535		505
Weatherford International, Ltd. 6.50% 9/15/2028⁶		65		65
Weatherford International, Ltd. 8.625% 4/30/2030⁶		93		95
Wells Fargo & Company 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)¹		5,788		5,408
Wells Fargo & Company 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)¹		1,600		1,405
WESCO Distribution, Inc. 7.125% 6/15/2025⁶		180		182
WESCO Distribution, Inc. 7.25% 6/15/2028⁶		200		204
Western Midstream Operating, LP 3.35% 2/1/2025¹		85		81
Western Midstream Operating, LP 6.15% 4/1/2033		30		30
Western Midstream Operating, LP 5.50% 2/1/2050¹		25		21
Westlake Automobile Receivables Trust, Series 2023-1, Class A2A, 5.51% 6/15/2026^5,6		1,485		1,480
Westlake Automobile Receivables Trust, Series 2023-1, Class A3, 5.21% 1/18/2028^5,6		278		275
Westlake Automobile Receivables Trust, Series 2023-1, Class B, 5.41% 1/18/2028^5,6		60		59
Westpac Banking Corp. 2.894% 2/4/2030 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 2/4/2025)¹		1,250		1,169
WeWork Companies, LLC 6.00% PIK and 5.00% Cash 8/15/2027^6,9		37		16
WeWork Companies, LLC 8.00% PIK and 7.00% Cash 8/15/2027^6,9		30		27
WMG Acquisition Corp. 3.75% 12/1/2029⁶		125		108
WMG Acquisition Corp. 3.875% 7/15/2030⁶		135		117
WMG Acquisition Corp. 3.00% 2/15/2031⁶		80		65
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)^1,2,10		105		101
Wynn Las Vegas, LLC 5.50% 3/1/2025⁶		110		108
Wynn Resorts Finance, LLC 7.125% 2/15/2031⁶		43		43


210	American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

Principal amount
(000)

Value
(000)

U.S. dollars (continued)

Yahoo Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.50%) 10.717% 9/1/2027^7,8

USD

110

105

Ziggo Bond Co. BV 5.125% 2/28/2030⁶

200

152

Ziggo BV 4.875% 1/15/2030⁶

300

249

597,610

Total bonds, notes & other debt instruments (cost: $1,474,574,000)

1,358,705

Investment funds 3.45%

U.S. dollars 3.45%

Capital Group Central Corporate Bond Fund¹³

6,083,317

50,370

Total investment funds (cost: $48,003,000)

50,370

Preferred securities 0.00%

U.S. dollars 0.00%

ACR III LSC Holdings, LLC, Series B, preferred shares^6,10,14

Total preferred securities (cost: $49,000)

Common stocks 0.02%

U.S. dollars 0.02%

Constellation Oil Services Holding SA, Class B-1^10,14

1,214,969

133

Altera Infrastructure, LP^10,14

1,308

110

Talen Energy Corp.¹⁴

575

WeWork, Inc., Class A¹⁴

8,100

Bighorn Permian Resources, LLC¹⁰

531

—

¹⁵

Total common stocks (cost: $577,000)

274

Short-term securities 12.40%

Money market investments 10.84%

Capital Group Central Cash Fund 5.15%^13,16

1,581,248

158,141

Weighted
average yield
at acquisition

Principal amount
(000)

Bills & notes of governments & government agencies outside the U.S. 1.56%

Japan Treasury 2/20/2024

(0.103

JPY

3,277,100

22,733

Total short-term securities (cost: $182,566,000)

180,874

Total investment securities 108.99% (cost: $1,705,769,000)

1,590,259

Other assets less liabilities (8.99)%

(131,205

)

Net assets 100.00%

1,459,054


American Funds Insurance Series	211

Capital World Bond Fund (continued)

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		Value and unrealized appreciation (depreciation) at 6/30/2023 (000)
2 Year Euro-Schatz Futures	Short	327	September 2023	USD (37,413	)		$	117
2 Year U.S. Treasury Note Futures	Long	637	September 2023	129,530				(1,185	)
5 Year Euro-Bobl Futures	Long	257	September 2023	32,449				(503	)
5 Year U.S. Treasury Note Futures	Long	1,361	September 2023	145,755				(2,602	)
10 Year Italy Government Bond Futures	Long	134	September 2023	16,978				(38	)
10 Year Euro-Bund Futures	Short	202	September 2023	(29,479	)			295
10 Year Japanese Government Bond Futures	Short	77	September 2023	(79,271	)			(302	)
10 Year Australian Treasury Bond Futures	Long	70	September 2023	5,417				(9	)
10 Year U.S. Treasury Note Futures	Short	117	September 2023	(13,135	)			177
10 Year Ultra U.S. Treasury Note Futures	Short	517	September 2023	(61,232	)			599
10 Year UK Gilt Futures	Long	11	September 2023	1,331				—	¹⁵
20 Year U.S. Treasury Bond Futures	Long	147	September 2023	18,655				34
30 Year Euro-Buxl Futures	Long	53	September 2023	8,074				81
30 Year Ultra U.S. Treasury Bond Futures	Short	109	September 2023	(14,848	)			(134	)
							$	(3,470	)

Forward currency contracts

Contract amount						Unrealized appreciation (depreciation)
Currency purchased (000)		Currency sold (000)		Counterparty	Settlement date	at 6/30/2023 (000)
ZAR	74,500	USD	3,952	UBS AG	7/3/2023		$	6
USD	1,592	ZAR	30,500	Bank of New York Mellon	7/3/2023			(28	)
USD	2,258	ZAR	44,000	UBS AG	7/3/2023			(79	)
CAD	12,823	USD	9,476	Morgan Stanley	7/7/2023			204
USD	982	GBP	790	Bank of America	7/7/2023			(21	)
EUR	8,530	USD	9,178	Morgan Stanley	7/10/2023			135
EUR	1,490	USD	1,600	Bank of America	7/10/2023			27
EUR	1,620	USD	1,745	Goldman Sachs	7/10/2023			24
MXN	140,350	USD	8,168	Bank of America	7/10/2023			15
HUF	1,284,310	EUR	3,427	JPMorgan Chase	7/10/2023			10
ILS	4,200	USD	1,125	Goldman Sachs	7/10/2023			9
EUR	5,100	CAD	7,368	HSBC Bank	7/10/2023			5
USD	2,482	EUR	2,270	BNP Paribas	7/10/2023			3
USD	1,301	EUR	1,190	HSBC Bank	7/10/2023			2
USD	1,669	COP	7,000,000	BNP Paribas	7/10/2023			(3	)
EUR	1,340	USD	1,466	Bank of New York Mellon	7/10/2023			(3	)
EUR	1,790	USD	1,959	Bank of America	7/10/2023			(5	)
EUR	1,910	USD	2,093	Citibank	7/10/2023			(8	)
USD	1,568	COP	6,600,000	Goldman Sachs	7/10/2023			(9	)
USD	2,345	HUF	818,090	Goldman Sachs	7/10/2023			(44	)
USD	4,414	GBP	3,530	HSBC Bank	7/10/2023			(69	)
AUD	4,500	USD	3,096	Standard Chartered Bank	7/10/2023			(97	)
USD	3,893	MXN	68,500	Morgan Stanley	7/10/2023			(101	)
JPY	509,620	USD	3,677	Morgan Stanley	7/10/2023			(140	)
USD	22,521	AUD	34,200	JPMorgan Chase	7/10/2023			(268	)
AUD	12,970	USD	8,925	Bank of America	7/10/2023			(283	)
BRL	3,800	USD	765	Citibank	7/11/2023			27
USD	3,988	NZD	6,561	HSBC Bank	7/11/2023			(38	)
THB	368,000	USD	10,645	Citibank	7/14/2023			(215	)
USD	16,894	KRW	21,690,694	HSBC Bank	7/17/2023			420

212	American Funds Insurance Series

Capital World Bond Fund (continued)

Forward currency contracts (continued)

Contract amount						Unrealized appreciation (depreciation)
Currency purchased (000)		Currency sold (000)		Counterparty	Settlement date	at 6/30/2023 (000)
PLN	27,850	USD	6,695	HSBC Bank	7/17/2023		$	148
EUR	24,530	USD	26,656	Citibank	7/17/2023			135
PLN	20,540	EUR	4,566	HSBC Bank	7/17/2023			59
USD	7,169	IDR	107,102,850	JPMorgan Chase	7/17/2023			50
EUR	6,000	USD	6,511	BNP Paribas	7/17/2023			42
DKK	17,400	USD	2,525	UBS AG	7/17/2023			28
CZK	47,290	EUR	1,978	Barclays Bank PLC	7/17/2023			9
BRL	5,700	USD	1,179	Goldman Sachs	7/17/2023			8
EUR	1,440	USD	1,568	Standard Chartered Bank	7/17/2023			4
COP	9,234,000	USD	2,197	BNP Paribas	7/17/2023			3
USD	511	COP	2,147,484	BNP Paribas	7/17/2023			(1	)
NZD	1,070	USD	666	JPMorgan Chase	7/17/2023			(9	)
SEK	23,400	USD	2,182	BNP Paribas	7/17/2023			(10	)
EUR	2,570	USD	2,818	Citibank	7/17/2023			(12	)
SEK	22,100	USD	2,076	Standard Chartered Bank	7/17/2023			(26	)
CNH	104,690	USD	14,672	Citibank	7/17/2023			(251	)
CNH	146,967	USD	20,560	Citibank	7/17/2023			(316	)
JPY	376,000	USD	2,637	Goldman Sachs	7/18/2023			(24	)
JPY	2,902,270	USD	20,903	Morgan Stanley	7/18/2023			(731	)
JPY	5,640,928	USD	40,542	HSBC Bank	7/18/2023			(1,334	)
EUR	6,170	USD	6,788	Goldman Sachs	7/20/2023			(48	)
EUR	10,720	USD	11,725	Morgan Stanley	7/21/2023			(14	)
THB	170,870	USD	4,864	JPMorgan Chase	7/24/2023			(16	)
THB	189,700	USD	5,401	Morgan Stanley	7/24/2023			(20	)
USD	3,779	CAD	4,970	Bank of America	7/25/2023			26
USD	3,444	GBP	2,700	Bank of America	7/25/2023			14
MYR	8,560	USD	1,834	Standard Chartered Bank	7/25/2023			12
USD	748	NOK	7,930	BNP Paribas	7/25/2023			9
USD	2,068	MXN	35,480	Bank of America	7/25/2023			6
CHF	2,790	USD	3,127	UBS AG	7/25/2023			(1	)
MXN	40,500	USD	2,359	HSBC Bank	7/25/2023			(5	)
PLN	18,110	EUR	4,075	Standard Chartered Bank	7/25/2023			(5	)
USD	23,076	MXN	398,073	Morgan Stanley	7/25/2023			(59	)
EUR	7,190	PLN	31,970	UBS AG	7/26/2023			6
DKK	46,980	EUR	6,310	Bank of America	7/26/2023			1
JPY	182,300	USD	1,278	Morgan Stanley	7/26/2023			(9	)
CNH	234,750	USD	32,488	HSBC Bank	7/26/2023			(126	)
USD	14,773	DKK	100,190	HSBC Bank	7/27/2023			64
USD	3,942	ZAR	74,500	UBS AG	7/28/2023			(4	)
USD	542	BRL	2,615	Citibank	8/4/2023			(1	)
USD	5,446	BRL	26,395	JPMorgan Chase	10/2/2023			25
USD	4,698	BRL	22,770	Citibank	10/2/2023			22
USD	2,439	BRL	13,000	Citibank	12/29/2023			(201	)
USD	232	BRL	1,255	Citibank	1/2/2024			(22	)
USD	4,287	BRL	23,130	Citibank	1/2/2024			(409	)
USD	8,868	BRL	48,887	Citibank	1/2/2024			(1,058	)
USD	25,879	JPY	3,277,100	HSBC Bank	2/16/2024			2,283
JPY	3,277,100	USD	25,661	HSBC Bank	2/16/2024			(2,065	)
USD	25,676	JPY	3,277,100	HSBC Bank	2/20/2024			2,065
							$	(2,282	)


American Funds Insurance Series	213

Capital World Bond Fund (continued)

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

Receive		Pay			Notional amount (000)		Value at 6/30/2023 (000)				Upfront premium paid (000)				Unrealized (depreciation) appreciation at 6/30/2023 (000)
Rate	Payment frequency	Rate	Payment frequency	Expiration date	Notional amount (000)		Value at 6/30/2023 (000)				Upfront premium paid (000)				Unrealized (depreciation) appreciation at 6/30/2023 (000)
1.2475%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/20/2023	NZD	4,428		$	(17	)		$	—			$	(17	)
1.234974%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/20/2023	37,736				(147	)			—				(147	)
1.2375%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/26/2023	13,908				(60	)			—				(60	)
1.264%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/27/2023	34,764				(149	)			—				(149	)
1.26%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/30/2023	5,734				(25	)			—				(25	)
1.28%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/31/2023	5,734				(26	)			—				(26	)
1.30%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	9/3/2023	6,295				(30	)			—				(30	)
1.4975%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	9/21/2023	11,830				(68	)			—				(68	)
1.445%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	9/28/2023	11,817				(74	)			—				(74	)
1.4475%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	9/29/2023	12,043				(77	)			—				(77	)
1.4475%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	9/30/2023	12,093				(77	)			—				(77	)
1.5125%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	10/14/2023	10,675				(79	)			—				(79	)
1.53%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	10/14/2023	12,176				(90	)			—				(90	)
1.5625%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	10/15/2023	12,163				(90	)			—				(90	)
1.59%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	10/18/2023	12,163				(91	)			—				(91	)
1.62%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	10/19/2023	13,521				(101	)			—				(101	)
2.24%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	11/8/2023	17,111				(128	)			—				(128	)
2.2525%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	11/8/2023	17,111				(128	)			—				(128	)
2.20%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	11/9/2023	1,440				(11	)			—				(11	)
2.628%	Annual	SONIA	Annual	7/28/2024	GBP	21,600			(966	)			—				(966	)
3.79165%	Annual	SOFR	Annual	1/13/2026	USD	23,220			(424	)			—				(424	)
4.0285%	Annual	SOFR	Annual	2/10/2026	37,540				(461	)			—				(461	)
6.255%	28-day	28-day MXN-TIIE	28-day	5/22/2026	MXN	47,800			(196	)			—				(196	)
6.19%	28-day	28-day MXN-TIIE	28-day	5/22/2026	48,400				(203	)			—				(203	)
6.16%	28-day	28-day MXN-TIIE	28-day	6/9/2026	58,800				(250	)			—	¹⁵			(250	)
6.5375%	28-day	28-day MXN-TIIE	28-day	6/17/2026	14,000				(52	)			—				(52	)
6.50%	28-day	28-day MXN-TIIE	28-day	6/17/2026	13,900				(52	)			—				(52	)
6.47%	28-day	28-day MXN-TIIE	28-day	6/17/2026	14,200				(54	)			—				(54	)
6.55%	28-day	28-day MXN-TIIE	28-day	6/17/2026	43,000				(158	)			—				(158	)
6.55%	28-day	28-day MXN-TIIE	28-day	6/18/2026	14,100				(52	)			—				(52	)
6.50%	28-day	28-day MXN-TIIE	28-day	6/18/2026	27,800				(104	)			—				(104	)
6.64%	28-day	28-day MXN-TIIE	28-day	6/25/2026	62,600				(222	)			—				(222	)
6.633%	28-day	28-day MXN-TIIE	28-day	6/25/2026	172,500				(614	)			—				(614	)
7.59%	28-day	28-day MXN-TIIE	28-day	10/29/2026	28,900				(59	)			—				(59	)
7.62%	28-day	28-day MXN-TIIE	28-day	10/29/2026	43,375				(86	)			—				(86	)
7.52%	28-day	28-day MXN-TIIE	28-day	10/30/2026	89,445				(192	)			—				(192	)
9.40%	28-day	28-day MXN-TIIE	28-day	2/16/2028		259,800			577				—				577
4.96048%	Annual	SONIA	Annual	6/21/2028	GBP	7,810			(56	)			—				(56	)
4.98038%	Annual	SONIA	Annual	6/21/2028	15,850				(96	)			—				(96	)
SOFR	Annual	3.29015%	Annual	1/13/2030	USD	11,280			296				—				296
SOFR	Annual	3.4705%	Annual	2/10/2030	16,910				266				—				266
SONIA	Annual	4.34948%	Annual	6/21/2033	GBP	4,240			6				—				6
SONIA	Annual	4.36738%	Annual	6/21/2033	8,600				(3	)			—				(3	)
								$	(4,623	)		$	—	¹⁵		$	(4,623	)


214	American Funds Insurance Series

Capital World Bond Fund (continued)

Swap contracts (continued)

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Reference
index

Financing
rate paid

Payment
frequency

Expiration
date

Notional
amount
(000)

Value at
6/30/2023
(000)

Upfront
premium
received
(000)

Unrealized
depreciation
at 6/30/2023
(000)

CDX.NA.HY.40

5.00%

Quarterly

6/20/2028

USD12,672

$(350)

$(146)

$(204)

Credit default swaps

Centrally cleared credit default swaps on credit indices — sell protection

Financing
rate received

Payment
frequency

Reference
index

Expiration
date

Notional
amount
(000)

¹⁷

Value at
6/30/2023
(000)

¹⁸

Upfront
premium
paid
(000)

Unrealized
appreciation
at 6/30/2023
(000)

1.00%

Quarterly

CDX.NA.IG.40

6/20/2028

USD66,201

$989

$567

$422

Investments in affiliates¹³

	Value of affiliates at 1/1/2023 (000)		Additions (000)			Reductions (000)			Net realized gain (000)			Net unrealized appreciation (000)			Value of affiliates at 6/30/2023 (000)			Dividend income (000)
Investment funds 3.45%
Capital Group Central Corporate Bond Fund	$	48,676		$	924		$	—		$	—		$	770		$	50,370		$	924
Short-term securities 10.84%
Money market investments 10.84%
Capital Group Central Cash Fund 5.15%¹⁶		167			547,669			389,720			2			23			158,141			2,783
Total 14.29%										$	2		$	793		$	208,511		$	3,707

Restricted securities²

	Acquisition date(s)	Cost (000)		Value (000)		Percent of net assets
Goldman Sachs Group, Inc. 3.375% 3/27/2025	5/19/2020	$	5,638	$	5,384		.37	%
Goldman Sachs Group, Inc. 1.00% 3/18/2033	5/19/2021		3,242		2,199		.15
Bank of America Corp. 3.648% 3/31/2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028)¹	5/19/2020		5,992		5,296		.36
JPMorgan Chase & Co. 0.389% 2/24/2028 (3-month EUR-EURIBOR + 0.65% on 2/24/2027)¹	5/19/2020		3,392		3,041		.21
NBM US Holdings, Inc. 7.00% 5/14/2026	5/17/2023-5/19/2023		1,467		1,480		.10
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)^1,10	6/23/2023		101		101		.01
Total		$	19,832	$	17,501		1.20	%


American Funds Insurance Series	215

Capital World Bond Fund (continued)

¹	Step bond; coupon rate may change at a later date.
²	Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $17,501,000, which represented 1.20% of the net assets of the fund.
³	Scheduled interest and/or principal payment was not received.
⁴	Index-linked bond whose principal amount moves with a government price index.
⁵	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
⁶	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $106,174,000, which represented 7.28% of the net assets of the fund.
⁷	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $2,165,000, which represented .15% of the net assets of the fund.
⁸	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
⁹	Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.
¹⁰	Value determined using significant unobservable inputs.
¹¹	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $12,003,000, which represented .82% of the net assets of the fund.
¹²	Purchased on a TBA basis.
¹³	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
¹⁴	Security did not produce income during the last 12 months.
¹⁵	Amount less than one thousand.
¹⁶	Rate represents the seven-day yield at 6/30/2023.
¹⁷	The maximum potential amount the fund may pay as a protection seller should a credit event occur.
¹⁸	The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively.

Key to abbreviations

Assn. = Association
AUD = Australian dollars
BBR = Bank Base Rate
BRL = Brazilian reais
CAD = Canadian dollars
CHF = Swiss francs
CLP = Chilean pesos
CME = CME Group
CNH = Chinese yuan renminbi
CNY = Chinese yuan
COP = Colombian pesos
CZK = Czech korunas
DAC = Designated Activity Company
DKK = Danish kroner
EUR = Euros
EURIBOR = Euro Interbank Offered Rate
FRA = Forward Rate Agreement
GBP = British pounds
HUF = Hungarian forints
IDR = Indonesian rupiah
ILS = Israeli shekels
INR = Indian rupees
JPY = Japanese yen
KRW = South Korean won
LIBOR = London Interbank Offered Rate
MXN = Mexican pesos
MYR = Malaysian ringgits
NOK = Norwegian kroner
NZD = New Zealand dollars
PEN = Peruvian nuevos soles
PIK = Payment In Kind
PLN = Polish zloty
Ref. = Refunding
REIT = Real Estate Investment Trust
Rev. = Revenue
RON = Romanian leu
SEK = Swedish kronor
SOFR = Secured Overnight Financing Rate
SONIA = Sterling Overnight Interbank Average Rate
TBA = To be announced
THB = Thai baht
TIIE = Equilibrium Interbank Interest Rate
UAH = Ukrainian hryvnia
USD = U.S. dollars
ZAR = South African rand

Refer to the notes to financial statements.

216	American Funds Insurance Series

American High-Income Trust

Investment portfolio June 30, 2023

unaudited

Bonds, notes & other debt instruments 89.97%	Principal amount (000)		Value (000)
Corporate bonds, notes & loans 89.90%
Energy 15.23%
Aethon United BR, LP 8.25% 2/15/2026¹	USD	295	$	290
Antero Midstream Partners, LP 5.375% 6/15/2029¹		570		530
Antero Resources Corp. 7.625% 2/1/2029¹		244		248
Antero Resources Corp. 5.375% 3/1/2030¹		230		213
Ascent Resources Utica Holdings, LLC 7.00% 11/1/2026¹		2,040		1,976
Ascent Resources Utica Holdings, LLC 9.00% 11/1/2027¹		170		212
Ascent Resources Utica Holdings, LLC 8.25% 12/31/2028¹		271		267
Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029¹		1,245		1,112
BIP-V Chinook Holdco, LLC 5.50% 6/15/2031¹		1,610		1,439
Blue Racer Midstream, LLC 7.625% 12/15/2025¹		496		502
California Resources Corp. 7.125% 2/1/2026¹		390		392
Callon Petroleum Co. 7.50% 6/15/2030¹		1,360		1,285
Cheniere Energy Partners, LP 4.50% 10/1/2029		938		862
Cheniere Energy Partners, LP 4.00% 3/1/2031		413		364
Cheniere Energy Partners, LP 3.25% 1/31/2032		175		144
Cheniere Energy, Inc. 4.625% 10/15/2028		1,341		1,254
Chesapeake Energy Corp. 4.875% 4/15/2022²		4,300		97
Chesapeake Energy Corp. 5.50% 2/1/2026¹		790		771
Chesapeake Energy Corp. 5.875% 2/1/2029¹		2,190		2,082
Chesapeake Energy Corp. 6.75% 4/15/2029¹		755		750
Chord Energy Corp. 6.375% 6/1/2026¹		795		789
Civitas Resources, Inc. 5.00% 10/15/2026¹		905		854
Civitas Resources, Inc. 8.375% 7/1/2028¹		800		810
Civitas Resources, Inc. 8.75% 7/1/2031¹		2,820		2,862
CNX Midstream Partners, LP 4.75% 4/15/2030¹		280		238
CNX Resources Corp. 7.25% 3/14/2027¹		1,168		1,157
CNX Resources Corp. 6.00% 1/15/2029¹		2,034		1,887
CNX Resources Corp. 7.375% 1/15/2031¹		1,111		1,082
Comstock Resources, Inc. 6.75% 3/1/2029¹		1,230		1,127
Comstock Resources, Inc. 5.875% 1/15/2030¹		1,260		1,095
Constellation Oil Services Holding SA 4.00% PIK 12/31/2026³		3,169		1,876
Continental Resources, Inc. 5.75% 1/15/2031¹		365		347
Crescent Energy Finance, LLC 7.25% 5/1/2026¹		500		470
Crescent Energy Finance, LLC 9.25% 2/15/2028¹		1,757		1,706
Crestwood Midstream Partners, LP 5.625% 5/1/2027¹		290		275
Crestwood Midstream Partners, LP 6.00% 2/1/2029¹		365		341
Crestwood Midstream Partners, LP 8.00% 4/1/2029¹		1,675		1,699
Crestwood Midstream Partners, LP 7.375% 2/1/2031¹		447		441
Devon Energy Corp. 5.875% 6/15/2028		202		201
Devon Energy Corp. 4.50% 1/15/2030		493		465
Diamond Foreign Asset Co. 9.00% Cash 4/22/2027^1,3,4		68		66
Diamond Foreign Asset Co. 9.00% Cash 4/22/2027³		62		59
DT Midstream, Inc. 4.125% 6/15/2029¹		1,503		1,320
DT Midstream, Inc. 4.375% 6/15/2031¹		307		265
Earthstone Energy Holdings, LLC 9.875% 7/15/2031¹		1,205		1,193
Encino Acquisition Partners Holdings, LLC 8.50% 5/1/2028¹		250		227
Energean Israel Finance, Ltd. 4.50% 3/30/2024¹		425		421
Energean Israel Finance, Ltd. 4.875% 3/30/2026¹		1,080		1,005
Energean Israel Finance, Ltd. 5.875% 3/30/2031¹		80		70
Energean PLC 6.50% 4/30/2027¹		380		347
EPIC Crude Services, LP, Term Loan B, (3-month USD-LIBOR + 5.00%) 10.48% 3/2/2026^4,5		140		134
EQM Midstream Partners, LP 4.125% 12/1/2026		222		207
EQM Midstream Partners, LP 7.50% 6/1/2027¹		405		409
EQM Midstream Partners, LP 6.50% 7/1/2027¹		2,345		2,315
EQM Midstream Partners, LP 5.50% 7/15/2028		881		834
EQM Midstream Partners, LP 4.50% 1/15/2029¹		835		746
EQM Midstream Partners, LP 7.50% 6/1/2030¹		338		342
EQM Midstream Partners, LP 4.75% 1/15/2031¹		1,645		1,443
EQM Midstream Partners, LP 6.50% 7/15/2048		910		824
EQT Corp. 5.00% 1/15/2029		170		160

American Funds Insurance Series

217

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
EQT Corp. 3.625% 5/15/2031¹	USD	290	$	250
Genesis Energy, LP 6.50% 10/1/2025		1,886		1,860
Genesis Energy, LP 6.25% 5/15/2026		320		304
Genesis Energy, LP 8.00% 1/15/2027		2,960		2,889
Genesis Energy, LP 7.75% 2/1/2028		87		83
Genesis Energy, LP 8.875% 4/15/2030		1,000		978
Harbour Energy PLC 5.50% 10/15/2026¹		1,545		1,422
Harvest Midstream I, LP 7.50% 9/1/2028¹		1,947		1,932
Hess Midstream Operations, LP 5.125% 6/15/2028¹		851		797
Hess Midstream Operations, LP 4.25% 2/15/2030¹		1,430		1,249
Hess Midstream Operations, LP 5.50% 10/15/2030¹		630		583
Hilcorp Energy I, LP 6.25% 11/1/2028¹		145		137
Hilcorp Energy I, LP 5.75% 2/1/2029¹		985		893
Hilcorp Energy I, LP 6.00% 4/15/2030¹		922		841
Hilcorp Energy I, LP 6.00% 2/1/2031¹		723		647
Hilcorp Energy I, LP 6.25% 4/15/2032¹		700		625
Holly Energy Partners, LP 6.375% 4/15/2027¹		220		218
Jonah Energy, LLC 12.00% 11/5/2025⁶		852		852
Matador Resources Co. 6.875% 4/15/2028¹		425		421
Mesquite Energy, Inc. 7.25% 2/15/2023^1,2		739		13
Murphy Oil Corp. 5.75% 8/15/2025		139		137
Murphy Oil Corp. 6.375% 7/15/2028		415		409
Murphy Oil USA, Inc. 4.75% 9/15/2029		820		754
Murphy Oil USA, Inc. 3.75% 2/15/2031¹		1,065		894
Nabors Industries, Inc. 7.375% 5/15/2027¹		1,745		1,662
Nabors Industries, Ltd. 7.25% 1/15/2026¹		320		299
Neptune Energy Bondco PLC 6.625% 5/15/2025¹		1,250		1,249
New Fortress Energy, Inc. 6.75% 9/15/2025¹		1,625		1,526
New Fortress Energy, Inc. 6.50% 9/30/2026¹		4,490		4,022
NGL Energy Operating, LLC 7.50% 2/1/2026¹		8,905		8,780
NGL Energy Partners, LP 6.125% 3/1/2025		2,054		1,974
NGL Energy Partners, LP 7.50% 4/15/2026		650		613
Noble Finance II, LLC 8.00% 4/15/2030¹		270		275
Northern Oil and Gas, Inc. 8.125% 3/1/2028¹		1,890		1,854
Northern Oil and Gas, Inc. 8.75% 6/15/2031¹		1,210		1,190
NorthRiver Midstream Finance, LP 5.625% 2/15/2026¹		625		583
NuStar Logistics, LP 6.00% 6/1/2026		286		279
Occidental Petroleum Corp. 5.875% 9/1/2025		710		706
Occidental Petroleum Corp. 6.625% 9/1/2030		390		406
Occidental Petroleum Corp. 6.125% 1/1/2031		465		473
Occidental Petroleum Corp. 6.45% 9/15/2036		245		252
Occidental Petroleum Corp. 6.20% 3/15/2040		290		286
Occidental Petroleum Corp. 6.60% 3/15/2046		305		314
Parkland Corp. 4.625% 5/1/2030¹		440		382
Patterson-UTI Energy, Inc. 5.15% 11/15/2029		80		73
PDC Energy, Inc. 5.75% 5/15/2026		600		598
Permian Resources Operating, LLC 6.875% 4/1/2027¹		440		435
Petrobras Global Finance BV 6.75% 6/3/2050		288		259
Petrobras Global Finance BV 5.50% 6/10/2051		202		159
Petroleos Mexicanos 4.875% 1/18/2024		223		219
Petroleos Mexicanos 6.875% 10/16/2025		350		336
Petroleos Mexicanos 8.75% 6/2/2029		732		663
Petrorio Luxembourg SARL 6.125% 6/9/2026¹		320		308
Range Resources Corp. 4.875% 5/15/2025		362		355
Range Resources Corp. 8.25% 1/15/2029		855		891
Range Resources Corp. 4.75% 2/15/2030¹		970		870
Rockies Express Pipeline, LLC 4.95% 7/15/2029¹		550		504
Sabine Pass Liquefaction, LLC 4.50% 5/15/2030		371		353
Southwestern Energy Co. 5.375% 2/1/2029		340		321
Southwestern Energy Co. 5.375% 3/15/2030		2,725		2,546
Southwestern Energy Co. 4.75% 2/1/2032		1,040		918

218	American Funds Insurance Series

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Suburban Propane Partners, LP 5.00% 6/1/2031¹	USD	335	$	281
Sunoco, LP 6.00% 4/15/2027		547		539
Sunoco, LP 5.875% 3/15/2028		290		279
Sunoco, LP 4.50% 5/15/2029		1,970		1,750
Sunoco, LP 4.50% 4/30/2030		1,955		1,711
Superior Plus, LP 4.50% 3/15/2029¹		50		44
Tallgrass Energy Partners, LP 7.50% 10/1/2025¹		85		85
Targa Resources Partners, LP 6.50% 7/15/2027		133		132
Targa Resources Partners, LP 6.875% 1/15/2029		915		934
Targa Resources Partners, LP 5.50% 3/1/2030		327		315
Targa Resources Partners, LP 4.875% 2/1/2031		695		643
Targa Resources Partners, LP 4.00% 1/15/2032		190		165
Transocean Poseidon, Ltd. 6.875% 2/1/2027¹		375		371
Transocean Titan Financing, Ltd. 8.375% 2/1/2028¹		1,032		1,055
Transocean, Inc. 7.25% 11/1/2025¹		500		481
Transocean, Inc. 11.50% 1/30/2027¹		245		254
Transocean, Inc. 8.75% 2/15/2030¹		529		538
Transocean, Inc. 6.80% 3/15/2038		540		376
USA Compression Partners, LP 6.875% 4/1/2026		669		656
USA Compression Partners, LP 6.875% 9/1/2027		247		236
Venture Global Calcasieu Pass, LLC 6.25% 1/15/2030¹		575		571
Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031¹		2,795		2,408
Venture Global Calcasieu Pass, LLC 3.875% 11/1/2033¹		1,395		1,144
Venture Global LNG, Inc. 8.125% 6/1/2028¹		425		432
Venture Global LNG, Inc. 8.375% 6/1/2031¹		1,000		1,010
W&T Offshore, Inc. 11.75% 2/1/2026¹		355		354
Weatherford International, Ltd. 6.50% 9/15/2028¹		2,665		2,679
Weatherford International, Ltd. 8.625% 4/30/2030¹		3,721		3,781
Western Midstream Operating, LP 3.35% 2/1/2025⁷		450		431
Western Midstream Operating, LP 3.95% 6/1/2025		65		62
Western Midstream Operating, LP 4.50% 3/1/2028		239		226
Western Midstream Operating, LP 4.30% 2/1/2030⁷		80		72
Western Midstream Operating, LP 6.15% 4/1/2033		302		305
Western Midstream Operating, LP 5.50% 2/1/2050⁷		820		673
				128,013

Consumer discretionary 12.99%
Adient Global Holdings, Ltd. 4.875% 8/15/2026¹		525		499
Affinity Interactive 6.875% 12/15/2027¹		530		467
Allied Universal Holdco, LLC 6.625% 7/15/2026¹		508		483
Allied Universal Holdco, LLC 9.75% 7/15/2027¹		866		767
Allied Universal Holdco, LLC 4.625% 6/1/2028¹		490		415
Allied Universal Holdco, LLC 6.00% 6/1/2029¹		2,790		2,062
Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/2029¹		904		919
Allwyn Entertainment Financing (UK) PLC 7.25% 4/30/2030	EUR	338		376
Asbury Automotive Group, Inc. 4.50% 3/1/2028	USD	250		229
Asbury Automotive Group, Inc. 4.625% 11/15/2029¹		1,545		1,373
Asbury Automotive Group, Inc. 5.00% 2/15/2032¹		1,310		1,142
Atlas LuxCo 4 SARL 4.625% 6/1/2028¹		280		236
AutoNation, Inc. 2.40% 8/1/2031		610		463
Bath & Body Works, Inc. 6.875% 11/1/2035		1,106		1,014
Bath & Body Works, Inc. 6.75% 7/1/2036		655		590
Boyd Gaming Corp. 4.75% 12/1/2027		441		418
Boyd Gaming Corp. 4.75% 6/15/2031¹		345		309
Boyne USA, Inc. 4.75% 5/15/2029¹		650		586
Caesars Entertainment, Inc. 6.25% 7/1/2025¹		1,085		1,081
Caesars Entertainment, Inc. 4.625% 10/15/2029¹		1,609		1,406
Caesars Entertainment, Inc. 7.00% 2/15/2030¹		2,140		2,151
Caesars Entertainment, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 8.452% 2/6/2030^1,4,5		390		390

American Funds Insurance Series

219

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Caesars Resort Collection, LLC 5.75% 7/1/2025¹	USD	345	$	349
Carnival Corp. 10.50% 2/1/2026¹		1,405		1,478
Carnival Corp. 5.75% 3/1/2027¹		630		581
Carnival Corp. 4.00% 8/1/2028¹		3,470		3,079
Carnival Corp. 6.00% 5/1/2029¹		2,445		2,185
CEC Entertainment, LLC 6.75% 5/1/2026¹		320		306
Clarios Global, LP 6.25% 5/15/2026¹		140		139
Clarios Global, LP 8.50% 5/15/2027¹		315		316
Dana, Inc. 4.25% 9/1/2030		115		96
Dana, Inc. 4.50% 2/15/2032		375		312
Empire Resorts, Inc. 7.75% 11/1/2026¹		470		380
Everi Holdings, Inc. 5.00% 7/15/2029¹		95		83
Fertitta Entertainment, LLC 4.625% 1/15/2029¹		1,405		1,234
Fertitta Entertainment, LLC 6.75% 1/15/2030¹		4,820		4,107
First Student Bidco, Inc. 4.00% 7/31/2029¹		1,315		1,115
First Student Bidco, Inc., Term Loan B, (3-month USD-LIBOR + 3.00%) 8.501% 7/21/2028^4,5		219		213
Ford Motor Co. 3.25% 2/12/2032		315		248
Ford Motor Co. 6.10% 8/19/2032		695		674
Ford Motor Credit Co., LLC 2.30% 2/10/2025		800		749
Ford Motor Credit Co., LLC 5.125% 6/16/2025		1,545		1,504
Ford Motor Credit Co., LLC 4.134% 8/4/2025		430		408
Ford Motor Credit Co., LLC 3.375% 11/13/2025		665		619
Ford Motor Credit Co., LLC 6.95% 6/10/2026		2,104		2,116
Ford Motor Credit Co., LLC 4.542% 8/1/2026		1,460		1,374
Ford Motor Credit Co., LLC 2.70% 8/10/2026		1,365		1,220
Ford Motor Credit Co., LLC 4.271% 1/9/2027		900		834
Ford Motor Credit Co., LLC 4.125% 8/17/2027		835		763
Ford Motor Credit Co., LLC 3.815% 11/2/2027		880		787
Ford Motor Credit Co., LLC 2.90% 2/16/2028		300		257
Ford Motor Credit Co., LLC 6.80% 5/12/2028		330		331
Ford Motor Credit Co., LLC 5.113% 5/3/2029		300		278
Ford Motor Credit Co., LLC 7.20% 6/10/2030		700		707
Ford Motor Credit Co., LLC 4.00% 11/13/2030		570		488
Gap, Inc. 3.625% 10/1/2029¹		170		120
Gap, Inc. 3.875% 10/1/2031¹		108		74
Group 1 Automotive, Inc. 4.00% 8/15/2028¹		380		335
Hanesbrands, Inc. 4.875% 5/15/2026¹		894		836
Hanesbrands, Inc. 9.00% 2/15/2031¹		1,595		1,609
Hanesbrands, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 8.852% 3/8/2030^4,5		644		648
Hilton Domestic Operating Co., Inc. 3.75% 5/1/2029¹		200		178
Hilton Domestic Operating Co., Inc. 4.875% 1/15/2030		408		381
Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031¹		1,045		909
Hilton Grand Vacations Borrower, LLC 5.00% 6/1/2029¹		591		525
Hyundai Capital America 1.65% 9/17/2026¹		745		657
International Game Technology PLC 6.50% 2/15/2025¹		651		652
International Game Technology PLC 4.125% 4/15/2026¹		915		870
International Game Technology PLC 5.25% 1/15/2029¹		2,420		2,295
Jacobs Entertainment, Inc. 6.75% 2/15/2029¹		639		572
KB Home 6.875% 6/15/2027		330		335
KB Home 7.25% 7/15/2030		330		335
Kontoor Brands, Inc. 4.125% 11/15/2029¹		370		309
LCM Investments Holdings II, LLC 4.875% 5/1/2029¹		4,610		3,950
Levi Strauss & Co. 3.50% 3/1/2031¹		820		679
Lindblad Expeditions, LLC 6.75% 2/15/2027¹		205		195
Lithia Motors, Inc. 4.625% 12/15/2027¹		365		341
Lithia Motors, Inc. 3.875% 6/1/2029¹		1,370		1,192
Lithia Motors, Inc. 4.375% 1/15/2031¹		830		717
LSF9 Atlantis Holdings, LLC 7.75% 2/15/2026¹		335		312
M.D.C. Holdings, Inc. 6.00% 1/15/2043		573		518

220	American Funds Insurance Series

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Marriott International, Inc. 3.50% 10/15/2032	USD	350	$	303
Marriott International, Inc. 2.75% 10/15/2033		310		247
Marriott Ownership Resorts, Inc. 4.50% 6/15/2029¹		1,075		929
Melco Resorts Finance, Ltd. 4.875% 6/6/2025¹		800		763
Melco Resorts Finance, Ltd. 5.75% 7/21/2028¹		595		527
Merlin Entertainments PLC 5.75% 6/15/2026¹		492		475
MGM Resorts International 5.50% 4/15/2027		200		192
Motel 6 Operating, LP, Term Loan B, (3-month USD CME Term SOFR + 5.00%) 10.205% 9/9/2026^4,5		462		461
NCL Corp., Ltd. 3.625% 12/15/2024¹		300		289
NCL Corp., Ltd. 5.875% 3/15/2026¹		405		379
NCL Corp., Ltd. 5.875% 2/15/2027¹		1,510		1,471
NCL Corp., Ltd. 7.75% 2/15/2029¹		360		342
Neiman Marcus Group, Ltd., LLC 7.125% 4/1/2026¹		1,650		1,538
Party City Holdings, Inc. (6-month USD-LIBOR + 5.00%) 10.13% 7/15/2025^1,2,4		240		26
Party City Holdings, Inc. 8.75% 2/15/2026^1,2		7,577		1,174
Party City Holdings, Inc. 6.625% 8/1/2026^1,2		500		3
Party City Holdings, Inc., Term Loan DIP, 15.05% 7/19/2023^4,5		1,356		1,403
Penske Automotive Group, Inc. 3.75% 6/15/2029		670		579
PetSmart, LLC 4.75% 2/15/2028¹		960		888
PetSmart, LLC 7.75% 2/15/2029¹		865		860
Premier Entertainment Sub, LLC 5.625% 9/1/2029¹		200		152
QVC, Inc. 4.85% 4/1/2024		1,450		1,419
Rakuten Group, Inc. 10.25% 11/30/2024¹		400		397
Raptor Acquisition Corp. 4.875% 11/1/2026¹		550		519
RHP Hotel Properties, LP 7.25% 7/15/2028¹		862		872
Royal Caribbean Cruises, Ltd. 11.50% 6/1/2025¹		1,251		1,328
Royal Caribbean Cruises, Ltd. 4.25% 7/1/2026¹		1,090		1,002
Royal Caribbean Cruises, Ltd. 5.50% 8/31/2026¹		715		679
Royal Caribbean Cruises, Ltd. 5.375% 7/15/2027¹		1,365		1,278
Royal Caribbean Cruises, Ltd. 3.70% 3/15/2028		1,700		1,479
Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028¹		795		742
Royal Caribbean Cruises, Ltd. 8.25% 1/15/2029¹		1,775		1,865
Royal Caribbean Cruises, Ltd. 9.25% 1/15/2029¹		1,010		1,077
Royal Caribbean Cruises, Ltd. 7.25% 1/15/2030¹		553		561
Sally Holdings, LLC 5.625% 12/1/2025		1,030		1,017
Scientific Games Holdings, LP 6.625% 3/1/2030¹		960		846
Scientific Games International, Inc. 8.625% 7/1/2025¹		1,215		1,242
Scientific Games International, Inc. 7.00% 5/15/2028¹		985		981
Scientific Games International, Inc. 7.25% 11/15/2029¹		960		962
Sonic Automotive, Inc. 4.625% 11/15/2029¹		1,630		1,367
Sonic Automotive, Inc. 4.875% 11/15/2031¹		2,260		1,857
Tempur Sealy International, Inc. 4.00% 4/15/2029¹		95		82
The New Home Co., Inc. 7.25% 10/15/2025¹		395		367
Travel + Leisure Co. 4.50% 12/1/2029¹		785		669
Universal Entertainment Corp. 8.75% 12/11/2024¹		2,945		2,904
Vail Resorts, Inc. 6.25% 5/15/2025¹		315		316
WASH Multifamily Acquisition, Inc. 5.75% 4/15/2026¹		1,245		1,164
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/2028¹		910		832
Wynn Resorts Finance, LLC 5.125% 10/1/2029¹		482		432
Wynn Resorts Finance, LLC 7.125% 2/15/2031¹		247		246
Yahoo Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.50%) 10.717% 9/1/2027^4,5		465		445
ZF North America Capital, Inc. 4.75% 4/29/2025¹		300		293
ZF North America Capital, Inc. 7.125% 4/14/2030¹		700		713
				109,204

American Funds Insurance Series

221

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services 10.93%
Altice France Holding SA 10.50% 5/15/2027¹	USD	1,080	$	655
Altice France SA 5.125% 7/15/2029¹		1,677		1,192
CCO Holdings, LLC 5.50% 5/1/2026¹		102		99
CCO Holdings, LLC 5.00% 2/1/2028¹		586		534
CCO Holdings, LLC 5.375% 6/1/2029¹		360		326
CCO Holdings, LLC 6.375% 9/1/2029¹		300		283
CCO Holdings, LLC 4.75% 3/1/2030¹		3,437		2,942
CCO Holdings, LLC 4.50% 8/15/2030¹		3,029		2,525
CCO Holdings, LLC 4.25% 2/1/2031¹		3,000		2,430
CCO Holdings, LLC 4.75% 2/1/2032¹		2,504		2,045
CCO Holdings, LLC 4.50% 5/1/2032		794		635
CCO Holdings, LLC 4.50% 6/1/2033¹		1,330		1,046
CCO Holdings, LLC 4.25% 1/15/2034¹		2,040		1,544
Charter Communications Operating, LLC 2.80% 4/1/2031		140		113
Clear Channel Outdoor Holdings, Inc. 7.75% 4/15/2028¹		570		448
Clear Channel Outdoor Holdings, Inc. 7.50% 6/1/2029¹		315		233
Cogent Communications Group, Inc. 3.50% 5/1/2026¹		690		641
Connect Finco SARL 6.75% 10/1/2026¹		725		705
Consolidated Communications, Inc. 5.00% 10/1/2028¹		225		169
CSC Holdings, LLC 6.50% 2/1/2029¹		600		486
Diamond Sports Group, LLC 5.375% 8/15/2026^1,2		503		17
Diamond Sports Group, LLC 6.625% 8/15/2027^1,2		1,056		27
DIRECTV Financing, LLC 5.875% 8/15/2027¹		2,696		2,445
DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.00%) 10.217% 8/2/2027^4,5		1,571		1,540
DISH DBS Corp. 5.875% 11/15/2024		3,463		3,033
DISH Network Corp. 11.75% 11/15/2027¹		5,765		5,633
Embarq Corp. 7.995% 6/1/2036		3,354		2,032
Epicor Software Corp., Term Loan, (1-month USD CME Term SOFR + 7.75%) 12.952% 7/31/2028^4,5		365		367
Frontier Communications Holdings, LLC 5.875% 10/15/2027¹		1,120		1,029
Frontier Communications Holdings, LLC 5.00% 5/1/2028¹		2,960		2,557
Frontier Communications Holdings, LLC 6.75% 5/1/2029¹		1,240		963
Frontier Communications Holdings, LLC 5.875% 11/1/2029		600		439
Frontier Communications Holdings, LLC 6.00% 1/15/2030¹		750		552
Frontier Communications Holdings, LLC 8.75% 5/15/2030¹		710		695
Gray Escrow II, Inc. 5.375% 11/15/2031¹		2,165		1,437
Gray Television, Inc. 5.875% 7/15/2026¹		2,028		1,820
Gray Television, Inc. 7.00% 5/15/2027¹		1,188		1,015
Gray Television, Inc. 4.75% 10/15/2030¹		717		487
iHeartCommunications, Inc. 5.25% 8/15/2027¹		640		490
iHeartCommunications, Inc. 4.75% 1/15/2028¹		250		189
Lamar Media Corp. 3.75% 2/15/2028		61		56
Lamar Media Corp. 4.875% 1/15/2029		300		279
Lamar Media Corp. 4.00% 2/15/2030		260		228
Lamar Media Corp. 3.625% 1/15/2031		460		388
Level 3 Financing, Inc. 3.75% 7/15/2029¹		550		332
Ligado Networks, LLC 15.50% PIK 11/1/2023^1,3		2,558		985
Ligado Networks, LLC, Term Loan, 15.00% PIK 11/1/2023^3,5,6		220		209
Likewize Corp. 9.75% 10/15/2025¹		140		135
Live Nation Entertainment, Inc. 4.75% 10/15/2027¹		400		374
Live Nation Entertainment, Inc. 3.75% 1/15/2028¹		830		743
Midas OpCo Holdings, LLC 5.625% 8/15/2029¹		2,880		2,468
Netflix, Inc. 4.875% 4/15/2028		310		307
News Corp. 3.875% 5/15/2029¹		1,495		1,314
News Corp. 5.125% 2/15/2032¹		1,760		1,607
Nexstar Media, Inc. 5.625% 7/15/2027¹		324		302
Nexstar Media, Inc. 4.75% 11/1/2028¹		3,475		3,018
Scripps Escrow II, Inc. 3.875% 1/15/2029¹		680		550
Sirius XM Radio, Inc. 3.125% 9/1/2026¹		2,530		2,268
Sirius XM Radio, Inc. 4.00% 7/15/2028¹		3,045		2,649

222	American Funds Insurance Series

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
Sirius XM Radio, Inc. 4.125% 7/1/2030¹	USD	920	$	752
Sirius XM Radio, Inc. 3.875% 9/1/2031¹		2,880		2,230
Sprint Capital Corp. 6.875% 11/15/2028		1,256		1,332
Sprint Capital Corp. 8.75% 3/15/2032		1,751		2,118
Sprint Corp. 7.625% 3/1/2026		480		499
TEGNA, Inc. 5.00% 9/15/2029		366		316
T-Mobile USA, Inc. 3.375% 4/15/2029		860		777
Univision Communications, Inc. 5.125% 2/15/2025¹		3,460		3,391
Univision Communications, Inc. 6.625% 6/1/2027¹		3,150		3,049
Univision Communications, Inc. 4.50% 5/1/2029¹		5,120		4,404
Univision Communications, Inc. 7.375% 6/30/2030¹		1,690		1,611
Univision Communications, Inc., Term Loan, (3-month USD CME Term SOFR + 4.25%) 9.492% 6/24/2029^4,5		69		69
UPC Broadband Finco BV 4.875% 7/15/2031¹		430		354
Virgin Media Secured Finance PLC 4.50% 8/15/2030¹		590		495
VMED O2 UK Financing I PLC 4.25% 1/31/2031¹		2,375		1,922
VZ Secured Financing BV 5.00% 1/15/2032¹		1,060		855
WMG Acquisition Corp. 3.75% 12/1/2029¹		1,735		1,502
WMG Acquisition Corp. 3.875% 7/15/2030¹		580		501
WMG Acquisition Corp. 3.00% 2/15/2031¹		225		182
Ziggo Bond Co. BV 5.125% 2/28/2030¹		419		318
Ziggo BV 4.875% 1/15/2030¹		1,350		1,122
				91,829

Health care 9.92%
1375209 B.C., Ltd. 9.00% 1/30/2028¹		720		723
AdaptHealth, LLC 6.125% 8/1/2028¹		250		217
AdaptHealth, LLC 4.625% 8/1/2029¹		55		44
AdaptHealth, LLC 5.125% 3/1/2030¹		395		320
AthenaHealth Group, Inc. 6.50% 2/15/2030¹		640		539
Avantor Funding, Inc. 4.625% 7/15/2028¹		2,305		2,139
Avantor Funding, Inc. 3.875% 11/1/2029¹		500		438
Bausch Health Americas, Inc. 9.25% 4/1/2026¹		1,789		1,509
Bausch Health Americas, Inc. 8.50% 1/31/2027¹		271		149
Bausch Health Companies, Inc. 5.50% 11/1/2025¹		4,360		3,858
Bausch Health Companies, Inc. 9.00% 12/15/2025¹		1,256		1,097
Bausch Health Companies, Inc. 6.125% 2/1/2027¹		245		157
Bausch Health Companies, Inc. 5.75% 8/15/2027¹		1,095		672
Bausch Health Companies, Inc. 5.00% 1/30/2028¹		982		422
Bausch Health Companies, Inc. 4.875% 6/1/2028¹		3,390		2,022
Bausch Health Companies, Inc. 5.00% 2/15/2029¹		240		101
Bausch Health Companies, Inc. 7.25% 5/30/2029¹		340		145
Bausch Health Companies, Inc. 5.25% 1/30/2030¹		1,952		813
Bausch Health Companies, Inc. 14.00% 10/15/2030¹		550		330
Bausch Health Companies, Inc. 5.25% 2/15/2031¹		3,762		1,576
Catalent Pharma Solutions, Inc. 5.00% 7/15/2027¹		290		266
Catalent Pharma Solutions, Inc. 3.125% 2/15/2029¹		340		277
Catalent Pharma Solutions, Inc. 3.50% 4/1/2030¹		1,248		1,012
Centene Corp. 4.25% 12/15/2027		344		322
Centene Corp. 2.45% 7/15/2028		1,780		1,523
Centene Corp. 4.625% 12/15/2029		1,785		1,645
Centene Corp. 3.375% 2/15/2030		217		187
Centene Corp. 3.00% 10/15/2030		295		246
Centene Corp. 2.50% 3/1/2031		1,125		898
Centene Corp. 2.625% 8/1/2031		825		658
Charles River Laboratories International, Inc. 4.25% 5/1/2028¹		761		697
Charles River Laboratories International, Inc. 3.75% 3/15/2029¹		680		599
CHS / Community Health Systems, Inc. 5.625% 3/15/2027¹		1,575		1,389
CHS / Community Health Systems, Inc. 6.00% 1/15/2029¹		138		116
CHS / Community Health Systems, Inc. 5.25% 5/15/2030¹		1,620		1,278

American Funds Insurance Series

223

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
CHS / Community Health Systems, Inc. 4.75% 2/15/2031¹	USD	1,020	$	772
DaVita, Inc. 4.625% 6/1/2030¹		315		271
Endo DAC 5.875% 10/15/2024¹		520		382
Endo DAC 9.50% 7/31/2027^1,2		311		19
Endo DAC 6.00% 6/30/2028^1,2		2,313		121
Endo Luxembourg Finance Co. I SARL 6.125% 4/1/2029¹		660		489
Fortrea Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 5.05% 6/30/2030^4,5		1,085		1,086
Grifols Escrow Issuer SA 4.75% 10/15/2028¹		630		547
HCA, Inc. 5.625% 9/1/2028		1,300		1,302
HCA, Inc. 5.875% 2/1/2029		255		257
HCA, Inc. 3.50% 9/1/2030		1,215		1,066
HCA, Inc. 4.625% 3/15/2052¹		233		192
HCA, Inc. 7.50% 11/15/2095		250		282
HealthEquity, Inc. 4.50% 10/1/2029¹		795		702
IQVIA, Inc. 5.00% 10/15/2026¹		623		602
IQVIA, Inc. 6.50% 5/15/2030¹		555		561
Jazz Securities DAC 4.375% 1/15/2029¹		461		412
Mallinckrodt International Finance SA 10.00% 4/15/2025¹		579		455
Medline Borrower, LP 3.875% 4/1/2029¹		220		191
Medline Borrower, LP 5.25% 10/1/2029¹		1,810		1,572
Medline Borrower, LP, Term Loan, (3-month USD CME Term SOFR + 3.25%) 8.352% 10/23/2028^4,5		423		419
Molina Healthcare, Inc. 4.375% 6/15/2028¹		1,055		974
Molina Healthcare, Inc. 3.875% 11/15/2030¹		3,034		2,610
Molina Healthcare, Inc. 3.875% 5/15/2032¹		2,400		2,015
Option Care Health, Inc. 4.375% 10/31/2029¹		290		256
Owens & Minor, Inc. 4.375% 12/15/2024		1,185		1,151
Owens & Minor, Inc. 4.50% 3/31/2029¹		1,795		1,492
Owens & Minor, Inc. 6.625% 4/1/2030¹		2,395		2,175
Par Pharmaceutical, Inc. 7.50% 4/1/2027¹		5,640		4,176
Radiology Partners, Inc. 9.25% 2/1/2028¹		1,873		685
Radiology Partners, Inc., Term Loan, (1-month USD CME Term SOFR + 4.25%) 9.467% 7/9/2025^4,5		555		419
RP Escrow Issuer, LLC 5.25% 12/15/2025¹		1,711		1,264
Select Medical Corp. 6.25% 8/15/2026¹		554		545
Surgery Center Holdings, Inc. 10.00% 4/15/2027¹		244		250
Syneos Health, Inc. 3.625% 1/15/2029¹		310		303
Team Health Holdings, Inc. 6.375% 2/1/2025¹		244		130
Team Health Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 10.403% 3/2/2027^4,5		274		191
Tenet Healthcare Corp. 4.875% 1/1/2026		4,425		4,314
Tenet Healthcare Corp. 6.25% 2/1/2027		500		495
Tenet Healthcare Corp. 5.125% 11/1/2027		265		253
Tenet Healthcare Corp. 4.625% 6/15/2028		435		407
Tenet Healthcare Corp. 6.125% 10/1/2028		1,105		1,065
Tenet Healthcare Corp. 4.25% 6/1/2029		1,285		1,162
Tenet Healthcare Corp. 4.375% 1/15/2030		870		786
Tenet Healthcare Corp. 6.125% 6/15/2030		295		291
Tenet Healthcare Corp. 6.75% 5/15/2031¹		1,270		1,275
Tenet Healthcare Corp. 6.875% 11/15/2031		100		100
Teva Pharmaceutical Finance Netherlands III BV 2.80% 7/21/2023		258		258
Teva Pharmaceutical Finance Netherlands III BV 6.00% 4/15/2024		2,312		2,299
Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026		3,074		2,758
Teva Pharmaceutical Finance Netherlands III BV 4.75% 5/9/2027		1,245		1,153
Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028		1,013		999
Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029		5,640		5,122

224	American Funds Insurance Series

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029	USD	400	$	413
Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031		1,054		1,106
Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046		602		397
				83,373

Materials 9.59%
Alcoa Nederland Holding BV 5.50% 12/15/2027¹		510		494
Alcoa Nederland Holding BV 4.125% 3/31/2029¹		430		385
ArcelorMittal SA 7.00% 10/15/2039		488		510
ArcelorMittal SA 6.75% 3/1/2041		755		769
ARD Finance SA 6.50% Cash 6/30/2027^1,3		422		343
Ardagh Metal Packaging Finance USA, LLC 6.00% 6/15/2027¹		200		197
Ardagh Metal Packaging Finance USA, LLC 4.00% 9/1/2029¹		1,055		837
Ardagh Packaging Finance PLC 5.25% 8/15/2027¹		500		424
ATI, Inc. 4.875% 10/1/2029		690		623
ATI, Inc. 5.125% 10/1/2031		1,110		991
Avient Corp. 7.125% 8/1/2030¹		335		339
Axalta Coating Systems, LLC 4.75% 6/15/2027¹		460		434
Ball Corp. 6.875% 3/15/2028		1,065		1,087
Ball Corp. 6.00% 6/15/2029		350		348
Ball Corp. 2.875% 8/15/2030		160		133
Ball Corp. 3.125% 9/15/2031		1,320		1,087
CAN-PACK Spolka Akcyjna 3.875% 11/15/2029¹		1,300		1,060
Cleveland-Cliffs, Inc. 6.75% 3/15/2026¹		487		493
Cleveland-Cliffs, Inc. 7.00% 3/15/2027		297		290
Cleveland-Cliffs, Inc. 5.875% 6/1/2027		3,243		3,168
Cleveland-Cliffs, Inc. 4.625% 3/1/2029¹		1,906		1,719
Cleveland-Cliffs, Inc. 6.75% 4/15/2030¹		455		439
Cleveland-Cliffs, Inc. 4.875% 3/1/2031¹		2,355		2,072
CROWN Americas, LLC 5.25% 4/1/2030		240		228
CVR Partners, LP 6.125% 6/15/2028¹		960		836
Element Solutions, Inc. 3.875% 9/1/2028¹		410		358
First Quantum Minerals, Ltd. 7.50% 4/1/2025¹		3,028		3,028
First Quantum Minerals, Ltd. 6.875% 3/1/2026¹		3,351		3,303
First Quantum Minerals, Ltd. 6.875% 10/15/2027¹		7,610		7,435
Freeport-McMoRan, Inc. 4.25% 3/1/2030		437		403
Freeport-McMoRan, Inc. 5.45% 3/15/2043		411		384
FXI Holdings, Inc. 12.25% 11/15/2026¹		9,072		8,233
FXI Holdings, Inc. 12.25% 11/15/2026¹		5,873		5,300
Graphic Packaging International, LLC 3.75% 2/1/2030¹		490		423
Hexion, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 9.779% 3/15/2029^4,5		216		205
INEOS Finance PLC 6.75% 5/15/2028¹		500		481
Kaiser Aluminum Corp. 4.625% 3/1/2028¹		638		559
LABL, Inc. 10.50% 7/15/2027¹		1,405		1,351
LABL, Inc. 5.875% 11/1/2028¹		730		665
LABL, Inc. 9.50% 11/1/2028¹		162		165
LABL, Inc. 8.25% 11/1/2029¹		715		599
LSB Industries, Inc. 6.25% 10/15/2028¹		2,445		2,185
Mauser Packaging Solutions Holding Co. 7.875% 8/15/2026¹		382		380
Mauser Packaging Solutions Holding Co. 9.25% 4/15/2027¹		625		578
Methanex Corp. 5.125% 10/15/2027		3,600		3,355
Methanex Corp. 5.25% 12/15/2029		637		583
Methanex Corp. 5.65% 12/1/2044		465		382
Mineral Resources, Ltd. 8.125% 5/1/2027¹		138		138
Mineral Resources, Ltd. 8.00% 11/1/2027¹		1,344		1,343
Mineral Resources, Ltd. 8.50% 5/1/2030¹		1,085		1,090
Nova Chemicals Corp. 4.875% 6/1/2024¹		760		743
Nova Chemicals Corp. 5.25% 6/1/2027¹		1,431		1,274
Nova Chemicals Corp. 4.25% 5/15/2029¹		1,555		1,271

American Funds Insurance Series

225

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Materials (continued)
Novelis Corp. 3.25% 11/15/2026¹	USD	825	$	748
Novelis Corp. 4.75% 1/30/2030¹		563		501
Novelis Corp. 3.875% 8/15/2031¹		1,122		925
Olin Corp. 5.625% 8/1/2029		200		193
Olin Corp. 5.00% 2/1/2030		180		166
Olympus Water US Holding Corp. 9.75% 11/15/2028¹		1,470		1,436
Owens-Brockway Glass Container, Inc. 6.375% 8/15/2025¹		265		266
SCIH Salt Holdings, Inc. 4.875% 5/1/2028¹		660		590
SCIH Salt Holdings, Inc. 6.625% 5/1/2029¹		1,225		1,028
Scotts Miracle-Gro Co. 4.50% 10/15/2029		379		326
Scotts Miracle-Gro Co. 4.375% 2/1/2032		455		359
Sealed Air Corp. 4.00% 12/1/2027¹		316		289
Sealed Air Corp. 6.125% 2/1/2028¹		657		653
SPCM SA 3.375% 3/15/2030¹		400		333
Summit Materials, LLC 6.50% 3/15/2027¹		360		358
Summit Materials, LLC 5.25% 1/15/2029¹		755		714
Trident TPI Holdings, Inc. 12.75% 12/31/2028¹		470		488
Trivium Packaging Finance BV 5.50% 8/15/2026¹		330		317
Trivium Packaging Finance BV 8.50% 8/15/2027¹		903		870
Tronox, Inc. 4.625% 3/15/2029¹		730		607
Valvoline, Inc. 4.25% 2/15/2030¹		353		347
Valvoline, Inc. 3.625% 6/15/2031¹		410		334
Venator Finance SARL 9.50% 7/1/2025^1,2		1,763		1,349
Venator Finance SARL 5.75% 7/15/2025^1,2		3,501		83
Venator Finance SARL, Term Loan, 15.05% 9/14/2023^4,5		452		466
Venator Finance SARL, Term Loan, (USD Prime Rate + 4.00%) 0% 8/8/2024^2,4,5		149		83
Warrior Met Coal, Inc. 7.875% 12/1/2028¹		1,235		1,242
				80,591

Industrials 8.11%
AAdvantage Loyalty IP, Ltd. 5.50% 4/20/2026¹		755		749
ADT Security Corp. 4.125% 8/1/2029¹		200		173
Allison Transmission, Inc. 3.75% 1/30/2031¹		1,235		1,044
Ashtead Capital, Inc. 5.50% 8/11/2032¹		400		387
Atkore, Inc. 4.25% 6/1/2031¹		385		334
Avis Budget Car Rental, LLC 5.75% 7/15/2027¹		885		837
Avis Budget Car Rental, LLC 5.375% 3/1/2029¹		1,325		1,230
Avolon Holdings Funding, Ltd. 5.25% 5/15/2024¹		660		649
Avolon Holdings Funding, Ltd. 2.528% 11/18/2027¹		2,098		1,771
Bombardier, Inc. 7.50% 3/15/2025¹		256		257
Bombardier, Inc. 7.125% 6/15/2026¹		3,500		3,480
Bombardier, Inc. 7.875% 4/15/2027¹		2,358		2,355
Bombardier, Inc. 6.00% 2/15/2028¹		1,010		956
Bombardier, Inc. 7.50% 2/1/2029¹		852		843
Bombardier, Inc. 7.45% 5/1/2034¹		115		131
BWX Technologies, Inc. 4.125% 6/30/2028¹		515		470
BWX Technologies, Inc. 4.125% 4/15/2029¹		1,005		909
Chart Industries, Inc. 7.50% 1/1/2030¹		523		534
Clarivate Science Holdings Corp. 3.875% 7/1/2028¹		1,070		950
Clarivate Science Holdings Corp. 4.875% 7/1/2029¹		985		875
Clean Harbors, Inc. 4.875% 7/15/2027¹		766		734
Clean Harbors, Inc. 5.125% 7/15/2029¹		265		251
Clean Harbors, Inc. 6.375% 2/1/2031¹		601		605
CoreLogic, Inc. 4.50% 5/1/2028¹		4,589		3,705
CoreLogic, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 7.00% 6/4/2029^4,5		660		537
Covanta Holding Corp. 4.875% 12/1/2029¹		1,105		957
Covanta Holding Corp. 5.00% 9/1/2030		1,455		1,237
Covanta Holding Corp., Term Loan B, (3-month USD CME Term SOFR + 3.00%) 8.174% 11/30/2028^4,5		231		229

226	American Funds Insurance Series

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
Covanta Holding Corp., Term Loan C, (3-month USD CME Term SOFR + 3.00%) 8.30% 11/30/2028^4,5	USD	14	$	13
Enviri Corp. 5.75% 7/31/2027¹		395		344
Garda World Security Corp. 6.00% 6/1/2029¹		150		123
GFL Environmental, Inc. 3.50% 9/1/2028¹		470		419
Herc Holdings, Inc. 5.50% 7/15/2027¹		200		192
Howmet Aerospace, Inc. 5.95% 2/1/2037		455		464
Icahn Enterprises, LP 4.75% 9/15/2024		1,405		1,344
Icahn Enterprises, LP 6.375% 12/15/2025		161		150
Icahn Enterprises, LP 6.25% 5/15/2026		517		471
Icahn Enterprises, LP 5.25% 5/15/2027		579		500
Icahn Enterprises, LP 4.375% 2/1/2029		675		531
KKR Apple Bidco, LLC, Term Loan B, (1-month USD CME Term SOFR + 4.00%) 9.102% 9/22/2028^4,5		1,117		1,115
LSC Communications, Inc. 8.75% 10/15/2023^1,2,6		8,933		27
LSC Communications, Inc., Term Loan B, (3-month USD-LIBOR + 4.50%) 7.75% 9/30/2022^2,4,5,6		301		1
Masonite International Corp. 3.50% 2/15/2030¹		530		446
MasTec, Inc. 4.50% 8/15/2028¹		460		425
Mileage Plus Holdings, LLC 6.50% 6/20/2027¹		2,961		2,971
Mueller Water Products, Inc. 4.00% 6/15/2029¹		275		244
Park River Holdings, Inc. 5.625% 2/1/2029¹		775		602
PGT Innovations, Inc. 4.375% 10/1/2029¹		560		523
Pitney Bowes, Inc. 6.875% 3/15/2027¹		600		445
PM General Purchaser, LLC 9.50% 10/1/2028¹		2,300		2,253
Prime Security Services Borrower, LLC 3.375% 8/31/2027¹		475		419
R.R. Donnelley & Sons Co. 6.125% 11/1/2026¹		375		375
Regal Rexnord Corp. 6.40% 4/15/2033¹		955		955
Ritchie Bros. Holdings, Inc. 6.75% 3/15/2028¹		611		617
Ritchie Bros. Holdings, Inc. 7.75% 3/15/2031¹		2,743		2,849
Roller Bearing Company of America, Inc. 4.375% 10/15/2029¹		170		153
Rolls-Royce PLC 5.75% 10/15/2027¹		515		504
Sabre GLBL, Inc. 9.25% 4/15/2025¹		140		131
Sabre GLBL, Inc. 7.375% 9/1/2025¹		133		118
Sabre GLBL, Inc. 11.25% 12/15/2027¹		247		209
Sensata Technologies, Inc. 3.75% 2/15/2031¹		500		428
SkyMiles IP, Ltd. 4.75% 10/20/2028¹		975		947
Spirit AeroSystems, Inc. 7.50% 4/15/2025¹		175		173
Spirit AeroSystems, Inc. 4.60% 6/15/2028		1,480		1,243
Spirit AeroSystems, Inc. 9.375% 11/30/2029¹		1,096		1,175
Spirit AeroSystems, Inc., Term Loan, (3-month CME Term SOFR + 4.50%) 9.545% 1/15/2027^4,5		763		766
SRS Distribution, Inc. 4.625% 7/1/2028¹		480		429
Stericycle, Inc. 5.375% 7/15/2024¹		585		578
Stericycle, Inc. 3.875% 1/15/2029¹		940		836
The Brink’s Co. 4.625% 10/15/2027¹		719		668
The Dun & Bradstreet Corp. 5.00% 12/15/2029¹		1,235		1,090
The Hertz Corp. 5.00% 12/1/2029¹		490		406
Titan International, Inc. 7.00% 4/30/2028		750		702
TK Elevator U.S. Newco, Inc. 5.25% 7/15/2027¹		1,495		1,383
TransDigm UK Holdings PLC 6.875% 5/15/2026		710		704
TransDigm, Inc. 6.25% 3/15/2026¹		1,638		1,631
TransDigm, Inc. 6.375% 6/15/2026		240		237
TransDigm, Inc. 5.50% 11/15/2027		1,030		973
TransDigm, Inc. 6.75% 8/15/2028¹		690		693
Triumph Group, Inc. 7.75% 8/15/2025		685		667
Triumph Group, Inc. 9.00% 3/15/2028¹		1,642		1,679
United Airlines, Inc. 4.375% 4/15/2026¹		285		271
United Airlines, Inc. 4.625% 4/15/2029¹		645		588
United Rentals (North America), Inc. 6.00% 12/15/2029¹		115		115
United Rentals (North America), Inc. 3.875% 2/15/2031		525		455

American Funds Insurance Series

227

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
United Rentals (North America), Inc. 3.75% 1/15/2032	USD	450	$	382
WESCO Distribution, Inc. 7.125% 6/15/2025¹		675		683
WESCO Distribution, Inc. 7.25% 6/15/2028¹		580		592
XPO, Inc. 7.125% 6/1/2031¹		533		538
				68,154

Financials 7.59%
Advisor Group Holdings, Inc. 10.75% 8/1/2027¹		3,890		3,920
AG Issuer, LLC 6.25% 3/1/2028¹		2,431		2,318
AG TTMT Escrow Issuer, LLC 8.625% 9/30/2027¹		1,058		1,085
Alliant Holdings Intermediate, LLC 4.25% 10/15/2027¹		890		800
Alliant Holdings Intermediate, LLC 6.75% 10/15/2027¹		1,741		1,639
Alliant Holdings Intermediate, LLC 5.875% 11/1/2029¹		1,560		1,359
AmWINS Group, Inc. 4.875% 6/30/2029¹		1,370		1,239
Aretec Escrow Issuer, Inc. 7.50% 4/1/2029¹		2,948		2,564
Ascensus, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 11.688% 8/2/2029^4,5		1,245		1,121
AssuredPartners, Inc. 5.625% 1/15/2029¹		365		316
Blackstone Private Credit Fund 7.05% 9/29/2025		640		639
Block, Inc. 2.75% 6/1/2026		1,455		1,326
Block, Inc. 3.50% 6/1/2031		1,645		1,365
BroadStreet Partners, Inc. 5.875% 4/15/2029¹		575		499
Castlelake Aviation Finance DAC 5.00% 4/15/2027¹		835		740
Coinbase Global, Inc. 3.375% 10/1/2028¹		1,330		891
Coinbase Global, Inc. 3.625% 10/1/2031¹		1,620		959
Compass Group Diversified Holdings, LLC 5.25% 4/15/2029¹		4,150		3,642
Compass Group Diversified Holdings, LLC 5.00% 1/15/2032¹		1,230		997
Credit Acceptance Corp. 5.125% 12/31/2024¹		275		267
Fortrea Holdings, Inc. 7.50% 7/1/2030¹		1,000		1,025
GTCR (AP) Finance, Inc. 8.00% 5/15/2027¹		437		429
Hightower Holding, LLC 6.75% 4/15/2029¹		1,280		1,108
HUB International, Ltd. 7.00% 5/1/2026¹		1,745		1,743
HUB International, Ltd. 5.625% 12/1/2029¹		240		216
HUB International, Ltd. 7.25% 6/15/2030¹		997		1,030
HUB International, Ltd., Term Loan B, (3-month USD CME Term SOFR + 4.25%) 9.40% 6/20/2030^4,5		824		826
Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032¹		725		627
JPMorgan Chase & Co. 2.956% 5/13/2031 (USD-SOFR + 2.515% on 5/13/2030)⁷		160		137
LPL Holdings, Inc. 4.625% 11/15/2027¹		1,592		1,494
LPL Holdings, Inc. 4.00% 3/15/2029¹		1,495		1,313
LPL Holdings, Inc. 4.375% 5/15/2031¹		1,135		982
MGIC Investment Corp. 5.25% 8/15/2028		525		496
MSCI, Inc. 4.00% 11/15/2029¹		555		503
MSCI, Inc. 3.625% 9/1/2030¹		21		18
MSCI, Inc. 3.875% 2/15/2031¹		1,700		1,475
MSCI, Inc. 3.625% 11/1/2031¹		1,941		1,659
MSCI, Inc. 3.25% 8/15/2033¹		1,269		1,023
Navient Corp. 6.125% 3/25/2024		1,047		1,040
Navient Corp. 5.875% 10/25/2024		1,295		1,274
Navient Corp. 6.75% 6/25/2025		550		541
Navient Corp. 6.75% 6/15/2026		640		618
Navient Corp. 5.00% 3/15/2027		2,883		2,582
Navient Corp. 4.875% 3/15/2028		320		274
Navient Corp. 5.50% 3/15/2029		2,280		1,946
Navient Corp. 9.375% 7/25/2030		200		199
Navient Corp. 5.625% 8/1/2033		1,478		1,113
NFP Corp. 6.875% 8/15/2028¹		1,030		896
OneMain Finance Corp. 7.125% 3/15/2026		1,335		1,313
Owl Rock Capital Corp. 3.75% 7/22/2025		600		556
Owl Rock Capital Corp. 3.40% 7/15/2026		290		257
Owl Rock Capital Corp. II 4.625% 11/26/2024¹		450		427

228	American Funds Insurance Series

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Owl Rock Capital Corp. III 3.125% 4/13/2027	USD	600	$	509
Owl Rock Core Income Corp. 4.70% 2/8/2027		800		727
Oxford Finance, LLC 6.375% 2/1/2027¹		1,763		1,642
Rocket Mortgage, LLC 2.875% 10/15/2026¹		520		461
Ryan Specialty Group, LLC 4.375% 2/1/2030¹		615		545
Starwood Property Trust, Inc. 4.375% 1/15/2027¹		660		569
WeWork Companies, LLC 6.00% PIK and 5.00% Cash 8/15/2027^1,3		2,239		937
WeWork Companies, LLC 8.00% PIK and 7.00% Cash 8/15/2027^1,3		1,784		1,582
				63,798

Information technology 5.49%
Almonde, Inc., Term Loan B, (3-month USD-LIBOR + 3.50%) 9.231% 6/13/2024^4,5		1,222		1,177
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 12.405% 6/13/2025^4,5		4,424		4,020
Black Knight InfoServ, LLC 3.625% 9/1/2028¹		410		368
BMC Software, Inc., Term Loan, (3-month USD CME Term SOFR + 5.50%) 10.717% 2/27/2026^4,5		720		704
Booz Allen Hamilton, Inc. 3.875% 9/1/2028¹		450		407
Booz Allen Hamilton, Inc. 4.00% 7/1/2029¹		580		520
Boxer Parent Co., Inc. 7.125% 10/2/2025¹		180		180
Boxer Parent Co., Inc. 9.125% 3/1/2026¹		240		239
CDK Global, Inc. 7.25% 6/15/2029¹		610		604
Cloud Software Group, Inc. 6.50% 3/31/2029¹		550		490
Cloud Software Group, Inc. 9.00% 9/30/2029¹		2,995		2,619
CommScope Technologies, LLC 6.00% 6/15/2025¹		1,774		1,656
CommScope Technologies, LLC 5.00% 3/15/2027¹		645		450
CommScope, Inc. 6.00% 3/1/2026¹		695		649
CommScope, Inc. 8.25% 3/1/2027¹		977		783
CommScope, Inc. 7.125% 7/1/2028¹		534		380
Condor Merger Sub, Inc. 7.375% 2/15/2030¹		685		596
Diebold Nixdorf Dutch Holding BV 9.00% 7/15/2025²	EUR	1,227		249
Diebold Nixdorf, Inc. 9.375% 7/15/2025^1,2	USD	7,523		1,392
Diebold Nixdorf, Inc., units, 8.50% PIK or 8.50% Cash 10/15/2026^1,2,3		1,324		20
Diebold Nixdorf, Inc., Term Loan B1, (USD-SOFR + 7.50%) 11.50% 10/2/2023^4,5		6,289		5,959
Diebold Nixdorf, Inc., Term Loan B2, (USD-SOFR + 7.50%) 11.50% 10/2/2023^4,5		4,070		3,857
Diebold Nixdorf, Inc., Term Loan, (3-month USD CME Term SOFR + 5.25%) 10.479% 7/15/2025^2,4,5		3,351		603
Entegris Escrow Corp. 4.75% 4/15/2029¹		370		344
EquipmentShare.com, Inc. 9.00% 5/15/2028¹		1,850		1,798
Fair Isaac Corp. 4.00% 6/15/2028¹		770		707
Finastra, Ltd., Term Loan B, (3-month EUR-EURIBOR + 3.00%) 6.134% 6/13/2024^4,5	EUR	842		870
Gartner, Inc. 4.50% 7/1/2028¹	USD	1,863		1,742
Gartner, Inc. 3.625% 6/15/2029¹		19		17
Gartner, Inc. 3.75% 10/1/2030¹		1,001		873
Go Daddy Operating Co., LLC 5.25% 12/1/2027¹		390		371
Go Daddy Operating Co., LLC 3.50% 3/1/2029¹		505		433
Imola Merger Corp. 4.75% 5/15/2029¹		300		261
MicroStrategy, Inc. 6.125% 6/15/2028¹		325		292
NCR Corp. 5.125% 4/15/2029¹		1,759		1,559
NCR Corp. 6.125% 9/1/2029¹		475		476
Open Text Corp., Term Loan B, (3-month USD CME Term SOFR + 3.50%) 8.702% 1/31/2030^4,5		353		354
Rocket Software, Inc. 6.50% 2/15/2029¹		455		384
Synaptics, Inc. 4.00% 6/15/2029¹		375		315
Tibco Software, Inc., Term Loan A, (3-month USD CME Term SOFR + 4.50%) 9.842% 9/29/2028^4,5		1,251		1,172
UKG, Inc., Term Loan, (1-month USD CME Term SOFR + 4.50%) 4.50% 5/4/2026^4,5		675		675
UKG, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 8.271% 5/4/2026^4,5		463		455
UKG, Inc., Term Loan, (3-month USD CME Term SOFR + 5.25%) 10.271% 5/3/2027^4,5		905		878
Unisys Corp. 6.875% 11/1/2027¹		975		703

American Funds Insurance Series

229

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Information technology (continued)
Viavi Solutions, Inc. 3.75% 10/1/2029¹	USD	230	$	196
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)^6,7,8		3,110		2,986
Xerox Holdings Corp. 5.50% 8/15/2028¹		435		370
				46,153

Consumer staples 4.20%
Albertsons Companies, Inc. 3.25% 3/15/2026¹		240		222
Albertsons Companies, Inc. 4.625% 1/15/2027¹		900		854
Albertsons Companies, Inc. 3.50% 3/15/2029¹		3,468		3,005
Albertsons Companies, Inc. 4.875% 2/15/2030¹		615		568
B&G Foods, Inc. 5.25% 4/1/2025		1,377		1,317
B&G Foods, Inc. 5.25% 9/15/2027		2,093		1,821
BJ’s Wholesale Club, Term Loan, (3-month USD CME Term SOFR + 2.75%) 7.891% 2/3/2027^4,5		250		251
Central Garden & Pet Co. 4.125% 10/15/2030		720		604
Central Garden & Pet Co. 4.125% 4/30/2031¹		880		727
Coty, Inc. 5.00% 4/15/2026¹		700		672
Coty, Inc. 6.50% 4/15/2026¹		460		456
Coty, Inc. 4.75% 1/15/2029¹		1,475		1,362
Darling Ingredients, Inc. 6.00% 6/15/2030¹		1,635		1,598
Energizer Holdings, Inc. 4.375% 3/31/2029¹		655		565
H.J. Heinz Co. 3.875% 5/15/2027		275		264
H.J. Heinz Co. 4.375% 6/1/2046		306		260
Ingles Markets, Inc. 4.00% 6/15/2031¹		345		290
Kronos Acquisition Holdings, Inc. 5.00% 12/31/2026¹		2,148		1,968
Kronos Acquisition Holdings, Inc. 7.00% 12/31/2027¹		3,275		2,903
Lamb Weston Holdings, Inc. 4.125% 1/31/2030¹		2,280		2,040
Lamb Weston Holdings, Inc. 4.375% 1/31/2032¹		800		715
Nestle Skin Health SA, Term Loan B3, (3-month USD CME Term SOFR + 3.75%) 9.092% 10/1/2026^4,5		780		777
Performance Food Group, Inc. 5.50% 10/15/2027¹		705		680
Performance Food Group, Inc. 4.25% 8/1/2029¹		483		430
Post Holdings, Inc. 5.625% 1/15/2028¹		1,199		1,154
Post Holdings, Inc. 5.50% 12/15/2029¹		451		417
Post Holdings, Inc. 4.625% 4/15/2030¹		3,355		2,944
Post Holdings, Inc. 4.50% 9/15/2031¹		1,350		1,154
Prestige Brands, Inc. 5.125% 1/15/2028¹		103		98
Prestige Brands, Inc. 3.75% 4/1/2031¹		1,275		1,057
Simmons Foods, Inc. 4.625% 3/1/2029¹		993		797
TreeHouse Foods, Inc. 4.00% 9/1/2028		1,415		1,221
United Natural Foods, Inc. 6.75% 10/15/2028¹		2,030		1,685
US Foods, Inc. 4.625% 6/1/2030¹		460		413
				35,289

Real estate 3.76%
Anywhere Real Estate Group, LLC 5.75% 1/15/2029¹		1,008		755
Anywhere Real Estate Group, LLC 5.25% 4/15/2030¹		977		695
Brookfield Property REIT, Inc. 5.75% 5/15/2026¹		1,304		1,196
Brookfield Property REIT, Inc. 4.50% 4/1/2027¹		574		484
Forestar Group, Inc. 3.85% 5/15/2026¹		465		428
Forestar Group, Inc. 5.00% 3/1/2028¹		92		84
Howard Hughes Corp. 5.375% 8/1/2028¹		1,327		1,183
Howard Hughes Corp. 4.125% 2/1/2029¹		2,043		1,693
Howard Hughes Corp. 4.375% 2/1/2031¹		2,363		1,888
Iron Mountain, Inc. 4.875% 9/15/2027¹		1,616		1,528
Iron Mountain, Inc. 5.25% 3/15/2028¹		1,214		1,136
Iron Mountain, Inc. 5.00% 7/15/2028¹		367		340
Iron Mountain, Inc. 7.00% 2/15/2029¹		210		211
Iron Mountain, Inc. 5.25% 7/15/2030¹		2,880		2,598
Iron Mountain, Inc. 4.50% 2/15/2031¹		1,330		1,144

230	American Funds Insurance Series

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Real estate (continued)
Kennedy-Wilson, Inc. 4.75% 3/1/2029	USD	2,170	$	1,718
Kennedy-Wilson, Inc. 4.75% 2/1/2030		2,545		1,922
Kennedy-Wilson, Inc. 5.00% 3/1/2031		1,970		1,476
Ladder Capital Finance Holdings LLLP 5.25% 10/1/2025¹		740		699
Ladder Capital Finance Holdings LLLP 4.25% 2/1/2027¹		1,534		1,334
Ladder Capital Finance Holdings LLLP 4.75% 6/15/2029¹		190		155
MPT Operating Partnership, LP 5.00% 10/15/2027		638		537
MPT Operating Partnership, LP 3.50% 3/15/2031		239		165
Park Intermediate Holdings, LLC 4.875% 5/15/2029¹		820		707
RHP Hotel Properties, LP 4.50% 2/15/2029¹		620		549
RLJ Lodging Trust, LP 3.75% 7/1/2026¹		250		230
RLJ Lodging Trust, LP 4.00% 9/15/2029¹		800		671
Service Properties Trust 4.35% 10/1/2024		265		255
Service Properties Trust 4.50% 3/15/2025		325		307
Service Properties Trust 4.75% 10/1/2026		310		270
Service Properties Trust 4.95% 2/15/2027		651		557
Service Properties Trust 3.95% 1/15/2028		985		773
Service Properties Trust 4.95% 10/1/2029		1,235		960
Service Properties Trust 4.375% 2/15/2030		80		60
VICI Properties, LP 5.625% 5/1/2024¹		447		445
VICI Properties, LP 3.50% 2/15/2025¹		261		250
VICI Properties, LP 4.625% 6/15/2025¹		620		600
VICI Properties, LP 4.25% 12/1/2026¹		462		433
VICI Properties, LP 3.875% 2/15/2029¹		650		571
VICI Properties, LP 4.625% 12/1/2029¹		90		82
VICI Properties, LP 4.125% 8/15/2030¹		93		82
Xenia Hotels & Resorts, Inc. 6.375% 8/15/2025¹		405		398
				31,569

Utilities 2.09%
AmeriGas Partners, LP 5.75% 5/20/2027		302		278
Calpine Corp. 4.50% 2/15/2028¹		150		136
Calpine Corp. 5.125% 3/15/2028¹		518		463
Calpine Corp. 3.75% 3/1/2031¹		500		406
DPL, Inc. 4.125% 7/1/2025		555		529
Emera, Inc. 6.75% 6/15/2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)⁷		1,155		1,121
FirstEnergy Corp. 2.65% 3/1/2030		174		147
FirstEnergy Corp. 2.25% 9/1/2030		980		796
FirstEnergy Corp. 7.375% 11/15/2031		337		385
FirstEnergy Corp. 3.40% 3/1/2050		510		352
FirstEnergy Corp., Series C, 5.10% 7/15/2047		475		427
FirstEnergy Transmission, LLC 2.866% 9/15/2028¹		265		234
FirstEnergy Transmission, LLC 4.55% 4/1/2049¹		100		84
NextEra Energy Operating Partners, LP 4.25% 7/15/2024¹		122		119
NRG Energy, Inc. 3.625% 2/15/2031¹		110		86
Pacific Gas and Electric Co. 1.70% 11/15/2023		300		295
Pacific Gas and Electric Co. 3.45% 7/1/2025		300		283
Pacific Gas and Electric Co. 3.30% 3/15/2027		195		177
Pacific Gas and Electric Co. 5.45% 6/15/2027		335		326
Pacific Gas and Electric Co. 2.10% 8/1/2027		116		99
Pacific Gas and Electric Co. 3.30% 12/1/2027		124		109
Pacific Gas and Electric Co. 3.75% 7/1/2028		10		9
Pacific Gas and Electric Co. 4.55% 7/1/2030		213		193
Pacific Gas and Electric Co. 2.50% 2/1/2031		393		308
Pacific Gas and Electric Co. 3.25% 6/1/2031		107		87
Pacific Gas and Electric Co. 3.30% 8/1/2040		280		189
Pacific Gas and Electric Co. 3.50% 8/1/2050		1,000		637
PG&E Corp. 5.00% 7/1/2028		3,150		2,893
PG&E Corp. 5.25% 7/1/2030		3,335		2,992

American Funds Insurance Series

231

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Talen Energy Supply, LLC 8.625% 6/1/2030¹	USD	2,087	$	2,162
Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029¹		1,190		1,041
Vistra Operations Co., LLC 3.55% 7/15/2024¹		231		223
				17,586

Total corporate bonds, notes & loans				755,559

Mortgage-backed obligations 0.07%
Collateralized mortgage-backed obligations 0.07%
Treehouse Park Improvement Association No. 1 9.75% 12/1/2033^1,6		712		630

Total bonds, notes & other debt instruments (cost: $840,897,000)				756,189

Convertible bonds & notes 0.05%
Communication services 0.04%
DISH Network Corp., convertible notes, 3.375% 8/15/2026		635		325

Energy 0.01%
Mesquite Energy, Inc., convertible notes, 13.14% Cash 7/15/2023^1,3,6		79		79

Total convertible bonds & notes (cost: $722,000)				404

Convertible stocks 0.06%		Shares
Utilities 0.06%
PG&E Corp., convertible preferred units, 5.50% 8/16/2023		3,350		501

Total convertible stocks (cost: $282,000)				501

Common stocks 4.34%
Health care 2.52%
Rotech Healthcare, Inc.^6,8,9		201,793		21,188

Energy 0.86%
Chesapeake Energy Corp.		29,829		2,496
Ascent Resources - Utica, LLC, Class A^6,8,9		6,297,894		1,512
Weatherford International⁹		14,559		967
California Resources Corp.		17,202		779
Altera Infrastructure, LP^6,9		8,285		696
Constellation Oil Services Holding SA, Class B-1^6,9		3,449,949		379
Diamond Offshore Drilling, Inc.⁹		18,372		262
Denbury, Inc.⁹		880		76
Mesquite Energy, Inc.^6,9		3,558		21
McDermott International, Ltd.⁹		82,509		15
Bighorn Permian Resources, LLC⁶		2,894		—	¹⁰
				7,203

Utilities 0.65%
Talen Energy Corp.⁹		109,720		5,502

Consumer discretionary 0.22%
NMG Parent, LLC^6,9		9,965		1,196
MYT Holding Co., Class B^6,9		608,846		609
				1,805

232	American Funds Insurance Series

American High-Income Trust (continued)

Common stocks (continued)	Shares		Value (000)
Financials 0.04%
Navient Corp.		20,000	$	372

Communication services 0.03%
Intelsat SA^6,9		8,164		188
iHeartMedia, Inc., Class A⁹		22,639		82
				270

Real estate 0.02%
WeWork, Inc., Class A⁹		483,570		124

Total common stocks (cost: $16,697,000)				36,464

Preferred securities 0.29%
Consumer discretionary 0.20%
MYT Holdings, LLC, Series A, 10.00% preferred shares^6,9		2,095,904		1,677


Industrials 0.09%
ACR III LSC Holdings, LLC, Series B, preferred shares^1,6,9		1,022		764

Total preferred securities (cost: $2,933,000)				2,441

Rights & warrants 0.04%
Consumer discretionary 0.04%
NMG Parent, LLC, warrants, expire 9/24/2027^6,9		27,111		369

Communication services 0.00%
Intelsat Jackson Holdings SA (CVR), Series A^6,9		855		6
Intelsat Jackson Holdings SA (CVR), Series B^6,9		855		4
				10

Total rights & warrants (cost: $173,000)				379

Short-term securities 3.97%
Money market investments 3.97%
Capital Group Central Cash Fund 5.15%^11,12		333,371		33,341

Total short-term securities (cost: $33,328,000)				33,341
Total investment securities 98.72% (cost: $895,032,000)				829,719
Other assets less liabilities 1.28%				10,743

Net assets 100.00%			$	840,462

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized (depreciation) appreciation at 6/30/2023 (000)
2 Year U.S. Treasury Note Futures	Long	31	September 2023	USD	6,304			$	(53	)
5 Year U.S. Treasury Note Futures	Long	5	September 2023		535				(8	)
10 Year Ultra U.S. Treasury Note Futures	Short	8	September 2023		(947	)			11

American Funds Insurance Series

233

American High-Income Trust (continued)

Futures contracts (continued)

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized (depreciation) appreciation at 6/30/2023 (000)
10 Year U.S. Treasury Note Futures	Short	14	September 2023	USD	(1,572	)		$	24
30 Year Ultra U.S. Treasury Bond Futures	Short	1	September 2023		(136	)			(2	)
								$	(28	)

Swap contracts

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Reference index		Financing rate paid		Payment frequency		Expiration date		Notional amount (000)		Value at 6/30/2023 (000)					Upfront premium received (000)					Unrealized depreciation at 6/30/2023 (000)
CDX.NA.HY.40		5.00%		Quarterly		6/20/2028		USD 13,235			$	(366	)			$	(162	)			$	(204	)

Investments in affiliates¹²

	Value of affiliate at 1/1/2023 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized appreciation (000)		Value of affiliate at 6/30/2023 (000)		Dividend income (000)
Short-term securities 3.97%
Money market investments 3.97%
Capital Group Central Cash Fund 5.15%¹¹	$	38,565	$	107,171	$	112,402	$	3	$	4	$	33,341	$	982

Restricted securities⁸

	Acquisition date	Cost (000)		Value (000)		Percent of net assets
Rotech Healthcare, Inc.^6,9	9/26/2013	$	4,331	$	21,188		2.52	%
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)^6,7	6/23/2023		2,986		2,986		.36
Ascent Resources - Utica, LLC, Class A^6,9	11/15/2016		302		1,512		.18
Total		$	7,619	$	25,686		3.06	%

234	American Funds Insurance Series

American High-Income Trust (continued)

¹	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $545,350,000, which represented 64.89% of the net assets of the fund.
²	Scheduled interest and/or principal payment was not received.
³	Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.
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.
⁵	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $35,108,000, which represented 4.18% of the net assets of the fund.
⁶	Value determined using significant unobservable inputs.
⁷	Step bond; coupon rate may change at a later date.
⁸	Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $25,686,000, which represented 3.06% of the net assets of the fund.
⁹	Security did not produce income during the last 12 months.
¹⁰	Amount less than one thousand.
¹¹	Rate represents the seven-day yield at 6/30/2023.
¹²	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviations
CME = CME Group
CVR = Contingent Value Rights
DAC = Designated Activity Company
EUR = Euros
EURIBOR = Euro Interbank Offered Rate
LIBOR = London Interbank Offered Rate
PIK = Payment In Kind
REIT = Real Estate Investment Trust
SOFR = Secured Overnight Financing Rate
USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series

235

American Funds Mortgage Fund
Investment portfolio June 30, 2023	unaudited

Bonds, notes & other debt instruments 98.21%	Principal amount (000)			Value (000)
Mortgage-backed obligations 90.32%
Federal agency mortgage-backed obligations 87.34%
Fannie Mae Pool #695412 5.00% 6/1/2033¹	USD	—	²	$	—	²
Fannie Mae Pool #AD3566 5.00% 10/1/2035¹		1			1
Fannie Mae Pool #256583 5.00% 12/1/2036¹		31			31
Fannie Mae Pool #931768 5.00% 8/1/2039¹		1			1
Fannie Mae Pool #AC0794 5.00% 10/1/2039¹		5			5
Fannie Mae Pool #932606 5.00% 2/1/2040¹		2			2
Fannie Mae Pool #BQ7816 1.50% 4/1/2041¹		258			210
Fannie Mae Pool #BR0986 1.50% 5/1/2041¹		341			277
Fannie Mae Pool #AE1248 5.00% 6/1/2041¹		8			8
Fannie Mae Pool #MA4387 2.00% 7/1/2041¹		18			16
Fannie Mae Pool #MA4388 2.50% 7/1/2041¹		87			76
Fannie Mae Pool #MA4447 2.50% 10/1/2041¹		183			160
Fannie Mae Pool #FM9117 2.50% 10/1/2041¹		105			92
Fannie Mae Pool #AJ1873 4.00% 10/1/2041¹		6			6
Fannie Mae Pool #AE1274 5.00% 10/1/2041¹		6			6
Fannie Mae Pool #AE1277 5.00% 11/1/2041¹		4			4
Fannie Mae Pool #MA4501 2.00% 12/1/2041¹		356			301
Fannie Mae Pool #MA4502 2.50% 12/1/2041¹		206			180
Fannie Mae Pool #AE1283 5.00% 12/1/2041¹		2			2
Fannie Mae Pool #MA4521 2.50% 1/1/2042¹		256			224
Fannie Mae Pool #MA4540 2.00% 2/1/2042¹		510			434
Fannie Mae Pool #AE1290 5.00% 2/1/2042¹		4			4
Fannie Mae Pool #MA4570 2.00% 3/1/2042¹		116			98
Fannie Mae Pool #AT0300 3.50% 3/1/2043¹		1			1
Fannie Mae Pool #AT3954 3.50% 4/1/2043¹		2			2
Fannie Mae Pool #AY1829 3.50% 12/1/2044¹		2			2
Fannie Mae Pool #FM9416 3.50% 7/1/2045¹		357			332
Fannie Mae Pool #BH3122 4.00% 6/1/2047¹		1			1
Fannie Mae Pool #BJ5015 4.00% 12/1/2047¹		35			34
Fannie Mae Pool #BK5232 4.00% 5/1/2048¹		19			18
Fannie Mae Pool #BK6840 4.00% 6/1/2048¹		25			24
Fannie Mae Pool #BK9743 4.00% 8/1/2048¹		8			7
Fannie Mae Pool #BK9761 4.50% 8/1/2048¹		5			5
Fannie Mae Pool #FM3280 3.50% 5/1/2049¹		94			87
Fannie Mae Pool #CA5496 3.00% 4/1/2050¹		1,168			1,043
Fannie Mae Pool #CA5968 2.50% 6/1/2050¹		52			44
Fannie Mae Pool #CA6593 2.50% 8/1/2050¹		297			256
Fannie Mae Pool #FM4256 2.50% 9/1/2050¹		384			331
Fannie Mae Pool #CA7052 3.00% 9/1/2050¹		5			5
Fannie Mae Pool #CA7257 2.50% 10/1/2050¹		122			105
Fannie Mae Pool #BQ3005 2.50% 10/1/2050¹		76			65
Fannie Mae Pool #CA8108 2.00% 12/1/2050¹		151			124
Fannie Mae Pool #MA4208 2.00% 12/1/2050¹		12			10
Fannie Mae Pool #MA4237 2.00% 1/1/2051¹		213			175
Fannie Mae Pool #FM6113 2.50% 1/1/2051¹		1,696			1,445
Fannie Mae Pool #CA8820 2.00% 2/1/2051¹		388			319
Fannie Mae Pool #CB0290 2.00% 4/1/2051¹		113			93
Fannie Mae Pool #MA4305 2.00% 4/1/2051¹		1			1
Fannie Mae Pool #CB0041 3.00% 4/1/2051¹		203			181
Fannie Mae Pool #FM7687 3.00% 6/1/2051¹		261			233
Fannie Mae Pool #FM7900 2.50% 7/1/2051¹		27			23
Fannie Mae Pool #CB1527 2.50% 9/1/2051¹		434			370
Fannie Mae Pool #FS0965 2.00% 11/1/2051¹		3			2
Fannie Mae Pool #FM9492 2.50% 11/1/2051¹		451			388
Fannie Mae Pool #FM9694 2.50% 11/1/2051¹		222			191
Fannie Mae Pool #FM9810 3.00% 11/1/2051¹		87			77
Fannie Mae Pool #CB2286 2.50% 12/1/2051¹		407			349
Fannie Mae Pool #FM9804 2.50% 12/1/2051¹		238			204
Fannie Mae Pool #FM9976 3.00% 12/1/2051¹		96			85
Fannie Mae Pool #CB2544 3.00% 1/1/2052¹		274			243
Fannie Mae Pool #FS0454 3.00% 1/1/2052¹		89			79

236	American Funds Insurance Series

American Funds Mortgage Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #BV3080 2.00% 2/1/2052¹	USD	433	$	354
Fannie Mae Pool #BV3076 2.00% 2/1/2052¹		140		115
Fannie Mae Pool #BW1289 5.50% 10/1/2052¹		43		43
Fannie Mae Pool #BW1243 5.50% 10/1/2052¹		40		40
Fannie Mae Pool #MA4919 5.50% 2/1/2053¹		98		97
Fannie Mae Pool #FS3759 6.00% 2/1/2053¹		125		128
Fannie Mae Pool #MA4981 6.50% 4/1/2053¹		115		117
Fannie Mae Pool #CB6106 6.50% 4/1/2053¹		83		85
Fannie Mae Pool #FS4563 5.00% 5/1/2053¹		54		53
Fannie Mae Pool #MA5010 5.50% 5/1/2053¹		64		64
Fannie Mae Pool #MA5011 6.00% 5/1/2053¹		332		335
Fannie Mae Pool #FS5192 5.50% 6/1/2053¹		980		978
Fannie Mae Pool #MA5039 5.50% 6/1/2053¹		72		72
Fannie Mae Pool #MA5040 6.00% 6/1/2053¹		461		465
Fannie Mae Pool #FS4652 6.50% 6/1/2053¹		14		14
Fannie Mae Pool #MA5071 5.00% 7/1/2053¹		416		408
Fannie Mae Pool #MA5072 5.50% 7/1/2053¹		308		307
Fannie Mae Pool #BF0379 3.50% 4/1/2059¹		139		127
Fannie Mae Pool #BF0481 3.50% 6/1/2060¹		160		146
Fannie Mae Pool #BF0497 3.00% 7/1/2060¹		51		44
Fannie Mae Pool #BF0585 4.50% 12/1/2061¹		54		52
Freddie Mac Pool #ZA1922 5.00% 2/1/2026¹		1		1
Freddie Mac Pool #ZS8950 5.00% 10/1/2029¹		2		2
Freddie Mac Pool #A18781 5.00% 3/1/2034¹		589		595
Freddie Mac Pool #RB5113 1.50% 6/1/2041^1,3		2,285		1,859
Freddie Mac Pool #RB5115 2.50% 6/1/2041¹		327		287
Freddie Mac Pool #RB5122 2.50% 8/1/2041¹		903		792
Freddie Mac Pool #RB5138 2.00% 12/1/2041¹		98		83
Freddie Mac Pool #RB5145 2.00% 2/1/2042¹		91		77
Freddie Mac Pool #RB5148 2.00% 3/1/2042¹		574		488
Freddie Mac Pool #Q15874 4.00% 2/1/2043¹		1		1
Freddie Mac Pool #760012 3.113% 4/1/2045^1,4		39		37
Freddie Mac Pool #760013 3.208% 4/1/2045^1,4		22		22
Freddie Mac Pool #760014 2.73% 8/1/2045^1,4		326		310
Freddie Mac Pool #760015 2.568% 1/1/2047^1,4		61		57
Freddie Mac Pool #Q47615 3.50% 4/1/2047¹		18		17
Freddie Mac Pool #Q52069 3.50% 11/1/2047¹		26		24
Freddie Mac Pool #Q55971 4.00% 5/1/2048¹		18		17
Freddie Mac Pool #Q56175 4.00% 5/1/2048¹		16		16
Freddie Mac Pool #Q55970 4.00% 5/1/2048¹		8		8
Freddie Mac Pool #Q56599 4.00% 6/1/2048¹		25		24
Freddie Mac Pool #Q58411 4.50% 9/1/2048¹		49		48
Freddie Mac Pool #Q58436 4.50% 9/1/2048¹		27		27
Freddie Mac Pool #Q58378 4.50% 9/1/2048¹		19		18
Freddie Mac Pool #RA1339 3.00% 9/1/2049¹		1,471		1,312
Freddie Mac Pool #QA2748 3.50% 9/1/2049¹		18		16
Freddie Mac Pool #SD7512 3.00% 2/1/2050¹		154		137
Freddie Mac Pool #QB1368 2.50% 7/1/2050¹		468		403
Freddie Mac Pool #RA3384 3.00% 8/1/2050¹		5		5
Freddie Mac Pool #SD8106 2.00% 11/1/2050¹		553		455
Freddie Mac Pool #RA3987 2.50% 11/1/2050¹		211		180
Freddie Mac Pool #RA4352 2.00% 1/1/2051¹		343		282
Freddie Mac Pool #SD8128 2.00% 2/1/2051¹		2		2
Freddie Mac Pool #SD8134 2.00% 3/1/2051¹		3		3
Freddie Mac Pool #RA5288 2.00% 5/1/2051¹		315		259
Freddie Mac Pool #SD7544 3.00% 7/1/2051¹		81		72
Freddie Mac Pool #QC7626 3.00% 9/1/2051¹		262		232
Freddie Mac Pool #SD0734 3.00% 10/1/2051¹		87		77
Freddie Mac Pool #RA6406 2.00% 11/1/2051¹		78		64
Freddie Mac Pool #SD1385 2.50% 11/1/2051¹		65		56
Freddie Mac Pool #SD7552 2.50% 1/1/2052¹		43		36

American Funds Insurance Series

237

American Funds Mortgage Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #SD0813 3.00% 1/1/2052¹	USD	19	$	17
Freddie Mac Pool #RA6598 3.50% 1/1/2052¹		192		175
Freddie Mac Pool #SD7550 3.00% 2/1/2052¹		389		347
Freddie Mac Pool #SD0873 3.50% 2/1/2052^1,3		1,146		1,059
Freddie Mac Pool #QD7089 3.50% 2/1/2052¹		9		8
Freddie Mac Pool #SD1450 2.50% 3/1/2052^1,3		3,270		2,808
Freddie Mac Pool #SD7553 3.00% 3/1/2052¹		312		278
Freddie Mac Pool #SD8214 3.50% 5/1/2052¹		246		225
Freddie Mac Pool #RA7938 5.00% 9/1/2052¹		696		683
Freddie Mac Pool #QF0924 5.50% 9/1/2052¹		240		239
Freddie Mac Pool #SD1895 4.50% 11/1/2052¹		394		386
Freddie Mac Pool #SD8280 6.50% 11/1/2052¹		875		897
Freddie Mac Pool #SD8288 5.00% 1/1/2053¹		46		45
Freddie Mac Pool #SD8315 5.00% 4/1/2053¹		128		126
Freddie Mac Pool #SD2716 5.00% 4/1/2053¹		89		88
Freddie Mac Pool #SD8316 5.50% 4/1/2053¹		103		102
Freddie Mac Pool #SD8324 5.50% 5/1/2053¹		92		92
Freddie Mac Pool #SD8329 5.00% 6/1/2053¹		29		28
Freddie Mac Pool #SD8331 5.50% 6/1/2053¹		394		392
Freddie Mac Pool #RA9279 6.00% 6/1/2053¹		71		72
Freddie Mac Pool #RA9283 6.00% 6/1/2053¹		68		69
Freddie Mac Pool #RA9281 6.00% 6/1/2053¹		43		44
Freddie Mac Pool #RA9284 6.00% 6/1/2053¹		30		31
Freddie Mac Pool #SD8341 5.00% 7/1/2053¹		242		237
Freddie Mac Pool #SD8342 5.50% 7/1/2053¹		1,530		1,524
Freddie Mac, Series K751, Class A2, Multi Family, 4.412% 3/25/2030¹		525		521
Freddie Mac, Series K152, Class A2, Multi Family, 3.80% 10/25/2032^1,4		207		197
Freddie Mac, Series K152, Class A2, Multi Family, 3.78% 11/25/2032¹		1,348		1,278
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056^1,4		129		119
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/2056¹		120		107
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056¹		201		185
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056^1,4		148		137
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/2057¹		109		94
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057¹		137		129
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/26/2058¹		30		26
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058¹		18		16
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 6/25/2028¹		289		273
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028¹		13		13
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032¹		447		418
Government National Mortgage Assn. 2.00% 7/1/2053^1,5		174		147
Government National Mortgage Assn. 2.50% 7/1/2053^1,5		207		179
Government National Mortgage Assn. 3.50% 7/1/2053^1,5		489		451
Government National Mortgage Assn. 4.00% 7/1/2053^1,5		334		316
Government National Mortgage Assn. 4.50% 7/1/2053^1,5		165		159
Government National Mortgage Assn. 5.50% 7/1/2053^1,5		144		143
Government National Mortgage Assn. 3.00% 8/1/2053^1,5		323		289
Government National Mortgage Assn. 3.50% 8/1/2053^1,5		500		462
Government National Mortgage Assn. 4.50% 8/1/2053^1,5		2,050		1,980
Government National Mortgage Assn. Pool #AH5894 3.75% 5/20/2034¹		671		651
Government National Mortgage Assn. Pool #AD0028 3.75% 7/20/2038¹		293		281

238	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)
Government National Mortgage Assn. Pool #004410 4.00% 4/20/2039¹	USD	53	$	51
Government National Mortgage Assn. Pool #AH5897 3.75% 7/20/2039¹		516		494
Government National Mortgage Assn. Pool #783690 6.00% 9/20/2039¹		77		81
Government National Mortgage Assn. Pool #004823 4.00% 10/20/2040¹		81		77
Government National Mortgage Assn. Pool #005104 5.00% 6/20/2041¹		167		166
Government National Mortgage Assn. Pool #005142 4.50% 8/20/2041¹		12		11
Government National Mortgage Assn. Pool #005165 6.50% 8/20/2041¹		82		82
Government National Mortgage Assn. Pool #AA5326 3.50% 5/20/2042¹		128		116
Government National Mortgage Assn. Pool #MA0366 3.50% 6/20/2042¹		194		179
Government National Mortgage Assn. Pool #AD4360 3.50% 7/20/2043¹		89		83
Government National Mortgage Assn. Pool #AH5884 4.25% 7/20/2044¹		912		877
Government National Mortgage Assn. Pool #BZ3978 2.50% 11/20/2050¹		42		36
Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051¹		728		621
Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051¹		94		79
Government National Mortgage Assn. Pool #786706 2.50% 12/20/2051¹		585		509
Government National Mortgage Assn. Pool #786502 2.50% 2/20/2052¹		361		311
Government National Mortgage Assn. Pool #786647 2.50% 3/20/2052¹		203		176
Government National Mortgage Assn. Pool #786701 2.50% 3/20/2052¹		172		148
Government National Mortgage Assn. Pool #AN1825 4.616% 6/20/2065¹		165		162
Government National Mortgage Assn. Pool #AO0461 4.631% 8/20/2065¹		56		55
Government National Mortgage Assn. Pool #AO0409 4.617% 12/20/2065¹		91		89
Government National Mortgage Assn. Pool #AO0385 4.49% 1/20/2066¹		431		420
Government National Mortgage Assn. Pool #725897 5.20% 1/20/2066¹		1		1
Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063¹		212		163
Uniform Mortgage-Backed Security 4.00% 7/1/2038^1,5		35		34
Uniform Mortgage-Backed Security 2.50% 8/1/2038^1,5		450		410
Uniform Mortgage-Backed Security 4.00% 8/1/2038^1,5		90		87
Uniform Mortgage-Backed Security 2.00% 7/1/2053^1,5		3,704		3,021
Uniform Mortgage-Backed Security 2.50% 7/1/2053^1,5		1,043		885
Uniform Mortgage-Backed Security 3.00% 7/1/2053^1,5		279		246
Uniform Mortgage-Backed Security 3.50% 7/1/2053^1,5		4,018		3,662
Uniform Mortgage-Backed Security 4.00% 7/1/2053^1,5		2,135		2,004
Uniform Mortgage-Backed Security 4.50% 7/1/2053^1,5		8,466		8,140
Uniform Mortgage-Backed Security 5.00% 7/1/2053^1,5		11,639		11,405
Uniform Mortgage-Backed Security 5.50% 7/1/2053^1,5		2,738		2,725
Uniform Mortgage-Backed Security 6.00% 7/1/2053^1,5		8,369		8,444
Uniform Mortgage-Backed Security 2.50% 8/1/2053^1,5		1,040		883
Uniform Mortgage-Backed Security 3.00% 8/1/2053^1,5		320		282
Uniform Mortgage-Backed Security 6.00% 8/1/2053^1,5		4,114		4,150
Uniform Mortgage-Backed Security 6.50% 8/1/2053^1,5		1		1
				91,446

Commercial mortgage-backed securities 1.81%
BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.77%) 6.917% 5/15/2039^1,4,6		100		99
BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 7.262% 6/15/2027^1,4,6		100		100
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 6.092% 10/15/2036^1,4,6		891		865
BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 6.638% 4/15/2037^1,4,6		151		149
Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 6/10/2028^1,4,6		379		379
ILPT Commercial Mortgage Pass-through Certificates, Series 2022-LPF2, Class A, (1-month USD CME Term SOFR + 2.245%) 7.392% 10/15/2039^1,4,6		200		200
Intown 2022-Stay Mortgage Trust, Series 2022-STAY, Class A, (1-month USD CME Term SOFR + 2.489%) 7.548% 8/15/2039^1,4		100		100
				1,892

American Funds Insurance Series

239

American Funds Mortgage Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) 1.17%
Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 10/27/2031^1,4,6	USD	83	$	78
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 6/25/2036^1,4,6		261		248
CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061^1,4,6		172		158
COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066^1,4,6		83		69
GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/2066^1,4,6		27		22
GS Mortgage-Backed Securities Trust, Series 2022-PJ5, Class A4, 2.50% 10/25/2052^1,4,6		207		168
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 6.00% 11/25/2055^1,4,6		175		173
Mill City Mortgage Trust, Series 15-1, Class M2, 3.739% 6/25/2056^1,4,6		22		22
Onslow Bay Financial Mortgage Loan Trust, Series 2022-J1, Class A2, 2.50% 2/25/2052^1,4,6		135		109
Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 11/25/2031^1,4,6		68		66
Towd Point Mortgage Trust, Series 2015-4, Class M2, 3.75% 4/25/2055^1,4,6		85		82
Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 10/25/2056^1,4,6		26		25
Towd Point Mortgage Trust, Series 2017-5, Class A1, 5.75% 2/25/2057^1,4,6		8		8
				1,228

Total mortgage-backed obligations				94,566

U.S. Treasury bonds & notes 5.84%
U.S. Treasury 3.19%
U.S. Treasury 0.125% 1/15/2024		75		73
U.S. Treasury 4.25% 5/31/2025		1,280		1,264
U.S. Treasury 4.00% 2/15/2026		50		49
U.S. Treasury 4.00% 2/29/2028		1,280		1,270
U.S. Treasury 1.25% 8/15/2031		443		364
U.S. Treasury 1.875% 2/15/2032		10		9
U.S. Treasury 1.875% 2/15/2041		365		265
U.S. Treasury 1.875% 11/15/2051		65		43
				3,337

U.S. Treasury inflation-protected securities 2.65%
U.S. Treasury Inflation-Protected Security 0.50% 4/15/2024⁷		521		509
U.S. Treasury Inflation-Protected Security 0.125% 7/15/2024⁷		427		414
U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026⁷		67		62
U.S. Treasury Inflation-Protected Security 0.125% 1/15/2031⁷		1,223		1,088
U.S. Treasury Inflation-Protected Security 0.75% 2/15/2042⁷		434		369
U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049⁷		392		337
				2,779

Total U.S. Treasury bonds & notes				6,116

Asset-backed obligations 2.05%
Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 6.379% 11/20/2030^1,4,6		233		231
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 11/17/2033^1,6		44		41
Bankers Healthcare Group Securitization Trust, Series 2021-B, Class A, 0.90% 10/17/2034^1,6		40		39
Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A, 4.95% 10/15/2027¹		340		338
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060^1,6		283		254
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/2025^1,6		86		81
LAD Auto Receivables Trust, Series 2023-2, Class A2, 5.93% 6/15/2027^1,6		125		124
Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069^1,6		105		91
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/2069^1,6		197		170
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062^1,6		172		152

240	American Funds Insurance Series

American Funds Mortgage Fund (continued)

Bonds, notes & other debt instruments (continued)			Principal amount (000)			Value (000)
Asset-backed obligations (continued)
Nelnet Student Loan Trust, Series 2021-C, Class AFL, (1-month USD-LIBOR + 0.74%) 5.886% 4/20/2062^1,4,6			USD	139	$	137
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061^1,6				280		239
Verizon Master Trust, Series 2023-1, Class A, 4.49% 1/22/2029 (5.24% on 1/20/2026)^1,8				250		246
						2,143

Total bonds, notes & other debt instruments (cost: $105,512,000)						102,825

Short-term securities 47.72%	Weighted average yield at acquisition
Federal agency bills & notes 27.43%
Federal Home Loan Bank 8/8/2023	4.700	%		10,000		9,951
Federal Home Loan Bank 8/11/2023	4.990			4,000		3,978
Federal Home Loan Bank 8/14/2023	4.741			5,000		4,971
Federal Home Loan Bank 8/23/2023	4.886			5,000		4,965
Federal Home Loan Bank 8/25/2023	4.951			1,500		1,489
Federal Home Loan Bank 9/6/2023	5.198			900		892
Federal Home Loan Bank 9/22/2023	5.240			2,500		2,472
						28,718

Commercial paper 11.62%
Air Products and Chemicals, Inc. 7/20/2023⁶	5.100			400		399
Apple, Inc. 7/19/2023⁶	5.060			1,700		1,696
BofA Securities, Inc. 7/10/2023⁶	5.180			900		899
Cabot Trail Funding, LLC 8/16/2023⁶	5.180			400		397
Chariot Funding, LLC 7/5/2023⁶	5.230			1,000		999
Chariot Funding, LLC 7/19/2023⁶	5.180			1,200		1,197
Coca-Cola Co. 7/20/2023⁶	5.130			1,100		1,097
Johnson & Johnson 7/12/2023⁶	4.960			1,500		1,498
Linde, Inc. 7/11/2023	5.065			700		699
OMERS Finance Trust 7/12/2023	5.150			500		499
Paccar Financial Corp. 7/7/2023	5.130			700		699
Paccar Financial Corp. 7/24/2023	5.080			600		598
Paccar Financial Corp. 7/27/2023	5.090			700		697
Paccar Financial Corp. 8/1/2023	5.090			800		796
						12,170

U.S. Treasury bills 4.76%
U.S. Treasury 7/13/2023	5.110			2,000		1,997
U.S. Treasury 7/20/2023	5.050			1,500		1,496
U.S. Treasury 8/22/2023	5.117			600		596
U.S. Treasury 9/21/2023	5.125			900		890
						4,979

American Funds Insurance Series

241

American Funds Mortgage Fund (continued)

Short-term securities (continued)	Weighted average yield at acquisition			Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. 3.91%
Hydro-Québec 7/18/2023⁶		5.100	%	USD	600	$	598
Nederlandse Waterschapsbank NV 7/7/2023⁶		5.090			500		500
Nederlandse Waterschapsbank NV 7/11/2023⁶		5.120			2,000		1,997
Québec (Province of) 7/25/2023⁶		5.100			1,000		996
							4,091

Total short-term securities (cost: $49,952,000)							49,958
Total investment securities 145.93% (cost: $155,464,000)							152,783
Other assets less liabilities (45.93)%							(48,089	)

Net assets 100.00%						$	104,694

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		Value and unrealized (depreciation) appreciation at 6/30/2023 (000)
2 Year U.S. Treasury Note Futures	Long	109	September 2023	USD22,164			$	(282	)
5 Year U.S. Treasury Note Futures	Long	188	September 2023	20,134				(319	)
10 Year U.S. Treasury Note Futures	Long	177	September 2023	19,871				(299	)
10 Year Ultra U.S. Treasury Note Futures	Short	23	September 2023	(2,724	)			30
20 Year U.S. Treasury Bond Futures	Short	28	September 2023	(3,553	)			(5	)
30 Year Ultra U.S. Treasury Bond Futures	Long	16	September 2023	2,179				22
							$	(853	)

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

Receive		Pay			Notional		Value at				Upfront premium			Unrealized depreciation
Rate	Payment frequency	Rate	Payment frequency	Expiration date	amount (000)		6/30/2023 (000)				paid (000)			at 6/30/2023 (000)
4.8585%	Annual	U.S. EFFR	Annual	1/12/2024		USD1,156		$	(4	)		$	—		$	(4	)
4.8674%	Annual	U.S. EFFR	Annual	1/12/2024		1,694			(5	)			—			(5	)
4.8615%	Annual	U.S. EFFR	Annual	1/12/2024		2,400			(8	)			—			(8	)
SOFR	Annual	3.41%	Annual	7/28/2045		1,300			(6	)			—			(6	)
								$	(23	)		$	—		$	(23	)

242	American Funds Insurance Series

American Funds Mortgage Fund (continued)

¹	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
²	Amount less than one thousand.
³	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $935,000, which represented .89% 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, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $16,852,000, which represented 16.10% of the net assets of the fund.
⁷	Index-linked bond whose principal amount moves with a government price index.
⁸	Step bond; coupon rate may change at a later date.

Key to abbreviations

Assn. = Association

CLO = Collateralized Loan Obligations

CME = CME Group

EFFR = Effective Federal Funds Rate

LIBOR = London Interbank Offered Rate

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series

243

Ultra-Short Bond Fund

Investment portfolio June 30, 2023

unaudited

Short-term securities 97.67%	Weighted average yield at acquisition		Principal amount (000)		Value (000)
Commercial paper 49.16%
Amazon.com, Inc. 8/14/2023¹	5.110	%	USD	2,000	$	1,987
Apple, Inc. 7/19/2023¹	5.060			13,000		12,965
BNP Paribas SA 7/10/2023¹	5.080			11,900		11,883
BofA Securities, Inc. 7/10/2023¹	5.180			2,000		1,997
Cabot Trail Funding, LLC 8/16/2023¹	5.180			7,200		7,151
Chariot Funding, LLC 7/5/2023¹	5.223			6,000		5,996
Chariot Funding, LLC 7/11/2023¹	5.180			7,000		6,989
Chariot Funding, LLC 7/19/2023¹	5.180			1,600		1,596
Coca-Cola Co. 7/20/2023¹	5.130			2,700		2,692
Equinor ASA 7/3/2023¹	5.060			16,200		16,193
Johnson & Johnson 7/12/2023¹	4.960			6,000		5,990
Komatsu Finance America, Inc. 7/19/2023¹	5.120			12,500		12,467
Liberty Street Funding, LLC 7/18/2023¹	5.150			5,800		5,785
Linde, Inc. 7/11/2023	5.065			1,800		1,797
LMA-Americas, LLC 7/28/2023¹	5.170			10,000		9,959
Merck & Co., Inc. 7/24/2023¹	5.110			12,500		12,458
Novartis Finance Corp. 7/11/2023¹	5.070			10,000		9,985
Novartis Finance Corp. 8/4/2023¹	5.130			3,000		2,985
OMERS Finance Trust 7/12/2023	5.150			9,000		8,985
Paccar Financial Corp. 7/17/2023	5.150			11,000		10,974
Paccar Financial Corp. 7/24/2023	5.080			2,000		1,993
Sanofi 7/18/2023¹	4.916			10,000		9,975
Svenska Handelsbanken AB 8/1/2023¹	4.870			10,000		9,955
Victory Receivables Corp. 7/12/2023¹	5.150			10,000		9,983
Victory Receivables Corp. 7/18/2023¹	5.110			3,000		2,992
Wal-Mart Stores, Inc. 8/28/2023¹	5.160			7,500		7,436
						193,168

Federal agency bills & notes 21.24%
Federal Home Loan Bank 7/21/2023	4.850			5,000		4,988
Federal Home Loan Bank 7/24/2023	4.940			3,800		3,789
Federal Home Loan Bank 8/3/2023	4.840			2,200		2,191
Federal Home Loan Bank 8/4/2023	4.980			2,000		1,991
Federal Home Loan Bank 8/11/2023	4.990			15,000		14,920
Federal Home Loan Bank 8/14/2023	4.922			15,500		15,411
Federal Home Loan Bank 8/25/2023	4.964			30,000		29,781
Federal Home Loan Bank 9/6/2023	5.198			10,500		10,406
						83,477

Bonds & notes of governments & government agencies outside the U.S. 16.98%
British Columbia (Province of) 7/10/2023	5.050			3,600		3,595
British Columbia (Province of) 8/10/2023	5.120			5,000		4,971
Denmark (Kingdom of) 7/17/2023	5.050			12,000		11,971
European Investment Bank 7/24/2023	5.041			10,000		9,968
FMS Wertmanagement 7/20/2023¹	5.190			11,000		10,969
Hydro-Québec 7/18/2023¹	5.100			1,800		1,796
Nederlandse Waterschapsbank NV 7/11/2023¹	5.120			1,100		1,098
Nederlandse Waterschapsbank NV 7/18/2023¹	4.980			10,000		9,975
Oesterreich Kontrollbank 7/19/2023	5.080			5,100		5,086
Québec (Province of) 7/14/2023¹	5.160			2,100		2,096
Québec (Province of) 7/17/2023¹	5.100			4,100		4,090
Québec (Province of) 7/25/2023¹	5.100			1,100		1,096
						66,711

244	American Funds Insurance Series

Ultra-Short Bond Fund (continued)

Short-term securities (continued)	Weighted average yield at acquisition		Principal amount (000)		Value (000)
U.S. Treasury bills 10.29%
U.S. Treasury 7/13/2023	5.148	%	USD	18,000	$	17,975
U.S. Treasury 7/20/2023	5.050			10,000		9,976
U.S. Treasury 8/22/2023	5.117			2,200		2,184
U.S. Treasury 9/21/2023	5.125			5,600		5,536
U.S. Treasury 9/28/2023	5.191			4,800		4,741
						40,412

Total short-term securities (cost: $383,761,000)						383,768
Total investment securities 97.67% (cost: $383,761,000)						383,768
Other assets less liabilities 2.33%						9,161

Net assets 100.00%					$	392,929

Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $200,539,000, which represented 51.04% of the net assets of the fund.

Refer to the notes to financial statements.

American Funds Insurance Series

245

U.S. Government Securities Fund

Investment portfolio June 30, 2023

unaudited

Bonds, notes & other debt instruments 95.05%	Principal amount (000)				Value (000)
Mortgage-backed obligations 51.04%
Federal agency mortgage-backed obligations 51.04%
Fannie Mae Pool #406607 6.50% 8/1/2024¹		USD	4		$	4
Fannie Mae Pool #735070 6.50% 10/1/2024¹			1			1
Fannie Mae Pool #745316 6.50% 2/1/2026¹			39			40
Fannie Mae Pool #AL9870 6.50% 2/1/2028¹			37			37
Fannie Mae Pool #257431 6.50% 10/1/2028¹			2			2
Fannie Mae Pool #695412 5.00% 6/1/2033¹			1			1
Fannie Mae Pool #AD3566 5.00% 10/1/2035¹			3			3
Fannie Mae Pool #MA2588 4.00% 4/1/2036¹			623			601
Fannie Mae Pool #MA2746 4.00% 9/1/2036¹			1,303			1,256
Fannie Mae Pool #940890 6.50% 6/1/2037¹			—	²		—	²
Fannie Mae Pool #256828 7.00% 7/1/2037¹			3			3
Fannie Mae Pool #256860 6.50% 8/1/2037¹			11			11
Fannie Mae Pool #888698 7.00% 10/1/2037¹			13			13
Fannie Mae Pool #970343 6.00% 2/1/2038¹			14			14
Fannie Mae Pool #931768 5.00% 8/1/2039¹			5			5
Fannie Mae Pool #AC0794 5.00% 10/1/2039¹			20			20
Fannie Mae Pool #932606 5.00% 2/1/2040¹			8			8
Fannie Mae Pool #FM7365 2.00% 5/1/2041¹			32,456			27,726
Fannie Mae Pool #AI1862 5.00% 5/1/2041¹			349			350
Fannie Mae Pool #AI3510 5.00% 6/1/2041¹			178			179
Fannie Mae Pool #AE1248 5.00% 6/1/2041¹			32			32
Fannie Mae Pool #AJ0704 5.00% 9/1/2041¹			160			161
Fannie Mae Pool #AJ1873 4.00% 10/1/2041¹			24			24
Fannie Mae Pool #AJ5391 5.00% 11/1/2041¹			115			116
Fannie Mae Pool #AE1277 5.00% 11/1/2041¹			15			15
Fannie Mae Pool #MA4501 2.00% 12/1/2041¹			2,846			2,410
Fannie Mae Pool #AE1283 5.00% 12/1/2041¹			9			9
Fannie Mae Pool #MA4540 2.00% 2/1/2042¹			1,315			1,118
Fannie Mae Pool #AE1290 5.00% 2/1/2042¹			17			18
Fannie Mae Pool #MA4570 2.00% 3/1/2042¹			850			720
Fannie Mae Pool #AT0300 3.50% 3/1/2043¹			5			4
Fannie Mae Pool #AT3954 3.50% 4/1/2043¹			8			7
Fannie Mae Pool #AT7161 3.50% 6/1/2043¹			39			36
Fannie Mae Pool #AY1829 3.50% 12/1/2044¹			7			7
Fannie Mae Pool #BE5017 3.50% 2/1/2045¹			60			56
Fannie Mae Pool #FM9416 3.50% 7/1/2045¹			4,279			3,983
Fannie Mae Pool #BE8740 3.50% 5/1/2047¹			54			50
Fannie Mae Pool #BE8742 3.50% 5/1/2047¹			16			15
Fannie Mae Pool #BH2846 3.50% 5/1/2047¹			8			7
Fannie Mae Pool #BH2848 3.50% 5/1/2047¹			7			6
Fannie Mae Pool #BH2847 3.50% 5/1/2047¹			3			3
Fannie Mae Pool #BH3122 4.00% 6/1/2047¹			5			5
Fannie Mae Pool #BJ5015 4.00% 12/1/2047¹			140			134
Fannie Mae Pool #BM3788 3.50% 3/1/2048¹			3,079			2,848
Fannie Mae Pool #BJ4901 3.50% 3/1/2048¹			41			37
Fannie Mae Pool #BK5232 4.00% 5/1/2048¹			75			71
Fannie Mae Pool #BK6840 4.00% 6/1/2048¹			100			96
Fannie Mae Pool #BK9743 4.00% 8/1/2048¹			31			30
Fannie Mae Pool #BK9761 4.50% 8/1/2048¹			20			19
Fannie Mae Pool #FM3280 3.50% 5/1/2049¹			1,113			1,036
Fannie Mae Pool #FM1062 3.50% 6/1/2049¹			421			391
Fannie Mae Pool #BJ8411 3.50% 8/1/2049¹			111			103
Fannie Mae Pool #CA4151 3.50% 9/1/2049¹			552			514
Fannie Mae Pool #FM1443 3.50% 9/1/2049¹			312			289
Fannie Mae Pool #FM2179 3.00% 1/1/2050¹			3,425			3,058
Fannie Mae Pool #CA6349 3.00% 7/1/2050¹			407			361
Fannie Mae Pool #CA6593 2.50% 8/1/2050¹			896			770
Fannie Mae Pool #CA6740 3.00% 8/1/2050¹			237			210
Fannie Mae Pool #CA7052 3.00% 9/1/2050¹			73			65
Fannie Mae Pool #BQ3005 2.50% 10/1/2050¹			560			478
Fannie Mae Pool #CA7257 2.50% 10/1/2050¹			188			162

246	American Funds Insurance Series

U.S. Government Securities Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)				Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #CA7381 3.00% 10/1/2050¹		USD	354		$	314
Fannie Mae Pool #CA7739 2.50% 11/1/2050¹			1,851			1,574
Fannie Mae Pool #MA4208 2.00% 12/1/2050¹			221			182
Fannie Mae Pool #FM5166 3.00% 12/1/2050¹			243			215
Fannie Mae Pool #MA4237 2.00% 1/1/2051¹			78			64
Fannie Mae Pool #FM6548 2.00% 3/1/2051¹			1,057			876
Fannie Mae Pool #CB0290 2.00% 4/1/2051¹			900			740
Fannie Mae Pool #MA4305 2.00% 4/1/2051¹			10			8
Fannie Mae Pool #BR1035 2.00% 5/1/2051¹			6			5
Fannie Mae Pool #FM7687 3.00% 6/1/2051¹			5,404			4,808
Fannie Mae Pool #BR2095 2.50% 7/1/2051¹			1,574			1,342
Fannie Mae Pool #FM7900 2.50% 7/1/2051¹			189			162
Fannie Mae Pool #CB1527 2.50% 9/1/2051¹			676			577
Fannie Mae Pool #FS0965 2.00% 11/1/2051¹			49			41
Fannie Mae Pool #FM9810 3.00% 11/1/2051¹			348			308
Fannie Mae Pool #CB2286 2.50% 12/1/2051¹			1,228			1,052
Fannie Mae Pool #FM9976 3.00% 12/1/2051¹			809			722
Fannie Mae Pool #CB2544 3.00% 1/1/2052¹			2,308			2,050
Fannie Mae Pool #FS0454 3.00% 1/1/2052¹			357			316
Fannie Mae Pool #BV3076 2.00% 2/1/2052¹			740			605
Fannie Mae Pool #FS0523 2.50% 2/1/2052¹			193			166
Fannie Mae Pool #FS0647 3.00% 2/1/2052¹			3,714			3,315
Fannie Mae Pool #CB3774 4.00% 6/1/2052¹			3,165			2,974
Fannie Mae Pool #FS2159 5.00% 6/1/2052¹			62			61
Fannie Mae Pool #BV2558 5.00% 6/1/2052¹			56			55
Fannie Mae Pool #FS3539 3.50% 7/1/2052¹			1,965			1,793
Fannie Mae Pool #FS2489 5.00% 8/1/2052¹			59			58
Fannie Mae Pool #BW9458 4.50% 10/1/2052¹			991			958
Fannie Mae Pool #BX0097 4.50% 10/1/2052¹			928			896
Fannie Mae Pool #BW1289 5.50% 10/1/2052¹			733			732
Fannie Mae Pool #BW1243 5.50% 10/1/2052¹			685			685
Fannie Mae Pool #CB4917 5.50% 10/1/2052¹			106			106
Fannie Mae Pool #MA4820 6.50% 10/1/2052¹			265			272
Fannie Mae Pool #MA4919 5.50% 2/1/2053¹			421			419
Fannie Mae Pool #FS3759 6.00% 2/1/2053¹			939			966
Fannie Mae Pool #MA4979 5.50% 4/1/2053¹			3,194			3,181
Fannie Mae Pool #CB6106 6.50% 4/1/2053¹			486			502
Fannie Mae Pool #MA4981 6.50% 4/1/2053¹			368			376
Fannie Mae Pool #MA5010 5.50% 5/1/2053¹			552			550
Fannie Mae Pool #MA5011 6.00% 5/1/2053¹			2,329			2,350
Fannie Mae Pool #MA5039 5.50% 6/1/2053¹			4,621			4,601
Fannie Mae Pool #FS5192 5.50% 6/1/2053¹			3,415			3,407
Fannie Mae Pool #CB6485 6.00% 6/1/2053¹			3,586			3,619
Fannie Mae Pool #CB6486 6.00% 6/1/2053¹			2,218			2,247
Fannie Mae Pool #CB6465 6.00% 6/1/2053¹			1,583			1,602
Fannie Mae Pool #FS4652 6.50% 6/1/2053¹			251			256
Fannie Mae Pool #MA5072 5.50% 7/1/2053¹			14,532			14,470
Fannie Mae Pool #BF0497 3.00% 7/1/2060¹			1,372			1,172
Fannie Mae Pool #BF0585 4.50% 12/1/2061¹			445			429
Fannie Mae, Series 2001-4, Class GA, 9.00% 4/17/2025^1,3			—	²		—	²
Fannie Mae, Series 2001-4, Class NA, 9.00% 10/25/2025^1,3			—	²		—	²
Fannie Mae, Series 2014-M1, Class A2, Multi Family, 3.004% 7/25/2023^1,3			28			28
Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 1/25/2024^1,3			180			177
Freddie Mac Pool #ZS8907 6.50% 10/1/2026¹			2			2
Freddie Mac Pool #ZA2024 6.50% 9/1/2027¹			2			2
Freddie Mac Pool #1H1354 4.333% 11/1/2036^1,3			48			48
Freddie Mac Pool #C03518 5.00% 9/1/2040¹			266			269
Freddie Mac Pool #G06459 5.00% 5/1/2041¹			627			632
Freddie Mac Pool #RB5138 2.00% 12/1/2041¹			764			650
Freddie Mac Pool #RB5145 2.00% 2/1/2042¹			745			633
Freddie Mac Pool #RB5148 2.00% 3/1/2042¹			1,755			1,492

American Funds Insurance Series

247

U.S. Government Securities Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #RB5154 2.50% 4/1/2042¹		USD	10,690	$	9,292
Freddie Mac Pool #Q15874 4.00% 2/1/2043¹			3		3
Freddie Mac Pool #Q17696 3.50% 4/1/2043¹			27		26
Freddie Mac Pool #Q19133 3.50% 6/1/2043¹			30		28
Freddie Mac Pool #Q23190 4.00% 11/1/2043¹			142		137
Freddie Mac Pool #Q28558 3.50% 9/1/2044¹			194		182
Freddie Mac Pool #760014 2.73% 8/1/2045^1,3			261		248
Freddie Mac Pool #Q47615 3.50% 4/1/2047¹			49		45
Freddie Mac Pool #Q52069 3.50% 11/1/2047¹			71		66
Freddie Mac Pool #Q54709 3.50% 3/1/2048¹			53		49
Freddie Mac Pool #Q54701 3.50% 3/1/2048¹			51		47
Freddie Mac Pool #Q54700 3.50% 3/1/2048¹			39		36
Freddie Mac Pool #Q54781 3.50% 3/1/2048¹			34		32
Freddie Mac Pool #Q54782 3.50% 3/1/2048¹			31		29
Freddie Mac Pool #Q54699 3.50% 3/1/2048¹			20		19
Freddie Mac Pool #Q54831 3.50% 3/1/2048¹			17		16
Freddie Mac Pool #Q54698 3.50% 3/1/2048¹			14		13
Freddie Mac Pool #G67711 4.00% 3/1/2048¹			1,335		1,277
Freddie Mac Pool #Q55971 4.00% 5/1/2048¹			72		69
Freddie Mac Pool #Q56175 4.00% 5/1/2048¹			65		63
Freddie Mac Pool #Q56590 3.50% 6/1/2048¹			27		25
Freddie Mac Pool #Q56589 3.50% 6/1/2048¹			17		16
Freddie Mac Pool #Q56599 4.00% 6/1/2048¹			102		97
Freddie Mac Pool #Q58411 4.50% 9/1/2048¹			196		192
Freddie Mac Pool #Q58436 4.50% 9/1/2048¹			109		106
Freddie Mac Pool #Q58378 4.50% 9/1/2048¹			74		73
Freddie Mac Pool #ZT0522 4.50% 9/1/2048¹			20		20
Freddie Mac Pool #QA0284 3.50% 6/1/2049¹			180		166
Freddie Mac Pool #QA2748 3.50% 9/1/2049¹			48		44
Freddie Mac Pool #RA1463 3.50% 10/1/2049¹			374		349
Freddie Mac Pool #RA1580 3.50% 10/1/2049¹			192		179
Freddie Mac Pool #RA3384 3.00% 8/1/2050¹			75		67
Freddie Mac Pool #RA3506 3.00% 9/1/2050¹			415		368
Freddie Mac Pool #SD8106 2.00% 11/1/2050¹			2,821		2,323
Freddie Mac Pool #RA3987 2.50% 11/1/2050¹			2,108		1,801
Freddie Mac Pool #SD8128 2.00% 2/1/2051¹			36		30
Freddie Mac Pool #SD8134 2.00% 3/1/2051¹			60		49
Freddie Mac Pool #RA5288 2.00% 5/1/2051¹			2,856		2,346
Freddie Mac Pool #RA5267 3.00% 5/1/2051¹			292		258
Freddie Mac Pool #SD7544 3.00% 7/1/2051¹			161		143
Freddie Mac Pool #QC7626 3.00% 9/1/2051¹			2,282		2,022
Freddie Mac Pool #RA5901 3.00% 9/1/2051¹			242		214
Freddie Mac Pool #SD0726 2.50% 10/1/2051¹			13,787		11,847
Freddie Mac Pool #RA6406 2.00% 11/1/2051¹			477		391
Freddie Mac Pool #SD1385 2.50% 11/1/2051¹			510		438
Freddie Mac Pool #RA6347 3.00% 11/1/2051¹			326		288
Freddie Mac Pool #SD7552 2.50% 1/1/2052¹			321		275
Freddie Mac Pool #SD0813 3.00% 1/1/2052¹			152		135
Freddie Mac Pool #SD7550 3.00% 2/1/2052¹			3,265		2,915
Freddie Mac Pool #SD0873 3.50% 2/1/2052¹			13,395		12,384
Freddie Mac Pool #QD7089 3.50% 2/1/2052¹			205		187
Freddie Mac Pool #SD7553 3.00% 3/1/2052¹			297		264
Freddie Mac Pool #8D0226 2.524% 5/1/2052^1,3			498		442
Freddie Mac Pool #SD8214 3.50% 5/1/2052¹			1,227		1,119
Freddie Mac Pool #QE8282 5.00% 8/1/2052¹			811		796
Freddie Mac Pool #QE7647 5.00% 8/1/2052¹			57		55
Freddie Mac Pool #SD1496 5.00% 8/1/2052¹			53		52
Freddie Mac Pool #RA7938 5.00% 9/1/2052¹			11,551		11,335
Freddie Mac Pool #SD1895 4.50% 11/1/2052¹			1,230		1,206
Freddie Mac Pool #QF2560 4.50% 11/1/2052¹			991		958
Freddie Mac Pool #SD2948 5.50% 11/1/2052¹			2,349		2,341

248	American Funds Insurance Series

U.S. Government Securities Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #SD8281 6.50% 12/1/2052¹	USD	5,575		$	5,713
Freddie Mac Pool #SD8316 5.50% 4/1/2053¹		1,035			1,030
Freddie Mac Pool #SD8324 5.50% 5/1/2053¹		1,129			1,124
Freddie Mac Pool #SD8325 6.00% 5/1/2053¹		9,085			9,169
Freddie Mac Pool #SD8331 5.50% 6/1/2053¹		3,014			3,001
Freddie Mac Pool #SD8332 6.00% 6/1/2053¹		18,430			18,600
Freddie Mac Pool #RA9279 6.00% 6/1/2053¹		499			505
Freddie Mac Pool #RA9283 6.00% 6/1/2053¹		478			485
Freddie Mac Pool #RA9281 6.00% 6/1/2053¹		304			307
Freddie Mac Pool #RA9284 6.00% 6/1/2053¹		212			217
Freddie Mac Pool #RA9294 6.50% 6/1/2053¹		2,756			2,826
Freddie Mac Pool #RA9292 6.50% 6/1/2053¹		2,315			2,371
Freddie Mac Pool #RA9289 6.50% 6/1/2053¹		2,248			2,320
Freddie Mac Pool #RA9288 6.50% 6/1/2053¹		2,156			2,232
Freddie Mac Pool #RA9287 6.50% 6/1/2053¹		1,483			1,537
Freddie Mac Pool #RA9290 6.50% 6/1/2053¹		1,154			1,188
Freddie Mac Pool #RA9291 6.50% 6/1/2053¹		799			816
Freddie Mac Pool #RA9295 6.50% 6/1/2053¹		589			613
Freddie Mac Pool #SD8342 5.50% 7/1/2053¹		29,369			29,245
Freddie Mac, Series 1567, Class A, (1-month USD-LIBOR + 0.40%) 2.547% 8/15/2023^1,3		—	²		—	²
Freddie Mac, Series K035, Class A2, Multi Family, 3.458% 8/25/2023^1,3		1,257			1,252
Freddie Mac, Series K040, Class A2, Multi Family, 3.241% 9/25/2024¹		1,363			1,327
Freddie Mac, Series K751, Class A2, Multi Family, 4.412% 3/25/2030¹		3,875			3,845
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056^1,3		4,345			4,021
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class MT, 3.00% 7/25/2056¹		799			699
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/2056¹		324			288
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056¹		4,358			4,014
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056^1,3		3,944			3,644
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/2057¹		885			764
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057^1,3		1,261			1,132
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057¹		476			448
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/2057¹		3,998			3,568
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MA, 3.50% 11/26/2057¹		233			220
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 7/25/2058¹		732			653
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/2058¹		545			511
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058¹		2,013			1,881
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/26/2058¹		704			628
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058¹		382			341
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/2059¹		1,723			1,573
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 6/25/2028¹		4,017			3,793
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028¹		17,475			16,491

American Funds Insurance Series

249

U.S. Government Securities Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/2029¹	USD	4,547	$	4,154
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A1D, 2.00% 7/25/2030¹		1,271		1,124
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A2D, 2.00% 7/25/2030¹		435		361
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032¹		4,448		4,159
Government National Mortgage Assn. 2.00% 7/1/2053^1,4		1,395		1,173
Government National Mortgage Assn. 2.50% 7/1/2053^1,4		3,353		2,904
Government National Mortgage Assn. 3.00% 7/1/2053^1,4		290		259
Government National Mortgage Assn. 3.50% 7/1/2053^1,4		10,681		9,860
Government National Mortgage Assn. 4.00% 7/1/2053^1,4		11,750		11,120
Government National Mortgage Assn. 4.50% 7/1/2053^1,4		859		829
Government National Mortgage Assn. 5.50% 7/1/2053^1,4		5		5
Government National Mortgage Assn. 3.00% 8/1/2053^1,4		1,015		908
Government National Mortgage Assn. 3.50% 8/1/2053^1,4		10,500		9,703
Government National Mortgage Assn. 4.50% 8/1/2053^1,4		10,100		9,754
Government National Mortgage Assn. Pool #782365 6.00% 7/15/2038¹		78		82
Government National Mortgage Assn. Pool #700778 5.50% 10/15/2038¹		20		21
Government National Mortgage Assn. Pool #004269 6.50% 10/20/2038¹		155		165
Government National Mortgage Assn. Pool #698668 5.50% 11/15/2038¹		28		28
Government National Mortgage Assn. Pool #698406 5.00% 7/15/2039¹		181		182
Government National Mortgage Assn. Pool #783690 6.00% 9/20/2039¹		77		81
Government National Mortgage Assn. Pool #783689 5.50% 2/20/2040¹		2,367		2,441
Government National Mortgage Assn. Pool #783688 5.00% 6/20/2041¹		801		816
Government National Mortgage Assn. Pool #783687 4.50% 12/20/2041¹		540		529
Government National Mortgage Assn. Pool #MA0533 3.00% 11/20/2042¹		18		17
Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051¹		5,432		4,629
Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051¹		765		650
Government National Mortgage Assn. Pool #786706 2.50% 12/20/2051¹		4,155		3,618
Government National Mortgage Assn. Pool #786502 2.50% 2/20/2052¹		3,493		3,016
Government National Mortgage Assn. Pool #786647 2.50% 3/20/2052¹		1,942		1,678
Government National Mortgage Assn. Pool #786701 2.50% 3/20/2052¹		1,222		1,054
Government National Mortgage Assn. Pool #785998 2.50% 3/20/2052¹		852		726
Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063¹		442		340
Uniform Mortgage-Backed Security 2.00% 7/1/2038^1,4		1,115		988
Uniform Mortgage-Backed Security 2.50% 7/1/2038^1,4		175		159
Uniform Mortgage-Backed Security 4.00% 7/1/2038^1,4		280		270
Uniform Mortgage-Backed Security 2.50% 8/1/2038^1,4		2,100		1,915
Uniform Mortgage-Backed Security 4.00% 8/1/2038^1,4		640		618
Uniform Mortgage-Backed Security 2.00% 7/1/2053^1,4		9,225		7,525
Uniform Mortgage-Backed Security 2.50% 7/1/2053^1,4		2,001		1,697
Uniform Mortgage-Backed Security 3.00% 7/1/2053^1,4		5,398		4,752
Uniform Mortgage-Backed Security 3.50% 7/1/2053^1,4		40,326		36,752
Uniform Mortgage-Backed Security 4.00% 7/1/2053^1,4		23,285		21,854
Uniform Mortgage-Backed Security 4.50% 7/1/2053^1,4		24,172		23,241
Uniform Mortgage-Backed Security 5.00% 7/1/2053^1,4		63,179		61,910
Uniform Mortgage-Backed Security 5.50% 7/1/2053^1,4		27,204		27,074
Uniform Mortgage-Backed Security 5.50% 7/1/2053^1,4		666		663
Uniform Mortgage-Backed Security 6.00% 7/1/2053^1,4		87,805		88,587
Uniform Mortgage-Backed Security 6.50% 7/1/2053^1,4		5,145		5,254
Uniform Mortgage-Backed Security 2.50% 8/1/2053^1,4		2,200		1,869
Uniform Mortgage-Backed Security 3.00% 8/1/2053^1,4		3,500		3,085
Uniform Mortgage-Backed Security 4.50% 8/1/2053^1,4		32,400		31,167
Uniform Mortgage-Backed Security 6.00% 8/1/2053^1,4		45,035		45,426
				767,437

250	American Funds Insurance Series

U.S. Government Securities Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)				Value (000)
U.S. Treasury bonds & notes 38.74%
U.S. Treasury 28.23%
U.S. Treasury 0.125% 7/15/2023		USD	40,000		$	39,932
U.S. Treasury 2.125% 11/30/2023			—	²		—	²
U.S. Treasury 0.125% 12/15/2023			1,934			1,891
U.S. Treasury 2.25% 12/31/2023			1,332			1,312
U.S. Treasury 0.125% 1/15/2024			2,830			2,753
U.S. Treasury 2.50% 1/31/2024			26,000			25,577
U.S. Treasury 1.50% 2/29/2024			369			359
U.S. Treasury 3.00% 7/31/2024			1,820			1,774
U.S. Treasury 4.125% 1/31/2025			23,076			22,715
U.S. Treasury 4.625% 2/28/2025			30,265			30,033
U.S. Treasury 3.875% 3/31/2025			7,070			6,931
U.S. Treasury 3.875% 4/30/2025			4,615			4,525
U.S. Treasury 2.75% 5/15/2025			7,459			7,165
U.S. Treasury 4.25% 5/31/2025			37,305			36,836
U.S. Treasury 3.125% 8/15/2025			390			377
U.S. Treasury 3.50% 9/15/2025			28,000			27,244
U.S. Treasury 3.00% 9/30/2025			2,235			2,151
U.S. Treasury 4.625% 3/15/2026			11,050			11,063
U.S. Treasury 1.25% 12/31/2026			8,665			7,799
U.S. Treasury 3.50% 1/31/2028			7,373			7,157
U.S. Treasury 4.00% 2/29/2028			7,860			7,802
U.S. Treasury 3.625% 5/31/2028			27,900			27,286
U.S. Treasury 1.00% 7/31/2028			1,995			1,711
U.S. Treasury 2.625% 7/31/2029			9,309			8,598
U.S. Treasury 3.50% 1/31/2030			24,230			23,509
U.S. Treasury 2.75% 8/15/2032			7,500			6,872
U.S. Treasury 3.50% 2/15/2033			29,585			28,800
U.S. Treasury 4.25% 5/15/2039			795			832
U.S. Treasury 4.50% 8/15/2039			820			882
U.S. Treasury 1.125% 5/15/2040			4,135			2,681
U.S. Treasury 3.875% 2/15/2043			1,050			1,023
U.S. Treasury 3.875% 5/15/2043			820			802
U.S. Treasury 2.50% 2/15/2045			4,850			3,754
U.S. Treasury 2.50% 2/15/2046			3,900			3,001
U.S. Treasury 2.50% 5/15/2046			5,400			4,151
U.S. Treasury 2.875% 11/15/2046			2,700			2,224
U.S. Treasury 3.00% 2/15/2049			300			254
U.S. Treasury 2.875% 5/15/2049			6,300			5,208
U.S. Treasury 2.25% 8/15/2049			1,635			1,188
U.S. Treasury 1.25% 5/15/2050⁵			18,640			10,476
U.S. Treasury 1.375% 8/15/2050			4,330			2,515
U.S. Treasury 1.625% 11/15/2050⁵			26,165			16,235
U.S. Treasury 1.875% 2/15/2051			6,672			4,414
U.S. Treasury 2.00% 8/15/2051			5,226			3,558
U.S. Treasury 1.875% 11/15/2051			3,164			2,086
U.S. Treasury 2.875% 5/15/2052			3,740			3,096
U.S. Treasury 3.00% 8/15/2052⁵			7,555			6,417
U.S. Treasury 4.00% 11/15/2052⁵			7,319			7,510
						424,479

U.S. Treasury inflation-protected securities 10.51%
U.S. Treasury Inflation-Protected Security 0.50% 4/15/2024⁶			3,478			3,395
U.S. Treasury Inflation-Protected Security 0.125% 7/15/2024⁶			12,499			12,132
U.S. Treasury Inflation-Protected Security 0.125% 4/15/2025⁶			5,883			5,600
U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025⁶			50,365			48,225
U.S. Treasury Inflation-Protected Security 0.125% 10/15/2025⁶			6,414			6,085
U.S. Treasury Inflation-Protected Security 0.125% 4/15/2026⁶			5,853			5,491
U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026⁶			30,446			28,478
U.S. Treasury Inflation-Protected Security 0.125% 4/15/2027⁶			5,712			5,288
U.S. Treasury Inflation-Protected Security 1.625% 10/15/2027⁶			7,706			7,596

American Funds Insurance Series

251

U.S. Government Securities Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury inflation-protected securities (continued)
U.S. Treasury Inflation-Protected Security 0.125% 7/15/2030⁶	USD	7,423	$	6,658
U.S. Treasury Inflation-Protected Security 0.125% 1/15/2031⁶		7,001		6,223
U.S. Treasury Inflation-Protected Security 0.125% 7/15/2031⁶		1,019		904
U.S. Treasury Inflation-Protected Security 0.125% 1/15/2032⁶		4,491		3,954
U.S. Treasury Inflation-Protected Security 2.125% 2/15/2041⁶		429		461
U.S. Treasury Inflation-Protected Security 0.75% 2/15/2042^5,6		8,712		7,405
U.S. Treasury Inflation-Protected Security 0.625% 2/15/2043⁶		1,636		1,342
U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049⁶		5,002		4,305
U.S. Treasury Inflation-Protected Security 0.25% 2/15/2050⁶		343		240
U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051⁶		4,975		3,317
U.S. Treasury Inflation-Protected Security 0.125% 2/15/2052⁶		1,486		984
				158,083

Total U.S. Treasury bonds & notes				582,562

Federal agency bonds & notes 5.27%
Export-Import Bank of the United States-Guaranteed, Ethiopian Leasing 2012, LLC 2.646% 5/12/2026		266		255
Fannie Mae 7.125% 1/15/2030		2,000		2,339
Federal Home Loan Bank 3.25% 11/16/2028		6,500		6,228
Federal Home Loan Bank 5.50% 7/15/2036		300		341
Private Export Funding Corp. 3.55% 1/15/2024		3,190		3,152
Private Export Funding Corp. 1.40% 7/15/2028		3,000		2,606
Tennessee Valley Authority 0.75% 5/15/2025		3,700		3,414
Tennessee Valley Authority 2.875% 2/1/2027		5,000		4,731
Tennessee Valley Authority 4.65% 6/15/2035		1,780		1,815
Tennessee Valley Authority 5.88% 4/1/2036		875		995
Tennessee Valley Authority, Series A, 4.625% 9/15/2060		250		244
Tennessee Valley Authority, Southaven Combined Cycle Generation, LLC, 3.846% 8/15/2033		828		770
U.S. Agency for International Development, Israel (State of), Class 1A, 5.50% 9/18/2023		1,250		1,250
U.S. Agency for International Development, Jordan (Kingdom of) 3.00% 6/30/2025		14,779		14,091
U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 7/15/2026		1,814		1,873
U.S. Department of Housing and Urban Development, Series 2015-A-9, 2.80% 8/1/2023		1,500		1,497
U.S. Department of Housing and Urban Development, Series 2015-A-10, 2.85% 8/1/2024		2,250		2,188
U.S. Department of Housing and Urban Development, Series 2015-A-11, 2.95% 8/1/2025		2,640		2,529
U.S. Department of Housing and Urban Development, Series 2015-A-12, 3.10% 8/1/2026		2,625		2,503
U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 8/1/2027		11,482		10,889
U.S. Department of Housing and Urban Development, Series 2015-A-14, 3.25% 8/1/2028		3,856		3,643
U.S. Department of Housing and Urban Development, Series 2015-A-15, 3.35% 8/1/2029		2,650		2,477
U.S. Department of Housing and Urban Development, Series 2015-A-16, 3.50% 8/1/2030		2,482		2,373
U.S. Department of Housing and Urban Development, Series 2015-A-17, 3.55% 8/1/2031		2,475		2,364

252	American Funds Insurance Series

U.S. Government Securities Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Federal agency bonds & notes (continued)
U.S. Department of Housing and Urban Development, Series 2015-A-18, 3.60% 8/1/2032		USD	2,377	$	2,212
U.S. Department of Housing and Urban Development, Series 2015-A-19, 3.65% 8/1/2033			2,059		1,904
U.S. Department of Housing and Urban Development, Series 2015-A-20, 3.70% 8/1/2034			651		601
					79,284

Total bonds, notes & other debt instruments (cost: $1,497,923,000)					1,429,283

Short-term securities 29.53%	Weighted average yield at acquisition
Federal agency bills & notes 15.55%
Federal Home Loan Bank 7/28/2023		4.957	%	6,500	6,478
Federal Home Loan Bank 8/8/2023		4.700		90,000	89,556
Federal Home Loan Bank 8/11/2023		4.990		25,000	24,866
Federal Home Loan Bank 8/14/2023		4.741		95,000	94,452
Federal Home Loan Bank 8/25/2023		4.951		10,000	9,927
Federal Home Loan Bank 9/6/2023		5.198		8,600	8,523
					233,802

Commercial paper 8.48%
Apple, Inc. 7/19/2023⁷		5.060		26,000	25,930
BofA Securities, Inc. 7/10/2023⁷		5.180		2,100	2,097
Cabot Trail Funding, LLC 8/16/2023⁷		5.180		2,400	2,384
Chariot Funding, LLC 7/5/2023⁷		5.210		1,000	999
Chariot Funding, LLC 7/19/2023⁷		5.180		6,400	6,383
Chariot Funding, LLC 7/31/2023⁷		5.200		2,600	2,588
Coca-Cola Co. 7/20/2023⁷		4.969		32,900	32,808
Equinor ASA 7/3/2023⁷		5.060		14,500	14,494
Komatsu Finance America, Inc. 7/19/2023⁷		5.120		13,500	13,464
Linde, Inc. 7/11/2023		5.065		2,500	2,496
OMERS Finance Trust 7/12/2023		5.150		20,000	19,966
Paccar Financial Corp. 7/24/2023		5.080		3,900	3,887
					127,496

U.S. Treasury bills 3.35%
U.S. Treasury 7/13/2023		5.110		12,500	12,483
U.S. Treasury 7/20/2023		5.050		10,000	9,976
U.S. Treasury 8/22/2023		5.117		3,700	3,674
U.S. Treasury 11/2/2023		4.527		24,780	24,342
					50,475

American Funds Insurance Series

253

U.S. Government Securities Fund (continued)

Short-term securities (continued)	Weighted average yield at acquisition			Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. 2.15%
Nederlandse Waterschapsbank NV 7/11/2023⁷		5.120	%	USD	14,100	$	14,078
Oesterreich Kontrollbank 7/19/2023		5.080			5,200		5,186
Québec (Province of) 7/17/2023⁷		5.100			13,100		13,069
							32,333

Total short-term securities (cost: $444,135,000)							444,106
Total investment securities 124.58% (cost: $1,942,058,000)							1,873,389
Other assets less liabilities (24.58)%							(369,590	)

Net assets 100.00%						$	1,503,799

254	American Funds Insurance Series

U.S. Government Securities Fund (continued)

Futures contracts

Contracts	Type	Number of contracts	Expiration		Notional amount (000)		Value and unrealized appreciation (depreciation) at 6/30/2023 (000)
30 Day Federal Funds Futures	Long	212	July 2023	USD	83,831		$	5
30 Day Federal Funds Futures	Short	193	August 2023		(76,177	)		8
30 Day Federal Funds Futures	Short	57	October 2023		(22,484	)		16
30 Day Federal Funds Futures	Long	56	November 2023		22,073			(13	)
3 Month SOFR Futures	Long	1,495	December 2023		353,568			(17,923	)
3 Month SOFR Futures	Short	923	March 2024		(218,382	)		10,724
3 Month SOFR Futures	Long	62	September 2024		14,762			(26	)
3 Month SOFR Futures	Short	256	March 2025		(61,424	)		1,752
2 Year U.S. Treasury Note Futures	Long	3,418	September 2023		695,029			(8,638	)
5 Year U.S. Treasury Note Futures	Long	3,471	September 2023		371,722			(6,146	)
10 Year U.S. Treasury Note Futures	Long	2,118	September 2023		237,779			(3,585	)
10 Year Ultra U.S. Treasury Note Futures	Short	916	September 2023		(108,489	)		1,225
20 Year U.S. Treasury Bond Futures	Short	264	September 2023		(33,503	)		(43	)
30 Year Ultra U.S. Treasury Bond Futures	Long	205	September 2023		27,925			246
							$	(22,398	)

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

Receive		Pay			Notional		Value at			Upfront premium		Unrealized appreciation (depreciation)
Rate	Payment frequency	Rate	Payment frequency	Expiration date	amount (000)		6/30/2023 (000)			paid (000)		at 6/30/2023 (000)
SOFR	Annual	0.471%	Annual	10/26/2023	USD	30,500	$	471		$	—	$	471
0.45801%	Annual	SOFR	Annual	10/26/2023		30,500		(472	)		—		(472	)
4.8585%	Annual	U.S. EFFR	Annual	1/12/2024		17,898		(60	)		—		(60	)
4.8674%	Annual	U.S. EFFR	Annual	1/12/2024		26,222		(87	)		—		(87	)
4.8615%	Annual	U.S. EFFR	Annual	1/12/2024		35,800		(119	)		—		(119	)
0.241%	Annual	U.S. EFFR	Annual	3/1/2024		119,400		(4,020	)		—		(4,020	)
U.S. EFFR	Annual	0.11%	Annual	5/18/2024		97,600		4,420			—		4,420
3.497%	Annual	U.S. EFFR	Annual	6/16/2024		24,000		(420	)		—		(420	)
3.4585%	Annual	U.S. EFFR	Annual	6/17/2024		3,698		(66	)		—		(66	)
3.4325%	Annual	U.S. EFFR	Annual	6/17/2024		17,700		(320	)		—		(320	)
U.S. EFFR	Annual	0.1275%	Annual	6/25/2025		20,100		1,765			—		1,765
U.S. EFFR	Annual	0.126%	Annual	6/25/2025		20,100		1,765			—		1,765
U.S. EFFR	Annual	0.106%	Annual	6/30/2025		22,492		2,857			—		2,857
SOFR	Annual	3.916%	Annual	7/11/2025		46,800		787			—		787
4.265%	Annual	SOFR	Annual	2/16/2026		4,777		(30	)		—		(30	)
4.27%	Annual	SOFR	Annual	2/16/2026		9,620		(60	)		—		(60	)
4.3005%	Annual	SOFR	Annual	2/17/2026		1,989		(11	)		—		(11	)
4.288%	Annual	SOFR	Annual	2/17/2026		2,021		(12	)		—		(12	)
4.3035%	Annual	SOFR	Annual	2/17/2026		2,874		(16	)		—		(16	)
4.2675%	Annual	SOFR	Annual	2/17/2026		2,771		(18	)		—		(18	)
4.2515%	Annual	SOFR	Annual	2/17/2026		2,847		(19	)		—		(19	)
3.45%	Annual	SOFR	Annual	2/1/2028		12,500		(276	)		—		(276	)
3.47%	Annual	SOFR	Annual	2/2/2028		11,600		(247	)		—		(247	)
3.177%	Annual	SOFR	Annual	2/28/2030		2,400		(78	)		—		(78	)
U.S. EFFR	Annual	0.5385%	Annual	3/26/2030		49,000		9,121			—		9,121
3.18%	Annual	SOFR	Annual	4/17/2030		2,600		(84	)		—		(84	)

American Funds Insurance Series

255

U.S. Government Securities Fund (continued)

Swap contracts (continued)

Interest rate swaps (continued)

Centrally cleared interest rate swaps (continued)

Receive		Pay			Notional		Value at			Upfront premium		Unrealized Appreciation (depreciation)
Rate	Payment frequency	Rate	Payment frequency	Expiration date	amount (000)		6/30/2023 (000)			paid (000)		at 6/30/2023 (000)
3.275%	Annual	SOFR	Annual	4/18/2030	USD	2,600	$	(69	)	$	—	$	(69	)
3.353%	Annual	SOFR	Annual	4/19/2030		2,600		(57	)		—		(57	)
3.342%	Annual	SOFR	Annual	4/19/2030		2,600		(59	)		—		(59	)
3.344%	Annual	SOFR	Annual	4/20/2030		2,600		(59	)		—		(59	)
3.128%	Annual	SOFR	Annual	4/28/2030		2,600		(92	)		—		(92	)
3.285%	Annual	SOFR	Annual	5/1/2030		2,500		(65	)		—		(65	)
3.259%	Annual	SOFR	Annual	5/1/2030		2,600		(72	)		—		(72	)
3.186%	Annual	SOFR	Annual	5/9/2030		2,600		(83	)		—		(83	)
3.215%	Annual	SOFR	Annual	5/10/2030		2,500		(75	)		—		(75	)
3.29%	Annual	SOFR	Annual	5/19/2030		3,100		(80	)		—		(80	)
3.31%	Annual	SOFR	Annual	6/9/2030		26,800		(652	)		—		(652	)
U.S. EFFR	Annual	0.666%	Annual	11/19/2030		15,500		2,959			—		2,959
SOFR	Annual	3.175%	Annual	2/1/2038		16,000		55			—		55
3.065%	Annual	SOFR	Annual	4/7/2040		12,300		(644	)		—		(644	)
SOFR	Annual	3.045%	Annual	7/27/2050		3,600		134			—		134
SOFR	Annual	2.85282%	Annual	12/6/2052		540		35			—		35
SOFR	Annual	2.93542%	Annual	12/6/2052		550		27			—		27
SOFR	Annual	3.01413%	Annual	1/12/2053		1,402		49			—		49
SOFR	Annual	3.02%	Annual	1/12/2053		1,400		48			—		48
SOFR	Annual	2.974%	Annual	4/17/2053		800		33			—		33
SOFR	Annual	3.044%	Annual	4/18/2053		800		23			—		23
SOFR	Annual	3.0875%	Annual	4/19/2053		800		16			—		16
SOFR	Annual	3.1035%	Annual	4/19/2053		800		14			—		14
SOFR	Annual	3.0895%	Annual	4/20/2053		800		16			—		16
SOFR	Annual	2.9405%	Annual	4/28/2053		800		38			—		38
SOFR	Annual	3.0535%	Annual	5/1/2053		1,600		43			—		43
SOFR	Annual	3.085%	Annual	5/9/2053		900		19			—		19
SOFR	Annual	3.1135%	Annual	5/10/2053		800		12			—		12
SOFR	Annual	3.1605%	Annual	5/19/2053		1,000		6			—		6
							$	16,291		$	—	$	16,291

¹	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
²	Amount less than one thousand.
³	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
⁴	Purchased on a TBA basis.
⁵	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $14,752,000, which represented .98% of the net assets of the fund.
⁶	Index-linked bond whose principal amount moves with a government price index.
⁷	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $128,294,000, which represented 8.53% of the net assets of the fund.

256	American Funds Insurance Series

U.S. Government Securities Fund (continued)

Key to abbreviations

Assn. = Association

EFFR = Effective Federal Funds Rate

LIBOR = London Interbank Offered Rate

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series

257

Managed Risk Growth Fund
Investment portfolio June 30, 2023		unaudited

Growth funds 85.25%	Shares		Value (000)
American Funds Insurance Series – Growth Fund, Class 1		4,727,279	$	425,030

Total growth funds (cost: $380,542,000)				425,030

Fixed income funds 10.03%
American Funds Insurance Series – The Bond Fund of America, Class 1		5,265,584		50,023

Total fixed income funds (cost: $50,624,000)				50,023

Short-term securities 4.00%
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.03%¹		19,961,230		19,961

Total short-term securities (cost: $19,961,000)				19,961

Options purchased 0.16%
Options purchased*				766

Total options purchased (cost: $2,722,000)				766
Total investment securities 99.44% (cost: $453,849,000)				495,780
Other assets less liabilities 0.56%				2,816

Net assets 100.00%			$	498,596

*Options purchased

Put

Description	Number of contracts		Notional amount (000)		Exercise price	Expiration date	Value at 6/30/2023 (000)
S&P 500 Index	335	USD	149,088	USD	2,850.00	9/15/2023	$	55
S&P 500 Index	30		13,351		2,950.00	9/15/2023		6
S&P 500 Index	10		4,450		3,000.00	9/15/2023		2
S&P 500 Index	70		31,153		2,775.00	12/15/2023		47
S&P 500 Index	70		31,153		2,800.00	12/15/2023		47
S&P 500 Index	50		22,252		2,825.00	12/15/2023		36
S&P 500 Index	100		44,504		2,850.00	12/15/2023		75
S&P 500 Index	110		48,954		2,875.00	12/15/2023		83
S&P 500 Index	35		15,576		2,900.00	12/15/2023		27
S&P 500 Index	30		13,351		2,950.00	12/15/2023		26
S&P 500 Index	65		28,927		3,150.00	12/15/2023		73
S&P 500 Index	10		4,450		3,225.00	12/15/2023		13
S&P 500 Index	35		15,576		3,250.00	12/15/2023		46
S&P 500 Index	145		64,531		3,275.00	12/15/2023		198
S&P 500 Index	20		8,901		3,350.00	12/15/2023		32
							$	766

258	American Funds Insurance Series

Managed Risk Growth Fund (continued)

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized (depreciation) appreciation at 6/30/2023 (000)
5 Year U.S. Treasury Note Futures	Long	860	September 2023	USD	92,101		$	(1,219	)
Japanese yen currency Futures	Short	2	September 2023		(175	)		7
FTSE 100 Index Futures	Short	2	September 2023		(192	)		1
Nikkei 225 (OSE) Index Futures	Short	1	September 2023		(230	)		(7	)
British pound currency Futures	Short	3	September 2023		(238	)		(2	)
Mini MSCI Emerging Market Index Futures	Short	9	September 2023		(449	)		6
Russell 2000 Mini Index Futures	Short	11	September 2023		(1,047	)		(12	)
Euro Stoxx 50 Index Futures	Short	48	September 2023		(2,322	)		(39	)
Euro currency Futures	Short	18	September 2023		(2,465	)		(16	)
S&P Mid 400 E-mini Index Futures	Short	16	September 2023		(4,231	)		(115	)
S&P 500 E-mini Index Futures	Short	143	September 2023		(32,091	)		(693	)
							$	(2,089	)

Investments in affiliates²

	Value of affiliates at 1/1/2023 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized appreciation (000)		Value of affiliates at 6/30/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 85.25%
American Funds Insurance Series – Growth Fund, Class 1	$	387,467	$	91,971	$	122,285	$	(28,447	)	$	96,324	$	425,030	$	780	$	22,902
Fixed income funds 10.03%
American Funds Insurance Series – The Bond Fund of America, Class 1		34,197		36,164		20,338		(885	)		885		50,023		286		—
Total 95.28%							$	(29,332	)	$	97,209	$	475,053	$	1,066	$	22,902

¹	Rate represents the seven-day yield at 6/30/2023.
²	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series

259

Managed Risk International Fund
Investment portfolio June 30, 2023		unaudited

Growth funds 85.31%	Shares		Value (000)
American Funds Insurance Series – International Fund, Class 1		6,194,789	$	106,426

Total growth funds (cost: $99,890,000)				106,426

Fixed income funds 10.04%
American Funds Insurance Series – The Bond Fund of America, Class 1		1,318,491		12,526

Total fixed income funds (cost: $12,773,000)				12,526

Short-term securities 3.86%
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.03%¹		4,810,529		4,811

Total short-term securities (cost: $4,811,000)				4,811

Options purchased 0.18%
Options purchased*				225

Total options purchased (cost: $716,000)				225
Total investment securities 99.39% (cost: $118,190,000)				123,988
Other assets less liabilities 0.61%				761

Net assets 100.00%			$	124,749

*Options purchased

Put

Description	Number of contracts		Notional amount (000)		Exercise price	Expiration date	Value at 6/30/2023 (000)
iShares MSCI EAFE ETF	1,300	USD	9,425	USD	49.00	9/15/2023	$	12
iShares MSCI EAFE ETF	550		3,988		50.00	9/15/2023		5
iShares MSCI EAFE ETF	1,400		10,150		51.00	9/15/2023		14
iShares MSCI EAFE ETF	2,400		17,400		52.00	9/15/2023		19
iShares MSCI EAFE ETF	1,800		13,050		54.00	12/15/2023		47
iShares MSCI EAFE ETF	3,900		28,275		55.00	12/15/2023		99
iShares MSCI EAFE ETF	700		5,075		56.00	12/15/2023		24
iShares MSCI EAFE ETF	200		1,450		57.00	12/15/2023		5
							$	225

Futures contracts

Contracts	Type	Number of contracts	Expiration		Notional amount (000)		Value and unrealized (depreciation) appreciation at 6/30/2023 (000)
5 Year U.S. Treasury Note Futures	Long	122	September 2023	USD	13,066		$	(79	)
S&P 500 E-mini Index Futures	Short	26	September 2023		(5,835	)		(162	)
Mini MSCI Emerging Market Index Futures	Short	127	September 2023		(6,337	)		37
MSCI EAFE Index Futures	Short	87	September 2023		(9,376	)		(104	)
							$	(308	)

260	American Funds Insurance Series

Managed Risk International Fund (continued)

Investments in affiliates²

	Value of affiliates at 1/1/2023 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized appreciation (000)		Value of affiliates at 6/30/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 85.31%
American Funds Insurance Series – International Fund, Class 1	$	106,435	$	11,326	$	24,003	$	(6,836	)	$	19,504	$	106,426	$	73	$	—
Fixed income funds 10.04%
American Funds Insurance Series – The Bond Fund of America, Class 1		12,527		3,449		3,575		(354	)		479		12,526		259		—
Total 95.35%							$	(7,190	)	$	19,983	$	118,952	$	332	$	—

¹	Rate represents the seven-day yield at 6/30/2023.
²	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series

261

Managed Risk Washington Mutual Investors Fund
Investment portfolio June 30, 2023	unaudited

Growth-and-income funds 85.02%	Shares		Value (000)
American Funds Insurance Series – Washington Mutual Investors Fund, Class 1		20,345,075	$	274,659

Total growth-and-income funds (cost: $278,387,000)				274,659

Fixed income funds 10.00%
American Funds Insurance Series – U.S. Government Securities Fund, Class 1		3,242,268		32,325

Total fixed income funds (cost: $33,893,000)				32,325

Short-term securities 4.67%
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.03%¹		15,081,762		15,082

Total short-term securities (cost: $15,082,000)				15,082

Options purchased 0.17%
Options purchased*				537

Total options purchased (cost: $2,363,000)				537
Total investment securities 99.86% (cost: $329,725,000)				322,603
Other assets less liabilities 0.14%				461

Net assets 100.00%			$	323,064

*Options purchased

Put

Description	Number of contracts		Notional amount (000)		Exercise price	Expiration date	Value at 6/30/2023 (000)
S&P 500 Index	330	USD	146,863	USD	2,850.00	9/15/2023	$	54
S&P 500 Index	10		4,450		2,875.00	9/15/2023		2
S&P 500 Index	55		24,477		2,950.00	9/15/2023		11
S&P 500 Index	20		8,901		3,000.00	9/15/2023		4
S&P 500 Index	80		35,603		2,775.00	12/15/2023		54
S&P 500 Index	100		44,504		2,800.00	12/15/2023		67
S&P 500 Index	50		22,252		2,825.00	12/15/2023		36
S&P 500 Index	55		24,477		2,850.00	12/15/2023		41
S&P 500 Index	90		40,053		2,875.00	12/15/2023		68
S&P 500 Index	35		15,576		2,900.00	12/15/2023		27
S&P 500 Index	40		17,802		3,150.00	12/15/2023		45
S&P 500 Index	25		11,126		3,225.00	12/15/2023		33
S&P 500 Index	10		4,450		3,250.00	12/15/2023		13
S&P 500 Index	10		4,450		3,275.00	12/15/2023		14
S&P 500 Index	20		8,901		3,350.00	12/15/2023		32
S&P 500 Index	15		6,676		3,250.00	3/15/2024		36
							$	537

262	American Funds Insurance Series

Managed Risk Washington Mutual Investors Fund (continued)

Futures contracts

Contracts	Type	Number of contracts	Expiration		Notional amount (000)	Value and unrealized (depreciation) appreciation at 6/30/2023 (000)
5 Year U.S. Treasury Note Futures	Long	165	September 2023	USD	17,670	$	(242	)
S&P 500 E-mini Index Futures	Long	38	September 2023		8,528		240
						$	(2	)

Investments in affiliates²

	Value of affiliates at 1/1/2023 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized appreciation (000)		Value of affiliates at 6/30/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth-and-income funds 85.02%
American Funds Insurance Series – Washington Mutual Investors Fund, Class 1	$	274,603	$	28,117	$	45,263	$	(3,995	)	$	21,197	$	274,659	$	1,303	$	2,476

Fixed income funds 10.00%
American Funds Insurance Series – U.S. Government Securities Fund, Class 1		32,319		7,880		7,837		(879	)		842		32,325		185		—
Total 95.02%							$	(4,874	)	$	22,039	$	306,984	$	1,488	$	2,476

¹	Rate represents the seven-day yield at 6/30/2023.
²	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series

263

Managed Risk Growth-Income Fund
Investment portfolio June 30, 2023	unaudited

Growth-and-income funds 79.96%	Shares		Value (000)
American Funds Insurance Series – Growth-Income Fund, Class 1		31,901,672	$	1,737,684

Total growth-and-income funds (cost: $1,710,272,000)				1,737,684

Fixed income funds 15.00%
American Funds Insurance Series – The Bond Fund of America, Class 1		34,297,754		325,829

Total fixed income funds (cost: $344,843,000)				325,829

Short-term securities 4.63%
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.03%¹		100,572,314		100,572

Total short-term securities (cost: $100,572,000)				100,572

Options purchased 0.25%
Options purchased*				5,468

Total options purchased (cost: $25,532,000)				5,468
Total investment securities 99.84% (cost: $2,181,219,000)				2,169,553
Other assets less liabilities 0.16%				3,557

Net assets 100.00%			$	2,173,110

*Options purchased

Put

Description	Number of contracts	Notional amount (000)			Exercise price	Expiration date		Value at 6/30/2023 (000)
S&P 500 Index	4,100	USD	1,824,656	USD	2,850.00	9/15/2023	$	668
S&P 500 Index	200		89,008		2,875.00	9/15/2023		34
S&P 500 Index	60		26,702		2,900.00	9/15/2023		10
S&P 500 Index	600		267,023		2,950.00	9/15/2023		118
S&P 500 Index	60		26,702		3,000.00	9/15/2023		13
S&P 500 Index	765		340,454		2,775.00	12/15/2023		516
S&P 500 Index	780		347,130		2,800.00	12/15/2023		523
S&P 500 Index	765		340,454		2,825.00	12/15/2023		555
S&P 500 Index	725		322,653		2,850.00	12/15/2023		544
S&P 500 Index	800		356,030		2,875.00	12/15/2023		600
S&P 500 Index	115		51,179		2,900.00	12/15/2023		90
S&P 500 Index	25		11,126		2,950.00	12/15/2023		21
S&P 500 Index	350		155,763		3,150.00	12/15/2023		394
S&P 500 Index	20		8,901		3,225.00	12/15/2023		26
S&P 500 Index	170		75,657		3,250.00	12/15/2023		223
S&P 500 Index	175		77,882		3,275.00	12/15/2023		239
S&P 500 Index	300		133,511		3,350.00	12/15/2023		481
S&P 500 Index	170		75,656		3,250.00	3/15/2024		413
							$	5,468

264	American Funds Insurance Series

Managed Risk Growth-Income Fund (continued)

Futures contracts

Contracts	Type	Number of contracts	Expiration		Notional amount (000)			Value and unrealized (depreciation) appreciation at 6/30/2023 (000)
5 Year U.S. Treasury Note Futures	Long	1,183	September 2023	USD	126,692		$	(1,765	)
S&P 500 E-mini Index Futures	Long	351	September 2023		78,769			2,498
British pound currency Futures	Short	1	September 2023		(79	)		(1	)
Euro currency Futures	Short	1	September 2023		(137	)		(1	)
Mini MSCI Emerging Market Index Futures	Short	6	September 2023		(299	)		3
FTSE 100 Index Futures	Short	4	September 2023		(384	)		2
Euro Stoxx 50 Index Futures	Short	12	September 2023		(581	)		(10	)
S&P Mid 400 E-mini Index Futures	Short	5	September 2023		(1,322	)		(34	)
							$	692

Investments in affiliates²

	Value of affiliates at 1/1/2023 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (000)		Value of affiliates at 6/30/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth-and-income funds 79.96%
American Funds Insurance Series – Growth-Income Fund, Class 1	$	1,677,875	$	219,924	$	303,846	$	36,983		$	106,748	$	1,737,684	$	6,066	$	89,386
Fixed income funds 15.00%
American Funds Insurance Series – The Bond Fund of America, Class 1		314,614		72,941		64,701		(11,714	)		14,689		325,829		1,898		—
Total 94.96%							$	25,269		$	121,437	$	2,063,513	$	7,964	$	89,386

¹	Rate represents the seven-day yield at 6/30/2023.
²	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series

265

Managed Risk Asset Allocation Fund
Investment portfolio June 30, 2023	unaudited

Asset allocation funds 95.20%	Shares		Value (000)
American Funds Insurance Series – Asset Allocation Fund, Class 1		89,855,897	$	2,043,323

Total asset allocation funds (cost: $2,082,809,000)				2,043,323

Short-term securities 4.77%
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.03%¹		102,371,216		102,371

Total short-term securities (cost: $102,371,000)				102,371

Options purchased 0.03%
Options purchased*				693

Total options purchased (cost: $2,654,000)				693
Total investment securities 100.00% (cost: $2,187,834,000)				2,146,387
Other assets less liabilities (0.00)%				(43	)

Net assets 100.00%			$	2,146,344

*Options purchased

Put

Description	Number of contracts		Notional amount (000)		Exercise price	Expiration date		Value at 6/30/2023 (000)
S&P 500 Index	300	USD	133,511	USD	2,850.00	9/15/2023	$	49
S&P 500 Index	55		24,477		2,775.00	12/15/2023		37
S&P 500 Index	145		64,530		2,800.00	12/15/2023		97
S&P 500 Index	75		33,378		2,825.00	12/15/2023		54
S&P 500 Index	125		55,630		2,850.00	12/15/2023		94
S&P 500 Index	150		66,756		2,875.00	12/15/2023		113
S&P 500 Index	70		31,153		2,900.00	12/15/2023		55
S&P 500 Index	60		26,702		3,225.00	12/15/2023		79
S&P 500 Index	20		8,901		3,250.00	12/15/2023		26
S&P 500 Index	30		13,351		3,275.00	12/15/2023		41
S&P 500 Index	30		13,351		3,350.00	12/15/2023		48
							$	693

Futures contracts

Contracts	Type	Number of contracts	Expiration		Notional amount (000)		Value and unrealized (depreciation) appreciation at 6/30/2023 (000)
5 Year U.S. Treasury Note Futures	Long	1,055	September 2023	USD	112,984		$	(1,567	)
British pound currency Futures	Short	1	September 2023		(79	)		(1	)
Russell 2000 Mini Index Futures	Short	1	September 2023		(95	)		(1	)
FTSE 100 Index Futures	Short	2	September 2023		(192	)		1
Euro Stoxx 50 Index Futures	Short	5	September 2023		(242	)		(4	)
Mini MSCI Emerging Market Index Futures	Short	5	September 2023		(249	)		3
Euro Currency Futures	Short	3	September 2023		(411	)		(3	)
S&P Mid 400 E-mini Index Futures	Short	4	September 2023		(1,058	)		(28	)
							$	(1,600	)

266	American Funds Insurance Series

Managed Risk Asset Allocation Fund (continued)

Investments in affiliates²

	Value of affiliate at 1/1/2023 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized appreciation (000)		Value of affiliate at 6/30/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Asset allocation funds 95.20%
American Funds Insurance Series – Asset Allocation Fund, Class 1	$	2,084,270	$	178,742	$	272,742	$	1,915	$	51,138	$	2,043,323	$	10,281	$	77,368

¹	Rate represents the seven-day yield at 6/30/2023.
²	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series

267

Financial statements

Statements of assets and liabilities
at June 30, 2023

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	$	7,187,612	$	3,052,658	$	36,079,869	$	6,885,865		$	3,209,783
Affiliated issuers		260,524		122,435		767,206		196,037			142,018
Cash		592		235		2,303		1,037			651
Cash collateral received for securities on loan		961		4,238		2,862		255			386
Cash collateral pledged for futures contracts		—		—		—		—			161
Cash collateral pledged for swap contracts		—		—		—		—			—
Cash denominated in currencies other than U.S. dollars		1,578		5,129		920		5,289			825
Unrealized appreciation on open forward currency contracts		—		—		—		—			180
Receivables for:
Sales of investments		—		19,356		58,980		106,130			20,258
Sales of fund’s shares		1,997		1,000		10,237		6,432			2,369
Dividends and interest		12,854		3,265		13,905		13,360			10,871
Closed forward currency contracts		—		—		—		—			5
Variation margin on futures contracts		—		—		—		—			20
Variation margin on centrally cleared swap contracts		—		—		—		—			—
Securities lending income		1		4		1		—	*		—	*
Other		59		8		16		275			82
		7,466,178		3,208,328		36,936,299		7,214,680			3,387,609
Liabilities:
Collateral for securities on loan		9,612		42,375		28,625		2,552			3,859
Unrealized depreciation on open forward currency contracts		—		—		—		—			104
Unrealized depreciation on unfunded commitments		—		—		—		—			—
Payables for:
Purchases of investments		3,937		7,697		29,499		52,830			7,917
Repurchases of fund’s shares		8,466		2,925		96,342		3,185			2,116
Investment advisory services		2,194		1,522		9,202		2,788			1,382
Insurance administrative fees		408		174		1,872		252			466
Services provided by related parties		1,016		514		4,915		947			398
Trustees’ deferred compensation		89		57		494		175			42
Closed forward currency contracts		—		—		—		—			2
Variation margin on futures contracts		—		—		—		—			22
Variation margin on centrally cleared swap contracts		—		—		—		—			—
Bank overdraft		—		—		—		—			—
Non-U.S. taxes		3,383		12,335		867		23,650			12,620
Other		220		279		155		345			168
		29,325		67,878		171,971		86,724			29,096
Net assets at June 30, 2023	$	7,436,853	$	3,140,450	$	36,764,328	$	7,127,956		$	3,358,513

Net assets consist of:
Capital paid in on shares of beneficial interest	$	4,578,577	$	2,487,653	$	20,499,870	$	6,070,096		$	2,498,997
Total distributable earnings (accumulated loss)		2,858,276		652,797		16,264,458		1,057,860			859,516
Net assets at June 30, 2023	$	7,436,853	$	3,140,450	$	36,764,328	$	7,127,956		$	3,358,513

Investment securities on loan, at value	$	11,345	$	61,683	$	27,798	$	22,230		$	11,128
Investment securities, at cost
Unaffiliated issuers		4,514,668		2,391,917		19,949,813		5,340,365			2,344,169
Affiliated issuers		260,495		120,919		766,983		195,981			141,981
Cash denominated in currencies other than U.S. dollars, at cost		1,577		5,132		920		5,280			825

Refer to the end of the statements of assets and liabilities for footnote.

Refer to the notes to financial statements.

268	American Funds Insurance Series

Financial statements (continued)

Statements of assets and liabilities
at June 30, 2023 (continued)

unaudited
(dollars in thousands)

	Washington Mutual Investors Fund			Capital World Growth and Income Fund			Growth-Income Fund			International Growth and Income Fund			Capital Income Builder
Assets:
Investment securities, at value:
Unaffiliated issuers	$	9,541,960		$	1,753,568		$	34,057,439		$	306,146		$	1,108,353
Affiliated issuers		379,391			70,870			1,901,971			14,089			133,268
Cash		1,686			53			1,233			68			785
Cash collateral received for securities on loan		354			95			6,463			172			611
Cash collateral pledged for futures contracts		—			—			—			—			—
Cash collateral pledged for swap contracts		—			—			—			—			—
Cash denominated in currencies other than U.S. dollars		—			398			1,047			75			149
Unrealized appreciation on open forward currency contracts		—			—			—			—			—
Receivables for:
Sales of investments		32,818			5,389			42,303			505			44,839
Sales of fund’s shares		2,349			99			2,258			765			2,116
Dividends and interest		10,029			4,838			42,891			2,563			4,997
Closed forward currency contracts		—			—			—			—			—
Variation margin on futures contracts		—			—			—			—			97
Variation margin on centrally cleared swap contracts		—			—			—			—			54
Securities lending income		—	*		—	*		5	��		—	*		1
Other		7			46			127			19			39
		9,968,594			1,835,356			36,055,737			324,402			1,295,309
Liabilities:
Collateral for securities on loan		3,540			952			64,632			1,722			6,105
Unrealized depreciation on open forward currency contracts		—			—			—			—			—
Unrealized depreciation on unfunded commitments		—			—			—			—			—
Payables for:
Purchases of investments		12,227			5,963			59,338			194			96,269
Repurchases of fund’s shares		10,319			4,428			73,500			41			293
Investment advisory services		1,883			541			7,353			122			210
Insurance administrative fees		740			128			1,104			85			343
Services provided by related parties		1,057			298			3,766			69			141
Trustees’ deferred compensation		104			25			543			14			8
Closed forward currency contracts		—			—			—			—			—
Variation margin on futures contracts		—			—			—			—			7
Variation margin on centrally cleared swap contracts		—			—			—			—			19
Bank overdraft		—			—			—			—			—
Non-U.S. taxes		148			839			1,491			153			737
Other		10			55			170			15			20
		30,028			13,229			211,897			2,415			104,152
Net assets at June 30, 2023	$	9,938,566		$	1,822,127		$	35,843,840		$	321,987		$	1,191,157

Net assets consist of:
Capital paid in on shares of beneficial interest	$	7,532,632		$	1,426,801		$	20,896,057		$	314,165		$	1,056,574
Total distributable earnings (accumulated loss)		2,405,934			395,326			14,947,783			7,822			134,583

Net assets at June 30, 2023	$	9,938,566		$	1,822,127		$	35,843,840		$	321,987		$	1,191,157

Investment securities on loan, at value	$	3,429		$	6,023		$	61,497		$	2,761		$	6,985
Investment securities, at cost
Unaffiliated issuers		7,218,978			1,294,449			20,043,920			274,834			965,312
Affiliated issuers		379,298			70,860			1,901,275			14,084			138,510
Cash denominated in currencies other than U.S. dollars, at cost		—			398			1,044			75			149

Refer to the end of the statements of assets and liabilities for footnote.

Refer to the notes to financial statements.

American Funds Insurance Series

269

Financial statements (continued)

Statements of assets and liabilities
at June 30, 2023 (continued)

unaudited
(dollars in thousands)

	Asset Allocation Fund		American Funds Global Balanced Fund			The Bond Fund of America			Capital World Bond Fund			American High-Income Trust
Assets:
Investment securities, at value:
Unaffiliated issuers	$	22,860,159	$	356,903		$	10,067,305		$	1,381,748		$	796,378
Affiliated issuers		3,466,389		36,721			2,007,541			208,511			33,341
Cash		3,225		55			8,765			89			—
Cash collateral received for securities on loan		1,726		71			—			—			—
Cash collateral pledged for futures contracts		—		—			—			—			104
Cash collateral pledged for swap contracts		—		—			—			—			818
Cash denominated in currencies other than U.S. dollars		662		87			—	*		85			12
Unrealized appreciation on open forward currency contracts		—		537			1,374			5,906			—
Receivables for:
Sales of investments		644,680		3,674			2,183,376			33,094			4,791
Sales of fund’s shares		977		826			27,993			2,078			1,130
Dividends and interest		76,599		1,860			76,760			11,383			12,634
Closed forward currency contracts		—		—			—			—			—
Variation margin on futures contracts		294		30			6,843			486			—
Variation margin on centrally cleared swap contracts		141		22			160			279			—
Securities lending income		1		—	*		—			—			—
Other		224		—	*		—			120			3
		27,055,077		400,786			14,380,117			1,643,779			849,211
Liabilities:
Collateral for securities on loan		17,261		712			—			—			—
Unrealized depreciation on open forward currency contracts		—		708			1,997			8,188			—
Unrealized depreciation on unfunded commitments		7		—			—			1			2
Payables for:
Purchases of investments		1,708,017		16,149			3,826,500			173,829			7,673
Repurchases of fund’s shares		21,962		169			2,503			209			433
Investment advisory services		5,474		136			1,402			515			181
Insurance administrative fees		3,370		74			664			34			55
Services provided by related parties		2,606		66			1,020			203			148
Trustees’ deferred compensation		317		4			130			27			32
Closed forward currency contracts		—		—			—			—			—
Variation margin on futures contracts		1,434		48			4,588			822			7
Variation margin on centrally cleared swap contracts		430		57			942			723			94
Bank overdraft		—		—			—			—			119
Non-U.S. taxes		3,812		290			—			85			—
Other		85		19			16			89			5
		1,764,775		18,432			3,839,762			184,725			8,749
Net assets at June 30, 2023	$	25,290,302	$	382,354		$	10,540,355		$	1,459,054		$	840,462

Net assets consist of:
Capital paid in on shares of beneficial interest	$	19,487,055	$	351,473		$	12,081,653		$	1,763,153		$	1,186,715
Total distributable earnings (accumulated loss)		5,803,247		30,881			(1,541,298	)		(304,099	)		(346,253	)

Net assets at June 30, 2023	$	25,290,302	$	382,354		$	10,540,355		$	1,459,054		$	840,462

Investment securities on loan, at value	$	16,802	$	697		$	—		$	—		$	—
Investment securities, at cost
Unaffiliated issuers		17,250,054		323,779			10,634,682			1,499,648			861,704
Affiliated issuers		3,673,146		36,559			2,007,086			206,121			33,328
Cash denominated in currencies other than U.S. dollars, at cost		662		87			—	*		83			12

Refer to the end of the statements of assets and liabilities for footnote.

Refer to the notes to financial statements.

270	American Funds Insurance Series

Financial statements (continued)

Statements of assets and liabilities
at June 30, 2023 (continued)

unaudited
(dollars in thousands)

	American Funds Mortgage Fund			Ultra-Short Bond Fund		U.S. Government Securities Fund			Managed Risk Growth Fund			Managed Risk International Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	152,783		$	383,768	$	1,873,389		$	20,727		$	5,036
Affiliated issuers		—			—		—			475,053			118,952
Cash		2,594			9,100		41,182			—			—
Cash collateral received for securities on loan		—			—		—			—			—
Cash collateral pledged for futures contracts		—			—		—			3,702			1,074
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		16,656			—		205,550			1,327			207
Sales of fund’s shares		79			537		4,498			412			143
Dividends and interest		277			36		6,790			80			22
Closed forward currency contracts		—			—		—			—			—
Variation margin on futures contracts		45			—		658			—			2
Variation margin on centrally cleared swap contracts		1			—		1,089			—			—
Securities lending income		—			—		—			—			—
Other		1			—		—			—			—
		172,436			393,441		2,133,156			501,301			125,436
Liabilities:
Collateral for securities on loan		—			—		—			—			—
Unrealized depreciation on open forward currency contracts		—			—		—			—			—
Unrealized depreciation on unfunded commitments		—			—		—			—			—
Payables for:
Purchases of investments		67,574			—		626,483			1,575			284
Repurchases of fund’s shares		61			288		1,162			152			63
Investment advisory services		15			85		216			40			10
Insurance administrative fees		28			44		120			295			78
Services provided by related parties		21			83		295			96			25
Trustees’ deferred compensation		3			12		44			4			1
Closed forward currency contracts		—			—		—			—			—
Variation margin on futures contracts		31			—		667			543			226
Variation margin on centrally cleared swap contracts		9			—		368			—			—
Bank overdraft		—			—		—			—			—
Non-U.S. taxes		—			—		—			—			—
Other		—			—		2			—			—
		67,742			512		629,357			2,705			687
Net assets at June 30, 2023	$	104,694		$	392,929	$	1,503,799		$	498,596		$	124,749

Net assets consist of:
Capital paid in on shares of beneficial interest	$	115,198		$	384,122	$	1,750,412		$	565,139		$	152,639
Total distributable earnings (accumulated loss)		(10,504	)		8,807		(246,613	)		(66,543	)		(27,890	)
Net assets at June 30, 2023	$	104,694		$	392,929	$	1,503,799		$	498,596		$	124,749

Investment securities on loan, at value	$	—		$	—	$	—		$	—		$	—
Investment securities, at cost
Unaffiliated issuers		155,464			383,761		1,942,058			22,683			5,527
Affiliated issuers		—			—		—			431,166			112,663
Cash denominated in currencies other than U.S. dollars, at cost		—			—		—			—			—

Refer to the end of the statements of assets and liabilities for footnote.

Refer to the notes to financial statements.

American Funds Insurance Series

271

Financial statements (continued)

Statements of assets and liabilities
at June 30, 2023 (continued)

unaudited
(dollars in thousands)

	Managed Risk Washington Mutual Investors Fund			Managed Risk Growth- Income Fund		Managed Risk Asset Allocation Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	15,619		$	106,040	$	103,064
Affiliated issuers		306,984			2,063,513		2,043,323
Cash		—			—		—
Cash collateral received for securities on loan		—			—		—
Cash collateral pledged for futures contracts		656			5,594		1,584
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		1,336			30,521		1,518
Sales of fund’s shares		9			293		25
Dividends and interest		64			427		431
Closed forward currency contracts		—			—		—
Variation margin on futures contracts		100			922		—
Variation margin on centrally cleared swap contracts		—			—		—
Securities lending income		—			—		—
Other		—			—		—
		324,768			2,207,310		2,149,945
Liabilities:
Collateral for securities on loan		—			—		—
Unrealized depreciation on open forward currency contracts		—			—		—
Unrealized depreciation on unfunded commitments		—			—		—
Payables for:
Purchases of investments		769			4,760		—
Repurchases of fund’s shares		645			27,845		1,623
Investment advisory services		26			178		175
Insurance administrative fees		197			1,324		1,325
Services provided by related parties		64			55		433
Trustees’ deferred compensation		3			16		29
Closed forward currency contracts		—			—		—
Variation margin on futures contracts		—			22		16
Variation margin on centrally cleared swap contracts		—			—		—
Bank overdraft		—			—		—
Non-U.S. taxes		—			—		—
Other		—			—		—
		1,704			34,200		3,601
Net assets at June 30, 2023	$	323,064		$	2,173,110	$	2,146,344

Net assets consist of:
Capital paid in on shares of beneficial interest	$	358,410		$	2,153,328	$	2,184,513
Total distributable earnings (accumulated loss)		(35,346	)		19,782		(38,169	)
Net assets at June 30, 2023	$	323,064		$	2,173,110	$	2,146,344

Investment securities on loan, at value	$	—		$	—	$	—
Investment securities, at cost
Unaffiliated issuers		17,445			126,104		105,025
Affiliated issuers		312,280			2,055,115		2,082,809
Cash denominated in currencies other than U.S. dollars, at cost		—			—		—

Refer to the end of the statements of assets and liabilities for footnote.

Refer to the notes to financial statements.

272	American Funds Insurance Series

Financial statements (continued)

Statements of assets and liabilities
at June 30, 2023 (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	$	3,267,350	$	989,232	$	16,132,357	$	3,347,079	$	1,773,825
	Shares outstanding		101,754		55,385		179,425		194,879		71,238
	Net asset value per share	$	32.11	$	17.86	$	89.91	$	17.18	$	24.90
Class 1A:	Net assets	$	16,502	$	4,969	$	245,718	$	11,621	$	9,840
	Shares outstanding		517		282		2,762		680		397
	Net asset value per share	$	31.92	$	17.60	$	88.97	$	17.07	$	24.76
Class 2:	Net assets	$	3,480,176	$	1,859,010	$	17,094,954	$	3,348,777	$	809,785
	Shares outstanding		110,006		110,517		192,676		196,109		32,955
	Net asset value per share	$	31.64	$	16.82	$	88.72	$	17.08	$	24.57
Class 3:	Net assets					$	224,580	$	16,681
	Shares outstanding		Not applicable		Not applicable		2,472		969		Not applicable
	Net asset value per share					$	90.85	$	17.22
Class 4:	Net assets	$	672,825	$	287,239	$	3,066,719	$	403,798	$	765,063
	Shares outstanding		21,510		17,121		35,477		24,043		31,425
	Net asset value per share	$	31.28	$	16.78	$	86.44	$	16.79	$	24.35

	��	Washington Mutual Investors Fund		Capital World Growth and Income Fund		Growth- Income Fund		International Growth and Income Fund		Capital Income Builder
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class 1:	Net assets	$	5,859,309	$	575,236	$	21,339,299	$	16,140	$	615,174
	Shares outstanding		434,159		43,963		391,780		1,644		54,668
	Net asset value per share	$	13.50	$	13.08	$	54.47	$	9.82	$	11.25
Class 1A:	Net assets	$	22,036	$	6,559	$	32,236	$	5,687	$	10,007
	Shares outstanding		1,644		505		596		595		890
	Net asset value per share	$	13.41	$	13.00	$	54.09	$	9.55	$	11.24
Class 2:	Net assets	$	2,854,203	$	1,031,693	$	12,482,053	$	164,805	$	14,070
	Shares outstanding		215,704		79,141		233,068		17,257		1,251
	Net asset value per share	$	13.23	$	13.04	$	53.56	$	9.55	$	11.24
Class 3:	Net assets					$	136,059
	Shares outstanding		Not applicable		Not applicable		2,494		Not applicable		Not applicable
	Net asset value per share					$	54.57
Class 4:	Net assets	$	1,203,018	$	208,639	$	1,854,193	$	135,355	$	551,906
	Shares outstanding		91,932		16,424		35,213		14,410		49,157
	Net asset value per share	$	13.09	$	12.70	$	52.66	$	9.39	$	11.23

Refer to the end of the statements of assets and liabilities for footnote.

Refer to the notes to financial statements.

American Funds Insurance Series

273

Financial statements (continued)

Statements of assets and liabilities
at June 30, 2023 (continued)

unaudited
(dollars and shares in thousands, except per-share amounts)

		Asset Allocation Fund		American Funds Global Balanced Fund		The Bond Fund of America		Capital World Bond Fund		American High-Income Trust
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class 1:	Net assets	$	15,365,770	$	97,665	$	6,602,578	$	652,959	$	216,837
	Shares outstanding		675,835		8,259		694,825		67,304		24,631
	Net asset value per share	$	22.74	$	11.82	$	9.50	$	9.70	$	8.80
Class 1A:	Net assets	$	27,766	$	2,641	$	236,295	$	1,290	$	2,199
	Shares outstanding		1,228		225		25,053		134		251
	Net asset value per share	$	22.61	$	11.75	$	9.43	$	9.64	$	8.77
Class 2:	Net assets	$	4,262,698	$	160,967	$	2,848,519	$	751,310	$	521,941
	Shares outstanding		190,271		13,696		304,444		78,350		60,683
	Net asset value per share	$	22.40	$	11.75	$	9.36	$	9.59	$	8.60
Class 3:	Net assets	$	29,116							$	8,129
	Shares outstanding		1,280		Not applicable		Not applicable		Not applicable		919
	Net asset value per share	$	22.76							$	8.85
Class 4:	Net assets	$	5,604,952	$	121,081	$	852,963	$	53,495	$	91,356
	Shares outstanding		252,342		10,478		91,636		5,660		9,573
	Net asset value per share	$	22.21	$	11.56	$	9.31	$	9.45	$	9.54

		American Funds Mortgage Fund		Ultra-Short Bond Fund		U.S. Government Securities Fund		Managed Risk Growth Fund		Managed Risk International Fund
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class 1:	Net assets	$	16,337	$	39,933	$	248,337
	Shares outstanding		1,721		3,464		24,903		Not applicable		Not applicable
	Net asset value per share	$	9.49	$	11.53	$	9.97
Class 1A:	Net assets	$	1,673	$	116	$	4,445
	Shares outstanding		178		10		448		Not applicable	Not applicable
	Net asset value per share	$	9.37	$	11.52	$	9.93
Class 2:	Net assets	$	44,111	$	286,932	$	1,058,630
	Shares outstanding		4,697		25,713		107,595		Not applicable	Not applicable
	Net asset value per share	$	9.39	$	11.16	$	9.84
Class 3:	Net assets			$	4,270	$	6,131
	Shares outstanding		Not applicable		378		613		Not applicable	Not applicable
	Net asset value per share			$	11.31	$	9.99
Class 4:	Net assets	$	42,573	$	61,678	$	186,256
	Shares outstanding		4,592		5,502		18,964		Not applicable	Not applicable
	Net asset value per share	$	9.27	$	11.21	$	9.82
Class P1:	Net assets							$	10,884	$1,751
	Shares outstanding		Not applicable		Not applicable		Not applicable		1,086	212
	Net asset value per share							$	10.02	$8.24
Class P2:	Net assets							$	487,712	$122,998
	Shares outstanding		Not applicable		Not applicable		Not applicable		49,191	14,990
	Net asset value per share							$	9.91	$8.21

Refer to the end of the statements of assets and liabilities for footnote.

Refer to the notes to financial statements.

274	American Funds Insurance Series

Financial statements (continued)

Statements of assets and liabilities
at June 30, 2023 (continued)

unaudited
(dollars and shares in thousands, except per-share amounts)

		Managed Risk Washington Mutual Investors Fund		Managed Risk Growth- Income Fund		Managed Risk Asset Allocation Fund
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized

Class P1:	Net assets	$	2,741	$	1,896,898	$	7,588
	Shares outstanding		277		161,473		672
	Net asset value per share	$	9.90	$	11.75	$	11.29
Class P2:	Net assets	$	320,323	$	276,212	$	2,138,756
	Shares outstanding		32,593		23,687		195,719
	Net asset value per share	$	9.83	$	11.66	$	10.93

*	Amount less than one thousand.

Refer to the notes to financial statements.

American Funds Insurance Series

275

Financial statements (continued)

Statements of operations for the six months ended June 30, 2023	unaudited (dollars in thousands)

	Global Growth Fund			Global Small Capitalization Fund			Growth Fund			International Fund			New World Fund
Investment income (loss):
Income (net of non-U.S. taxes^*):
Dividends:
Unaffiliated issuers	$	60,371		$	18,917		$	143,070		$	68,405		$	33,223
Affiliated issuers		5,675			2,594			26,412			5,681			4,211
		66,046			21,511			169,482			74,086			37,434
Interest from unaffiliated issuers		406			2			1,001			68			3,954
Securities lending income (net of fees)		142			789			545			94			43
		66,594			22,302			171,028			74,248			41,431
*Fees and expenses:**
Investment advisory services		16,971			9,876			52,527			16,709			9,284
Distribution services		4,982			2,613			23,083			4,613			1,894
Insurance administrative services		801			350			3,641			500			925
Transfer agent services		1			—	^†		4			1			—	^†
Administrative services		1,072			458			5,019			1,049			483
Accounting and administrative services		—			—			—			—			—
Reports to shareholders		50			22			229			49			24
Registration statement and prospectus		14			5			75			18			9
Trustees’ compensation		13			6			59			12			6
Auditing and legal		19			31			31			30			52
Custodian		269			187			181			486			339
Other		3			24			15			3			25
Total fees and expenses before waivers/reimbursement		24,195			13,572			84,864			23,470			13,041
Less waivers/reimbursement of fees and expenses:
Investment advisory services waivers		3,930			763			—			—			1,126
Miscellaneous fee reimbursement		—			—			—			—			—
Total waivers/reimbursement of fees and expenses		3,930			763			—			—			1,126
Total fees and expenses after waivers/reimbursement		20,265			12,809			84,864			23,470			11,915
Net investment income (loss)		46,329			9,493			86,164			50,778			29,516
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss)^*on:
Investments in:
Unaffiliated issuers		141,150			10,192			182,752			(125,371	)		1,727
Affiliated issuers		28			12			184			42			11
Futures contracts		—			—			—			—			59
Forward currency contracts		—			—			—			—			(112	)
Swap contracts		—			—			—			—			120
Currency transactions		640			(345	)		(494	)		(997	)		(218	)
Capital gain distributions received from affiliated issuers		—			—			—			—			—
		141,818			9,859			182,442			(126,326	)		1,587
Net unrealized appreciation (depreciation)^*on:
Investments in:
Unaffiliated issuers		832,042			312,563			7,257,259			892,995			331,381
Affiliated issuers		4			364			5			8			17
Futures contracts		—			—			—			—			(181	)
Forward currency contracts		—			—			—			—			126
Swap contracts		—			—			—			—			(2	)
Currency translations		(815	)		6			40			211			1
		831,231			312,933			7,257,304			893,214			331,342
Net realized gain (loss) and unrealized appreciation (depreciation)		973,049			322,792			7,439,746			766,888			332,929
Net increase in net assets resulting from operations	$	1,019,378		$	332,285		$	7,525,910		$	817,666		$	362,445

Refer to the end of the statements of operations for footnotes.

Refer to the notes to financial statements.

276	American Funds Insurance Series

Financial statements (continued)

Statements of operations
for the six months ended June 30, 2023

unaudited
(dollars in thousands)

	Washington Mutual Investors Fund			Capital World Growth and Income Fund			Growth- Income Fund			International Growth and Income Fund			Capital Income Builder
Investment income (loss):
Income (net of non-U.S. taxes^*):
Dividends:
Unaffiliated issuers	$	105,370		$	22,515		$	273,059		$	5,860		$	18,872
Affiliated issuers		9,174			1,471			56,076			282			2,768
		114,544			23,986			329,135			6,142			21,640
Interest from unaffiliated issuers		5			519			182			4			2,779
Securities lending income (net of fees)		82			33			235			20			55
		114,631			24,538			329,552			6,166			24,474
*Fees and expenses:**
Investment advisory services		17,737			4,176			43,141			749			2,062
Distribution services		4,844			1,495			17,003			367			687
Insurance administrative services		1,474			253			2,171			168			683
Transfer agent services		1			—	^†		4			—	^†		—	^†
Administrative services		1,423			264			5,065			47			173
Accounting and administrative services		—			—			—			—			—
Reports to shareholders		49			11			222			5			9
Registration statement and prospectus		83			5			78			2			7
Trustees’ compensation		17			3			61			—	^†		2
Auditing and legal		11			29			34			23			19
Custodian		194			70			194			32			44
Other		5			1			16			—	^†		1
Total fees and expenses before waivers/reimbursement		25,838			6,307			67,989			1,393			3,687
Less waivers/reimbursement of fees and expenses:
Investment advisory services waivers		6,639			967			—			16			809
Miscellaneous fee reimbursement		—			—			—			—			—
Total waivers/reimbursement of fees and expenses		6,639			967			—			16			809
Total fees and expenses after waivers/reimbursement		19,199			5,340			67,989			1,377			2,878
Net investment income (loss)		95,432			19,198			261,563			4,789			21,596
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss)^*on:
Investments in:
Unaffiliated issuers		12,065		��	2,769			686,807			(2,725	)		10,072
Affiliated issuers		20			(5	)		56			1			4
Futures contracts		—			—			—			—			(369	)
Forward currency contracts		—			—			—			2			—
Swap contracts		—			—			—			—			1,636
Currency transactions		24			(22	)		(1,254	)		70			109
Capital gain distributions received from affiliated issuers		—			—			—			—			—
		12,109			2,742			685,609			(2,652	)		11,452
Net unrealized appreciation (depreciation)^*on:
Investments in:
Unaffiliated issuers		614,564			187,287			3,776,708			28,234			10,479
Affiliated issuers		42			10			369			2			431
Futures contracts		—			—			—			—			(1,238	)
Forward currency contracts		—			—			—			(5	)		—
Swap contracts		—			—			—			—			(1,444	)
Currency translations		(1	)		(181	)		145			(49	)		(52	)
		614,605			187,116			3,777,222			28,182			8,176
Net realized gain (loss) and unrealized appreciation (depreciation)		626,714			189,858			4,462,831			25,530			19,628
Net increase in net assets resulting from operations	$	722,146		$	209,056		$	4,724,394		$	30,319		$	41,224

Refer to the end of the statements of operations for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series

277

Financial statements (continued)

Statements of operations for the six months ended June 30, 2023 (continued)	unaudited (dollars in thousands)

	Asset Allocation Fund			American Funds Global Balanced Fund			The Bond Fund of America			Capital World Bond Fund			American High-Income Trust
Investment income (loss):
Income (net of non-U.S. taxes^*):
Dividends:
Unaffiliated issuers	$	157,757		$	3,821		$	—		$	6		$	750
Affiliated issuers		70,345			637			43,566			3,707			982
		228,102			4,458			43,566			3,713			1,732
Interest from unaffiliated issuers		98,887			1,907			168,081			22,652			27,551
Securities lending income (net of fees)		332			7			—			—			—
		327,321			6,372			211,647			26,365			29,283
*Fees and expenses:**
Investment advisory services		32,847			831			18,436			3,167			1,680
Distribution services		12,016			343			4,599			1,012			761
Insurance administrative services		6,792			147			1,313			68			105
Transfer agent services		3			—	^†		1			—	^†		—	^†
Administrative services		3,696			56			1,571			221			125
Accounting and administrative services		—			—			—			—			—
Reports to shareholders		142			5			70			11			9
Registration statement and prospectus		58			2			25			3			4
Trustees’ compensation		45			1			19			3			1
Auditing and legal		24			15			7			3			2
Custodian		140			42			45			94			10
Other		12			1			5			—	^†		6
Total fees and expenses before waivers/reimbursement		55,775			1,443			26,091			4,582			2,703
Less waivers/reimbursement of fees and expenses:
Investment advisory services waivers		—			19			9,951			—			582
Miscellaneous fee reimbursement		—			—			—			—			—
Total waivers/reimbursement of fees and expenses		—			19			9,951			—			582
Total fees and expenses after waivers/reimbursement		55,775			1,424			16,140			4,582			2,121
Net investment income (loss)		271,546			4,948			195,507			21,783			27,162
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss)^*on:
Investments in:
Unaffiliated issuers		347,182			(3,586	)		(159,235	)		(37,572	)		(10,051	)
Affiliated issuers		(78,959	)		(19	)		128			2			3
Futures contracts		(21,630	)		(70	)		(69,860	)		(4,010	)		19
Forward currency contracts		—			(666	)		2,135			(11,479	)		—
Swap contracts		(6,836	)		(752	)		(1,165	)		(5,836	)		(168	)
Currency transactions		239			(5	)		(215	)		(81	)		(31	)
Capital gain distributions received from affiliated issuers		—			—			—			—			—
		239,996			(5,098	)		(228,212	)		(58,976	)		(10,228	)
Net unrealized appreciation (depreciation)^*on:
Investments in:
Unaffiliated issuers		1,103,372			27,507			225,098			59,629			17,859
Affiliated issuers		101,942			109			257			793			4
Futures contracts		(36,203	)		202			(26,287	)		517			60
Forward currency contracts		—			(707	)		(4,270	)		(6,835	)		—
Swap contracts		579			654			(8,504	)		6,094			(50	)
Currency translations		115			(19	)		(71	)		(310	)		26
		1,169,805			27,746			186,223			59,888			17,899
Net realized gain (loss) and unrealized appreciation (depreciation)		1,409,801			22,648			(41,989	)		912			7,671
Net increase in net assets resulting from operations	$	1,681,347		$	27,596		$	153,518		$	22,695		$	34,833

Refer to the end of the statements of operations for footnotes.

Refer to the notes to financial statements.

278	American Funds Insurance Series

Financial statements (continued)

Statements of operations for the six months ended June 30, 2023 (continued)	unaudited (dollars in thousands)

	American Funds Mortgage Fund			Ultra-Short Bond Fund			U.S. Government Securities Fund			Managed Risk Growth Fund			Managed Risk International Fund
Investment income (loss):
Income (net of non-U.S. taxes^*):
Dividends:
Unaffiliated issuers	$	—		$	—		$	—		$	349		$	112
Affiliated issuers		—			—			—			1,066			332
		—			—			—			1,415			444
Interest from unaffiliated issuers		2,298			9,971			29,478			—			—
Securities lending income (net of fees)		—			—			—			—			—
		2,298			9,971			29,478			1,415			444
*Fees and expenses:**
Investment advisory services		149			531			2,222			353			94
Distribution services		110			461			1,572			576			155
Insurance administrative services		55			93			241			589			157
Transfer agent services		—	^†		—	^†		—	^†		—	^†		—	^†
Administrative services		15			62			226			—			—
Accounting and administrative services		—			—			—			32			27
Reports to shareholders		4			6			13			—			—
Registration statement and prospectus		2			2			5			5			4
Trustees’ compensation		—	^†		1			2			1			—	^†
Auditing and legal		—	^†		—	^†		1			—	^†		—	^†
Custodian		8			1			16			2			2
Other		—	^†		—	^†		1			9			—	^†
Total fees and expenses before waivers/reimbursement		343			1,157			4,299			1,567			439
Less waivers/reimbursement of fees and expenses:
Investment advisory services waivers		61			—			904			118			31
Miscellaneous fee reimbursement		—			—			—			—			5
Total waivers/reimbursement of fees and expenses		61			—			904			118			36
Total fees and expenses after waivers/reimbursement		282			1,157			3,395			1,449			403
Net investment income (loss)		2,016			8,814			26,083			(34	)		41
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss)^*on:
Investments in:
Unaffiliated issuers		(333	)		—			(12,746	)		(1,187	)		(394	)
Affiliated issuers		—			—			—			(29,332	)		(7,190	)
Futures contracts		44			—			(3,260	)		(16,623	)		(4,989	)
Forward currency contracts		—			—			—			—			—
Swap contracts		805			—			(6,073	)		—			—
Currency transactions		—			—			—			239			31
Capital gain distributions received from affiliated issuers		—			—			—			22,902			—
		516			—			(22,079	)		(24,001	)		(12,542	)
Net unrealized appreciation (depreciation)^*on:
Investments in:
Unaffiliated issuers		(77	)		64			11,740			(945	)		(261	)
Affiliated issuers		—			—			—			97,209			19,983
Futures contracts		(778	)		—			(19,222	)		(9,574	)		(1,319	)
Forward currency contracts		—			—			—			—			—
Swap contracts		(813	)		—			7,495			—			—
Currency translations		—			—			—			—			—
		(1,668	)		64			13			86,690			18,403
Net realized gain (loss) and unrealized appreciation (depreciation)		(1,152	)		64			(22,066	)		62,689			5,861
Net increase in net assets resulting from operations	$	864		$	8,878		$	4,017		$	62,655		$	5,902

Refer to the end of the statements of operations for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series

279

Financial statements (continued)

Statements of operations for the six months ended June 30, 2023 (continued)	unaudited (dollars in thousands)

	Managed Risk Washington Mutual Investors Fund			Managed Risk Growth- Income Fund			Managed Risk Asset Allocation Fund
Investment income (loss):
Income (net of non-U.S. taxes^*):
Dividends:
Unaffiliated issuers	$	287		$	1,957		$	2,089
Affiliated issuers		1,488			7,964			10,281
		1,775			9,921			12,370
Interest from unaffiliated issuers		—			—			—
Securities lending income (net of fees)		—			—			—
		1,775			9,921			12,370
*Fees and expenses:**
Investment advisory services		238			1,587			1,600
Distribution services		393			335			2,658
Insurance administrative services		396			2,645			2,667
Transfer agent services		—	^†		—	^†		—	^†
Administrative services		—			—			—
Accounting and administrative services		29			50			47
Reports to shareholders		—			—			—
Registration statement and prospectus		4			11			15
Trustees’ compensation		1			4			4
Auditing and legal		—	^†		1			1
Custodian		2			1			2
Other		—	^†		1			1
Total fees and expenses before waivers/reimbursement		1,063			4,635			6,995
Less waivers/reimbursement of fees and expenses:
Investment advisory services waivers		79			529			533
Miscellaneous fee reimbursement		—			—			—
Total waivers/reimbursement of fees and expenses		79			529			533
Total fees and expenses after waivers/reimbursement		984			4,106			6,462
Net investment income (loss)		791			5,815			5,908
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss)^*on:
Investments in:
Unaffiliated issuers		(1,222	)		(13,093	)		(1,830	)
Affiliated issuers		(4,874	)		25,269			1,915
Futures contracts		(5,608	)		(27,418	)		(29,349	)
Forward currency contracts		—			—			—
Swap contracts		—			—			—
Currency transactions		88			566			442
Capital gain distributions received from affiliated issuers		2,476			89,386			77,368
		(9,140	)		74,710			48,546
Net unrealized appreciation (depreciation)^*on:
Investments in:
Unaffiliated issuers		(846	)		(9,088	)		(457	)
Affiliated issuers		22,039			121,437			51,138
Futures contracts		(2,604	)		(15,959	)		(15,182	)
Forward currency contracts		—			—			—
Swap contracts		—			—			—
Currency translations		—			—			—
		18,589			96,390			35,499
Net realized gain (loss) and unrealized appreciation (depreciation)		9,449			171,100			84,045
Net increase in net assets resulting from operations	$	10,240		$	176,915		$	89,953


*	Additional information related to non-U.S. taxes and class-specific fees and expenses is included in the notes to financial statements.
^†	Amount less than one thousand.

Refer to the notes to financial statements.

280	American Funds Insurance Series

Financial statements (continued)

Statements of changes in net assets	(dollars in thousands)

	Global Growth Fund						Global Small Capitalization Fund						Growth Fund
	Six months ended June 30, 2023*			Year ended December 31, 2022			Six months ended June 30, 2023*			Year ended December 31, 2022			Six months ended June 30, 2023*			Year ended December 31, 2022
Operations:
Net investment income (loss)	$	46,329		$	63,824		$	9,493		$	1,656		$	86,164		$	165,240
Net realized gain (loss)		141,818			553,121			9,859			25,952			182,442			1,854,075
Net unrealized appreciation (depreciation)		831,231			(2,976,944	)		312,933			(1,292,504	)		7,257,304			(15,238,596	)
Net increase (decrease) in net assets resulting from operations		1,019,378			(2,359,999	)		332,285			(1,264,896	)		7,525,910			(13,219,281	)

Distributions paid to shareholders		(567,825	)		(892,563	)		(40,986	)		(1,091,116	)		(2,037,745	)		(5,140,514	)

Net capital share transactions		49,646			597,636			(93,752	)		721,994			379,815			3,850,397

Total increase (decrease) in net assets		501,199			(2,654,926	)		197,547			(1,634,018	)		5,867,980			(14,509,398	)

Net assets:
Beginning of period		6,935,654			9,590,580			2,942,903			4,576,921			30,896,348			45,405,746
End of period	$	7,436,853		$	6,935,654		$	3,140,450		$	2,942,903		$	36,764,328		$	30,896,348

	International Fund						New World Fund						Washington Mutual Investors Fund
	Six months ended June 30, 2023*			Year ended December 31, 2022			Six months ended June 30, 2023*			Year ended December 31, 2022			Six months ended June 30, 2023*			Year ended December 31, 2022
Operations:
Net investment income (loss)	$	50,778		$	132,306		$	29,516		$	44,512		$	95,432		$	197,559
Net realized gain (loss)		(126,326	)		(377,954	)		1,587			(3,390	)		12,109			73,811
Net unrealized appreciation (depreciation)		893,214			(1,582,846	)		331,342			(970,379	)		614,605			(1,207,065	)
Net increase (decrease) in net assets resulting from operations		817,666			(1,828,494	)		362,445			(929,257	)		722,146			(935,695	)
Distributions paid to shareholders		(15,655	)		(1,146,487	)		(8,338	)		(357,382	)		(134,796	)		(2,416,808	)

Net capital share transactions		(393,636	)		265,209			(79,378	)		(77,021	)		(92,484	)		1,331,066

Total increase (decrease) in net assets		408,375			(2,709,772	)		274,729			(1,363,660	)		494,866			(2,021,437	)

Net assets:
Beginning of period		6,719,581			9,429,353			3,083,784			4,447,444			9,443,700			11,465,137
End of period	$	7,127,956		$	6,719,581		$	3,358,513		$	3,083,784		$	9,938,566		$	9,443,700

Refer to the end of the statements of changes in net assets for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series

281

Financial statements (continued)

Statements of changes in net assets (continued)	(dollars in thousands)

	Capital World Growth and Income Fund						Growth-Income Fund						International Growth and Income Fund
	Six months ended June 30, 2023*			Year ended December 31, 2022			Six months ended June 30, 2023*			Year ended December 31, 2022			Six months ended June 30, 2023*			Year ended December 31, 2022
Operations:
Net investment income (loss)	$	19,198		$	40,174		$	261,563		$	505,414		$	4,789		$	9,759
Net realized gain (loss)		2,742			(82,728	)		685,609			1,820,825			(2,652	)		(25,298	)
Net unrealized appreciation (depreciation)		187,116			(336,781	)		3,777,222			(9,143,503	)		28,182			(40,719	)
Net increase (decrease) in net assets resulting from operations		209,056			(379,335	)		4,724,394			(6,817,264	)		30,319			(56,258	)

Distributions paid to shareholders		(6,719	)		(454,298	)		(1,943,229	)		(3,956,410	)		(1,210	)		(154,047	)

Net capital share transactions		(105,608	)		175,376			79,708			804,156			(8,119	)		132,760

Total increase (decrease) in net assets		96,729			(658,257	)		2,860,873			(9,969,518	)		20,990			(77,545	)

Net assets:
Beginning of period		1,725,398			2,383,655			32,982,967			42,952,485			300,997			378,542
End of period	$	1,822,127		$	1,725,398		$	35,843,840		$	32,982,967		$	321,987		$	300,997

	Capital Income Builder						Asset Allocation Fund						American Funds Global Balanced Fund
	Six months ended June 30, 2023*			Year ended December 31, 2022			Six months ended June 30, 2023*			Year ended December 31, 2022			Six months ended June 30, 2023*			Year ended December 31, 2022
Operations:
Net investment income (loss)	$	21,596		$	34,471		$	271,546		$	529,656		$	4,948		$	6,810
Net realized gain (loss)		11,452			(7,752	)		239,996			911,950			(5,098	)		40,249
Net unrealized appreciation (depreciation)		8,176			(109,594	)		1,169,805			(5,491,758	)		27,746			(113,780	)
Net increase (decrease) in net assets resulting from operations		41,224			(82,875	)		1,681,347			(4,050,152	)		27,596			(66,721	)

Distributions paid to shareholders		(13,173	)		(31,988	)		(1,079,732	)		(3,253,724	)		(47,478	)		(2,232	)

Net capital share transactions		24,040			109,402			(111,887	)		1,398,530			34,476			(30,663	)

Total increase (decrease) in net assets		52,091			(5,461	)		489,728			(5,905,346	)		14,594			(99,616	)

Net assets:
Beginning of period		1,139,066			1,144,527			24,800,574			30,705,920			367,760			467,376
End of period	$	1,191,157		$	1,139,066		$	25,290,302		$	24,800,574		$	382,354		$	367,760

Refer to the end of the statements of changes in net assets for footnotes.

Refer to the notes to financial statements.

282	American Funds Insurance Series

Financial statements (continued)

Statements of changes in net assets (continued)	(dollars in thousands)

	The Bond Fund of America						Capital World Bond Fund						American High-Income Trust
	Six months ended June 30, 2023*			Year ended December 31, 2022			Six months Ended June 30, 2023*			Year ended December 31, 2022			Six months ended June 30, 2023*			Year ended December 31, 2022
Operations:
Net investment income (loss)	$	195,507		$	331,906		$	21,783		$	37,525		$	27,162		$	51,837
Net realized gain (loss)		(228,212	)		(826,910	)		(58,976	)		(191,130	)		(10,228	)		(26,443	)
Net unrealized appreciation (depreciation)		186,223			(1,048,389	)		59,888			(188,581	)		17,899			(118,693	)
Net increase (decrease) in net assets resulting from operations		153,518			(1,543,393	)		22,695			(342,186	)		34,833			(93,299	)

Distributions paid to shareholders		(60,384	)		(462,954	)		—			(30,830	)		(9,382	)		(67,772	)

Net capital share transactions		226,139			(959,150	)		(45,535	)		(230,098	)		(16,543	)		(59,810	)

Total increase (decrease) in net assets		319,273			(2,965,497	)		(22,840	)		(603,114	)		8,908			(220,881	)

Net assets:
Beginning of period		10,221,082			13,186,579			1,481,894			2,085,008			831,554			1,052,435
End of period	$	10,540,355		$	10,221,082		$	1,459,054		$	1,481,894		$	840,462		$	831,554

	American Funds Mortgage Fund						Ultra-Short Bond Fund						U.S. Government Securities Fund
	Six months ended June 30, 2023*			Year ended December 31, 2022			Six months ended June 30, 2023*			Year ended December 31, 2022			Six months ended June 30, 2023*			Year ended December 31, 2022
Operations:
Net investment income (loss)	$	2,016		$	1,712		$	8,814		$	4,946		$	26,083		$	45,209
Net realized gain (loss)		516			(8,753	)		—			—	^†		(22,079	)		(136,848	)
Net unrealized appreciation (depreciation)		(1,668	)		(5,029	)		64			(59	)		13			(110,189	)
Net increase (decrease) in net assets resulting from operations		864			(12,070	)		8,878			4,887			4,017			(201,828	)

Distributions paid to shareholders		(530	)		(1,793	)		(2,709	)		(2,237	)		(8,192	)		(60,476	)

Net capital share transactions		15,317			(231,492	)		(45,501	)		96,950			7,252			(402,273	)

Total increase (decrease) in net assets		15,651			(245,355	)		(39,332	)		99,600			3,077			(664,577	)

Net assets:
Beginning of period		89,043			334,398			432,261			332,661			1,500,722			2,165,299
End of period	$	104,694		$	89,043		$	392,929		$	432,261		$	1,503,799		$	1,500,722

Refer to the end of the statements of changes in net assets for footnotes.

Refer to the notes to financial statements.

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Financial statements (continued)

Statements of changes in net assets (continued)	(dollars in thousands)

	Managed Risk Growth Fund						Managed Risk International Fund						Managed Risk Washington Mutual Investors Fund
	Six months ended June 30, 2023			Year ended December 31, 2022			Six months ended June 30, 2023			Year ended December 31, 2022			Six months ended June 30, 2023			Year ended December 31, 2022
Operations:
Net investment income (loss)	$	(34	)	$	1,038		$	41		$	1,885		$	791		$	5,383
Net realized gain (loss)		(24,001	)		31,786			(12,542	)		9,474			(9,140	)		86,734
Net unrealized appreciation (depreciation)		86,690			(181,950	)		18,403			(36,471	)		18,589			(125,509	)
Net increase (decrease) in net assets resulting from operations		62,655			(149,126	)		5,902			(25,112	)		10,240			(33,392	)

Distributions paid to shareholders		(111,683	)		(90,246	)		(10,851	)		(4,275	)		(47,607	)		(14,671	)

Net capital share transactions		93,382			97,021			3,764			(6,014	)		36,959			(1,502	)

Total increase (decrease) in net assets		44,354			(142,351	)		(1,185	)		(35,401	)		(408	)		(49,565	)

Net assets:
Beginning of period		454,242			596,593			125,934			161,335			323,472			373,037
End of period	$	498,596		$	454,242		$	124,749		$	125,934		$	323,064		$	323,472

	Managed Risk Growth-Income Fund						Managed Risk Asset Allocation Fund
	Six months ended June 30, 2023			Year ended December 31, 2022			Six months ended June 30, 2023			Year ended December 31, 2022
Operations:
Net investment income (loss)	$	5,815		$	29,534		$	5,908		$	33,407
Net realized gain (loss)		74,710			246,288			48,546			232,971
Net unrealized appreciation (depreciation)		96,390			(718,267	)		35,499			(652,457	)
Net increase (decrease) in net assets resulting from operations		176,915			(442,445	)		89,953			(386,079	)

Distributions paid to shareholders		(292,658	)		(99,803	)		(283,666	)		(138,964	)

Net capital share transactions		187,409			(23,880	)		150,585			(104,505	)

Total increase (decrease) in net assets		71,666			(566,128	)		(43,128	)		(629,548	)

Net assets:
Beginning of period		2,101,444			2,667,572			2,189,472			2,819,020
End of period	$	2,173,110		$	2,101,444		$	2,146,344		$	2,189,472

*	Unaudited.

^†	Amount less than one thousand.

Refer to the notes to financial statements.

284	American Funds Insurance Series

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 40 different funds (“the funds”), including 23 funds in the series covered in this report. The other 17 funds in the series are covered in separate reports. Twelve funds in the series are covered in the American Funds Insurance Series - Target Date Series report and five funds in the series are covered in the American Funds Insurance Series - Portfolio Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company (“CRMC”) is the series’ investment adviser. Milliman Financial Risk Management LLC (“Milliman FRM”) is the subadviser for the risk management strategy for eight of the funds (the “managed risk funds”), five of which are covered in this report.

The managed risk funds covered in this report are Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund. The managed risk funds invest in other funds within the series (the “underlying funds”) and employ Milliman FRM to implement the risk management strategy, which consists of using hedging instruments — primarily exchange-traded options and futures contracts — to attempt to stabilize the volatility of the funds around target volatility levels and reduce the downside exposure of the funds during periods of significant market declines.

Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.

The investment objective(s) for each fund covered in this report are as follows:

Global Growth Fund — To provide long-term growth of capital.

Global Small Capitalization Fund — To provide long-term growth of capital.

Growth Fund — To provide growth of capital.

International Fund — To provide long-term growth of capital.

New World Fund — To provide long-term capital appreciation.

Washington Mutual Investors Fund — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing.

Capital World Growth and Income Fund — To provide long-term growth of capital while providing current income.

Growth-Income Fund — To achieve long-term growth of capital and income.

International Growth and Income Fund — To provide long-term growth of capital while providing current income.

Capital Income Builder — The two primary objectives are (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. The secondary objective is to provide growth of capital.

Asset Allocation Fund — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term.

American Funds Global Balanced Fund — Seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.

The Bond Fund of America— To provide as high a level of current income as is consistent with the preservation of capital.

Capital World Bond Fund — To provide, over the long term, a high level of total return consistent with prudent investment management.

American High-Income Trust — The primary objective is to provide a high level of current income. The secondary objective is capital appreciation.

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American Funds Mortgage Fund — To provide current income and preservation of capital.

Ultra-Short Bond Fund — To provide current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity.

U.S. Government Securities Fund— To provide a high level of current income consistent with prudent investment risk and preservation of capital.

Managed Risk Growth Fund — To provide growth of capital while seeking to manage volatility and provide downside protection.

Managed Risk International Fund — To provide long-term growth of capital while seeking to manage volatility and provide downside protection.

Managed Risk Washington Mutual Investors Fund— To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing, in each case while seeking to manage volatility and provide downside protection.

Managed Risk Growth-Income Fund — To achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection.

Managed Risk Asset Allocation Fund — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.

Each fund in the series, except the managed risk funds, offers either four or five share classes (Classes 1, 1A, 2, 3 or 4); the managed risk funds offer two share classes (Classes P1 and P2). Holders of all share classes of each fund have equal pro rata rights to assets, dividends and liquidation proceeds of each fund held. Each share class of each fund hasidentical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.

2. Significant accounting policies

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the series’ investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

Cash — Cash may include amounts held in an interest bearing deposit facility.

Security transactions and related investment income — Security transactions are recorded by each fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, each fund will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

Fees and expenses — The fees and expenses of the underlying funds held by the managed risk funds are not included in the fees and expenses reported for each of the managed risk funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables.

286	American Funds Insurance Series

Class allocations — Income, fees and expenses (other than class-specific fees and expenses), realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution expenses, are accrued daily and charged directly to the respective share class of each fund.

Distributions paid to shareholders — Income dividends and capital gain distributions are recorded on each fund’s ex-dividend date.

Currency translation — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the funds’ statements of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

3. Valuation

CRMC, the series’ investment adviser, values the funds’ investments at fair value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

Methods and inputs — The series’ investment adviser uses the following methods and inputs to establish the fair value of each fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Equity securities, including depositary receipts, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades. The value of an underlying fund is based on its reported net asset value.

Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the funds are authorized to invest. However, these classifications are not exclusive and any of the inputs may be used to value any other class of fixed-income security.

Fixed-income class		Examples of standard inputs
All		Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)
Corporate bonds, notes & loans; convertible securities		Standard inputs and underlying equity of the issuer
Bonds & notes of governments & government agencies		Standard inputs and interest rate volatilities
Mortgage-backed; asset-backed obligations		Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information
Municipal securities		Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts

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287

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the series’ investment adviser. The Capital Group Central Corporate Bond Fund (“CCBF”), a fund within the Capital Group Central Fund Series II, and Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (collectively the “Central Funds”), are each valued based upon a floating net asset value, which fluctuates with changes in the value of each fund’s portfolio securities. The underlying securities are valued based on the policies and procedures in the Central Funds’ statements of additional information. The State Street Institutional U.S. Government Money Market Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. The net asset value of each share class of each managed risk fund is calculated based on the reported net asset values of the underlying funds in which each fund invests.

Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures of the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. Forward currency contracts are valued based on the spot and forward exchange rates obtained from a third-party pricing vendor. Swaps are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, other reference data, and terms of the contract.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the series’ investment adviser are fair valued as determined in good faith under fair value guidelines adopted by the series’ investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, contractual or legal restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities and futures that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of each fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Processes and structure — The series’ board of trustees has designated the series’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The series’ board and audit committee also regularly review reports that describe fair value determinations and methods.

Classifications — The series’ investment adviser classifies the funds’ assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities.

The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The tables on the following pages present the funds’ valuation levels as of June 30, 2023 (dollars in thousands):

288	American Funds Insurance Series

Global Growth Fund

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Information technology	$	1,189,330	$	634,142	$	—		$	1,823,472
Health care		993,146		456,224		—			1,449,370
Consumer discretionary		597,828		525,493		—			1,123,321
Financials		311,120		399,005		—	*		710,125
Industrials		222,133		370,748		—			592,881
Consumer staples		362,383		221,810		—			584,193
Materials		216,517		78,073		—			294,590
Communication services		212,407		43,261		—			255,668
Energy		186,721		52,810		—	*		239,531
Utilities		9,046		—		—			9,046
Preferred securities		—		96,764		—			96,764
Short-term securities		269,175		—		—			269,175
Total	$	4,569,806	$	2,878,330	$	—	*	$	7,448,136

*	Amount less than one thousand.

Global Small Capitalization Fund

	Investment securities
		Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Industrials	$	161,553	$	464,522	$	—	$	626,075
Consumer discretionary		369,569		233,980		—		603,549
Information technology		328,551		259,679		923		589,153
Health care		325,163		137,296		—		462,459
Financials		88,901		191,456		—		280,357
Materials		16,013		108,802		—		124,815
Real estate		36,588		46,539		—		83,127
Communication services		27,435		49,286		—		76,721
Energy		5,759		19,192		47,549		72,500
Utilities		13,584		33,465		—		47,049
Consumer staples		24,197		21,200		—		45,397
Preferred securities		—		—		20,880		20,880
Rights & warrants		—		11,970		—		11,970
Short-term securities		131,041		—		—		131,041
Total	$	1,528,354	$	1,577,387	$	69,352	$	3,175,093

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the six months ended June 30, 2023 (dollars in thousands):

	Beginning value at 1/1/2023		Transfers into Level 3*		Purchases		Sales		Net realized gain		Unrealized appreciation^†		Transfers out of Level 3*		Ending value at 6/30/2023
Investment securities	$	44,712	$	—	$	—	$	—	$	—	$	24,640	$	—	$	69,352

Net unrealized appreciation during the period on Level 3 investment securities held at June 30, 2023															$	24,640

*	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 appreciation is included in the related amounts on investments in the fund’s statement of operations.

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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
6/30/2023

Valuation
techniques

Unobservable
inputs

Range
(if applicable)

Weighted
average*

Impact to
valuation from
an increase in
input^†

Common stocks

48,472

Expected proceeds

Discount rate

Decrease

Expected proceeds

Not applicable

Market comparable companies

EV/Sales multiple

8.0x

Increase

DLOM

30%

Decrease

Preferred securities

20,880

Transaction

Transaction price

Not applicable

Market comparable companies

EV/Sales multiple

8.0x - 13.4x

12.1x

Increase

Net adjustment (decrease) based on movement of market comparables

42%

Decrease

DLOM

15% - 30%

23%

Decrease

Total

69,352

*	Weighted average is by relative fair value.
^†	This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

Key to abbreviations

DLOM = Discount for lack of marketability

EV = Enterprise value

Growth Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	6,464,830	$	746,354	$	3,395	$	7,214,579
Communication services		6,574,905		—		—		6,574,905
Consumer discretionary		5,042,904		663,989		—		5,706,893
Health care		4,977,318		157,032		45,222		5,179,572
Industrials		4,148,475		305,547		2,804		4,456,826
Financials		2,421,392		—		—		2,421,392
Energy		1,591,095		—		—		1,591,095
Consumer staples		1,423,124		16,080		—		1,439,204
Materials		902,063		—		—		902,063
Utilities		268,948		—		—		268,948
Real estate		162,833		—		—		162,833
Preferred securities		—		22,198		90,765		112,963
Convertible stocks		8,316		—		—		8,316
Convertible bonds & notes		—		—		3,434		3,434
Bonds, notes & other debt instruments		—		17,793		—		17,793
Short-term securities		786,259		—		—		786,259
Total	$	34,772,462	$	1,928,993	$	145,620	$	36,847,075

290	American Funds Insurance Series

International Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Industrials	$	75,195	$	1,087,065	$	—	$	1,162,260
Information technology		366,697		709,578		5,885		1,082,160
Health care		24,177		901,027		—		925,204
Materials		370,770		416,011		—		786,781
Consumer discretionary		171,213		597,746		—		768,959
Financials		119,197		521,636		—		640,833
Energy		179,592		436,203		—		615,795
Communication services		187,493		277,531		—		465,024
Consumer staples		13,273		237,777		—		251,050
Utilities		—		98,141		—		98,141
Real estate		—		42,988		—		42,988
Preferred securities		7,768		30,203		539		38,510
Rights & warrants		—		6,285		—		6,285
Short-term securities		197,912		—		—		197,912
Total	$	1,713,287	$	5,362,191	$	6,424	$	7,081,902

New World Fund

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Financials	$	116,964	$	375,543	$	—	*	$	492,507
Information technology		249,298		197,206		470			446,974
Industrials		144,657		293,349		—			438,006
Health care		178,541		229,530		—			408,071
Consumer discretionary		113,094		249,041		—			362,135
Materials		168,477		90,362		—	*		258,839
Consumer staples		63,358		142,768		—	*		206,126
Communication services		96,424		104,987		—			201,411
Energy		47,241		82,944		—	*		130,185
Real estate		14,812		43,950		—			58,762
Utilities		8,271		33,209		—			41,480
Preferred securities		10,600		5,787		9,679			26,066
Rights & warrants		52		1,209		—			1,261
Bonds, notes & other debt instruments		—		133,730		72			133,802
Short-term securities		145,491		685		—			146,176
Total	$	1,357,280	$	1,984,300	$	10,221		$	3,351,801

	Other investments^†
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	104		$	—		$	—	$	104
Unrealized appreciation on open forward currency contracts		—			180			—		180
Liabilities:
Unrealized depreciation on futures contracts		(192	)		—			—		(192	)
Unrealized depreciation on open forward currency contracts		—			(104	)		—		(104	)
Total	$	(88	)	$	76		$	—	$	(12	)

*	Amount less than one thousand.
^†	Futures contracts and forward currency contracts are not included in the fund’s investment portfolio.

Washington Mutual Investors Fund

As of June 30, 2023, all of the fund’s investment securities were classified as Level 1.

American Funds Insurance Series

291

Capital World Growth and Income Fund

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Information technology	$	233,143	$	120,292	$	—		$	353,435
Health care		182,420		89,474		—			271,894
Industrials		108,981		142,807		—			251,788
Financials		84,260		108,143		—	*		192,403
Consumer discretionary		97,055		85,999		—			183,054
Consumer staples		61,575		65,742		—			127,317
Materials		57,186		57,741		—			114,927
Communication services		66,025		33,410		—			99,435
Energy		69,943		25,412		—	*		95,355
Utilities		20,289		18,280		—			38,569
Real estate		7,312		4,546		—			11,858
Preferred securities		265		1,642		—			1,907
Bonds, notes & other debt instruments		—		10,769		—			10,769
Short-term securities		71,727		—		—			71,727
Total	$	1,060,181	$	764,257	$	—	*	$	1,824,438

*	Amount less than one thousand.

Growth-Income Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	6,785,497	$	498,567	$	—	$	7,284,064
Industrials		5,433,005		351,689		—		5,784,694
Health care		4,045,320		542,507		—		4,587,827
Financials		3,878,191		—		—		3,878,191
Communication services		3,210,013		—		—		3,210,013
Consumer discretionary		2,806,708		237,830		—		3,044,538
Consumer staples		1,668,540		401,127		—		2,069,667
Energy		1,335,084		—		—		1,335,084
Utilities		1,153,175		87,114		—		1,240,289
Materials		1,072,107		—		—		1,072,107
Real estate		424,372		—		—		424,372
Convertible stocks		62,834		—		—		62,834
Bonds, notes & other debt instruments		—		5,611		—		5,611
Short-term securities		1,960,119		—		—		1,960,119
Total	$	33,834,965	$	2,124,445	$	—	$	35,959,410

292	American Funds Insurance Series

International Growth and Income Fund

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Financials	$	3,830	$	49,783	$	—	*	$	53,613
Industrials		5,818		37,100		—			42,918
Consumer discretionary		2,684		33,712		—			36,396
Information technology		2,445		32,740		—			35,185
Health care		1,552		29,432		—			30,984
Consumer staples		8,416		22,386		—			30,802
Energy		8,409		12,829		—	*		21,238
Communication services		1,487		17,239		—			18,726
Materials		10,054		7,629		—	*		17,683
Utilities		1,286		7,459		—			8,745
Real estate		1,474		4,245		—			5,719
Preferred securities		1,159		260		—			1,419
Rights & warrants		—		101		—			101
Bonds, notes & other debt instruments		—		1,067		—			1,067
Short-term securities		15,639				—			15,639
Total	$	64,253	$	255,982	$	—	*	$	320,235

*	Amount less than one thousand.

Capital Income Builder

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Financials	$	78,838	$	69,528	$	—	*	$	148,366
Health care		83,244		31,865		—			115,109
Consumer staples		58,385		55,949		—			114,334
Industrials		54,928		42,625		—			97,553
Information technology		74,666		17,358		—			92,024
Utilities		36,934		36,968		—			73,902
Real estate		58,587		10,664		—			69,251
Energy		50,371		18,654		—	*		69,025
Consumer discretionary		23,392		20,084		—			43,476
Communication services		19,583		17,922		—			37,505
Materials		20,644		12,750		—			33,394
Preferred securities		476		—		—			476
Rights & warrants		10		—		—			10
Convertible stocks		2,815		—		—			2,815
Investment funds		36,718		—		—			36,718
Bonds, notes & other debt instruments:
Mortgage-backed obligations		—		85,885		88			85,973
U.S. Treasury bonds & notes		—		84,891		—			84,891
Corporate bonds, notes & loans		—		23,863		—			23,863
Asset-backed obligations		—		10,521		—			10,521
Bonds & notes of governments & government agencies outside the U.S.		—		749		—			749
Municipals		—		234		—			234
Short-term securities		101,432		—		—			101,432
Total	$	701,023	$	540,510	$	88		$	1,241,621

Refer to the next page for footnote.

American Funds Insurance Series

293

	Other investments^†
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	109		$	—		$	—	$	109
Unrealized appreciation on centrally cleared interest rate swaps		—			305			—		305
Unrealized appreciation on centrally cleared credit default swaps		—			159			—		159
Liabilities:
Unrealized depreciation on futures contracts		(1,426	)		—			—		(1,426	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(435	)		—		(435	)
Total	$	(1,317	)	$	29		$	—	$	(1,288	)

*	Amount less than one thousand.
^†	Futures contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio.

Asset Allocation Fund

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Information technology	$	3,590,808	$	32,475	$	—		$	3,623,283
Health care		2,626,633		105,830		19,334			2,751,797
Consumer discretionary		1,963,133		355,874		—			2,319,007
Communication services		1,872,838		—		—			1,872,838
Financials		1,691,660		58,168		—	*		1,749,828
Consumer staples		1,278,464		283,707		—			1,562,171
Industrials		1,556,749		—		—			1,556,749
Materials		936,130		—		—			936,130
Energy		727,587		—		1,284			728,871
Real estate		185,023		—		—			185,023
Utilities		93,930		—		—			93,930
Preferred securities		—		—		337			337
Rights & warrants		—		—		—	*		—	*
Convertible stocks		—		—		50,695			50,695
Investment funds		1,026,925		—		—			1,026,925
Bonds, notes & other debt instruments:
Mortgage-backed obligations		—		1,863,581		—			1,863,581
Corporate bonds, notes & loans		—		1,537,910		3,145			1,541,055
U.S. Treasury bonds & notes		—		1,415,005		—			1,415,005
Asset-backed obligations		—		512,750		5,930			518,680
Bonds & notes of governments & government agencies outside the U.S.		—		41,597		—			41,597
Municipals		—		36,169		—			36,169
Short-term securities		2,452,877		—		—			2,452,877
Total	$	20,002,757	$	6,243,066	$	80,725		$	26,326,548

	Other investments^†
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	5,318		$	—		$	—	$	5,318
Unrealized appreciation on centrally cleared interest rate swaps		—			5,809			—		5,809
Unrealized appreciation on centrally cleared credit default swaps		—			94			—		94
Liabilities:
Unrealized depreciation on futures contracts		(42,687	)		—			—		(42,687	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(6,947	)		—		(6,947	)
Total	$	(37,369	)	$	(1,044	)	$	—	$	(38,413	)

*	Amount less than one thousand.
^†	Futures contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio.

294	American Funds Insurance Series

American Funds Global Balanced Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Health care	$	20,097	$	17,862	$	—	$	37,959
Information technology		31,632		5,647		—		37,279
Financials		12,908		20,304		—		33,212
Industrials		19,604		12,610		—		32,214
Consumer staples		4,549		16,449		—		20,998
Materials		8,513		9,706		—		18,219
Energy		9,106		5,980		—		15,086
Utilities		6,718		6,772		—		13,490
Communication services		10,524		1,378		—		11,902
Consumer discretionary		4,437		5,780		—		10,217
Real estate		1,836		3,023		—		4,859
Preferred securities		915		658		—		1,573
Convertible stocks		1,237		—		—		1,237
Investment funds		5,308		—		—		5,308
Bonds, notes & other debt instruments:
Bonds & notes of governments & government agencies outside the U.S.		—		58,279		19		58,298
Corporate bonds, notes & loans		—		21,248		—		21,248
U.S. Treasury bonds & notes		—		18,286		—		18,286
Mortgage-backed obligations		—		16,427		—		16,427
Asset-backed obligations		—		1,761		—		1,761
Federal agency bonds & notes		—		263		—		263
Municipals		—		132		—		132
Short-term securities		32,054		1,602		—		33,656
Total	$	169,438	$	224,167	$	19	$	393,624

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	76		$	—		$	—	$	76
Unrealized appreciation on open forward currency contracts		—			537			—		537
Unrealized appreciation on centrally cleared interest rate swaps		—			94			—		94
Unrealized appreciation on centrally cleared credit default swaps		—			14			—		14
Liabilities:
Unrealized depreciation on futures contracts		(247	)		—			—		(247	)
Unrealized depreciation on open forward currency contracts		—			(708	)		—		(708	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(462	)		—		(462	)
Unrealized depreciation on centrally cleared credit default swaps		—			—	^†		—		—	^†
Total	$	(171	)	$	(525	)	$	—	$	(696	)

*	Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio.
^†	Amount less than one thousand.

American Funds Insurance Series

295

The Bond Fund of America

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds, notes & loans	$	—	$	3,573,639	$	—	$	3,573,639
Mortgage-backed obligations		—		3,232,210		1,486		3,233,696
U.S. Treasury bonds & notes		—		2,440,960		—		2,440,960
Asset-backed obligations		—		506,177		9,743		515,920
Municipals		—		160,709		—		160,709
Bonds & notes of governments & government agencies outside the U.S.		—		131,220		—		131,220
Federal agency bonds & notes		—		11,147		—		11,147
Common stocks		—		—		14		14
Short-term securities		2,007,541		—		—		2,007,541
Total	$	2,007,541	$	10,056,062	$	11,243	$	12,074,846

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	13,106		$	—		$	—	$	13,106
Unrealized appreciation on open forward currency contracts		—			1,374			—		1,374
Unrealized appreciation on centrally cleared interest rate swaps		—			1,355			—		1,355
Liabilities:
Unrealized depreciation on futures contracts		(46,346	)		—			—		(46,346	)
Unrealized depreciation on open forward currency contracts		—			(1,997	)		—		(1,997	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(6,176	)		—		(6,176	)
Unrealized depreciation on centrally cleared credit default swaps		—			(1,615	)		—		(1,615	)
Total	$	(33,240	)	$	(7,059	)	$	—	$	(40,299	)

*	Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio.

296	American Funds Insurance Series

Capital World Bond Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Euros	$	—	$	300,895	$	—	$	300,895
Japanese yen		—		110,576		—		110,576
British pounds		—		65,359		—		65,359
Chinese yuan renminbi		—		49,017		—		49,017
Brazilian reais		—		40,394		—		40,394
Mexican pesos		—		39,796		—		39,796
South Korean won		—		29,862		—		29,862
Canadian dollars		—		29,329		—		29,329
Australian dollars		—		27,673		—		27,673
Indonesian rupiah		—		23,488		—		23,488
Colombian pesos		—		15,264		—		15,264
South African rand		—		7,009		—		7,009
Danish kroner		—		6,239		—		6,239
New Zealand dollars		—		4,055		—		4,055
Chilean pesos		—		3,617		—		3,617
Peruvian nuevos soles		—		2,373		—		2,373
Malaysian ringgits		—		2,160		—		2,160
Indian rupees		—		1,125		—		1,125
Romanian leu		—		1,074		—		1,074
Polish zloty		—		1,028		—		1,028
Norwegian kroner		—		545		—		545
Ukrainian hryvnia		—		217		—		217
U.S. dollars		—		597,420		190		597,610
Investment funds		50,370		—		—		50,370
Preferred securities		—		—		36		36
Common stocks		31		—		243		274
Short-term securities		158,141		22,733		—		180,874
Total	$	208,542	$	1,381,248	$	469	$	1,590,259

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	1,303		$	—		$	—	$	1,303
Unrealized appreciation on open forward currency contracts		—			5,906			—		5,906
Unrealized appreciation on centrally cleared interest rate swaps		—			1,145			—		1,145
Unrealized appreciation on centrally cleared credit default swaps		—			422			—		422
Liabilities:
Unrealized depreciation on futures contracts		(4,773	)		—			—		(4,773	)
Unrealized depreciation on open forward currency contracts		—			(8,188	)		—		(8,188	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(5,768	)		—		(5,768	)
Unrealized depreciation on centrally cleared credit default swaps		—			(204	)		—		(204	)
Total	$	(3,470	)	$	(6,687	)	$	—	$	(10,157	)

*	Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio.

American Funds Insurance Series

297

American High-Income Trust

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds, notes & loans	$	—	$	751,484	$	4,075	$	755,559
Mortgage-backed obligations		—		—		630		630
Convertible bonds & notes		—		325		79		404	��
Convertible stocks		501		—		—		501
Common stocks		10,675		—		25,789		36,464
Preferred securities		—		—		2,441		2,441
Rights & warrants		—		—		379		379
Short-term securities		33,341		—		—		33,341
Total	$	44,517	$	751,809	$	33,393	$	829,719

	Other investments¹
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	35		$	—		$	—	$	35
Liabilities:
Unrealized depreciation on futures contracts		(63	)		—			—		(63	)
Unrealized depreciation on centrally cleared credit default swaps		—			(204	)		—		(204	)
Total	$	(28	)	$	(204	)	$	—	$	(232	)

¹	Futures contracts and credit default swaps are not included in the investment portfolio.

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the six months ended June 30, 2023 (dollars in thousands):

	Beginning value at 1/1/2023		Transfers into Level 3²		Purchases		Sales			Net realized gain³		Unrealized depreciation³			Transfers out of Level 3²			Ending value at 6/30/2023
Investment securities	$	34,480	$	2,087	$	6,039	$	(5,671	)	$	1,232	$	(2,573	)	$	(2,201	)	$	33,393

Net unrealized depreciation during the period on Level 3 investment securities held at June 30, 2023																		$	(2,757	)

²	Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.
³	Net realized gain and unrealized depreciation are included in the related amounts on investments in the fund’s statement of operations.

298	American Funds Insurance Series

Value at
6/30/2023

Valuation
techniques

Unobservable
inputs

Range
(if applicable)

Weighted
average*

Impact to
valuation from
an increase in input^†

Bonds, notes & other debt instruments

Estimated recovery value

Expected proceeds

Not applicable

$ 4,705

Transaction price

Not applicable

Transaction

Net adjustment (decrease) based on movement of market comparables

10%

Decrease

Convertible bonds & notes

Transaction

Transaction price

Not applicable

Common stocks

25,789

Estimated recovery value

Expected proceeds

Not applicable

EV/EBITDA multiple

7.5x

Increase

DLOM

15%

Decrease

Vendor price

Not applicable

Risk discount

90%

Decrease

Net adjustment (decrease) based on movement of market comparables

20%

Decrease

Indicative market quotation

Broker quote

Not applicable

Market comparable companies

EV/EBITDA multiple

5.8x

Increase

EV/EBITDA less CapEx multiple

10.4x

Increase

DLOM

17%

Decrease

Preferred securities

2,441

Indicative market quotation

Broker quote

Not applicable

Market comparable companies

EV/EBITDA multiple

3.3x

Increase

DLOM

15%

Decrease

Rights & warrants

379

Black-Scholes

Broker quote

Not applicable

Implied volatility

30%

Increase

Indicative market quotation

Broker quote

Not applicable

Total

$ 33,393

*	Weighted average is by relative fair value.
^†	This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

Key to abbreviations

CapEx = Capital expenditures

DLOM = Discount for lack of marketability

EBITDA = Earnings before income taxes, depreciation and amortization

EV = Enterprise value

American Funds Insurance Series

299

American Funds Mortgage Fund
	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Mortgage-backed obligations	$	—		$	94,566		$	—	$	94,566
U.S. Treasury bonds & notes		—			6,116			—		6,116
Asset-backed obligations		—			2,143			—		2,143
Short-term securities		—			49,958			—		49,958
Total	$	—		$	152,783		$	—	$	152,783

		Other investments*
		Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	52		$	—		$	—	$	52
Liabilities:
Unrealized depreciation on futures contracts		(905	)		—			—		(905	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(23	)		—		(23	)
Total	$	(853	)	$	(23	)	$	—	$	(876	)

*	Futures contracts and interest rate swaps are not included in the fund’s investment portfolio.

Ultra-Short Bond Fund

As of June 30, 2023, all of the fund’s investment securities were classified as Level 2.

U.S. Government Securities Fund

	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Mortgage-backed obligations	$	—		$	767,437		$	—	$	767,437
U.S. Treasury bonds & notes		—			582,562			—		582,562
Federal agency bonds & notes		—			79,284			—		79,284
Short-term securities		—			444,106			—		444,106
Total	$	—		$	1,873,389		$	—	$	1,873,389

		Other investments*
		Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	13,976		$	—		$	—	$	13,976
Unrealized appreciation on centrally cleared interest rate swaps		—			24,713			—		24,713
Liabilities:
Unrealized depreciation on futures contracts		(36,374	)		—			—		(36,374	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(8,422	)		—		(8,422	)
Total	$	(22,398	)	$	16,291		$	—	$	(6,107	)

*	Futures contracts and interest rate swaps are not included in the fund’s investment portfolio.

Managed Risk Growth Fund

As of June 30, 2023, all of the fund’s investments were classified as Level 1.

300	American Funds Insurance Series

Managed Risk International Fund
	Investment securities
	Level 1			Level 2		Level 3		Total
Assets
Growth funds	$	106,426		$	—	$	—	$	106,426
Fixed income funds		12,526			—		—		12,526
Short-term securities		4,811			—		—		4,811
Options purchased		194			31		—		225
Total	$	123,957		$	31	$	—	$	123,988

		Other investments*
		Level 1			Level 2		Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	37		$	—	$	—	$	37
Liabilities:
Unrealized depreciation on futures contracts		(345	)		—		—		(345	)
Total	$	(308	)	$	—	$	—	$	(308	)

*	Futures contracts are not included in the fund’s investment portfolio.

Managed Risk Washington Mutual Investors Fund

As of June 30, 2023, all of the fund’s investments were classified as Level 1.

Managed Risk Growth-Income Fund

As of June 30, 2023, all of the fund’s investments were classified as Level 1.

Managed Risk Asset Allocation Fund

As of June 30, 2023, all of the fund’s investments were classified as Level 1.

4. Risk factors

Investing in the funds may involve certain risks including, but not limited to, those described below.

Market conditions — The prices of, and the income generated by, the common stocks, bonds and other securities held by a fund may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations. These risks may be heightened in the case of smaller capitalization stocks.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not a fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of a fund’s investments may be negatively affected by developments in other countries and regions.

Issuer risks — The prices of, and the income generated by, securities held by a fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

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.

American Funds Insurance Series

301

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.

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, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

Investing in developing countries — Investing in countries with developing economies and/or markets may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, developing countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in developing countries may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in developed countries are subject. A fund’s rights with respect to its investments in developing countries, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund’s net asset value. Additionally, developing countries are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

302	American Funds Insurance Series

Investing in emerging markets — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. A fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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 quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. 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.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of a fund’s securities could cause the value of a fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which a fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

Investing in lower rated debt instruments — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

Investing in derivatives — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause a fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for a fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce a fund’s returns and increase a fund’s price volatility. A fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

American Funds Insurance Series

303

Currency — The prices of, and the income generated by, many debt securities held by a fund may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of a fund’s securities denominated in such currencies would generally fall and vice versa.

Investing in mortgage-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as residential mortgage loans, home equity loans, mortgages on commercial buildings, consumer loans and equipment leases. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and a fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in a fund having to reinvest the proceeds in lower yielding securities, effectively reducing a fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing a fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

Investing in future delivery contracts — A fund may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve a fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase a fund’s market exposure, and the market price of the securities that the fund contracts to repurchase could drop below their purchase price. While a fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the fund may be reduced by engaging in such transactions. In addition, these transactions increase the turnover rate of a fund.

Investing in inflation-linked bonds — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.

Investing in inflation-linked bonds may also reduce a fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to a fund.

Investing in securities backed by the U.S. government — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.

Investing in repurchase agreements — Upon entering into a repurchase agreement, a fund purchases a security from a bank or broker-dealer, which simultaneously commits to repurchase the security within a specified time at the fund’s cost with interest. The security purchased by the fund constitutes collateral for the seller’s repurchase obligation. If the party agreeing to repurchase should default, the fund may seek to sell the security it holds as collateral. The fund may incur a loss if the value of the collateral securing the repurchase obligation falls below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.

304	American Funds Insurance Series

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, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.

Credit and liquidity support — Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by a fund could cause the values of these securities to decline.

Asset allocation — A fund’s percentage allocation to equity securities, debt securities and money market instruments could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives.

Liquidity risk — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.

Management — The investment adviser to the funds actively manages the funds’ investments. Consequently, the funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

Investing in the managed risk funds may involve additional risks including, but not limited to, those described below.

Fund structure — The managed risk funds invest in underlying funds and incur expenses related to those underlying funds. In addition, investors in the managed risk funds will incur fees to pay for certain expenses related to the operations of the managed risk funds. An investor holding the underlying fund directly would incur lower overall expenses but would not receive the benefit of the managed risk strategy. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser 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.

American Funds Insurance Series

305

Investing in options and futures contracts — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which a fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, a fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If a fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of a fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund’s investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, a fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.

Hedging — There may be imperfect or even negative correlation between the prices of the options and futures contracts in which a fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund’s investment in exchange-traded options and futures and their resulting costs could limit the fund’s gains in rising markets relative to those of the underlying funds, or to those of unhedged funds in general.

Short positions — The fund may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time.

Nondiversification risk — As nondiversified funds, the managed risk funds have the ability to invest a larger percentage of their assets in the securities of a smaller number of issuers than diversified funds. To the extent that a managed risk fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund’s investment results.

5. Certain investment techniques

Securities lending — Some of the funds have entered into securities lending transactions in which the funds earn income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.

Securities lending transactions are entered into by the fund under the securities lending agreement with the lending agent. The lending agent facilitates the exchange of securities between the lender and the borrower, generally provides protection from borrower default, marks to market the value of collateral daily, secures additional collateral from the borrower if it falls below preset terms, and may reinvest the collateral on behalf of the fund according to agreed parameters. The lending agent has indemnified the fund against losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if the borrower fails to return the securities, collateral investments decline in value or the lending agent fails to perform.

306	American Funds Insurance Series

The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund’s investment portfolio. The same amount is recorded as a liability in the fund’s statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote on proposals affecting them. The borrower is obligated to return the loaned security at the conclusion of the loan or, during the pendency of the loan, on demand from the fund.

The following table presents the value of the securities on loan, the type and value of collateral received and the value of the investment securities purchased, if any, from the cash collateral received by each fund (dollars in thousands):

			Collateral received
Funds	Value of investment securities on loan		Cash		U.S. government securities			Value of investment securities purchased
Global Growth Fund	$	11,345	$	9,612	$	2,325	$	8,651
Global Small Capitalization Fund		61,683		42,375		22,569		38,137
Growth Fund		27,798		28,625		—		25,763
International Fund		22,230		2,552		20,728		2,297
New World Fund		11,128		3,859		7,838		3,473
Washington Mutual Investors Fund		3,429		3,540		—		3,186
Capital World Growth and Income Fund		6,023		952		5,403		857
Growth-Income Fund		61,497		64,632		—		58,169
International Growth and Income Fund		2,761		1,722		1,197		1,550
Capital Income Builder		6,985		6,105		1,259		5,494
Asset Allocation Fund		16,802		17,261		—		15,535
American Funds Global Balanced Fund		697		712		—		641

Investment securities purchased from cash collateral are disclosed in the investment portfolio as short-term securities. Securities received as collateral, if any, are not recognized as fund assets. The contractual maturity of collateral received under the securities lending agreement is classified as overnight and continuous.

Index-linked bonds — Some of the funds have invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund’s statement of operations.

Mortgage dollar rolls — Some of the funds have entered into mortgage dollar roll transactions 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.

American Funds Insurance Series

307

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, 2023, the maximum exposure from these unfunded commitments for Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust was $1,289,000, $51,000 and $815,000, respectively, which would represent less than 0.01% for Asset Allocation Fund and Capital World Bond Fund and 0.10% for American High-Income Trust, respectively, of the net assets of each fund should such commitments become due. Unrealized depreciation on these unfunded commitments for Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust of $7,000, $1,000 and $2,000, respectively, is disclosed as unrealized depreciation on unfunded commitments in each fund’s statement of assets and liabilities. Unrealized depreciation is included in net unrealized appreciation (depreciation) on investments in unaffiliated issuers in each fund’s statement of operations.

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. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund’s statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund’s statement of operations.

Forward currency contracts — Some of the funds have entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The series’ investment adviser uses forward currency contracts to manage the fund’s exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates.

308	American Funds Insurance Series

On a daily basis, the series’ investment adviser values forward currency contracts based on the applicable exchange rates and records unrealized appreciation or depreciation for open forward currency contracts in each fund’s statement of assets and liabilities. Realized gains or losses are recorded at the time the forward contract is closed or offset by another contract with the same broker for the same settlement date and currency. Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in each fund’s statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in each fund’s statement of operations.

Swap contracts — Some of the funds have entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant’s swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the funds enter into bilaterally negotiated swap transactions, the funds will enter into swap agreements only with counterparties that meet certain credit standards and subject to agreed collateralized procedures. The term of a swap can be days, months or years and certain swaps may be less liquid than others.

Upon entering into a centrally cleared swap contract, the funds are required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the funds’ statement of assets and liabilities for centrally cleared swaps and as unrealized appreciation or depreciation in the funds’ statement of assets and liabilities for bilateral swaps. For centrally cleared swaps, the fund also pays or receives a variation margin based on the increase or decrease in the value of the swaps, including accrued interest as applicable, and records variation margin in the statement of assets and liabilities. The funds record realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from swaps are recorded in the funds’ statement of operations.

Swap agreements can take different forms. Some of the funds have entered into the following types of swap agreements:

Interest rate swaps — Some of the funds have entered into interest rate swaps, which seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the funds or a portion of the funds’ portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark. In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the funds’ current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party.

Credit default swap indices — Some of the funds have entered into centrally cleared credit default swap indices, including CDX and iTraxx indices (collectively referred to as “CDSIs”), in order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks. A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party (the protection buyer) is obligated to pay the other party (the protection seller) a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits.

American Funds Insurance Series

309

The funds may enter into a CDSI transaction as either protection buyer or protection seller. If the funds are protection buyers, they would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the funds, as protection buyers, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As protection sellers, the funds would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the funds, coupled with the periodic payments previously received by the funds, may be less than the full notional value that the funds, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to the funds. Furthermore, as protection sellers, the funds would effectively add leverage to their portfolio because it would have investment exposure to the notional amount of the swap transaction.

The following table presents the average month-end notional amounts of options contracts purchased, futures contracts, forward currency contracts, interest rate swaps and credit default swaps while held for each fund (dollars in thousands):

	Options contracts purchased	Futures contracts	Forward currency contracts	Interest rate swaps		Credit default swaps
New World Fund	Not applicable	$ 24,499	$ 5,141	$ 4,930	*	$ 2,230	*
Capital Income Builder	Not applicable	96,767	Not applicable	38,300		6,175
Asset Allocation Fund	Not applicable	2,540,194	Not applicable	728,198		134,517
Global Balanced Fund	Not applicable	22,450	33,299	39,607		3,654
The Bond Fund of America	Not applicable	4,966,274	87,934	668,704		221,204
Capital World Bond Fund	Not applicable	432,642	457,463	381,147		102,242
American High-Income Trust	Not applicable	8,103	Not applicable	Not applicable		12,572
American Funds Mortgage Fund	Not applicable	55,284	Not applicable	4,258		Not applicable
U.S. Government Securities Fund	Not applicable	2,236,602	Not applicable	792,714		Not applicable
Managed Risk Growth Fund	$ 219,921	131,776	Not applicable	Not applicable		Not applicable
Managed Risk International Fund	54,263	11,314	Not applicable	Not applicable		Not applicable
Managed Risk Washington Mutual Investors Fund	239,859	23,218	Not applicable	Not applicable		Not applicable
Managed Risk Growth-Income Fund	2,568,643	197,528	Not applicable	Not applicable		Not applicable
Managed Risk Asset Allocation Fund	269,721	144,033	Not applicable	Not applicable		Not applicable

*	No contracts were held at the end of the reporting period; amount represents the average month-end notional amount of contracts while they were held.

310	American Funds Insurance Series

The following tables identify the location and fair value amounts on each fund’s statement of assets and liabilities and/or the effect on each fund’s statement of operations resulting from each fund’s use of options, futures contracts, forward currency contracts, interest rate swaps and/or credit default swaps as of, or for the six months ended, June 30, 2023 (dollars in thousands):

New World Fund

Assets

Liabilities

Contracts

Risk type

Location on statement of
assets and liabilities

Value

Location on statement of
assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

104

Unrealized depreciation¹

192

Forward currency

Currency

Unrealized appreciation on open forward currency contracts

180

Unrealized depreciation on open forward currency contracts

104

Forward currency

Currency

Receivables for closed forward currency contracts

Payables for closed forward currency contracts

289

298

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

Net unrealized depreciation on futures contracts

(181

)

Forward currency

Currency

Net realized loss on forward currency contracts

(112

)

Net unrealized appreciation on forward currency contracts

126

Swap

Interest

Net realized gain on swap contracts

123

Net unrealized appreciation on swap contracts

—

Swap

Credit

Net realized loss on swap contracts

)

Net unrealized depreciation on swap contracts

)

(57

)

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

109

Unrealized depreciation¹

1,426

Swap (centrally cleared)

Interest

Unrealized appreciation¹

305

Unrealized depreciation¹

435

Swap (centrally cleared)

Credit

Unrealized appreciation¹

159

Unrealized depreciation¹

—

573

1,861

Refer to the end of the tables for footnotes.

American Funds Insurance Series

311

		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	$	(369	)	Net unrealized depreciation on futures contracts	$	(1,238	)
Swap	Interest	Net realized gain on swap contracts		1,583		Net unrealized depreciation on swap contracts		(1,650	)
Swap	Credit	Net realized gain on swap contracts		53		Net unrealized appreciation on swap contracts		206
			$	1,267			$	(2,682	)

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	$	5,318		Unrealized depreciation¹	$	42,687
Swap (centrally cleared)	Interest	Unrealized appreciation¹		5,809		Unrealized depreciation¹		6,947
Swap (centrally cleared)	Credit	Unrealized appreciation¹		94		Unrealized depreciation¹		—
			$	11,221			$	49,634

		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	$	(21,630	)	Net unrealized depreciation on futures contracts	$	(36,203	)
Swap	Interest	Net realized loss on swap contracts		(3,916	)	Net unrealized depreciation on swap contracts		(1,138	)
Swap	Credit	Net realized loss on swap contracts		(2,920	)	Net unrealized appreciation on swap contracts		1,717
			$	(28,466	)		$	(35,624	)

American Funds Global Balanced Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation¹	$	76		Unrealized depreciation¹	$	247
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		537		Unrealized depreciation on open forward currency contracts		708
Swap (centrally cleared)	Interest	Unrealized appreciation¹		94		Unrealized depreciation¹		462
Swap (centrally cleared)	Credit	Unrealized appreciation¹		14		Unrealized depreciation¹		—	²
			$	721			$	1,417

Refer to the end of the tables for footnotes.

312	American Funds Insurance Series

		Net realized loss				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(70	)	Net unrealized appreciation on futures contracts	$	202
Forward currency	Currency	Net realized loss on forward currency contracts		(666	)	Net unrealized depreciation on forward currency contracts		(707	)
Swap	Interest	Net realized loss on swap contracts		(686	)	Net unrealized appreciation on swap contracts		647
Swap	Credit	Net realized loss on swap contracts		(66	)	Net unrealized appreciation on swap contracts		7
			$	(1,488	)		$	149

The Bond Fund of America

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation¹	$	13,106		Unrealized depreciation¹	$	46,346
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		1,374		Unrealized depreciation on open forward currency contracts		1,997
Swap (centrally cleared)	Interest	Unrealized appreciation¹		1,355		Unrealized depreciation¹		6,176
Swap (centrally cleared)	Credit	Unrealized appreciation¹		—		Unrealized depreciation¹		1,615
			$	15,835			$	56,134

		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	$	(69,860	)	Net unrealized depreciation on futures contracts	$	(26,287	)
Forward currency	Currency	Net realized gain on forward currency contracts		2,135		Net unrealized depreciation on forward currency contracts		(4,270	)
Swap	Interest	Net realized gain on swap contracts		12,360		Net unrealized depreciation on swap contracts		(13,897	)
Swap	Credit	Net realized loss on swap contracts		(13,525	)	Net unrealized appreciation on swap contracts		5,393
			$	(68,890	)		$	(39,061	)

Refer to the end of the tables for footnotes.

American Funds Insurance Series

313

Capital World Bond Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation¹	$	1,303		Unrealized depreciation¹	$	4,773
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		5,906		Unrealized depreciation on open forward currency contracts		8,188
Swap (centrally cleared)	Interest	Unrealized appreciation¹		1,145		Unrealized depreciation¹		5,768
Swap (centrally cleared)	Credit	Unrealized appreciation¹		422		Unrealized depreciation¹		204
			$	8,776			$	18,933

		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	$	(4,010	)	Net unrealized appreciation on futures contracts	$	517
Forward currency	Currency	Net realized loss on forward currency contracts		(11,479	)	Net unrealized depreciation on forward currency contracts		(6,835	)
Swap	Interest	Net realized loss on swap contracts		(6,559	)	Net unrealized appreciation on swap contracts		6,343
Swap	Credit	Net realized gain on swap contracts		723		Net unrealized depreciation on swap contracts		(249	)
			$	(21,325	)		$	(224	)

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	$	35		Unrealized depreciation¹	$	63
Swap (centrally cleared)	Credit	Unrealized appreciation¹		—		Unrealized depreciation¹		204
			$	35			$	267

		Net realized gain (loss)				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	19		Net unrealized appreciation on futures contracts	$	60
Swap	Credit	Net realized loss on swap contracts		(168	)	Net unrealized depreciation on swap contracts		(50	)
			$	(149	)		$	10

Refer to the end of the tables for footnotes.

314	American Funds Insurance Series

American Funds Mortgage Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation¹	$	52		Unrealized depreciation¹	$	905
Swap (centrally cleared)	Interest	Unrealized appreciation¹		—		Unrealized depreciation¹		23
			$	52			$	928

		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	$	44		Net unrealized depreciation on futures contracts	$	(778	)
Swap	Interest	Net realized gain on swap contracts		805		Net unrealized depreciation on swap contracts		(813	)
			$	849			$	(1,591	)

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	$	13,976		Unrealized depreciation¹	$	36,374
Swap (centrally cleared)	Interest	Unrealized appreciation¹		24,713		Unrealized depreciation¹		8,422
			$	38,689			$	44,796

		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	$	(3,260	)	Net unrealized depreciation on futures contracts	$	(19,222	)
Swap	Interest	Net realized loss on swap contracts		(6,073	)	Net unrealized appreciation on swap contracts		7,495
			$	(9,333	)		$	(11,727	)

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	$	766		Investment securities from unaffiliated issuers³	$	—
Futures	Currency	Unrealized appreciation¹		7		Unrealized depreciation¹		18
Futures	Equity	Unrealized appreciation¹		7		Unrealized depreciation¹		866
Futures	Interest	Unrealized appreciation¹		—		Unrealized depreciation¹		1,219
			$	780			$	2,103

Refer to the end of the tables for footnotes.

American Funds Insurance Series

315

		Net realized 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 loss on investments in unaffiliated issuers	$	(1,187	)	Net unrealized depreciation on investments in unaffiliated issuers	$	(945	)
Futures	Currency	Net realized loss on futures contracts		(188	)	Net unrealized appreciation on futures contracts		3
Futures	Equity	Net realized loss on futures contracts		(13,945	)	Net unrealized depreciation on futures contracts		(8,405	)
Futures	Interest	Net realized loss on futures contracts		(2,490	)	Net unrealized depreciation on futures contracts		(1,172	)
			$	(17,810	)		$	(10,519	)

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	$	225		Investment securities from unaffiliated issuers³	$	—
Futures	Equity	Unrealized appreciation¹		37		Unrealized depreciation¹		266
Futures	Interest	Unrealized appreciation¹		—		Unrealized depreciation¹		79
			$	262			$	345

		Net realized loss				Net unrealized depreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized loss on investments in unaffiliated issuers	$	(394	)	Net unrealized depreciation on investments in unaffiliated issuers	$	(261	)
Futures	Equity	Net realized loss on futures contracts		(4,394	)	Net unrealized depreciation on futures contracts		(1,253	)
Futures	Interest	Net realized loss on futures contracts		(595	)	Net unrealized depreciation on futures contracts		(66	)
			$	(5,383	)		$	(1,580	)

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	$	537		Investment securities from unaffiliated issuers³	$	—
Futures	Equity	Unrealized appreciation¹		240		Unrealized depreciation¹		—
Futures	Interest	Unrealized appreciation¹		—		Unrealized depreciation¹		242
			$	777			$	242

Refer to the end of the tables for footnotes.

316	American Funds Insurance Series

		Net realized loss				Net unrealized depreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized loss on investments in unaffiliated issuers	$	(1,222	)	Net unrealized depreciation on investments in unaffiliated issuers	$	(846	)
Futures	Currency	Net realized loss on futures contracts		(56	)	Net unrealized depreciation on futures contracts		(63	)
Futures	Equity	Net realized loss on futures contracts		(4,932	)	Net unrealized depreciation on futures contracts		(2,380	)
Futures	Interest	Net realized loss on futures contracts		(620	)	Net unrealized depreciation on futures contracts		(161	)
			$	(6,830	)		$	(3,450	)

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	$	5,468		Investment securities from unaffiliated issuers³	$	—
Futures	Currency	Unrealized appreciation¹		—		Unrealized depreciation¹		2
Futures	Equity	Unrealized appreciation¹		2,503		Unrealized depreciation¹		44
Futures	Interest	Unrealized appreciation¹		—		Unrealized depreciation¹		1,765
			$	7,971			$	1,811

		Net realized loss				Net unrealized depreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized loss on investments in unaffiliated issuers	$	(13,093	)	Net unrealized depreciation on investments in unaffiliated issuers	$	(9,088	)
Futures	Currency	Net realized loss on futures contracts		(656	)	Net unrealized depreciation on futures contracts		(361	)
Futures	Equity	Net realized loss on futures contracts		(24,600	)	Net unrealized depreciation on futures contracts		(14,010	)
Futures	Interest	Net realized loss on futures contracts		(2,162	)	Net unrealized depreciation on futures contracts		(1,588	)
			$	(40,511	)		$	(25,047	)

Managed Risk Asset Allocation Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Options purchased	Equity	Investment securities from unaffiliated issuers³	$	693		Investment securities from unaffiliated issuers³	$	—
Futures	Currency	Unrealized appreciation¹		—		Unrealized depreciation¹		4
Futures	Equity	Unrealized appreciation¹		4		Unrealized depreciation¹		33
Futures	Interest	Unrealized appreciation¹		—		Unrealized depreciation¹		1,567
			$	697			$	1,604

Refer to the end of the tables for footnotes.

American Funds Insurance Series

317

		Net realized loss				Net unrealized depreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized loss on investments in unaffiliated issuers	$	(1,830	)	Net unrealized depreciation on investments in unaffiliated issuers	$	(457	)
Futures	Currency	Net realized loss on futures contracts		(416	)	Net unrealized depreciation on futures contracts		(153	)
Futures	Equity	Net realized loss on futures contracts		(26,965	)	Net unrealized depreciation on futures contracts		(13,624	)
Futures	Interest	Net realized loss on futures contracts		(1,968	)	Net unrealized depreciation on futures contracts		(1,405	)
			$	(29,349	)		$	(15,639	)


¹	Includes cumulative appreciation/depreciation on futures contracts, centrally cleared interest rate swaps and/or centrally cleared credit default swaps as reported in the applicable table following each fund’s investment portfolio. Only current day’s variation margin is reported within each fund’s statement of assets and liabilities.
²	Amount less than one thousand.
³	Includes options purchased as reported in each fund’s investment portfolio.

Collateral — Some funds either receive or pledge highly liquid assets, such as cash or U.S. government securities, as collateral due to securities lending and/or their use of futures contracts, forward currency contracts, interest rate swaps, credit default swaps and/or future delivery contracts. For securities lending, each participating fund receives collateral in exchange for lending investment securities. The lending agent may reinvest collateral from securities lending transactions according to agreed parameters. For futures contracts, centrally cleared interest rate swaps and centrally cleared credit default swaps, the program calls for each participating fund to pledge collateral for initial and variation margin by contract. For forward currency contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by counterparty. For future delivery contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by each participating fund, if any, is disclosed in each fund’s investment portfolio, and cash collateral pledged by each participating fund, if any, is held in a segregated account with the fund’s custodian, which is reflected as pledged cash collateral in each fund’s statement of assets and liabilities.

Rights of offset — Funds that hold forward currency contracts 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.

318	American Funds Insurance Series

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, 2023, if close-out netting was exercised (dollars in thousands):

New World Fund

	Gross amounts recognized in the		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	statement of assets and liabilities		Available to offset			Non-cash collateral*		Cash collateral*		Net amount
Assets:
Bank of America	$	3	$	—		$	—	$	—	$	3
Citibank		70		(70	)		—		—		—
Goldman Sachs		9		(2	)		—		—		7
HSBC Bank		1		—			—		—		1
JPMorgan Chase		66		—			—		—		66
Morgan Stanley		6		(2	)		—		—		4
Standard Chartered Bank		21		(1	)		—		—		20
UBS AG		10		(2	)		—		—		8
Total	$	185	$	(77	)	$	—	$	—	$	108
Liabilities:
Citibank	$	99	$	(70	)	$	—	$	—	$	29
Goldman Sachs		2		(2	)		—		—		—
Morgan Stanley		2		(2	)		—		—		—
Standard Chartered Bank		1		(1	)		—		—		—
UBS AG		2		(2	)		—		—		—
Total	$	106	$	(77	)	$	—	$	—	$	29

Refer to the end of the tables for footnotes.

American Funds Insurance Series

319

American Funds Global Balanced Fund

	Gross amounts recognized in the			Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	statement of assets and liabilities			Available to offset			Non-cash collateral*		Cash collateral*		Net amount
Assets:
Bank of America	$	15		$	(15	)	$	—	$	—	$	—
Bank of New York Mellon		1			(1	)		—		—		—
BNP Paribas		4			(1	)		—		—		3
Citibank		2			(2	)		—		—		—
Goldman Sachs		1			(1	)		—		—		—
HSBC Bank		336			(171	)		—		—		165
JPMorgan Chase		3			(3	)		—		—		—
Morgan Stanley		36			(36	)		—		—		—
Standard Chartered Bank		139			(18	)		—		—		121
UBS AG		—	^†		—	^†		—		—		—
Total	$	537		$	(248	)	$	—	$	—	$	289
Liabilities:
Bank of America	$	36		$	(15	)	$	—	$	—	$	21
Bank of New York Mellon		1			(1	)		—		—		—
Barclays Bank PLC		10			—			—		—		10
BNP Paribas		1			(1	)		—		—		—
Citibank		207			(2	)		—		—		205
Goldman Sachs		8			(1	)		—		—		7
HSBC Bank		171			(171	)		—		—		—
JPMorgan Chase		12			(3	)		—		—		9
Morgan Stanley		233			(36	)		—		—		197
Standard Chartered Bank		18			(18	)		—		—		—
UBS AG		11			—	^†		—		—		11
Total	$	708		$	(248	)	$	—	$	—	$	460

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:
Bank of America	$	51	$	(51	)	$	—		$	—		$	—
BNP Paribas		101		(20	)		—			—			81
HSBC Bank		45		(45	)		—			—			—
JPMorgan Chase		1,155		(2	)		—			(1,153	)		—
Morgan Stanley		6		—			—			—			6
UBS AG		16		—			—			—			16
Total	$	1,374	$	(118	)	$	—		$	(1,153	)	$	103
Liabilities:
Bank of America	$	67	$	(51	)	$	—		$	—		$	16
BNP Paribas		20		(20	)		—			—			—
Citibank		303		—			(303	)		—			—
Goldman Sachs		6		—			—			—			6
HSBC Bank		1,599		(45	)		(1,554	)		—			—
JPMorgan Chase		2		(2	)		—			—			—
Total	$	1,997	$	(118	)	$	(1,857	)	$	—		$	22

Refer to the end of the tables for footnotes.

320	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	$	89	$	(89	)	$	—		$	—		$	—
Barclays Bank PLC		9		—			—			—			9
BNP Paribas		57		(14	)		—			—			43
Citibank		184		(184	)		—			—			—
Goldman Sachs		41		(41	)		—			—			—
HSBC Bank		5,046		(3,637	)		—			(1,240	)		169
JPMorgan Chase		85		(85	)		—			—			—
Morgan Stanley		339		(339	)		—			—			—
Standard Chartered Bank		16		(16	)		—			—			—
UBS AG		40		(40	)		—			—			—
Total	$	5,906	$	(4,445	)	$	—		$	(1,240	)	$	221
Liabilities:
Bank of America	$	309	$	(89	)	$	(220	)	$	—		$	—
Bank of New York Mellon		31		—			(31	)		—			—
BNP Paribas		14		(14	)		—			—			—
Citibank		2,493		(184	)		(2,309	)		—			—
Goldman Sachs		125		(41	)		—			—			84
HSBC Bank		3,637		(3,637	)		—			—			—
JPMorgan Chase		293		(85	)		(28	)		—			180
Morgan Stanley		1,074		(339	)		(735	)		—			—
Standard Chartered Bank		128		(16	)		(112	)		—			—
UBS AG		84		(40	)		(44	)		—			—
Total	$	8,188	$	(4,445	)	$	(3,479	)	$	—		$	264

*	Collateral is shown on a settlement basis.
^†	Amount less than one thousand.

6. Taxation and distributions

Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the period ended June 30, 2023, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the period, none of the funds incurred any significant interest or penalties.

Each fund’s tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction’s statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

Non-U.S. taxation — Dividend and interest income, if any, are recorded net of non-U.S. taxes paid. The funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the funds filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the six months ended June 30, 2023, some of the funds recognized reclaims (net of

American Funds Insurance Series

321

fees and the effect of realized gain or loss from currency translations) and interest related to European court rulings as follows (dollars in thousands):

Fund	Reclaims		Fees		Interest
Global Growth Fund	$	220	$	21	$	—
Growth Fund		352		2		—
International Fund		1,233		22		47
New World Fund		270		3		—
Growth-Income Fund		187		13		9

The reclaims and interest are included in dividend income and interest income, respectively, in each fund’s statements of operations. Gains realized by the funds on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. The funds generally record an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

Distributions — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; deferred expenses; cost of investments sold; paydowns on fixed-income securities; net capital losses; 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, 2022:
Undistributed ordinary income	$	18,515		$	1,947		$	58,974		$	15,623		$	8,333		$	45,061
Undistributed long-term capital gains		549,285			39,017			1,978,732			—			—			89,689
Capital loss carryforward*		—			—			—			(374,845	)		—			—
As of June 30, 2023:
Gross unrealized appreciation on investments		2,936,802			878,025			17,067,770			1,862,262			974,576			2,578,557
Gross unrealized depreciation on investments		(263,829	)		(231,305	)		(1,070,934	)		(331,368	)		(134,137	)		(280,023	)
Net unrealized appreciation (depreciation) on investments		2,672,973			646,720			15,996,836			1,530,894			840,439			2,298,534
Cost of investments		4,775,163			2,528,373			20,850,239			5,551,008			2,511,350			7,622,817

Refer to the end of the tables for footnote.

322	American Funds Insurance Series

	Capital World Growth and Income Fund			Growth- Income Fund			International Growth and Income Fund			Capital Income Builder			Asset Allocation Fund			American Funds Global Balanced Fund
As of December 31, 2022:
Undistributed ordinary income	$	6,716		$	117,578		$	1,209		$	10,957		$	120,979		$	2,667
Undistributed long-term capital gains		—			1,825,597			—			—			958,605			44,806
Capital loss carryforward*		(72,176	)		—			(23,828	)		(28,240	)		—			—
As of June 30, 2023:
Gross unrealized appreciation on investments		535,798			14,570,753			55,556			180,649			6,485,840			51,981
Gross unrealized depreciation on investments		(89,656	)		(569,685	)		(26,010	)		(47,382	)		(1,193,526	)		(20,487	)
Net unrealized appreciation (depreciation) on investments		446,142			14,001,068			29,546			133,267			5,292,314			31,494
Cost of investments		1,378,296			21,958,342			290,689			1,107,054			20,995,243			361,434

	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, 2022:
Undistributed ordinary income	$	58,751		$	—		$	9,376		$	529		$	2,708		$	8,185
Capital loss carryforward*		(907,300	)		(133,685	)		(298,537	)		(9,549	)		(1	)		(177,836	)
As of June 30, 2023:
Gross unrealized appreciation on investments		38,345			22,718			29,761			306			43			42,307
Gross unrealized depreciation on investments		(637,957	)		(152,220	)		(96,014	)		(3,790	)		(36	)		(114,994	)
Net unrealized appreciation (depreciation) on investments		(599,612	)		(129,502	)		(66,253	)		(3,484	)		7			(72,687	)
Cost of investments		12,635,591			1,709,183			895,902			155,391			383,761			1,939,969

	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, 2022:
Undistributed ordinary income	$	5,720		$	1,966		$	5,613		$	29,224		$	35,270
Undistributed long-term capital gains		105,958			8,883			41,991			263,419			248,376
As of June 30, 2023:
Gross unrealized appreciation on investments		44,501			6,574			240			29,916			4
Gross unrealized depreciation on investments		(106,219	)		(24,133	)		(29,399	)		(94,779	)		(81,148	)
Net unrealized appreciation (depreciation) on investments		(61,718	)		(17,559	)		(29,159	)		(64,863	)		(81,144	)
Cost of investments		555,409			141,239			351,760			2,235,108			2,225,931

*	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.

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Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

Global Growth Fund

	Six months ended June 30, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	8,838	$	238,315	$	247,153	$	39,498	$	361,119	$	400,617
Class 1A		38		1,195		1,233		141		1,617		1,758
Class 2		8,280		259,863		268,143		32,689		386,947		419,636
Class 4		1,369		49,927		51,296		4,312		66,240		70,552
Total	$	18,525	$	549,300	$	567,825	$	76,640	$	815,923	$	892,563

Global Small Capitalization Fund

		Six months ended June 30, 2023					Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	880	$	11,794	$	12,674	$	47,544	$	285,173	$	332,717
Class 1A		3		59		62		209		1,252		1,461
Class 2		1,021		23,554		24,575		94,748		568,298		663,046
Class 4		52		3,623		3,675		13,417		80,475		93,892
Total	$	1,956	$	39,030	$	40,986	$	155,918	$	935,198	$	1,091,116

Growth Fund

	Six months ended June 30, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	29,335	$	861,352	$	890,687	$	319,915	$	1,912,725	$	2,232,640
Class 1A		372		13,243		13,615		3,677		23,411		27,088
Class 2		25,277		924,799		950,076		311,929		2,152,577		2,464,506
Class 3		344		11,837		12,181		4,207		28,163		32,370
Class 4		3,662		167,524		171,186		43,665		340,245		383,910
Total	$	58,990	$	1,978,755	$	2,037,745	$	683,393	$	4,457,121	$	5,140,514

International Fund

	Six months ended June 30, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	8,093	$	—	$	8,093	$	94,903	$	448,918	$	543,821
Class 1A		24		—		24		281		1,398		1,679
Class 2		6,827		—		6,827		86,539		450,228		536,767
Class 3		36		—		36		431		2,195		2,626
Class 4		675		—		675		9,244		52,350		61,594
Total	$	15,655	$	—	$	15,655	$	191,398	$	955,089	$	1,146,487

324	American Funds Insurance Series

New World Fund

	Six months ended June 30, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	4,849	$	—	$	4,849	$	60,201	$	129,123	$	189,324
Class 1A		23		—		23		317		724		1,041
Class 2		1,930		—		1,930		26,575		61,661		88,236
Class 4		1,536		—		1,536		22,718		56,063		78,781
Total	$	8,338	$	—	$	8,338	$	109,811	$	247,571	$	357,382

Washington Mutual Investors Fund

	Six months ended June 30, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	27,566	$	52,370	$	79,936	$	351,097	$	1,068,126	$	1,419,223
Class 1A		73		194		267		3,359		10,665		14,024
Class 2		12,559		26,108		38,667		173,751		551,636		725,387
Class 4		4,891		11,035		15,926		61,406		196,768		258,174
Total	$	45,089	$	89,707	$	134,796	$	589,613	$	1,827,195	$	2,416,808

Capital World Growth and Income Fund

	Six months ended June 30, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	2,294	$	—	$	2,294	$	32,166	$	109,599	$	141,765
Class 1A		24		—		24		337		1,188		1,525
Class 2		3,709		—		3,709		57,060		205,827		262,887
Class 4		692		—		692		10,246		37,875		48,121
Total	$	6,719	$	—	$	6,719	$	99,809	$	354,489	$	454,298

Growth-Income Fund

	Six months ended June 30, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	73,150	$	1,077,919	$	1,151,069	$	597,601	$	1,754,172	$	2,351,773
Class 1A		100		1,649		1,749		784		2,464		3,248
Class 2		38,760		642,837		681,597		328,556		1,071,265		1,399,821
Class 3		427		6,857		7,284		3,597		11,428		15,025
Class 4		5,174		96,356		101,530		41,526		145,017		186,543
Total	$	117,611	$	1,825,618	$	1,943,229	$	972,064	$	2,984,346	$	3,956,410

International Growth and Income Fund

	Six months ended June 30, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	66	$	—	$	66	$	397	$	6,104	$	6,501
Class 1A		22		—		22		147		2,108		2,255
Class 2		637		—		637		4,951		81,276		86,227
Class 4		485		—		485		3,387		55,677		59,064
Total	$	1,210	$	—	$	1,210	$	8,882	$	145,165	$	154,047

American Funds Insurance Series

325

Capital Income Builder

	Six months ended June 30, 2023							Year ended December 31, 2022
Share class		Ordinary income		Long-term capital gains		Total distributions paid			Ordinary income		Long-term capital gains		Total distributions paid
Class 1		$	7,491	$	—	$	7,491		$	17,636	$	—	$	17,636
Class 1A			110		—		110			270		—		270
Class 2			153		—		153			354		—		354
Class 4			5,419		—		5,419			13,728		—		13,728
Total		$	13,173	$	—	$	13,173		$	31,988	$	—	$	31,988

Asset Allocation Fund

		Six months ended June 30, 2023							Year ended December 31, 2022
Share class		Ordinary income		Long-term capital gains		Total distributions paid			Ordinary income		Long-term capital gains		Total distributions paid
Class 1		$	76,840	$	578,217	$	655,057		$	476,426	$	1,525,081	$	2,001,507
Class 1A			126		1,038		1,164			708		2,098		2,806
Class 2			19,886		163,182		183,068			124,332		440,697		565,029
Class 3			137		1,097		1,234			845		2,914		3,759
Class 4			24,064		215,145		239,209			142,374		538,249		680,623
Total		$	121,053	$	958,679	$	1,079,732		$	744,685	$	2,509,039	$	3,253,724

American Funds Global Balanced Fund

		Six months ended June 30, 2023							Year ended December 31, 2022
Share class		Ordinary income		Long-term capital gains		Total distributions paid			Ordinary income		Long-term capital gains		Total distributions paid
Class 1		$	718	$	11,386	$	12,104		$	72	$	498	$	570
Class 1A			19		310		329			2		13		15
Class 2			1,126		18,886		20,012			123		850		973
Class 4			806		14,227		15,033			85		589		674
Total		$	2,669	$	44,809	$	47,478		$	282	$	1,950	$	2,232

The Bond Fund of America

		Six months ended June 30, 2023							Year ended December 31, 2022
Share class		Ordinary income		Long-term capital gains		Total distributions paid			Ordinary income		Long-term capital gains		Total distributions paid
Class 1		$	38,912	$	—	$	38,912		$	235,158	$	60,668	$ 295,826
Class 1A			1,245		—		1,245			7,470		1,700		9,170
Class 2			15,821		—		15,821			98,333		27,763		126,096
Class 4			4,406		—		4,406			24,749		7,113		31,862
Total		$	60,384	$	—	$	60,384		$	365,710	$	97,244	$	462,954

Capital World Bond Fund

		Six months ended June 30, 2023							Year ended December 31, 2022
Share class		Ordinary income		Long-term capital gains		Total distributions paid			Ordinary income		Long-term capital gains		Total distributions paid
Class 1		$	—	$	—	$	—		$	2,151	$	11,752	$	13,903
Class 1A			—		—		—			3		20		23
Class 2			—		—		—			2,087		13,752		15,839
Class 4			—		—		—			120		945		1,065
Total		$	—	$	—	$	—		$	4,361	$	26,469	$	30,830

326	American Funds Insurance Series

American High-Income Trust

	Six months ended June 30, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains		Total distributions paid
Class 1	$	2,483	$	—	$	2,483	$	18,444		$	—	$	18,444
Class 1A		23		—		23		100			—		100
Class 2		5,913		—		5,913		42,707			—		42,707
Class 3		91		—		91		694			—		694
Class 4		872		—		872		5,827			—		5,827
Total	$	9,382	$	—	$	9,382	$	67,772		$	—	$	67,772

American Funds Mortgage Fund

	Six months ended June 30, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains		Total distributions paid
Class 1	$	90	$	—	$	90	$	15		$	—	$	15
Class 1A		9		—		9		37			—		37
Class 2		225		—		225		995			—		995
Class 4		206		—		206		746			—		746
Total	$	530	$	—	$	530	$	1,793		$	—	$	1,793

Ultra-Short Bond Fund

	Six months ended June 30, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains		Total distributions paid
Class 1	$	295	$	—	$	295	$	348		$	—	$	348
Class 1A		1		—		1		—	^†		—		—	^†
Class 2		1,975		—		1,975		1,570			—		1,570
Class 3		28		—		28		26			—		26
Class 4		410		—		410		293			—		293
Total	$	2,709	$	—	$	2,709	$	2,237		$	—	$	2,237

U.S. Government Securities Fund

	Six months ended June 30, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains		Total distributions paid
Class 1	$	1,407	$	—	$	1,407	$	10,360		$	—	$	10,360
Class 1A		24		—		24		153			—		153
Class 2		5,775		—		5,775		42,631			—		42,631
Class 3		34		—		34		292			—		292
Class 4		952		—		952		7,040			—		7,040
Total	$	8,192	$	—	$	8,192	$	60,476		$	—	$	60,476

Managed Risk Growth Fund

	Six months ended June 30, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains		Total distributions paid
Class P1	$	129	$	2,315	$	2,444	$	162		$	1,634	$	1,796
Class P2		5,596		103,643		109,239		6,629			81,821		88,450
Total	$	5,725	$	105,958	$	111,683	$	6,791		$	83,455	$	90,246

American Funds Insurance Series

327

Managed Risk International Fund

	Six months ended June 30, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	29	$	127	$	156	$	69	$	—	$	69
Class P2		1,938		8,757		10,695		4,206		—		4,206
Total	$	1,967	$	8,884	$	10,851	$	4,275	$	—	$	4,275

Managed Risk Washington Mutual Investors Fund

	Six months ended June 30, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	50	$	364	$	414	$	127	$	—	$	127
Class P2		5,563		41,630		47,193		14,544		—		14,544
Total	$	5,613	$	41,994	$	47,607	$	14,671	$	—	$	14,671

Managed Risk Growth-Income Fund

	Six months ended June 30, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	25,633	$	230,056	$	255,689	$	43,232	$	44,484	$	87,716
Class P2		3,604		33,365		36,969		5,626		6,461		12,087
Total	$	29,237	$	263,421	$	292,658	$	48,858	$	50,945	$	99,803

Managed Risk Asset Allocation Fund

	Six months ended June 30, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	124	$	852	$	976	$	176	$	254	$	430
Class P2		35,159		247,531		282,690		51,616		86,918		138,534
Total	$	35,283	$	248,383	$	283,666	$	51,792	$	87,172	$	138,964

^†	Amount less than one thousand.

7. Fees and transactions

CRMC, the series’ investment adviser, is the parent company of American Funds Distributors^®, Inc. (“AFD”), the distributor of the series’ shares, and American Funds Service Company^® (“AFS”), the series’ transfer agent. CRMC, AFD and AFS are considered related parties to the series.

Investment advisory services — The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on annual rates that generally decrease as net asset levels increase. CRMC receives investment advisory fees from the underlying funds held by the managed risk funds, which are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables. Subadvisory fees for the managed risk funds are paid by CRMC to Milliman FRM. The managed risk funds are not responsible for paying any subadvisory fees.

Investment advisory services waivers — CRMC is waiving a portion of its investment advisory services fees for some of the funds. For the six months ended June 30, 2023, total investment advisory services fees waived by CRMC were $27,063,000. CRMC does not intend to recoup these waivers. Investment advisory fees in each fund’s statement of operations are presented gross of any waivers from CRMC.

328	American Funds Insurance Series

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		2023, before waiver			2023, after waiver
Global Growth Fund		.475	%		.435	%	$	15.0	$	15.0		.475	%		.365	%
Global Small Capitalization Fund		.647			.615			15.0		15.0		.647			.597
Growth Fund		.500			.275			.6		44.0		.314			.314
International Fund		.478			.430			15.0		21.0		.478			.478
New World Fund		.577			.510			15.0		15.0		.577			.507
Washington Mutual Investors Fund		.374			.350			15.0		15.0		.374			.234
Capital World Growth and Income Fund		.475			.435			15.0		15.0		.475			.365
Growth-Income Fund		.500			.217			.6		44.0		.256			.256
International Growth and Income Fund		.478			.450			15.0		15.0		.478			.468
Capital Income Builder		.357			.330			15.0		15.0		.357			.217
Asset Allocation Fund		.500			.236			.6		34.0		.267			.267
American Funds Global Balanced Fund		.446			.420			15.0		15.0		.446			.436
The Bond Fund of America		.352			.320			15.0		15.0		.352			.162
Capital World Bond Fund		.431			.360			15.0		15.0		.431			.431
American High-Income Trust		.404			.386			15.0		15.0		.404			.264
American Funds Mortgage Fund		.295			.280			15.0		15.0		.295			.175
Ultra-Short Bond Fund		.257			.242			15.0		15.0		.257			.257
U.S. Government Securities Fund		.295			.280			15.0		15.0		.295			.175
Managed Risk Growth Fund		.150						all				.150			.100
Managed Risk International Fund		.150						all				.150			.100
Managed Risk Washington Mutual Investors Fund		.150						all				.150			.100
Managed Risk Growth-Income Fund		.150						all				.150			.100
Managed Risk Asset Allocation Fund		.150						all				.150			.100

Class-specific fees and expenses — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

Distribution services — The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.18% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

Share class	Currently approved limits			Plan limits
Class 1A		0.00	%		0.25	%
Class 2		0.25			0.25
Class 3		0.18			0.18
Class 4		0.25			0.25
Class P1		0.00			0.25
Class P2		0.25			0.50

American Funds Insurance Series

329

Insurance administrative services — The series has an insurance administrative services plan for Class 1A, 4, P1 and P2 shares. Under the plan, these share classes pay 0.25% of each insurance company’s respective average daily net assets in each share class to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders’ annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

Transfer agent services — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to all of the funds’ share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the managed risk funds reimburse AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

Administrative services — The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to all of the funds’ share classes except Class P1 and P2 shares. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each fund, other than the managed risk funds, the ability to charge an administrative services fee at the annual rate of 0.05% of average daily net assets attributable to each share class. Currently each fund, other than the managed-risk funds, pays CRMC an administrative services fee at the annual rate of 0.03% of average daily net assets of each share class for CRMC’s provision of administrative services. For the managed risk funds, CRMC receives administrative services fees at an annual rate of 0.03% of average daily net assets from Class 1 shares of the underlying funds for administrative services provided to the series.

Accounting and administrative services — The managed risk funds have a subadministration agreement with Bank of New York Mellon (“BNY Mellon”) under which the fund compensates BNY Mellon for providing accounting and administrative services to each of the managed risk funds’ share classes. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.

Class-specific expenses under the agreements described above were as follows (dollars in thousands):

Global Growth Fund

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

$472

Class 1A

$—

$19

Class 2

4,200

Not applicable

504

Class 4

782

Total class-specific expenses

$4,982

$801

$1,072

Global Small Capitalization Fund

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

$144

Class 1A

$—

Class 2

2,269

Not applicable

272

Class 4

344

Total class-specific expenses

$2,613

$350

$458

Growth Fund

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

$2,207

Class 1A

$—

$278

Class 2

19,536

Not applicable

2,344

Class 3

184

Not applicable

Class 4

3,363

404

Total class-specific expenses

$23,083

$3,641

$5,019

International Fund

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

$493

Class 1A

$—

$14

Class 2

4,112

Not applicable

493

Class 3

Not applicable

Class 4

486

Total class-specific expenses

$4,613

$500

$1,049

330	American Funds Insurance Series

New World Fund

Share class

Distribution
services

Insurance
administrative services

Administrative
services

Class 1

Not applicable

254

Class 1A

$—

$11

Class 2

980

Not applicable

118

Class 4

914

110

Total class-specific expenses

$1,894

$925

$483

Washington Mutual Investors Fund

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

$833

Class 1A

$—

$68

Class 2

3,438

Not applicable

413

Class 4

1,406

169

Total class-specific expenses

$4,844

$1,474

$1,423

Capital World Growth and Income Fund

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

$84

Class 1A

$—

Class 2

1,250

Not applicable

150

Class 4

245

Total class-specific expenses

$1,495

$253

$264

Growth-Income Fund

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

$3,015

Class 1A

$—

$37

Class 2

14,753

Not applicable

1,770

Class 3

116

Not applicable

Class 4

2,134

256

Total class-specific expenses

$17,003

$2,171

$5,065

International Growth and Income Fund

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

Class 1A

$—

Class 2

205

Not applicable

Class 4

162

Total class-specific expenses

$367

$168

$47

Capital Income Builder

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

$89

Class 1A

$—

$12

Class 2

Not applicable

Class 4

670

671

Total class-specific expenses

$687

$683

$173

Asset Allocation Fund

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

$2,249

Class 1A

$—

$33

Class 2

5,232

Not applicable

628

Class 3

Not applicable

Class 4

6,759

811

Total class-specific expenses

$12,016

$6,792

$3,696

American Funds Global Balanced Fund

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

$15

Class 1A

$—

—

Class 2

199

Not applicable

Class 4

144

Total class-specific expenses

$343

$147

$56

Refer to the end of the tables for footnote.

American Funds Insurance Series

331

The Bond Fund of America

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

$984

Class 1A

$—

$289

Class 2

3,576

Not applicable

429

Class 4

1,023

1,024

123

Total class-specific expenses

$4,599

$1,313

$1,571

Capital World Bond Fund

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

$99

Class 1A

$—

—

Class 2

946

Not applicable

114

Class 4

Total class-specific expenses

$1,012

$68

$221

American High-Income Trust

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

$33

Class 1A

$—

—

Class 2

650

Not applicable

Class 3

Not applicable

Class 4

103

Total class-specific expenses

$761

$105

$125

American Funds Mortgage Fund

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

Class 1A

$—

—

Class 2

Not applicable

Class 4

Total class-specific expenses

$110

$55

$15

Ultra-Short Bond Fund

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

Class 1A

$—

—

Class 2

364

Not applicable

Class 3

Not applicable

Class 4

Total class-specific expenses

$461

$93

$62

U.S. Government Securities Fund

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

$36

Class 1A

$—

Class 2

1,331

Not applicable

160

Class 3

Not applicable

Class 4

235

236

Total class-specific expenses

$1,572

$241

$226

Managed Risk Growth Fund

Share class

Distribution
services

Insurance
administrative
services

Class P1

Not applicable

$13

Class P2

$576

576

Total class-specific expenses

$576

$589

Managed Risk International Fund

Share class

Distribution
services

Insurance
administrative
services

Class P1

Not applicable

Class P2

$155

155

Total class-specific expenses

$155

$157

Refer to the end of the tables for footnote.

332	American Funds Insurance Series

Managed Risk Washington Mutual Investors Fund

Share class

Distribution
services

Insurance
administrative
services

Class P1

Not applicable

Class P2

$393

393

Total class-specific expenses

$393

$396

Managed Risk Growth-Income Fund

Share class

Distribution
services

Insurance
administrative
services

Class P1

Not applicable

$2,310

Class P2

$335

335

Total class-specific expenses

$335

$2,645

Managed Risk Asset Allocation Fund

Share class

Distribution services

Insurance administrative services

Class P1

Not applicable

Class P2

$2,658

2,658

Total class-specific expenses

$2,658

$2,667

Amount less than one thousand.

Miscellaneous fee reimbursements — CRMC reimbursed a portion of miscellaneous fees and expenses for Managed Risk International Fund. This reimbursement may be adjusted or discontinued by CRMC, subject to any restrictions in the series’ prospectus. For the six months ended June 30, 2023, total fees and expenses reimbursed by CRMC were $5,000. CRMC may recoup all or a portion of these reimbursements during the current fiscal year. Fees and expenses in each fund’s statement of operations are presented gross of any reimbursements from CRMC.

Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees’ compensation, shown on the accompanying financial statements, reflects current fees (either paid in cash or deferred) and a net increase in the value of the deferred amounts as follows (dollars in thousands):

Fund	Current fees			Increase in value of deferred amounts			Total trustees’ compensation
Global Growth Fund	$	11		$	2		$	13
Global Small Capitalization Fund		5			1			6
Growth Fund		48			11			59
International Fund		10			2			12
New World Fund		5			1			6
Washington Mutual Investors Fund		14			3			17
Capital World Growth and Income Fund		2			1			3
Growth-Income Fund		50			11			61
International Growth and Income Fund		—	*		—	*		—	*
Capital Income Builder		2			—	*		2
Asset Allocation Fund		37			8			45
American Funds Global Balanced Fund		1			—	*		1
The Bond Fund of America		16			3			19
Capital World Bond Fund		2			1			3
American High-Income Trust		1			—	*		1
American Funds Mortgage Fund		—	*		—	*		—	*
Ultra-Short Bond Fund		1			—	*		1
U.S. Government Securities Fund		2			—	*		2
Managed Risk Growth Fund		1			—	*		1
Managed Risk International Fund		—	*		—	*		—	*
Managed Risk Washington Mutual Investors Fund		1			—	*		1
Managed Risk Growth-Income Fund		3			1			4
Managed Risk Asset Allocation Fund		3			1			4

*	Amount less than one thousand.

American Funds Insurance Series

333

Affiliated officers and trustees — Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.

Investments in CCBF and CCF — Some of the funds hold shares of CCBF, a corporate bond fund, and/or CCF, an institutional prime money market fund ,which are both managed by CRMC. CCBF seeks to provide maximum total return consistent with capital preservation and prudent risk management by investing primarily in corporate debt instruments. CCBF is used as an investment vehicle for some of the funds’ corporate bond investments. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for some of the funds’ short-term investments. Both CCBF and CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from either CCBF or CCF.

Security transactions with related funds — The funds may purchase from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act.

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, 2023 (dollars in thousands):

Fund	Purchases		Sales		Net realized gain (loss)
Global Growth Fund	$	59,214	$	69,707	$	16,429
Global Small Capitalization Fund		1,236		3,834		1,924
Growth Fund		109,322		222,952		10,281
International Fund		35,987		12,314		(2,957	)
New World Fund		10,148		14,118		996
Washington Mutual Investors Fund		70,151		20,752		3,909
Capital World Growth and Income Fund		10,135		10,748		1,946
Growth-Income Fund		206,323		130,803		10,151
International Growth and Income Fund		1,357		1,370		(195	)
Capital Income Builder		4,548		5,851		440
Asset Allocation Fund		20,013		159,237		11,432
American Funds Global Balanced Fund		2,492		167		(11	)
American High-Income Trust		—		398		270

8. Indemnifications

The series’ organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the series. In the normal course of business, the series may also enter into contracts that provide general indemnifications. Each fund’s maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the series. The risk of material loss from such claims is considered remote. Insurance policies are also available to the series’ board members and officers.

9. Committed line of credit

Global Small Capitalization Fund, New World Fund and American High-Income Trust participate with other funds managed by CRMC in a $1.5 billion credit facility (the “line of credit”) to be utilized for temporary purposes to fund shareholder redemptions. Each fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in each fund’s statement of operations. None of the funds borrowed on this line of credit at any time during the six months ended June 30, 2023.

334	American Funds Insurance Series

10. Capital share transactions

Capital share transactions in each fund were as follows (dollars and shares in thousands):

Global Growth Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2023

Class 1	$	96,632		2,993	$	247,153		7,894	$	(385,288	)		(11,987	)	$	(41,503	)		(1,100	)
Class 1A		1,201		37		1,234		40		(1,190	)		(37	)		1,245			40
Class 2		17,643		550		268,142		8,691		(248,954	)		(7,774	)		36,831			1,467
Class 4		40,874		1,293		51,296		1,681		(39,097	)		(1,238	)		53,073			1,736
Total net increase (decrease)	$	156,350		4,873	$	567,825		18,306	$	(674,529	)		(21,036	)	$	49,646			2,143

Year ended December 31, 2022

Class 1	$	434,070		13,042	$	400,617		12,733	$	(553,744	)		(16,845	)	$	280,943			8,930
Class 1A		2,997		91		1,758		56		(2,085	)		(65	)		2,670			82
Class 2		92,048		2,700		419,636		13,511		(295,933	)		(9,100	)		215,751			7,111
Class 4		99,092		2,978		70,552		2,294		(71,372	)		(2,195	)		98,272			3,077
Total net increase (decrease)	$	628,207		18,811	$	892,563		28,594	$	(923,134	)		(28,205	)	$	597,636			19,200

Global Small Capitalization Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2023

Class 1	$	55,686		3,217	$	12,631		720	$	(86,940	)		(4,988	)	$	(18,623	)		(1,051	)
Class 1A		557		33		62		3		(347	)		(20	)		272			16
Class 2		13,649		832		24,574		1,488		(114,260	)		(6,970	)		(76,037	)		(4,650	)
Class 4		14,238		872		3,676		223		(17,278	)		(1,061	)		636			34
Total net increase (decrease)	$	84,130		4,954	$	40,943		2,434	$	(218,825	)		(13,039	)	$	(93,752	)		(5,651	)

Year ended December 31, 2022

Class 1	$	187,481		9,235	$	331,498		19,030	$	(570,697	)		(21,774	)	$	(51,718	)		6,491
Class 1A		989		43		1,461		85		(276	)		(15	)		2,174			113
Class 2		111,019		5,043		663,046		40,307		(118,512	)		(6,722	)		655,553			38,628
Class 4		56,480		2,653		93,892		5,707		(34,387	)		(1,715	)		115,985			6,645
Total net increase (decrease)	$	355,969		16,974	$	1,089,897		65,129	$	(723,872	)		(30,226	)	$	721,994			51,877

Refer to the end of the tables for footnotes.

American Funds Insurance Series

335

Growth Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2023

Class 1	$	640,341		7,625	$	889,233		10,369	$	(1,494,253	)		(17,626	)	$	35,321			368
Class 1A		23,807		297		13,614		160		(14,810	)		(174	)		22,611			283
Class 2		169,552		2,039		950,077		11,225		(1,029,138	)		(12,239	)		90,491			1,025
Class 3		1,829		22		12,182		140		(10,963	)		(128	)		3,048			34
Class 4		225,195		2,740		171,186		2,076		(168,037	)		(2,052	)		228,344			2,764
Total net increase (decrease)	$	1,060,724		12,723	$	2,036,292		23,970	$	(2,717,201	)		(32,219	)	$	379,815			4,474

Year ended December 31, 2022

Class 1	$	2,593,666		29,149	$	2,228,505		26,120	$	(3,051,097	)		(31,275	)	$	1,771,074			23,994
Class 1A		133,124		1,387		27,088		320		(15,271	)		(181	)		144,941			1,526
Class 2		520,092		5,686		2,464,507		29,214		(1,621,163	)		(17,346	)		1,363,436			17,554
Class 3		1,224		14		32,371		376		(28,004	)		(296	)		5,591			94
Class 4		409,323		4,647		383,909		4,657		(227,877	)		(2,558	)		565,355			6,746
Total net increase (decrease)	$	3,657,429		40,883	$	5,136,380		60,687	$	(4,943,412	)		(51,656	)	$	3,850,397			49,914

International Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2023

Class 1	$	53,315		3,214	$	8,093		476	$	(250,144	)		(15,093	)	$	(188,736	)		(11,403	)
Class 1A		715		43		24		1		(812	)		(49	)		(73	)		(5	)
Class 2		57,160		3,458		6,827		404		(255,506	)		(15,498	)		(191,519	)		(11,636	)
Class 3		132		8		36		2		(828	)		(49	)		(660	)		(39	)
Class 4		17,604		1,075		675		41		(30,927	)		(1,916	)		(12,648	)		(800	)
Total net increase (decrease)	$	128,926		7,798	$	15,655		924	$	(538,217	)		(32,605	)	$	(393,636	)		(23,883	)

Year ended December 31, 2022

Class 1	$	280,536		15,960	$	543,821		32,473	$	(1,015,741	)		(51,244	)	$	(191,384	)		(2,811	)
Class 1A		2,247		127		1,679		101		(1,009	)		(63	)		2,917			165
Class 2		189,379		10,637		536,766		32,189		(347,301	)		(20,471	)		378,844			22,355
Class 3		87		5		2,627		156		(1,366	)		(79	)		1,348			82
Class 4		65,571		3,703		61,594		3,751		(53,681	)		(3,200	)		73,484			4,254
Total net increase (decrease)	$	537,820		30,432	$	1,146,487		68,670	$	(1,419,098	)		(75,057	)	$	265,209			24,045

Refer to the end of the tables for footnotes.

336	American Funds Insurance Series

New World Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2023

Class 1	$	54,072		2,278	$	4,849		199	$	(82,408	)		(3,464	)	$	(23,487	)		(987	)
Class 1A		389		17		23		1		(457	)		(20	)		(45	)		(2	)
Class 2		27,121		1,154		1,930		81		(69,244	)		(2,952	)		(40,193	)		(1,717	)
Class 4		33,498		1,432		1,536		65		(50,687	)		(2,176	)		(15,653	)		(679	)
Total net increase (decrease)	$	115,080		4,881	$	8,338		346	$	(202,796	)		(8,612	)	$	(79,378	)		(3,385	)

Year ended December 31, 2022

Class 1	$	91,026		3,688	$	189,325		7,939	$	(434,293	)		(16,140	)	$	(153,942	)		(4,513	)
Class 1A		1,549		60		1,040		44		(1,769	)		(76	)		820			28
Class 2		72,626		2,937		88,236		3,744		(163,288	)		(6,534	)		(2,426	)		147
Class 4		133,209		5,310		78,780		3,371		(133,462	)		(5,583	)		78,527			3,098
Total net increase (decrease)	$	298,410		11,995	$	357,381		15,098	$	(732,812	)		(28,333	)	$	(77,021	)		(1,240	)

Washington Mutual Investors Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2023

Class 1	$	238,374		18,555	$	79,590		6,080	$	(314,096	)		(24,276	)	$	3,868			359
Class 1A		8,432		658		267		21		(52,724	)		(4,114	)		(44,025	)		(3,435	)
Class 2		18,803		1,487		38,667		3,011		(146,618	)		(11,517	)		(89,148	)		(7,019	)
Class 4		74,214		5,918		15,926		1,254		(53,319	)		(4,231	)		36,821			2,941
Total net increase (decrease)	$	339,823		26,618	$	134,450		10,366	$	(566,757	)		(44,138	)	$	(92,484	)		(7,154	)

Year ended December 31, 2022

Class 1	$	311,628		22,333	$	1,412,614		106,476	$	(1,024,832	)		(69,053	)	$	699,410			59,756
Class 1A		33,907		2,321		14,025		1,066		(125,110	)		(7,699	)		(77,178	)		(4,312	)
Class 2		48,719		3,523		725,386		55,707		(414,058	)		(28,659	)		360,047			30,571
Class 4		238,615		16,711		258,174		20,025		(148,002	)		(10,093	)		348,787			26,643
Total net increase (decrease)	$	632,869		44,888	$	2,410,199		183,274	$	(1,712,002	)		(115,504	)	$	1,331,066			112,658

Capital World Growth and Income Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2023

Class 1	$	41,750		3,424	$	2,227		175	$	(82,180	)		(6,630	)	$	(38,203	)		(3,031	)
Class 1A		499		41		24		2		(402	)		(34	)		121			9
Class 2		5,644		454		3,708		293		(75,100	)		(6,070	)		(65,748	)		(5,323	)
Class 4		9,450		782		692		56		(11,920	)		(990	)		(1,778	)		(152	)
Total net increase (decrease)	$	57,343		4,701	$	6,651		526	$	(169,602	)		(13,724	)	$	(105,608	)		(8,497	)

Year ended December 31, 2022

Class 1	$	286,528		22,239	$	137,343		10,946	$	(434,782	)		(30,278	)	$	(10,911	)		2,907
Class 1A		1,618		116		1,525		122		(1,079	)		(91	)		2,064			147
Class 2		15,274		1,157		262,887		21,001		(144,703	)		(10,617	)		133,458			11,541
Class 4		25,643		1,909		48,121		3,940		(22,999	)		(1,756	)		50,765			4,093
Total net increase (decrease)	$	329,063		25,421	$	449,876		36,009	$	(603,563	)		(42,742	)	$	175,376			18,688

Refer to the end of the tables for footnotes.

American Funds Insurance Series

337

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, 2023

Class 1	$	303,715		5,812	$	1,149,776		21,813	$	(1,482,513	)		(28,000	)	$	(29,022	)		(375	)
Class 1A		2,065		40		1,749		33		(2,307	)		(44	)		1,507			29
Class 2		59,438		1,139		681,597		13,148		(724,007	)		(13,879	)		17,028			408
Class 3		218		4		7,285		138		(6,775	)		(126	)		728			16
Class 4		73,862		1,436		101,529		1,992		(85,924	)		(1,675	)		89,467			1,753
Total net increase (decrease)	$	439,298		8,431	$	1,941,936		37,124	$	(2,301,526	)		(43,724	)	$	79,708			1,831

Year ended December 31, 2022

Class 1	$	2,026,623		38,323	$	2,348,918		43,972	$	(3,853,406	)		(68,861	)	$	522,135			13,434
Class 1A		4,813		89		3,248		61		(3,333	)		(64	)		4,728			86
Class 2		119,436		2,219		1,399,821		26,589		(1,455,432	)		(26,710	)		63,825			2,098
Class 3		766		15		15,025		280		(15,511	)		(279	)		280			16
Class 4		180,173		3,342		186,543		3,596		(153,528	)		(2,879	)		213,188			4,059
Total net increase (decrease)	$	2,331,811		43,988	$	3,953,555		74,498	$	(5,481,210	)		(98,793	)	$	804,156			19,693

International Growth and Income Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2023

Class 1	$	2,523		260	$	66		7	$	(1,177	)		(122	)	$	1,412			145
Class 1A		618		66		22		2		(328	)		(35	)		312			33
Class 2		2,110		226		637		68		(15,490	)		(1,665	)		(12,743	)		(1,371	)
Class 4		11,937		1,310		485		53		(9,522	)		(1,043	)		2,900			320
Total net increase (decrease)	$	17,188		1,862	$	1,210		130	$	(26,517	)		(2,865	)	$	(8,119	)		(873	)

Year ended December 31, 2022

Class 1	$	2,793		220	$	6,501		686	$	(16,761	)		(946	)	$	(7,467	)		(40	)
Class 1A		1,041		92		2,255		244		(921	)		(61	)		2,375			275
Class 2		7,743		664		86,227		9,344		(24,550	)		(2,262	)		69,420			7,746
Class 4		23,335		2,027		59,065		6,499		(13,968	)		(1,295	)		68,432			7,231
Total net increase (decrease)	$	34,912		3,003	$	154,048		16,773	$	(56,200	)		(4,564	)	$	132,760			15,212

Refer to the end of the tables for footnotes.

338	American Funds Insurance Series

Capital Income Builder

	Sales*				Reinvestments of distributions				Repurchases*						Net increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2023

Class 1	$	38,172		3,425	$	7,491		684	$	(31,592	)		(2,818	)	$	14,071			1,291
Class 1A		321		28		110		10		(422	)		(38	)		9			—	^†
Class 2		915		82		153		14		(340	)		(30	)		728			66
Class 4		27,757		2,498		5,419		496		(23,944	)		(2,151	)		9,232			843
Total net increase (decrease)	$	67,165		6,033	$	13,173		1,204	$	(56,298	)		(5,037	)	$	24,040			2,200

Year ended December 31, 2022

Class 1	$	177,351		15,800	$	17,636		1,573	$	(114,944	)		(10,289	)	$	80,043			7,084
Class 1A		2,218		196		270		24		(1,259	)		(111	)		1,229			109
Class 2		2,390		211		355		32		(1,006	)		(88	)		1,739			155
Class 4		94,517		8,303		13,728		1,228		(81,854	)		(7,293	)		26,391			2,238
Total net increase (decrease)	$	276,476		24,510	$	31,989		2,857	$	(199,063	)		(17,781	)	$	109,402			9,586

Asset Allocation Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2023

Class 1	$	227,612		10,078	$	655,057		29,467	$	(1,035,658	)		(45,610	)	$	(152,989	)		(6,065	)
Class 1A		1,600		71		1,165		53		(2,214	)		(99	)		551			25
Class 2		24,782		1,103		183,067		8,355		(272,229	)		(12,182	)		(64,380	)		(2,724	)
Class 3		321		14		1,234		56		(1,342	)		(59	)		213			11
Class 4		108,803		4,911		239,208		11,008		(243,293	)		(10,992	)		104,718			4,927
Total net increase (decrease)	$	363,118		16,177	$	1,079,731		48,939	$	(1,554,736	)		(68,942	)	$	(111,887	)		(3,826	)

Year ended December 31, 2022

Class 1	$	1,365,105		57,634	$	2,001,507		85,450	$	(2,607,782	)		(108,817	)	$	758,830			34,267
Class 1A		8,603		375		2,806		121		(2,839	)		(126	)		8,570			370
Class 2		58,248		2,413		565,030		24,435		(581,503	)		(24,252	)		41,775			2,596
Class 3		126		5		3,759		160		(3,377	)		(141	)		508			24
Class 4		332,209		13,862		680,622		29,650		(423,984	)		(17,975	)		588,847			25,537
Total net increase (decrease)	$	1,764,291		74,289	$	3,253,724		139,816	$	(3,619,485	)		(151,311	)	$	1,398,530			62,794

Refer to the end of the tables for footnotes.

American Funds Insurance Series

339

American Funds Global Balanced Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2023

Class 1	$	4,458		349	$	12,105		1,044	$	(10,481	)		(816	)	$	6,082			577
Class 1A		47		4		328		29		(152	)		(12	)		223			21
Class 2		2,415		188		20,012		1,734		(11,019	)		(858	)		11,408			1,064
Class 4		6,882		552		15,033		1,324		(5,152	)		(407	)		16,763			1,469
Total net increase (decrease)	$	13,802		1,093	$	47,478		4,131	$	(26,804	)		(2,093	)	$	34,476			3,131

Year ended December 31, 2022

Class 1	$	37,857		3,046	$	570		44	$	(45,473	)		(3,593	)	$	(7,046	)		(503	)
Class 1A		160		12		15		1		(857	)		(63	)		(682	)		(50	)
Class 2		3,979		308		974		74		(24,238	)		(1,876	)		(19,285	)		(1,494	)
Class 4		9,992		779		674		52		(14,316	)		(1,139	)		(3,650	)		(308	)
Total net increase (decrease)	$	51,988		4,145	$	2,233		171	$	(84,884	)		(6,671	)	$	(30,663	)		(2,355	)

The Bond Fund of America

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2023

Class 1	$	529,426		54,980	$	38,632		4,050	$	(394,933	)		(41,114	)	$	173,125			17,916
Class 1A		29,516		3,115		1,245		131		(17,169	)		(1,785	)		13,592			1,461
Class 2		75,989		8,034		15,821		1,683		(112,948	)		(11,909	)		(21,138	)		(2,192	)
Class 4		91,228		9,678		4,406		471		(35,074	)		(3,726	)		60,560			6,423
Total net increase (decrease)	$	726,159		75,807	$	60,104		6,335	$	(560,124	)		(58,534	)	$	226,139			23,608

Year ended December 31, 2022

Class 1	$	1,045,629		102,870	$	293,730		29,996	$	(2,254,686	)		(218,872	)	$	(915,327	)		(86,006	)
Class 1A		222,556		22,066		9,170		944		(5,163	)		(515	)		226,563			22,495
Class 2		49,800		5,005		126,095		13,059		(487,579	)		(48,690	)		(311,684	)		(30,626	)
Class 4		123,107		12,517		31,861		3,314		(113,670	)		(11,505	)		41,298			4,326
Total net increase (decrease)	$	1,441,092		142,458	$	460,856		47,313	$	(2,861,098	)		(279,582	)	$	(959,150	)		(89,811	)

Capital World Bond Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2023

Class 1	$	21,887		2,243	$	—		—	$	(42,698	)		(4,375	)	$	(20,811	)		(2,132	)
Class 1A		46		5		—		—		(120	)		(12	)		(74	)		(7	)
Class 2		17,148		1,782		—		—		(42,047	)		(4,346	)		(24,899	)		(2,564	)
Class 4		3,613		380		—		—		(3,364	)		(353	)		249			27
Total net increase (decrease)	$	42,694		4,410	$	—		—	$	(88,229	)		(9,086	)	$	(45,535	)		(4,676	)

Year ended December 31, 2022

Class 1	$	63,069		6,354	$	13,903		1,398	$	(234,228	)		(22,105	)	$	(157,256	)		(14,353	)
Class 1A		470		46		24		2		(371	)		(38	)		123			10
Class 2		32,696		3,225		15,838		1,606		(121,387	)		(11,954	)		(72,853	)		(7,123	)
Class 4		7,078		688		1,065		109		(8,255	)		(838	)		(112	)		(41	)
Total net increase (decrease)	$	103,313		10,313	$	30,830		3,115	$	(364,241	)		(34,935	)	$	(230,098	)		(21,507	)

Refer to the end of the tables for footnotes.

340	American Funds Insurance Series

American High-Income Trust

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2023

Class 1	$	2,299		261	$	2,464		282	$	(18,758	)		(2,142	)	$	(13,995	)		(1,599	)
Class 1A		926		107		23		3		(66	)		(7	)		883			103
Class 2		6,915		807		5,913		692		(27,945	)		(3,268	)		(15,117	)		(1,769	)
Class 3		96		11		91		11		(787	)		(90	)		(600	)		(68	)
Class 4		24,881		2,614		872		92		(13,467	)		(1,424	)		12,286			1,282
Total net increase (decrease)	$	35,117		3,800	$	9,363		1,080	$	(61,023	)		(6,931	)	$	(16,543	)		(2,051	)

Year ended December 31, 2022

Class 1	$	29,406		3,042	$	17,917		2,062	$	(58,971	)		(6,116	)	$	(11,648	)		(1,012	)
Class 1A		362		39		100		11		(426	)		(45	)		36			5
Class 2		7,171		758		42,707		5,019		(98,679	)		(10,782	)		(48,801	)		(5,005	)
Class 3		432		46		695		79		(1,385	)		(149	)		(258	)		(24	)
Class 4		65,309		6,490		5,827		619		(70,275	)		(6,997	)		861			112
Total net increase (decrease)	$	102,680		10,375	$	67,246		7,790	$	(229,736	)		(24,089	)	$	(59,810	)		(5,924	)

American Funds Mortgage Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2023
													��
Class 1	$	15,308		1,619	$	90		9	$	(123	)		(12	)	$	15,275			1,616
Class 1A		219		23		9		1		(215	)		(23	)		13			1
Class 2		763		80		225		24		(3,422	)		(358	)		(2,434	)		(254	)
Class 4		5,300		560		206		22		(3,043	)		(324	)		2,463			258
Total net increase (decrease)	$	21,590		2,282	$	530		56	$	(6,803	)		(717	)	$	15,317			1,621

Year ended December 31, 2022

Class 1	$	784		78	$	15		2	$	(229,165	)		(21,726	)	$	(228,366	)		(21,646	)
Class 1A		662		67		37		4		(1,033	)		(103	)		(334	)		(32	)
Class 2		3,214		326		995		103		(9,402	)		(951	)		(5,193	)		(522	)
Class 4		10,671		1,091		746		78		(9,016	)		(920	)		2,401			249
Total net increase (decrease)	$	15,331		1,562	$	1,793		187	$	(248,616	)		(23,700	)	$	(231,492	)		(21,951	)

Refer to the end of the tables for footnotes.

American Funds Insurance Series

341

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, 2023

Class 1	$	5,130		449	$	295			26		$	(16,537	)		(1,447	)	$	(11,112	)		(972	)
Class 1A		104		9		1			—	^†		—			—			105			9
Class 2		27,472		2,474		1,976			178			(44,084	)		(3,970	)		(14,636	)		(1,318	)
Class 3		193		17		28			3			(345	)		(31	)		(124	)		(11	)
Class 4		11,456		1,025		410			37			(31,600	)		(2,827	)		(19,734	)		(1,765	)
Total net increase (decrease)	$	44,355		3,974	$	2,710			244		$	(92,566	)		(8,275	)	$	(45,501	)		(4,057	)

Year ended December 31, 2022

Class 1	$	33,573		2,975	$	348			31		$	(20,904	)		(1,853	)	$	13,017			1,153
Class 1A		—		—		—	^†		—	^†		—			—			—	^†		—	^†
Class 2		117,586		10,755		1,569			143			(68,709	)		(6,275	)		50,446			4,623
Class 3		735		67		26			2			(1,082	)		(97	)		(321	)		(28	)
Class 4		84,873		7,721		293			27			(51,358	)		(4,671	)		33,808			3,077
Total net increase (decrease)	$	236,767		21,518	$	2,236			203		$	(142,053	)		(12,896	)	$	96,950			8,825

U.S. Government Securities Fund

	Sales*				Reinvestments of distributions						Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares

Six months ended June 30, 2023

Class 1	$	29,503		2,907	$	1,371			136		$	(23,679	)		(2,329	)	$	7,195			714
Class 1A		827		82		24			3			(342	)		(34	)		509			51
Class 2		49,939		4,976		5,775			581			(52,782	)		(5,247	)		2,932			310
Class 3		48		5		34			3			(449	)		(44	)		(367	)		(36	)
Class 4		34,574		3,442		952			96			(38,543	)		(3,848	)		(3,017	)		(310	)
Total net increase (decrease)	$	114,891		11,412	$	8,156			819		$	(115,795	)		(11,502	)	$	7,252			729

Year ended December 31, 2022

Class 1	$	69,422		6,446	$	10,134			987		$	(316,401	)		(27,982	)	$	(236,845	)		(20,549	)
Class 1A		2,902		273		153			15			(3,237	)		(300	)		(182	)		(12	)
Class 2		43,941		4,115		42,631			4,200			(233,844	)		(21,667	)		(147,272	)		(13,352	)
Class 3		308		28		292			28			(2,508	)		(236	)		(1,908	)		(180	)
Class 4		67,334		6,331		7,040			695			(90,440	)		(8,406	)		(16,066	)		(1,380	)
Total net increase (decrease)	$	183,907		17,193	$	60,250			5,925		$	(646,430	)		(58,591	)	$	(402,273	)		(35,473	)

Managed Risk Growth Fund

	Sales				Reinvestments of distributions						Repurchases						Net increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares

Six months ended June 30, 2023

Class P1	$	807		67	$	2,444			252		$	(516	)		(46	)	$	2,735			273
Class P2		9,623		843		109,238			11,379			(28,214	)		(2,465	)		90,647			9,757
Total net increase (decrease)	$	10,430		910	$	111,682			11,631		$	(28,730	)		(2,511	)	$	93,382			10,030

Year ended December 31, 2022

Class P1	$	1,679		122	$	1,796			147		$	(2,034	)		(134	)	$	1,441			135
Class P2		37,760		2,684		88,450			7,291			(30,630	)		(2,253	)		95,580			7,722
Total net increase (decrease)	$	39,439		2,806	$	90,246			7,438		$	(32,664	)		(2,387	)	$	97,021			7,857

Refer to the end of the tables for footnotes.

342	American Funds Insurance Series

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, 2023

Class P1	$	80		9	$	156		19	$	(177	)		(21	)	$	59			7
Class P2		1,497		172		10,696		1,309		(8,488	)		(961	)		3,705			520
Total net increase (decrease)	$	1,577		181	$	10,852		1,328	$	(8,665	)		(982	)	$	3,764			527

Year ended December 31, 2022

Class P1	$	578		62	$	69		8	$	(323	)		(37	)	$	324			33
Class P2		5,403		564		4,206		470		(15,947	)		(1,788	)		(6,338	)		(754	)
Total net increase (decrease)	$	5,981		626	$	4,275		478	$	(16,270	)		(1,825	)	$	(6,014	)		(721	)

Managed Risk Washington Mutual Investors Fund

	Sales				Reinvestments of distributions				Repurchases						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2023

Class P1	$	127		11	$	413		43	$	(227	)		(21	)	$	313			33
Class P2		6,905		627		47,193		4,890		(17,452	)		(1,610	)		36,646			3,907
Total net increase (decrease)	$	7,032		638	$	47,606		4,933	$	(17,679	)		(1,631	)	$	36,959			3,940

Year ended December 31, 2022

Class P1	$	1,026		86	$	127		11	$	(498	)		(43	)	$	655			54
Class P2		22,662		1,947		14,544		1,281		(39,363	)		(3,307	)		(2,157	)		(79	)
Total net increase (decrease)	$	23,688		2,033	$	14,671		1,292	$	(39,861	)		(3,350	)	$	(1,502	)		(25	)

Managed Risk Growth-Income Fund

	Sales				Reinvestments of distributions				Repurchases						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2023

Class P1	$	23,670		1,854	$	255,689		22,312	$	(115,121	)		(9,229	)	$	164,238			14,937
Class P2		5,027		410		36,970		3,249		(18,826	)		(1,512	)		23,171			2,147
Total net increase (decrease)	$	28,697		2,264	$	292,659		25,561	$	(133,947	)		(10,741	)	$	187,409			17,084

Year ended December 31, 2022

Class P1	$	49,558		3,678	$	87,716		6,731	$	(157,932	)		(11,880	)	$	(20,658	)		(1,471	)
Class P2		13,539		1,010		12,087		932		(28,848	)		(2,135	)		(3,222	)		(193	)
Total net increase (decrease)	$	63,097		4,688	$	99,803		7,663	$	(186,780	)		(14,015	)	$	(23,880	)		(1,664	)

Refer to the end of the tables for footnotes.

American Funds Insurance Series

343

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, 2023

Class P1	$	492		39	$	976		88	$	(378	)		(30	)	$	1,090			97
Class P2		10,095		841		282,690		26,346		(143,290	)		(11,983	)		149,495			15,204
Total net increase (decrease)	$	10,587		880	$	283,666		26,434	$	(143,668	)		(12,013	)	$	150,585			15,301

Year ended December 31, 2022

Class P1	$	1,649		120	$	430		34	$	(675	)		(52	)	$	1,404			102
Class P2		38,665		2,998		138,534		11,152		(283,108	)		(22,026	)		(105,909	)		(7,876	)
Total net increase (decrease)	$	40,314		3,118	$	138,964		11,186	$	(283,783	)		(22,078	)	$	(104,505	)		(7,774	)

*	Includes exchanges between share classes of the fund.
^†	Amount less than one thousand.

11. Investment transactions and other disclosures

The following tables present additional information for each fund for the six months ended June 30, 2023 (dollars in thousands):

	Global Growth Fund		Global Small Capitalization Fund			Growth Fund		International Fund		New World Fund		Washington Mutual Investors Fund
Purchases of investment securities*	$	722,619	$	438,285		$	4,333,756	$	731,620	$	564,624	$	1,531,370
Sales of investment securities*		1,185,956		582,830			5,500,399		1,062,963		619,447		1,652,382
Non-U.S. taxes paid on dividend income		3,373		2,199			3,702		4,684		3,305		1,070
Non-U.S. taxes paid on interest income		—		—			—		—		34		—
Non-U.S. taxes paid on realized gains		1,984		2,235			—		5,287		2,304		—
Non-U.S. taxes provided on unrealized appreciation		2,794		13,200			—		22,720		11,621		—

		Capital World Growth and Income Fund		Growth- Income Fund			International Growth and Income Fund		Capital Income Builder		Asset Allocation Fund		American Funds Global Balanced Fund
Purchases of investment securities*	$	266,383	$	4,670,716		$	52,251	$	688,750	$	12,982,753	$	134,672
Sales of investment securities*		356,948		5,580,371			65,917		636,393		14,023,991		124,310
Non-U.S. taxes paid on dividend income		1,423		4,754			468		1,229		3,870		293
Non-U.S. taxes paid on interest income		—		—			—		—		—		7
Non-U.S. taxes paid on realized gains		373		—			46		23		—		17
Non-U.S. taxes provided on unrealized appreciation		598		—			38		594		2,361		239

		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*	$	21,747,609	$	1,239,598		$	158,092	$	526,173	$	—	$	4,650,472
Sales of investment securities*		21,122,958		1,112,382			166,108		502,920		—		4,609,267
Non-U.S. taxes paid on interest income		2		69			—		—		—		—
Non-U.S. taxes paid (refunded) on realized gains		17		(5	)		—		—		—		—
Non-U.S. taxes provided on unrealized appreciation		—		116			—		—		—		—

Refer to the end of the tables for footnote.

344	American Funds Insurance Series

	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*	$	128,135	$	14,775	$	35,997	$	292,865	$	178,742
Sales of investment securities*		142,623		27,578		53,100		368,547		272,742

*	Excludes short-term securities and U.S. government obligations, if any.

12. Ownership concentration

At June 30, 2023, American Funds Insurance Series - Portfolio Series - Managed Risk Growth and Income Portfolio held 18% and 17% of the outstanding shares of American Funds Insurance Series - Capital World Growth and Income Fund and American Funds Insurance Series - Capital Income Builder, respectively. In addition, American Funds Insurance Series - Portfolio Series - Managed Risk Global Allocation Portfolio held 24% of the outstanding shares of American Funds Insurance Series - American Funds Global Balanced Fund.

American Funds Insurance Series

345

Financial highlights

			Income (loss) from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return²			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers³			Ratio of expenses to average net assets after waivers^2,3			Ratio of net income to average net assets²

Global Growth Fund

Class 1:
6/30/2023^4,5	$	30.18	$	.23	$	4.34		$	4.57		$	(.09	)	$	(2.55	)	$	(2.64	)	$	32.11		15.37	%⁶	$	3,267		.52	%⁷		.41	%⁷		1.45	%⁷
12/31/2022		45.46		.34		(11.34	)		(11.00	)		(.31	)		(3.97	)		(4.28	)		30.18		(24.54	)		3,104		.53			.46			1.01
12/31/2021		41.16		.25		6.48			6.73			(.26	)		(2.17	)		(2.43	)		45.46		16.72			4,270		.55			.54			.56
12/31/2020		32.57		.20		9.56			9.76			(.21	)		(.96	)		(1.17	)		41.16		30.79			3,309		.56			.56			.59
12/31/2019		25.74		.32		8.60			8.92			(.41	)		(1.68	)		(2.09	)		32.57		35.61			2,515		.56			.56			1.07
12/31/2018		30.51		.29		(2.65	)		(2.36	)		(.28	)		(2.13	)		(2.41	)		25.74		(8.81	)		1,942		.55			.55			.98
Class 1A:
6/30/2023^4,5		30.04		.20		4.31			4.51			(.08	)		(2.55	)		(2.63	)		31.92		15.22	⁶		17		.77	⁷		.66	⁷		1.22	⁷
12/31/2022		45.28		.26		(11.31	)		(11.05	)		(.22	)		(3.97	)		(4.19	)		30.04		(24.73	)		14		.78			.71			.78
12/31/2021		41.02		.14		6.46			6.60			(.17	)		(2.17	)		(2.34	)		45.28		16.45			18		.80			.79			.33
12/31/2020		32.47		.12		9.52			9.64			(.13	)		(.96	)		(1.09	)		41.02		30.49			12		.81			.81			.34
12/31/2019		25.69		.25		8.55			8.80			(.34	)		(1.68	)		(2.02	)		32.47		35.22			8		.81			.81			.83
12/31/2018		30.46		.23		(2.66	)		(2.43	)		(.21	)		(2.13	)		(2.34	)		25.69		(9.02	)		5		.80			.80			.77
Class 2:
6/30/2023^4,5		29.79		.19		4.29			4.48			(.08	)		(2.55	)		(2.63	)		31.64		15.25	⁶		3,480		.77	⁷		.66	⁷		1.21	⁷
12/31/2022		44.94		.25		(11.21	)		(10.96	)		(.22	)		(3.97	)		(4.19	)		29.79		(24.74	)		3,234		.78			.71			.76
12/31/2021		40.72		.13		6.41			6.54			(.15	)		(2.17	)		(2.32	)		44.94		16.42			4,559		.80			.80			.30
12/31/2020		32.24		.12		9.44			9.56			(.12	)		(.96	)		(1.08	)		40.72		30.47			4,387		.81			.81			.34
12/31/2019		25.50		.24		8.51			8.75			(.33	)		(1.68	)		(2.01	)		32.24		35.28			3,895		.81			.81			.83
12/31/2018		30.24		.22		(2.63	)		(2.41	)		(.20	)		(2.13	)		(2.33	)		25.50		(9.04	)		3,306		.80			.80			.73
Class 4:
6/30/2023^4,5		29.51		.15		4.24			4.39			(.07	)		(2.55	)		(2.62	)		31.28		15.09	⁶		673		1.02	⁷		.91	⁷		.97	⁷
12/31/2022		44.57		.17		(11.12	)		(10.95	)		(.14	)		(3.97	)		(4.11	)		29.51		(24.92	)		584		1.03			.96			.52
12/31/2021		40.45		.03		6.35			6.38			(.09	)		(2.17	)		(2.26	)		44.57		16.14			744		1.05			1.04			.07
12/31/2020		32.05		.03		9.38			9.41			(.05	)		(.96	)		(1.01	)		40.45		30.17			533		1.06			1.06			.09
12/31/2019		25.39		.17		8.45			8.62			(.28	)		(1.68	)		(1.96	)		32.05		34.87			382		1.06			1.06			.57
12/31/2018		30.13		.14		(2.60	)		(2.46	)		(.15	)		(2.13	)		(2.28	)		25.39		(9.24	)		249		1.05			1.05			.47

Refer to the end of the tables for footnotes.

346	American Funds Insurance Series

Financial highlights (continued)

			Income (loss) from investment operations¹									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return²			Net assets, end of year (in millions)			Ratio of expenses to average net assets before waivers³			Ratio of expenses to average net assets after waivers^2,3			Ratio of net income (loss) to average net assets²

Global Small Capitalization Fund

Class 1:
6/30/2023^4,5	$	16.22	$	.07		$	1.80		$	1.87		$	(.02	)	$	(.21	)	$	(.23	)	$	17.86		11.56	%⁶	$	989			.70	%⁷		.65	%⁷		.82	%⁷
12/31/2022		34.17		.05			(9.50	)		(9.45	)		—			(8.50	)		(8.50	)		16.22		(29.37	)		916			.72			.69			.24
12/31/2021		32.64		(.02	)		2.32			2.30			—			(.77	)		(.77	)		34.17		6.98			1,707			.74			.74			(.07	)
12/31/2020		26.80		(.01	)		7.49			7.48			(.05	)		(1.59	)		(1.64	)		32.64		30.04			2,391			.75			.75			(.06	)
12/31/2019		21.75		.12			6.61			6.73			(.10	)		(1.58	)		(1.68	)		26.80		31.84			2,050			.75			.75			.48
12/31/2018		25.38		.11			(2.51	)		(2.40	)		(.09	)		(1.14	)		(1.23	)		21.75		(10.31	)		1,453			.73			.73			.42
Class 1A:
6/30/2023^4,5		16.00		.05			1.77			1.82			(.01	)		(.21	)		(.22	)		17.60		11.43	⁶		5			.94	⁷		.89	⁷		.58	⁷
12/31/2022		33.93		—	⁸		(9.43	)		(9.43	)		—			(8.50	)		(8.50	)		16.00		(29.54	)		4			.97			.94			—	⁹
12/31/2021		32.49		(.07	)		2.28			2.21			—			(.77	)		(.77	)		33.93		6.73			5			.99			.99			(.21	)
12/31/2020		26.74		(.09	)		7.48			7.39			(.05	)		(1.59	)		(1.64	)		32.49		29.72			1			.99			.99			(.33	)
12/31/2019		21.71		.05			6.61			6.66			(.05	)		(1.58	)		(1.63	)		26.74		31.56			1			.99			.99			.22
12/31/2018		25.36		.05			(2.52	)		(2.47	)		(.04	)		(1.14	)		(1.18	)		21.71		(10.56	)		—	¹⁰		.98			.98			.21
Class 2:
6/30/2023^4,5		15.30		.05			1.69			1.74			(.01	)		(.21	)		(.22	)		16.82		11.42	⁶		1,859			.95	⁷		.90	⁷		.56	⁷
12/31/2022		32.94		—	⁸		(9.14	)		(9.14	)		—			(8.50	)		(8.50	)		15.30		(29.55	)		1,762			.97			.94			—	⁹
12/31/2021		31.56		(.10	)		2.25			2.15			—			(.77	)		(.77	)		32.94		6.74			2,521			.99			.99			(.30	)
12/31/2020		26.02		(.08	)		7.25			7.17			(.04	)		(1.59	)		(1.63	)		31.56		29.72			2,653			1.00			1.00			(.31	)
12/31/2019		21.16		.05			6.43			6.48			(.04	)		(1.58	)		(1.62	)		26.02		31.52			2,363			1.00			1.00			.22
12/31/2018		24.72		.04			(2.44	)		(2.40	)		(.02	)		(1.14	)		(1.16	)		21.16		(10.55	)		2,056			.98			.98			.17
Class 4:
6/30/2023^4,5		15.28		.03			1.68			1.71			—	⁸		(.21	)		(.21	)		16.78		11.20	⁶		287			1.20	⁷		1.15	⁷		.32	⁷
12/31/2022		32.96		(.05	)		(9.13	)		(9.18	)		—			(8.50	)		(8.50	)		15.28		(29.69	)		261			1.22			1.19			(.25	)
12/31/2021		31.67		(.18	)		2.24			2.06			—			(.77	)		(.77	)		32.96		6.43			344			1.24			1.24			(.53	)
12/31/2020		26.16		(.14	)		7.27			7.13			(.03	)		(1.59	)		(1.62	)		31.67		29.39			268			1.25			1.25			(.56	)
12/31/2019		21.28		(.01	)		6.47			6.46			—	⁸		(1.58	)		(1.58	)		26.16		31.24			206			1.25			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			1.24			(.08	)

Refer to the end of the tables for footnotes.

American Funds Insurance Series

347

Financial highlights (continued)

			Income (loss) from investment operations¹									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return			Net assets, end of year (in millions)		Ratio of expenses to average net assets³			Ratio of net income (loss) to average net assets

Growth Fund

Class 1:
6/30/2023^4,5	$	76.29	$	.28		$	18.55		$	18.83		$	(.17	)	$	(5.04	)	$	(5.21	)	$	89.91		25.02	%⁶	$	16,132		.35	%⁷		.67	%⁷
12/31/2022		127.58		.58			(37.03	)		(36.45	)		(.53	)		(14.31	)		(14.84	)		76.29		(29.75	)		13,660		.35			.64
12/31/2021		120.22		.46			24.29			24.75			(.58	)		(16.81	)		(17.39	)		127.58		22.30			19,783		.34			.37
12/31/2020		81.22		.43			41.28			41.71			(.53	)		(2.18	)		(2.71	)		120.22		52.45			15,644		.35			.46
12/31/2019		69.96		.83			19.63			20.46			(.76	)		(8.44	)		(9.20	)		81.22		31.11			10,841		.35			1.09
12/31/2018		77.85		.64			.25			.89			(.54	)		(8.24	)		(8.78	)		69.96		(.01	)		8,474		.34			.81
Class 1A:
6/30/2023^4,5		75.61		.18			18.36			18.54			(.14	)		(5.04	)		(5.18	)		88.97		24.86	⁶		246		.60	⁷		.43	⁷
12/31/2022		126.70		.39			(36.79	)		(36.40	)		(.38	)		(14.31	)		(14.69	)		75.61		(29.93	)		187		.60			.45
12/31/2021		119.59		.16			24.11			24.27			(.35	)		(16.81	)		(17.16	)		126.70		21.97			121		.59			.13
12/31/2020		80.92		.20			41.05			41.25			(.40	)		(2.18	)		(2.58	)		119.59		52.07			60		.60			.21
12/31/2019		69.77		.65			19.55			20.20			(.61	)		(8.44	)		(9.05	)		80.92		30.79			18		.60			.85
12/31/2018		77.74		.47			.24			.71			(.44	)		(8.24	)		(8.68	)		69.77		(.26	)		10		.59			.60
Class 2:
6/30/2023^4,5		75.41		.18			18.31			18.49			(.14	)		(5.04	)		(5.18	)		88.72		24.87	⁶		17,095		.60	⁷		.43	⁷
12/31/2022		126.28		.35			(36.62	)		(36.27	)		(.29	)		(14.31	)		(14.60	)		75.41		(29.94	)		14,452		.60			.38
12/31/2021		119.18		.15			24.03			24.18			(.27	)		(16.81	)		(17.08	)		126.28		21.97			21,986		.59			.12
12/31/2020		80.57		.19			40.89			41.08			(.29	)		(2.18	)		(2.47	)		119.18		52.10			20,594		.60			.21
12/31/2019		69.48		.63			19.47			20.10			(.57	)		(8.44	)		(9.01	)		80.57		30.77			15,885		.60			.83
12/31/2018		77.35		.44			.27			.71			(.34	)		(8.24	)		(8.58	)		69.48		(.25	)		13,701		.59			.55
Class 3:
6/30/2023^4,5		77.09		.21			18.74			18.95			(.15	)		(5.04	)		(5.19	)		90.85		24.91	⁶		224		.53	⁷		.50	⁷
12/31/2022		128.68		.42			(37.35	)		(36.93	)		(.35	)		(14.31	)		(14.66	)		77.09		(29.89	)		188		.53			.45
12/31/2021		121.13		.24			24.47			24.71			(.35	)		(16.81	)		(17.16	)		128.68		22.07			302		.52			.19
12/31/2020		81.84		.26			41.56			41.82			(.35	)		(2.18	)		(2.53	)		121.13		52.20			279		.53			.28
12/31/2019		70.44		.69			19.77			20.46			(.62	)		(8.44	)		(9.06	)		81.84		30.86			213		.53			.90
12/31/2018		78.32		.50			.26			.76			(.40	)		(8.24	)		(8.64	)		70.44		(.18	)		187		.52			.62
Class 4:
6/30/2023^4,5		73.64		.07			17.88			17.95			(.11	)		(5.04	)		(5.15	)		86.44		24.72	⁶		3,067		.85	⁷		.18	⁷
12/31/2022		123.79		.12			(35.87	)		(35.75	)		(.09	)		(14.31	)		(14.40	)		73.64		(30.11	)		2,409		.85			.14
12/31/2021		117.24		(.15	)		23.59			23.44			(.08	)		(16.81	)		(16.89	)		123.79		21.69			3,214		.84			(.13	)
12/31/2020		79.41		(.04	)		40.24			40.20			(.19	)		(2.18	)		(2.37	)		117.24		51.71			2,347		.85			(.04	)
12/31/2019		68.64		.44			19.19			19.63			(.42	)		(8.44	)		(8.86	)		79.41		30.44			1,513		.85			.59
12/31/2018		76.56		.24			.28			.52			(.20	)		(8.24	)		(8.44	)		68.64		(.50	)		1,076		.84			.31

Refer to the end of the tables for footnotes.

348	American Funds Insurance Series

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return			Net assets, end of year (in millions)		Ratio of expenses to average net assets³			Ratio of net income to average net assets

International Fund

Class 1:
6/30/2023^4,5	$	15.31	$	.13	$	1.78		$	1.91		$	(.04	)	$	—		$	(.04	)	$	17.18		12.49	%⁶	$	3,347		.53	%⁷		1.60	%⁷
12/31/2022		22.70		.34		(4.79	)		(4.45	)		(.34	)		(2.60	)		(2.94	)		15.31		(20.57	)		3,157		.54			1.95
12/31/2021		23.64		.38		(.67	)		(.29	)		(.65	)		—			(.65	)		22.70		(1.23	)		4,747		.55			1.57
12/31/2020		20.86		.14		2.82			2.96			(.18	)		—			(.18	)		23.64		14.28			5,652		.55			.71
12/31/2019		17.66		.30		3.74			4.04			(.34	)		(.50	)		(.84	)		20.86		23.21			5,353		.54			1.54
12/31/2018		21.71		.34		(2.97	)		(2.63	)		(.40	)		(1.02	)		(1.42	)		17.66		(12.94	)		4,811		.53			1.62
Class 1A:
6/30/2023^4,5		15.23		.11		1.77			1.88			(.04	)		—			(.04	)		17.07		12.38	⁶		11		.78	⁷		1.36	⁷
12/31/2022		22.61		.30		(4.78	)		(4.48	)		(.30	)		(2.60	)		(2.90	)		15.23		(20.80	)		10		.79			1.73
12/31/2021		23.55		.33		(.67	)		(.34	)		(.60	)		—			(.60	)		22.61		(1.47	)		12		.80			1.39
12/31/2020		20.80		.08		2.81			2.89			(.14	)		—			(.14	)		23.55		13.96			10		.80			.43
12/31/2019		17.62		.25		3.72			3.97			(.29	)		(.50	)		(.79	)		20.80		22.90			7		.79			1.27
12/31/2018		21.67		.27		(2.93	)		(2.66	)		(.37	)		(1.02	)		(1.39	)		17.62		(13.11	)		5		.78			1.32
Class 2:
6/30/2023^4,5		15.23		.11		1.77			1.88			(.03	)		—			(.03	)		17.08		12.38	⁶		3,349		.78	⁷		1.35	⁷
12/31/2022		22.60		.29		(4.76	)		(4.47	)		(.30	)		(2.60	)		(2.90	)		15.23		(20.79	)		3,164		.79			1.71
12/31/2021		23.54		.33		(.68	)		(.35	)		(.59	)		—			(.59	)		22.60		(1.49	)		4,190		.80			1.35
12/31/2020		20.78		.09		2.80			2.89			(.13	)		—			(.13	)		23.54		13.97			4,481		.80			.46
12/31/2019		17.60		.25		3.72			3.97			(.29	)		(.50	)		(.79	)		20.78		22.88			4,311		.79			1.29
12/31/2018		21.63		.29		(2.95	)		(2.66	)		(.35	)		(1.02	)		(1.37	)		17.60		(13.13	)		3,875		.78			1.40
Class 3:
6/30/2023^4,5		15.35		.12		1.79			1.91			(.04	)		—			(.04	)		17.22		12.42	⁶		17		.71	⁷		1.42	⁷
12/31/2022		22.76		.31		(4.81	)		(4.50	)		(.31	)		(2.60	)		(2.91	)		15.35		(20.76	)		16		.72			1.78
12/31/2021		23.69		.34		(.67	)		(.33	)		(.60	)		—			(.60	)		22.76		(1.39	)		21		.73			1.41
12/31/2020		20.92		.10		2.81			2.91			(.14	)		—			(.14	)		23.69		14.00			25		.73			.53
12/31/2019		17.70		.27		3.75			4.02			(.30	)		(.50	)		(.80	)		20.92		23.05			25		.72			1.37
12/31/2018		21.75		.31		(2.98	)		(2.67	)		(.36	)		(1.02	)		(1.38	)		17.70		(13.10	)		24		.71			1.48
Class 4:
6/30/2023^4,5		14.99		.09		1.74			1.83			(.03	)		—			(.03	)		16.79		12.27	⁶		404		1.03	⁷		1.10	⁷
12/31/2022		22.31		.25		(4.71	)		(4.46	)		(.26	)		(2.60	)		(2.86	)		14.99		(21.02	)		373		1.04			1.47
12/31/2021		23.25		.27		(.67	)		(.40	)		(.54	)		—			(.54	)		22.31		(1.71	)		459		1.05			1.13
12/31/2020		20.54		.04		2.76			2.80			(.09	)		—			(.09	)		23.25		13.66			423		1.05			.21
12/31/2019		17.40		.20		3.69			3.89			(.25	)		(.50	)		(.75	)		20.54		22.67			379		1.04			1.03
12/31/2018		21.42		.23		(2.93	)		(2.70	)		(.30	)		(1.02	)		(1.32	)		17.40		(13.41	)		295		1.03			1.13

Refer to the end of the tables for footnotes.

American Funds Insurance Series

349

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return²			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers³			Ratio of expenses to average net assets after waivers^2,3			Ratio of net income to average net assets²

New World Fund

Class 1:
6/30/2023^4,5	$	22.30	$	.24	$	2.43		$	2.67		$	(.07	)	$	—		$	(.07	)	$	24.90		11.97	%⁶	$	1,774		.64	%⁷		.57	%⁷		2.01	%⁷
12/31/2022		31.83		.37		(7.17	)		(6.80	)		(.39	)		(2.34	)		(2.73	)		22.30		(21.86	)		1,610		.68			.57			1.48
12/31/2021		31.59		.29		1.38			1.67			(.36	)		(1.07	)		(1.43	)		31.83		5.16			2,443		.74			.56			.88
12/31/2020		25.84		.15		5.93			6.08			(.06	)		(.27	)		(.33	)		31.59		23.89			2,309		.76			.64			.58
12/31/2019		20.98		.28		5.79			6.07			(.29	)		(.92	)		(1.21	)		25.84		29.47			2,129		.76			.76			1.18
12/31/2018		25.30		.27		(3.65	)		(3.38	)		(.27	)		(.67	)		(.94	)		20.98		(13.83	)		1,702		.77			.77			1.11
Class 1A:
6/30/2023^4,5		22.19		.21		2.42			2.63			(.06	)		—			(.06	)		24.76		11.85	⁶		10		.89	⁷		.82	⁷		1.76	⁷
12/31/2022		31.70		.30		(7.15	)		(6.85	)		(.32	)		(2.34	)		(2.66	)		22.19		(22.09	)		9		.93			.82			1.24
12/31/2021		31.43		.17		1.41			1.58			(.24	)		(1.07	)		(1.31	)		31.70		4.90			12		.99			.81			.54
12/31/2020		25.74		.07		5.92			5.99			(.03	)		(.27	)		(.30	)		31.43		23.63			18		1.01			.87			.26
12/31/2019		20.92		.22		5.76			5.98			(.24	)		(.92	)		(1.16	)		25.74		29.11			4		1.01			1.01			.92
12/31/2018		25.25		.21		(3.64	)		(3.43	)		(.23	)		(.67	)		(.90	)		20.92		(14.02	)		2		1.02			1.02			.91
Class 2:
6/30/2023^4,5		22.02		.20		2.41			2.61			(.06	)		—			(.06	)		24.57		11.85	⁶		810		.89	⁷		.82	⁷		1.75	⁷
12/31/2022		31.48		.30		(7.10	)		(6.80	)		(.32	)		(2.34	)		(2.66	)		22.02		(22.10	)		764		.93			.82			1.24
12/31/2021		31.25		.20		1.38			1.58			(.28	)		(1.07	)		(1.35	)		31.48		4.92			1,086		.99			.81			.63
12/31/2020		25.59		.08		5.87			5.95			(.02	)		(.27	)		(.29	)		31.25		23.58			1,109		1.01			.89			.34
12/31/2019		20.79		.22		5.73			5.95			(.23	)		(.92	)		(1.15	)		25.59		29.15			981		1.01			1.01			.93
12/31/2018		25.07		.20		(3.61	)		(3.41	)		(.20	)		(.67	)		(.87	)		20.79		(14.04	)		843		1.02			1.02			.85
Class 4:
6/30/2023^4,5		21.84		.17		2.39			2.56			(.05	)		—			(.05	)		24.35		11.72	⁶		765		1.14	⁷		1.07	⁷		1.51	⁷
12/31/2022		31.24		.24		(7.03	)		(6.79	)		(.27	)		(2.34	)		(2.61	)		21.84		(22.25	)		701		1.18			1.07			.99
12/31/2021		31.04		.12		1.36			1.48			(.21	)		(1.07	)		(1.28	)		31.24		4.63			906		1.24			1.06			.38
12/31/2020		25.47		.02		5.83			5.85			(.01	)		(.27	)		(.28	)		31.04		23.29			807		1.26			1.14			.08
12/31/2019		20.71		.16		5.70			5.86			(.18	)		(.92	)		(1.10	)		25.47		28.82			646		1.26			1.26			.67
12/31/2018		24.99		.14		(3.59	)		(3.45	)		(.16	)		(.67	)		(.83	)		20.71		(14.25	)		464		1.27			1.27			.61

Refer to the end of the tables for footnotes.

350	American Funds Insurance Series

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return²			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers³			Ratio of expenses to average net assets after waivers^2,3			Ratio of net income to average net assets²

Washington Mutual Investors Fund

Class 1:
6/30/2023^4,5	$	12.69	$	.14	$	.85		$	.99		$	(.06	)	$	(.12	)	$	(.18	)	$	13.50		7.89	%⁶	$	5,860		.41	%⁷		.27	%⁷		2.15	%⁷
12/31/2022		18.09		.31		(1.69	)		(1.38	)		(.30	)		(3.72	)		(4.02	)		12.69		(8.28	)		5,507		.41			.26			2.13
12/31/2021		14.35		.29		3.73			4.02			(.28	)		—			(.28	)		18.09		28.12			6,766		.42			.31			1.79
12/31/2020		13.56		.25		.95			1.20			(.26	)		(.15	)		(.41	)		14.35		9.04			5,684		.43			.43			2.00
12/31/2019		12.38		.30		2.25			2.55			(.30	)		(1.07	)		(1.37	)		13.56		21.66			5,559		.42			.42			2.28
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
Class 1A:
6/30/2023^4,5		12.61		.11		.86			.97			(.05	)		(.12	)		(.17	)		13.41		7.71	⁶		22		.66	⁷		.52	⁷		1.77	⁷
12/31/2022		17.96		.27		(1.67	)		(1.40	)		(.23	)		(3.72	)		(3.95	)		12.61		(8.45	)		64		.66			.51			1.76
12/31/2021		14.28		.27		3.67			3.94			(.26	)		—			(.26	)		17.96		27.70			169		.67			.53			1.62
12/31/2020		13.51		.23		.93			1.16			(.24	)		(.15	)		(.39	)		14.28		8.79			25		.67			.67			1.78
12/31/2019		12.35		.26		2.24			2.50			(.27	)		(1.07	)		(1.34	)		13.51		21.35			9		.67			.67			2.03
12/31/2018		14.94		.26		(1.42	)		(1.16	)		(.29	)		(1.14	)		(1.43	)		12.35		(8.67	)		3		.66			.66			1.84
Class 2:
6/30/2023^4,5		12.46		.12		.83			.95			(.06	)		(.12	)		(.18	)		13.23		7.67	⁶		2,854		.66	⁷		.52	⁷		1.89	⁷
12/31/2022		17.83		.26		(1.65	)		(1.39	)		(.26	)		(3.72	)		(3.98	)		12.46		(8.45	)		2,775		.66			.51			1.88
12/31/2021		14.15		.25		3.67			3.92			(.24	)		—			(.24	)		17.83		27.78			3,426		.67			.56			1.54
12/31/2020		13.39		.22		.91			1.13			(.22	)		(.15	)		(.37	)		14.15		8.68			3,082		.68			.68			1.75
12/31/2019		12.24		.26		2.22			2.48			(.26	)		(1.07	)		(1.33	)		13.39		21.38			3,093		.67			.67			2.03
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
Class 4:
6/30/2023^4,5		12.34		.10		.82			.92			(.05	)		(.12	)		(.17	)		13.09		7.54	⁶		1,203		.91	⁷		.77	⁷		1.65	⁷
12/31/2022		17.71		.23		(1.64	)		(1.41	)		(.24	)		(3.72	)		(3.96	)		12.34		(8.69	)		1,098		.91			.77			1.64
12/31/2021		14.06		.21		3.65			3.86			(.21	)		—			(.21	)		17.71		27.51			1,104		.92			.81			1.30
12/31/2020		13.31		.19		.91			1.10			(.20	)		(.15	)		(.35	)		14.06		8.47			788		.93			.93			1.51
12/31/2019		12.19		.23		2.20			2.43			(.24	)		(1.07	)		(1.31	)		13.31		21.03			621		.92			.92			1.78
12/31/2018		14.77		.23		(1.42	)		(1.19	)		(.25	)		(1.14	)		(1.39	)		12.19		(8.92	)		368		.91			.91			1.62

Refer to the end of the tables for footnotes.

American Funds Insurance Series

351

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return²			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers³			Ratio of expenses to average net assets after waivers^2,3			Ratio of net income to average net assets²

Capital World Growth and Income Fund

Class 1:
6/30/2023^4,5	$	11.67	$	.15	$	1.31		$	1.46		$	(.05	)	$	—		$	(.05	)	$	13.08		12.54	%⁶	$	575		.52	%⁷		.41	%⁷		2.38	%⁷
12/31/2022		18.42		.32		(3.28	)		(2.96	)		(.34	)		(3.45	)		(3.79	)		11.67		(17.13	)		548		.57			.41			2.36
12/31/2021		16.67		.38		2.10			2.48			(.33	)		(.40	)		(.73	)		18.42		15.03			812		.63			.47			2.14
12/31/2020		15.92		.22		1.14			1.36			(.23	)		(.38	)		(.61	)		16.67		9.03			657		.66			.66			1.49
12/31/2019		13.02		.31		3.67			3.98			(.32	)		(.76	)		(1.08	)		15.92		31.39			625		.65			.65			2.08
12/31/2018		15.81		.29		(1.62	)		(1.33	)		(.28	)		(1.18	)		(1.46	)		13.02		(9.36	)		492		.63			.63			1.94
Class 1A:
6/30/2023^4,5		11.61		.13		1.31			1.44			(.05	)		—			(.05	)		13.00		12.39	⁶		6		.77	⁷		.66	⁷		2.15	⁷
12/31/2022		18.34		.28		(3.25	)		(2.97	)		(.31	)		(3.45	)		(3.76	)		11.61		(17.29	)		6		.82			.66			2.13
12/31/2021		16.62		.37		2.06			2.43			(.31	)		(.40	)		(.71	)		18.34		14.71			7		.88			.70			2.08
12/31/2020		15.88		.18		1.13			1.31			(.19	)		(.38	)		(.57	)		16.62		8.78			2		.90			.90			1.23
12/31/2019		13.00		.26		3.68			3.94			(.30	)		(.76	)		(1.06	)		15.88		31.04			2		.90			.90			1.77
12/31/2018		15.81		.26		(1.63	)		(1.37	)		(.26	)		(1.18	)		(1.44	)		13.00		(9.62	)		1		.88			.88			1.74
Class 2:
6/30/2023^4,5		11.64		.13		1.32			1.45			(.05	)		—			(.05	)		13.04		12.44	⁶		1,032		.77	⁷		.66	⁷		2.13	⁷
12/31/2022		18.38		.28		(3.26	)		(2.98	)		(.31	)		(3.45	)		(3.76	)		11.64		(17.33	)		983		.82			.66			2.11
12/31/2021		16.63		.33		2.11			2.44			(.29	)		(.40	)		(.69	)		18.38		14.78			1,340		.88			.73			1.85
12/31/2020		15.89		.18		1.13			1.31			(.19	)		(.38	)		(.57	)		16.63		8.73			1,349		.91			.91			1.23
12/31/2019		12.99		.27		3.68			3.95			(.29	)		(.76	)		(1.05	)		15.89		31.14			1,366		.90			.90			1.84
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
Class 4:
6/30/2023^4,5		11.35		.11		1.28			1.39			(.04	)		—			(.04	)		12.70		12.28	⁶		209		1.02	⁷		.91	⁷		1.89	⁷
12/31/2022		18.04		.24		(3.20	)		(2.96	)		(.28	)		(3.45	)		(3.73	)		11.35		(17.57	)		188		1.07			.91			1.86
12/31/2021		16.35		.29		2.06			2.35			(.26	)		(.40	)		(.66	)		18.04		14.46			225		1.13			.97			1.65
12/31/2020		15.63		.14		1.12			1.26			(.16	)		(.38	)		(.54	)		16.35		8.55			166		1.16			1.16			.97
12/31/2019		12.81		.23		3.61			3.84			(.26	)		(.76	)		(1.02	)		15.63		30.73			145		1.15			1.15			1.56
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

Refer to the end of the tables for footnotes.

352	American Funds Insurance Series

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return			Net assets, end of year (in millions)		Ratio of expenses to average net assets³			Ratio of net income to average net assets

Growth-Income Fund

Class 1:
6/30/2023^4,5	$	50.21	$	.44	$	6.91		$	7.35		$	(.20	)	$	(2.89	)	$	(3.09	)	$	54.47		14.84	%⁶	$	21,340		.29	%⁷		1.66	%⁷
12/31/2022		67.35		.85		(11.50	)		(10.65	)		(.83	)		(5.66	)		(6.49	)		50.21		(16.28	)		19,692		.29			1.54
12/31/2021		55.38		.79		12.64			13.43			(.86	)		(.60	)		(1.46	)		67.35		24.42			25,507		.29			1.28
12/31/2020		50.71		.75		6.02			6.77			(.80	)		(1.30	)		(2.10	)		55.38		13.81			22,903		.29			1.52
12/31/2019		45.39		1.00		10.40			11.40			(.92	)		(5.16	)		(6.08	)		50.71		26.46			21,057		.29			2.05
12/31/2018		50.22		.84		(1.25	)		(.41	)		(.84	)		(3.58	)		(4.42	)		45.39		(1.55	)		16,783		.28			1.65
Class 1A:
6/30/2023^4,5		49.93		.37		6.86			7.23			(.18	)		(2.89	)		(3.07	)		54.09		14.68	⁶		32		.54	⁷		1.42	⁷
12/31/2022		67.02		.71		(11.44	)		(10.73	)		(.70	)		(5.66	)		(6.36	)		49.93		(16.48	)		28		.54			1.30
12/31/2021		55.16		.65		12.55			13.20			(.74	)		(.60	)		(1.34	)		67.02		24.08			32		.53			1.04
12/31/2020		50.54		.63		5.99			6.62			(.70	)		(1.30	)		(2.00	)		55.16		13.55			16		.54			1.28
12/31/2019		45.28		.89		10.36			11.25			(.83	)		(5.16	)		(5.99	)		50.54		26.14			11		.54			1.82
12/31/2018		50.15		.72		(1.25	)		(.53	)		(.76	)		(3.58	)		(4.34	)		45.28		(1.78	)		7		.53			1.43
Class 2:
6/30/2023^4,5		49.46		.37		6.79			7.16			(.17	)		(2.89	)		(3.06	)		53.56		14.70	⁶		12,482		.54	⁷		1.41	⁷
12/31/2022		66.44		.70		(11.33	)		(10.63	)		(.69	)		(5.66	)		(6.35	)		49.46		(16.50	)		11,508		.54			1.29
12/31/2021		54.66		.63		12.45			13.08			(.70	)		(.60	)		(1.30	)		66.44		24.10			15,319		.54			1.03
12/31/2020		50.08		.62		5.93			6.55			(.67	)		(1.30	)		(1.97	)		54.66		13.54			14,012		.54			1.27
12/31/2019		44.90		.87		10.27			11.14			(.80	)		(5.16	)		(5.96	)		50.08		26.14			13,586		.53			1.80
12/31/2018		49.71		.71		(1.23	)		(.52	)		(.71	)		(3.58	)		(4.29	)		44.90		(1.79	)		12,035		.53			1.40
Class 3:
6/30/2023^4,5		50.33		.39		6.92			7.31			(.18	)		(2.89	)		(3.07	)		54.57		14.74	⁶		136		.47	⁷		1.48	⁷
12/31/2022		67.48		.75		(11.51	)		(10.76	)		(.73	)		(5.66	)		(6.39	)		50.33		(16.43	)		125		.47			1.36
12/31/2021		55.49		.68		12.65			13.33			(.74	)		(.60	)		(1.34	)		67.48		24.18			166		.47			1.10
12/31/2020		50.81		.66		6.02			6.68			(.70	)		(1.30	)		(2.00	)		55.49		13.60			154		.47			1.34
12/31/2019		45.47		.91		10.43			11.34			(.84	)		(5.16	)		(6.00	)		50.81		26.24			156		.46			1.87
12/31/2018		50.29		.75		(1.25	)		(.50	)		(.74	)		(3.58	)		(4.32	)		45.47		(1.72	)		140		.46			1.47
Class 4:
6/30/2023^4,5		48.72		.30		6.69			6.99			(.16	)		(2.89	)		(3.05	)		52.66		14.55	⁶		1,854		.79	⁷		1.16	⁷
12/31/2022		65.57		.56		(11.18	)		(10.62	)		(.57	)		(5.66	)		(6.23	)		48.72		(16.70	)		1,630		.79			1.05
12/31/2021		53.99		.48		12.28			12.76			(.58	)		(.60	)		(1.18	)		65.57		23.80			1,928		.79			.79
12/31/2020		49.52		.49		5.85			6.34			(.57	)		(1.30	)		(1.87	)		53.99		13.25			1,407		.79			1.02
12/31/2019		44.47		.74		10.18			10.92			(.71	)		(5.16	)		(5.87	)		49.52		25.86			1,216		.79			1.56
12/31/2018		49.31		.58		(1.23	)		(.65	)		(.61	)		(3.58	)		(4.19	)		44.47		(2.05	)		899		.78			1.15

Refer to the end of the tables for footnotes.

American Funds Insurance Series

353

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return²			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers³			Ratio of expenses to average net assets after waivers^2,3			Ratio of net income to average net assets²

International Growth and Income Fund

Class 1:
6/30/2023^4,5	$	8.94	$	.17	$	.75		$	.92		$	(.04	)	$	—		$	(.04	)	$	9.82		10.31	%⁶	$	16		.55	%⁷		.54	%⁷		3.48	%⁷
12/31/2022		19.62		.39		(3.09	)		(2.70	)		(.28	)		(7.70	)		(7.98	)		8.94		(15.00	)		13		.64			.54			3.29
12/31/2021		19.01		.54		.53			1.07			(.46	)		—			(.46	)		19.62		5.64			30		.67			.67			2.70
12/31/2020		18.18		.27		.85			1.12			(.29	)		—			(.29	)		19.01		6.24			1,120		.68			.68			1.70
12/31/2019		15.35		.46		3.03			3.49			(.47	)		(.19	)		(.66	)		18.18		23.06			1,140		.66			.66			2.73
12/31/2018		17.72		.45		(2.39	)		(1.94	)		(.43	)		—			(.43	)		15.35		(11.00	)		1,034		.65			.65			2.62
Class 1A:
6/30/2023^4,5		8.70		.15		.74			.89			(.04	)		—			(.04	)		9.55		10.21	⁶		6		.80	⁷		.79	⁷		3.18	⁷
12/31/2022		19.39		.35		(3.05	)		(2.70	)		(.29	)		(7.70	)		(7.99	)		8.70		(15.31	)		5		.88			.79			3.15
12/31/2021		18.97		.50		.52			1.02			(.60	)		—			(.60	)		19.39		5.39			6		.94			.92			2.50
12/31/2020		18.15		.22		.85			1.07			(.25	)		—			(.25	)		18.97		5.98			3		.93			.93			1.38
12/31/2019		15.33		.41		3.04			3.45			(.44	)		(.19	)		(.63	)		18.15		22.76			2		.91			.91			2.41
12/31/2018		17.70		.41		(2.39	)		(1.98	)		(.39	)		—			(.39	)		15.33		(11.24	)		2		.90			.90			2.35
Class 2:
6/30/2023^4,5		8.70		.14		.75			.89			(.04	)		—			(.04	)		9.55		10.20	⁶		165		.80	⁷		.79	⁷		3.13	⁷
12/31/2022		19.38		.36		(3.05	)		(2.69	)		(.29	)		(7.70	)		(7.99	)		8.70		(15.25	)		162		.88			.78			3.24
12/31/2021		18.95		.48		.53			1.01			(.58	)		—			(.58	)		19.38		5.37			211		.93			.92			2.44
12/31/2020		18.12		.23		.85			1.08			(.25	)		—			(.25	)		18.95		6.01			221		.93			.93			1.43
12/31/2019		15.30		.42		3.02			3.44			(.43	)		(.19	)		(.62	)		18.12		22.76			257		.91			.91			2.49
12/31/2018		17.66		.41		(2.38	)		(1.97	)		(.39	)		—			(.39	)		15.30		(11.23	)		230		.90			.90			2.38
Class 4:
6/30/2023^4,5		8.56		.13		.73			.86			(.03	)		—			(.03	)		9.39		10.10	⁶		135		1.05	⁷		1.04	⁷		2.91	⁷
12/31/2022		19.23		.33		(3.04	)		(2.71	)		(.26	)		(7.70	)		(7.96	)		8.56		(15.52	)		121		1.13			1.04			3.01
12/31/2021		18.82		.44		.51			.95			(.54	)		—			(.54	)		19.23		5.09			132		1.18			1.17			2.21
12/31/2020		18.01		.19		.83			1.02			(.21	)		—			(.21	)		18.82		5.73			112		1.18			1.18			1.19
12/31/2019		15.22		.37		3.01			3.38			(.40	)		(.19	)		(.59	)		18.01		22.47			101		1.16			1.16			2.18
12/31/2018		17.58		.36		(2.36	)		(2.00	)		(.36	)		—			(.36	)		15.22		(11.46	)		71		1.15			1.15			2.10

Refer to the end of the tables for footnotes.

354	American Funds Insurance Series

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return²			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers³			Ratio of expenses to average net assets after waivers^2,3			Ratio of net income to average net assets²

Capital Income Builder

Class 1:
6/30/2023^4,5	$	10.99	$	.22	$	.18		$	.40		$	(.14	)	$	—		$	(.14	)	$	11.25		3.67	%⁶	$	615		.40	%⁷		.26	%⁷		3.98	%⁷
12/31/2022		12.17		.37		(1.21	)		(.84	)		(.34	)		—			(.34	)		10.99		(6.90	)		586		.44			.26			3.31
12/31/2021		10.87		.37		1.28			1.65			(.35	)		—			(.35	)		12.17		15.31			563		.53			.27			3.19
12/31/2020		10.73		.31		.15			.46			(.32	)		—			(.32	)		10.87		4.64			621		.53			.35			3.07
12/31/2019		9.37		.32		1.36			1.68			(.32	)		—			(.32	)		10.73		18.16			533		.53			.53			3.17
12/31/2018		10.40		.31		(1.00	)		(.69	)		(.32	)		(.02	)		(.34	)		9.37		(6.77	)		317		.54			.54			3.08
Class 1A:
6/30/2023^4,5		10.98		.21		.18			.39			(.13	)		—			(.13	)		11.24		3.54	⁶		10		.65	⁷		.51	⁷		3.72	⁷
12/31/2022		12.15		.34		(1.19	)		(.85	)		(.32	)		—			(.32	)		10.98		(7.06	)		10		.69			.52			3.06
12/31/2021		10.86		.34		1.27			1.61			(.32	)		—			(.32	)		12.15		14.95			10		.78			.52			2.94
12/31/2020		10.72		.28		.16			.44			(.30	)		—			(.30	)		10.86		4.38			6		.78			.60			2.81
12/31/2019		9.36		.29		1.37			1.66			(.30	)		—			(.30	)		10.72		17.90			6		.78			.78			2.84
12/31/2018		10.39		.28		(.99	)		(.71	)		(.30	)		(.02	)		(.32	)		9.36		(7.01	)		2		.79			.79			2.82
Class 2:
6/30/2023^4,5		10.98		.21		.18			.39			(.13	)		—			(.13	)		11.24		3.55	⁶		14		.65	⁷		.51	⁷		3.74	⁷
12/31/2022		12.16		.34		(1.20	)		(.86	)		(.32	)		—			(.32	)		10.98		(7.13	)		13		.69			.51			3.06
12/31/2021		10.87		.34		1.27			1.61			(.32	)		—			(.32	)		12.16		14.94			13		.78			.52			2.93
12/31/2020		10.72		.29		.16			.45			(.30	)		—			(.30	)		10.87		4.48			8		.78			.60			2.83
12/31/2019		9.36		.30		1.35			1.65			(.29	)		—			(.29	)		10.72		17.89			6		.78			.78			2.91
12/31/2018		10.40		.28		(1.00	)		(.72	)		(.30	)		(.02	)		(.32	)		9.36		(7.08	)		4		.79			.79			2.83
Class 4:
6/30/2023^4,5		10.96		.19		.19			.38			(.11	)		—			(.11	)		11.23		3.51	⁶		552		.90	⁷		.76	⁷		3.48	⁷
12/31/2022		12.14		.31		(1.20	)		(.89	)		(.29	)		—			(.29	)		10.96		(7.37	)		530		.94			.76			2.81
12/31/2021		10.85		.31		1.27			1.58			(.29	)		—			(.29	)		12.14		14.68			559		1.03			.77			2.69
12/31/2020		10.71		.26		.15			.41			(.27	)		—			(.27	)		10.85		4.11			462		1.03			.85			2.55
12/31/2019		9.35		.27		1.36			1.63			(.27	)		—			(.27	)		10.71		17.62			454		1.03			1.03			2.68
12/31/2018		10.38		.26		(1.00	)		(.74	)		(.27	)		(.02	)		(.29	)		9.35		(7.25	)		352		1.04			1.04			2.58

Refer to the end of the tables for footnotes.

American Funds Insurance Series

355

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return			Net assets, end of year (in millions)		Ratio of expenses to average net assets³			Ratio of net income to average net assets

Asset Allocation Fund

Class 1:
6/30/2023^4,5	$	22.20	$	.26	$	1.29		$	1.55		$	(.12	)	$	(.89	)	$	(1.01	)	$	22.74		7.07	%⁶	$	15,366		.30	%⁷		2.36	%⁷
12/31/2022		29.08		.52		(4.24	)		(3.72	)		(.51	)		(2.65	)		(3.16	)		22.20		(13.19	)		15,138		.30			2.15
12/31/2021		26.50		.48		3.54			4.02			(.50	)		(.94	)		(1.44	)		29.08		15.40			18,836		.30			1.71
12/31/2020		24.05		.43		2.59			3.02			(.46	)		(.11	)		(.57	)		26.50		12.71			19,238		.30			1.80
12/31/2019		21.29		.51		3.94			4.45			(.50	)		(1.19	)		(1.69	)		24.05		21.54			17,730		.29			2.21
12/31/2018		23.71		.48		(1.43	)		(.95	)		(.44	)		(1.03	)		(1.47	)		21.29		(4.35	)		14,627		.28			2.04
Class 1A:
6/30/2023^4,5		22.10		.24		1.27			1.51			(.11	)		(.89	)		(1.00	)		22.61		6.97	⁶		28		.55	⁷		2.10	⁷
12/31/2022		28.97		.46		(4.22	)		(3.76	)		(.46	)		(2.65	)		(3.11	)		22.10		(13.43	)		27		.55			1.95
12/31/2021		26.42		.42		3.52			3.94			(.45	)		(.94	)		(1.39	)		28.97		15.13			24		.55			1.49
12/31/2020		23.99		.37		2.58			2.95			(.41	)		(.11	)		(.52	)		26.42		12.43			14		.55			1.56
12/31/2019		21.26		.45		3.92			4.37			(.45	)		(1.19	)		(1.64	)		23.99		21.19			11		.54			1.95
12/31/2018		23.69		.42		(1.42	)		(1.00	)		(.40	)		(1.03	)		(1.43	)		21.26		(4.58	)		7		.53			1.82
Class 2:
6/30/2023^4,5		21.91		.23		1.26			1.49			(.11	)		(.89	)		(1.00	)		22.40		6.89	⁶		4,262		.55	⁷		2.11	⁷
12/31/2022		28.74		.46		(4.19	)		(3.73	)		(.45	)		(2.65	)		(3.10	)		21.91		(13.41	)		4,228		.55			1.90
12/31/2021		26.21		.41		3.49			3.90			(.43	)		(.94	)		(1.37	)		28.74		15.10			5,473		.55			1.46
12/31/2020		23.79		.37		2.56			2.93			(.40	)		(.11	)		(.51	)		26.21		12.46			5,242		.55			1.55
12/31/2019		21.08		.45		3.89			4.34			(.44	)		(1.19	)		(1.63	)		23.79		21.23			5,154		.54			1.96
12/31/2018		23.49		.41		(1.41	)		(1.00	)		(.38	)		(1.03	)		(1.41	)		21.08		(4.60	)		4,668		.53			1.78
Class 3:
6/30/2023^4,5		22.23		.25		1.28			1.53			(.11	)		(.89	)		(1.00	)		22.76		6.99	⁶		29		.48	⁷		2.18	⁷
12/31/2022		29.12		.48		(4.25	)		(3.77	)		(.47	)		(2.65	)		(3.12	)		22.23		(13.37	)		28		.48			1.97
12/31/2021		26.53		.43		3.55			3.98			(.45	)		(.94	)		(1.39	)		29.12		15.22			36		.48			1.53
12/31/2020		24.08		.39		2.59			2.98			(.42	)		(.11	)		(.53	)		26.53		12.50			33		.48			1.62
12/31/2019		21.32		.47		3.93			4.40			(.45	)		(1.19	)		(1.64	)		24.08		21.30			32		.47			2.02
12/31/2018		23.73		.43		(1.41	)		(.98	)		(.40	)		(1.03	)		(1.43	)		21.32		(4.49	)		29		.46			1.85
Class 4:
6/30/2023^4,5		21.75		.20		1.25			1.45			(.10	)		(.89	)		(.99	)		22.21		6.81	⁶		5,605		.80	⁷		1.86	⁷
12/31/2022		28.56		.39		(4.16	)		(3.77	)		(.39	)		(2.65	)		(3.04	)		21.75		(13.66	)		5,380		.80			1.66
12/31/2021		26.06		.34		3.47			3.81			(.37	)		(.94	)		(1.31	)		28.56		14.84			6,337		.80			1.22
12/31/2020		23.67		.31		2.54			2.85			(.35	)		(.11	)		(.46	)		26.06		12.16			5,131		.80			1.30
12/31/2019		20.99		.39		3.87			4.26			(.39	)		(1.19	)		(1.58	)		23.67		20.92			4,493		.79			1.71
12/31/2018		23.40		.35		(1.40	)		(1.05	)		(.33	)		(1.03	)		(1.36	)		20.99		(4.83	)		3,594		.78			1.54

Refer to the end of the tables for footnotes.

356	American Funds Insurance Series

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations				Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return²			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers³			Ratio of expenses to average net assets after waivers^2,3			Ratio of net income to average net assets²

American Funds Global Balanced Fund

Class 1:
6/30/2023^4,5	$	12.55	$	.19	$	.75		$	.94			$	(.10	)	$	(1.57	)	$	(1.67	)	$	11.82		7.74	%⁶	$	98		.51	%⁷		.50	%⁷		2.91	%⁷
12/31/2022		14.73		.26		(2.37	)		(2.11	)			—			(.07	)		(.07	)		12.55		(14.33	)		96		.59			.58			1.99
12/31/2021		14.19		.18		1.37			1.55				(.19	)		(.82	)		(1.01	)		14.73		11.05			120		.73			.73			1.24
12/31/2020		13.51		.17		1.24			1.41				(.19	)		(.54	)		(.73	)		14.19		10.53			139		.72			.72			1.29
12/31/2019		11.67		.24		2.17			2.41				(.20	)		(.37	)		(.57	)		13.51		20.79			134		.72			.72			1.88
12/31/2018		12.75		.23		(.96	)		(.73	)			(.20	)		(.15	)		(.35	)		11.67		(5.81	)		110		.72			.72			1.82
Class 1A:
6/30/2023^4,5		12.49		.17		.75			.92				(.09	)		(1.57	)		(1.66	)		11.75		7.65	⁶		2		.76	⁷		.75	⁷		2.67	⁷
12/31/2022		14.70		.22		(2.36	)		(2.14	)			—			(.07	)		(.07	)		12.49		(14.56	)		3		.84			.84			1.71
12/31/2021		14.16		.15		1.36			1.51				(.15	)		(.82	)		(.97	)		14.70		10.83			4		.98			.98			1.02
12/31/2020		13.49		.14		1.23			1.37				(.16	)		(.54	)		(.70	)		14.16		10.25			3		.97			.97			1.03
12/31/2019		11.65		.21		2.17			2.38				(.17	)		(.37	)		(.54	)		13.49		20.54			2		.97			.97			1.63
12/31/2018		12.74		.18		(.94	)		(.76	)			(.18	)		(.15	)		(.33	)		11.65		(6.03	)		2		.98			.98			1.44
Class 2:
6/30/2023^4,5		12.49		.17		.75			.92				(.09	)		(1.57	)		(1.66	)		11.75		7.64	⁶		161		.76	⁷		.75	⁷		2.67	⁷
12/31/2022		14.70		.22		(2.36	)		(2.14	)			—			(.07	)		(.07	)		12.49		(14.56	)		158		.84			.83			1.73
12/31/2021		14.16		.15		1.36			1.51				(.15	)		(.82	)		(.97	)		14.70		10.79			208		.98			.98			1.01
12/31/2020		13.48		.14		1.23			1.37				(.15	)		(.54	)		(.69	)		14.16		10.30			208		.97			.97			1.03
12/31/2019		11.65		.21		2.16			2.37				(.17	)		(.37	)		(.54	)		13.48		20.44			207		.97			.97			1.64
12/31/2018		12.72		.20		(.96	)		(.76	)			(.16	)		(.15	)		(.31	)		11.65		(6.01	)		185		.97			.97			1.57
Class 4:
6/30/2023^4,5		12.32		.15		.75			.90				(.09	)		(1.57	)		(1.66	)		11.56		7.55	⁶		121		1.01	⁷		1.00	⁷		2.43	⁷
12/31/2022		14.53		.19		(2.33	)		(2.14	)			—			(.07	)		(.07	)		12.32		(14.73	)		111		1.09			1.08			1.49
12/31/2021		14.02		.11		1.34			1.45				(.12	)		(.82	)		(.94	)		14.53		10.46			135		1.23			1.23			.77
12/31/2020		13.36		.10		1.22			1.32				(.12	)		(.54	)		(.66	)		14.02		10.00			105		1.22			1.22			.78
12/31/2019		11.55		.18		2.14			2.32				(.14	)		(.37	)		(.51	)		13.36		20.21			94		1.22			1.22			1.37
12/31/2018		12.63		.17		(.96	)		(.79	)			(.14	)		(.15	)		(.29	)		11.55		(6.31	)		69		1.22			1.22			1.34

Refer to the end of the tables for footnotes.

American Funds Insurance Series

357

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations				Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return²			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers³			Ratio of expenses to average net assets after waivers^2,3			Ratio of net income to average net assets²

The Bond Fund of America

Class 1:
6/30/2023^4,5	$	9.41	$	.18	$	(.03	)	$	.15			$	(.06	)	$	—		$	(.06	)	$	9.50		1.55	%⁶	$	6,603		.39	%⁷		.20	%⁷		3.85	%⁷
12/31/2022		11.21		.31		(1.67	)		(1.36	)			(.32	)		(.12	)		(.44	)		9.41		(12.26	)		6,370		.39			.20			3.09
12/31/2021		11.89		.21		(.23	)		(.02	)			(.19	)		(.47	)		(.66	)		11.21		(.14	)		8,555		.39			.26			1.84
12/31/2020		11.17		.23		.87			1.10				(.27	)		(.11	)		(.38	)		11.89		9.96			6,844		.40			.40			2.00
12/31/2019		10.47		.30		.71			1.01				(.31	)		—			(.31	)		11.17		9.70			6,481		.39			.39			2.76
12/31/2018		10.82		.29		(.35	)		(.06	)			(.28	)		(.01	)		(.29	)		10.47		(.45	)		5,962		.38			.38			2.70
Class 1A:
6/30/2023^4,5		9.35		.17		(.04	)		.13				(.05	)		—			(.05	)		9.43		1.42	⁶		236		.64	⁷		.45	⁷		3.60	⁷
12/31/2022		11.16		.31		(1.69	)		(1.38	)			(.31	)		(.12	)		(.43	)		9.35		(12.49	)		220		.64			.45			3.15
12/31/2021		11.84		.18		(.23	)		(.05	)			(.16	)		(.47	)		(.63	)		11.16		(.36	)		12		.64			.51			1.59
12/31/2020		11.13		.20		.87			1.07				(.25	)		(.11	)		(.36	)		11.84		9.68			9		.65			.65			1.74
12/31/2019		10.45		.27		.71			.98				(.30	)		—			(.30	)		11.13		9.36			7		.64			.64			2.48
12/31/2018		10.80		.26		(.33	)		(.07	)			(.27	)		(.01	)		(.28	)		10.45		(.60	)		3		.63			.63			2.50
Class 2:
6/30/2023^4,5		9.27		.17		(.03	)		.14				(.05	)		—			(.05	)		9.36		1.53	⁶		2,848		.64	⁷		.45	⁷		3.59	⁷
12/31/2022		11.06		.28		(1.66	)		(1.38	)			(.29	)		(.12	)		(.41	)		9.27		(12.58	)		2,844		.64			.45			2.84
12/31/2021		11.73		.18		(.22	)		(.04	)			(.16	)		(.47	)		(.63	)		11.06		(.31	)		3,729		.64			.52			1.57
12/31/2020		11.02		.20		.86			1.06				(.24	)		(.11	)		(.35	)		11.73		9.73			3,840		.65			.65			1.75
12/31/2019		10.34		.27		.70			.97				(.29	)		—			(.29	)		11.02		9.36			3,561		.64			.64			2.51
12/31/2018		10.69		.26		(.34	)		(.08	)			(.26	)		(.01	)		(.27	)		10.34		(.71	)		3,524		.63			.63			2.45
Class 4:
6/30/2023^4,5		9.23		.16		(.03	)		.13				(.05	)		—			(.05	)		9.31		1.40	⁶		853		.89	⁷		.70	⁷		3.35	⁷
12/31/2022		11.01		.26		(1.65	)		(1.39	)			(.27	)		(.12	)		(.39	)		9.23		(12.75	)		787		.89			.70			2.61
12/31/2021		11.69		.15		(.22	)		(.07	)			(.14	)		(.47	)		(.61	)		11.01		(.59	)		891		.89			.76			1.34
12/31/2020		11.00		.17		.85			1.02				(.22	)		(.11	)		(.33	)		11.69		9.38			714		.90			.90			1.48
12/31/2019		10.33		.24		.70			.94				(.27	)		—			(.27	)		11.00		9.08			502		.89			.89			2.25
12/31/2018		10.68		.23		(.33	)		(.10	)			(.24	)		(.01	)		(.25	)		10.33		(.89	)		366		.88			.88			2.22

Refer to the end of the tables for footnotes.

358	American Funds Insurance Series

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations				Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return²			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers³			Ratio of expenses to average net assets after waivers^2,3			Ratio of net income to average net assets²

Capital World Bond Fund

Class 1:
6/30/2023^4,5	$	9.55	$	.15	$	—	⁸	$	.15			$	—		$	—		$	—		$	9.70		1.57	%⁶	$	653		.48	%⁷		.48	%⁷		3.11	%⁷
12/31/2022		11.79		.25		(2.30	)		(2.05	)			(.03	)		(.16	)		(.19	)		9.55		(17.43	)		663		.51			.48			2.43
12/31/2021		12.94		.25		(.85	)		(.60	)			(.24	)		(.31	)		(.55	)		11.79		(4.73	)		988		.60			.50			2.06
12/31/2020		12.12		.26		.95			1.21				(.18	)		(.21	)		(.39	)		12.94		10.17			1,219		.59			.52			2.08
12/31/2019		11.42		.31		.61			.92				(.22	)		—			(.22	)		12.12		8.08			1,077		.58			.58			2.60
12/31/2018		11.88		.30		(.44	)		(.14	)			(.28	)		(.04	)		(.32	)		11.42		(1.14	)		1,015		.57			.57			2.56
Class 1A:
6/30/2023^4,5		9.50		.14		—	⁸		.14				—			—			—			9.64		1.47	⁶		1		.72	⁷		.72	⁷		2.86	⁷
12/31/2022		11.76		.22		(2.30	)		(2.08	)			(.02	)		(.16	)		(.18	)		9.50		(17.69	)		1		.76			.73			2.19
12/31/2021		12.91		.23		(.85	)		(.62	)			(.22	)		(.31	)		(.53	)		11.76		(4.88	)		1		.85			.75			1.85
12/31/2020		12.10		.23		.95			1.18				(.16	)		(.21	)		(.37	)		12.91		9.89			1		.83			.76			1.83
12/31/2019		11.41		.28		.60			.88				(.19	)		—			(.19	)		12.10		7.75			1		.83			.83			2.35
12/31/2018		11.87		.27		(.43	)		(.16	)			(.26	)		(.04	)		(.30	)		11.41		(1.29	)		1		.82			.82			2.36
Class 2:
6/30/2023^4,5		9.45		.14		—	⁸		.14				—			—			—			9.59		1.48	⁶		751		.73	⁷		.73	⁷		2.86	⁷
12/31/2022		11.70		.22		(2.29	)		(2.07	)			(.02	)		(.16	)		(.18	)		9.45		(17.70	)		765		.76			.73			2.18
12/31/2021		12.84		.22		(.84	)		(.62	)			(.21	)		(.31	)		(.52	)		11.70		(4.92	)		1,030		.85			.75			1.82
12/31/2020		12.03		.22		.95			1.17				(.15	)		(.21	)		(.36	)		12.84		9.90			1,058		.84			.77			1.83
12/31/2019		11.34		.28		.60			.88				(.19	)		—			(.19	)		12.03		7.77			1,002		.83			.83			2.35
12/31/2018		11.79		.27		(.43	)		(.16	)			(.25	)		(.04	)		(.29	)		11.34		(1.33	)		1,032		.82			.82			2.32
Class 4:
6/30/2023^4,5		9.33		.12		—	⁸		.12				—			—			—			9.45		1.29	⁶		54		.98	⁷		.98	⁷		2.61	⁷
12/31/2022		11.57		.19		(2.25	)		(2.06	)			(.02	)		(.16	)		(.18	)		9.33		(17.84	)		53		1.01			.98			1.94
12/31/2021		12.71		.19		(.84	)		(.65	)			(.18	)		(.31	)		(.49	)		11.57		(5.18	)		66		1.10			1.00			1.57
12/31/2020		11.92		.19		.94			1.13				(.13	)		(.21	)		(.34	)		12.71		9.62			61		1.09			1.02			1.58
12/31/2019		11.24		.24		.60			.84				(.16	)		—			(.16	)		11.92		7.54			49		1.08			1.08			2.09
12/31/2018		11.70		.24		(.43	)		(.19	)			(.23	)		(.04	)		(.27	)		11.24		(1.61	)		40		1.07			1.07			2.09

Refer to the end of the tables for footnotes.

American Funds Insurance Series

359

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations				Dividends (from net investment income)			Distributions (from capital gains)		Total dividends and distributions			Net asset value, end of year			Total return²			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers³			Ratio of expenses to average net assets after waivers^2,3			Ratio of net income to average net assets²

American High-Income Trust

Class 1:
6/30/2023^4,5	$	8.53	$	.29	$	.08		$	.37			$	(.10	)	$	—	$	(.10	)	$	8.80			4.37	%⁶	$	217		.44	%⁷		.30	%⁷		6.74	%⁷
12/31/2022		10.19		.56		(1.47	)		(.91	)			(.75	)		—		(.75	)		8.53			(9.01	)		224		.47			.32			5.95
12/31/2021		9.80		.51		.34			.85				(.46	)		—		(.46	)		10.19			8.74			278		.53			.37			4.95
12/31/2020		9.87		.61		.17			.78				(.85	)		—		(.85	)		9.80			8.21			123		.52			.52			6.46
12/31/2019		9.34		.67		.52			1.19				(.66	)		—		(.66	)		9.87			12.85			525		.51			.51			6.71
12/31/2018		10.19		.64		(.84	)		(.20	)			(.65	)		—		(.65	)		9.34			(2.15	)		501		.50			.50			6.32
Class 1A:
6/30/2023^4,5		8.51		.28		.08			.36				(.10	)		—		(.10	)		8.77			4.36	⁶		2		.69	⁷		.55	⁷		6.51	⁷
12/31/2022		10.16		.53		(1.46	)		(.93	)			(.72	)		—		(.72	)		8.51			(9.29	)		1		.72			.57			5.70
12/31/2021		9.78		.49		.33			.82				(.44	)		—		(.44	)		10.16			8.42			1		.78			.64			4.75
12/31/2020		9.86		.56		.20			.76				(.84	)		—		(.84	)		9.78			7.94			1		.78			.78			5.85
12/31/2019		9.33		.65		.51			1.16				(.63	)		—		(.63	)		9.86			12.61			1		.75			.75			6.47
12/31/2018		10.18		.62		(.84	)		(.22	)			(.63	)		—		(.63	)		9.33			(2.35	)		1		.75			.75			6.11
Class 2:
6/30/2023^4,5		8.35		.28		.07			.35				(.10	)		—		(.10	)		8.60			4.30	⁶		522		.69	⁷		.55	⁷		6.49	⁷
12/31/2022		9.98		.52		(1.43	)		(.91	)			(.72	)		—		(.72	)		8.35			(9.26	)		521		.72			.57			5.68
12/31/2021		9.61		.48		.33			.81				(.44	)		—		(.44	)		9.98			8.42			673		.78			.65			4.80
12/31/2020		9.70		.55		.19			.74				(.83	)		—		(.83	)		9.61			7.94			665		.78			.78			5.88
12/31/2019		9.19		.64		.50			1.14				(.63	)		—		(.63	)		9.70			12.55			667		.76			.76			6.45
12/31/2018		10.03		.61		(.83	)		(.22	)			(.62	)		—		(.62	)		9.19			(2.34	)		661		.75			.75			6.07
Class 3:																						��
6/30/2023^4,5		8.58		.29		.08			.37				(.10	)		—		(.10	)		8.85			4.43	⁶		8		.62	⁷		.48	⁷		6.56	⁷
12/31/2022		10.24		.54		(1.47	)		(.93	)			(.73	)		—		(.73	)		8.58			(9.25	)		9		.65			.50			5.76
12/31/2021		9.84		.50		.34			.84				(.44	)		—		(.44	)		10.24			8.60			10		.71			.58			4.86
12/31/2020		9.92		.57		.19			.76				(.84	)		—		(.84	)		9.84			7.93			10		.71			.71			5.94
12/31/2019		9.38		.66		.52			1.18				(.64	)		—		(.64	)		9.92			12.70			10		.69			.69			6.52
12/31/2018		10.23		.63		(.85	)		(.22	)			(.63	)		—		(.63	)		9.38			(2.33	)		10		.68			.68			6.14
Class 4:
6/30/2023^4,5		9.26		.29		.08			.37				(.09	)		—		(.09	)		9.54			4.16	⁶		91		.94	⁷		.80	⁷		6.24	⁷
12/31/2022		10.99		.55		(1.58	)		(1.03	)			(.70	)		—		(.70	)		9.26			(9.53	)		77		.97			.82			5.44
12/31/2021		10.54		.50		.36			.86				(.41	)		—		(.41	)		10.99			8.18			90		1.03			.89			4.52
12/31/2020		10.56		.57		.22			.79				(.81	)		—		(.81	)		10.54			7.74			69		1.03			1.03			5.58
12/31/2019		9.96		.67		.54			1.21				(.61	)		—		(.61	)		10.56			12.27			63		1.01			1.01			6.21
12/31/2018		10.82		.63		(.90	)		(.27	)			(.59	)		—		(.59	)		9.96			(2.64	)		31		1.00			1.00			5.83

Refer to the end of the tables for footnotes.

360	American Funds Insurance Series

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations				Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return²			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers			Ratio of expenses to average net assets after waivers²			Ratio of net income to average net assets²

American Funds Mortgage Fund

Class 1:
6/30/2023^4,5	$	9.45	$	.22	$	(.13	)	$	.09			$	(.05	)	$	—		$	(.05	)	$	9.49		.97	%⁶	$	16		.36	%⁷		.24	%⁷		4.53	%⁷
12/31/2022		10.63		.07		(1.10	)		(1.03	)			(.15	)		—			(.15	)		9.45		(9.76	)		1		.45			.25			.70
12/31/2021		11.11		.06		(.09	)		(.03	)			(.08	)		(.37	)		(.45	)		10.63		(.32	)		231		.49			.29			.58
12/31/2020		10.56		.10		.64			.74				(.17	)		(.02	)		(.19	)		11.11		6.98			224		.48			.36			.93
12/31/2019		10.30		.24		.30			.54				(.28	)		—			(.28	)		10.56		5.30			210		.47			.47			2.26
12/31/2018		10.47		.20		(.14	)		.06				(.23	)		—			(.23	)		10.30		.58			209		.48			.48			1.97
Class 1A:
6/30/2023^4,5		9.34		.19		(.11	)		.08				(.05	)		—			(.05	)		9.37		.83	⁶		2		.60	⁷		.48	⁷		4.05	⁷
12/31/2022		10.59		.19		(1.24	)		(1.05	)			(.20	)		—			(.20	)		9.34		(10.03	)		2		.69			.54			1.91
12/31/2021		11.08		.04		(.10	)		(.06	)			(.06	)		(.37	)		(.43	)		10.59		(.47	)		2		.74			.54			.33
12/31/2020		10.55		.07		.63			.70				(.15	)		(.02	)		(.17	)		11.08		6.63			1		.73			.59			.61
12/31/2019		10.28		.22		.30			.52				(.25	)		—			(.25	)		10.55		5.09			1		.71			.71			2.04
12/31/2018		10.46		.18		(.14	)		.04				(.22	)		—			(.22	)		10.28		.36			1		.73			.73			1.77
Class 2:
6/30/2023^4,5		9.36		.19		(.11	)		.08				(.05	)		—			(.05	)		9.39		.83	⁶		44		.60	⁷		.48	⁷		4.04	⁷
12/31/2022		10.61		.18		(1.23	)		(1.05	)			(.20	)		—			(.20	)		9.36		(9.94	)		46		.69			.54			1.87
12/31/2021		11.09		.04		(.10	)		(.06	)			(.05	)		(.37	)		(.42	)		10.61		(.57	)		58		.74			.54			.33
12/31/2020		10.54		.08		.63			.71				(.14	)		(.02	)		(.16	)		11.09		6.72			58		.73			.60			.68
12/31/2019		10.28		.21		.31			.52				(.26	)		—			(.26	)		10.54		5.04			56		.72			.72			2.01
12/31/2018		10.45		.18		(.15	)		.03				(.20	)		—			(.20	)		10.28		.32			57		.73			.73			1.72
Class 4:
6/30/2023^4,5		9.25		.18		(.11	)		.07				(.05	)		—			(.05	)		9.27		.70	⁶		43		.85	⁷		.73	⁷		3.80	⁷
12/31/2022		10.49		.16		(1.22	)		(1.06	)			(.18	)		—			(.18	)		9.25		(10.16	)		40		.94			.79			1.66
12/31/2021		10.97		.01		(.09	)		(.08	)			(.03	)		(.37	)		(.40	)		10.49		(.78	)		43		.99			.79			.08
12/31/2020		10.44		.04		.63			.67				(.12	)		(.02	)		(.14	)		10.97		6.38			37		.98			.85			.41
12/31/2019		10.19		.18		.31			.49				(.24	)		—			(.24	)		10.44		4.80			28		.97			.97			1.71
12/31/2018		10.38		.15		(.15	)		—	⁸			(.19	)		—			(.19	)		10.19		.07			24		.98			.98			1.49

Refer to the end of the tables for footnotes.

American Funds Insurance Series

361

Financial highlights (continued)

			Income (loss) from investment operations¹									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)		Total dividends and distributions			Net asset value, end of year		Total return			Net assets, end of year (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets

Ultra-Short Bond Fund

Class 1:
6/30/2023^4,5	$	11.35	$	.26		$	—	⁸	$	.26		$	(.08	)	$	—	$	(.08	)	$	11.53		2.29	%⁶	$	40			.29	%⁷		4.53	%⁷
12/31/2022		11.27		.17			(.01	)		.16			(.08	)		—		(.08	)		11.35		1.42			51			.32			1.48
12/31/2021		11.31		(.03	)		(.01	)		(.04	)		—			—		—			11.27		(.35	)		37			.37			(.28	)
12/31/2020		11.30		.02			.02			.04			(.03	)		—		(.03	)		11.31		.34			44			.37			.16
12/31/2019		11.31		.22			—	⁸		.22			(.23	)		—		(.23	)		11.30		1.92			30			.36			1.92
12/31/2018		11.29		.18			—	⁸		.18			(.16	)		—		(.16	)		11.31		1.58			37			.35			1.60
Class 1A:
6/30/2023^4,5		11.35		.25			—	⁸		.25			(.08	)		—		(.08	)		11.52		2.21	⁶		—	¹⁰		.51	⁷		4.43	⁷
12/31/2022		11.28		.16			(.01	)		.15			(.08	)		—		(.08	)		11.35		1.32			—	¹⁰		.31			1.40
12/31/2021		11.31		(.03	)		—	⁸		(.03	)		—			—		—			11.28		(.27	)		—	¹⁰		.36			(.28	)
12/31/2020		11.30		.03			.01			.04			(.03	)		—		(.03	)		11.31		.32			—	¹⁰		.35			.26
12/31/2019		11.31		.22			—	⁸		.22			(.23	)		—		(.23	)		11.30		1.92			—	¹⁰		.37			1.90
12/31/2018		11.29		.18			—	⁸		.18			(.16	)		—		(.16	)		11.31		1.58			—	¹⁰		.35			1.60
Class 2:
6/30/2023^4,5		11.00		.24			—	⁸		.24			(.08	)		—		(.08	)		11.16		2.14	⁶		287			.54	⁷		4.28	⁷
12/31/2022		10.93		.13			—	⁸		.13			(.06	)		—		(.06	)		11.00		1.17			297			.57			1.23
12/31/2021		10.99		(.06	)		—	⁸		(.06	)		—			—		—			10.93		(.55	)		245			.62			(.53	)
12/31/2020		11.01		—	⁸		—	⁸		—	⁸		(.02	)		—		(.02	)		10.99		.03			288			.62			(.05	)
12/31/2019		11.03		.18			—	⁸		.18			(.20	)		—		(.20	)		11.01		1.62			230			.61			1.66
12/31/2018		11.01		.15			—	⁸		.15			(.13	)		—		(.13	)		11.03		1.36			247			.60			1.34
Class 3:
6/30/2023^4,5		11.14		.24			.01			.25			(.08	)		—		(.08	)		11.31		2.22	⁶		4			.47	⁷		4.35	⁷
12/31/2022		11.07		.13			—	⁸		.13			(.06	)		—		(.06	)		11.14		1.19			4			.50			1.19
12/31/2021		11.12		(.05	)		—	⁸		(.05	)		—			—		—			11.07		(.45	)		5			.55			(.46	)
12/31/2020		11.13		—	⁸		.02			.02			(.03	)		—		(.03	)		11.12		.13			4			.55			.03
12/31/2019		11.14		.20			—	⁸		.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
Class 4:
6/30/2023^4,5		11.05		.22			.01			.23			(.07	)		—		(.07	)		11.21		2.07	⁶		62			.79	⁷		4.02	⁷
12/31/2022		11.00		.12			(.03	)		.09			(.04	)		—		(.04	)		11.05		.83			80			.82			1.05
12/31/2021		11.08		(.09	)		.01			(.08	)		—			—		—			11.00		(.72	)		46			.87			(.79	)
12/31/2020		11.13		(.04	)		.01			(.03	)		(.02	)		—		(.02	)		11.08		(.25	)		40			.87			(.35	)
12/31/2019		11.15		.16			—	⁸		.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

Refer to the end of the tables for footnotes.

362	American Funds Insurance Series

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return²			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers			Ratio of expenses to average net assets after waivers²			Ratio of net income to average net assets²

U.S. Government Securities Fund

Class 1:
6/30/2023^4,5	$	9.99	$	.19	$	(.15	)	$	.04		$	(.06	)	$	—		$	(.06	)	$	9.97		.38	%⁶	$	248		.33	%⁷		.21	%⁷		3.70	%⁷
12/31/2022		11.67		.32		(1.56	)		(1.24	)		(.44	)		—			(.44	)		9.99		(10.75	)		242		.36			.22			2.90
12/31/2021		13.04		.18		(.26	)		(.08	)		(.18	)		(1.11	)		(1.29	)		11.67		(.44	)		522		.39			.29			1.50
12/31/2020		12.34		.16		1.07			1.23			(.26	)		(.27	)		(.53	)		13.04		10.09			429		.38			.38			1.21
12/31/2019		11.94		.25		.43			.68			(.28	)		—			(.28	)		12.34		5.69			1,418		.37			.37			2.07
12/31/2018		12.08		.24		(.13	)		.11			(.25	)		—			(.25	)		11.94		.91			1,445		.36			.36			2.02
Class 1A:
6/30/2023^4,5		9.96		.17		(.14	)		.03			(.06	)		—			(.06	)		9.93		.15	⁶		5		.58	⁷		.46	⁷		3.47	⁷
12/31/2022		11.63		.29		(1.55	)		(1.26	)		(.41	)		—			(.41	)		9.96		(10.93	)		4		.60			.47			2.70
12/31/2021		13.00		.16		(.26	)		(.10	)		(.16	)		(1.11	)		(1.27	)		11.63		(.65	)		5		.64			.53			1.28
12/31/2020		12.32		.09		1.10			1.19			(.24	)		(.27	)		(.51	)		13.00		9.75			4		.64			.64			.69
12/31/2019		11.93		.22		.43			.65			(.26	)		—			(.26	)		12.32		5.42			2		.62			.62			1.82
12/31/2018		12.08		.22		(.14	)		.08			(.23	)		—			(.23	)		11.93		.70			1		.61			.61			1.82
Class 2:
6/30/2023^4,5		9.87		.17		(.15	)		.02			(.05	)		—			(.05	)		9.84		.14	⁶		1,059		.58	⁷		.46	⁷		3.45	⁷
12/31/2022		11.53		.29		(1.54	)		(1.25	)		(.41	)		—			(.41	)		9.87		(10.95	)		1,059		.61			.47			2.69
12/31/2021		12.89		.15		(.25	)		(.10	)		(.15	)		(1.11	)		(1.26	)		11.53		(.62	)		1,391		.64			.54			1.24
12/31/2020		12.21		.09		1.10			1.19			(.24	)		(.27	)		(.51	)		12.89		9.80			1,439		.64			.64			.73
12/31/2019		11.82		.22		.42			.64			(.25	)		—			(.25	)		12.21		5.31			1,343		.62			.62			1.82
12/31/2018		11.96		.21		(.14	)		.07			(.21	)		—			(.21	)		11.82		.73			1,323		.61			.61			1.77
Class 3:
6/30/2023^4,5		10.02		.18		(.15	)		.03			(.06	)		—			(.06	)		9.99		.25	⁶		6		.51	⁷		.39	⁷		3.52	⁷
12/31/2022		11.70		.30		(1.57	)		(1.27	)		(.41	)		—			(.41	)		10.02		(10.90	)		6		.54			.40			2.76
12/31/2021		13.07		.16		(.26	)		(.10	)		(.16	)		(1.11	)		(1.27	)		11.70		(.62	)		9		.57			.47			1.31
12/31/2020		12.37		.10		1.12			1.22			(.25	)		(.27	)		(.52	)		13.07		9.91			10		.57			.57			.78
12/31/2019		11.97		.23		.43			.66			(.26	)		—			(.26	)		12.37		5.49			9		.55			.55			1.88
12/31/2018		12.11		.22		(.14	)		.08			(.22	)		—			(.22	)		11.97		.71			9		.54			.54			1.84
Class 4:
6/30/2023^4,5		9.86		.16		(.15	)		.01			(.05	)		—			(.05	)		9.82		.10	⁶		186		.83	⁷		.71	⁷		3.20	⁷
12/31/2022		11.52		.26		(1.54	)		(1.28	)		(.38	)		—			(.38	)		9.86		(11.19	)		190		.85			.72			2.45
12/31/2021		12.88		.12		(.25	)		(.13	)		(.12	)		(1.11	)		(1.23	)		11.52		(.88	)		238		.89			.79			.98
12/31/2020		12.22		.05		1.10			1.15			(.22	)		(.27	)		(.49	)		12.88		9.48			272		.89			.89			.42
12/31/2019		11.84		.19		.42			.61			(.23	)		—			(.23	)		12.22		5.14			124		.87			.87			1.56
12/31/2018		11.98		.18		(.12	)		.06			(.20	)		—			(.20	)		11.84		.50			91		.86			.86			1.53

Refer to the end of the tables for footnotes.

American Funds Insurance Series

363

Financial highlights (continued)

			Income (loss) from investment operations¹									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return²			Net assets, end of year (in millions)			Ratio of expenses to average net assets before waivers/ reimburse- ments¹¹			Ratio of expenses to average net assets after waivers/ reimburse- ments^2,11			Net effective expense ratio^2,5,12			Ratio of net income to average net assets²

Managed Risk Growth Fund

Class P1:
6/30/2023^4,5	$	11.37	$	.01		$	1.44		$	1.45		$	(.08	)	$	(2.72	)	$	(2.80	)	$	10.02		14.20	%⁶	$	11			.42	%⁷		.37	%⁷		.71	%⁷		.25	%⁷
12/31/2022		18.53		.06			(4.46	)		(4.40	)		(.22	)		(2.54	)		(2.76	)		11.37		(24.62	)		9			.41			.36			.69			.47
12/31/2021		17.25		.04			2.16			2.20			(.18	)		(.74	)		(.92	)		18.53		13.08			13			.41			.36			.69			.19
12/31/2020		13.78		.07			4.20			4.27			(.12	)		(.68	)		(.80	)		17.25		32.45			11			.42			.37			.72			.49
12/31/2019		12.30		.15			2.44			2.59			(.19	)		(.92	)		(1.11	)		13.78		22.01			6			.42			.37			.73			1.19
12/31/2018		13.22		.11			(.04	)		.07			(.10	)		(.89	)		(.99	)		12.30		(.04	)¹³		3			.42	¹³		.37	¹³		.71	¹³		.82	¹³
Class P2:
6/30/2023^4,5		11.28		—	⁸		1.42			1.42			(.07	)		(2.72	)		(2.79	)		9.91		14.06	⁶		488			.67	⁷		.62	⁷		.96	⁷		(.02	)⁷
12/31/2022		18.42		.03			(4.45	)		(4.42	)		(.18	)		(2.54	)		(2.72	)		11.28		(24.88	)		445			.67			.62			.95			.20
12/31/2021		17.11		(.01	)		2.16			2.15			(.10	)		(.74	)		(.84	)		18.42		12.89			584			.67			.62			.95			(.07	)
12/31/2020		13.71		.03			4.16			4.19			(.11	)		(.68	)		(.79	)		17.11		32.03			554			.67			.62			.97			.20
12/31/2019		12.21		.09			2.45			2.54			(.12	)		(.92	)		(1.04	)		13.71		21.74			434			.68			.63			.99			.73
12/31/2018		13.14		.06			(.04	)		.02			(.06	)		(.89	)		(.95	)		12.21		(.37	)		340			.68			.63			.97			.46

Managed Risk International Fund

Class P1:
6/30/2023^4,5	$	8.61	$	.01		$	.41		$	.42		$	(.15	)	$	(.64	)	$	(.79	)	$	8.24		4.83	%^6,13	$	2			.44	%^7,13		.38	%^7,13		.87	%^7,13		.34	%^7,13
12/31/2022		10.55		.15			(1.75	)		(1.60	)		(.34	)		—			(.34	)		8.61		(15.27	)¹³		2			.44	¹³		.37	¹³		.87	¹³		1.70	¹³
12/31/2021		11.07		.24			(.67	)		(.43	)		(.09	)		—			(.09	)		10.55		(3.92	)¹³		2			.44	¹³		.36	¹³		.87	¹³		2.12	¹³
12/31/2020		11.01		.08			.22			.30			(.16	)		(.08	)		(.24	)		11.07		3.13	¹³		2			.43	¹³		.35	¹³		.86	¹³		.82	¹³
12/31/2019		9.82		.17			1.54			1.71			(.20	)		(.32	)		(.52	)		11.01		17.91	¹³		1			.41	¹³		.33	¹³		.84	¹³		1.64	¹³
12/31/2018		11.25		.32			(1.44	)		(1.12	)		(.26	)		(.05	)		(.31	)		9.82		(10.11	)¹³		—	¹⁰		.33	¹³		.28	¹³		.77	¹³		3.02	¹³
Class P2:
6/30/2023^4,5		8.58		—	⁸		.41			.41			(.14	)		(.64	)		(.78	)		8.21		4.81	⁶		123			.70	⁷		.65	⁷		1.14	⁷		.06	⁷
12/31/2022		10.48		.12			(1.74	)		(1.62	)		(.28	)		—			(.28	)		8.58		(15.54	)		124			.70			.63			1.13			1.36
12/31/2021		10.99		.20			(.65	)		(.45	)		(.06	)		—			(.06	)		10.48		(4.13	)		160			.71			.63			1.14			1.79
12/31/2020		10.92		.04			.23			.27			(.12	)		(.08	)		(.20	)		10.99		2.80			168			.71			.63			1.14			.42
12/31/2019		9.76		.13			1.55			1.68			(.20	)		(.32	)		(.52	)		10.92		17.64			165			.71			.63			1.14			1.21
12/31/2018		11.15		.16			(1.32	)		(1.16	)		(.18	)		(.05	)		(.23	)		9.76		(10.50	)		151			.69			.64			1.13			1.49

Managed Risk Washington Mutual Investors Fund

Class P1:
6/30/2023^4,5	$	11.24	$	.04		$	.31		$	.35		$	(.20	)	$	(1.49	)	$	(1.69	)	$	9.90		3.41	%^6,13	$	3			.41	%^7,13		.36	%^7,13		.75	%^7,13		.77	%^7,13
12/31/2022		12.95		.23			(1.38	)		(1.15	)		(.56	)		—			(.56	)		11.24		(8.92	)¹³		3			.41	¹³		.36	¹³		.75	¹³		1.96	¹³
12/31/2021		11.24		.16			1.79			1.95			(.24	)		—			(.24	)		12.95		17.46	¹³		2			.41	¹³		.36	¹³		.77	¹³		1.33	¹³
12/31/2020		12.01		.18			(.35	)		(.17	)		(.26	)		(.34	)		(.60	)		11.24		(.93	)¹³		2			.40	¹³		.35	¹³		.76	¹³		1.66	¹³
12/31/2019		11.28		.25			1.28			1.53			(.20	)		(.60	)		(.80	)		12.01		14.14	¹³		1			.38	¹³		.33	¹³		.74	¹³		2.14	¹³
12/31/2018		13.04		.40			(1.27	)		(.87	)		(.45	)		(.44	)		(.89	)		11.28		(6.99	)¹³		—	¹⁰		.33	¹³		.28	¹³		.67	¹³		3.21	¹³
Class P2:
6/30/2023^4,5		11.18		.03			.31			.34			(.20	)		(1.49	)		(1.69	)		9.83		3.29	⁶		320			.67	⁷		.62	⁷		1.01	⁷		.50	⁷
12/31/2022		12.88		.19			(1.37	)		(1.18	)		(.52	)		—			(.52	)		11.18		(9.16	)		321			.67			.62			1.01			1.62
12/31/2021		11.18		.11			1.79			1.90			(.20	)		—			(.20	)		12.88		17.11			371			.68			.62			1.03			.91
12/31/2020		11.91		.13			(.33	)		(.20	)		(.19	)		(.34	)		(.53	)		11.18		(1.25	)		355			.68			.63			1.04			1.18
12/31/2019		11.21		.18			1.31			1.49			(.19	)		(.60	)		(.79	)		11.91		13.88			365			.68			.63			1.04			1.62
12/31/2018		12.96		.19			(1.10	)		(.91	)		(.40	)		(.44	)		(.84	)		11.21		(7.38	)		336			.68			.63			1.02			1.49

Refer to the end of the tables for footnotes.

364	American Funds Insurance Series

Financial highlights (continued)

			Income (loss) from investment operations¹									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return²			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers/ reimburse- ments¹¹			Ratio of expenses to average net assets after waivers/ reimburse- ments^2,11			Net effective expense ratio^2,5,12			Ratio of net income to average net assets²

Managed Risk Growth-Income Fund

Class P1:
6/30/2023^4,5	$	12.51	$	.04		$	1.00		$	1.04		$	(.18	)	$	(1.62	)	$	(1.80	)	$	11.75		8.67	%⁶	$	1,897		.41	%⁷		.36	%⁷		.66	%⁷		.58	%⁷
12/31/2022		15.73		.18			(2.79	)		(2.61	)		(.30	)		(.31	)		(.61	)		12.51		(16.74	)		1,833		.41			.36			.65			1.33
12/31/2021		14.01		.14			1.99			2.13			(.21	)		(.20	)		(.41	)		15.73		15.32			2,328		.41			.36			.66			.96
12/31/2020		13.76		.17			1.08			1.25			(.26	)		(.74	)		(1.00	)		14.01		9.85			2,120		.41			.36			.66			1.24
12/31/2019		11.73		.22			2.01			2.23			(.10	)		(.10	)		(.20	)		13.76		19.14			1,987		.42			.37			.67			1.71
12/31/2018		12.66		(.02	)		(.15	)		(.17	)		(.19	)		(.57	)		(.76	)		11.73		(1.66	)		1,662		.40			.35			.64			(.20	)
Class P2:
6/30/2023^4,5		12.44		.02			.99			1.01			(.17	)		(1.62	)		(1.79	)		11.66		8.50	⁶		276		.66	⁷		.61	⁷		.91	⁷		.33	⁷
12/31/2022		15.64		.15			(2.78	)		(2.63	)		(.26	)		(.31	)		(.57	)		12.44		(16.93	)		268		.66			.61			.90			1.10
12/31/2021		13.93		.10			1.98			2.08			(.17	)		(.20	)		(.37	)		15.64		15.05			340		.66			.61			.91			.70
12/31/2020		13.69		.14			1.07			1.21			(.23	)		(.74	)		(.97	)		13.93		9.58			315		.66			.61			.91			1.02
12/31/2019		11.67		.19			2.00			2.19			(.07	)		(.10	)		(.17	)		13.69		18.84			283		.67			.62			.92			1.47
12/31/2018		12.58		.16			(.36	)		(.20	)		(.14	)		(.57	)		(.71	)		11.67		(1.97	)		230		.69			.64			.93			1.25

Managed Risk Asset Allocation Fund

Class P1:
6/30/2023^4,5	$	12.43	$	.05		$	.47		$	.52		$	(.21	)	$	(1.45	)	$	(1.66	)	$	11.29		4.40	%⁶	$	8		.41	%⁷		.36	%⁷		.65	%⁷		.86	%⁷
12/31/2022		15.33		.24			(2.34	)		(2.10	)		(.32	)		(.48	)		(.80	)		12.43		(13.75	)		7		.41			.36			.64			1.80
12/31/2021		13.84		.21			1.55			1.76			(.27	)		—			(.27	)		15.33		12.82			7		.41			.36			.66			1.43
12/31/2020		13.81		.25			.51			.76			(.21	)		(.52	)		(.73	)		13.84		6.10			5		.41			.36			.66			1.91
12/31/2019		12.23		.26			1.92			2.18			(.03	)		(.57	)		(.60	)		13.81		18.25			2		.41			.36			.65			2.01
12/31/2018		13.59		.22			(.80	)		(.58	)		(.25	)		(.53	)		(.78	)		12.23		(4.63	)		2		.37			.32			.59			1.67
Class P2:
6/30/2023^4,5		12.09		.03			.47			.50			(.21	)		(1.45	)		(1.66	)		10.93		4.32	⁶		2,139		.66	⁷		.61	⁷		.90	⁷		.55	⁷
12/31/2022		14.93		.18			(2.25	)		(2.07	)		(.29	)		(.48	)		(.77	)		12.09		(13.97	)		2,182		.66			.61			.89			1.40
12/31/2021		13.45		.15			1.53			1.68			(.20	)		—			(.20	)		14.93		12.50			2,812		.66			.61			.91			1.03
12/31/2020		13.46		.15			.56			.71			(.20	)		(.52	)		(.72	)		13.45		5.88			2,773		.66			.61			.91			1.15
12/31/2019		12.22		.19			1.93			2.12			(.31	)		(.57	)		(.88	)		13.46		17.98			2,830		.66			.61			.90			1.51
12/31/2018		13.55		.17			(.79	)		(.62	)		(.18	)		(.53	)		(.71	)		12.22		(4.89	)		2,541		.62			.57			.84			1.27

Refer to the end of the tables for footnotes.

American Funds Insurance Series

365

Financial highlights (continued)

Portfolio turnover rate for all share classes	Six months ended			Year ended December 31,
excluding mortgage dollar roll transactions^14,15	June 30, 2023^4,5,6			2022			2021			2020			2019			2018
Capital Income Builder		34	%		48	%		60	%		110	%		44	%		42	%
Asset Allocation Fund		16			42			45			49			47			34
American Funds Global Balanced Fund		22			111			36			68			60			30
The Bond Fund of America		80			77			87			72			146			98
Capital World Bond Fund		65			114			64			88			110			78
American Funds Mortgage Fund		55			56			38			123			84			60
U.S. Government Securities Fund		64			77			126			112			103			76

Portfolio turnover rate for all share classes		Six months ended		Year ended December 31,
including mortgage dollar roll transactions, if any^14,15		June 30, 2023^4,5,6			2022			2021			2020			2019			2018
Global Growth Fund		10	%		29	%		18	%		17	%		14	%		25	%
Global Small Capitalization Fund		15			40			29			38			50			43
Growth Fund		13			29			25			32			21			35
International Fund		11			42			44			40			32			29
New World Fund		18			40			43			70			38			58
Washington Mutual Investors Fund		17			30			90			40			37			49
Capital World Growth and Income Fund		16			42			85			36			29			49
Growth-Income Fund		15			25			24			33			27			39
International Growth and Income Fund		17			48			41			56			28			38
Capital Income Builder		76			126			93			184			72			98
Asset Allocation Fund		59			118			124			145			79			86
American Funds Global Balanced Fund		39			126			39			86			74			51
The Bond Fund of America		267			415			456			461			373			514
Capital World Bond Fund		130			188			91			145			159			125
American High-Income Trust		20			34			56			78			58			67
American Funds Mortgage Fund		549			1141			975			1143			350			811
Ultra-Short Bond Fund		—	¹⁶		—	¹⁶		—	¹⁶		—	¹⁶		—	¹⁶		—	¹⁶
U.S. Government Securities Fund		376			695			433			867			277			446
Managed Risk Growth Fund		33			97			32			80			10			7
Managed Risk International Fund		14			82			24			71			8			8
Managed Risk Washington Mutual Investors Fund		14			70			16			101			13			11
Managed Risk Growth-Income Fund		17			67			13			38			6			14
Managed Risk Asset Allocation Fund		10			48			5			30			8			12

¹		Based on average shares outstanding.
²		This column reflects the impact of certain waivers/reimbursements from CRMC. During some of the years shown, CRMC waived a portion of investment advisory services fees on some funds, including each of the managed risk funds. In addition, during some of the years shown, CRMC reimbursed a portion of miscellaneous fees and expenses for some of the managed risk funds.
³		Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds, if applicable.
⁴		Based on operations for a period that is less than a full year.
⁵		Unaudited.
⁶		Not annualized.
⁷		Annualized.
⁸		Amount less than $.01.
⁹		Amount less than .01%.
¹⁰		Amount less than $1 million.
¹¹		This column does not include expenses of the underlying funds in which each fund invests.
¹²		This column reflects the net effective expense ratios for each fund and class, which include each class’s expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. Refer to the expense example for further information regarding fees and expenses.
¹³		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.
¹⁴		Refer to Note 5 for further information on mortgage dollar rolls.
¹⁵		Rates do not include the fund’s portfolio activity with respect to any Central Funds, if applicable.
¹⁶		Amount is either less than 1% or there is no turnover.

Refer to the notes to financial statements.

366	American Funds Insurance Series

Expense example

unaudited

The funds in American Funds Insurance Series serve as the underlying investment vehicle for various insurance products. As an owner of an insurance contract that invests in one of the funds in the series, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. Additional fees are charged by the insurance companies related to the various benefits they provide. This example is intended to help you understand your ongoing costs (in dollars) of investing in the underlying funds so you can compare these costs with the ongoing costs of investing in other mutual funds that serve a similar function in other annuity products. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (January 1, 2023, through June 30, 2023).

Actual expenses:

The first line of each share class in the tables on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of each share class in the tables on the following pages provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:

Additional fees are charged by the insurance companies related to the various benefits they provide. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the tables on the following pages are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each share class in the tables is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

American Funds Insurance Series

367

Expense example (continued)

	Beginning account value 1/1/2023		Ending account value 6/30/2023		Expenses paid during period¹		Annualized expense ratio
Global Growth Fund
Class 1 – actual return	$	1,000.00	$	1,153.68	$	2.19		.41	%
Class 1 – assumed 5% return		1,000.00		1,022.76		2.06		.41
Class 1A – actual return		1,000.00		1,152.25		3.52		.66
Class 1A – assumed 5% return		1,000.00		1,021.52		3.31		.66
Class 2 – actual return		1,000.00		1,152.52		3.52		.66
Class 2 – assumed 5% return		1,000.00		1,021.52		3.31		.66
Class 4 – actual return		1,000.00		1,150.85		4.85		.91
Class 4 – assumed 5% return		1,000.00		1,020.28		4.56		.91
Global Small Capitalization Fund
Class 1 – actual return	$	1,000.00	$	1,115.57	$	3.41		.65	%
Class 1 – assumed 5% return		1,000.00		1,021.57		3.26		.65
Class 1A – actual return		1,000.00		1,114.26		4.67		.89
Class 1A – assumed 5% return		1,000.00		1,020.38		4.46		.89
Class 2 – actual return		1,000.00		1,114.24		4.72		.90
Class 2 – assumed 5% return		1,000.00		1,020.33		4.51		.90
Class 4 – actual return		1,000.00		1,112.00		6.02		1.15
Class 4 – assumed 5% return		1,000.00		1,019.09		5.76		1.15
Growth Fund
Class 1 – actual return	$	1,000.00	$	1,250.20	$	1.95		.35	%
Class 1 – assumed 5% return		1,000.00		1,023.06		1.76		.35
Class 1A – actual return		1,000.00		1,248.60		3.35		.60
Class 1A – assumed 5% return		1,000.00		1,021.82		3.01		.60
Class 2 – actual return		1,000.00		1,248.73		3.35		.60
Class 2 – assumed 5% return		1,000.00		1,021.82		3.01		.60
Class 3 – actual return		1,000.00		1,249.10		2.96		.53
Class 3 – assumed 5% return		1,000.00		1,022.17		2.66		.53
Class 4 – actual return		1,000.00		1,247.16		4.74		.85
Class 4 – assumed 5% return		1,000.00		1,020.58		4.26		.85
International Fund
Class 1 – actual return	$	1,000.00	$	1,124.89	$	2.79		.53	%
Class 1 – assumed 5% return		1,000.00		1,022.17		2.66		.53
Class 1A – actual return		1,000.00		1,123.80		4.11		.78
Class 1A – assumed 5% return		1,000.00		1,020.93		3.91		.78
Class 2 – actual return		1,000.00		1,123.78		4.11		.78
Class 2 – assumed 5% return		1,000.00		1,020.93		3.91		.78
Class 3 – actual return		1,000.00		1,124.24		3.74		.71
Class 3 – assumed 5% return		1,000.00		1,021.27		3.56		.71
Class 4 – actual return		1,000.00		1,122.66		5.42		1.03
Class 4 – assumed 5% return		1,000.00		1,019.69		5.16		1.03
New World Fund
Class 1 – actual return	$	1,000.00	$	1,119.70	$	3.00		.57	%
Class 1 – assumed 5% return		1,000.00		1,021.97		2.86		.57
Class 1A – actual return		1,000.00		1,118.48		4.31		.82
Class 1A – assumed 5% return		1,000.00		1,020.73		4.11		.82
Class 2 – actual return		1,000.00		1,118.50		4.31		.82
Class 2 – assumed 5% return		1,000.00		1,020.73		4.11		.82
Class 4 – actual return		1,000.00		1,117.23		5.62		1.07
Class 4 – assumed 5% return		1,000.00		1,019.49		5.36		1.07

Refer to the end of the tables for footnotes.

368	American Funds Insurance Series

Expense example (continued)

	Beginning account value 1/1/2023		Ending account value 6/30/2023		Expenses paid during period¹		Annualized expense ratio
Washington Mutual Investors Fund
Class 1 – actual return	$	1,000.00	$	1,078.89	$	1.39		.27	%
Class 1 – assumed 5% return		1,000.00		1,023.46		1.35		.27
Class 1A – actual return		1,000.00		1,077.12		2.68		.52
Class 1A – assumed 5% return		1,000.00		1,022.22		2.61		.52
Class 2 – actual return		1,000.00		1,076.67		2.68		.52
Class 2 – assumed 5% return		1,000.00		1,022.22		2.61		.52
Class 4 – actual return		1,000.00		1,075.41		3.96		.77
Class 4 – assumed 5% return		1,000.00		1,020.98		3.86		.77
Capital World Growth and Income Fund
Class 1 – actual return	$	1,000.00	$	1,125.39	$	2.16		.41	%
Class 1 – assumed 5% return		1,000.00		1,022.76		2.06		.41
Class 1A – actual return		1,000.00		1,123.88		3.48		.66
Class 1A – assumed 5% return		1,000.00		1,021.52		3.31		.66
Class 2 – actual return		1,000.00		1,124.39		3.48		.66
Class 2 – assumed 5% return		1,000.00		1,021.52		3.31		.66
Class 4 – actual return		1,000.00		1,122.77		4.79		.91
Class 4 – assumed 5% return		1,000.00		1,020.28		4.56		.91
Growth-Income Fund
Class 1 – actual return	$	1,000.00	$	1,148.45	$	1.54		.29	%
Class 1 – assumed 5% return		1,000.00		1,023.36		1.45		.29
Class 1A – actual return		1,000.00		1,146.82		2.87		.54
Class 1A – assumed 5% return		1,000.00		1,022.12		2.71		.54
Class 2 – actual return		1,000.00		1,146.99		2.87		.54
Class 2 – assumed 5% return		1,000.00		1,022.12		2.71		.54
Class 3 – actual return		1,000.00		1,147.39		2.50		.47
Class 3 – assumed 5% return		1,000.00		1,022.46		2.36		.47
Class 4 – actual return		1,000.00		1,145.51		4.20		.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	$	1,103.10	$	2.82		.54	%
Class 1 – assumed 5% return		1,000.00		1,022.12		2.71		.54
Class 1A – actual return		1,000.00		1,102.10		4.12		.79
Class 1A – assumed 5% return		1,000.00		1,020.88		3.96		.79
Class 2 – actual return		1,000.00		1,102.03		4.12		.79
Class 2 – assumed 5% return		1,000.00		1,020.88		3.96		.79
Class 4 – actual return		1,000.00		1,101.00		5.42		1.04
Class 4 – assumed 5% return		1,000.00		1,019.64		5.21		1.04
Capital Income Builder
Class 1 – actual return	$	1,000.00	$	1,036.71	$	1.31		.26	%
Class 1 – assumed 5% return		1,000.00		1,023.51		1.30		.26
Class 1A – actual return		1,000.00		1,035.44		2.57		.51
Class 1A – assumed 5% return		1,000.00		1,022.27		2.56		.51
Class 2 – actual return		1,000.00		1,035.45		2.57		.51
Class 2 – assumed 5% return		1,000.00		1,022.27		2.56		.51
Class 4 – actual return		1,000.00		1,035.14		3.83		.76
Class 4 – assumed 5% return		1,000.00		1,021.03		3.81		.76

Refer to the end of the tables for footnotes.

American Funds Insurance Series

369

Expense example (continued)

	Beginning account value 1/1/2023		Ending account value 6/30/2023		Expenses paid during period¹		Annualized expense ratio
Asset Allocation Fund
Class 1 – actual return	$	1,000.00	$	1,070.71	$	1.54		.30	%
Class 1 – assumed 5% return		1,000.00		1,023.31		1.51		.30
Class 1A – actual return		1,000.00		1,069.70		2.82		.55
Class 1A – assumed 5% return		1,000.00		1,022.07		2.76		.55
Class 2 – actual return		1,000.00		1,068.88		2.82		.55
Class 2 – assumed 5% return		1,000.00		1,022.07		2.76		.55
Class 3 – actual return		1,000.00		1,069.86		2.46		.48
Class 3 – assumed 5% return		1,000.00		1,022.41		2.41		.48
Class 4 – actual return		1,000.00		1,068.06		4.10		.80
Class 4 – assumed 5% return		1,000.00		1,020.83		4.01		.80
American Funds Global Balanced Fund
Class 1 – actual return	$	1,000.00	$	1,077.39	$	2.58		.50	%
Class 1 – assumed 5% return		1,000.00		1,022.32		2.51		.50
Class 1A – actual return		1,000.00		1,076.55		3.86		.75
Class 1A – assumed 5% return		1,000.00		1,021.08		3.76		.75
Class 2 – actual return		1,000.00		1,076.41		3.86		.75
Class 2 – assumed 5% return		1,000.00		1,021.08		3.76		.75
Class 4 – actual return		1,000.00		1,075.50		5.15		1.00
Class 4 – assumed 5% return		1,000.00		1,019.84		5.01		1.00
The Bond Fund of America
Class 1 – actual return	$	1,000.00	$	1,015.54	$	1.00		.20	%
Class 1 – assumed 5% return		1,000.00		1,023.80		1.00		.20
Class 1A – actual return		1,000.00		1,014.16		2.25		.45
Class 1A – assumed 5% return		1,000.00		1,022.56		2.26		.45
Class 2 – actual return		1,000.00		1,015.34		2.25		.45
Class 2 – assumed 5% return		1,000.00		1,022.56		2.26		.45
Class 4 – actual return		1,000.00		1,013.97		3.50		.70
Class 4 – assumed 5% return		1,000.00		1,021.32		3.51		.70
Capital World Bond Fund
Class 1 – actual return	$	1,000.00	$	1,015.71	$	2.40		.48	%
Class 1 – assumed 5% return		1,000.00		1,022.41		2.41		.48
Class 1A – actual return		1,000.00		1,014.74		3.60		.72
Class 1A – assumed 5% return		1,000.00		1,021.22		3.61		.72
Class 2 – actual return		1,000.00		1,014.81		3.65		.73
Class 2 – assumed 5% return		1,000.00		1,021.17		3.66		.73
Class 4 – actual return		1,000.00		1,012.86		4.89		.98
Class 4 – assumed 5% return		1,000.00		1,019.93		4.91		.98
American High-Income Trust
Class 1 – actual return	$	1,000.00	$	1,043.68	$	1.52		.30	%
Class 1 – assumed 5% return		1,000.00		1,023.31		1.51		.30
Class 1A – actual return		1,000.00		1,043.59		2.79		.55
Class 1A – assumed 5% return		1,000.00		1,022.07		2.76		.55
Class 2 – actual return		1,000.00		1,043.04		2.79		.55
Class 2 – assumed 5% return		1,000.00		1,022.07		2.76		.55
Class 3 – actual return		1,000.00		1,044.32		2.43		.48
Class 3 – assumed 5% return		1,000.00		1,022.41		2.41		.48
Class 4 – actual return		1,000.00		1,041.64		4.05		.80
Class 4 – assumed 5% return		1,000.00		1,020.83		4.01		.80

Refer to the end of the tables for footnotes.

370	American Funds Insurance Series

Expense example (continued)

	Beginning account value 1/1/2023		Ending account value 6/30/2023		Expenses paid during period¹		Annualized expense ratio
American Funds Mortgage Fund
Class 1 – actual return	$	1,000.00	$	1,009.75	$	1.20		.24	%
Class 1 – assumed 5% return		1,000.00		1,023.60		1.20		.24
Class 1A – actual return		1,000.00		1,008.31		2.39		.48
Class 1A – assumed 5% return		1,000.00		1,022.41		2.41		.48
Class 2 – actual return		1,000.00		1,008.29		2.39		.48
Class 2 – assumed 5% return		1,000.00		1,022.41		2.41		.48
Class 4 – actual return		1,000.00		1,006.99		3.63		.73
Class 4 – assumed 5% return		1,000.00		1,021.17		3.66		.73
Ultra-Short Bond Fund
Class 1 – actual return	$	1,000.00	$	1,022.94	$	1.45		.29	%
Class 1 – assumed 5% return		1,000.00		1,023.36		1.45		.29
Class 1A – actual return		1,000.00		1,022.11		2.56		.51
Class 1A – assumed 5% return		1,000.00		1,022.27		2.56		.51
Class 2 – actual return		1,000.00		1,021.42		2.71		.54
Class 2 – assumed 5% return		1,000.00		1,022.12		2.71		.54
Class 3 – actual return		1,000.00		1,022.15		2.36		.47
Class 3 – assumed 5% return		1,000.00		1,022.46		2.36		.47
Class 4 – actual return		1,000.00		1,020.73		3.96		.79
Class 4 – assumed 5% return		1,000.00		1,020.88		3.96		.79
U.S. Government Securities Fund
Class 1 – actual return	$	1,000.00	$	1,003.83	$	1.04		.21	%
Class 1 – assumed 5% return		1,000.00		1,023.75		1.05		.21
Class 1A – actual return		1,000.00		1,001.45		2.28		.46
Class 1A – assumed 5% return		1,000.00		1,022.51		2.31		.46
Class 2 – actual return		1,000.00		1,001.42		2.28		.46
Class 2 – assumed 5% return		1,000.00		1,022.51		2.31		.46
Class 3 – actual return		1,000.00		1,002.46		1.94		.39
Class 3 – assumed 5% return		1,000.00		1,022.86		1.96		.39
Class 4 – actual return		1,000.00		1,001.02		3.52		.71
Class 4 – assumed 5% return		1,000.00		1,021.27		3.56		.71

Refer to the end of the tables for footnotes.

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Expense example (continued)

	Beginning account value 1/1/2023		Ending account value 6/30/2023		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	$	1,141.96	$	1.97		.37	%	$	3.77		.71	%
Class P1 – assumed 5% return		1,000.00		1,022.96		1.86		.37			3.56		.71
Class P2 – actual return		1,000.00		1,140.64		3.29		.62			5.10		.96
Class P2 – assumed 5% return		1,000.00		1,021.72		3.11		.62			4.81		.96
Managed Risk International Fund
Class P1 – actual return	$	1,000.00	$	1,048.33	$	1.93		.38	%	$	4.42		.87	%
Class P1 – assumed 5% return		1,000.00		1,022.91		1.91		.38			4.36		.87
Class P2 – actual return		1,000.00		1,048.12		3.30		.65			5.79		1.14
Class P2 – assumed 5% return		1,000.00		1,021.57		3.26		.65			5.71		1.14
Managed Risk Washington Mutual Investors Fund
Class P1 – actual return	$	1,000.00	$	1,034.07	$	1.82		.36	%	$	3.78		.75	%
Class P1 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.76		.75
Class P2 – actual return		1,000.00		1,032.90		3.13		.62			5.09		1.01
Class P2 – assumed 5% return		1,000.00		1,021.72		3.11		.62			5.06		1.01
Managed Risk Growth-Income Fund
Class P1 – actual return	$	1,000.00	$	1,086.65	$	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		1,084.99		3.15		.61			4.70		.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	$	1,044.02	$	1.82		.36	%	$	3.29		.65	%
Class P1 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.26		.65
Class P2 – actual return		1,000.00		1,043.19		3.09		.61			4.56		.90
Class P2 – assumed 5% return		1,000.00		1,021.77		3.06		.61			4.51		.90

¹	The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).
²	The “expenses paid during period” and “annualized expense ratio” do not include the expenses of the underlying funds in which each fund invests.
³	The “effective expenses paid during period” are equal to the “effective annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the period).
⁴	The “effective annualized expense ratio” reflects the net annualized expense ratio of the class plus the class’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests.

372	American Funds Insurance Series

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, 2024. 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 interactions 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, 2022. 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. 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. The board also considered and approved the amended fee schedule to the agreement that lowered the current fee schedule and resulted in an overall lower advisory fee. The board noted that there would be no diminution in services provided as a result of the lower advisory fee for certain funds.

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In addition, the board and committee 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 CRMC bears the cost of third-party research. The board and committee also noted that CRMC benefited from the use of commissions from portfolio transactions made on behalf of each fund to facilitate payment to certain broker-dealers for research to comply with regulatory requirements applicable to these firms, with all such amounts reimbursed by CRMC. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the 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 a number of 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.

374	American Funds Insurance Series

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, 2024. 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 interactions 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, 2022. 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, 2022. 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 agreements, 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.

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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 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. 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 CRMC bears the cost of third-party research. The board and committee also noted that CRMC benefited from the use of commissions from portfolio transactions made on behalf of each fund to facilitate payment to certain broker-dealers for research to comply with regulatory requirements applicable to these firms, with all such amounts reimbursed by CRMC. 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.

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5. Adviser financial information

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Office of the series

333 South Hope Street
Los Angeles, CA 90071-1406

Investment adviser

Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406

Investment subadviser

Milliman Financial Risk Management LLC
(Managed Risk Funds only)
71 South Wacker Drive, 31st Floor
Chicago, IL 60606-4637

Custodian of assets

State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111-2900

Counsel

Morgan, Lewis & Bockius LLP
One Federal Street
Boston, MA 02110-1726

Independent registered public accounting firm

PricewaterhouseCoopers LLP
601 South Figueroa Street
Los Angeles, CA 90017-3874

384	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 refer to the Capital Group website at capitalgroup.com/afis.

“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on the Capital Group website or upon request by calling AFS. The series files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on the Capital Group website.

American Funds Insurance Series files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. This filing is available free of charge on the SEC website and 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, 2023, 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 underlying funds in certain market conditions.

BLOOMBERG^® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products. The S&P 500 is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2023 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

American Funds Distributors, Inc.

The Capital Advantage^®

Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital System^TM— has resulted in superior outcomes.

Aligned with investor success

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. American Funds Insurance Series portfolio managers average 28 years of investment industry experience, including 23 years at our company, reflecting a career commitment to our long-term approach.¹

The Capital System

The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.

American Funds Insurance Series’ superior outcomes

American Funds Insurance Series equity-focused funds have beaten their comparable Lipper indexes in 88% of 10-year periods and 100% of 20-year periods.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, 2023.
	²	Based on Class 1 share results for rolling calendar-year periods starting the first full calendar year after each fund’s inception through December 31, 2022. Periods covered are the shorter of the fund’s lifetime or since the inception date of the comparable Lipper index or average. The comparable Lipper indexes are: Global Funds Index (Global Growth Fund, Capital World Growth and Income Fund), Growth Funds Index (Growth Fund), International Funds Index (International Fund), Emerging Markets Funds Index (New World Fund), Growth & Income Funds Index (Washington Mutual Investors Fund, Growth and Income Fund) and Balanced Funds Index (Asset Allocation Fund). The Lipper Global Small-/Mid-Cap Funds Average was used for Global Small Capitalization Fund. Lipper source: Refinitiv Lipper. There have been periods when the fund has lagged the index.
	³	Based on Class 1 share results as of December 31, 2022. Four of our five fixed income American Funds that have been in existence for the three year period showed a three-year correlation lower than their respective Morningstar peer group averages. S&P 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.
	⁴	Based on management fees for the 20-year period ended December 31, 2022, versus comparable Lipper categories, excluding funds of funds.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

(b)

Not applicable to this filing.

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/ Andrea Anastasio
	Andrea Anastasio, President and Principal Executive Officer

Date

8/17/2023

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/ Andrea Anastasio
	Andrea Anastasio, President and Principal Executive Officer

Date

8/17/2023

By (Signature and Title)	/s/ Renée Hitchcock
	Renée Hitchcock, Treasurer and Principal Financial Officer

Date

8/17/2023

MML Series Investment Fund N-CSRSCertified semi-annual shareholder report (management investment company)