UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
Certified Shareholder Report of
Registered Management Investment Companies
Investment Company Act File Number: 811-03857
American Funds Insurance Series
(Exact Name of Registrant as Specified in Charter)
333 South Hope Street
Los Angeles, California 90071
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (949) 975-5000
Date of fiscal year end: December 31
Date of reporting period: June 30, 2020
Gregory F. Niland
American Funds Insurance Series
5300 Robin Hood Road
Norfolk, Virginia 23513
(Name and Address of Agent for Service)
ITEM 1 – Reports to Stockholders
American Funds
Semi-annual report |
Investing in global
companies for
the long term
Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, you may not receive paper copies of the fund’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from the insurance company or from your financial intermediary. Instead, the shareholder reports will be made available on a website, and the insurance company will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.
You may elect to receive paper copies of all future reports free of charge from the insurance company. You can inform the insurance company that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company. Your election to receive paper reports will apply to all investment options available under your contract.
American Funds Insurance Series, by Capital Group, is the underlying investment vehicle for many variable annuities and insurance products. For nearly 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.
Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the prospectus. These risks may be heightened in connection with investments in developing countries. Investing in small-capitalization stocks can involve greater risk than is customarily associated with investing in stocks of larger, more established companies. The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. High-yield bonds are subject to greater fluctuations in value and risk of loss of income and principal than investment-grade bonds. Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. Futures may not provide an effective hedge of the underlying securities because changes in the prices of futures may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the funds from market declines and will limit the funds’ participation in market gains. The use of the managed risk strategy could cause the funds’ returns to lag those of the applicable underlying funds in certain rising market conditions. Refer to the funds’ prospectuses and the Risk Factors section of this report for more information on these and other risks associated with investing in the funds.
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Shown in the table on the following pages are American Funds Insurance Series’ semi-annual results for the period ended June 30, 2020. Also shown are the results of each fund’s applicable benchmark.
For additional information about the series, its investment results, holdings and portfolio managers, visit capitalgroup.com/individual/products/american-funds-insurance-series. html. 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
American Funds Insurance Series | 1 |
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
For periods ended June 30, 2020, 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 | 4.22 | % | 16.41 | % | 11.17 | % | 13.07 | % | 10.18 | % | |||||||||||
MSCI All Country World Index (ACWI)1 | –6.25 | 2.11 | 6.46 | 9.16 | 6.03 | |||||||||||||||||
Global Small Capitalization Fund | 4/30/98 | –3.18 | 6.10 | 5.16 | 9.20 | 9.31 | ||||||||||||||||
MSCI All Country World Small Cap Index1 | –12.85 | –5.54 | 3.67 | 8.61 | 6.97 | |||||||||||||||||
Growth Fund | 2/8/84 | 12.10 | 25.84 | 15.96 | 16.22 | 13.09 | ||||||||||||||||
Standard & Poor’s 500 Composite Index2 | –3.08 | 7.51 | 10.73 | 13.99 | 11.18 | |||||||||||||||||
International Fund | 5/1/90 | –11.20 | –4.81 | 3.50 | 6.53 | 7.64 | ||||||||||||||||
MSCI All Country World Index (ACWI) ex USA1 | –11.00 | –4.80 | 2.26 | 4.97 | 5.32 | |||||||||||||||||
New World Fund | 6/17/99 | –4.06 | 4.19 | 6.44 | 6.42 | 8.07 | ||||||||||||||||
MSCI All Country World Index (ACWI)1 | –6.25 | 2.11 | 6.46 | 9.16 | 4.70 | |||||||||||||||||
Blue Chip Income and Growth Fund | 7/5/01 | –8.27 | 0.42 | 6.79 | 11.40 | 6.04 | ||||||||||||||||
Standard & Poor’s 500 Composite Index2 | –3.08 | 7.51 | 10.73 | 13.99 | 7.16 | |||||||||||||||||
Global Growth and Income Fund | 5/1/06 | –11.08 | –2.21 | 6.59 | 9.85 | 6.40 | ||||||||||||||||
MSCI All Country World Index (ACWI)1 | –6.25 | 2.11 | 6.46 | 9.16 | 5.26 | |||||||||||||||||
Growth-Income Fund | 2/8/84 | –3.62 | 4.93 | 10.19 | 13.45 | 11.18 | ||||||||||||||||
Standard & Poor’s 500 Composite Index2 | –3.08 | 7.51 | 10.73 | 13.99 | 11.18 | |||||||||||||||||
International Growth and Income Fund | 11/18/08 | –15.08 | –8.98 | 1.61 | 5.51 | 7.38 | ||||||||||||||||
MSCI All Country World Index (ACWI) ex USA1 | –11.00 | –4.80 | 2.26 | 4.97 | 7.17 | |||||||||||||||||
Capital Income Builder | 5/1/14 | –6.23 | 0.67 | 3.57 | — | 3.08 | ||||||||||||||||
MSCI All Country World Index (ACWI)1 | –6.25 | 2.11 | 6.46 | — | 5.98 | |||||||||||||||||
Bloomberg Barclays U.S. Aggregate Index3 | 6.14 | 8.74 | 4.30 | — | 3.95 | |||||||||||||||||
70%/30% MSCI ACWI/Bloomberg Barclays U.S.Aggregate Index4 | –2.28 | 4.56 | 6.05 | — | 5.58 | |||||||||||||||||
Asset Allocation Fund | 8/1/89 | –1.47 | 6.82 | 8.05 | 10.60 | 8.44 | ||||||||||||||||
60%/40% S&P 500 Index/Bloomberg Barclays U.S. Aggregate Index5 | 0.98 | 8.58 | 8.41 | 10.08 | 8.49 | |||||||||||||||||
Standard & Poor’s 500 Composite Index2 | –3.08 | 7.51 | 10.73 | 13.99 | 9.69 | |||||||||||||||||
Bloomberg Barclays U.S. Aggregate Index3 | 6.14 | 8.74 | 4.30 | 3.82 | 6.02 | |||||||||||||||||
Global Balanced Fund | 5/2/11 | –2.85 | 3.84 | 6.43 | — | 5.79 | ||||||||||||||||
MSCI All Country World Index (ACWI)1 | –6.25 | 2.11 | 6.46 | — | 6.45 | |||||||||||||||||
Bloomberg Barclays Global Aggregate Index3 | 2.98 | 4.22 | 3.56 | — | 1.93 | |||||||||||||||||
60%/40% MSCI ACWI/Bloomberg Barclays Global Aggregate Index6 | –2.28 | 3.42 | 5.54 | — | 4.84 | |||||||||||||||||
Bond Fund | 1/2/96 | 6.61 | 9.49 | 4.67 | 4.05 | 4.90 | ||||||||||||||||
Bloomberg Barclays U.S. Aggregate Index3 | 6.14 | 8.74 | 4.30 | 3.82 | 5.21 | |||||||||||||||||
Capital World Bond Fund | 10/4/06 | 2.14 | 3.56 | 3.49 | 3.13 | 4.08 | ||||||||||||||||
Bloomberg Barclays Global Aggregate Index3 | 2.98 | 4.22 | 3.56 | 2.81 | 3.68 | |||||||||||||||||
High-Income Bond Fund | 2/8/84 | –4.74 | –2.11 | 3.94 | 5.59 | 8.40 | ||||||||||||||||
Bloomberg Barclays U.S. Corporate High Yield 2%Issuer Capped Index3 | –3.83 | 0.00 | 4.79 | 6.67 | N/A | |||||||||||||||||
American Funds Mortgage Fund | 5/2/11 | 5.81 | 6.97 | 3.38 | — | 3.17 | ||||||||||||||||
Bloomberg Barclays U.S. Mortgage-Backed Securities Index3 | 3.50 | 5.67 | 3.23 | — | 3.06 | |||||||||||||||||
Ultra-Short Bond Fund | 2/8/84 | 0.43 | 1.24 | 0.91 | 0.34 | 3.36 | ||||||||||||||||
Bloomberg Barclays Short-Term Government/Corporate Index3 | 1.16 | 2.32 | 1.54 | 0.93 | N/A | |||||||||||||||||
U.S. Govt./AAA-Rated Securities Fund | 12/2/85 | 8.80 | 9.84 | 3.92 | 3.29 | 5.88 | ||||||||||||||||
Bloomberg Barclays U.S. Government/Mortgage-Backed Securities Index3 | 6.59 | 8.50 | 3.73 | 3.23 | 6.31 |
2 | American Funds Insurance Series |
Inception | Cumulative total returns | Average annual total returns | ||||||||||||||||
Class P1 shares | date | 6 months | 1 year | 5 years | Lifetime | |||||||||||||
Managed Risk Growth Fund | 5/1/13 | 8.57 | % | 18.75 | % | 11.03 | % | 10.49 | % | |||||||||
S&P 500 Managed Risk Index — Moderate Aggressive7 | –2.99 | 4.70 | 7.10 | 8.63 | ||||||||||||||
Managed Risk International Fund | 5/1/13 | –12.33 | –7.10 | 1.43 | 1.78 | |||||||||||||
S&P EPAC Ex. Korea LargeMidCap Managed Risk Index — Moderate Aggressive7 | –10.23 | –4.59 | 1.02 | 1.93 | ||||||||||||||
Managed Risk Blue Chip Income and Growth Fund | 5/1/13 | –8.30 | –1.84 | 4.01 | 5.30 | |||||||||||||
S&P 500 Managed Risk Index — Moderate7 | –2.02 | 5.19 | 6.84 | 8.04 | ||||||||||||||
Managed Risk Growth-Income Fund | 5/1/13 | 0.66 | 7.68 | 7.83 | 8.42 | |||||||||||||
S&P 500 Managed Risk Index — Moderate7 | –2.02 | 5.19 | 6.84 | 8.04 | ||||||||||||||
Managed Risk Asset Allocation Fund | 9/28/12 | –3.71 | 3.71 | 5.87 | 6.95 | |||||||||||||
S&P 500 Managed Risk Index — Moderate Conservative7 | –1.12 | 5.66 | 6.64 | 7.90 |
The market indexes shown are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/ or expense reimbursements, without which results would have been lower. The investment adviser is currently waiving a portion of its management fee for New World Fund, Capital Income Builder, Capital World Bond Fund and American Funds Mortgage Fund. This waiver will be in effect through at least May 1, 2021. The waiver may only be modified or terminated with the approval of the fund’s board. Visit capitalgroup.com for more information.
1 | Source: MSCI. Results for MSCI indexes reflect dividends net of withholding taxes and reinvestment of distributions. MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes. MSCI All Country World Small Cap Index is a free float-adjusted market capitalization-weighted index that is designed to measure equity market results of smaller capitalization companies in both developed and emerging markets. MSCI All Country World ex USA Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market results in the global developed and emerging markets, excluding the United States. The index consists of more than 40 developed and emerging market country indexes. |
2 | Source: S&P Dow Jones Indices LLC. S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks. |
3 | Source: Bloomberg Index Services Ltd. Bloomberg Barclays U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market. Bloomberg Barclays Global Aggregate Index represents the global investment-grade fixed income markets. Bloomberg Barclays U.S. Mortgage Backed Securities Index is a market-value-weighted index that covers the mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%. Bloomberg Barclays U.S. Government/Mortgage-Backed Securities Index covers obligations issued by the U.S. Treasury and U.S. government agencies. |
4 | Sources: MSCI and Bloomberg Index Services Ltd. The 70%/30% MSCI ACWI/Bloomberg Barclays U.S. Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg Barclays U.S. Aggregate Index by weighting their total returns at 70% and 30%, respectively. Its result assumes the blend is rebalanced monthly. |
5 | Sources: Bloomberg Index Services Ltd. and S&P Dow Jones Indices LLC. Blends the S&P 500 with the Bloomberg Barclays U.S. Aggregate Index by weighting their total returns at 60% and 40%, respectively. Results assume the blend is rebalanced monthly. |
6 | Sources: MSCI and Bloomberg Index Services Ltd. The 60%/40% MSCI ACWI/Bloomberg Barclays Global Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg Barclays Global Aggregate Index by weighting their cumulative total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly. |
7 | Source: S&P Dow Jones Indices LLC. Standard & Poor’s Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index. |
American Funds Insurance Series | 3 |
Summary investment portfolios
Summary investment portfolios are designed to streamline this report and help investors better focus on the funds’ principal holdings. Ultra-Short Bond Fund, Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Blue Chip Income and Growth Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund show a complete listing of portfolio holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings for each fund in the series.
Unless otherwise indicated, American Funds Insurance Series investment results are for Class 1 shares (Class P1 shares for managed risk funds). Class 1A shares began operations on January 6, 2017. Class 2 shares began operations on April 30, 1997. Class 3 shares began operations on January 16, 2004. Class 4 shares began operations on December 14, 2012. Results encompassing periods prior to those dates assume a hypothetical investment in Class 1 shares and include the deduction of additional annual expenses (0.25% for Class 1A shares, 0.25% for Class 2 shares, 0.18% for Class 3 shares and 0.50% for Class 4 shares).
The variable annuities and life insurance contracts that use the series funds contain certain fees and expenses not reflected in this report. Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. The investment adviser is currently waiving a portion of its management fee for New World Fund, Capital Income Builder, Capital World Bond Fund (formerly Global Bond Fund) and American Funds Mortgage Fund (formerly Mortgage Fund). This waiver will be in effect through at least May 1, 2021. The waiver may only be modified or terminated with the approval of the fund’s board. Visit capitalgroup.com for more information.
For the managed risk funds, the investment adviser is currently waiving a portion of its management fee equal to 0.05% of the funds’ 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, 2021, 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. See 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 FundSM and American Funds Insurance Series – Bond FundSM. The Managed Risk International Fund pursues its objective by investing in shares of American Funds Insurance Series – International FundSM and American Funds Insurance Series – Bond FundSM. The Managed Risk Blue Chip Income and Growth Fund pursues its objective by investing in shares of American Funds Insurance Series – Blue Chip Income and Growth FundSM and American Funds Insurance Series – U.S. Government/AAA-Rated Securities FundSM. The Managed Risk Growth-Income Fund pursues its objective by investing in shares of American Funds Insurance Series – Growth-Income FundSM and American Funds Insurance Series – Bond FundSM. The Managed Risk Asset Allocation Fund pursues its objective by investing in shares of American Funds Insurance Series – Asset Allocation Fund.SM The funds seek to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded futures. 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
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Total returns based on a $1,000 investment
For periods ended June 30, 2020*
6 months | 1 year | 5 years | 10 years | Lifetime (since April 30, 1997) | Expense ratio | |||||||||||||||||||
Class 1 | 4.22 | % | 16.41 | % | 11.17 | % | 13.07 | % | 10.18 | % | .57 | % | ||||||||||||
Class 1A | 4.13 | 16.14 | 10.91 | 12.80 | 9.91 | .82 | ||||||||||||||||||
Class 2 | 4.10 | 16.14 | 10.90 | 12.80 | 9.91 | .82 | ||||||||||||||||||
Class 4 | 3.99 | 15.85 | 10.62 | 12.56 | 9.65 | 1.07 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.
* | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of June 30, 2020 | Percent of net assets |
American Funds Insurance Series | 5 |
Global Small Capitalization Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Total returns based on a $1,000 investment
For periods ended June 30, 2020*
6 months | 1 year | 5 years | 10 years | Lifetime (since April 30, 1998) | Expense ratio | |||||||||||||||||||
Class 1 | –3.18 | % | 6.10 | % | 5.16 | % | 9.20 | % | 9.31 | % | .76 | % | ||||||||||||
Class 1A | –3.30 | 5.83 | 4.92 | 8.94 | 9.04 | 1.01 | ||||||||||||||||||
Class 2 | –3.28 | 5.86 | 4.91 | 8.93 | 9.04 | 1.01 | ||||||||||||||||||
Class 4 | –3.46 | 5.54 | 4.63 | 8.66 | 8.77 | 1.26 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.
* | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of June 30, 2020 | Percent of net assets |
6 | American Funds Insurance Series |
Growth Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Total returns based on a $1,000 investment
For periods ended June 30, 2020*
6 months | 1 year | 5 years | 10 years | Lifetime (since February 8, 1984) | Expense ratio | |||||||||||||||||||
Class 1 | 12.10 | % | 25.84 | % | 15.96 | % | 16.22 | % | 13.09 | % | .36 | % | ||||||||||||
Class 1A | 11.95 | 25.51 | 15.69 | 15.94 | 12.81 | .61 | ||||||||||||||||||
Class 2 | 11.97 | 25.51 | 15.67 | 15.93 | 12.81 | .61 | ||||||||||||||||||
Class 3 | 12.01 | 25.61 | 15.76 | 16.01 | 12.89 | .54 | ||||||||||||||||||
Class 4 | 11.81 | 25.19 | 15.38 | 15.66 | 12.53 | .86 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.
* | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of June 30, 2020 | Percent of net assets |
American Funds Insurance Series | 7 |
International Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Total returns based on a $1,000 investment
For periods ended June 30, 2020*
6 months | 1 year | 5 years | 10 years | Lifetime (since May 1, 1990) | Expense ratio | |||||||||||||||||||
Class 1 | –11.20 | % | –4.81 | % | 3.50 | % | 6.53 | % | 7.64 | % | .55 | % | ||||||||||||
Class 1A | –11.32 | –5.03 | 3.25 | 6.27 | 7.38 | .80 | ||||||||||||||||||
Class 2 | –11.33 | –5.07 | 3.24 | 6.26 | 7.38 | .80 | ||||||||||||||||||
Class 3 | –11.30 | –4.98 | 3.32 | 6.34 | 7.45 | .73 | ||||||||||||||||||
Class 4 | –11.46 | –5.29 | 2.99 | 6.02 | 7.11 | 1.05 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.
* | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of June 30, 2020 | Percent of net assets |
8 | American Funds Insurance Series |
New World Fund®
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Total returns based on a $1,000 investment
For periods ended June 30, 2020*
6 months | 1 year | 5 years | 10 years | Lifetime (since June 17, 1999) | Gross expense ratio | Net expense ratio | ||||||||||||||||||||||
Class 1 | –4.06 | % | 4.19 | % | 6.44 | % | 6.42 | % | 8.07 | % | .77 | % | .59 | % | ||||||||||||||
Class 1A | –4.18 | 3.87 | 6.17 | 6.16 | 7.80 | 1.02 | .84 | |||||||||||||||||||||
Class 2 | –4.18 | 3.93 | 6.18 | 6.16 | 7.80 | 1.02 | .84 | |||||||||||||||||||||
Class 4 | –4.31 | 3.61 | 5.90 | 5.90 | 7.53 | 1.27 | 1.09 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment advisor is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2021. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.
* | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of June 30, 2020 | Percent of net assets |
American Funds Insurance Series | 9 |
Blue Chip Income and Growth Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Total returns based on a $1,000 investment
For periods ended June 30, 2020*
6 months | 1 year | 5 years | 10 years | Lifetime (since July 5, 2001) | Expense ratio | |||||||||||||||||||
Class 1 | –8.27 | % | 0.42 | % | 6.79 | % | 11.40 | % | 6.04 | % | .43 | % | ||||||||||||
Class 1A | –8.40 | 0.25 | 6.54 | 11.13 | 5.78 | .68 | ||||||||||||||||||
Class 2 | –8.41 | 0.26 | 6.55 | 11.12 | 5.77 | .68 | ||||||||||||||||||
Class 4 | –8.49 | –0.06 | 6.27 | 10.91 | 5.54 | .93 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.
* | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of June 30, 2020 | Percent of net assets |
10 | American Funds Insurance Series |
Global Growth and Income Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Total returns based on a $1,000 investment
For periods ended June 30, 2020*
6 months | 1 year | 5 years | 10 years | Lifetime (since May 1, 2006) | Expense ratio | |||||||||||||||||||
Class 1 | –11.08 | % | –2.21 | % | 6.59 | % | 9.85 | % | 6.40 | % | .66 | % | ||||||||||||
Class 1A | –11.20 | –2.47 | 6.36 | 9.59 | 6.14 | .91 | ||||||||||||||||||
Class 2 | –11.20 | –2.46 | 6.31 | 9.57 | 6.13 | .91 | ||||||||||||||||||
Class 4 | –11.29 | –2.75 | 6.04 | 9.32 | 5.88 | 1.16 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.
* | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of June 30, 2020 | Percent of net assets |
American Funds Insurance Series | 11 |
Growth-Income Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Total returns based on a $1,000 investment
For periods ended June 30, 2020*
6 months | 1 year | 5 years | 10 years | Lifetime (since February 8, 1984) | Expense ratio | |||||||||||||||||||
Class 1 | –3.62 | % | 4.93 | % | 10.19 | % | 13.45 | % | 11.18 | % | .30 | % | ||||||||||||
Class 1A | –3.73 | 4.69 | 9.93 | 13.18 | 10.91 | .55 | ||||||||||||||||||
Class 2 | –3.73 | 4.67 | 9.91 | 13.17 | 10.91 | .55 | ||||||||||||||||||
Class 3 | –3.70 | 4.75 | 9.99 | 13.25 | 10.98 | .48 | ||||||||||||||||||
Class 4 | –3.86 | 4.40 | 9.64 | 12.90 | 10.63 | .80 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.
* | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of June 30, 2020 | Percent of net assets |
12 | American Funds Insurance Series |
International Growth and Income Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Total returns based on a $1,000 investment
For periods ended June 30, 2020*
6 months | 1 year | 5 years | 10 years | Lifetime (since November 18, 2008) | Expense ratio | |||||||||||||||||||
Class 1 | –15.08 | % | –8.98 | % | 1.61 | % | 5.51 | % | 7.38 | % | .67 | % | ||||||||||||
Class 1A | –15.19 | –9.26 | 1.37 | 5.26 | 7.12 | .92 | ||||||||||||||||||
Class 2 | –15.17 | –9.25 | 1.35 | 5.25 | 7.11 | .92 | ||||||||||||||||||
Class 4 | –15.29 | –9.48 | 1.09 | 5.02 | 6.88 | 1.17 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.
* | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of June 30, 2020 | Percent of net assets |
American Funds Insurance Series | 13 |
Capital Income Builder®
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Total returns based on a $1,000 investment
For periods ended June 30, 2020*
6 months | 1 year | 5 years | Lifetime (since May 1, 2014) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class 1 | –6.23 | % | 0.67 | % | 3.57 | % | 3.08 | % | .54 | % | .28 | % | ||||||||||||
Class 1A | –6.36 | 0.41 | 3.32 | 2.82 | .79 | .53 | ||||||||||||||||||
Class 2 | –6.36 | 0.31 | 3.34 | 2.91 | .79 | .53 | ||||||||||||||||||
Class 4 | –6.49 | 0.15 | 3.05 | 2.56 | 1.04 | .78 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment advisor is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2021.The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.
* | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of June 30, 2020 | Percent of net assets |
14 | American Funds Insurance Series |
Asset Allocation Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Total returns based on a $1,000 investment
For periods ended June 30, 2020*
6 months | 1 year | 5 years | 10 years | Lifetime (since August 1,1989) | Expense ratio | |||||||||||||||||||
Class 1 | –1.47 | % | 6.82 | % | 8.05 | % | 10.60 | % | 8.44 | % | .31 | % | ||||||||||||
Class 1A | –1.55 | 6.57 | 7.79 | 10.33 | 8.17 | .56 | ||||||||||||||||||
Class 2 | –1.57 | 6.54 | 7.78 | 10.33 | 8.17 | .56 | ||||||||||||||||||
Class 3 | –1.54 | 6.62 | 7.86 | 10.41 | 8.24 | .49 | ||||||||||||||||||
Class 4 | –1.70 | 6.26 | 7.51 | 10.09 | 7.91 | .81 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.
* | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of June 30, 2020 | Percent of net assets |
American Funds Insurance Series | 15 |
Global Balanced Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Total returns based on a $1,000 investment
For periods ended June 30, 2020*
6 months | 1 year | 5 years | Lifetime (since May 2, 2011) | Expense ratio | ||||||||||||||||
Class 1 | –2.85 | % | 3.84 | % | 6.43 | % | 5.79 | % | .73 | % | ||||||||||
Class 1A | –3.00 | 3.51 | 6.20 | 5.54 | .98 | |||||||||||||||
Class 2 | –2.93 | 3.59 | 6.18 | 5.53 | .98 | |||||||||||||||
Class 4 | –3.11 | 3.25 | 5.93 | 5.39 | 1.23 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.
* | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of June 30, 2020 | Percent of net assets |
16 | American Funds Insurance Series |
Bond Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Total returns based on a $1,000 investment
For periods ended June 30, 2020*
6 months | 1 year | 5 years | 10 years | Lifetime (since January 2, 1996) | Expense ratio | |||||||||||||||||||
Class 1 | 6.61 | % | 9.49 | % | 4.67 | % | 4.05 | % | 4.90 | % | .40 | % | ||||||||||||
Class 1A | 6.51 | 9.26 | 4.42 | 3.80 | 4.64 | .65 | ||||||||||||||||||
Class 2 | 6.56 | 9.25 | 4.40 | 3.79 | 4.64 | .65 | ||||||||||||||||||
Class 4 | 6.36 | 8.89 | 4.13 | 3.54 | 4.38 | .90 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.
* | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of June 30, 2020 | Percent of net assets |
American Funds Insurance Series | 17 |
Capital World Bond Fund® (formerly Global Bond Fund)
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Total returns based on a $1,000 investment
For periods ended June 30, 2020*
6 months | 1 year | 5 years | 10 years | Lifetime (since October 4, 2006) | Gross expense ratio | Net expense ratio | ||||||||||||||||||||||
Class 1 | 2.14 | % | 3.56 | % | 3.49 | % | 3.13 | % | 4.08 | % | .59 | % | .49 | % | ||||||||||||||
Class 1A | 2.03 | 3.26 | 3.27 | 2.89 | 3.83 | .84 | .74 | |||||||||||||||||||||
Class 2 | 2.03 | 3.32 | 3.23 | 2.87 | 3.82 | .84 | .74 | |||||||||||||||||||||
Class 4 | 1.93 | 3.06 | 2.99 | 2.66 | 3.60 | 1.09 | .99 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment advisor is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2021. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.
* | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of June 30, 2020 | Percent of net assets |
18 | American Funds Insurance Series |
High-Income Bond Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Total returns based on a $1,000 investment
For periods ended June 30, 2020*
6 months | 1 year | 5 years | 10 years | Lifetime (since February 8, 1984) | Expense ratio | |||||||||||||||||||
Class 1 | –4.74 | % | –2.11 | % | 3.94 | % | 5.59 | % | 8.40 | % | .51 | % | ||||||||||||
Class 1A | –4.86 | –2.32 | 3.71 | 5.34 | 8.13 | .76 | ||||||||||||||||||
Class 2 | –4.85 | –2.38 | 3.69 | 5.33 | 8.13 | .76 | ||||||||||||||||||
Class 3 | –4.83 | –2.26 | 3.77 | 5.40 | 8.20 | .69 | ||||||||||||||||||
Class 4 | –4.89 | –2.52 | 3.43 | 5.12 | 7.87 | 1.01 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.
* | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of June 30, 2020 | Percent of net assets |
American Funds Insurance Series | 19 |
American Funds Mortgage Fund® (formerly Mortgage Fund)
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Total returns based on a $1,000 investment
For periods ended June 30, 2020*
6 months | 1 year | 5 years | Lifetime (since May 2, 2011) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class 1 | 5.81 | % | 6.97 | % | 3.38 | % | 3.17 | % | .48 | % | .30 | % | ||||||||||||
Class 1A | 5.59 | 6.67 | 3.12 | 2.91 | .73 | .55 | ||||||||||||||||||
Class 2 | 5.68 | 6.71 | 3.13 | 2.91 | .73 | .55 | ||||||||||||||||||
Class 4 | 5.53 | 6.43 | 2.87 | 2.72 | .98 | .80 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment advisor is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2021. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.
* | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of June 30, 2020 | Percent of net assets |
20 | American Funds Insurance Series |
Ultra-Short Bond Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Total returns based on a $1,000 investment
For periods ended June 30, 2020*
6 months | 1 year | 5 years | 10 years | Lifetime (since February 8, 1984) | Expense ratio | |||||||||||||||||||
Class 1 | 0.43 | % | 1.24 | % | 0.91 | % | 0.34 | % | 3.36 | % | .37 | % | ||||||||||||
Class 1A | 0.41 | 1.23 | 0.84 | 0.18 | 3.13 | .62 | ||||||||||||||||||
Class 2 | 0.31 | 1.02 | 0.67 | 0.09 | 3.11 | .62 | ||||||||||||||||||
Class 3 | 0.31 | 1.07 | 0.72 | 0.16 | 3.17 | .55 | ||||||||||||||||||
Class 4 | 0.11 | 0.73 | 0.40 | –0.09 | 2.86 | .87 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.
* | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of June 30, 2020 | Percent of net assets | |||
Commercial paper | 68.2 | % | ||
Bonds & notes of governments & government agencies outside the U.S. | 17.9 | |||
Federal agency discount notes | 7.0 | |||
U.S. Treasury bills | 6.8 | |||
Other assets less liabilities | .1 | |||
Total | 100.0 | % |
American Funds Insurance Series | 21 |
U.S. Government/AAA-Rated Securities Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Total returns based on a $1,000 investment
For periods ended June 30, 2020*
6 months | 1 year | 5 years | 10 years | Lifetime (since December 2, 1985) | Expense ratio | |||||||||||||||||||
Class 1 | 8.80 | % | 9.84 | % | 3.92 | % | 3.29 | % | 5.88 | % | .38 | % | ||||||||||||
Class 1A | 8.64 | 9.59 | 3.69 | 3.05 | 5.62 | .63 | ||||||||||||||||||
Class 2 | 8.70 | 9.61 | 3.65 | 3.03 | 5.62 | .63 | ||||||||||||||||||
Class 3 | 8.77 | 9.73 | 3.74 | 3.11 | 5.70 | .56 | ||||||||||||||||||
Class 4 | 8.53 | 9.37 | 3.40 | 2.82 | 5.37 | .88 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2020. See the Financial Highlights table in this report for details.
* | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of June 30, 2020 | Percent of net assets |
22 | American Funds Insurance Series |
Managed Risk Growth Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Total returns based on a $1,000 investment
For periods ended June 30, 2020*
6 months | 1 year | 5 years | Lifetime (since May 1, 2013) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class P1 | 8.57 | % | 18.75 | % | 11.03 | % | 10.49 | % | .79 | % | .74 | % | ||||||||||||
Class P2 | 8.42 | 18.45 | 10.73 | 10.17 | 1.04 | .99 |
The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2021. The waiver may only be modified or terminated with the approval of the fund’s board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2020.
* | Periods greater than one year are annualized. |
American Funds Insurance Series | 23 |
Managed Risk International Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Total returns based on a $1,000 investment
For periods ended June 30, 2020*
6 months | 1 year | 5 years | Lifetime (since May 1, 2013) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class P1 | –12.33 | % | –7.10 | % | 1.43 | % | 1.78 | % | .97 | % | .89 | % | ||||||||||||
Class P2 | –12.45 | –7.36 | 1.06 | 1.41 | 1.22 | 1.14 |
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, 2021. 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. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2020.
* | Periods greater than one year are annualized. |
24 | American Funds Insurance Series |
Managed Risk Blue Chip Income and Growth Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Total returns based on a $1,000 investment
For periods ended June 30, 2020*
6 months | 1 year | 5 years | Lifetime (since May 1, 2013) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class P1 | –8.30 | % | –1.84 | % | 4.01 | % | 5.30 | % | .84 | % | .79 | % | ||||||||||||
Class P2 | –8.48 | –2.16 | 3.64 | 4.93 | 1.09 | 1.04 |
The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2021. The waiver may only be modified or terminated with the approval of the fund’s board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2020.
* | Periods greater than one year are annualized. |
American Funds Insurance Series | 25 |
Managed Risk Growth-Income Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Total returns based on a $1,000 investment
For periods ended June 30, 2020*
6 months | 1 year | 5 years | Lifetime (since May 1, 2013) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class P1 | 0.66 | % | 7.68 | % | 7.83 | % | 8.42 | % | .73 | % | .68 | % | ||||||||||||
Class P2 | 0.62 | 7.48 | 7.55 | 8.11 | .98 | .93 |
The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2021. The waiver may only be modified or terminated with the approval of the fund’s board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2020.
* | Periods greater than one year are annualized. |
26 | American Funds Insurance Series |
Managed Risk Asset Allocation Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Total returns based on a $1,000 investment
For periods ended June 30, 2020*
6 months | 1 year | 5 years | Lifetime (since September 28, 2012) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class P1 | –3.71 | % | 3.71 | % | 5.87 | % | 6.95 | % | .71 | % | .66 | % | ||||||||||||
Class P2 | –3.80 | 3.42 | 5.60 | 6.69 | .96 | .91 |
The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2021. The waiver may only be modified or terminated with the approval of the fund’s board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2020.
* | Periods greater than one year are annualized. |
American Funds Insurance Series | 27 |
Global Growth Fund | |
Summary investment portfolio June 30, 2020 | unaudited |
Common stocks 95.99% | Shares | Value (000) | ||||||
Information technology 30.83% | ||||||||
ASML Holding NV1 | 624,842 | $ | 229,053 | |||||
ASML Holding NV (New York registered) (ADR) | 488,000 | 179,599 | ||||||
Microsoft Corp. | 1,994,300 | 405,860 | ||||||
Taiwan Semiconductor Manufacturing Company, Ltd.1 | 26,543,000 | 280,879 | ||||||
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 280,000 | 15,896 | ||||||
Visa Inc., Class A | 1,103,900 | 213,240 | ||||||
Paycom Software, Inc.2 | 357,000 | 110,574 | ||||||
Temenos AG1,3 | 608,100 | 94,283 | ||||||
Adyen NV1,2 | 56,700 | 82,606 | ||||||
Broadcom Inc. | 241,200 | 76,125 | ||||||
Adobe Inc.2 | 135,000 | 58,767 | ||||||
PagSeguro Digital Ltd., Class A2 | 1,340,900 | 47,387 | ||||||
Zendesk, Inc.2 | 454,000 | 40,193 | ||||||
Amphenol Corp., Class A | 373,500 | 35,785 | ||||||
Other securities | 213,234 | |||||||
2,083,481 | ||||||||
Consumer discretionary 20.45% | ||||||||
Amazon.com, Inc.2 | 158,665 | 437,728 | ||||||
Alibaba Group Holding Ltd.1,2 | 6,800,500 | 183,768 | ||||||
Just Eat Takeaway (GBP denominated)1,2 | 640,914 | 67,122 | ||||||
Just Eat Takeaway (EUR denominated)1,2 | 347,000 | 36,107 | ||||||
Chipotle Mexican Grill, Inc.2 | 92,200 | 97,028 | ||||||
Ocado Group PLC1,2 | 2,952,000 | 74,107 | ||||||
LVMH Moët Hennessy-Louis Vuitton SE1 | 161,200 | 70,605 | ||||||
Prosus NV1,2 | 570,000 | 52,902 | ||||||
Moncler SpA1,2 | 1,132,370 | 43,237 | ||||||
NIKE, Inc., Class B | 395,200 | 38,749 | ||||||
Other securities | 280,730 | |||||||
1,382,083 | ||||||||
Health care 12.69% | ||||||||
DexCom, Inc.2 | 253,000 | 102,566 | ||||||
UnitedHealth Group Inc. | 297,500 | 87,748 | ||||||
Fisher & Paykel Healthcare Corp. Ltd.1 | 3,613,500 | 83,563 | ||||||
AstraZeneca PLC1 | 695,300 | 72,483 | ||||||
Pfizer Inc. | 1,699,000 | 55,557 | ||||||
Regeneron Pharmaceuticals, Inc.2 | 84,200 | 52,511 | ||||||
Mettler-Toledo International Inc.2 | 65,000 | 52,361 | ||||||
Merck & Co., Inc. | 620,000 | 47,945 | ||||||
Other securities | 302,576 | |||||||
857,310 | ||||||||
Financials 9.07% | ||||||||
AIA Group Ltd.1 | 12,339,300 | 114,843 | ||||||
Tradeweb Markets Inc., Class A | 1,736,360 | 100,952 | ||||||
MarketAxess Holdings Inc. | 151,400 | 75,839 | ||||||
Kotak Mahindra Bank Ltd.1 | 3,797,000 | 68,521 | ||||||
JPMorgan Chase & Co. | 589,000 | 55,401 | ||||||
Other securities | 196,992 | |||||||
612,548 | ||||||||
Communication services 8.38% | ||||||||
Alphabet Inc., Class A2 | 98,050 | 139,039 | ||||||
Alphabet Inc., Class C2 | 63,852 | 90,262 | ||||||
Tencent Holdings Ltd.1 | 2,215,000 | 142,278 | ||||||
Facebook, Inc., Class A2 | 411,640 | 93,471 | ||||||
Nintendo Co., Ltd.1 | 136,100 | 60,560 | ||||||
Other securities | 40,316 | |||||||
565,926 |
28 | American Funds Insurance Series |
Global Growth Fund
Common stocks | Shares | Value (000) | |||||||
Consumer staples 6.98% | |||||||||
British American Tobacco PLC1 | 2,943,800 | $ | 113,104 | ||||||
Philip Morris International Inc. | 919,500 | 64,420 | |||||||
Nestlé SA1 | 563,497 | 62,252 | |||||||
Kweichow Moutai Co., Ltd., Class A1 | 269,957 | 55,868 | |||||||
Altria Group, Inc. | 1,248,500 | 49,004 | |||||||
Keurig Dr Pepper Inc. | 1,624,000 | 46,122 | |||||||
Other securities | 81,223 | ||||||||
471,993 | |||||||||
Industrials 3.89% | |||||||||
Airbus SE, non-registered shares1,2 | 667,000 | 47,463 | |||||||
Other securities | 215,407 | ||||||||
262,870 | |||||||||
Materials 1.94% | |||||||||
Sherwin-Williams Company | 155,500 | 89,856 | |||||||
Other securities | 41,540 | ||||||||
131,396 | |||||||||
Energy 1.29% | |||||||||
Reliance Industries Ltd.1 | 1,807,924 | 40,861 | |||||||
Reliance Industries Ltd., interim shares1,2 | 106,956 | 1,130 | |||||||
Other securities | 45,266 | ||||||||
87,257 | |||||||||
Other 0.47% | |||||||||
Other securities | 31,299 | ||||||||
Total common stocks (cost: $3,515,921,000) | 6,486,163 | ||||||||
Preferred securities 2.31% | |||||||||
Health care 1.85% | |||||||||
Sartorius AG, nonvoting preferred, non-registered shares1 | 381,500 | 125,333 | |||||||
125,333 | |||||||||
Information technology 0.46% | |||||||||
Other securities | 30,939 | ||||||||
Total preferred securities (cost: $43,479,000) | 156,272 | ||||||||
Short-term securities 2.34% | |||||||||
Money market investments 2.34% | |||||||||
Capital Group Central Cash Fund 0.18%4 | 1,342,495 | 134,263 | |||||||
Goldman Sachs Financial Square Government Fund 0.15%4,5 | 24,225,393 | 24,225 | |||||||
158,488 | |||||||||
Total short-term securities (cost: $158,464,000) | 158,488 | ||||||||
Total investment securities 100.64% (cost: $3,717,864,000) | 6,800,923 | ||||||||
Other assets less liabilities (0.64)% | (43,487 | ) | |||||||
Net assets 100.00% | $ | 6,757,436 |
American Funds Insurance Series | 29 |
Global Growth Fund
This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.
“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.
1 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $3,104,888,000, which represented 45.95% of the net assets of the fund. This entire amount relates to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. |
2 | Security did not produce income during the last 12 months. |
3 | All or a portion of this security was on loan. The total value of all such securities was $25,635,000, which represented .38% of the net assets of the fund. Refer to Note 5 for more information on securities lending. |
4 | Rate represents the seven-day yield at 6/30/2020. |
5 | 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
EUR = Euros
GBP = British pounds
See notes to financial statements.
30 | American Funds Insurance Series |
Global Small Capitalization Fund | |
Summary investment portfolio June 30, 2020 | unaudited |
Common stocks 95.18% | Shares | Value (000) | ||||||
Information technology 23.87% | ||||||||
Cree, Inc.1 | 1,356,800 | $ | 80,309 | |||||
Ceridian HCM Holding Inc.1 | 799,400 | 63,368 | ||||||
Net One Systems Co., Ltd.2 | 1,887,865 | 62,947 | ||||||
Inphi Corp.1 | 464,300 | 54,555 | ||||||
Kingdee International Software Group Co. Ltd.2 | 21,259,374 | 49,492 | ||||||
BE Semiconductor Industries NV2 | 814,330 | 36,213 | ||||||
Avast PLC2 | 5,514,043 | 36,066 | ||||||
Carel Industries SpA2,3 | 1,947,251 | 35,719 | ||||||
Appfolio, Inc., Class A1 | 211,503 | 34,414 | ||||||
SimCorp AS2 | 287,650 | 30,991 | ||||||
Silergy Corp.2 | 451,740 | 29,317 | ||||||
Alteryx, Inc., Class A1 | 173,000 | 28,420 | ||||||
Avalara, Inc.1 | 212,419 | 28,271 | ||||||
Network International Holdings PLC1,2 | 4,570,562 | 24,940 | ||||||
Other securities | 443,962 | |||||||
1,038,984 | ||||||||
Health care 23.79% | ||||||||
Insulet Corp.1 | 645,320 | 125,360 | ||||||
GW Pharmaceuticals PLC (ADR)1,3 | 748,218 | 91,821 | ||||||
Haemonetics Corp.1 | 777,300 | 69,615 | ||||||
CanSino Biologics Inc., Class H1,2 | 2,468,200 | 68,238 | ||||||
Notre Dame Intermédica Participações SA | 4,528,600 | 56,636 | ||||||
Mani, Inc.2 | 1,808,129 | 47,710 | ||||||
Allogene Therapeutics, Inc.1 | 1,105,188 | 47,324 | ||||||
Integra LifeSciences Holdings Corp.1 | 913,825 | 42,941 | ||||||
iRhythm Technologies, Inc.1 | 328,300 | 38,047 | ||||||
Allakos Inc.1 | 504,880 | 36,281 | ||||||
Cortexyme, Inc.1,3 | 759,458 | 35,163 | ||||||
Applied Molecular Transport Inc.1,3 | 1,365,957 | 34,340 | ||||||
New Frontier Health Corp., Class A1,4 | 2,680,000 | 22,190 | ||||||
New Frontier Health Corp., Class A1,3 | 742,000 | 6,144 | ||||||
PRA Health Sciences, Inc.1 | 288,400 | 28,058 | ||||||
WuXi Biologics (Cayman) Inc.1,2 | 1,412,000 | 25,872 | ||||||
Other securities | 259,977 | |||||||
1,035,717 | ||||||||
Consumer discretionary 14.42% | ||||||||
Thor Industries, Inc. | 498,700 | 53,126 | ||||||
Helen of Troy Ltd.1 | 267,200 | 50,383 | ||||||
frontdoor, inc.1 | 1,050,200 | 46,555 | ||||||
Shop Apotheke Europe NV, non-registered shares1,2,3 | 282,300 | 33,727 | ||||||
Five Below, Inc.1 | 305,000 | 32,608 | ||||||
YETI Holdings, Inc.1 | 634,879 | 27,128 | ||||||
GVC Holdings PLC2 | 2,934,000 | 26,883 | ||||||
B2W - Cia. Digital, ordinary nominative1 | 1,262,193 | 24,846 | ||||||
Other securities | 332,377 | |||||||
627,633 | ||||||||
Industrials 14.11% | ||||||||
Nihon M&A Center Inc.2 | 1,652,692 | 74,654 | ||||||
International Container Terminal Services, Inc.2 | 23,981,620 | 49,643 | ||||||
Boyd Group Services Inc. | 222,726 | 33,151 | ||||||
IMCD NV1,2 | 293,600 | 27,563 | ||||||
Other securities | 429,222 | |||||||
614,233 |
American Funds Insurance Series | 31 |
Global Small Capitalization Fund
Common stocks (continued) | Shares | Value (000) | ||||||
Financials 5.86% | ||||||||
Cannae Holdings, Inc.1 | 2,004,000 | $ | 82,364 | |||||
Trupanion, Inc.1,3 | 973,800 | 41,572 | ||||||
Kotak Mahindra Bank Ltd.2 | 1,946,825 | 35,132 | ||||||
Other securities | 95,980 | |||||||
255,048 | ||||||||
Communication services 3.47% | ||||||||
Bandwidth Inc., Class A1 | 290,990 | 36,956 | ||||||
Other securities | 114,292 | |||||||
151,248 | ||||||||
Real estate 2.89% | ||||||||
Altus Group Ltd. | 932,800 | 28,027 | ||||||
Other securities | 97,573 | |||||||
125,600 | ||||||||
Consumer staples 2.75% | ||||||||
Grocery Outlet Holding Corp.1 | 659,200 | 26,895 | ||||||
Freshpet, Inc.1 | 311,900 | 26,094 | ||||||
Other securities | 66,645 | |||||||
119,634 | ||||||||
Materials 1.76% | ||||||||
Other securities | 76,786 | |||||||
Utilities 1.33% | ||||||||
ENN Energy Holdings Ltd.2 | 4,262,900 | 47,877 | ||||||
Other securities | 9,940 | |||||||
57,817 | ||||||||
Energy 0.93% | ||||||||
Other securities | 40,545 | |||||||
Total common stocks (cost: $2,981,131,000) | 4,143,245 | |||||||
Preferred securities 1.39% | ||||||||
Information technology 1.04% | ||||||||
Other securities | 45,206 | |||||||
45,206 | ||||||||
Other 0.35% | ||||||||
Other securities | 15,312 | |||||||
Total preferred securities (cost: $60,016,000) | 60,518 | |||||||
Convertible stocks 0.16% | ||||||||
Consumer discretionary 0.16% | ||||||||
Other securities | 6,715 | |||||||
Total convertible stocks (cost: $6,380,000) | 6,715 |
32 | American Funds Insurance Series |
Global Small Capitalization Fund
Short-term securities 5.15% | Shares | Value (000) | ||||||
Money market investments 5.15% | ||||||||
Capital Group Central Cash Fund 0.18%5 | 1,631,730 | $ | 163,189 | |||||
Goldman Sachs Financial Square Government Fund 0.15%5,6 | 61,015,616 | 61,016 | ||||||
224,205 | ||||||||
Total short-term securities (cost: $224,170,000) | 224,205 | |||||||
Total investment securities 101.88% (cost: $3,271,697,000) | 4,434,683 | |||||||
Other assets less liabilities (1.88)% | (81,752 | ) | ||||||
Net assets 100.00% | $ | 4,352,931 |
This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.
“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. Some securities in “Other securities” (with an aggregate value of $70,637,000, an aggregate cost of $65,866,000, and which represented 1.62% of the net assets of the fund) were acquired from 5/1/2015 to 5/27/2020 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject them to legal or contractual restrictions on resale.
Investments in affiliates
A company is an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings represent 5% or more of the outstanding voting shares of that company. The value of the fund’s holdings in affiliated companies is included in “Other securities” under the respective industry sectors in the summary investment portfolio. Further details on these holdings and related transactions during the six months ended June 30, 2020, appear below.
Beginning shares | Additions | Reductions | Ending shares | Net realized gain (000) | Net unrealized (depreciation) appreciation (000) | Dividend income (000) | Value of affiliates at 6/30/2020 (000) | |||||||||||||||||||||||||
Common stocks 0.65% | ||||||||||||||||||||||||||||||||
Health care 0.26% | ||||||||||||||||||||||||||||||||
NuCana PLC (ADR)1,3 | 2,083,704 | — | — | 2,083,704 | $ | — | $ | (1,459 | ) | $ | — | $ | 11,252 | |||||||||||||||||||
Consumer discretionary 0.39% | ||||||||||||||||||||||||||||||||
Lands’ End, Inc.1 | — | 2,100,000 | — | 2,100,000 | — | 2,079 | — | 16,884 | ||||||||||||||||||||||||
Total 0.65% | $ | — | $ | 620 | $ | — | $ | 28,136 |
1 | Security did not produce income during the last 12 months. |
2 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $1,842,689,000, which represented 42.33% of the net assets of the fund. This amount includes $1,772,049,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. |
3 | All or a portion of this security was on loan. The total value of all such securities, including those in “Other securities,” was $69,706,000, which represented 1.60% of the net assets of the fund. Refer to Note 5 for more information on securities lending. |
4 | Acquired in a transaction exempt from registration under Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $32,675,000, which represented .75% of the net assets of the fund. |
5 | Rate represents the seven-day yield at 6/30/2020. |
6 | Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending. |
Key to abbreviation
ADR = American Depositary Receipts
See notes to financial statements.
American Funds Insurance Series | 33 |
Summary investment portfolio June 30, 2020 | unaudited |
Common stocks 95.45% | Shares | Value (000) | ||||||
Information technology 24.19% | ||||||||
Microsoft Corp. | 9,475,683 | $ | 1,928,396 | |||||
ASML Holding NV (New York registered) (ADR) | 1,171,100 | 431,000 | ||||||
ASML Holding NV1 | 770,000 | 282,265 | ||||||
Broadcom Inc. | 2,158,602 | 681,276 | ||||||
Taiwan Semiconductor Manufacturing Company, Ltd.1 | 33,805,000 | 357,726 | ||||||
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 2,705,092 | 153,568 | ||||||
RingCentral, Inc., Class A2 | 1,500,100 | 427,544 | ||||||
Shopify Inc., Class A, subordinate voting shares2 | 330,000 | 313,236 | ||||||
Visa Inc., Class A | 1,577,417 | 304,710 | ||||||
Intel Corp. | 3,621,900 | 216,698 | ||||||
ServiceNow, Inc.2 | 484,730 | 196,345 | ||||||
PayPal Holdings, Inc.2 | 976,700 | 170,170 | ||||||
MongoDB, Inc., Class A2 | 603,209 | 136,530 | ||||||
Autodesk, Inc.2 | 558,608 | 133,613 | ||||||
Advanced Micro Devices, Inc.2 | 2,457,039 | 129,265 | ||||||
Mastercard Inc., Class A | 421,000 | 124,490 | ||||||
Other securities | 1,347,369 | |||||||
7,334,201 | ||||||||
Communication services 19.45% | ||||||||
Facebook, Inc., Class A2 | 7,548,342 | 1,714,002 | ||||||
Netflix, Inc.2 | 3,476,160 | 1,581,792 | ||||||
Alphabet Inc., Class C2 | 504,547 | 713,233 | ||||||
Alphabet Inc., Class A2 | 60,216 | 85,389 | ||||||
Charter Communications, Inc., Class A2 | 879,480 | 448,570 | ||||||
T-Mobile US, Inc.2 | 4,061,000 | 422,953 | ||||||
Activision Blizzard, Inc. | 5,286,790 | 401,267 | ||||||
Snap Inc., Class A2 | 9,330,000 | 219,162 | ||||||
Comcast Corp., Class A | 5,046,197 | 196,701 | ||||||
Other securities | 113,544 | |||||||
5,896,613 | ||||||||
Consumer discretionary 17.79% | ||||||||
Tesla, Inc.2 | 1,908,500 | 2,060,817 | ||||||
Amazon.com, Inc.2 | 595,716 | 1,643,473 | ||||||
Dollar General Corp. | 1,743,646 | 332,182 | ||||||
Home Depot, Inc. | 831,036 | 208,183 | ||||||
Toll Brothers, Inc. | 3,800,000 | 123,842 | ||||||
Other securities | 1,024,947 | |||||||
5,393,444 | ||||||||
Health care 15.71% | ||||||||
UnitedHealth Group Inc. | 2,897,719 | 854,682 | ||||||
Intuitive Surgical, Inc.2 | 1,075,500 | 612,852 | ||||||
Regeneron Pharmaceuticals, Inc.2 | 842,500 | 525,425 | ||||||
Humana Inc. | 1,084,800 | 420,631 | ||||||
Vertex Pharmaceuticals Inc.2 | 1,275,061 | 370,163 | ||||||
Centene Corp.2 | 3,835,000 | 243,714 | ||||||
Thermo Fisher Scientific Inc. | 598,500 | 216,861 | ||||||
Seattle Genetics, Inc.2 | 1,248,154 | 212,086 | ||||||
ResMed Inc. | 755,000 | 144,960 | ||||||
Other securities | 1,163,370 | |||||||
4,764,744 | ||||||||
Financials 5.07% | ||||||||
Berkshire Hathaway Inc., Class B2 | 942,100 | 168,174 | ||||||
Intercontinental Exchange, Inc. | 1,592,900 | 145,910 | ||||||
First Republic Bank | 1,296,297 | 137,395 | ||||||
Other securities | 1,086,595 | |||||||
1,538,074 |
34 | American Funds Insurance Series |
Growth Fund
Common stocks | Shares | Value (000) | ||||||
Industrials 5.02% | ||||||||
TransDigm Group Inc. | 736,200 | $ | 325,437 | |||||
CSX Corp. | 1,920,800 | 133,957 | ||||||
MTU Aero Engines AG1,2 | 745,782 | 128,891 | ||||||
Other securities | 932,396 | |||||||
�� | 1,520,681 | |||||||
Materials 2.94% | ||||||||
Franco-Nevada Corp. (CAD denominated) | 1,147,206 | 160,259 | ||||||
Wheaton Precious Metals Corp. | 2,833,400 | 124,811 | ||||||
Other securities | 606,480 | |||||||
891,550 | ||||||||
Consumer staples 2.27% | ||||||||
Philip Morris International Inc. | 1,985,900 | 139,132 | ||||||
Costco Wholesale Corp. | 411,431 | 124,750 | ||||||
British American Tobacco PLC1 | 3,000,800 | 115,295 | ||||||
British American Tobacco PLC (ADR) | 195,000 | 7,570 | ||||||
Other securities | 302,284 | |||||||
689,031 | ||||||||
Real estate 1.43% | ||||||||
Equinix, Inc. REIT | 356,975 | 250,703 | ||||||
American Tower Corp. REIT | 501,188 | 129,577 | ||||||
Other securities | 52,008 | |||||||
432,288 | ||||||||
Energy 1.19% | ||||||||
Other securities | 359,863 | |||||||
Utilities 0.39% | ||||||||
Other securities | 119,172 | |||||||
Total common stocks (cost: $14,123,528,000) | 28,939,661 | |||||||
Preferred securities 0.08% | ||||||||
Information technology 0.08% | ||||||||
Other securities | 25,573 | |||||||
Total preferred securities (cost: $27,479,000) | 25,573 | |||||||
Rights & warrants 0.00% | ||||||||
Communication services 0.00% | ||||||||
T-Mobile US, Inc., rights, expire 20202 | 3,611,200 | 607 | ||||||
607 | ||||||||
Total rights & warrants (cost: $0) | 607 | |||||||
Convertible bonds & notes 0.13% | Principal amount (000) | |||||||
Consumer staples 0.13% | ||||||||
Other securities | 39,060 | |||||||
Total convertible bonds & notes (cost: $39,059,000) | 39,060 |
American Funds Insurance Series | 35 |
Growth Fund
Short-term securities 3.98% | Shares | Value (000) | ||||||
Money market investments 3.98% | ||||||||
Capital Group Central Cash Fund 0.18%3 | 12,050,749 | $ | 1,205,195 | |||||
Total short-term securities (cost: $1,205,162,000) | 1,205,195 | |||||||
Total investment securities 99.64% (cost: $15,395,228,000) | 30,210,096 | |||||||
Other assets less liabilities 0.36% | 110,241 | |||||||
Net assets 100.00% | $ | 30,320,337 |
This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.
“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. Some securities in “Other securities” (with an aggregate value of $46,931,000, an aggregate cost of $46,526,000, and which represented .15% of the net assets of the fund) were acquired from 12/21/2018 to 4/17/2020 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject them to legal or contractual restrictions on resale. “Other securities” also includes a security (with a value of $9,526,000, which represented .03% of the net assets of the fund) which was acquired in transactions exempt from registration under Rule 144A of the Securities Act of 1933 and may be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers.
1 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $1,917,364,000, which represented 6.32% of the net assets of the fund. This amount includes $1,807,025,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. |
2 | Security did not produce income during the last 12 months. |
3 | Rate represents the seven-day yield at 6/30/2020. |
Key to abbreviations
ADR = American Depositary Receipts
CAD = Canadian dollars
See notes to financial statements.
36 | American Funds Insurance Series |
International Fund | |
Summary investment portfolio June 30, 2020 | unaudited |
Common stocks 88.05% | Shares | Value (000) | ||||||
Consumer discretionary 16.11% | ||||||||
Alibaba Group Holding Ltd.1,2 | 10,117,800 | $ | 273,411 | |||||
Alibaba Group Holding Ltd. (ADR)2 | 17,700 | 3,818 | ||||||
MercadoLibre, Inc.2 | 223,000 | 219,827 | ||||||
Sony Corp.1 | 2,242,700 | 153,583 | ||||||
Meituan Dianping, Class B1,2 | 3,440,364 | 76,422 | ||||||
Fast Retailing Co., Ltd.1 | 125,900 | 72,085 | ||||||
Galaxy Entertainment Group Ltd.1 | 9,826,000 | 66,717 | ||||||
adidas AG1,2 | 216,336 | 56,598 | ||||||
Delivery Hero SE1,2 | 547,143 | 55,747 | ||||||
Kering SA1 | 99,188 | 53,876 | ||||||
Other securities | 406,812 | |||||||
1,438,896 | ||||||||
Financials 16.04% | ||||||||
AIA Group Ltd.1 | 39,521,100 | 367,826 | ||||||
HDFC Bank Ltd.1 | 17,086,200 | 243,557 | ||||||
HDFC Bank Ltd. (ADR) | 531,294 | 24,153 | ||||||
Kotak Mahindra Bank Ltd.1 | 10,657,149 | 192,318 | ||||||
Ping An Insurance (Group) Co. of China, Ltd., Class H1 | 9,161,100 | 91,492 | ||||||
Ping An Insurance (Group) Co. of China, Ltd., Class A1 | 612,202 | 6,185 | ||||||
BNP Paribas SA1,2 | 1,851,058 | 73,382 | ||||||
Axis Bank Ltd.1 | 10,492,355 | 57,203 | ||||||
Other securities | 377,089 | |||||||
1,433,205 | ||||||||
Health care 15.93% | ||||||||
Chugai Pharmaceutical Company, Ltd.1 | 3,896,700 | 208,306 | ||||||
Daiichi Sankyo Company, Ltd.1 | 2,160,000 | 176,400 | ||||||
Novartis AG1 | 1,808,333 | 157,127 | ||||||
Alcon Inc.1,2 | 1,988,239 | 113,919 | ||||||
Takeda Pharmaceutical Company, Ltd.1 | 2,859,865 | 102,070 | ||||||
Grifols, SA, Class A, non-registered shares1 | 2,691,000 | 81,631 | ||||||
Grifols, SA, Class B (ADR) | 793,690 | 14,477 | ||||||
Teva Pharmaceutical Industries Ltd. (ADR)2 | 7,216,598 | 88,981 | ||||||
Fresenius SE & Co. KGaA1,2 | 1,740,654 | 85,920 | ||||||
Hikma Pharmaceuticals PLC1 | 2,371,000 | 65,169 | ||||||
WuXi Biologics (Cayman) Inc.1,2 | 2,304,000 | 42,216 | ||||||
WuXi Biologics (Cayman) Inc.2 | 1,065,000 | 18,825 | ||||||
Olympus Corp.1 | 2,963,000 | 57,068 | ||||||
Other securities | 210,929 | |||||||
1,423,038 | ||||||||
Industrials 10.57% | ||||||||
Airbus SE, non-registered shares1,2 | 2,732,749 | 194,459 | ||||||
Recruit Holdings Co., Ltd.1 | 3,646,709 | 124,659 | ||||||
Knorr-Bremse AG, non-registered shares1,2 | 847,671 | 85,768 | ||||||
Safran SA1,2 | 681,300 | 68,152 | ||||||
Melrose Industries PLC1 | 45,834,933 | 64,602 | ||||||
NIBE Industrier AB, Class B1,2 | 2,534,550 | 55,936 | ||||||
Other securities | 350,450 | |||||||
944,026 | ||||||||
Communication services 6.25% | ||||||||
SoftBank Group Corp.1 | 3,657,500 | 184,293 | ||||||
Tencent Holdings Ltd.1 | 2,179,387 | 139,990 | ||||||
Altice Europe NV, Class A1,2 | 13,236,760 | 50,964 | ||||||
Other securities | 182,944 | |||||||
558,191 |
American Funds Insurance Series | 37 |
International Fund
Common stocks (continued) | Shares | Value (000) | ||||||
Consumer staples 5.47% | ||||||||
Nestlé SA1 | 976,000 | $ | 107,824 | |||||
Pernod Ricard SA1 | 536,814 | 84,371 | ||||||
Kirin Holdings Company, Ltd.1 | 2,605,800 | 54,954 | ||||||
Other securities | 241,286 | |||||||
488,435 | ||||||||
Energy 4.20% | ||||||||
Reliance Industries Ltd.1 | 8,663,364 | 195,802 | ||||||
Reliance Industries Ltd., interim shares1,2 | 196,599 | 2,077 | ||||||
BP PLC1 | 13,959,863 | 53,053 | ||||||
Other securities | 124,124 | |||||||
375,056 | ||||||||
Information technology 4.18% | ||||||||
ASML Holding NV1 | 373,435 | 136,893 | ||||||
PagSeguro Digital Ltd., Class A2 | 1,392,000 | 49,193 | ||||||
Other securities | 187,660 | |||||||
373,746 | ||||||||
Utilities 3.86% | ||||||||
ENN Energy Holdings Ltd.1 | 14,004,000 | 157,281 | ||||||
E.ON SE1 | 7,101,000 | 79,835 | ||||||
China Gas Holdings Ltd.1 | 24,134,000 | 74,320 | ||||||
Other securities | 33,159 | |||||||
344,595 | ||||||||
Materials 3.79% | ||||||||
Vale SA, ordinary nominative (ADR) | 7,755,993 | 79,964 | ||||||
Vale SA, ordinary nominative | 102,481 | 1,054 | ||||||
First Quantum Minerals Ltd. | 6,215,400 | 49,537 | ||||||
Other securities | 208,271 | |||||||
338,826 | ||||||||
Real estate 1.65% | ||||||||
China Overseas Land & Investment Ltd.1 | 17,790,000 | 53,723 | ||||||
Other securities | 93,642 | |||||||
147,365 | ||||||||
Total common stocks (cost: $6,302,499,000) | 7,865,379 | |||||||
Preferred securities 1.01% | ||||||||
Health care 0.62% | ||||||||
Grifols, SA, Class B, nonvoting preferred, non-registered shares1 | 3,026,230 | 55,587 | ||||||
55,587 | ||||||||
Energy 0.39% | ||||||||
Other securities | 34,408 | |||||||
Total preferred securities (cost: $86,966,000) | 89,995 | |||||||
Rights & warrants 0.27% | ||||||||
Health care 0.27% | ||||||||
Other securities | 24,374 | |||||||
Total rights & warrants (cost: $21,623,000) | 24,374 |
38 | American Funds Insurance Series |
International Fund
Convertible bonds & notes 0.03% | Principal amount (000) | Value (000) | ||||||
Health care 0.03% | ||||||||
Other securities | $ | 2,624 | ||||||
Total convertible bonds & notes (cost: $5,855,000) | 2,624 | |||||||
Bonds, notes & other debt instruments 0.46% | ||||||||
Corporate bonds & notes 0.35% | ||||||||
Other 0.35% | ||||||||
Other securities | 31,462 | |||||||
Bonds & notes of governments & government agencies outside the U.S. 0.11% | ||||||||
Bonds & notes of governments & government agencies outside the U.S. 0.11% | ||||||||
Other securities | 9,738 | |||||||
Total bonds, notes & other debt instruments (cost: $38,545,000) | 41,200 | |||||||
Short-term securities 9.92% | Shares | |||||||
Money market investments 9.92% | ||||||||
Capital Group Central Cash Fund 0.18%3 | 8,753,403 | 875,428 | ||||||
Goldman Sachs Financial Square Government Fund 0.15%3,4 | 10,827,238 | 10,827 | ||||||
886,255 | ||||||||
Total short-term securities (cost: $886,243,000) | 886,255 | |||||||
Total investment securities 99.74% (cost: $7,341,731,000) | 8,909,827 | |||||||
Other assets less liabilities 0.26% | 23,140 | |||||||
Net assets 100.00% | $ | 8,932,967 |
This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.
“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” also includes securities (with an aggregate value of $49,611,000, which represented .56% of the net assets of the fund) which were acquired in transactions exempt from registration under Rule 144A of the Securities Act of 1933 and may be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. “Other securities” also includes securities on loan. The total value of securities on loan was $11,451,000, which represented .13% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
1 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $7,037,313,000, which represented 78.78% of the net assets of the fund. This amount includes $7,012,933,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. |
2 | Security did not produce income during the last 12 months. |
3 | Rate represents the seven-day yield at 6/30/2020. |
4 | Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending. |
Key to abbreviation
ADR = American Depositary Receipts
See notes to financial statements.
American Funds Insurance Series | 39 |
New World Fund | |
Summary investment portfolio June 30, 2020 | unaudited |
Common stocks 90.74% | Shares | Value (000) | ||||||
Information technology 18.11% | ||||||||
Microsoft Corp. | 451,633 | $ | 91,912 | |||||
Taiwan Semiconductor Manufacturing Company, Ltd.1 | 4,327,000 | 45,788 | ||||||
Mastercard Inc., Class A | 145,400 | 42,995 | ||||||
PagSeguro Digital Ltd., Class A2 | 1,198,655 | 42,360 | ||||||
PayPal Holdings, Inc.2 | 208,035 | 36,246 | ||||||
Adobe Inc.2 | 74,959 | 32,630 | ||||||
Keyence Corp.1 | 76,200 | 31,815 | ||||||
ASML Holding NV1 | 84,165 | 30,853 | ||||||
Broadcom Inc. | 91,846 | 28,988 | ||||||
StoneCo Ltd., Class A2 | 740,635 | 28,707 | ||||||
Visa Inc., Class A | 130,469 | 25,203 | ||||||
Silergy Corp.1 | 357,000 | 23,168 | ||||||
Other securities | 162,980 | |||||||
623,645 | ||||||||
Consumer discretionary 13.72% | ||||||||
Alibaba Group Holding Ltd.1,2 | 2,541,204 | 68,670 | ||||||
MercadoLibre, Inc.2 | 64,355 | 63,439 | ||||||
Naspers Ltd., Class N1 | 158,714 | 28,954 | ||||||
Delivery Hero SE1,2 | 281,369 | 28,668 | ||||||
LVMH Moët Hennessy-Louis Vuitton SE1 | 62,064 | 27,184 | ||||||
Meituan Dianping, Class B1,2 | 947,102 | 21,038 | ||||||
Galaxy Entertainment Group Ltd.1 | 2,944,000 | 19,989 | ||||||
Hermès International1 | 21,010 | 17,535 | ||||||
Other securities | 197,128 | |||||||
472,605 | ||||||||
Health care 12.60% | ||||||||
Thermo Fisher Scientific Inc. | 89,671 | 32,491 | ||||||
Zai Lab Ltd. (ADR)2 | 341,308 | 28,032 | ||||||
AstraZeneca PLC1 | 252,263 | 26,298 | ||||||
BioMarin Pharmaceutical Inc.2 | 180,963 | 22,320 | ||||||
Abbott Laboratories | 222,506 | 20,344 | ||||||
Notre Dame Intermédica Participações SA | 1,575,057 | 19,698 | ||||||
Other securities | 284,950 | |||||||
434,133 | ||||||||
Financials 11.57% | ||||||||
Kotak Mahindra Bank Ltd.1 | 3,140,269 | 56,669 | ||||||
AIA Group Ltd.1 | 4,670,200 | 43,466 | ||||||
HDFC Bank Ltd.1 | 2,485,232 | 35,426 | ||||||
HDFC Bank Ltd. (ADR) | 80,205 | 3,646 | ||||||
B3 SA - Brasil, Bolsa, Balcao | 3,275,259 | 33,180 | ||||||
Sberbank of Russia PJSC (ADR)1,2 | 1,384,243 | 15,726 | ||||||
Sberbank of Russia PJSC (ADR)2 | 237,133 | 2,689 | ||||||
Société Générale1,2 | 1,090,697 | 18,146 | ||||||
XP Inc., Class A2 | 425,619 | 17,880 | ||||||
Ping An Insurance (Group) Co. of China, Ltd., Class H1 | 1,711,300 | 17,091 | ||||||
Other securities | 154,652 | |||||||
398,571 | ||||||||
Communication services 9.91% | ||||||||
Tencent Holdings Ltd.1 | 1,292,200 | 83,003 | ||||||
Facebook, Inc., Class A2 | 224,314 | 50,935 | ||||||
Alphabet Inc., Class C2 | 29,315 | 41,440 | ||||||
Alphabet Inc., Class A2 | 6,339 | 8,989 | ||||||
Sea Ltd., Class A (ADR)2 | 366,159 | 39,267 | ||||||
Netflix, Inc.2 | 49,819 | 22,670 | ||||||
Other securities | 95,102 | |||||||
341,406 |
40 | American Funds Insurance Series |
New World Fund
Common stocks | Shares | Value (000) | ||||||
Consumer staples 6.27% | ||||||||
Kweichow Moutai Co., Ltd., Class A1 | 276,007 | $ | 57,121 | |||||
Nestlé SA1 | 220,716 | 24,384 | ||||||
Other securities | 134,367 | |||||||
215,872 | ||||||||
Materials 5.59% | ||||||||
Vale SA, ordinary nominative | 1,359,115 | 13,976 | ||||||
Vale SA, ordinary nominative (ADR) | 1,244,771 | 12,833 | ||||||
Other securities | 165,754 | |||||||
192,563 | ||||||||
Industrials 5.39% | ||||||||
Shanghai International Airport Co., Ltd., Class A1 | 2,645,527 | 26,833 | ||||||
Airbus SE, non-registered shares1,2 | 248,789 | 17,704 | ||||||
CCR SA, ordinary nominative | 6,508,731 | 17,355 | ||||||
Other securities | 123,791 | |||||||
185,683 | ||||||||
Energy 3.85% | ||||||||
Reliance Industries Ltd.1 | 3,061,067 | 69,184 | ||||||
Reliance Industries Ltd., interim shares1,2 | 201,053 | 2,124 | ||||||
Petróleo Brasileiro SA (Petrobras), ordinary nominative (ADR) | 4,191,104 | 34,660 | ||||||
Other securities | 26,668 | |||||||
132,636 | ||||||||
Utilities 1.94% | ||||||||
China Gas Holdings Ltd.1 | 6,426,600 | 19,790 | ||||||
ENN Energy Holdings Ltd.1 | 1,704,800 | 19,147 | ||||||
Other securities | 27,954 | |||||||
66,891 | ||||||||
Real estate 1.79% | ||||||||
Other securities | 61,656 | |||||||
Total common stocks (cost: $2,345,591,000) | 3,125,661 | |||||||
Preferred securities 1.03% | ||||||||
Energy 0.11% | ||||||||
Petróleo Brasileiro SA (Petrobras), preferred nominative (ADR) | 391,890 | 3,123 | ||||||
Petróleo Brasileiro SA (Petrobras), preferred nominative | 195,166 | 774 | ||||||
3,897 | ||||||||
Other 0.92% | ||||||||
Other securities | 31,650 | |||||||
Total preferred securities (cost: $30,146,000) | 35,547 | |||||||
Rights & warrants 0.23% | ||||||||
Other 0.23% | ||||||||
Other securities | 7,781 | |||||||
Total rights & warrants (cost: $3,911,000) | 7,781 | |||||||
Convertible bonds & notes 0.00% | Principal amount (000) | |||||||
Health care 0.00% | ||||||||
Other securities | 133 | |||||||
Total convertible bonds & notes (cost: $121,000) | 133 |
American Funds Insurance Series | 41 |
New World Fund
Bonds, notes & other debt instruments 3.38% | Principal amount (000) | Value (000) | ||||||
Bonds & notes of governments & government agencies outside the U.S. 2.94% | ||||||||
Other securities | $ | 101,283 | ||||||
Corporate bonds & notes 0.41% | ||||||||
Communication services 0.04% | ||||||||
Tencent Holdings Ltd. 3.24%–3.98% 2029–20503 | BRL | 980 | 1,035 | |||||
Other securities | 213 | |||||||
1,248 | ||||||||
Other 0.37% | ||||||||
Other securities | 12,853 | |||||||
Total corporate bonds & notes | 14,101 | |||||||
U.S. Treasury bonds & notes 0.03% | ||||||||
U.S. Treasury 0.03% | ||||||||
Other securities | 864 | |||||||
Total bonds, notes & other debt instruments (cost: $115,629,000) | 116,248 | |||||||
Short-term securities 4.68% | Shares | |||||||
Money market investments 4.68% | ||||||||
Capital Group Central Cash Fund 0.18%4 | 1,531,568 | 153,172 | ||||||
Goldman Sachs Financial Square Government Fund 0.15%4,5 | 8,081,474 | 8,082 | ||||||
161,254 | ||||||||
Total short-term securities (cost: $161,255,000) | 161,254 | |||||||
Total investment securities 100.06% (cost: $2,656,653,000) | 3,446,624 | |||||||
Other assets less liabilities (0.06)% | (2,169 | ) | ||||||
Net assets 100.00% | $ | 3,444,455 |
This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.
“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” also includes securities which were pledged as collateral. The total value of pledged collateral was $171,000, which represented less than .01% of the net assets of the fund. “Other securities” also includes securities on loan. The total value of securities on loan was $8,556,000, which represented ..25% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
42 | American Funds Insurance Series |
New World Fund
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | 6 | Value at 6/30/2020 (000) | 7 | Unrealized appreciation at 6/30/2020 (000) | |||||||||||
30 Year Ultra U.S. Treasury Bond Futures | Long | 15 | September 2020 | $1,500 | $3,272 | $73 |
Forward currency contracts
Unrealized | |||||||||||
appreciation | |||||||||||
Contract amount | (depreciation) | ||||||||||
Purchases | Sales | Settlement | at 6/30/2020 | ||||||||
(000) | (000) | Counterparty | date | (000) | |||||||
USD3,190 | EUR2,830 | Bank of New York Mellon | 7/20/2020 | $ | 10 | ||||||
USD2,062 | CNH14,620 | Standard Chartered Bank | 7/20/2020 | (4 | ) | ||||||
$ | 6 |
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
1 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $1,876,796,000, which represented 54.49% of the net assets of the fund. This amount includes $1,863,131,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. |
2 | Security did not produce income during the last 12 months. |
3 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $47,913,000, which represented 1.39% of the net assets of the fund. |
4 | Rate represents the seven-day yield at 6/30/2020. |
5 | Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending. |
6 | Notional amount is calculated based on the number of contracts and notional contract size. |
7 | Value is calculated based on the notional amount and current market price. |
Key to abbreviations and symbol
ADR = American Depositary Receipts
BRL = Brazilian reais
CNH = Chinese yuan renminbi
EUR = Euros
USD/$ = U.S. dollars
See notes to financial statements.
American Funds Insurance Series | 43 |
Blue Chip Income and Growth Fund | |
Summary investment portfolio June 30, 2020 | unaudited |
Common stocks 95.13% | Shares | Value (000) | ||||||
Health care 20.22% | ||||||||
Abbott Laboratories | 3,635,500 | $ | 332,394 | |||||
Amgen Inc. | 1,258,510 | 296,832 | ||||||
Gilead Sciences, Inc. | 3,005,712 | 231,260 | ||||||
AbbVie Inc. | 2,227,460 | 218,692 | ||||||
UnitedHealth Group Inc. | 574,000 | 169,301 | ||||||
Teva Pharmaceutical Industries Ltd. (ADR)1 | 10,333,800 | 127,416 | ||||||
Humana Inc. | 172,700 | 66,964 | ||||||
Medtronic PLC | 700,000 | 64,190 | ||||||
Stryker Corp. | 296,800 | 53,480 | ||||||
Other securities | 141,203 | |||||||
1,701,732 | ||||||||
Information technology 15.23% | ||||||||
Microsoft Corp. | 2,498,500 | 508,470 | ||||||
Broadcom Inc. | 951,400 | 300,271 | ||||||
Mastercard Inc., Class A | 579,900 | 171,476 | ||||||
Apple Inc. | 400,000 | 145,920 | ||||||
Intel Corp. | 1,100,000 | 65,813 | ||||||
SS&C Technologies Holdings, Inc. | 1,153,800 | 65,167 | ||||||
Other securities | 24,369 | |||||||
1,281,486 | ||||||||
Industrials 12.24% | ||||||||
CSX Corp. | 3,780,162 | 263,628 | ||||||
Raytheon Technologies Corp. | 3,589,236 | 221,169 | ||||||
General Dynamics Corp. | 980,000 | 146,471 | ||||||
Union Pacific Corp. | 540,200 | 91,331 | ||||||
Illinois Tool Works Inc. | 450,000 | 78,682 | ||||||
Carrier Global Corp. | 2,817,000 | 62,594 | ||||||
L3Harris Technologies, Inc. | 309,200 | 52,462 | ||||||
Other securities | 113,518 | |||||||
1,029,855 | ||||||||
Energy 9.98% | ||||||||
EOG Resources, Inc. | 4,588,100 | 232,433 | ||||||
Exxon Mobil Corp. | 3,868,166 | 172,985 | ||||||
Baker Hughes Co., Class A | 9,448,000 | 145,405 | ||||||
Diamondback Energy, Inc. | 1,320,033 | 55,204 | ||||||
Pioneer Natural Resources Company | 486,800 | 47,560 | ||||||
Other securities | 186,359 | |||||||
839,946 | ||||||||
Consumer staples 9.67% | ||||||||
Constellation Brands, Inc., Class A | 1,221,600 | 213,719 | ||||||
Philip Morris International Inc. | 2,485,000 | 174,099 | ||||||
British American Tobacco PLC (ADR) | 2,630,706 | 102,124 | ||||||
Altria Group, Inc. | 2,092,000 | 82,111 | ||||||
Coca-Cola Company | 1,250,000 | 55,850 | ||||||
PepsiCo, Inc. | 400,000 | 52,904 | ||||||
Keurig Dr Pepper Inc. | 1,746,500 | 49,600 | ||||||
Other securities | 83,915 | |||||||
814,322 | ||||||||
Communication services 9.43% | ||||||||
Facebook, Inc., Class A1 | 1,478,100 | 335,632 | ||||||
Comcast Corp., Class A | 5,789,400 | 225,671 | ||||||
Alphabet Inc., Class A1 | 80,975 | 114,826 | ||||||
Alphabet Inc., Class C1 | 3,000 | 4,241 | ||||||
Netflix, Inc.1 | 201,800 | 91,827 | ||||||
Other securities | 21,560 | |||||||
793,757 |
44 | American Funds Insurance Series |
Blue Chip Income and Growth Fund
Common stocks | Shares | Value (000) | ||||||
Consumer discretionary 6.30% | ||||||||
Royal Caribbean Cruises Ltd. | 2,011,200 | $ | 101,164 | |||||
McDonald’s Corp. | 500,000 | 92,235 | ||||||
Home Depot, Inc. | 303,099 | 75,929 | ||||||
General Motors Company | 2,901,500 | 73,408 | ||||||
Lowe’s Companies, Inc. | 429,900 | 58,088 | ||||||
Other securities | 129,340 | |||||||
530,164 | ||||||||
Financials 4.65% | ||||||||
JPMorgan Chase & Co. | 1,269,000 | 119,362 | ||||||
American International Group, Inc. | 2,597,300 | 80,984 | ||||||
Citigroup Inc. | 1,290,000 | 65,919 | ||||||
Other securities | 124,936 | |||||||
391,201 | ||||||||
Utilities 3.38% | ||||||||
Public Service Enterprise Group Inc. | 2,888,000 | 141,974 | ||||||
Other securities | 142,281 | |||||||
284,255 | ||||||||
Materials 2.19% | ||||||||
Linde PLC | 782,200 | 165,912 | ||||||
Other securities | 18,107 | |||||||
184,019 | ||||||||
Real estate 1.84% | ||||||||
Crown Castle International Corp. REIT | 525,000 | 87,859 | ||||||
Other securities | 67,519 | |||||||
155,378 | ||||||||
Total common stocks (cost: $6,644,891,000) | 8,006,115 | |||||||
Rights & warrants 0.02% | ||||||||
Financials 0.02% | ||||||||
Other securities | 1,612 | |||||||
Total rights & warrants (cost: $17,793,000) | 1,612 | |||||||
Convertible stocks 0.71% | ||||||||
Other 0.71% | ||||||||
Other securities | 60,007 | |||||||
Total convertible stocks (cost: $57,918,000) | 60,007 | |||||||
Short-term securities 4.16% | ||||||||
Money market investments 4.16% | ||||||||
Capital Group Central Cash Fund 0.18%2 | 3,495,899 | 349,625 | ||||||
Total short-term securities (cost: $349,565,000) | 349,625 | |||||||
Total investment securities 100.02% (cost: $7,070,167,000) | 8,417,359 | |||||||
Other assets less liabilities (0.02)% | (1,690 | ) | ||||||
Net assets 100.00% | $ | 8,415,669 |
American Funds Insurance Series | 45 |
Blue Chip Income and Growth Fund
This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.
“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.
1 | Security did not produce income during the last 12 months. |
2 | Rate represents the seven-day yield at 6/30/2020. |
Key to abbreviation
ADR = American Depositary Receipts
See notes to financial statements.
46 | American Funds Insurance Series |
Global Growth and Income Fund | |
Summary investment portfolio June 30, 2020 | unaudited |
Common stocks 92.02% | Shares | Value (000) | ||||||
Information technology 17.72% | ||||||||
Microsoft Corp. | 281,000 | $ | 57,186 | |||||
Taiwan Semiconductor Manufacturing Company, Ltd.1 | 4,912,800 | 51,987 | ||||||
PagSeguro Digital Ltd., Class A2 | 1,128,752 | 39,890 | ||||||
Apple Inc. | 105,990 | 38,665 | ||||||
Broadcom Inc. | 121,200 | 38,252 | ||||||
ASML Holding NV1 | 70,000 | 25,660 | ||||||
Other securities | 87,750 | |||||||
339,390 | ||||||||
Financials 14.22% | ||||||||
Société Générale1,2 | 2,106,881 | 35,052 | ||||||
Fannie Mae2 | 13,706,000 | 29,742 | ||||||
Sberbank of Russia PJSC (ADR)1,2 | 1,710,000 | 19,427 | ||||||
AIA Group Ltd.1 | 1,753,000 | 16,315 | ||||||
UniCredit SpA1,2 | 1,686,696 | 15,485 | ||||||
B3 SA - Brasil, Bolsa, Balcao | 1,500,000 | 15,196 | ||||||
DBS Group Holdings Ltd.1 | 1,005,000 | 15,033 | ||||||
Toronto-Dominion Bank (CAD denominated) | 300,700 | 13,420 | ||||||
HDFC Bank Ltd.1 | 888,000 | 12,658 | ||||||
Discover Financial Services | 249,000 | 12,472 | ||||||
Other securities | 87,499 | |||||||
272,299 | ||||||||
Health care 12.30% | ||||||||
Novartis AG1 | 360,000 | 31,281 | ||||||
UnitedHealth Group Inc. | 86,300 | 25,454 | ||||||
Allogene Therapeutics, Inc.2 | 461,000 | 19,740 | ||||||
Abbott Laboratories | 171,000 | 15,635 | ||||||
Sarepta Therapeutics, Inc.2 | 94,500 | 15,152 | ||||||
Eli Lilly and Company | 88,000 | 14,448 | ||||||
Centene Corp.2 | 202,000 | 12,837 | ||||||
Illumina, Inc.2 | 34,000 | 12,592 | ||||||
Boston Scientific Corp.2 | 351,000 | 12,324 | ||||||
Other securities | 76,184 | |||||||
235,647 | ||||||||
Consumer discretionary 9.09% | ||||||||
LVMH Moët Hennessy-Louis Vuitton SE1 | 74,096 | 32,454 | ||||||
Home Depot, Inc. | 75,500 | 18,914 | ||||||
Flutter Entertainment PLC (EUR denominated)1 | 126,077 | 16,549 | ||||||
Alibaba Group Holding Ltd.1,2 | 553,000 | 14,944 | ||||||
Other securities | 91,293 | |||||||
174,154 | ||||||||
Industrials 8.83% | ||||||||
Airbus SE, non-registered shares1,2 | 607,200 | 43,208 | ||||||
Lockheed Martin Corp. | 66,000 | 24,085 | ||||||
CCR SA, ordinary nominative | 7,680,800 | 20,480 | ||||||
Safran SA1,2 | 123,500 | 12,354 | ||||||
Other securities | 68,940 | |||||||
169,067 | ||||||||
Communication services 7.18% | ||||||||
Alphabet Inc., Class A2 | 21,800 | 30,914 | ||||||
Alphabet Inc., Class C2 | 7,000 | 9,895 | ||||||
Comcast Corp., Class A | 546,000 | 21,283 | ||||||
Facebook, Inc., Class A2 | 65,000 | 14,760 | ||||||
Other securities | 60,685 | |||||||
137,537 |
American Funds Insurance Series | 47 |
Global Growth and Income Fund
Common stocks (continued) | Shares | Value (000) | ||||||
Utilities 7.10% | ||||||||
E.ON SE1 | 3,644,000 | $ | 40,969 | |||||
Enel SpA1 | 3,539,000 | 30,489 | ||||||
Ørsted AS1 | 215,107 | 24,808 | ||||||
Dominion Energy, Inc. | 150,000 | 12,177 | ||||||
Other securities | 27,512 | |||||||
135,955 | ||||||||
Energy 5.26% | ||||||||
Reliance Industries Ltd.1 | 1,606,099 | 36,300 | ||||||
Reliance Industries Ltd., interim shares1,2 | 107,073 | 1,131 | ||||||
EOG Resources, Inc. | 652,000 | 33,030 | ||||||
Gazprom PJSC (ADR)1 | 3,431,000 | 18,479 | ||||||
Other securities | 11,753 | |||||||
100,693 | ||||||||
Consumer staples 4.04% | ||||||||
Nestlé SA1 | 315,275 | 34,830 | ||||||
Other securities | 42,560 | |||||||
77,390 | ||||||||
Materials 3.36% | ||||||||
Koninklijke DSM NV1 | 109,000 | 15,066 | ||||||
Fortescue Metals Group Ltd.1 | 1,441,882 | 13,835 | ||||||
Vale SA, ordinary nominative | 1,320,000 | 13,573 | ||||||
Other securities | 21,822 | |||||||
64,296 | ||||||||
Real estate 2.92% | ||||||||
Alexandria Real Estate Equities, Inc. REIT | 103,000 | 16,712 | ||||||
Other securities | 39,154 | |||||||
55,866 | ||||||||
Total common stocks (cost: $1,380,244,000) | 1,762,294 | |||||||
Bonds, notes & other debt instruments 1.81% | Principal amount (000) | |||||||
Corporate bonds & notes 1.81% | ||||||||
Communication services 1.81% | ||||||||
Sprint Corp. 7.25% 2021 | $ | 33,000 | 34,634 | |||||
Total bonds, notes & other debt instruments (cost: $32,282,000) | 34,634 | |||||||
Short-term securities 6.44% | Shares | |||||||
Money market investments 6.44% | ||||||||
Capital Group Central Cash Fund 0.18%3 | 1,232,229 | 123,235 | ||||||
Total short-term securities (cost: $123,219,000) | 123,235 | |||||||
Total investment securities 100.27% (cost: $1,535,745,000) | 1,920,163 | |||||||
Other assets less liabilities (0.27)% | (5,094 | ) | ||||||
Net assets 100.00% | $ | 1,915,069 |
This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.
“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.
48 | American Funds Insurance Series |
Global Growth and Income Fund
Forward currency contracts
Contract amount | Unrealized depreciation | ||||||||||||
Purchases (000) | Sales (000) | Counterparty | Settlement date | at 6/30/2020 (000) | |||||||||
USD7,220 | AUD10,500 | Standard Chartered Bank | 7/10/2020 | $ | (27 | ) |
1 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $859,944,000, which represented 44.90% of the net assets of the fund. This entire amount relates to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. |
2 | Security did not produce income during the last 12 months. |
3 | Rate represents the seven-day yield at 6/30/2020. |
Key to abbreviations and symbol
ADR = American Depositary Receipts
AUD = Australian dollars
CAD = Canadian dollars
EUR = Euros
USD/$ = U.S. dollars
See notes to financial statements.
American Funds Insurance Series | 49 |
Growth-Income Fund | |
Summary investment portfolio June 30, 2020 | unaudited |
Common stocks 92.90% | Shares |
Value | ||||||
Information technology 17.83% | ||||||||
Microsoft Corp. | 9,389,500 | $ | 1,910,857 | |||||
Broadcom Inc. | 2,606,134 | 822,522 | ||||||
Intel Corp. | 6,447,300 | 385,742 | ||||||
Mastercard Inc., Class A | 1,269,700 | 375,450 | ||||||
Autodesk, Inc.1 | 921,000 | 220,294 | ||||||
Visa Inc., Class A | 1,093,800 | 211,289 | ||||||
Accenture PLC, Class A | 890,900 | 191,294 | ||||||
Adobe Inc.1 | 375,900 | 163,633 | ||||||
Other securities | 1,774,661 | |||||||
6,055,742 | ||||||||
Health care 16.77% | ||||||||
Gilead Sciences, Inc. | 11,967,500 | 920,779 | ||||||
UnitedHealth Group Inc. | 2,545,641 | 750,837 | ||||||
Abbott Laboratories | 6,125,669 | 560,070 | ||||||
Amgen Inc. | 2,030,500 | 478,914 | ||||||
Merck & Co., Inc. | 3,038,880 | 234,997 | ||||||
Seattle Genetics, Inc.1 | 1,242,606 | 211,144 | ||||||
AstraZeneca PLC2 | 1,631,800 | 170,110 | ||||||
AstraZeneca PLC (ADR) | 721,200 | 38,144 | ||||||
Eli Lilly and Company | 1,077,600 | 176,920 | ||||||
Other securities | 2,153,303 | |||||||
5,695,218 | ||||||||
Communication services 14.54% | ||||||||
Facebook, Inc., Class A1 | 8,465,200 | 1,922,192 | ||||||
Netflix, Inc.1 | 1,945,925 | 885,474 | ||||||
Alphabet Inc., Class C1 | 296,784 | 419,537 | ||||||
Alphabet Inc., Class A1 | 288,980 | 409,788 | ||||||
Comcast Corp., Class A | 10,924,800 | 425,849 | ||||||
Charter Communications, Inc., Class A1 | 401,569 | 204,816 | ||||||
Verizon Communications Inc. | 3,001,600 | 165,478 | ||||||
Other securities | 503,307 | |||||||
4,936,441 | ||||||||
Industrials 9.14% | ||||||||
Northrop Grumman Corp. | 733,200 | 225,415 | ||||||
BWX Technologies, Inc. | 3,880,911 | 219,815 | ||||||
CSX Corp. | 3,131,000 | 218,356 | ||||||
L3Harris Technologies, Inc. | 1,035,500 | 175,693 | ||||||
Norfolk Southern Corp. | 964,300 | 169,302 | ||||||
Woodward, Inc. | 2,086,500 | 161,808 | ||||||
Other securities | 1,934,101 | |||||||
3,104,490 | ||||||||
Financials 8.69% | ||||||||
Intercontinental Exchange, Inc. | 3,183,555 | 291,614 | ||||||
CME Group Inc., Class A | 1,779,800 | 289,289 | ||||||
JPMorgan Chase & Co. | 2,584,530 | 243,101 | ||||||
Aon PLC, Class A | 1,214,800 | 233,970 | ||||||
Marsh & McLennan Companies, Inc. | 2,162,201 | 232,155 | ||||||
Nasdaq, Inc. | 1,719,600 | 205,441 | ||||||
Moody’s Corp. | 674,558 | 185,321 | ||||||
Other securities | 1,268,303 | |||||||
2,949,194 | ||||||||
Consumer discretionary 6.48% | ||||||||
Amazon.com, Inc.1 | 395,030 | 1,089,817 | ||||||
Lowe’s Companies, Inc. | 1,360,900 | 183,885 | ||||||
Other securities | 926,728 | |||||||
2,200,430 |
50 | American Funds Insurance Series |
Growth-Income Fund
Common stocks | Shares | Value (000) | ||||||
Consumer staples 5.98% | ||||||||
British American Tobacco PLC2 | 8,069,260 | $ | 310,032 | |||||
British American Tobacco PLC (ADR) | 479,440 | 18,612 | ||||||
Keurig Dr Pepper Inc. | 8,760,935 | 248,811 | ||||||
Philip Morris International Inc. | 2,743,640 | 192,219 | ||||||
Carlsberg A/S, Class B2 | 1,326,568 | 175,240 | ||||||
Other securities | 1,087,456 | |||||||
2,032,370 | ||||||||
Materials 4.13% | ||||||||
Celanese Corp. | 2,996,633 | 258,729 | ||||||
Linde PLC | 892,800 | 189,372 | ||||||
LyondellBasell Industries NV | 2,453,100 | 161,218 | ||||||
Other securities | 792,562 | |||||||
1,401,881 | ||||||||
Energy 3.74% | ||||||||
Chevron Corp. | 2,625,200 | 234,247 | ||||||
Other securities | 1,034,631 | |||||||
1,268,878 | ||||||||
Utilities 2.88% | ||||||||
CenterPoint Energy, Inc.3 | 11,210,255 | 209,296 | ||||||
CenterPoint Energy, Inc. | 1,111,000 | 20,742 | ||||||
Other securities | 746,495 | |||||||
976,533 | ||||||||
Real estate 2.72% | ||||||||
Equinix, Inc. REIT | 555,418 | 390,070 | ||||||
Crown Castle International Corp. REIT | 1,418,300 | 237,353 | ||||||
Other securities | 296,588 | |||||||
924,011 | ||||||||
Total common stocks (cost: $22,200,125,000) | 31,545,188 | |||||||
Convertible stocks 0.92% | ||||||||
Information technology 0.26% | ||||||||
Broadcom Inc., Series A, cumulative convertible preferred shares, 8.00% 2022 | 78,400 | 87,365 | ||||||
Other 0.66% | ||||||||
Other securities | 224,617 | |||||||
Total convertible stocks (cost: $268,527,000) | 311,982 | |||||||
Bonds, notes & other debt instruments 0.12% | Principal amount (000) | |||||||
Corporate bonds & notes 0.12% | ||||||||
Other 0.12% | ||||||||
Other securities | 39,975 | |||||||
Total corporate bonds & notes | 39,975 | |||||||
Total bonds, notes & other debt instruments (cost: $38,346,000) | 39,975 |
American Funds Insurance Series | 51 |
Growth-Income Fund
Short-term securities 6.14% | Shares | Value (000) | ||||||
Money market investments 6.14% | ||||||||
Capital Group Central Cash Fund 0.18%4 | 20,848,370 | $ | 2,085,046 | |||||
Total short-term securities (cost: $2,084,942,000) | 2,085,046 | |||||||
Total investment securities 100.08% (cost: $24,591,940,000) | 33,982,191 | |||||||
Other assets less liabilities (0.08)% | (27,852 | ) | ||||||
Net assets 100.00% | $ | 33,954,339 |
This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.
“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.
Investments in affiliates
A company is an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings represent 5% or more of the outstanding voting shares of that company. Further details on this holding and related transactions during the six months ended June 30, 2020, appear below.
Net | Net | Value of | ||||||||||||||||||||||||||||||
realized | unrealized | Dividend | affiliate at | |||||||||||||||||||||||||||||
Beginning | Ending | loss | depreciation | income | 6/30/2020 | |||||||||||||||||||||||||||
shares | Additions | Reductions | shares | (000) | (000) | (000) | (000) | |||||||||||||||||||||||||
Common stocks 0.00% | ||||||||||||||||||||||||||||||||
Industrials 0.00% | ||||||||||||||||||||||||||||||||
BWX Technologies, Inc.5 | 5,414,670 | 279,000 | 1,812,759 | 3,880,911 | $ | (16,774 | ) | $ | (23,515 | ) | $ | 1,697 | $ | — |
1 | Security did not produce income during the last 12 months. |
2 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $2,744,357,000, which represented 8.08% of the net assets of the fund. This entire amount relates to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. |
3 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $243,073,000, which represented .72% of the net assets of the fund. |
4 | Rate represents the seven-day yield at 6/30/2020. |
5 | Unaffiliated issuer at 6/30/2020. |
Key to abbreviation
ADR = American Depositary Receipts
See notes to financial statements.
52 | American Funds Insurance Series |
International Growth and Income Fund | |
Summary investment portfolio June 30, 2020 | unaudited |
Common stocks 88.70% | Shares | Value (000) | ||||||
Financials 18.26% | ||||||||
HDFC Bank Ltd.1 | 2,457,600 | $ | 35,032 | |||||
Zurich Insurance Group AG1 | 92,200 | 32,470 | ||||||
AIA Group Ltd.1 | 2,338,600 | 21,766 | ||||||
Banco Santander, SA1 | 8,856,538 | 21,597 | ||||||
ING Groep NV1 | 2,789,300 | 19,377 | ||||||
Insurance Australia Group Ltd.1 | 3,666,000 | 14,654 | ||||||
B3 SA - Brasil, Bolsa, Balcao | 1,302,000 | 13,190 | ||||||
Sberbank of Russia PJSC (ADR)1,2 | 999,000 | 11,350 | ||||||
Sony Financial Holdings Inc.1 | 410,400 | 9,877 | ||||||
Other securities | 58,197 | |||||||
237,510 | ||||||||
Industrials 14.69% | ||||||||
Shanghai International Airport Co., Ltd., Class A1 | 3,091,967 | 31,361 | ||||||
Aena SME, SA, non-registered shares1,2 | 121,450 | 16,168 | ||||||
Airbus SE, non-registered shares1,2 | 216,160 | 15,382 | ||||||
ASSA ABLOY AB, Class B1 | 681,100 | 13,829 | ||||||
SAAB AB, Class B1,2 | 510,000 | 12,711 | ||||||
Singapore Technologies Engineering Ltd1 | 5,270,000 | 12,506 | ||||||
Deutsche Post AG1,2 | 342,000 | 12,476 | ||||||
Recruit Holdings Co., Ltd.1 | 350,100 | 11,968 | ||||||
Airports of Thailand PCL, foreign registered1 | 5,250,000 | 10,297 | ||||||
Other securities | 54,440 | |||||||
191,138 | ||||||||
Health care 12.55% | ||||||||
Novartis AG1 | 502,545 | 43,667 | ||||||
Daiichi Sankyo Company, Ltd.1 | 453,000 | 36,995 | ||||||
Takeda Pharmaceutical Company, Ltd.1 | 518,353 | 18,500 | ||||||
Fresenius SE & Co. KGaA1,2 | 283,701 | 14,004 | ||||||
Chugai Pharmaceutical Company, Ltd.1 | 228,900 | 12,236 | ||||||
Aier Eye Hospital Group Co., Ltd., Class A1 | 1,784,955 | 11,008 | ||||||
Other securities | 26,926 | |||||||
163,336 | ||||||||
Consumer discretionary 11.14% | ||||||||
Sony Corp.1 | 498,900 | 34,165 | ||||||
LVMH Moët Hennessy-Louis Vuitton SE1 | 48,000 | 21,024 | ||||||
GVC Holdings PLC1 | 1,975,100 | 18,097 | ||||||
Galaxy Entertainment Group Ltd.1 | 2,365,000 | 16,058 | ||||||
Kering SA1 | 29,000 | 15,752 | ||||||
Taylor Wimpey PLC1 | 7,352,400 | 12,971 | ||||||
Alibaba Group Holding Ltd.1,2 | 430,800 | 11,641 | ||||||
Other securities | 15,234 | |||||||
144,942 | ||||||||
Utilities 9.15% | ||||||||
E.ON SE1 | 3,629,500 | 40,806 | ||||||
SSE PLC1 | 1,320,450 | 22,295 | ||||||
ENN Energy Holdings Ltd.1 | 1,658,000 | 18,621 | ||||||
National Grid PLC1 | 887,664 | 10,870 | ||||||
Ørsted AS1 | 92,807 | 10,703 | ||||||
Other securities | 15,821 | |||||||
119,116 | ||||||||
Communication services 6.65% | ||||||||
SoftBank Group Corp.1 | 580,800 | 29,265 | ||||||
Yandex NV, Class A2 | 470,000 | 23,509 | ||||||
Tencent Holdings Ltd.1 | 297,700 | 19,123 | ||||||
Other securities | 14,575 | |||||||
86,472 |
American Funds Insurance Series | 53 |
International Growth and Income Fund
Common stocks (continued) | Shares | Value (000) | ||||||
Information technology 4.03% | ||||||||
SUMCO Corp.1 | 1,230,000 | $ | 18,830 | |||||
ASML Holding NV1 | 47,800 | 17,522 | ||||||
Taiwan Semiconductor Manufacturing Company, Ltd.1 | 1,520,000 | 16,085 | ||||||
52,437 | ||||||||
Consumer staples 3.89% | ||||||||
British American Tobacco PLC1 | 548,402 | 21,070 | ||||||
Imperial Brands PLC1 | 557,516 | 10,617 | ||||||
Other securities | 18,953 | |||||||
50,640 | ||||||||
Materials 3.83% | ||||||||
Rio Tinto PLC1 | 243,800 | 13,719 | ||||||
UPL Ltd.1,2 | 2,118,000 | 11,961 | ||||||
Air Liquide SA, non-registered shares1 | 79,200 | 11,412 | ||||||
Other securities | 12,780 | |||||||
49,872 | ||||||||
Real estate 2.80% | ||||||||
Sun Hung Kai Properties Ltd.1 | 1,241,000 | 15,816 | ||||||
CK Asset Holdings Ltd.1 | 2,626,000 | 15,615 | ||||||
Other securities | 4,943 | |||||||
36,374 | ||||||||
Energy 1.71% | ||||||||
Other securities | 22,204 | |||||||
Total common stocks (cost: $1,056,951,000) | 1,154,041 | |||||||
Preferred securities 0.50% | ||||||||
Energy 0.50% | ||||||||
Other securities | 6,478 | |||||||
Total preferred securities (cost: $5,126,000) | 6,478 | |||||||
Rights & warrants 0.62% | ||||||||
Health care 0.62% | ||||||||
Aier Eye Hospital Group Co., Ltd., Class A, warrants, expires 20211,3 | 958,500 | 5,734 | ||||||
Aier Eye Hospital Group Co., Ltd., Class A, warrants, expires 20211,2,3 | 382,799 | 2,290 | ||||||
8,024 | ||||||||
Total rights & warrants (cost: $8,134,000) | 8,024 | |||||||
Bonds, notes & other debt instruments 0.66% | Principal amount (000) | |||||||
Bonds & notes of governments & government agencies outside the U.S. 0.37% | ||||||||
Bonds & notes of governments & government agencies outside the U.S. 0.37% | ||||||||
Other securities | 4,738 | |||||||
Corporate bonds & notes 0.29% | ||||||||
Health care 0.29% | ||||||||
Other securities | 3,823 | |||||||
Total bonds, notes & other debt instruments (cost: $9,513,000) | 8,561 |
54 | American Funds Insurance Series |
International Growth and Income Fund
Short-term securities 9.32% | Shares | Value (000) | ||||||
Money market investments 9.32% | ||||||||
Capital Group Central Cash Fund 0.18%4 | 1,213,278 | $ | 121,340 | |||||
Total short-term securities (cost: $121,328,000) | 121,340 | |||||||
Total investment securities 99.80% (cost: $1,201,052,000) | 1,298,444 | |||||||
Other assets less liabilities 0.20% | 2,540 | |||||||
Net assets 100.00% | $ | 1,300,984 |
This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.
“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.
1 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $1,088,755,000, which represented 83.69% of the net assets of the fund. This amount includes $1,080,727,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. |
2 | Security did not produce income during the last 12 months. |
3 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $9,918,000, which represented .76% of the net assets of the fund. |
4 | Rate represents the seven-day yield at 6/30/2020. |
Key to abbreviation
ADR = American Depositary Receipts
See notes to financial statements.
American Funds Insurance Series | 55 |
Capital Income Builder | |
Summary investment portfolio June 30, 2020 | unaudited |
Common stocks 70.00% | Shares | Value (000) | ||||||
Health care 11.51% | ||||||||
Gilead Sciences, Inc. | 302,403 | $ | 23,267 | |||||
AbbVie Inc. | 225,462 | 22,136 | ||||||
Amgen Inc. | 75,995 | 17,924 | ||||||
GlaxoSmithKline PLC1 | 865,174 | 17,530 | ||||||
Novartis AG1 | 152,562 | 13,256 | ||||||
AstraZeneca PLC1 | 52,858 | 5,510 | ||||||
AstraZeneca PLC (ADR) | 11,454 | 606 | ||||||
Other securities | 10,470 | |||||||
110,699 | ||||||||
Consumer staples 9.86% | ||||||||
British American Tobacco PLC1 | 550,162 | 21,138 | ||||||
Philip Morris International Inc. | 262,907 | 18,419 | ||||||
Coca-Cola Company | 207,076 | 9,252 | ||||||
General Mills, Inc. | 130,025 | 8,016 | ||||||
Nestlé SA1 | 58,460 | 6,458 | ||||||
Altria Group, Inc. | 131,620 | 5,166 | ||||||
Other securities | 26,345 | |||||||
94,794 | ||||||||
Utilities 9.02% | ||||||||
Dominion Energy, Inc. | 177,399 | 14,401 | ||||||
National Grid PLC1 | 720,349 | 8,821 | ||||||
Iberdrola, SA, non-registered shares1 | 716,931 | 8,304 | ||||||
E.ON SE1 | 734,500 | 8,258 | ||||||
SSE PLC1 | 443,987 | 7,496 | ||||||
EDP - Energias de Portugal, SA1 | 1,291,886 | 6,161 | ||||||
Enel SpA1 | 619,762 | 5,339 | ||||||
Other securities | 27,908 | |||||||
86,688 | ||||||||
Financials 9.00% | ||||||||
Zurich Insurance Group AG1 | 25,819 | 9,093 | ||||||
CME Group Inc., Class A | 41,952 | 6,819 | ||||||
Münchener Rückversicherungs-Gesellschaft AG1 | 20,578 | 5,340 | ||||||
Truist Financial Corp. | 139,222 | 5,228 | ||||||
JPMorgan Chase & Co. | 50,001 | 4,703 | ||||||
DBS Group Holdings Ltd.1 | 312,400 | 4,673 | ||||||
Other securities | 50,676 | |||||||
86,532 | ||||||||
Information technology 8.08% | ||||||||
Broadcom Inc. | 84,199 | 26,574 | ||||||
Microsoft Corp. | 96,458 | 19,630 | ||||||
Taiwan Semiconductor Manufacturing Company, Ltd.1 | 790,800 | 8,368 | ||||||
Intel Corp. | 82,778 | 4,953 | ||||||
Other securities | 18,178 | |||||||
77,703 | ||||||||
Real estate 6.15% | ||||||||
Crown Castle International Corp. REIT | 117,596 | 19,680 | ||||||
Digital Realty Trust, Inc. REIT | 37,881 | 5,383 | ||||||
CK Asset Holdings Ltd.1 | 891,000 | 5,298 | ||||||
Other securities | 28,763 | |||||||
59,124 |
56 | American Funds Insurance Series |
Capital Income Builder
Common stocks | Shares | Value (000) | ||||||
Energy 4.40% | ||||||||
Chevron Corp. | 108,909 | $ | 9,718 | |||||
TC Energy Corp. (CAD denominated) | 133,253 | 5,693 | ||||||
TC Energy Corp. | 36,765 | 1,576 | ||||||
Enbridge Inc. (CAD denominated) | 216,401 | 6,580 | ||||||
Other securities | 18,693 | |||||||
42,260 | ||||||||
Communication services 4.26% | ||||||||
Verizon Communications Inc. | 143,888 | 7,933 | ||||||
BCE Inc. (CAD denominated) | 179,328 | 7,479 | ||||||
Nippon Telegraph and Telephone Corp.1 | 208,800 | 4,861 | ||||||
Other securities | 20,643 | |||||||
40,916 | ||||||||
Industrials 3.74% | ||||||||
United Parcel Service, Inc., Class B | 63,582 | 7,069 | ||||||
Raytheon Technologies Corp. | 80,975 | 4,990 | ||||||
Other securities | 23,888 | |||||||
35,947 | ||||||||
Materials 2.91% | ||||||||
Dow Inc. | 181,570 | 7,401 | ||||||
Other securities | 20,591 | |||||||
27,992 | ||||||||
Consumer discretionary 1.07% | ||||||||
Other securities | 10,286 | |||||||
Total common stocks (cost: $613,582,000) | 672,941 | |||||||
Preferred securities 0.09% | ||||||||
Information technology 0.09% | ||||||||
Other securities | 808 | |||||||
Total preferred securities (cost: $689,000) | 808 | |||||||
Rights & warrants 0.00% | ||||||||
Energy 0.00% | ||||||||
Other securities | — | 2 | ||||||
Total rights & warrants (cost: $0) | — | 2 | ||||||
Convertible stocks 1.36% | ||||||||
Utilities 0.44% | ||||||||
Dominion Energy, Inc., Series A, convertible preferred shares, 7.25% 2022 | 9,000 | 912 | ||||||
Other securities | 3,302 | |||||||
4,214 | ||||||||
Information technology 0.42% | ||||||||
Broadcom Inc., Series A, cumulative convertible preferred shares, 8.00% 2022 | 3,638 | 4,054 | ||||||
Real estate 0.15% | ||||||||
Crown Castle International Corp. REIT, Series A, convertible preferred shares, 6.875% 2020 | 968 | 1,438 |
American Funds Insurance Series | 57 |
Capital Income Builder
Convertible stocks (continued) | Shares | Value (000) | ||||||
Other 0.35% | ||||||||
Other securities | $ | 3,389 | ||||||
Total convertible stocks (cost: $12,012,000) | 13,095 | |||||||
Convertible bonds & notes 0.06% | Principal amount (000) | |||||||
Consumer discretionary 0.06% | ||||||||
Other securities | 544 | |||||||
Total convertible bonds & notes (cost: $541,000) | 544 | |||||||
Bonds, notes & other debt instruments 24.34% | ||||||||
U.S. Treasury bonds & notes 8.96% | ||||||||
U.S. Treasury 8.11% | ||||||||
U.S. Treasury 0.125% 2022 | $ | 20,800 | 20,788 | |||||
U.S. Treasury 0.375% 2025 | 13,757 | 13,819 | ||||||
U.S. Treasury 2.00% 20253 | 13,200 | 14,334 | ||||||
U.S. Treasury 1.875% 2026 | 6,300 | 6,849 | ||||||
U.S. Treasury 0.13%–2.00% 2022–20503 | 21,458 | 22,216 | ||||||
78,006 | ||||||||
U.S. Treasury inflation-protected securities 0.85% | ||||||||
U.S. Treasury Inflation-Protected Securities 0.13%–0.25% 2025–20503,4 | 7,611 | 8,156 | ||||||
Total U.S. Treasury bonds & notes | 86,162 | |||||||
Mortgage-backed obligations 7.22% | ||||||||
Federal agency mortgage-backed obligations 6.75% | ||||||||
Fannie Mae Pool #MA4042 2.00% 20355 | 15,895 | 16,458 | ||||||
Fannie Mae Pool #CA5540 3.00% 20505 | 5,581 | 5,932 | ||||||
Fannie Mae 3.50%–5.00% 2033–20495 | 4,496 | 4,901 | ||||||
Freddie Mac Pool #SD7512 3.00% 20505 | 7,699 | 8,199 | ||||||
Freddie Mac 3.50%–4.50% 2048–20495 | 1,453 | 1,576 | ||||||
Uniform Mortgage-Backed Security 3.50% 20505,6 | 10,080 | 10,601 | ||||||
Uniform Mortgage-Backed Securities 2.50%–3.00% 20355,6 | 4,125 | 4,319 | ||||||
Other securities | 12,852 | |||||||
64,838 | ||||||||
Other 0.47% | ||||||||
Other securities | 4,574 | |||||||
Total mortgage-backed obligations | 69,412 | |||||||
Corporate bonds & notes 6.98% | ||||||||
Utilities 1.01% | ||||||||
Virginia Electric and Power Co. 4.00% 2046 | 85 | 102 | ||||||
Other securities | 9,599 | |||||||
9,701 | ||||||||
Health care 1.01% | ||||||||
AbbVie Inc. 2.95%–4.25% 2026–20497 | 461 | 515 | ||||||
Amgen Inc. 3.375% 2050 | 150 | 165 | ||||||
Novartis Capital Corp. 1.75%–2.00% 2025–2027 | 328 | 345 | ||||||
Other securities | 8,628 | |||||||
9,653 |
58 | American Funds Insurance Series |
Capital Income Builder
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Consumer staples 0.50% | ||||||||
British American Tobacco PLC 3.22%–4.91% 2026–2049 | $ | 1,540 | $ | 1,705 | ||||
Philip Morris International Inc. 3.375% 2029 | 450 | 512 | ||||||
Other securities | 2,534 | |||||||
4,751 | ||||||||
Information technology 0.40% | ||||||||
Broadcom Corp. 3.875% 2027 | 370 | 400 | ||||||
Broadcom Inc. 5.00% 20307 | 805 | 927 | ||||||
Other securities | 2,507 | |||||||
3,834 | ||||||||
Other 4.06% | ||||||||
Other securities | 39,138 | |||||||
Total corporate bonds & notes | 67,077 | |||||||
Bonds & notes of governments & government agencies outside the U.S. 0.14% | ||||||||
Bonds & notes of governments & government agencies outside the U.S. 0.14% | ||||||||
Other securities | 1,339 | |||||||
Other bonds & notes 1.04% | ||||||||
Other securities | 10,027 | |||||||
Total bonds, notes & other debt instruments (cost: $225,620,000) | 234,017 | |||||||
Short-term securities 5.56% | Shares | |||||||
Money market investments 5.56% | ||||||||
Capital Group Central Cash Fund 0.18%8 | 500,631 | 50,070 | ||||||
Goldman Sachs Financial Square Government Fund 0.15%8,9 | 3,395,926 | 3,396 | ||||||
53,466 | ||||||||
Total short-term securities (cost: $53,463,000) | 53,466 | |||||||
Total investment securities 101.41% (cost: $905,907,000) | 974,871 | |||||||
Other assets less liabilities (1.41)% | (13,570 | ) | ||||||
Net assets 100.00% | $ | 961,301 |
This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.
“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” also includes securities on loan. The total value of securities on loan was $3,593,000, which represented .37% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
American Funds Insurance Series | 59 |
Capital Income Builder
Futures contracts
Unrealized | |||||||||||||||||||
(depreciation) | |||||||||||||||||||
Notional | Value at | appreciation | |||||||||||||||||
Number of | amount | 10 | 6/30/2020 | 11 | at 6/30/2020 | ||||||||||||||
Contracts | Type | contracts | Expiration | (000) | (000) | (000) | |||||||||||||
90 Day Euro Dollar Futures | Short | 130 | September 2020 | $ | (32,500 | ) | $ | (32,414 | ) | $ | (12 | ) | |||||||
90 Day Euro Dollar Futures | Short | 80 | March 2021 | (20,000 | ) | (19,960 | ) | (7 | ) | ||||||||||
90 Day Euro Dollar Futures | Short | 168 | March 2022 | (42,000 | ) | (41,924 | ) | (15 | ) | ||||||||||
2 Year U.S. Treasury Note Futures | Long | 15 | October 2020 | 3,000 | 3,312 | 1 | |||||||||||||
5 Year U.S. Treasury Note Futures | Long | 91 | October 2020 | 9,100 | 11,442 | 30 | |||||||||||||
10 Year U.S. Treasury Note Futures | Short | 23 | September 2020 | (2,300 | ) | (3,201 | ) | (12 | ) | ||||||||||
10 Year Ultra U.S. Treasury Note Futures | Short | 31 | September 2020 | (3,100 | ) | (4,882 | ) | (24 | ) | ||||||||||
20 Year U.S. Treasury Bond Futures | Long | 7 | September 2020 | 700 | 1,250 | 18 | |||||||||||||
30 Year Ultra U.S. Treasury Bond Futures | Long | 56 | September 2020 | 5,600 | 12,217 | 114 | |||||||||||||
$ | 93 |
Forward currency contracts | |||||||||||
Contract amount | Unrealized depreciation | ||||||||||
Purchases (000) | Sales (000) | Counterparty | Settlement date | at 6/30/2020 (000) | |||||||
MXN2,100 | USD95 | Goldman Sachs | 7/20/2020 | $ | (4 | ) |
Swap contracts
Interest rate swaps
Unrealized | |||||||||||||||||||||
Upfront | (depreciation) | ||||||||||||||||||||
Value at | premium | appreciation | |||||||||||||||||||
Expiration | Notional | 6/30/2020 | paid | at 6/30/2020 | |||||||||||||||||
Receive | Pay | date | (000) | (000) | (000) | (000) | |||||||||||||||
U.S. EFFR | 0.11% | 5/18/2024 | $ | 6,200 | $ | — | 2 | $ | — | $ | — | 2 | |||||||||
3-month USD-LIBOR | 0.337% | 5/18/2025 | 21,500 | (19 | ) | — | (19 | ) | |||||||||||||
U.S. EFFR | 0.1275% | 6/25/2025 | 2,700 | (6 | ) | — | (6 | ) | |||||||||||||
U.S. EFFR | 0.0975% | 6/30/2025 | 1,460 | (1 | ) | — | (1 | ) | |||||||||||||
U.S. EFFR | 0.106% | 6/30/2025 | 1,190 | (1 | ) | — | (1 | ) | |||||||||||||
U.S. EFFR | 0.105% | 6/30/2025 | 2,700 | (2 | ) | — | (2 | ) | |||||||||||||
3-month USD-LIBOR | 0.5935% | 5/18/2030 | 7,200 | 26 | — | 26 | |||||||||||||||
3-month USD-LIBOR | 0.807% | 5/18/2050 | 1,800 | 55 | — | 55 | |||||||||||||||
$ | — | $ | 52 |
Credit default swaps
Centrally cleared credit default swaps on credit indices — sell protection
Unrealized | |||||||||||||||||||||
Value at | Upfront | appreciation | |||||||||||||||||||
Receive/ | Expiration | Notional | 6/30/2020 | receipts | at 6/30/2020 | ||||||||||||||||
Payment frequency | Pay | date | (000) | (000) | (000) | (000) | |||||||||||||||
5.00%/Quarterly | CDX.NA.HY.25 | 6/20/2025 | $ | 3,444 | $ | (24 | ) | $ | (251 | ) | $ | 227 |
60 | American Funds Insurance Series |
Capital Income Builder
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
1 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $273,388,000, which represented 28.44% of the net assets of the fund. This entire amount relates to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. |
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 $2,514,000, which represented .26% of the net assets of the fund. |
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 | Purchased on a TBA basis. |
7 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $22,007,000, which represented 2.29% of the net assets of the fund. |
8 | Rate represents the seven-day yield at 6/30/2020. |
9 | Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending. |
10 | Notional amount is calculated based on the number of contracts and notional contract size. |
11 | Value is calculated based on the notional amount and current market price. |
Key to abbreviations and symbol
ADR = American Depositary Receipts
CAD = Canadian dollars
EFFR = Effective Federal Funds Rate
LIBOR = London Interbank Offered Rate
MXN = Mexican pesos
TBA = To-be-announced
USD/$= U.S. dollars
See notes to financial statements.
American Funds Insurance Series | 61 |
Summary investment portfolio June 30, 2020 | unaudited |
Common stocks 59.62% | Shares | Value (000) | ||||||
Information technology 14.52% | ||||||||
Microsoft Corp. | 5,441,900 | $ | 1,107,481 | |||||
Broadcom Inc. | 1,490,000 | 470,259 | ||||||
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 6,056,700 | 343,839 | ||||||
ASML Holding NV (New York registered) (ADR) | 795,900 | 292,915 | ||||||
ASML Holding NV1 | 70,000 | 25,661 | ||||||
MKS Instruments, Inc. | 2,200,000 | 249,128 | ||||||
VeriSign, Inc.2 | 1,100,000 | 227,513 | ||||||
Dell Technologies Inc., Class C2 | 3,250,000 | 178,555 | ||||||
Other securities | 938,740 | |||||||
3,834,091 | ||||||||
Health care 11.48% | ||||||||
Johnson & Johnson | 3,885,000 | 546,348 | ||||||
UnitedHealth Group Inc. | 1,322,300 | 390,012 | ||||||
Humana Inc. | 965,000 | 374,179 | ||||||
Gilead Sciences, Inc. | 3,647,800 | 280,662 | ||||||
Cigna Corp. | 1,275,000 | 239,254 | ||||||
Abbott Laboratories | 2,200,000 | 201,146 | ||||||
Thermo Fisher Scientific Inc. | 507,000 | 183,706 | ||||||
Vertex Pharmaceuticals Inc.2 | 550,000 | 159,670 | ||||||
Other securities | 655,341 | |||||||
3,030,318 | ||||||||
Financials 9.23% | ||||||||
Chubb Ltd. | 2,200,000 | 278,564 | ||||||
First Republic Bank | 1,980,000 | 209,860 | ||||||
CME Group Inc., Class A | 977,200 | 158,834 | ||||||
Apollo Global Management, Inc., Class A | 2,769,732 | 138,265 | ||||||
Bank of America Corp. | 5,750,000 | 136,563 | ||||||
JPMorgan Chase & Co. | 1,400,000 | 131,684 | ||||||
Other securities | 1,383,859 | |||||||
2,437,629 | ||||||||
Consumer discretionary 5.26% | ||||||||
Amazon.com, Inc.2 | 171,400 | 472,862 | ||||||
Home Depot, Inc. | 1,113,000 | 278,818 | ||||||
Aramark | 8,000,000 | 180,560 | ||||||
Other securities | 456,858 | |||||||
1,389,098 | ||||||||
Consumer staples 4.83% | ||||||||
Philip Morris International Inc. | 7,343,000 | 514,451 | ||||||
Nestlé SA1 | 3,130,000 | 345,787 | ||||||
Nestlé SA (ADR) | 900,000 | 99,396 | ||||||
Altria Group, Inc. | 3,300,000 | 129,525 | ||||||
Other securities | 184,718 | |||||||
1,273,877 | ||||||||
Industrials 4.16% | ||||||||
Northrop Grumman Corp. | 1,249,400 | 384,115 | ||||||
Lockheed Martin Corp. | 663,000 | 241,942 | ||||||
CSX Corp. | 2,038,000 | 142,130 | ||||||
L3Harris Technologies, Inc. | 791,100 | 134,226 | ||||||
Other securities | 195,431 | |||||||
1,097,844 | ||||||||
Communication services 3.72% | ||||||||
Charter Communications, Inc., Class A2 | 727,126 | 370,863 | ||||||
Facebook, Inc., Class A2 | 952,100 | 216,194 | ||||||
Other securities | 394,665 | |||||||
981,722 |
62 | American Funds Insurance Series |
Asset Allocation Fund
Common stocks | Shares | Value (000) | ||||||
Materials 2.86% | ||||||||
Dow Inc. | 4,800,000 | $ | 195,648 | |||||
LyondellBasell Industries NV | 2,368,100 | 155,631 | ||||||
Other securities | 404,438 | |||||||
755,717 | ||||||||
Utilities 1.48% | ||||||||
Enel SpA1 | 24,000,000 | 206,764 | ||||||
CMS Energy Corp. | 2,284,700 | 133,472 | ||||||
Other securities | 49,295 | |||||||
389,531 | ||||||||
Energy 1.28% | ||||||||
Other securities | 337,131 | |||||||
Real estate 0.80% | ||||||||
Crown Castle International Corp. REIT | 755,000 | 126,349 | ||||||
Other securities | 84,827 | |||||||
211,176 | ||||||||
Total common stocks (cost: $10,640,057,000) | 15,738,134 | |||||||
Rights & warrants 0.00% | ||||||||
Other 0.00% | ||||||||
Other securities | 133 | |||||||
Total rights & warrants (cost: $181,000) | 133 | |||||||
Convertible stocks 0.63% | ||||||||
Information technology 0.25% | ||||||||
Broadcom Inc., Series A, cumulative convertible preferred shares, 8.00% 2022 | 60,000 | 66,861 | ||||||
Other 0.38% | ||||||||
Other securities | 100,262 | |||||||
Total convertible stocks (cost: $154,257,000) | 167,123 | |||||||
Convertible bonds & notes 0.00% | Principal amount (000) | |||||||
Communication services 0.00% | ||||||||
Other securities | 71 | |||||||
Total convertible bonds & notes (cost: $101,000) | 71 | |||||||
Bonds, notes & other debt instruments 33.05% | ||||||||
Corporate bonds & notes 13.30% | ||||||||
Financials 2.36% | ||||||||
ACE INA Holdings Inc. 2.30%–4.35% 2020–2045 | $ | 7,405 | 8,053 | |||||
Other securities | 615,296 | |||||||
623,349 | ||||||||
Health care 1.99% | ||||||||
UnitedHealth Group Inc. 2.38%–4.45% 2024–2048 | 14,200 | 17,007 | ||||||
Other securities | 510,034 | |||||||
527,041 |
American Funds Insurance Series | 63 |
Asset Allocation Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds & notes (continued) | ||||||||
Utilities 1.78% | ||||||||
Other securities | $ | 470,370 | ||||||
Communication services 1.39% | ||||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 2.80%–5.75% 2025–20513 | $ | 32,594 | 33,583 | |||||
Other securities | 333,739 | |||||||
367,322 | ||||||||
Industrials 1.04% | ||||||||
Northrop Grumman Corp. 2.55%–5.25% 2022–2050 | 13,454 | 15,313 | ||||||
Other securities | 258,848 | |||||||
274,161 | ||||||||
Consumer discretionary 0.92% | ||||||||
Amazon.com, Inc. 1.50%–2.80% 2023–2060 | 11,555 | 11,823 | ||||||
Home Depot, Inc. 2.70%–4.50% 2028–2050 | 19,294 | 22,364 | ||||||
Other securities | 209,411 | |||||||
243,598 | ||||||||
Consumer staples 0.82% | ||||||||
Nestlé Holdings, Inc. 3.35% 20233 | 750 | 816 | ||||||
Philip Morris International Inc. 1.88%–3.38% 2021–2030 | 13,663 | 14,607 | ||||||
Other securities | 200,236 | |||||||
215,659 | ||||||||
Information technology 0.80% | ||||||||
Broadcom Corp. 3.875% 2027 | 3,060 | 3,311 | ||||||
Broadcom Inc. 3.13%–5.00% 2022–20303 | 45,777 | 51,495 | ||||||
Broadcom Ltd. 3.50%–3.63% 2024–2028 | 2,187 | 2,329 | ||||||
Microsoft Corp. 2.53%–4.20% 2027–2050 | 11,250 | 13,861 | ||||||
Other securities | 141,396 | |||||||
212,392 | ||||||||
Other 2.20% | ||||||||
Other securities | 578,658 | |||||||
Total corporate bonds & notes | 3,512,550 | |||||||
U.S. Treasury bonds & notes 10.32% | ||||||||
U.S. Treasury 8.67% | ||||||||
U.S. Treasury 2.50% 2021 | 200,000 | 202,718 | ||||||
U.S. Treasury 2.50% 2024 | 225,000 | 243,475 | ||||||
U.S. Treasury 1.375% 2025 | 131,900 | 138,562 | ||||||
U.S. Treasury 0.625% 2030 | 174,477 | 173,945 | ||||||
U.S. Treasury 2.375% 20494 | 103,700 | 128,014 | ||||||
U.S. Treasury 2.00% 20504 | 131,548 | 150,590 | ||||||
U.S. Treasury 0.13%–3.00% 2020–20494 | 1,195,247 | 1,252,209 | ||||||
2,289,513 | ||||||||
U.S. Treasury inflation-protected securities 1.65% | ||||||||
U.S. Treasury Inflation-Protected Security 1.00% 20494,5 | 100,974 | 135,026 | ||||||
U.S. Treasury Inflation-Protected Securities 0.13%–1.00% 2024–20504,5 | 278,644 | 300,565 | ||||||
435,591 | ||||||||
Total U.S. Treasury bonds & notes | 2,725,104 | |||||||
Mortgage-backed obligations 8.55% | ||||||||
Federal agency mortgage-backed obligations 8.24% | ||||||||
Fannie Mae 0%–7.50% 2021–20496,7 | 284,078 | 304,340 | ||||||
Government National Mortgage Assn. 2.50% 20506,8 | 127,582 | 133,981 | ||||||
Government National Mortgage Assn. 3.00%–4.50% 2048–20506,8 | 333,349 | 353,346 | ||||||
Uniform Mortgage-Backed Security 2.50% 20506,8 | 213,217 | 221,323 |
64 | American Funds Insurance Series |
Asset Allocation Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Uniform Mortgage-Backed Security 3.00% 20506,8 | $ | 203,153 | $ | 213,613 | ||||
Uniform Mortgage-Backed Security 3.50% 20506,8 | 147,711 | 155,364 | ||||||
Uniform Mortgage-Backed Securities 2.00%–4.50% 2035–20506,8 | 386,355 | 404,676 | ||||||
Other securities | 387,369 | |||||||
2,174,012 | ||||||||
Other 0.31% | ||||||||
Other securities | 82,566 | |||||||
Total mortgage-backed obligations | 2,256,578 | |||||||
Federal agency bonds & notes 0.05% | ||||||||
Fannie Mae 1.875% 2026 | 13,000 | 14,005 | ||||||
Other 0.83% | ||||||||
Other securities | 217,692 | |||||||
Total bonds, notes & other debt instruments (cost: $8,377,384,000) | 8,725,929 | |||||||
Short-term securities 11.51% | Shares | |||||||
Money market investments 11.51% | ||||||||
Capital Group Central Cash Fund 0.18%9 | 29,928,879 | 2,993,187 | ||||||
Goldman Sachs Financial Square Government Fund 0.15%9,10 | 45,304,569 | 45,304 | ||||||
3,038,491 | ||||||||
Total short-term securities (cost: $3,038,192,000) | 3,038,491 | |||||||
Total investment securities 104.81% (cost: $22,210,172,000) | 27,669,881 | |||||||
Other assets less liabilities (4.81)% | (1,271,034 | ) | ||||||
Net assets 100.00% | $ | 26,398,847 |
This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.
“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” also includes loan participations and assignments, which may be subject to legal or contractual restrictions on resale. The total value of all such loans was $38,597,000, which represented .15% of the net assets of the fund. Some securities in “Other securities” (with an aggregate value of $9,374,000, an aggregate cost of $9,168,000, and which represented .04% of the net assets of the fund) were acquired from 9/26/2013 to 9/4/2018 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject them to legal or contractual restrictions on resale.
American Funds Insurance Series | 65 |
Asset Allocation Fund
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | 11 | Value at 6/30/2020 (000) | 12 | Unrealized appreciation (depreciation) at 6/30/2020 (000) | |||||||||||
2 Year U.S. Treasury Note Futures | Long | 3,513 | October 2020 | $ | 702,600 | $ | 775,769 | $ | 121 | ||||||||||
5 Year U.S. Treasury Note Futures | Long | 1,746 | October 2020 | 174,600 | 219,546 | 568 | |||||||||||||
10 Year U.S. Treasury Note Futures | Long | 35 | September 2020 | 3,500 | 4,871 | 19 | |||||||||||||
10 Year Ultra U.S. Treasury Note Futures | Short | 1,117 | September 2020 | (111,700 | ) | (175,910 | ) | (726 | ) | ||||||||||
20 Year U.S. Treasury Bond Futures | Long | 911 | September 2020 | 91,100 | 162,670 | 709 | |||||||||||||
30 Year Ultra U.S. Treasury Bond Futures | Long | 280 | September 2020 | 28,000 | 61,084 | 57 | |||||||||||||
$ | 748 |
Swap contracts
Credit default swaps
Centrally cleared credit default swaps on credit indices — sell protection
Receive/ Payment frequency | Pay | Expiration date | Notional (000) | Value at 6/30/2020 (000) | Upfront receipts (000) | Unrealized appreciation at 6/30/2020 (000) | ||||||||||||||
1.00%/Quarterly | CDX.NA.IG.34 | 6/20/2025 | $100 | $1 | $1 | $— | 13 |
Investments in affiliates
A company is an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings represent 5% or more of the outstanding voting shares of that company. The value of the fund’s affiliated-company holdings is either shown in the summary investment portfolio or included in the value of “Other securities” under the respective industry sectors. Further details on these holdings and related transactions during the six months ended June 30, 2020, appear below.
Beginning shares | Additions | Reductions | Ending shares | Net realized gain (000) | Net unrealized appreciation (depreciation) (000) | Dividend income (000) | Value of affiliates at 6/30/2020 (000) | |||||||||||||||||||||||||
Common stocks 0.29% | ||||||||||||||||||||||||||||||||
Information technology 0.00% | ||||||||||||||||||||||||||||||||
MKS Instruments, Inc.14 | 2,800,000 | 200,000 | 800,000 | 2,200,000 | $ | 13,498 | $ | 967 | $ | 1,160 | $ | — | ||||||||||||||||||||
Health care 0.04% | ||||||||||||||||||||||||||||||||
NuCana PLC (ADR)2,15 | 1,189,677 | 742,476 | — | 1,932,153 | — | (694 | ) | — | 10,434 | |||||||||||||||||||||||
Consumer discretionary 0.25% | ||||||||||||||||||||||||||||||||
Kontoor Brands, Inc. | 3,250,000 | 450,000 | — | 3,700,000 | — | (79,883 | ) | 1,820 | 65,897 | |||||||||||||||||||||||
Total 0.29% | $ | 13,498 | $ | (79,610 | ) | $ | 2,980 | $ | 76,331 |
66 | American Funds Insurance Series |
Asset Allocation Fund
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
1 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $1,138,575,000, which represented 4.31% of the net assets of the fund. This amount includes $1,119,010,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. |
2 | Security did not produce income during the last 12 months. |
3 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $1,109,444,000, which represented 4.20% of the net assets of the fund. |
4 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $9,317,000, which represented .04% of the net assets of the fund. |
5 | Index-linked bond whose principal amount moves with a government price index. |
6 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
7 | Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. |
8 | Purchased on a TBA basis. |
9 | Rate represents the seven-day yield at 6/30/2020. |
10 | Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending. |
11 | Notional amount is calculated based on the number of contracts and notional contract size. |
12 | Value is calculated based on the notional amount and current market price. |
13 | Amount less than one thousand. |
14 | Unaffiliated issuer at 6/30/2020. |
15 | All or a portion of this security was on loan. The total value of all such securities, including those in “Other securities,” was $47,984,000, which represented .18% of the net assets of the fund. Refer to Note 5 for more information on securities lending. |
Key to abbreviations
ADR = American Depositary Receipts
TBA = To-be-announced
USD/$ = U.S. dollars
See notes to financial statements.
American Funds Insurance Series | 67 |
Global Balanced Fund | |
Summary investment portfolio June 30, 2020 | unaudited |
Common stocks 58.88% | Shares | Value (000) | ||||||
Information technology 13.45% | ||||||||
ASML Holding NV1 | 32,700 | $ | 11,986 | |||||
Taiwan Semiconductor Manufacturing Company, Ltd.1 | 860,000 | 9,101 | ||||||
Broadcom Inc. | 26,895 | 8,488 | ||||||
Microsoft Corp. | 40,420 | 8,226 | ||||||
PagSeguro Digital Ltd., Class A2 | 154,528 | 5,461 | ||||||
Tokyo Electron Ltd.1 | 11,800 | 2,896 | ||||||
Visa Inc., Class A | 14,600 | 2,820 | ||||||
Keyence Corp.1 | 5,800 | 2,422 | ||||||
Other securities | 4,189 | |||||||
55,589 | ||||||||
Health care 11.13% | ||||||||
AstraZeneca PLC1 | 102,050 | 10,638 | ||||||
Merck & Co., Inc. | 116,325 | 8,995 | ||||||
Humana Inc. | 14,800 | 5,739 | ||||||
Coloplast A/S, Class B1 | 23,150 | 3,589 | ||||||
Fisher & Paykel Healthcare Corp. Ltd.1 | 134,000 | 3,099 | ||||||
Pfizer Inc. | 78,500 | 2,567 | ||||||
UnitedHealth Group Inc. | 8,045 | 2,373 | ||||||
Other securities | 9,011 | |||||||
46,011 | ||||||||
Consumer staples 8.31% | ||||||||
Philip Morris International Inc. | 110,300 | 7,728 | ||||||
Nestlé SA1 | 59,100 | 6,529 | ||||||
British American Tobacco PLC1 | 156,300 | 6,005 | ||||||
Altria Group, Inc. | 131,700 | 5,169 | ||||||
Keurig Dr Pepper Inc. | 106,000 | 3,010 | ||||||
Other securities | 5,883 | |||||||
34,324 | ||||||||
Financials 7.35% | ||||||||
Zurich Insurance Group AG1 | 13,940 | 4,909 | ||||||
Berkshire Hathaway Inc., Class A2 | 16 | 4,277 | ||||||
JPMorgan Chase & Co. | 43,800 | 4,120 | ||||||
B3 SA - Brasil, Bolsa, Balcao | 376,000 | 3,809 | ||||||
BlackRock, Inc. | 5,730 | 3,118 | ||||||
S&P Global Inc. | 8,000 | 2,636 | ||||||
Other securities | 7,504 | |||||||
30,373 | ||||||||
Industrials 5.82% | ||||||||
Lockheed Martin Corp. | 7,300 | 2,664 | ||||||
SMC Corp.1 | 5,000 | 2,552 | ||||||
Boeing Company | 12,700 | 2,328 | ||||||
Other securities | 16,515 | |||||||
24,059 | ||||||||
Consumer discretionary 4.40% | ||||||||
Home Depot, Inc. | 20,475 | 5,129 | ||||||
Amazon.com, Inc.2 | 1,375 | 3,793 | ||||||
Alibaba Group Holding Ltd.1,2 | 109,600 | 2,962 | ||||||
Ocado Group PLC1,2 | 109,500 | 2,749 | ||||||
LVMH Moët Hennessy-Louis Vuitton SE1 | 5,765 | 2,525 | ||||||
Other securities | 1,012 | |||||||
18,170 |
68 | American Funds Insurance Series |
Global Balanced Fund
Common stocks | Shares | Value (000) | ||||||
Real estate 2.90% | ||||||||
Crown Castle International Corp. REIT | 23,940 | $ | 4,006 | |||||
Equinix, Inc. REIT | 3,755 | 2,637 | ||||||
American Tower Corp. REIT | 9,800 | 2,534 | ||||||
Other securities | 2,810 | |||||||
11,987 | ||||||||
Materials 2.57% | ||||||||
Givaudan SA1 | 815 | 3,031 | ||||||
Other securities | 7,610 | |||||||
10,641 | ||||||||
Communication services 2.24% | ||||||||
Alphabet Inc., Class C2 | 2,160 | 3,053 | ||||||
Verizon Communications Inc. | 49,500 | 2,729 | ||||||
Nintendo Co., Ltd.1 | 5,700 | 2,536 | ||||||
Other securities | 955 | |||||||
9,273 | ||||||||
Other 0.71% | ||||||||
Other securities | 2,918 | |||||||
Total common stocks (cost: $183,353,000) | 243,345 | |||||||
Bonds, notes & other debt instruments 36.11% | Principal amount (000) | |||||||
U.S. Treasury bonds & notes 14.20% | ||||||||
U.S. Treasury 12.41% | ||||||||
U.S. Treasury 0.375% 2022 | $ | 9,765 | 9,802 | |||||
U.S. Treasury 0.50% 2025 | 9,785 | 9,888 | ||||||
U.S. Treasury 1.50% 20303 | 14,168 | 15,312 | ||||||
U.S. Treasury 2.375% 20493 | 6,898 | 8,515 | ||||||
U.S. Treasury 1.88%–2.88% 2022–20503 | 6,900 | 7,789 | ||||||
51,306 | ||||||||
U.S. Treasury inflation-protected securities 1.79% | ||||||||
U.S. Treasury Inflation-Protected Security 0.875% 20294 | 3,352 | 3,825 | ||||||
U.S. Treasury Inflation-Protected Securities 0.25%–1.38% 2029–20493,4 | 2,818 | 3,558 | ||||||
7,383 | ||||||||
Total U.S. Treasury bonds & notes | 58,689 | |||||||
Bonds & notes of governments & government agencies outside the U.S. 14.14% | ||||||||
Germany (Federal Republic of) 0%–0.50% 2025–20504 | € | 3,639 | 4,289 | |||||
Japan, Series 346, 0.10% 2027 | ¥ | 304,250 | 2,856 | |||||
Japan, Series 358, 0.10% 2030 | 488,100 | 4,555 | ||||||
Japan 0.10%–1.70% 2020–20444 | 988,369 | 9,557 | ||||||
Other securities | 37,193 | |||||||
58,450 | ||||||||
Corporate bonds & notes 6.06% | ||||||||
Financials 1.47% | ||||||||
JPMorgan Chase & Co. 2.55%–4.49% 2021–20315 | 484 | 547 | ||||||
Other securities | 5,531 | |||||||
6,078 | ||||||||
Utilities 1.31% | ||||||||
Berkshire Hathaway Energy Co. 3.70% 20306 | 25 | 29 | ||||||
Other securities | 5,367 | |||||||
5,396 |
American Funds Insurance Series | 69 |
Global Balanced Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds & notes (continued) | ||||||||
Health care 0.79% | ||||||||
AstraZeneca PLC 3.50% 2023 | ¥ | 150 | $ | 162 | ||||
Other securities | 3,118 | |||||||
3,280 | ||||||||
Consumer discretionary 0.57% | ||||||||
Amazon.com, Inc. 2.50%–3.15% 2024–2050 | 525 | 552 | ||||||
Other securities | 1,791 | |||||||
2,343 | ||||||||
Consumer staples 0.45% | ||||||||
Altria Group, Inc. 1.00%–2.20% 2023–2027 | € | 380 | 445 | |||||
British American Tobacco PLC 3.22%–4.76% 2026–2049 | $ | 380 | 413 | |||||
Reynolds American Inc. 4.00% 2022 | 15 | 16 | ||||||
Other securities | 981 | |||||||
1,855 | ||||||||
Information technology 0.16% | ||||||||
Broadcom Inc. 3.15%–4.15% 2025–20306 | 140 | 151 | ||||||
Microsoft Corp. 2.40% 2026 | 187 | 204 | ||||||
Other securities | 311 | |||||||
666 | ||||||||
Other 1.31% | ||||||||
Other securities | 5,425 | |||||||
Total corporate bonds & notes | 25,043 | |||||||
Mortgage-backed obligations 1.64% | ||||||||
Federal agency mortgage-backed obligations 1.10% | ||||||||
Uniform Mortgage-Backed Security 2.50% 20507,8 | 2,653 | 2,754 | ||||||
Uniform Mortgage-Backed Securities 3.50%–4.00% 20507,8 | 1,321 | 1,395 | ||||||
Other securities | 351 | |||||||
4,500 | ||||||||
Other mortgage-backed securities 0.54% | ||||||||
Other securities | 2,285 | |||||||
Total mortgage-backed obligations | 6,785 | |||||||
Other 0.07% | ||||||||
Other securities | 287 | |||||||
Total bonds, notes & other debt instruments (cost: $145,164,000) | 149,254 | |||||||
Short-term securities 5.67% | ||||||||
Money market investments 5.67% | ||||||||
Capital Group Central Cash Fund 0.18%9 | 234,095 | 23,412 | ||||||
Total short-term securities (cost: $23,409,000) | 23,412 | |||||||
Total investment securities 100.66% (cost: $351,926,000) | 416,011 | |||||||
Other assets less liabilities (0.66)% | (2,723 | ) | ||||||
Net assets 100.00% | $ | 413,288 |
70 | American Funds Insurance Series |
Global Balanced Fund
This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.
“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.
Futures contracts
Number of | Notional amount | 10 | Value at 6/30/2020 | 11 | Unrealized appreciation (depreciation) at 6/30/2020 | ||||||||||||||
Contracts | Type | contracts | Expiration | (000) | (000) | (000) | |||||||||||||
5 Year U.S. Treasury Note Futures | Long | 15 | October 2020 | $ | 1,500 | $ | 1,886 | $ | 6 | ||||||||||
10 Year Ultra U.S. Treasury Note Futures | Short | 6 | September 2020 | (600 | ) | (945 | ) | (5 | ) | ||||||||||
$ | 1 |
Forward currency contracts
Contract amount | Unrealized appreciation (depreciation) | ||||||||||
Purchases (000) | Sales (000) | Counterparty | Settlement date | at 6/30/2020 (000) | |||||||
CZK12,000 | EUR445 | JPMorgan Chase | 7/2/2020 | $ | 6 | ||||||
EUR451 | CZK12,000 | JPMorgan Chase | 7/2/2020 | — | 12 | ||||||
JPY72,000 | USD663 | Goldman Sachs | 7/6/2020 | 4 | |||||||
GBP30 | USD37 | Barclays Bank PLC | 7/6/2020 | — | 12 | ||||||
GBP205 | USD258 | HSBC Bank | 7/6/2020 | (4 | ) | ||||||
CAD1,400 | USD1,037 | Morgan Stanley | 7/6/2020 | (5 | ) | ||||||
JPY66,000 | USD619 | Bank of America | 7/6/2020 | (7 | ) | ||||||
USD500 | CZK11,700 | Standard Chartered Bank | 7/9/2020 | 7 | |||||||
JPY107,900 | USD994 | Barclays Bank PLC | 7/9/2020 | 6 | |||||||
EUR900 | USD1,008 | Bank of New York Mellon | 7/9/2020 | 4 | |||||||
CZK11,700 | EUR440 | Standard Chartered Bank | 7/9/2020 | (1 | ) | ||||||
CZK5,450 | USD232 | HSBC Bank | 7/9/2020 | (2 | ) | ||||||
EUR217 | USD246 | HSBC Bank | 7/9/2020 | (2 | ) | ||||||
USD510 | CAD700 | Citibank | 7/9/2020 | (6 | ) | ||||||
USD957 | CNH6,860 | UBS AG | 7/9/2020 | (12 | ) | ||||||
USD490 | ILS1,700 | Bank of America | 7/10/2020 | (1 | ) | ||||||
USD245 | MXN5,500 | Citibank | 7/13/2020 | 6 | |||||||
USD11 | ZAR180 | Standard Chartered Bank | 7/13/2020 | — | 12 | ||||||
ILS2,000 | USD579 | Standard Chartered Bank | 7/13/2020 | (2 | ) | ||||||
EUR400 | USD452 | Citibank | 7/13/2020 | (3 | ) | ||||||
EUR1,241 | USD1,403 | JPMorgan Chase | 7/13/2020 | (9 | ) | ||||||
MXN8,300 | USD382 | Citibank | 7/13/2020 | (22 | ) | ||||||
USD513 | JPY55,000 | Goldman Sachs | 7/14/2020 | 4 | |||||||
EUR1,594 | USD1,811 | Barclays Bank PLC | 7/14/2020 | (20 | ) | ||||||
USD522 | ILS1,800 | JPMorgan Chase | 7/15/2020 | 2 | |||||||
USD118 | JPY12,600 | Citibank | 7/15/2020 | 1 | |||||||
EUR400 | USD456 | Morgan Stanley | 7/15/2020 | (6 | ) | ||||||
CAD2,335 | USD1,731 | HSBC Bank | 7/15/2020 | (11 | ) | ||||||
NOK10,850 | USD1,148 | HSBC Bank | 7/15/2020 | (21 | ) | ||||||
KRW341,300 | USD283 | Standard Chartered Bank | 7/16/2020 | 1 | |||||||
GBP200 | EUR222 | Goldman Sachs | 7/16/2020 | (2 | ) | ||||||
USD280 | KRW341,285 | JPMorgan Chase | 7/16/2020 | (3 | ) | ||||||
GBP726 | USD910 | Citibank | 7/16/2020 | (10 | ) | ||||||
ILS2,600 | USD745 | HSBC Bank | 7/17/2020 | 6 | |||||||
AUD775 | USD530 | UBS AG | 7/17/2020 | 5 | |||||||
USD245 | MXN5,550 | JPMorgan Chase | 7/17/2020 | 4 | |||||||
CAD10 | USD7 | Standard Chartered Bank | 7/17/2020 | — | 12 | ||||||
EUR460 | USD519 | Morgan Stanley | 7/17/2020 | (2 | ) |
American Funds Insurance Series | 71 |
Global Balanced Fund
Forward currency contracts (continued)
Contract amount | Unrealized appreciation (depreciation) | ||||||||||
Purchases (000) | Sales (000) | Counterparty | Settlement date | at 6/30/2020 (000) | |||||||
GBP200 | USD251 | Bank of New York Mellon | 7/17/2020 | $ | (3 | ) | |||||
PLN1,400 | USD357 | Citibank | 7/17/2020 | (3 | ) | ||||||
USD708 | MXN15,615 | Goldman Sachs | 7/20/2020 | 31 | |||||||
USD152 | CNH1,080 | Standard Chartered Bank | 7/20/2020 | — | 12 | ||||||
EUR615 | USD693 | Bank of New York Mellon | 7/20/2020 | (2 | ) | ||||||
USD61 | BRL300 | JPMorgan Chase | 7/21/2020 | 6 | |||||||
BRL48 | USD9 | Standard Chartered Bank | 7/21/2020 | — | 12 | ||||||
USD859 | ILS2,960 | Standard Chartered Bank | 7/22/2020 | 4 | |||||||
USD233 | MYR1,000 | Standard Chartered Bank | 7/22/2020 | — | 12 | ||||||
MYR1,000 | USD234 | Standard Chartered Bank | 7/22/2020 | (1 | ) | ||||||
USD217 | ZAR3,800 | HSBC Bank | 7/22/2020 | (1 | ) | ||||||
USD476 | BRL2,536 | JPMorgan Chase | 7/23/2020 | 10 | |||||||
USD337 | EUR300 | Morgan Stanley | 7/23/2020 | (1 | ) | ||||||
USD352 | PLN1,400 | Bank of America | 7/23/2020 | (2 | ) | ||||||
USD397 | MYR1,700 | Standard Chartered Bank | 7/27/2020 | 1 | |||||||
CZK12,000 | EUR450 | JPMorgan Chase | 8/7/2020 | — | 12 | ||||||
USD165 | BRL900 | JPMorgan Chase | 8/7/2020 | (1 | ) | ||||||
$ | (57 | ) |
Swap contracts
Interest rate swaps
Receive | Pay | Expiration date | Notional (000) | Value at 6/30/2020 (000) | Upfront premium paid (000) | Unrealized (depreciation) appreciation at 6/30/2020 (000) | ||||||||||||||
0.525% | 6-month HUF-BUBOR | 1/29/2022 | HUF1,141,000 | $ | (5 | ) | $ | — | $ | (5 | ) | |||||||||
1.01% | 6-month HUF-BUBOR | 2/25/2022 | 600,000 | 12 | — | 12 | ||||||||||||||
0.965% | 6-month HUF-BUBOR | 2/26/2022 | 895,000 | 16 | — | 16 | ||||||||||||||
(0.0955)% | 6-month EURIBOR | 7/22/2024 | €2,200 | 13 | — | 13 | ||||||||||||||
6-month HUF-BUBOR | 1.39% | 11/11/2029 | HUF161,000 | (5 | ) | — | (5 | ) | ||||||||||||
6-month HUF-BUBOR | 1.80% | 1/22/2030 | 95,000 | (14 | ) | — | (14 | ) | ||||||||||||
6-month PLN-WIBOR | 2.155% | 1/22/2030 | PLN2,400 | (73 | ) | — | (73 | ) | ||||||||||||
6-month HUF-BUBOR | 1.845% | 2/25/2030 | HUF136,500 | (22 | ) | — | (22 | ) | ||||||||||||
6-month HUF-BUBOR | 1.79% | 2/26/2030 | 136,500 | (20 | ) | — | (20 | ) | ||||||||||||
$ | — | $ | (98 | ) |
72 | American Funds Insurance Series |
Global Balanced Fund
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
1 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $113,585,000, which represented 27.48% of the net assets of the fund. This entire amount relates to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. |
2 | Security did not produce income during the last 12 months. |
3 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $114,000, which represented .03% of the net assets of the fund. |
4 | Index-linked bond whose principal amount moves with a government price index. |
5 | Step bond; coupon rate may change at a later date. |
6 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $8,885,000, which represented 2.15% of the net assets of the fund. |
7 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
8 | Purchased on a TBA basis. |
9 | Rate represents the seven-day yield at 6/30/2020. |
10 | Notional amount is calculated based on the number of contracts and notional contract size. |
11 | Value is calculated based on the notional amount and current market price. |
12 | Amount less than one thousand. |
Key to abbreviations and symbols
AUD = Australian dollars
BRL = Brazilian reais
BUBOR = Budapest Interbank Offered Rate
CAD = Canadian dollars
CNH = Chinese yuan renminbi
CZK = Czech korunas
EUR/€ = Euros
EURIBOR = Euro Interbank Offered Rate
GBP = British pounds
HUF = Hungarian forints
ILS = Israeli shekels
JPY/¥ = Japanese yen
KRW = South Korean won
MXN = Mexican pesos
MYR = Malaysian ringgits
NOK = Norwegian kroner
PLN = Polish zloty
TBA = To-be-announced
USD/$ = U.S. dollars
WIBOR = Warsaw Interbank Offer Rate
ZAR = South African rand
See notes to financial statements.
American Funds Insurance Series | 73 |
Bond Fund | |
Summary investment portfolio June 30, 2020 | unaudited |
Bonds, notes & other debt instruments 97.67% | Principal amount (000) | Value (000) | ||||||
Corporate bonds & notes 38.25% | ||||||||
Financials 9.60% | ||||||||
Intesa Sanpaolo SpA 5.017% 20241 | $ | 67,843 | $ | 69,554 | ||||
Intesa Sanpaolo SpA 3.38%–5.71% 2023–20281 | 32,991 | 34,477 | ||||||
Other securities | 891,606 | |||||||
995,637 | ||||||||
Energy 5.63% | ||||||||
Petróleos Mexicanos 6.875% 2026 | 43,810 | 41,495 | ||||||
Other securities | 542,736 | |||||||
584,231 | ||||||||
Utilities 5.08% | ||||||||
Edison International 3.13%–5.75% 2022–2028 | 16,750 | 17,936 | ||||||
Pacific Gas and Electric Co. 1.75%–6.35% 2020–20502 | 109,876 | 115,412 | ||||||
Southern California Edison Co. 2.85%–5.95% 2021–2050 | 106,765 | 125,398 | ||||||
Other securities | 268,112 | |||||||
526,858 | ||||||||
Health care 4.73% | ||||||||
Teva Pharmaceutical Finance Co. BV 2.80% 2023 | 56,064 | 53,136 | ||||||
Teva Pharmaceutical Finance Co. BV 4.10% 2046 | 46,666 | 39,351 | ||||||
Teva Pharmaceutical Finance Co. BV 2.20%–7.13% 2021–20281 | 120,655 | 120,454 | ||||||
Other securities | 277,418 | |||||||
490,359 | ||||||||
Consumer discretionary 4.06% | ||||||||
Other securities | 421,476 | |||||||
Consumer staples 2.58% | ||||||||
Other securities | 267,256 | |||||||
Communication services 2.20% | ||||||||
Other securities | 227,753 | |||||||
Industrials 1.97% | ||||||||
Other securities | 204,372 | |||||||
Information technology 1.80% | ||||||||
Broadcom Corp. 3.875% 2027 | 14,860 | 16,078 | ||||||
Broadcom Inc. 4.25% 20261 | 41,375 | 46,105 | ||||||
Broadcom Inc. 4.75% 20291 | 61,009 | 69,289 | ||||||
Broadcom Inc. 3.15%–3.63% 2024–20251 | 8,000 | 8,577 | ||||||
Other securities | 46,156 | |||||||
186,205 | ||||||||
Other 0.60% | ||||||||
Other securities | 62,253 | |||||||
Total corporate bonds & notes | 3,966,400 | |||||||
Mortgage-backed obligations 28.50% | ||||||||
Federal agency mortgage-backed obligations 27.63% | ||||||||
Fannie Mae Pool #AJ9355 3.00% 20273 | 107 | 112 | ||||||
Fannie Mae Pool #CA0858 3.50% 20473 | 47,482 | 50,189 | ||||||
Fannie Mae Pool #FM0007 3.50% 20493 | 40,442 | 43,476 | ||||||
Fannie Mae Pool #CA5912 2.50% 20503 | 124,753 | 130,884 | ||||||
Fannie Mae Pool #CA5701 2.50% 20503 | 114,562 | 120,452 |
74 | American Funds Insurance Series |
Bond Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Fannie Mae 3.00%–9.12% 2023–20593,4 | $ | 312,064 | $ | 334,966 | ||||
Freddie Mac 3.50% 20473 | 44,237 | 46,752 | ||||||
Freddie Mac 3.50% 20473 | 43,947 | 46,528 | ||||||
Freddie Mac Pool #SD7509 3.00% 20493 | 57,549 | 61,310 | ||||||
Freddie Mac Pool #QA4673 3.00% 20493 | 46,062 | 49,460 | ||||||
Freddie Mac Pool #SD7514 3.50% 20503 | 47,392 | 50,886 | ||||||
Freddie Mac 0%–5.50% 2021–20503,4 | 286,957 | 309,401 | ||||||
Government National Mortgage Assn. 2.50% 20503,5 | 173,100 | 181,782 | ||||||
Government National Mortgage Assn. Pool #MA5817 4.00% 20493 | 55,134 | 58,510 | ||||||
Government National Mortgage Assn. Pool #MA5878 5.00% 20493 | 60,402 | 65,661 | ||||||
Government National Mortgage Assn. 4.00%–5.00% 20493 | 38,263 | 40,796 | ||||||
Uniform Mortgage-Backed Security 2.00% 20353,5 | 297,150 | 306,877 | ||||||
Uniform Mortgage-Backed Security 2.50% 20353,5 | 334,518 | 349,622 | ||||||
Uniform Mortgage-Backed Security 2.50% 20503,5 | 192,804 | 200,135 | ||||||
Uniform Mortgage-Backed Security 3.00% 20503,5 | 100,000 | 105,149 | ||||||
Uniform Mortgage-Backed Security 4.00% 20503,5 | 183,583 | 194,533 | ||||||
Uniform Mortgage-Backed Security 4.50% 20503,5 | 66,937 | 71,931 | ||||||
Uniform Mortgage-Backed Securities 3.00%–3.50% 2035–20503,5 | 18,090 | 19,022 | ||||||
Other securities | 26,478 | |||||||
2,864,912 | ||||||||
Other 0.87% | ||||||||
Other securities | 90,131 | |||||||
Total mortgage-backed obligations | 2,955,043 | |||||||
U.S. Treasury bonds & notes 22.97% | ||||||||
U.S. Treasury 19.66% | ||||||||
U.S. Treasury 2.625% 2023 | 70,000 | 75,928 | ||||||
U.S. Treasury 2.75% 2023 | 173,600 | 186,240 | ||||||
U.S. Treasury 2.125% 2024 | 72,100 | 77,834 | ||||||
U.S. Treasury 2.125% 20246 | 72,100 | 77,643 | ||||||
U.S. Treasury 0.25% 2025 | 140,050 | 139,869 | ||||||
U.S. Treasury 0.25% 2025 | 81,433 | 81,283 | ||||||
U.S. Treasury 0.375% 2025 | 70,600 | 70,917 | ||||||
U.S. Treasury 2.875% 20256 | 96,200 | 108,665 | ||||||
U.S. Treasury 2.875% 2025 | 72,100 | 81,065 | ||||||
U.S. Treasury 1.375% 20266 | 75,000 | 79,349 | ||||||
U.S. Treasury 1.625% 2026 | 50,000 | 53,681 | ||||||
U.S. Treasury 1.75% 2026 | 40,800 | 44,188 | ||||||
U.S. Treasury 0.50% 20276 | 212,200 | 212,476 | ||||||
U.S. Treasury 2.25% 20276 | 120,200 | 135,338 | ||||||
U.S. Treasury 2.25% 20276 | 72,100 | 80,521 | ||||||
U.S. Treasury 2.875% 2028 | 72,100 | 85,376 | ||||||
U.S. Treasury 1.125% 2040 | 88,288 | 87,460 | ||||||
U.S. Treasury 2.25% 20496 | 51,052 | 61,375 | ||||||
U.S. Treasury 3.00% 20496 | 150,000 | 207,033 | ||||||
U.S. Treasury 1.25%–8.75% 2020–20506 | 81,781 | 92,419 | ||||||
2,038,660 | ||||||||
U.S. Treasury inflation-protected securities 3.31% | ||||||||
U.S. Treasury Inflation-Protected Security 0.375% 20276,7 | 78,626 | 85,537 | ||||||
U.S. Treasury Inflation-Protected Security 0.50% 20286,7 | 77,974 | 85,561 | ||||||
U.S. Treasury Inflation-Protected Security 1.00% 20496,7 | 106,447 | 142,344 | ||||||
U.S. Treasury Inflation-Protected Security 0.25% 20507 | 26,433 | 29,712 | ||||||
343,154 | ||||||||
Total U.S. Treasury bonds & notes | 2,381,814 |
American Funds Insurance Series | 75 |
Bond Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Bonds & notes of governments & government agencies outside the U.S. 3.32% | ||||||||
Italy (Republic of) 0.95% 2023 | € | 45,000 | $ | 51,552 | ||||
Japan, Series 20, 0.10% 20257 | ¥ | 11,441,250 | 105,411 | |||||
Other securities | 187,525 | |||||||
344,488 | ||||||||
Asset-backed obligations 2.26% | ||||||||
Other securities | 234,532 | |||||||
Municipals 2.25% | ||||||||
Illinois 2.00% | ||||||||
G.O. Bonds, Pension Funding, Series 2003, 4.95% 2023 | $ | 22,553 | 22,791 | |||||
G.O. Bonds, Pension Funding, Series 2003, 5.10% 2033 | 107,310 | 109,019 | ||||||
G.O. Bonds, Series 2013-B, 4.11% 2022 | 750 | 743 | ||||||
G.O. Bonds, Series 2013-B, 4.31% 2023 | 2,125 | 2,104 | ||||||
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.85% 2022 | 2,370 | 2,441 | ||||||
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.95% 2023 | 3,210 | 3,361 | ||||||
G.O. Bonds, Taxable Build America Bonds, Series 2010-5, 6.20% 2021 | 3,892 | 3,926 | ||||||
Other securities | 62,830 | |||||||
207,215 | ||||||||
Other 0.25% | ||||||||
Other securities | 25,975 | |||||||
Total municipals | 233,190 | |||||||
Federal agency bonds & notes 0.12% | ||||||||
Fannie Mae 2.125% 2026 | 11,910 | 12,984 | ||||||
Total bonds, notes & other debt instruments (cost: $9,593,431,000) | 10,128,451 | |||||||
Common stocks 0.00% | Shares | |||||||
Other 0.00% | ||||||||
Other securities | 55 | |||||||
Total common stocks (cost: $605,000) | 55 | |||||||
Rights & warrants 0.00% | ||||||||
Energy 0.00% | ||||||||
Other securities | — | 8 | ||||||
Total rights & warrants (cost: $18,000) | — | 8 | ||||||
Short-term securities 15.05% | ||||||||
Money market investments 15.05% | ||||||||
Capital Group Central Cash Fund 0.18%9 | 15,608,123 | 1,560,968 | ||||||
Total short-term securities (cost: $1,561,082,000) | 1,560,968 | |||||||
Total investment securities 112.72% (cost: $11,155,136,000) | 11,689,474 | |||||||
Other assets less liabilities (12.72)% | (1,319,171 | ) | ||||||
Net assets 100.00% | $ | 10,370,303 |
76 | American Funds Insurance Series |
Bond Fund
This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.
“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes securities that were valued under fair value procedures adopted by authority of the board of trustees. The total value of securities that were valued under fair value procedures was $1,729,000, which represented .02% of the net assets of the fund.
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | 10 | Value at 6/30/2020 (000) | 11 | Unrealized (depreciation) appreciation at 6/30/2020 (000) | |||||||||||
90 Day Euro Dollar Futures | Short | 8,002 | March 2022 | $ | (2,000,500 | ) | $ | (1,996,899 | ) | $ | (1,117 | ) | |||||||
2 Year U.S. Treasury Note Futures | Long | 4,554 | October 2020 | 910,800 | 1,005,651 | 158 | |||||||||||||
5 Year Euro-Bobl Futures | Short | 1,473 | September 2020 | € | (147,300 | ) | (223,380 | ) | (1,060 | ) | |||||||||
5 Year U.S. Treasury Note Futures | Long | 18,481 | October 2020 | $ | 1,848,100 | 2,323,841 | 6,308 | ||||||||||||
10 Year Euro-Bund Futures | Short | 496 | September 2020 | € | (49,600 | ) | (98,367 | ) | (1,054 | ) | |||||||||
10 Year U.S. Treasury Note Futures | Short | 1,329 | September 2020 | $ | (132,900 | ) | (184,959 | ) | (1,365 | ) | |||||||||
10 Year Ultra U.S. Treasury Note Futures | Short | 3,029 | September 2020 | (302,900 | ) | (477,020 | ) | (2,235 | ) | ||||||||||
30 Year Euro-Buxl Futures | Long | 245 | September 2020 | € | 24,500 | 60,546 | 1,423 | ||||||||||||
30 Year Ultra U.S. Treasury Bond Futures | Long | 90 | September 2020 | $ | 9,000 | 19,634 | 172 | ||||||||||||
$ | 1,230 |
Forward currency contracts
Contract amount | Unrealized appreciation (depreciation) | ||||||||||
Purchases (000) | Sales (000) | Counterparty | Settlement date | at 6/30/2020 (000) | |||||||
USD34,862 | MXN755,000 | Goldman Sachs | 7/6/2020 | $ | 2,038 | ||||||
USD122,735 | EUR109,250 | Citibank | 7/6/2020 | (22 | ) | ||||||
USD98,493 | JPY10,730,000 | Standard Chartered Bank | 7/9/2020 | (892 | ) | ||||||
USD13,461 | JPY1,445,000 | Morgan Stanley | 7/16/2020 | 76 | |||||||
USD51,859 | EUR46,000 | Bank of New York Mellon | 7/20/2020 | 155 | |||||||
KRW37,816,057 | USD31,778 | JPMorgan Chase | 7/24/2020 | (338 | ) | ||||||
KRW112,842,000 | USD93,109 | Morgan Stanley | 7/27/2020 | 710 | |||||||
$ | 1,727 |
Swap contracts
Interest rate swaps
Receive | Pay | Expiration date | Notional (000) | Value at 6/30/2020 (000) | Upfront premium paid (000) | Unrealized (depreciation) appreciation at 6/30/2020 (000) | |||||||||||||||||
3-month USD-LIBOR | 2.18075% | 3/29/2024 | $ | 31,600 | $ | (2,280 | ) | $ | — | $ | (2,280 | ) | |||||||||||
3-month USD-LIBOR | 2.194% | 3/29/2024 | 31,900 | (2,317 | ) | — | (2,317 | ) | |||||||||||||||
3-month USD-LIBOR | 2.21875% | 3/29/2024 | 33,500 | (2,464 | ) | — | (2,464 | ) | |||||||||||||||
3-month USD-LIBOR | 2.3105% | 5/3/2024 | 275,590 | (21,654 | ) | — | (21,654 | ) | |||||||||||||||
6-month EURIBOR | 0.9852% | 10/17/2024 | € | 25,000 | (1,655 | ) | — | (1,655 | ) | ||||||||||||||
6-month JPY-LIBOR | 0.0875% | 3/10/2026 | ¥ | 11,100,000 | (652 | ) | — | (652 | ) | ||||||||||||||
6-month JPY-LIBOR | 0.58295% | 3/23/2046 | 2,000,000 | (1,380 | ) | — | (1,380 | ) | |||||||||||||||
0.64355% | 6-month JPY-LIBOR | 4/27/2046 | 2,000,000 | 1,663 | — | 1,663 | |||||||||||||||||
$ | — | $ | (30,739 | ) |
American Funds Insurance Series | 77 |
Bond Fund
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
1 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $1,393,295,000, which represented 13.44% of the net assets of the fund. |
2 | Scheduled interest and/or principal payment was not received. |
3 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
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 | Purchased on a TBA basis. |
6 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $19,605,000, which represented .19% of the net assets of the fund. |
7 | Index-linked bond whose principal amount moves with a government price index. |
8 | Amount less than one thousand. |
9 | Rate represents the seven-day yield at 6/30/2020. |
10 | Notional amount is calculated based on the number of contracts and notional contract size. |
11 | Value is calculated based on the notional amount and current market price. |
Key to abbreviations and symbols
EUR/€ = Euros
EURIBOR = Euro Interbank Offered Rate
G.O. = General Obligation
JPY/¥ = Japanese yen
KRW = South Korean won
LIBOR = London Interbank Offered Rate
MXN = Mexican pesos
TBA = To-be-announced
USD/$ = U.S. dollars
See notes to financial statements.
78 | American Funds Insurance Series |
Capital World Bond Fund (formerly Global Bond Fund) | |
Summary investment portfolio June 30, 2020 | unaudited |
Bonds, notes & other debt instruments 96.43% | Principal amount (000) | Value (000) | ||||||
Euros 18.52% | ||||||||
Belgium (Kingdom of) 0% 2027 | € | 9,160 | $ | 10,518 | ||||
Belgium (Kingdom of) 0.80%–0.80% 2027–2028 | 9,810 | 11,948 | ||||||
Germany (Federal Republic of) 0% 2030 | 9,000 | 10,609 | ||||||
Germany (Federal Republic of) 0%–0.50% 2026–20501 | 11,882 | 14,602 | ||||||
Goldman Sachs Group, Inc. 3.375% 20252 | 5,000 | 6,271 | ||||||
Greece (Hellenic Republic of) 3.45% 2024 | 9,595 | 11,968 | ||||||
Greece (Hellenic Republic of) 3.375% 2025 | 10,805 | 13,660 | ||||||
Greece (Hellenic Republic of) 3.75% 2028 | 9,564 | 12,885 | ||||||
Greece (Hellenic Republic of) 3.875% 2029 | 10,824 | 14,904 | ||||||
Greece (Hellenic Republic of) 1.50% 2030 | 10,670 | 12,324 | ||||||
Israel (State of) 1.50%–1.50% 2027–2029 | 1,500 | 1,804 | ||||||
Italy (Republic of) 0.10% 20231 | 25,258 | 28,969 | ||||||
Italy (Republic of) 1.85% 2025 | 11,220 | 13,307 | ||||||
Italy (Republic of) 2.80% 2028 | 22,918 | 29,258 | ||||||
Italy (Republic of) 1.65% 2030 | 8,102 | 9,398 | ||||||
Italy (Republic of) 0.05%–1.35% 2023–2030 | 6,967 | 7,832 | ||||||
Romania 4.625% 2049 | 11,045 | 14,243 | ||||||
Romania 2.00%–4.63% 2030–2049 | 15,160 | 17,682 | ||||||
Russian Federation 2.88%–2.88% 2025–2025 | 4,500 | 5,580 | ||||||
Serbia (Republic of) 3.125% 2027 | 13,987 | 16,481 | ||||||
Serbia (Republic of) 1.50% 2029 | 4,943 | 5,219 | ||||||
State Grid Europe Development (2014) PLC 1.50% 2022 | 194 | 221 | ||||||
State Grid Overseas Investment Ltd. 1.25%–2.13% 2022–2030 | 1,406 | 1,618 | ||||||
Other securities | 114,163 | |||||||
385,464 | ||||||||
Japanese yen 9.37% | ||||||||
Goldman Sachs Group, Inc. 1.00%–2.80% 2021–20222 | ¥ | 128,000 | 1,222 | |||||
Japan, Series 19, 0.10% 20241 | 1,846,386 | 17,054 | ||||||
Japan, Series 18, 0.10% 20241 | 1,025,165 | 9,507 | ||||||
Japan, Series 346, 0.10% 2027 | 1,040,000 | 9,764 | ||||||
Japan, Series 23, 0.10% 20281 | 1,995,731 | 18,424 | ||||||
Japan, Series 356, 0.10% 2029 | 3,529,000 | 32,987 | ||||||
Japan, Series 24, 0.10% 20291 | 1,610,533 | 14,920 | ||||||
Japan, Series 145, 1.70% 2033 | 2,210,000 | 24,471 | ||||||
Japan 0.10%–2.30% 2025–20591 | 4,520,223 | 47,255 | ||||||
United Mexican States 0.62%–0.70% 2021–2022 | 700,000 | 6,462 | ||||||
Other securities | 12,926 | |||||||
194,992 | ||||||||
Chinese yuan renminbi 4.68% | ||||||||
China (People’s Republic of), Series 1906, 3.29% 2029 | CNY | 73,800 | 10,733 | |||||
China (People’s Republic of), Series 1910, 3.86% 2049 | 259,860 | 38,385 | ||||||
China Development Bank Corp., Series 2004, 3.43% 2027 | 73,800 | 10,524 | ||||||
China Development Bank Corp., Series 1905, 3.48% 2029 | 128,200 | 18,199 | ||||||
China Development Bank Corp. 3.50%–4.15% 2025–2028 | 83,100 | 12,249 | ||||||
Other securities | 7,216 | |||||||
97,306 | ||||||||
British pounds 3.04% | ||||||||
United Kingdom 4.75% 2030 | £ | 14,360 | 26,226 | |||||
United Kingdom 0.38%–4.25% 2024–2050 | 23,304 | 35,397 | ||||||
Other securities | 1,654 | |||||||
63,277 | ||||||||
Canadian dollars 1.90% | ||||||||
Canada 2.25% 2025 | C$ | 15,900 | 12,814 | |||||
Canada 2.25% 2029 | 26,105 | 22,208 | ||||||
Canada 1.00%–2.75% 2022–2048 | 4,550 | 4,486 | ||||||
39,508 |
American Funds Insurance Series | 79 |
Capital World Bond Fund (formerly Global Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Danish kroner 1.88% | ||||||||
Nykredit Realkredit AS, Series 01E, 0.50% 20403 | DKr | 108,121 | $ | 16,060 | ||||
Nykredit Realkredit AS, Series 01E, 1.50% 20403 | 103,266 | 16,029 | ||||||
Nykredit Realkredit AS 1.50%–2.50% 2037–20473 | 45,660 | 7,146 | ||||||
39,235 | ||||||||
Mexican pesos 1.52% | ||||||||
Petróleos Mexicanos 7.19%–7.47% 2024–2026 | MXN | 99,000 | 3,403 | |||||
United Mexican States, Series M, 7.50% 2027 | 279,920 | 13,577 | ||||||
United Mexican States, Series M20, 8.50% 2029 | 178,400 | 9,195 | ||||||
United Mexican States 8.00%–8.50% 2038–2047 | 110,600 | 5,457 | ||||||
31,632 | ||||||||
Malaysian ringgits 1.48% | ||||||||
Malaysia (Federation of), Series 0418, 4.893% 2038 | MYR | 64,732 | 17,627 | |||||
Malaysia (Federation of) 3.76%–4.94% 2030–2048 | 52,914 | 13,298 | ||||||
30,925 | ||||||||
Israeli shekels 1.16% | ||||||||
Israel (State of) 2.00% 2027 | ILS | 42,900 | 13,686 | |||||
Israel (State of) 5.50% 2042 | 20,200 | 10,393 | ||||||
24,079 | ||||||||
Russian rubles 1.14% | ||||||||
Russian Federation 6.90%–8.50% 2023–2034 | RUB | 1,521,250 | 23,744 | |||||
South Korean won 0.92% | ||||||||
South Korea (Republic of), Series 2503, 1.50% 2025 | KRW | 13,411,000 | 11,353 | |||||
Other securities | 7,747 | |||||||
19,100 | ||||||||
Brazilian reais 0.81% | ||||||||
Brazil (Federative Republic of) 0% 2020 | BRL | 91,700 | 16,861 | |||||
Romanian leu 0.06% | ||||||||
Romania 4.75% 2025 | RON | 5,000 | 1,217 | |||||
U.S. dollars 47.29% | ||||||||
CCCI Treasure Ltd. 3.43%–3.65% 20494 | $ | 3,190 | 3,167 | |||||
Equinix, Inc. 2.15% 2030 | 9,390 | 9,311 | ||||||
Goldman Sachs Group, Inc. 2.91%–4.75% 2023–20454 | 12,037 | 13,492 | ||||||
Israel (State of) 2.50%–3.88% 2030–2050 | 7,720 | 8,545 | ||||||
Pacific Gas and Electric Co. 2.10% 2027 | 9,935 | 9,836 | ||||||
Petróleos Mexicanos 6.35%–6.95% 2048–20602 | 924 | 693 | ||||||
PETRONAS Capital Ltd. 3.50%–4.55% 2030–20502 | 1,565 | 1,896 | ||||||
Russian Federation 4.25% 2027 | 1,400 | 1,568 | ||||||
State Grid Overseas Investment Ltd. 3.50% 20272 | 5,600 | 6,201 | ||||||
T-Mobile US, Inc. 2.55% 20312 | 9,390 | 9,447 | ||||||
U.S. Treasury 2.75% 2025 | 10,140 | 11,374 | ||||||
U.S. Treasury 2.00% 2050 | 8,100 | 9,272 | ||||||
U.S. Treasury 1.13%–3.00% 2023–20485 | 29,015 | 32,845 | ||||||
U.S. Treasury Inflation-Protected Security 0.25% 20291,5 | 13,735 | 15,035 | ||||||
U.S. Treasury Inflation-Protected Security 0.875% 20291,5 | 19,576 | 22,344 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20301 | 20,613 | 22,288 | ||||||
U.S. Treasury Inflation-Protected Security 1.00% 20491,5 | 17,570 | 23,495 | ||||||
U.S. Treasury Inflation-Protected Securities 0.25%–1.38% 2042–20501,5 | 13,466 | 16,685 | ||||||
Uniform Mortgage-Backed Security 2.00% 20353,6 | 15,050 | 15,543 | ||||||
Uniform Mortgage-Backed Security 2.00% 20503,6 | 10,000 | 10,207 | ||||||
Uniform Mortgage-Backed Security 2.50% 20503,6 | 28,025 | 29,091 |
80 | American Funds Insurance Series |
Capital World Bond Fund (formerly Global Bond Fund)
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Uniform Mortgage-Backed Securities 2.50%–3.50% 2035–20503,6 | $ | 12,000 | $ | 12,589 | ||||
United Mexican States 3.25%–5.00% 2025–2051 | 5,605 | 5,834 | ||||||
Wells Fargo & Company 2.393% 2028 (USD-SOFR + 2.10% on 6/2/2027)4 | 11,775 | 12,176 | ||||||
Other securities | 681,092 | |||||||
984,026 | ||||||||
Other 2.66% | ||||||||
Other securities | 55,091 | |||||||
Total bonds, notes & other debt instruments (cost: $1,943,661,000) | 2,006,457 | |||||||
Convertible bonds & notes 0.00% | ||||||||
U.S. dollars 0.00% | ||||||||
Other securities | 6 | |||||||
Total convertible bonds & notes (cost: $8,000) | 6 | |||||||
Convertible stocks 0.00% | Shares | |||||||
U.S. dollars 0.00% | ||||||||
Other securities | 96 | |||||||
Total convertible stocks (cost: $816,000) | 96 | |||||||
Common stocks 0.01% | ||||||||
U.S. dollars 0.01% | ||||||||
Other securities | 219 | |||||||
Total common stocks (cost: $2,936,000) | 219 | |||||||
Rights & warrants 0.00% | ||||||||
U.S. dollars 0.00% | ||||||||
Other securities | 14 | |||||||
Total rights & warrants (cost: $22,000) | 14 | |||||||
Short-term securities 6.28% | ||||||||
Money market investments 6.28% | ||||||||
Capital Group Central Cash Fund 0.18%7 | 1,305,640 | 130,577 | ||||||
Total short-term securities (cost: $130,578,000) | 130,577 | |||||||
Total investment securities 102.72% (cost: $2,078,021,000) | 2,137,369 | |||||||
Other assets less liabilities (2.72)% | (56,568 | ) | ||||||
Net assets 100.00% | $ | 2,080,801 |
This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.
“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes securities that were valued under fair value procedures adopted by authority of the board of trustees. The total value of securities that were valued under fair value procedures was $267,000, which represented .01% of the net assets of the fund. “Other securities” also includes loan participations and assignments, which may be subject to legal or contractual restrictions on resale. The total value of all such loans was $4,783,000, which represented .23% of the net assets of the fund. One security in “Other securities” (with a value of $28,000, an aggregate cost of $116,000, and which represented less than .01% of the net assets of the fund) was acquired on 8/31/2018 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject it to legal or contractual restrictions on resale.
American Funds Insurance Series | 81 |
Capital World Bond Fund (formerly Global Bond Fund)
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | 8 | Value at 6/30/2020 (000) | 9 | Unrealized (depreciation) appreciation at 6/30/2020 (000) | |||||||||||
5 Year Euro-Bobl Futures | Short | 59 | September 2020 | € | (5,900 | ) | $ | (8,947 | ) | $ | (42 | ) | |||||||
5 Year U.S. Treasury Note Futures | Short | 72 | October 2020 | $ | (7,200 | ) | (9,053 | ) | (63 | ) | |||||||||
10 Year Euro-Bund Futures | Long | 121 | September 2020 | € | 12,100 | 23,997 | 261 | ||||||||||||
10 Year U.S. Treasury Note Futures | Short | 201 | September 2020 | $ | (20,100 | ) | (27,974 | ) | (157 | ) | |||||||||
10 Year Ultra U.S. Treasury Note Futures | Short | 225 | September 2020 | (22,500 | ) | (35,434 | ) | (174 | ) | ||||||||||
20 Year U.S. Treasury Bond Futures | Long | 11 | September 2020 | 1,100 | 1,964 | 9 | |||||||||||||
30 Year Euro-Buxl Futures | Long | 50 | September 2020 | € | 5,000 | 12,356 | 290 | ||||||||||||
$ | 124 |
Forward currency contracts
Unrealized | |||||||||||
appreciation | |||||||||||
Contract amount | (depreciation) | ||||||||||
Purchases | Sales | Settlement | at 6/30/2020 | ||||||||
(000) | (000) | Counterparty | date | (000) | |||||||
USD4,101 | MXN91,990 | Standard Chartered Bank | 7/6/2020 | $ | 102 | ||||||
CAD9,500 | USD6,787 | UBS AG | 7/8/2020 | 210 | |||||||
USD6,833 | CAD9,500 | UBS AG | 7/8/2020 | (165 | ) | ||||||
USD3,130 | DKK20,600 | Standard Chartered Bank | 7/9/2020 | 24 | |||||||
USD2,118 | CNH15,000 | Bank of New York Mellon | 7/10/2020 | (3 | ) | ||||||
USD6,210 | CNH44,100 | JPMorgan Chase | 7/10/2020 | (24 | ) | ||||||
USD2,912 | JPY311,200 | Bank of New York Mellon | 7/14/2020 | 29 | |||||||
USD2,078 | JPY223,000 | Bank of New York Mellon | 7/14/2020 | 12 | |||||||
JPY222,000 | USD2,077 | Bank of New York Mellon | 7/14/2020 | (21 | ) | ||||||
JPY447,000 | USD4,187 | UBS AG | 7/14/2020 | (46 | ) | ||||||
USD2,273 | GBP1,830 | UBS AG | 7/21/2020 | 5 | |||||||
USD19,540 | CNH138,600 | Bank of America | 7/21/2020 | (40 | ) | ||||||
USD16,421 | ILS56,300 | JPMorgan Chase | 7/27/2020 | 157 | |||||||
USD6,281 | MXN142,000 | Citibank | 7/27/2020 | 127 | |||||||
CZK306,030 | EUR11,465 | JPMorgan Chase | 7/27/2020 | 14 | |||||||
USD2,851 | THB88,000 | JPMorgan Chase | 7/27/2020 | 4 | |||||||
CHF800 | USD845 | JPMorgan Chase | 7/27/2020 | — | 10 | ||||||
USD2,067 | EUR1,840 | Barclays Bank PLC | 7/27/2020 | (1 | ) | ||||||
EUR10,102 | DKK75,300 | JPMorgan Chase | 7/27/2020 | (3 | ) | ||||||
EUR1,639 | RON7,960 | Citibank | 7/27/2020 | (3 | ) | ||||||
SEK23,400 | USD2,515 | Citibank | 7/27/2020 | (3 | ) | ||||||
AUD12,000 | USD8,289 | JPMorgan Chase | 7/27/2020 | (7 | ) | ||||||
PLN12,600 | USD3,194 | Citibank | 7/27/2020 | (9 | ) | ||||||
USD7,408 | ZAR129,100 | JPMorgan Chase | 7/27/2020 | (9 | ) | ||||||
CZK133,600 | USD5,645 | JPMorgan Chase | 7/27/2020 | (13 | ) | ||||||
USD4,134 | CZK98,590 | Bank of America | 7/27/2020 | (23 | ) | ||||||
CAD49,400 | USD36,420 | JPMorgan Chase | 7/27/2020 | (29 | ) | ||||||
GBP5,330 | USD6,657 | JPMorgan Chase | 7/27/2020 | (51 | ) | ||||||
NOK144,985 | USD15,204 | Citibank | 7/27/2020 | (139 | ) | ||||||
EUR56,180 | USD63,365 | JPMorgan Chase | 7/27/2020 | (207 | ) | ||||||
JPY9,971,500 | USD93,462 | JPMorgan Chase | 7/27/2020 | (1,079 | ) | ||||||
KRW6,785,200 | USD5,622 | Goldman Sachs | 7/28/2020 | 19 | |||||||
COP14,642,500 | USD3,936 | Standard Chartered Bank | 7/28/2020 | (49 | ) | ||||||
USD12,392 | MYR53,000 | Standard Chartered Bank | 7/29/2020 | 39 | |||||||
USD14,848 | BRL81,200 | JPMorgan Chase | 8/7/2020 | (55 | ) | ||||||
$ | (1,237 | ) |
82 | American Funds Insurance Series |
Capital World Bond Fund (formerly Global Bond Fund)
Swap contracts
Interest rate swaps
Receive | Pay | Expiration date | Notional (000) | Value at 6/30/2020 (000) | Upfront premium (received) paid (000) | Unrealized appreciation (depreciation) at 6/30/2020 (000) | |||||||||||||||
0.525% | 6-month HUF-BUBOR | 1/29/2022 | HUF | 16,744,000 | $ | (76 | ) | $ | (297 | ) | $ | 221 | |||||||||
1.01% | 6-month HUF-BUBOR | 2/25/2022 | 9,100,000 | 182 | 66 | 116 | |||||||||||||||
0.965% | 6-month HUF-BUBOR | 2/26/2022 | 13,039,000 | 232 | 63 | 169 | |||||||||||||||
6-month HUF-BUBOR | 1.39% | 11/11/2029 | 2,335,000 | (72 | ) | 53 | (125 | ) | |||||||||||||
6-month PLN-WIBOR | 2.155% | 1/22/2030 | PLN | 35,000 | (1,073 | ) | (1,122 | ) | 49 | ||||||||||||
6-month HUF-BUBOR | 1.80% | 1/22/2030 | HUF | 1,418,000 | (212 | ) | (137 | ) | (75 | ) | |||||||||||
6-month HUF-BUBOR | 1.845% | 2/25/2030 | 2,024,500 | (325 | ) | (217 | ) | (108 | ) | ||||||||||||
6-month HUF-BUBOR | 1.79% | 2/26/2030 | 2,024,500 | (292 | ) | (184 | ) | (108 | ) | ||||||||||||
0.0079% | 6-month JPY-LIBOR | 4/8/2030 | ¥ | 1,620,000 | (56 | ) | 30 | (86 | ) | ||||||||||||
$ | (1,745 | ) | $ | 53 |
Credit default swaps
Centrally cleared credit default swaps on credit indices — sell protection
Receive/ Payment frequency | Pay | Expiration date | Notional (000) | Value at 6/30/2020 (000) | Upfront receipts (000) | Unrealized appreciation at 6/30/2020 (000) | |||||||||||||||
1.00%/Quarterly | CDX.NA.IG.34 | 6/20/2025 | $91,850 | $1,074 | $555 | $519 |
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
1 | Index-linked bond whose principal amount moves with a government price index. |
2 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $273,114,000, which represented 13.13% of the net assets of the fund. |
3 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
4 | Step bond; coupon rate may change at a later date. |
5 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $8,973,000, which represented .43% of the net assets of the fund. |
6 | Purchased on a TBA basis. |
7 | Rate represents the seven-day yield at 6/30/2020. |
8 | Notional amount is calculated based on the number of contracts and notional contract size. |
9 | Value is calculated based on the notional amount and current market price. |
10 | Amount less than one thousand. |
Key to abbreviations and symbols
AUD = Australian dollars
BRL = Brazilian reais
BUBOR = Budapest Interbank Offered Rate
CAD/C$ = Canadian dollars
CHF = Swiss francs
CNH/CNY= Chinese yuan renminbi
COP = Colombian pesos
CZK = Czech korunas
DKK/DKr = Danish kroner
EUR/€ = Euros
GBP/£ = British pounds
HUF = Hungarian forints
ILS = Israeli shekels
JPY/¥ = Japanese yen
KRW = South Korean won
LIBOR = London Interbank Offered Rate
MXN = Mexican pesos
MYR = Malaysian ringgits
NOK = Norwegian kroner
PLN = Polish zloty
RON = Romanian leu
RUB = Russian rubles
SEK = Swedish kronor
SOFR = Secured Overnight Financing Rate
TBA = To-be-announced
THB = Thai baht
USD/$ = U.S. dollars
WIBOR = Warsaw Interbank Offer Rate
ZAR = South African rand
See notes to financial statements.
American Funds Insurance Series | 83 |
High-Income Bond Fund | |
Summary investment portfolio June 30, 2020 | unaudited |
Bonds, notes & other debt instruments 92.29% | Principal amount (000) | Value (000) | ||||||
Corporate bonds & notes 92.27% | ||||||||
Communication services 13.84% | ||||||||
Cablevision Systems Corp. 6.75% 2021 | $ | 3,513 | $ | 3,698 | ||||
CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 20261 | 3,182 | 3,298 | ||||||
CenturyLink, Inc. 6.75% 2023 | 2,760 | 2,974 | ||||||
Gogo Inc. 9.875% 20241 | 11,114 | 9,420 | ||||||
Intelsat Jackson Holding Co., Term Loan, 6.625% 20242 | 3,900 | 3,917 | ||||||
MDC Partners Inc. 6.50% 20241 | 5,170 | 4,824 | ||||||
Sprint Corp. 6.875% 2028 | 4,171 | 5,095 | ||||||
Sprint Corp. 8.75% 2032 | 2,165 | 3,097 | ||||||
Sprint Corp. 7.63%–11.50% 2021–2026 | 3,385 | 3,909 | ||||||
T-Mobile US, Inc. 3.88%–6.50% 2025–20501 | 1,333 | 1,462 | ||||||
Trilogy International Partners, LLC 8.875% 20221 | 4,500 | 3,998 | ||||||
Univision Communications Inc. 5.125% 20231 | 3,308 | 3,348 | ||||||
Univision Communications Inc. 5.125% 20251 | 3,195 | 3,019 | ||||||
Univision Communications Inc. 6.625% 20271 | 3,050 | 2,924 | ||||||
Other securities | 53,542 | |||||||
108,525 | ||||||||
Health care 12.90% | ||||||||
Bausch Health Companies Inc. 5.00%–9.25% 2026–20301 | 6,633 | 6,823 | ||||||
Endo Dac / Endo Finance LLC / Endo Finco 6.00%–9.50% 2027–20281 | 6,477 | 5,301 | ||||||
Endo International PLC 5.75%–5.88% 2022–20241 | 3,837 | 3,576 | ||||||
Mallinckrodt PLC 10.00% 20251 | 8,538 | 7,236 | ||||||
Molina Healthcare, Inc. 5.375% 2022 | 5,264 | 5,381 | ||||||
Molina Healthcare, Inc. 4.38%–4.88% 2025–20281 | 2,698 | 2,716 | ||||||
Par Pharmaceutical Inc. 7.50% 20271 | 4,672 | 4,810 | ||||||
Rotech Healthcare Inc., Term Loan, | ||||||||
(3-month USD-LIBOR + 11.00%) 13.00% 2023 (100% PIK)2,3,4,5,6 | 6,046 | 6,106 | ||||||
Tenet Healthcare Corp. 4.875% 20261 | 6,380 | 6,259 | ||||||
Tenet Healthcare Corp. 4.63%–8.13% 2022–20271 | 3,235 | 3,260 | ||||||
Teva Pharmaceutical Finance Co. BV 2.80% 2023 | 3,915 | 3,711 | ||||||
Teva Pharmaceutical Finance Co. BV 6.00% 2024 | 4,779 | 4,921 | ||||||
Teva Pharmaceutical Finance Co. BV 2.20%–7.13% 2021–20281 | 4,374 | 4,423 | ||||||
Valeant Pharmaceuticals International, Inc. 5.88%–9.00% 2023–20271 | 3,320 | 3,434 | ||||||
Other securities | 33,228 | |||||||
101,185 | ||||||||
Consumer discretionary 12.57% | ||||||||
Ford Motor Co. 4.35%–9.63% 2023–2030 | 3,819 | 4,073 | ||||||
Ford Motor Credit Co. 5.125% 2025 | 3,485 | 3,502 | ||||||
Ford Motor Credit Co. 3.09%–5.58% 2021–2024 | 2,252 | 2,181 | ||||||
PetSmart, Inc. 7.125% 20231 | 7,039 | 6,955 | ||||||
PetSmart, Inc. 5.875% 20251 | 4,091 | 4,114 | ||||||
PetSmart, Inc. 8.875% 20251 | 3,941 | 3,946 | ||||||
Scientific Games Corp. 8.25% 20261 | 5,279 | 4,694 | ||||||
Scientific Games Corp. 5.00%–8.63% 2021–20291 | 4,109 | 3,716 | ||||||
Staples, Inc. 7.50% 20261 | 3,870 | 3,049 | ||||||
Other securities | 62,369 | |||||||
98,599 | ||||||||
Materials 11.51% | ||||||||
Cleveland-Cliffs Inc. 5.75% 2025 | 3,789 | 3,237 | ||||||
Cleveland-Cliffs Inc. 5.875% 2027 | 6,060 | 5,017 | ||||||
Cleveland-Cliffs Inc. 4.88%–9.88% 2024–20271 | 5,083 | 4,826 | ||||||
First Quantum Minerals Ltd. 7.25% 20221 | 3,229 | 3,168 | ||||||
First Quantum Minerals Ltd. 7.25% 20231 | 3,072 | 2,953 | ||||||
First Quantum Minerals Ltd. 7.50% 20251 | 8,243 | 7,906 | ||||||
First Quantum Minerals Ltd. 6.50%–6.88% 2024–20261 | 3,687 | 3,499 | ||||||
FXI Holdings, Inc. 7.875% 20241 | 3,530 | 3,047 | ||||||
FXI Holdings, Inc. 12.25% 20261 | 3,976 | 3,868 | ||||||
LSB Industries, Inc. 9.625% 20231 | 3,638 | 3,516 |
84 | American Funds Insurance Series |
High-Income Bond Fund
Bonds, notes & other debt instruments | Principal amount (000 | ) | Value (000 | ) | ||||
Ryerson Inc. 11.00% 20221 | $ | 3,113 | $ | 3,189 | ||||
Venator Materials Corp. 5.75% 20251 | 5,426 | 3,876 | ||||||
Other securities | 42,176 | |||||||
90,278 | ||||||||
Industrials 10.51% | ||||||||
ADT Corp. 3.50% 2022 | 3,465 | 3,455 | ||||||
Associated Materials, LLC 9.00% 20241 | 5,773 | 4,970 | ||||||
Delta Air Lines, Inc. 7.00% 20251 | 3,195 | 3,301 | ||||||
Dun & Bradstreet Corp. 10.25% 20271 | 3,497 | 3,890 | ||||||
United Airlines Holdings, Inc. 6.50% 20271 | 4,375 | 4,397 | ||||||
Other securities | 62,393 | |||||||
82,406 | ||||||||
Energy 9.60% | ||||||||
CONSOL Energy Inc. 5.875% 2022 | 3,120 | 3,075 | ||||||
Teekay Corp. 9.25% 20221 | 3,108 | 2,995 | ||||||
Other securities | 69,241 | |||||||
75,311 | ||||||||
Financials 6.60% | ||||||||
Compass Diversified Holdings 8.00% 20261 | 3,394 | 3,464 | ||||||
FS Energy and Power Fund 7.50% 20231 | 3,999 | 3,420 | ||||||
Navient Corp. 6.50% 2022 | 3,533 | 3,482 | ||||||
Navient Corp. 5.00%–6.13% 2023–2033 | 6,364 | 5,762 | ||||||
Other securities | 35,618 | |||||||
51,746 | ||||||||
Information technology 6.11% | ||||||||
Almonde Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 8.25% 20252,6 | 3,924 | 3,425 | ||||||
Genesys Telecommunications Laboratories, Inc. 10.00% 20241 | 3,341 | 3,483 | ||||||
Kronos Inc., Term Loan B, (3-month USD-LIBOR + 8.25%) 9.25% 20242,6 | 6,753 | 6,757 | ||||||
Other securities | 34,243 | |||||||
47,908 | ||||||||
Real estate 3.32% | ||||||||
Iron Mountain Inc. 5.75% 2024 | 3,027 | 3,065 | ||||||
Iron Mountain Inc. 4.88%–5.25% 2027–20301 | 5,997 | 5,901 | ||||||
Other securities | 17,062 | |||||||
26,028 | ||||||||
Utilities 2.87% | ||||||||
Other securities | 22,507 | |||||||
Consumer staples 2.44% | ||||||||
Other securities | 19,127 | |||||||
Total corporate bonds & notes | 723,620 | |||||||
Bonds & notes of governments & government agencies outside the U.S. 0.02% | ||||||||
Bonds & notes of governments & government agencies outside the U.S. 0.02% | ||||||||
Other securities | 194 | |||||||
Municipals 0.00% | ||||||||
Other securities | 5 | |||||||
Total bonds, notes & other debt instruments (cost: $783,720,000) | 723,819 |
American Funds Insurance Series | 85 |
High-Income Bond Fund
Convertible bonds & notes 0.63% | Principal amount (000) | Value (000) | ||||||
Communication services 0.20% | ||||||||
Gogo Inc., convertible notes, 6.00% 2022 | $ | 422 | $ | 297 | ||||
Other securities | 1,285 | |||||||
1,582 | ||||||||
Other 0.43% | ||||||||
Other securities | 3,345 | |||||||
Total convertible bonds & notes (cost: $4,765,000) | 4,927 | |||||||
Convertible stocks 0.50% | Shares | |||||||
Other 0.50% | ||||||||
Other securities | 3,892 | |||||||
Total convertible stocks (cost: $7,788,000) | 3,892 | |||||||
Preferred securities 0.23% | ||||||||
Consumer discretionary 0.23% | ||||||||
Other securities | 1,789 | |||||||
Total preferred securities (cost: $1,655,000) | 1,789 | |||||||
Common stocks 1.88% | ||||||||
Health care 1.28% | ||||||||
Rotech Healthcare Inc.3,4,7,8 | 201,793 | 9,686 | ||||||
Other securities | 335 | |||||||
10,021 | ||||||||
Materials 0.11% | ||||||||
First Quantum Minerals Ltd. | 44,800 | 357 | ||||||
Other securities | 504 | |||||||
861 | ||||||||
Other 0.49% | ||||||||
Other securities | 3,912 | |||||||
Total common stocks (cost: $21,518,000) | 14,794 | |||||||
Rights & warrants 0.02% | ||||||||
Other 0.02% | ||||||||
Other securities | 147 | |||||||
Total rights & warrants (cost: $216,000) | 147 | |||||||
Short-term securities 4.84% | ||||||||
Money market investments 4.84% | ||||||||
Capital Group Central Cash Fund 0.18%9 | 379,651 | 37,969 | ||||||
Total short-term securities (cost: $37,962,000) | 37,969 | |||||||
Total investment securities 100.39% (cost: $857,624,000) | 787,337 | |||||||
Other assets less liabilities (0.39)% | (3,086 | ) | ||||||
Net assets 100.00% | $ | 784,251 |
This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.
“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.
86 | American Funds Insurance Series |
High-Income Bond Fund
Swap contracts
Credit default swaps
Centrally cleared credit default swaps on credit indices — buy protection
Receive | Pay/ Payment frequency | Expiration date | Notional (000) | Value at 6/30/2020 (000) | Upfront premium received (000) | Unrealized appreciation at 6/30/2020 (000) | ||||||||||||
CDX.NA.HY.25 | 5.00%/Quarterly | 6/20/2025 | $ | 12,160 | $ | 84 | $ | (235 | ) | $ | 319 |
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
1 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $464,508,000, which represented 59.23% of the net assets of the fund. |
2 | Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans, including those in “Other securities,” was $51,618,000, which represented 6.58% of the net assets of the fund. |
3 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $21,408,000, which represented 2.73% of the net assets of the fund. |
4 | Value determined using significant unobservable inputs. |
5 | Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Most recent payment was 100% cash unless otherwise noted. |
6 | Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. |
7 | Security did not produce income during the last 12 months. |
8 | Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below. |
9 | Rate represents the seven-day yield at 6/30/2020. |
Private placement securities | Acquisition date(s) | Cost (000) | Value (000) | Percent of net assets | ||||||||||
Rotech Healthcare Inc. | 9/26/2013 | $ | 4,331 | $ | 9,686 | 1.24 | % | |||||||
Other securities | 11/15/2016-8/31/2018 | 1,319 | 1,505 | .19 | ||||||||||
Total private placement securities | $ | 5,650 | $ | 11,191 | 1.43 | % |
Key to abbreviations and symbol
LIBOR = London Interbank Offered Rate
USD/$ = U.S. dollars
See notes to financial statements.
American Funds Insurance Series | 87 |
American Funds Mortgage Fund (formerly Mortgage Fund) | |
Summary investment portfolio June 30, 2020 | unaudited |
Bonds, notes & other debt instruments 96.81% | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations 91.85% | ||||||||
Federal agency mortgage-backed obligations 87.49% | ||||||||
Fannie Mae Pool #AL9335 3.872% 20401,2 | $ | 1,629 | $ | 1,711 | ||||
Fannie Mae Pool #AL9327 3.406% 20411,2 | 1,450 | 1,526 | ||||||
Fannie Mae Pool #AL9326 3.743% 20411,2 | 2,055 | 2,163 | ||||||
Fannie Mae Pool #CA2804 4.50% 20481 | 2,992 | 3,216 | ||||||
Fannie Mae Pool #CA4867 3.00% 20491,3 | 4,891 | 5,271 | ||||||
Fannie Mae Pool #CA5496 3.00% 20501 | 9,932 | 10,744 | ||||||
Fannie Mae 2.50%–5.00% 2031–20491,2,3 | 6,489 | 6,954 | ||||||
Freddie Mac Pool #C91883 4.00% 20361 | 3,627 | 3,908 | ||||||
Freddie Mac Pool #RA1339 3.00% 20491 | 3,720 | 3,952 | ||||||
Freddie Mac Pool #QA8936 3.00% 20501 | 7,973 | 8,494 | ||||||
Freddie Mac Pool #SD7514 3.50% 20501,3 | 12,796 | 13,739 | ||||||
Freddie Mac, Series K030, Class A2, Multi Family, 3.25% 20231 | 1,746 | 1,861 | ||||||
Freddie Mac, Series K031, Class A2, Multi Family, 3.30% 20231 | 4,722 | 5,060 | ||||||
Freddie Mac 3.10%–5.00% 2034–20491,2,3 | 5,346 | 5,811 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 2.939% 20561,2 | 1,387 | 1,479 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 20561 | 1,362 | 1,460 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 20571,2 | 5,099 | 5,608 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 20571 | 3,008 | 3,261 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 20571 | 2,256 | 2,547 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 20281 | 6,352 | 6,935 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 20281 | 1,762 | 1,910 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 20291 | 1,891 | 1,997 | ||||||
Government National Mortgage Assn. 4.25% 20441 | 1,551 | 1,718 | ||||||
Government National Mortgage Assn. 2.50% 20501,4 | 5,000 | 5,251 | ||||||
Government National Mortgage Assn. 2.50% 20501,4 | 3,500 | 3,668 | ||||||
Government National Mortgage Assn. Pool #AA7301 3.50% 20431 | 1,515 | 1,624 | ||||||
Government National Mortgage Assn. 3.50%–6.50% 2034–20661,4 | 13,221 | 14,153 | ||||||
Uniform Mortgage-Backed Security 2.00% 20351,4 | 41,500 | 42,858 | ||||||
Uniform Mortgage-Backed Security 2.50% 20351,4 | 11,500 | 12,019 | ||||||
Uniform Mortgage-Backed Security 3.00% 20351,4 | 41,432 | 43,543 | ||||||
Uniform Mortgage-Backed Security 3.00% 20501,4 | 1,406 | 1,480 | ||||||
Uniform Mortgage-Backed Security 3.50% 20501,4 | 12,585 | 13,237 | ||||||
Uniform Mortgage-Backed Security 4.50% 20501,4 | 5,250 | 5,642 | ||||||
Uniform Mortgage-Backed Securities 2.50%–4.00% 20501,4 | 1,088 | 1,131 | ||||||
Other securities | 5,021 | |||||||
250,952 | ||||||||
Collateralized mortgage-backed obligations (privately originated) 4.36% | ||||||||
Other securities | 12,498 | |||||||
Total mortgage-backed obligations | 263,450 | |||||||
U.S. Treasury bonds & notes 4.07% | ||||||||
U.S. Treasury 2.95% | ||||||||
U.S. Treasury 0.125% 2023 | 3,500 | 3,496 | ||||||
U.S. Treasury 1.25% 2050 | 5,155 | 4,950 | ||||||
8,446 | ||||||||
U.S. Treasury inflation-protected securities 1.12% | ||||||||
U.S. Treasury Inflation-Protected Security 2.125% 20415 | 129 | 192 | ||||||
U.S. Treasury Inflation-Protected Security 0.75% 20423,5 | 2,523 | 3,029 | ||||||
3,221 | ||||||||
Total U.S. Treasury bonds & notes | 11,667 |
88 | American Funds Insurance Series |
American Funds Mortgage Fund (formerly Mortgage Fund)
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Asset-backed obligations 0.89% | ||||||||
Other securities | $ | 2,561 | ||||||
Total bonds, notes & other debt instruments (cost: $271,718,000) | 277,678 | |||||||
Short-term securities 47.13% | ||||||||
Commercial paper 24.85% | ||||||||
Apple Inc. 0.12% due 7/8/20206 | $ | 8,000 | 8,000 | |||||
Chariot Funding, LLC 0.25% due 9/25/20206 | 7,000 | 6,998 | ||||||
Coca-Cola Co. 0.18% due 11/20/20206 | 6,850 | 6,845 | ||||||
Eli Lilly and Co. 0.12% due 8/4/20206 | 7,000 | 6,996 | ||||||
Emerson Electric Co. 0.10%–0.15% due 7/6/2020–8/11/20206 | 8,000 | 7,997 | ||||||
ExxonMobil Corp. 0.26% due 9/25/2020 | 3,450 | 3,449 | ||||||
Merck & Co. Inc. 0.20% due 8/27/20206 | 8,000 | 7,998 | ||||||
National Rural Utilities Cooperative Finance Corp. 0.09% due 7/1/2020 | 5,000 | 5,000 | ||||||
Nordea Bank AB 0.05% due 7/1/20206 | 3,000 | 3,000 | ||||||
Paccar Financial Corp. 0.12% due 7/9/2020 | 2,000 | 2,000 | ||||||
Pfizer Inc. 0.21% due 10/16/20206 | 5,000 | 4,997 | ||||||
Simon Property Group, LP 0.15% due 7/23/20206 | 8,000 | 8,000 | ||||||
71,280 | ||||||||
Federal agency discount notes 16.00% | ||||||||
Federal Farm Credit Banks 0.12%–0.20% due 7/10/2020–11/6/2020 | 15,000 | 14,995 | ||||||
Federal Home Loan Bank 0.11%–0.12% due 7/20/2020–8/21/2020 | 20,800 | 20,797 | ||||||
Tennessee Valley Authority 0.11% due 7/15/2020 | 10,100 | 10,099 | ||||||
45,891 | ||||||||
U.S. Treasury bills 6.28% | ||||||||
U.S. Treasury Bills 0.08%–0.10% due 7/2/2020–7/21/2020 | 18,000 | 17,999 | ||||||
Total short-term securities (cost: $135,172,000) | 135,170 | |||||||
Total investment securities 143.94% (cost: $406,890,000) | 412,848 | |||||||
Other assets less liabilities (43.94)% | (126,023 | ) | ||||||
Net assets 100.00% | $ | 286,825 |
This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.
“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes a security that was valued under fair value procedures adopted by authority of the board of trustees. The total value of the security that was valued under fair value procedures was $750,000, which represented .26% of the net assets of the fund.
American Funds Insurance Series | 89 |
American Funds Mortgage Fund (formerly Mortgage Fund)
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | 7 | Value at 6/30/2020 (000) | 8 | Unrealized (depreciation) appreciation at 6/30/2020 (000) | ||||||||||
90 Day Euro Dollar Futures | Short | 207 | September 2020 | $ | (51,750 | ) | $(51,613 | ) | $ | (18 | ) | |||||||
90 Day Euro Dollar Futures | Short | 123 | March 2021 | (30,750 | ) | (30,689 | ) | (6 | ) | |||||||||
5 Year U.S. Treasury Note Futures | Long | 226 | October 2020 | 22,600 | 28,418 | 66 | ||||||||||||
10 Year U.S. Treasury Note Futures | Long | 1 | September 2020 | 100 | 139 | 1 | ||||||||||||
10 Year Ultra U.S. Treasury Note Futures | Short | 62 | September 2020 | (6,200 | ) | (9,764 | ) | (50 | ) | |||||||||
20 Year U.S. Treasury Bond Futures | Long | 14 | September 2020 | 1,400 | 2,500 | 11 | ||||||||||||
30 Year Ultra U.S. Treasury Bond Futures | Long | 19 | September 2020 | 1,900 | 4,145 | 30 | ||||||||||||
$ | 34 |
Swap contracts | ||||||||||||||||||||
Interest rate swaps | ||||||||||||||||||||
Receive | Pay | Expiration date | Notional (000) | Value at 6/30/2020 (000) | Upfront premium paid (000) | Unrealized depreciation at 6/30/2020 (000) | ||||||||||||||
3-month USD-LIBOR | 2.322% | 5/2/2024 | $ | 10,100 | $ | (797 | ) | $ | — | $ | (797 | ) | ||||||||
3-month USD-LIBOR | 2.325% | 5/2/2024 | 23,300 | (1,843 | ) | — | (1,843 | ) | ||||||||||||
U.S. EFFR | 0.11% | 5/18/2024 | 9,400 | — | 9 | — | — | 9 | ||||||||||||
U.S. EFFR | 0.1275% | 6/25/2025 | 4,400 | (9 | ) | — | (9 | ) | ||||||||||||
U.S. EFFR | 0.0975% | 6/30/2025 | 2,387 | (1 | ) | — | (1 | ) | ||||||||||||
U.S. EFFR | 0.106% | 6/30/2025 | 1,913 | (2 | ) | — | (2 | ) | ||||||||||||
U.S. EFFR | 0.105% | 6/30/2025 | 4,300 | (3 | ) | — | (3 | ) | ||||||||||||
3-month USD-LIBOR | 3.238% | 8/8/2044 | 2,000 | (1,054 | ) | — | (1,054 | ) | ||||||||||||
3-month USD-LIBOR | 3.2265% | 9/25/2044 | 3,000 | (1,581 | ) | — | (1,581 | ) | ||||||||||||
3-month USD-LIBOR | 1.961% | 1/9/2050 | 2,400 | (677 | ) | — | (677 | ) | ||||||||||||
$ | — | $ | (5,967 | ) |
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
1 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
2 | Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. |
3 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $2,618,000, which represented .91% of the net assets of the fund. |
4 | Purchased on a TBA basis. |
5 | Index-linked bond whose principal amount moves with a government price index. |
6 | Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $74,419,000, which represented 25.95% of the net assets of the fund. |
7 | Notional amount is calculated based on the number of contracts and notional contract size. |
8 | Value is calculated based on the notional amount and current market price. |
9 | Amount less than one thousand. |
Key to abbreviations and symbol
EFFR = Effective Federal Funds Rate
LIBOR = London Interbank Offered Rate
TBA = To-be-announced
USD/$ = U.S. dollars
See notes to financial statements.
90 | American Funds Insurance Series |
Ultra-Short Bond Fund | |
Investment portfolio June 30, 2020 | unaudited |
Short-term securities 99.93% | Principal amount (000) | Value (000) | ||||||
Commercial paper 68.21% | ||||||||
Amazon.com, Inc. 0.14% due 7/20/20201 | $ | 10,000 | $ | 9,999 | ||||
Caisse d’Amortissement de la Dette Sociale 0.15% due 7/8/2020 | 10,000 | 10,000 | ||||||
Chariot Funding, LLC 0.15% due 7/29/20201 | 4,700 | 4,699 | ||||||
CRC Funding, LLC 0.23% due 9/17/20201 | 10,000 | 9,995 | ||||||
Credit Agricole North America, Inc. 0.20% due 8/13/2020 | 4,400 | 4,399 | ||||||
DBS Bank Ltd. 0.21% due 8/21/20201 | 6,500 | 6,499 | ||||||
Eli Lilly and Co. 0.15% due 7/28/20201 | 10,000 | 9,996 | ||||||
Emerson Electric Co. 0.85% due 7/1/20201 | 10,000 | 10,000 | ||||||
ExxonMobil Corp. 0.23% due 10/6/2020 | 10,000 | 9,995 | ||||||
Henkel of America, Inc. 0.30% due 8/6/20201 | 7,600 | 7,599 | ||||||
Inova Health System Foundation 0.22% due 9/17/2020 | 7,900 | 7,897 | ||||||
Kaiser Foundation Hospitals 0.25% due 8/5/2020 | 8,700 | 8,697 | ||||||
Liberty Street Funding LLC 0.25% due 8/4/20201 | 10,000 | 9,998 | ||||||
L’Oréal USA, Inc. 0.25% due 7/28/20201 | 10,000 | 9,999 | ||||||
LVMH Moët Hennessy Louis Vuitton Inc. 0.18%–0.25% due 7/16/2020–8/19/20201 | 10,800 | 10,799 | ||||||
Merck & Co. Inc. 0.25% due 8/13/20201 | 6,800 | 6,799 | ||||||
Mizuho Bank, Ltd. 0.24% due 8/20/20201 | 10,000 | 9,997 | ||||||
Nederlandse Waterschapsbank NV 0.19% due 8/25/20201 | 5,800 | 5,799 | ||||||
Novartis Finance Corp. 0.20% due 7/20/20201 | 10,000 | 9,999 | ||||||
OMERS Finance Trust 0.14% due 7/3/2020 | 10,000 | 10,000 | ||||||
Oversea-Chinese Banking Corp. Ltd. 0.21% due 8/27/20201 | 800 | 800 | ||||||
Pfizer Inc. 0.22% due 10/30/20201 | 10,900 | 10,892 | ||||||
Siemens Capital Co. LLC 0.11% due 7/6/20201 | 10,500 | 10,500 | ||||||
Simon Property Group, LP 0.20% due 7/27/20201 | 8,400 | 8,399 | ||||||
Société Générale 0.26% due 8/14/20201 | 5,000 | 4,999 | ||||||
Starbird Funding Corp. 0.07% due 7/1/20201 | 8,000 | 8,000 | ||||||
Sumitomo Mitsui Banking Corp. 0.25% due 8/5/20201 | 10,000 | 9,999 | ||||||
Victory Receivables Corp. 0.23% due 8/24/20201 | 8,000 | 7,996 | ||||||
234,750 | ||||||||
Bills & notes of governments & government agencies outside the U.S. 17.95% | ||||||||
Alberta (Province of) 0.18%–0.20% due 8/20/2020–9/14/20201 | 10,500 | 10,497 | ||||||
British Columbia (Province of) 0.07% due 7/13/2020 | 5,000 | 5,000 | ||||||
Canada Bill 0.16% due 8/12/2020 | 9,400 | 9,399 | ||||||
Denmark (Kingdom of) 0.15%–0.24% due 7/8/2020–7/31/2020 | 11,300 | 11,300 | ||||||
KFW 0.18% due 8/10/20201 | 10,000 | 9,999 | ||||||
Oesterreich Kontrollbank 0.22% due 10/22/2020 | 5,600 | 5,597 | ||||||
Québec (Province of) 0.16% due 8/17/20201 | 10,000 | 9,999 | ||||||
61,791 | ||||||||
Federal agency discount notes 7.00% | ||||||||
Fannie Mae 0.20% due 10/16/2020 | 5,700 | 5,697 | ||||||
Federal Home Loan Bank 0.13% due 7/27/2020–8/19/2020 | 13,400 | 13,398 | ||||||
Freddie Mac 0.13% due 8/19/2020 | 5,000 | 4,999 | ||||||
24,094 | ||||||||
U.S. Treasury bills 6.77% | ||||||||
U.S. Treasury Bills 0.08%–0.15% due 7/2/2020–10/13/2020 | 23,300 | 23,296 | ||||||
Total short-term securities (cost: $343,921,000) | 343,931 | |||||||
Total investment securities 99.93% (cost: $343,921,000) | 343,931 | |||||||
Other assets less liabilities 0.07% | 255 | |||||||
Net assets 100.00% | $ | 344,186 |
American Funds Insurance Series | 91 |
Ultra-Short Bond Fund
The following footnote applies to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
1 | Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $214,257,000, which represented 62.25% of the net assets of the fund. |
See notes to financial statements.
92 | American Funds Insurance Series |
U.S. Government/AAA-Rated Securities Fund | |
Summary investment portfolio June 30, 2020 | unaudited |
Bonds, notes & other debt instruments 93.58% | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations 57.56% | ||||||||
Federal agency mortgage-backed obligations 57.56% | ||||||||
Fannie Mae Pool #AP7553 3.00% 20421 | $ | 22,474 | $ | 24,088 | ||||
Fannie Mae Pool #CA5229 3.00% 20501 | 30,248 | 32,616 | ||||||
Fannie Mae Pool #FM2179 3.00% 20501 | 11,827 | 12,650 | ||||||
Fannie Mae 2.72%–9.12% 2022–20491,2 | 30,723 | 33,566 | ||||||
Freddie Mac Pool #QA8801 3.00% 20501 | 49,691 | 52,815 | ||||||
Freddie Mac 0.58%–4.22% 2022–20491,2 | 14,804 | 15,958 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 20281 | 36,532 | 39,879 | ||||||
Government National Mortgage Assn. 4.50% 20491 | 14,125 | 15,092 | ||||||
Government National Mortgage Assn. 2.50% 20501,3 | 46,800 | 49,147 | ||||||
Government National Mortgage Assn. 3.50% 20501,3 | 15,413 | 16,265 | ||||||
Government National Mortgage Assn. 3.00%–6.50% 2038–20611 | 16,840 | 18,547 | ||||||
Uniform Mortgage-Backed Security 2.00% 20351,3 | 217,355 | 224,470 | ||||||
Uniform Mortgage-Backed Security 2.00% 20351,3 | 121,790 | 125,568 | ||||||
Uniform Mortgage-Backed Security 2.50% 20351,3 | 60,000 | 62,709 | ||||||
Uniform Mortgage-Backed Security 2.00% 20501,3 | 15,966 | 16,297 | ||||||
Uniform Mortgage-Backed Security 3.00% 20501,3 | 59,000 | 62,038 | ||||||
Uniform Mortgage-Backed Security 3.50% 20501,3 | 83,539 | 87,867 | ||||||
Uniform Mortgage-Backed Security 3.50% 20501,3 | 70,084 | 73,709 | ||||||
Uniform Mortgage-Backed Security 4.50% 20501,3 | 15,431 | 16,582 | ||||||
Uniform Mortgage-Backed Securities 2.00%–4.00% 2035–20501,3 | 15,040 | 15,704 | ||||||
Other securities | 135,131 | |||||||
1,130,698 | ||||||||
Federal agency bonds & notes 19.03% | ||||||||
Fannie Mae 2.875% 2023 | 36,000 | 39,014 | ||||||
Fannie Mae 0.63%–7.13% 2021–2030 | 14,900 | 16,129 | ||||||
Federal Home Loan Bank 3.375% 2023 | 16,715 | 18,357 | ||||||
Federal Home Loan Bank 3.25%–5.50% 2028–2036 | 6,800 | 8,205 | ||||||
Freddie Mac 2.375% 2021 | 40,000 | 40,541 | ||||||
Private Export Funding Corp. 3.266% 20214 | 34,000 | 35,291 | ||||||
Private Export Funding Corp. 3.55% 2024 | 3,190 | 3,535 | ||||||
Tennessee Valley Authority, Series A, 3.875% 2021 | 32,975 | 33,727 | ||||||
Tennessee Valley Authority 0.75%–5.88% 2025–2060 | 9,705 | 11,686 | ||||||
U.S. Agency for International Development, Iraq (State of) 2.149% 2022 | 3,370 | 3,455 | ||||||
U.S. Agency for International Development, Jordan (Kingdom of) 2.578% 2022 | 41,500 | 43,356 | ||||||
U.S. Agency for International Development, Jordan (Kingdom of) 3.00% 2025 | 42,625 | 47,465 | ||||||
U.S. Agency for International Development, Jordan (Kingdom of) 2.503% 2020 | 2,500 | 2,524 | ||||||
U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 2026 | 2,843 | 3,469 | ||||||
U.S. Agency for International Development, Tunisia (Kingdom of) 1.416% 2021 | 1,500 | 1,523 | ||||||
U.S. Agency for International Development, Ukraine 1.471% 2021 | 2,210 | 2,249 | ||||||
U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 2027 | 11,482 | 12,700 | ||||||
U.S. Department of Housing and Urban Development 1.98%–3.70% 2020–2034 | 44,025 | 46,939 | ||||||
Other securities | 3,673 | |||||||
373,838 | ||||||||
U.S. Treasury bonds & notes 16.99% | ||||||||
U.S. Treasury 14.85% | ||||||||
U.S. Treasury 1.75% 2022 | 45,700 | 47,085 | ||||||
U.S. Treasury 1.625% 2026 | 50,000 | 53,731 | ||||||
U.S. Treasury 2.25% 20495 | 25,700 | 30,896 | ||||||
U.S. Treasury 2.375% 20495 | 13,000 | 16,048 | ||||||
U.S. Treasury 2.875% 20495 | 26,000 | 35,164 | ||||||
U.S. Treasury 3.00% 20495 | 22,500 | 31,055 | ||||||
U.S. Treasury 1.25% 20505 | 42,800 | 41,098 | ||||||
U.S. Treasury 0.63%–2.88% 2022–2046 | 33,100 | 36,545 | ||||||
291,622 |
American Funds Insurance Series | 93 |
U.S. Government/AAA-Rated Securities Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. Treasury bonds & notes (continued) | ||||||||
U.S. Treasury inflation-protected securities 2.14% | ||||||||
U.S. Treasury Inflation-Protected Security 0.75% 20425,6 | $ | 14,970 | $ | 17,968 | ||||
U.S. Treasury Inflation-Protected Securities 0.13%–2.13% 2022–20495,6 | 20,649 | 24,160 | ||||||
42,128 | ||||||||
Total U.S. Treasury bonds & notes | 333,750 | |||||||
Total bonds, notes & other debt instruments (cost: $1,770,195,000) | 1,838,286 | |||||||
Short-term securities 42.61% | ||||||||
Commercial paper 22.09% | ||||||||
Apple Inc. 0.14% due 9/2/20204 | 45,000 | 44,989 | ||||||
CAFCO, LLC 0.16% due 7/20/20204 | 25,000 | 24,999 | ||||||
Chariot Funding, LLC 0.15%–0.25% due 8/3/2020–9/25/20204 | 30,000 | 29,994 | ||||||
CRC Funding, LLC 0.23% due 9/21/20204 | 15,000 | 14,991 | ||||||
Eli Lilly and Co. 0.15% due 7/28/20204 | 20,000 | 19,992 | ||||||
Emerson Electric Co. 0.15% due 8/13/20204 | 13,500 | 13,488 | ||||||
ExxonMobil Corp. 0.18%–0.19% due 8/24/2020–9/3/2020 | 34,300 | 34,290 | ||||||
Johnson & Johnson 0.11%–0.15% due 8/3/2020–9/8/20204 | 38,225 | 38,217 | ||||||
Merck & Co. Inc. 0.25% due 8/13/20204 | 25,000 | 24,997 | ||||||
OMERS Finance Trust 0.14% due 7/13/20204 | 20,000 | 19,999 | ||||||
Paccar Financial Corp. 0.10%–0.12% due 7/2/2020–7/9/2020 | 49,000 | 49,000 | ||||||
Pfizer Inc. 0.21%–0.23% due 10/16/2020–10/28/20204 | 50,000 | 49,966 | ||||||
Simon Property Group, LP 0.15%–0.15% due 7/20/2020–7/23/20204 | 30,500 | 30,498 | ||||||
Other securities | 38,587 | |||||||
434,007 | ||||||||
Federal agency discount notes 18.23% | ||||||||
Federal Farm Credit Banks 0.12%–0.22% due 8/7/2020–11/6/2020 | 110,700 | 110,658 | ||||||
Federal Home Loan Bank 0.03%–0.27% due 7/1/2020–9/15/2020 | 233,700 | 233,663 | ||||||
Tennessee Valley Authority 0.11% due 7/15/2020 | 13,700 | 13,699 | ||||||
358,020 | ||||||||
U.S. Treasury bills 2.29% | ||||||||
U.S. Treasury Bills 0.10%–0.11% due 7/21/2020–7/23/2020 | 45,000 | 44,996 | ||||||
Total short-term securities (cost: $837,023,000) | 837,023 | |||||||
Total investment securities 136.19% (cost: $2,607,218,000) | 2,675,309 | |||||||
Other assets less liabilities (36.19)% | (710,931 | ) | ||||||
Net assets 100.00% | $ | 1,964,378 |
This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.
“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.
94 | American Funds Insurance Series |
U.S. Government/AAA-Rated Securities Fund
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | 7 | Value at 6/30/2020 (000) | 8 | Unrealized (depreciation) appreciation at 6/30/2020 (000) | ||||||||||||
30 Day Federal Funds Futures | Short | 1,028 | October 2020 | $ | (428,368 | ) | $ | (428,175 | ) | $ | (90 | ) | ||||||||
30 Day Federal Funds Futures | Short | 759 | January 2021 | (316,275 | ) | (316,196 | ) | (1 | ) | |||||||||||
90 Day Euro Dollar Futures | Short | 4,418 | September 2020 | (1,104,500 | ) | (1,101,573 | ) | (251 | ) | |||||||||||
90 Day Euro Dollar Futures | Short | 841 | March 2021 | (210,250 | ) | (209,830 | ) | (38 | ) | |||||||||||
2 Year U.S. Treasury Note Futures | Short | 255 | October 2020 | (51,000 | ) | (56,311 | ) | (2 | ) | |||||||||||
5 Year U.S. Treasury Note Futures | Long | 2,405 | October 2020 | 240,500 | 302,410 | 838 | ||||||||||||||
10 Year U.S. Treasury Note Futures | Short | 445 | September 2020 | (44,500 | ) | (61,932 | ) | (167 | ) | |||||||||||
10 Year Ultra U.S. Treasury Note Futures | Short | 628 | September 2020 | (62,800 | ) | (98,900 | ) | (1,408 | ) | |||||||||||
20 Year U.S. Treasury Bond Futures | Long | 225 | September 2020 | 22,500 | 40,177 | 253 | ||||||||||||||
30 Year Ultra U.S. Treasury Bond Futures | Long | 1,159 | September 2020 | 115,900 | 252,843 | 1,085 | ||||||||||||||
$ | 219 |
Swap contracts
Interest rate swaps
Receive | Pay | Expiration date | Notional (000) | Value at 6/30/2020 (000) | Upfront premium paid (000) | Unrealized appreciation (depreciation) at 6/30/2020 (000) | |||||||||||||||
1.309% | U.S. EFFR | 12/16/2020 | $ | 356,850 | $ | 1,141 | $ | — | $ | 1,141 | |||||||||||
1.33075% | U.S. EFFR | 12/16/2020 | 236,600 | 769 | — | 769 | |||||||||||||||
2.5775% | U.S. EFFR | 7/16/2022 | 181,639 | 4,836 | — | 4,836 | |||||||||||||||
1.2525% | U.S. EFFR | 2/14/2023 | 156,941 | 5,141 | — | 5,141 | |||||||||||||||
U.S. EFFR | 0.11% | 5/18/2024 | 163,600 | (4 | ) | — | (4 | ) | |||||||||||||
U.S. EFFR | 0.126% | 6/25/2025 | 20,100 | (38 | ) | — | (38 | ) | |||||||||||||
U.S. EFFR | 0.1275% | 6/25/2025 | 20,100 | (40 | ) | — | (40 | ) | |||||||||||||
U.S. EFFR | 0.1275% | 6/25/2025 | 28,500 | (56 | ) | — | (56 | ) | |||||||||||||
U.S. EFFR | 0.0975% | 6/30/2025 | 15,429 | (7 | ) | — | (7 | ) | |||||||||||||
U.S. EFFR | 0.105% | 6/30/2025 | 28,500 | (23 | ) | — | (23 | ) | |||||||||||||
U.S. EFFR | 0.106% | 6/30/2025 | 35,063 | (30 | ) | — | (30 | ) | |||||||||||||
U.S. EFFR | 0.093% | 7/2/2025 | 25,600 | (5 | ) | — | (5 | ) | |||||||||||||
U.S. EFFR | 0.096% | 7/2/2025 | 25,500 | (8 | ) | — | (8 | ) | |||||||||||||
3-month USD-LIBOR | 1.867% | 7/11/2025 | 49,400 | (2,174 | ) | — | (2,174 | ) | |||||||||||||
2.91% | 3-month USD-LIBOR | 2/1/2028 | 16,000 | 1,795 | — | 1,795 | |||||||||||||||
2.908% | 3-month USD-LIBOR | 2/1/2028 | 16,000 | 1,793 | — | 1,793 | |||||||||||||||
2.925% | 3-month USD-LIBOR | 2/1/2028 | 12,800 | 1,445 | — | 1,445 | |||||||||||||||
2.92% | 3-month USD-LIBOR | 2/2/2028 | 12,200 | 1,374 | — | 1,374 | |||||||||||||||
U.S. EFFR | 0.5385% | 3/26/2030 | 49,000 | (755 | ) | — | (755 | ) | |||||||||||||
0.913% | 3-month USD-LIBOR | 6/9/2030 | 31,000 | 854 | — | 854 | |||||||||||||||
3-month USD-LIBOR | 2.986% | 2/1/2038 | 7,800 | (1,356 | ) | — | (1,356 | ) | |||||||||||||
3-month USD-LIBOR | 2.9625% | 2/1/2038 | 9,800 | (1,682 | ) | — | (1,682 | ) | |||||||||||||
3-month USD-LIBOR | 2.963% | 2/1/2038 | 9,800 | (1,682 | ) | — | (1,682 | ) | |||||||||||||
0.833% | 3-month USD-LIBOR | 4/3/2040 | 15,800 | (131 | ) | — | (131 | ) | |||||||||||||
3-month USD-LIBOR | 3.34% | 6/27/2044 | 10,000 | (5,477 | ) | — | (5,477 | ) | |||||||||||||
3-month USD-LIBOR | 3.206% | 7/31/2044 | 16,000 | (8,307 | ) | — | (8,307 | ) | |||||||||||||
3-month USD-LIBOR | 3.238% | 8/8/2044 | 16,000 | (8,429 | ) | — | (8,429 | ) | |||||||||||||
3-month USD-LIBOR | 2.7045% | 1/2/2045 | 12,000 | (4,947 | ) | — | (4,947 | ) | |||||||||||||
3-month USD-LIBOR | 2.4945% | 1/9/2045 | 2,000 | (728 | ) | — | (728 | ) | |||||||||||||
3-month USD-LIBOR | 2.5055% | 1/9/2045 | 11,000 | (4,034 | ) | — | (4,034 | ) | |||||||||||||
3-month USD-LIBOR | 2.52822% | 11/23/2045 | 4,390 | (1,683 | ) | — | (1,683 | ) | |||||||||||||
3-month USD-LIBOR | 1.934% | 12/12/2049 | 15,000 | (4,117 | ) | — | (4,117 | ) | |||||||||||||
3-month USD-LIBOR | 1.935% | 12/17/2049 | 17,280 | (4,750 | ) | — | (4,750 | ) | |||||||||||||
3-month USD-LIBOR | 2.007% | 12/19/2049 | 16,300 | (4,798 | ) | — | (4,798 | ) |
American Funds Insurance Series | 95 |
U.S. Government/AAA-Rated Securities Fund
Swap contracts (continued)
Interest rate swaps (continued)
Receive | Pay | Expiration date | Notional (000) | Value at 6/30/2020 (000) | Upfront premium paid (000) | Unrealized appreciation (depreciation) at 6/30/2020 (000) | |||||||||||||||
3-month USD-LIBOR | 2.045% | 12/27/2049 | $ | 15,100 | $ | (4,604 | ) | $ | — | $ | (4,604 | ) | |||||||||
3-month USD-LIBOR | 2.0375% | 1/6/2050 | 8,480 | (2,568 | ) | — | (2,568 | ) | |||||||||||||
3-month USD-LIBOR | 1.961% | 1/9/2050 | 17,700 | (4,995 | ) | — | (4,995 | ) | |||||||||||||
3-month USD-LIBOR | 1.678% | 2/21/2050 | 15,865 | (3,274 | ) | — | (3,274 | ) | |||||||||||||
0.8235% | 3-month USD-LIBOR | 4/24/2050 | 5,300 | (139 | ) | — | (139 | ) | |||||||||||||
$ | — | $ | (51,693 | ) |
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
1 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
2 | Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. |
3 | Purchased on a TBA basis. |
4 | Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $381,008,000, which represented 19.40% of the net assets of the fund. |
5 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $47,020,000, which represented 2.39% of the net assets of the fund. |
6 | Index-linked bond whose principal amount moves with a government price index. |
7 | Notional amount is calculated based on the number of contracts and notional contract size. |
8 | Value is calculated based on the notional amount and current market price. |
Key to abbreviations and symbol
EFFR = Effective Federal Funds Rate
LIBOR = London Interbank Offered Rate
TBA = To-be-announced
USD/$ = U.S. dollars
See notes to financial statements.
96 | American Funds Insurance Series |
Managed Risk Growth Fund | |
Investment portfolio June 30, 2020 | unaudited |
Growth funds 80.77% | Shares | Value (000) | ||||||
American Funds Insurance Series – Growth Fund, Class 1 | 4,337,694 | $ | 384,320 | |||||
Total growth funds (cost: $325,521,000) | 384,320 | |||||||
Fixed income funds 11.85% | ||||||||
American Funds Insurance Series – Bond Fund, Class 1 | 4,800,568 | 56,359 | ||||||
Total fixed income funds (cost: $55,586,000) | 56,359 | |||||||
Short-term securities 4.36% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.12%1 | 20,768,279 | 20,768 | ||||||
Total short-term securities (cost: $20,768,000) | 20,768 | |||||||
Total investment securities 96.98% (cost: $401,875,000) | 461,447 | |||||||
Other assets less liabilities 3.02% | 14,347 | |||||||
Net assets 100.00% | $ | 475,794 |
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | 2 | Value at 6/30/2020 (000) | 3 | Unrealized appreciation (depreciation) at 6/30/2020 (000) | |||||||||||
5 Year U.S. Treasury Note Futures | Long | 1,830 | September 2020 | $ | 183,000 | $ | 230,108 | $ | 521 | ||||||||||
Euro Stoxx 50 Index Contracts | Short | 115 | September 2020 | € | (1 | ) | (4,176 | ) | (58 | ) | |||||||||
FTSE 100 Index Contracts | Short | 88 | September 2020 | £ | (1 | ) | (6,693 | ) | 28 | ||||||||||
S&P Mid 400 E-mini Index Contracts | Short | 16 | September 2020 | $ | (2 | ) | (2,847 | ) | (31 | ) | |||||||||
Mini MSCI Emerging Market Index Contracts | Short | 81 | September 2020 | (4 | ) | (3,992 | ) | (57 | ) | ||||||||||
Nikkei 225 Index Contracts | Short | 4 | September 2020 | ¥ | (4 | ) | (829 | ) | 20 | ||||||||||
Russell 2000 Mini Index Contracts | Short | 74 | September 2020 | $ | (4 | ) | (5,319 | ) | (142 | ) | |||||||||
S&P 500 E-mini Index Contracts | Short | 934 | September 2020 | (47 | ) | (144,312 | ) | (1,226 | ) | ||||||||||
Euro Currency Contracts | Short | 33 | September 2020 | € | (4,125 | ) | (4,642 | ) | 47 | ||||||||||
British Pound Currency Contracts | Short | 95 | September 2020 | £ | (5,937 | ) | (7,361 | ) | 147 | ||||||||||
Japanese Yen Currency Contracts | Short | 7 | September 2020 | ¥ | (87,500 | ) | (811 | ) | 3 | ||||||||||
$ | (748 | ) |
American Funds Insurance Series | 97 |
Managed Risk Growth Fund
Investments in affiliates
These holdings are affiliates of the fund under the Investment Company Act of 1940 since they are controlled by the same board of trustees as the series. Further details on these holdings and related transactions during the six months ended June 30, 2020, appear below.
Beginning shares | Additions | Reductions | Ending shares | Net realized gain (000) | Net unrealized appreciation (depreciation) (000) | Dividend income (000) | Value of affiliates at 6/30/2020 (000) | |||||||||||||||||||||||||
Growth funds 80.77% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Growth Fund, Class 1 | 4,413,020 | 2,704,845 | 2,780,171 | 4,337,694 | $ | 19,348 | $ | 14,700 | $ | 1,044 | $ | 384,320 | ||||||||||||||||||||
Fixed income funds 11.85% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Bond Fund, Class 1 | 5,970,036 | 4,753,074 | 5,922,542 | 4,800,568 | 3,228 | (1,124 | ) | 278 | 56,359 | |||||||||||||||||||||||
Total 92.62% | $ | 22,576 | $ | 13,576 | $ | 1,322 | $ | 440,679 |
1 | Rate represents the seven-day yield at 6/30/2020. |
2 | Notional amount is calculated based on the number of contracts and notional contract size. |
3 | Value is calculated based on the notional amount and current market price. |
Key to symbols
£ = British pounds
€ = Euros
¥ = Japanese yen
$ = U.S. dollars
See notes to financial statements.
98 | American Funds Insurance Series |
Managed Risk International Fund | |
Investment portfolio June 30, 2020 | unaudited |
Growth funds 80.16% | Shares | Value (000) | ||||||
American Funds Insurance Series – International Fund, Class 1 | 6,722,659 | $ | 124,235 | |||||
Total growth funds (cost: $123,593,000) | 124,235 | |||||||
Fixed income funds 10.54% | ||||||||
American Funds Insurance Series – Bond Fund, Class 1 | 1,391,875 | 16,340 | ||||||
Total fixed income funds (cost: $16,266,000) | 16,340 | |||||||
Short-term securities 5.51% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.12%1 | 8,534,973 | 8,535 | ||||||
Total short-term securities (cost: $8,535,000) | 8,535 | |||||||
Total investment securities 96.21% (cost: $148,394,000) | 149,110 | |||||||
Other assets less liabilities 3.79% | 5,881 | |||||||
Net assets 100.00% | $ | 154,991 |
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | 2 | Value at 6/30/2020 (000) | 3 | Unrealized appreciation (depreciation) at 6/30/2020 (000) | |||||||||||
5 Year U.S. Treasury Note Futures | Long | 591 | September 2020 | $ | 59,100 | $ | 74,314 | $ | 169 | ||||||||||
Russell 2000 Mini Index Contracts | Short | 4 | September 2020 | — | 4 | (288 | ) | (6 | ) | ||||||||||
FTSE 100 Index Contracts | Short | 53 | September 2020 | £ | (1 | ) | (4,031 | ) | 27 | ||||||||||
S&P 500 E-mini Index Contracts | Short | 18 | September 2020 | $ | (1 | ) | (2,781 | ) | (11 | ) | |||||||||
Euro Stoxx 50 Index Contracts | Short | 398 | September 2020 | € | (4 | ) | (14,452 | ) | (201 | ) | |||||||||
Mini MSCI Emerging Market Index Contracts | Short | 430 | September 2020 | $ | (21 | ) | (21,193 | ) | (335 | ) | |||||||||
Nikkei 225 Index Contracts | Short | 46 | September 2020 | ¥ | (46 | ) | (9,531 | ) | 168 | ||||||||||
British Pound Currency Contracts | Short | 58 | September 2020 | £ | (3,625 | ) | (4,494 | ) | 124 | ||||||||||
Euro Currency Contracts | Short | 113 | September 2020 | € | (14,125 | ) | (15,896 | ) | 176 | ||||||||||
Japanese Yen Currency Contracts | Short | 87 | September 2020 | ¥ | (1,087,500 | ) | (10,082 | ) | 35 | ||||||||||
$ | 146 |
American Funds Insurance Series | 99 |
Managed Risk International Fund
Investments in affiliates
These holdings are affiliates of the fund under the Investment Company Act of 1940 since they are controlled by the same board of trustees as the series. Further details on these holdings and related transactions during the six months ended June 30, 2020, appear below.
Beginning shares | Additions | Reductions | Ending shares | Net realized (loss) gain (000) | Net unrealized depreciation (000) | Dividend income (000) | Value of affiliates at 6/30/2020 (000) | |||||||||||||||||||||||||
Growth funds 80.16% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – International Fund, Class 1 | 6,417,163 | 3,607,142 | 3,301,646 | 6,722,659 | $ | (274 | ) | $ | (13,491 | ) | $ | 291 | $ | 124,235 | ||||||||||||||||||
Fixed income funds 10.54% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Bond Fund, Class 1 | 2,190,172 | 1,552,632 | 2,350,929 | 1,391,875 | 1,004 | (602 | ) | 76 | 16,340 | |||||||||||||||||||||||
Total 90.70% | $ | 730 | $ | (14,093 | ) | $ | 367 | $ | 140,575 |
1 | Rate represents the seven-day yield at 6/30/2020. |
2 | Notional amount is calculated based on the number of contracts and notional contract size. |
3 | Value is calculated based on the notional amount and current market price. |
4 | Amount less than one thousand. |
Key to symbols
£ = British pounds
€ = Euros
¥ = Japanese yen
$ = U.S. dollars
See notes to financial statements.
100 | American Funds Insurance Series |
Managed Risk Blue Chip Income and Growth Fund
Investment portfolio June 30, 2020 | unaudited |
Growth-and-income funds 80.69% | Shares | Value (000) | ||||||
American Funds Insurance Series – Blue Chip Income and Growth Fund, Class 1 | 22,665,236 | $ | 277,422 | |||||
Total growth-and-income funds (cost: $256,393,000) | 277,422 | |||||||
Fixed income funds 11.98% | ||||||||
American Funds Insurance Series – U.S. Government/AAA-Rated Securities Fund, Class 1 | 3,150,130 | 41,204 | ||||||
Total fixed income funds (cost: $41,869,000) | 41,204 | |||||||
Short-term securities 4.16% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.12%1 | 14,294,614 | 14,295 | ||||||
Total short-term securities (cost: $14,295,000) | 14,295 | |||||||
Total investment securities 96.83% (cost: $312,557,000) | 332,921 | |||||||
Other assets less liabilities 3.17% | 10,910 | |||||||
Net assets 100.00% | $ | 343,831 |
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | 2 | Value at 6/30/2020 (000) | 3 | Unrealized appreciation (depreciation) at 6/30/2020 (000) | |||||||||||
5 Year U.S. Treasury Note Futures | Long | 1,326 | September 2020 | $ | 132,600 | $ | 166,734 | $ | 358 | ||||||||||
Euro Stoxx 50 Index Contracts | Short | 27 | September 2020 | € | — | 4 | (980 | ) | (15 | ) | |||||||||
FTSE 100 Index Contracts | Short | 19 | September 2020 | £ | — | 4 | (1,445 | ) | 7 | ||||||||||
S&P Mid 400 E-mini Index Contracts | Short | 4 | September 2020 | $ | — | 4 | (712 | ) | 5 | ||||||||||
Russell 2000 Mini Index Contracts | Short | 24 | September 2020 | (1 | ) | (1,725 | ) | (46 | ) | ||||||||||
Nikkei 225 Index Contracts | Short | 3 | September 2020 | ¥ | (3 | ) | (622 | ) | 13 | ||||||||||
S&P 500 E-mini Index Contracts | Short | 843 | September 2020 | $ | (42 | ) | (130,252 | ) | (1,128 | ) | |||||||||
Euro Currency Contracts | Short | 8 | September 2020 | € | (1,000 | ) | (1,125 | ) | 12 | ||||||||||
British Pound Currency Contracts | Short | 20 | September 2020 | £ | (1,250 | ) | (1,550 | ) | 21 | ||||||||||
Japanese Yen Currency Contracts | Short | 6 | September 2020 | ¥ | (75,000 | ) | (695 | ) | 2 | ||||||||||
$ | (771 | ) |
American Funds Insurance Series | 101 |
Managed Risk Blue Chip Income and Growth Fund
Investments in affiliates
These holdings are affiliates of the fund under the Investment Company Act of 1940 since they are controlled by the same board of trustees as the series. Further details on these holdings and related transactions during the six months ended June 30, 2020, appear below.
Beginning shares | Additions | Reductions | Ending shares | Net realized (loss) gain (000) | Net unrealized appreciation (depreciation) (000) | Dividend income (000) | Value of affiliates at 6/30/2020 (000) | |||||||||||||||||||||||||
Growth-and-income funds 80.69% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Blue Chip Income and Growth Fund, Class 1 | 22,089,727 | 17,541,545 | 16,966,036 | 22,665,236 | $ | (44,343 | ) | $ | 17,301 | $ | 1,252 | $ | 277,422 | |||||||||||||||||||
Fixed income funds 11.98% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – U.S. Government/AAA-Rated Securities Fund, Class 1 | 4,337,434 | 4,396,329 | 5,583,633 | 3,150,130 | 4,403 | (1,398 | ) | 249 | 41,204 | |||||||||||||||||||||||
Total 92.67% | $ | (39,940 | ) | $ | 15,903 | $ | 1,501 | $ | 318,626 |
1 | Rate represents the seven-day yield at 6/30/2020. |
2 | Notional amount is calculated based on the number of contracts and notional contract size. |
3 | Value is calculated based on the notional amount and current market price. |
4 | Amount less than one thousand. |
Key to symbols
£ = British pounds
€ = Euros
¥ = Japanese yen
$ = U.S. dollars
See notes to financial statements.
102 | American Funds Insurance Series |
Managed Risk Growth-Income Fund
Investment portfolio June 30, 2020 | unaudited |
Growth-and-income funds 79.81% | Shares | Value (000) | ||||||
American Funds Insurance Series – Growth-Income Fund, Class 1 | 37,428,324 | $ | 1,774,103 | |||||
Total growth-and-income funds (cost: $1,699,817,000) | 1,774,103 | |||||||
Fixed income funds 14.34% | ||||||||
American Funds Insurance Series – Bond Fund, Class 1 | 27,153,850 | 318,786 | ||||||
Total fixed income funds (cost: $301,353,000) | 318,786 | |||||||
Short-term securities 3.45% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.12%1 | 76,700,100 | 76,700 | ||||||
Total short-term securities (cost: $76,700,000) | 76,700 | |||||||
Options purchased 0.91% | ||||||||
Options purchased* | 20,156 | |||||||
Total options purchased (cost: $14,491,000) | 20,156 | |||||||
Total investment securities 98.51% (cost: $2,092,361,000) | 2,189,745 | |||||||
Other assets less liabilities 1.49% | 33,195 | |||||||
Net assets 100.00% | $ | 2,222,940 |
*Options purchased
Put
Description | Number of contracts | Notional amount (000) | Exercise price | Expiration date | Value at 6/30/2020 (000) | ||||||||||||
S&P 500 Index | 15 | $ | 47 | $ | 2,325.00 | 9/18/2020 | $ | 26 | |||||||||
S&P 500 Index | 205 | 636 | 2,375.00 | 9/18/2020 | 414 | ||||||||||||
S&P 500 Index | 130 | 403 | 2,400.00 | 9/18/2020 | 283 | ||||||||||||
S&P 500 Index | 140 | 434 | 2,425.00 | 9/18/2020 | 330 | ||||||||||||
S&P 500 Index | 390 | 1,209 | 2,450.00 | 9/18/2020 | 996 | ||||||||||||
S&P 500 Index | 150 | 465 | 2,475.00 | 9/18/2020 | 412 | ||||||||||||
S&P 500 Index | 85 | 264 | 2,500.00 | 9/18/2020 | 238 | ||||||||||||
S&P 500 Index | 2,845 | 8,820 | 2,525.00 | 9/18/2020 | 9,047 | ||||||||||||
S&P 500 Index | 500 | 1,550 | 1,775.00 | 12/18/2020 | 722 | ||||||||||||
S&P 500 Index | 805 | 2,496 | 1,950.00 | 12/18/2020 | 1,707 | ||||||||||||
S&P 500 Index | 250 | 775 | 2,025.00 | 12/18/2020 | 700 | ||||||||||||
S&P 500 Index | 1,205 | 3,736 | 2,050.00 | 12/18/2020 | 3,446 | ||||||||||||
S&P 500 Index | 570 | 1,767 | 2,075.00 | 12/18/2020 | 1,835 | ||||||||||||
$ | 20,156 |
American Funds Insurance Series | 103 |
Managed Risk Growth-Income Fund
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | 2 | Value at 6/30/2020 (000) | 3 | Unrealized appreciation (depreciation) at 6/30/2020 (000) | |||||||||||
5 Year U.S. Treasury Note Futures | Long | 6,944 | September 2020 | $ | 694,400 | $ | 873,154 | $ | 1,869 | ||||||||||
FTSE 100 Index Contracts | Short | 472 | September 2020 | £ | (5 | ) | (35,898 | ) | 125 | ||||||||||
Russell 2000 Mini Index Contracts | Short | 115 | September 2020 | $ | (6 | ) | (8,266 | ) | (252 | ) | |||||||||
Euro Stoxx 50 Index Contracts | Short | 653 | September 2020 | € | (7 | ) | (23,712 | ) | (336 | ) | |||||||||
S&P Mid 400 E-mini Index Contracts | Short | 93 | September 2020 | $ | (9 | ) | (16,546 | ) | (86 | ) | |||||||||
Mini MSCI Emerging Market Index Contracts | Short | 196 | September 2020 | (10 | ) | (9,660 | ) | (124 | ) | ||||||||||
Nikkei 225 Index Contracts | Short | 21 | September 2020 | ¥ | (21 | ) | (4,351 | ) | 10 | ||||||||||
S&P 500 E-mini Index Contracts | Short | 2,188 | September 2020 | $ | (109 | ) | (338,068 | ) | (647 | ) | |||||||||
Euro Currency Contracts | Short | 192 | September 2020 | € | (24,000 | ) | (27,009 | ) | 191 | ||||||||||
British Pound Currency Contracts | Short | 514 | September 2020 | £ | (32,125 | ) | (39,825 | ) | 664 | ||||||||||
Japanese Yen Currency Contracts | Short | 42 | September 2020 | ¥ | (525,000 | ) | (4,867 | ) | 28 | ||||||||||
$ | 1,442 |
Investments in affiliates
These holdings are affiliates of the fund under the Investment Company Act of 1940 since they are controlled by the same board of trustees as the series. Further details on these holdings and related transactions during the six months ended June 30, 2020, appear below.
Beginning shares | Additions | Reductions | Ending shares | Net realized (loss) gain (000) | Net unrealized depreciation (000) | Dividend income (000) | Value of affiliates at 6/30/2020 (000) | |||||||||||||||||||||||||
Growth-and-income funds 79.81% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Growth-Income Fund, Class 1 | 36,320,774 | 8,983,578 | 7,876,028 | 37,428,324 | $ | (18,289 | ) | $ | (88,186 | ) | $ | 7,790 | $ | 1,774,103 | ||||||||||||||||||
Fixed income funds 14.34% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Bond Fund, Class 1 | 30,186,789 | 13,872,805 | 16,905,744 | 27,153,850 | 15,325 | (2,561 | ) | 1,520 | 318,786 | |||||||||||||||||||||||
Total 94.15% | $ | (2,964 | ) | $ | (90,747 | ) | $ | 9,310 | $ | 2,092,889 |
1 | Rate represents the seven-day yield at 6/30/2020. |
2 | Notional amount is calculated based on the number of contracts and notional contract size. |
3 | Value is calculated based on the notional amount and current market price. |
Key to symbols
£ = British pounds
€ = Euros
¥ = Japanese yen
$ = U.S. dollars
See notes to financial statements.
104 | American Funds Insurance Series |
Managed Risk Asset Allocation Fund
Investment portfolio June 30, 2020 | unaudited |
Asset allocation funds 94.87% | Shares | Value (000) | ||||||
American Funds Insurance Series – Asset Allocation Fund, Class 1 | 106,445,576 | $ | 2,499,342 | |||||
Total asset allocation funds (cost: $2,371,532,000) | 2,499,342 | |||||||
Short-term securities 3.36% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.12%1 | 88,533,146 | 88,533 | ||||||
Total short-term securities (cost: $88,533,000) | 88,533 | |||||||
Total investment securities 98.23% (cost: $2,460,065,000) | 2,587,875 | |||||||
Other assets less liabilities 1.77% | 46,716 | |||||||
Net assets 100.00% | $ | 2,634,591 |
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | 2 | Value at 6/30/2020 (000) | 3 | Unrealized appreciation (depreciation) at 6/30/2020 (000) | |||||||||||
5 Year U.S. Treasury Note Futures | Long | 6,187 | September 2020 | $ | 618,700 | $ | 777,967 | $ | 1,825 | ||||||||||
FTSE 100 Index Contracts | Short | 155 | September 2020 | £ | (2 | ) | (11,789 | ) | 57 | ||||||||||
Euro Stoxx 50 Index Contracts | Short | 744 | September 2020 | € | (7 | ) | (27,016 | ) | (415 | ) | |||||||||
S&P Mid 400 E-mini Index Contracts | Short | 74 | September 2020 | $ | (7 | ) | (13,165 | ) | (72 | ) | |||||||||
Russell 2000 Mini Index Contracts | Short | 182 | September 2020 | (9 | ) | (13,082 | ) | (386 | ) | ||||||||||
Nikkei 225 Index Contracts | Short | 18 | September 2020 | ¥ | (18 | ) | (3,730 | ) | 33 | ||||||||||
Mini MSCI Emerging Market Index Contracts | Short | 380 | September 2020 | $ | (19 | ) | (18,728 | ) | (230 | ) | |||||||||
S&P 500 E-mini Index Contracts | Short | 2,871 | September 2020 | (144 | ) | (443,598 | ) | (5,339 | ) | ||||||||||
British Pound Currency Contracts | Short | 171 | September 2020 | £ | (10,688 | ) | (13,249 | ) | 243 | ||||||||||
Euro Currency Contracts | Short | 213 | September 2020 | € | (26,625 | ) | (29,962 | ) | 216 | ||||||||||
Japanese Yen Currency Contracts | Short | 34 | September 2020 | ¥ | (425,000 | ) | (3,940 | ) | 17 | ||||||||||
$ | (4,051 | ) |
Investment in affiliates
This holding is an affiliate of the fund under the Investment Company Act of 1940 since it is controlled by the same board of trustees as the series. Further details on this holding and related transactions during the six months ended June 30, 2020, appear below.
Beginning shares | Additions | Reductions | Ending shares | Net realized gain (000) | Net unrealized depreciation (000) | Dividend income (000) | Value of affiliate at 6/30/2020 (000) | |||||||||||||||||||||||||
Asset allocation funds 94.87% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Asset Allocation Fund, Class 1 | 112,462,863 | 30,198,966 | 36,216,253 | 106,445,576 | $ | 31,110 | $ | (115,825 | ) | $ | 11,742 | $ | 2,499,342 |
1 | Rate represents the seven-day yield at 6/30/2020. |
2 | Notional amount is calculated based on the number of contracts and notional contract size. |
3 | Value is calculated based on the notional amount and current market price. |
Key to symbols
£ = British pounds
€ = Euros
¥ = Japanese yen
$ = U.S. dollars
See notes to financial statements.
American Funds Insurance Series | 105 |
Statements of assets and liabilities
at June 30, 2020
Global Growth Fund | Global Small Capitalization Fund | Growth Fund | International Fund | New World Fund | ||||||||||||||||
Assets: | ||||||||||||||||||||
Investment securities, at value: | ||||||||||||||||||||
Unaffiliated issuers | $ | 6,800,923 | $ | 4,406,547 | $ | 30,210,096 | $ | 8,909,827 | $ | 3,446,624 | ||||||||||
Affiliated issuers | — | 28,136 | — | — | — | |||||||||||||||
Cash | 1,219 | 140 | 1,290 | 51 | 652 | |||||||||||||||
Cash collateral received for securities on loan | 2,692 | 6,779 | — | 1,203 | 898 | |||||||||||||||
Cash denominated in currencies other than U.S. dollars | 755 | 282 | 182 | 1,477 | 5,282 | |||||||||||||||
Unrealized appreciation on open forward currency contracts | — | — | — | — | 10 | |||||||||||||||
Receivables for: | ||||||||||||||||||||
Sales of investments | — | 1,722 | 239,774 | 64,948 | 22,688 | |||||||||||||||
Sales of fund’s shares | 1,823 | 163 | 20,147 | 1,931 | 1,596 | |||||||||||||||
Dividends and interest | 8,335 | 3,570 | 16,137 | 22,780 | 8,580 | |||||||||||||||
Closed forward currency contracts | — | — | — | — | — | |||||||||||||||
Variation margin on futures contracts | — | — | — | — | — | |||||||||||||||
Variation margin on swap contracts | — | — | — | — | — | |||||||||||||||
Securities lending income | 17 | 409 | — | 53 | 11 | |||||||||||||||
Other | 512 | — | * | 8 | 327 | 1,814 | ||||||||||||||
6,816,276 | 4,447,748 | 30,487,634 | 9,002,597 | 3,488,155 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Collateral for securities on loan | 26,917 | 67,795 | — | 12,030 | 8,979 | |||||||||||||||
Unrealized depreciation on open forward currency contracts | — | — | — | — | 4 | |||||||||||||||
Payables for: | ||||||||||||||||||||
Purchases of investments | 27 | 9,377 | 35,543 | 29,973 | 17,929 | |||||||||||||||
Repurchases of fund’s shares | 24,159 | 14,174 | 117,041 | 14,206 | 7,519 | |||||||||||||||
Investment advisory services | 2,819 | 2,483 | 7,790 | 3,658 | 1,460 | |||||||||||||||
Insurance administrative fees | 231 | 113 | 966 | 201 | 363 | |||||||||||||||
Services provided by related parties | 1,010 | 599 | 4,420 | 1,085 | 395 | |||||||||||||||
Trustees’ deferred compensation | 73 | 50 | 465 | 192 | 34 | |||||||||||||||
Closed forward currency contracts | — | — | — | — | — | |||||||||||||||
Variation margin on futures contracts | — | — | — | — | 16 | |||||||||||||||
Variation margin on swap contracts | — | — | — | — | — | |||||||||||||||
Non-U.S. taxes | 2,859 | 139 | 992 | 8,079 | 6,580 | |||||||||||||||
Other | 745 | 87 | 80 | 206 | 421 | |||||||||||||||
58,840 | 94,817 | 167,297 | 69,630 | 43,700 | ||||||||||||||||
Net assets at June 30, 2020 | $ | 6,757,436 | $ | 4,352,931 | $ | 30,320,337 | $ | 8,932,967 | $ | 3,444,455 | ||||||||||
Net assets consist of: | ||||||||||||||||||||
Capital paid in on shares of beneficial interest | $ | 3,642,424 | $ | 3,312,498 | $ | 14,523,960 | $ | 7,757,420 | $ | 2,642,985 | ||||||||||
Total distributable earnings (accumulated loss) | 3,115,012 | 1,040,433 | 15,796,377 | 1,175,547 | 801,470 | |||||||||||||||
Net assets at June 30, 2020 | $ | 6,757,436 | $ | 4,352,931 | $ | 30,320,337 | $ | 8,932,967 | $ | 3,444,455 | ||||||||||
Investment securities on loan, at value | $ | 25,635 | $ | 69,706 | $ | — | $ | 11,451 | $ | 8,556 | ||||||||||
Investment securities, at cost: | ||||||||||||||||||||
Unaffiliated issuers | 3,717,864 | 3,210,976 | 15,395,228 | 7,341,731 | 2,656,688 | |||||||||||||||
Affiliated issuers | — | 60,721 | — | — | — | |||||||||||||||
Cash denominated in currencies other than U.S. dollars, at cost | 755 | 282 | 183 | 1,477 | 5,283 |
See end of statements of assets and liabilities for footnote.
See notes to financial statements.
106 | American Funds Insurance Series |
unaudited
(dollars in thousands)
Blue Chip Income and Growth Fund | Global Growth and Income Fund | Growth- Income Fund | International Growth and Income Fund | Capital Income Builder | Asset Allocation Fund | Global Balanced Fund | Bond Fund | Capital World Bond Fund (formerly Global Bond Fund) | ||||||||||||||||||||||||||
$ | 8,417,359 | $ | 1,920,163 | $ | 33,982,191 | $ | 1,298,444 | $ | 974,871 | $ | 27,593,550 | $ | 416,011 | $ | 11,689,474 | $ | 2,137,369 | |||||||||||||||||
— | — | — | — | — | 76,331 | — | — | — | ||||||||||||||||||||||||||
2,792 | 887 | 3,520 | 50 | 701 | 2,526 | 133 | 6,655 | 537 | ||||||||||||||||||||||||||
— | — | — | — | 377 | 5,034 | — | — | — | ||||||||||||||||||||||||||
— | 75 | — | 232 | 366 | — | 9 | — | * | 64 | |||||||||||||||||||||||||
— | — | — | — | — | — | 108 | 2,979 | 742 | ||||||||||||||||||||||||||
— | 4,998 | 50,811 | — | 15,078 | 1,174,758 | 6,689 | 1,909,331 | 83,348 | ||||||||||||||||||||||||||
2,684 | 571 | 5,896 | 239 | 1,529 | 9,474 | 75 | 34,126 | 3,504 | ||||||||||||||||||||||||||
10,614 | 4,733 | 40,582 | 4,075 | 3,336 | 77,276 | 1,374 | 58,586 | 14,841 | ||||||||||||||||||||||||||
— | — | — | — | — | — | 47 | — | 5,787 | ||||||||||||||||||||||||||
— | — | — | — | 12 | 334 | 1 | 1,252 | 95 | ||||||||||||||||||||||||||
— | — | — | — | 69 | — | * | 11 | 296 | 295 | |||||||||||||||||||||||||
— | — | — | — | 13 | 60 | — | — | — | ||||||||||||||||||||||||||
— | 183 | — | 18 | 16 | 140 | 21 | 80 | 66 | ||||||||||||||||||||||||||
8,433,449 | 1,931,610 | 34,083,000 | 1,303,058 | 996,368 | 28,939,483 | 424,479 | 13,702,779 | 2,246,648 | ||||||||||||||||||||||||||
— | — | — | — | 3,773 | 50,338 | — | — | — | ||||||||||||||||||||||||||
— | 27 | — | — | 4 | — | 165 | 1,252 | 1,979 | ||||||||||||||||||||||||||
6,195 | 9,766 | 75,860 | 23 | 27,339 | 2,458,118 | 10,537 | 3,321,101 | 160,470 | ||||||||||||||||||||||||||
7,390 | 3,444 | 39,467 | 1,061 | 3,215 | 19,456 | 84 | 4,381 | 818 | ||||||||||||||||||||||||||
2,725 | 948 | 7,130 | 660 | 174 | 5,749 | 224 | 3,069 | 737 | ||||||||||||||||||||||||||
374 | 77 | 691 | 53 | 253 | 2,627 | 56 | 342 | 30 | ||||||||||||||||||||||||||
911 | 321 | 3,660 | 90 | 109 | 2,547 | 68 | 1,093 | 258 | ||||||||||||||||||||||||||
87 | 23 | 540 | 11 | 4 | 269 | 3 | 116 | 25 | ||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | 1,089 | ||||||||||||||||||||||||||
— | — | — | — | 66 | 776 | — | 968 | 90 | ||||||||||||||||||||||||||
— | — | — | — | — | * | — | 7 | 142 | 126 | |||||||||||||||||||||||||
95 | 1,905 | 186 | 140 | 120 | 724 | 41 | — | 137 | ||||||||||||||||||||||||||
3 | 30 | 1,127 | 36 | 10 | 32 | 6 | 12 | 88 | ||||||||||||||||||||||||||
17,780 | 16,541 | 128,661 | 2,074 | 35,067 | 2,540,636 | 11,191 | 3,332,476 | 165,847 | ||||||||||||||||||||||||||
$ | 8,415,669 | $ | 1,915,069 | $ | 33,954,339 | $ | 1,300,984 | $ | 961,301 | $ | 26,398,847 | $ | 413,288 | $ | 10,370,303 | $ | 2,080,801 | |||||||||||||||||
$ | 7,039,795 | $ | 1,507,479 | $ | 24,581,668 | $ | 1,287,115 | $ | 966,903 | $ | 20,193,336 | $ | 345,828 | $ | 9,435,457 | $ | 1,992,653 | |||||||||||||||||
1,375,874 | 407,590 | 9,372,671 | 13,869 | (5,602 | ) | 6,205,511 | 67,460 | 934,846 | 88,148 | |||||||||||||||||||||||||
$ | 8,415,669 | $ | 1,915,069 | $ | 33,954,339 | $ | 1,300,984 | $ | 961,301 | $ | 26,398,847 | $ | 413,288 | $ | 10,370,303 | $ | 2,080,801 | |||||||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | 3,593 | $ | 47,984 | $ | — | $ | — | $ | — | |||||||||||||||||
7,070,167 | 1,535,745 | 24,591,940 | 1,201,052 | 905,907 | 22,097,199 | 351,926 | 11,155,136 | 2,078,021 | ||||||||||||||||||||||||||
— | — | — | — | — | 112,973 | — | — | — | ||||||||||||||||||||||||||
— | 75 | — | 237 | 366 | — | 9 | — | * | 78 | |||||||||||||||||||||||||
American Funds Insurance Series | 107 |
Statements of assets and liabilities
at June 30, 2020
High- Income Bond Fund | American Funds Mortgage Fund (formerly Mortgage Fund) | Ultra-Short Bond Fund | U.S. Government/ AAA-Rated Securities Fund | Managed Risk Growth Fund | ||||||||||||||||
Assets: | ||||||||||||||||||||
Investment securities, at value: | ||||||||||||||||||||
Unaffiliated issuers | $ | 787,337 | $ | 412,848 | $ | 343,931 | $ | 2,675,309 | $ | 20,768 | ||||||||||
Affiliated issuers | — | — | — | — | 440,679 | |||||||||||||||
Cash | 710 | 274 | 64 | 1,214 | — | |||||||||||||||
Cash collateral pledged for futures contracts | — | — | — | — | 14,719 | |||||||||||||||
Cash collateral pledged for swap contracts | 1,087 | — | — | — | — | |||||||||||||||
Cash denominated in currencies other than U.S. dollars | — | * | — | — | — | — | ||||||||||||||
Receivables for: | ||||||||||||||||||||
Sales of investments | 4,471 | 84,455 | — | 838,085 | 3,201 | |||||||||||||||
Sales of fund’s shares | 1,729 | 325 | 544 | 8,786 | 33 | |||||||||||||||
Dividends and interest | 13,600 | 526 | — | 5,505 | 2 | |||||||||||||||
Variation margin on futures contracts | — | 15 | — | 227 | 86 | |||||||||||||||
Variation margin on swap contracts | — | 72 | — | 1,651 | — | |||||||||||||||
Other | 3 | 1 | — | — | — | |||||||||||||||
808,937 | 498,516 | 344,539 | 3,530,777 | 479,488 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Payables for: | ||||||||||||||||||||
Purchases of investments | 21,311 | 211,160 | — | 1,560,978 | — | |||||||||||||||
Repurchases of fund’s shares | 2,723 | 387 | 157 | 2,636 | 1,082 | |||||||||||||||
Investment advisory services | 319 | 56 | 90 | 571 | 38 | |||||||||||||||
Insurance administrative fees | 30 | 23 | 21 | 155 | 277 | |||||||||||||||
Services provided by related parties | 159 | 26 | 70 | 367 | 92 | |||||||||||||||
Trustees’ deferred compensation | 41 | 3 | 15 | 52 | 2 | |||||||||||||||
Variation margin on futures contracts | — | 33 | — | 1,390 | 2,203 | |||||||||||||||
Variation margin on swap contracts | 102 | 3 | — | 249 | — | |||||||||||||||
Other | 1 | — | — | * | 1 | — | ||||||||||||||
24,686 | 211,691 | 353 | 1,566,399 | 3,694 | ||||||||||||||||
Net assets at June 30, 2020 | $ | 784,251 | $ | 286,825 | $ | 344,186 | $ | 1,964,378 | $ | 475,794 | ||||||||||
Net assets consist of: | ||||||||||||||||||||
Capital paid in on shares of beneficial interest | $ | 1,067,386 | $ | 269,291 | $ | 343,495 | $ | 1,711,687 | $ | 400,000 | ||||||||||
Total distributable earnings (accumulated loss) | (283,135 | ) | 17,534 | 691 | 252,691 | 75,794 | ||||||||||||||
Net assets at June 30, 2020 | $ | 784,251 | $ | 286,825 | $ | 344,186 | $ | 1,964,378 | $ | 475,794 | ||||||||||
Investment securities, at cost: | ||||||||||||||||||||
Unaffiliated issuers | $ | 857,624 | $ | 406,890 | $ | 343,921 | $ | 2,607,218 | $ | 20,768 | ||||||||||
Affiliated issuers | — | — | — | — | 381,107 | |||||||||||||||
Cash denominated in currencies other than U.S. dollars, at cost | — | * | — | — | — | — |
See end of statements of assets and liabilities for footnote.
See notes to financial statements.
108 | American Funds Insurance Series |
unaudited
(dollars in thousands)
Managed Risk International Fund | Managed Risk Blue Chip Income and Growth Fund | Managed Risk Growth- Income Fund | Managed Risk Asset Allocation Fund | |||||||||||
$ | 8,535 | $ | 14,295 | $ | 96,856 | $ | 88,533 | |||||||
140,575 | 318,626 | 2,092,889 | 2,499,342 | |||||||||||
— | — | — | — | |||||||||||
6,156 | 11,264 | 39,871 | 48,572 | |||||||||||
— | — | — | — | |||||||||||
— | — | — | — | |||||||||||
115 | 2,343 | — | 9,272 | |||||||||||
— | * | 360 | 143 | 283 | ||||||||||
1 | 1 | 8 | 9 | |||||||||||
159 | 16 | 417 | 213 | |||||||||||
— | — | — | — | |||||||||||
— | — | — | — | |||||||||||
155,541 | 346,905 | 2,230,184 | 2,646,224 | |||||||||||
— | 326 | 107 | — | |||||||||||
127 | 571 | 30 | 2,393 | |||||||||||
13 | 29 | 183 | 217 | |||||||||||
92 | 207 | 1,329 | 1,612 | |||||||||||
31 | 69 | 57 | 535 | |||||||||||
1 | 2 | 6 | 25 | |||||||||||
286 | 1,870 | 5,532 | 6,851 | |||||||||||
— | — | — | — | |||||||||||
— | — | — | — | |||||||||||
550 | 3,074 | 7,244 | 11,633 | |||||||||||
$ | 154,991 | $ | 343,831 | $ | 2,222,940 | $ | 2,634,591 | |||||||
$ | 167,076 | $ | 371,801 | $ | 2,034,478 | $ | 2,507,349 | |||||||
(12,085 | ) | (27,970 | ) | 188,462 | 127,242 | |||||||||
$ | 154,991 | $ | 343,831 | $ | 2,222,940 | $ | 2,634,591 | |||||||
$ | 8,535 | $ | 14,295 | $ | 91,191 | $ | 88,533 | |||||||
139,859 | 298,262 | 2,001,170 | 2,371,532 | |||||||||||
— | — | — | — | |||||||||||
American Funds Insurance Series | 109 |
Statements of assets and liabilities
at June 30, 2020
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 | $ | 2,577,265 | $ | 1,953,722 | $ | 11,854,034 | $ | 4,728,600 | $ | 1,892,168 | |||||||||||
Shares outstanding | 78,302 | 80,407 | 133,807 | 255,867 | 77,279 | |||||||||||||||||
Net asset value per share | $ | 32.91 | $ | 24.30 | $ | 88.59 | $ | 18.48 | $ | 24.48 | ||||||||||||
Class 1A: | Net assets | $ | 7,122 | $ | 678 | $ | 25,600 | $ | 7,547 | $ | 6,554 | |||||||||||
Shares outstanding | 217 | 28 | 290 | 410 | 269 | |||||||||||||||||
Net asset value per share | $ | 32.79 | $ | 24.22 | $ | 88.16 | $ | 18.41 | $ | 24.37 | ||||||||||||
Class 2: | Net assets | $ | 3,771,308 | $ | 2,197,405 | �� | $ | 16,504,586 | $ | 3,834,301 | $ | 901,859 | ||||||||||
Shares outstanding | 115,891 | 93,404 | 188,011 | 208,477 | 37,228 | |||||||||||||||||
Net asset value per share | $ | 32.54 | $ | 23.53 | $ | 87.79 | $ | 18.39 | $ | 24.23 | ||||||||||||
Class 3: | Net assets | $ | 224,772 | $ | 21,011 | |||||||||||||||||
Shares outstanding | Not applicable | Not applicable | 2,519 | 1,134 | Not applicable | |||||||||||||||||
Net asset value per share | $ | 89.23 | $ | 18.52 | ||||||||||||||||||
Class 4: | Net assets | $ | 401,741 | $ | 201,126 | $ | 1,711,345 | $ | 341,508 | $ | 643,874 | |||||||||||
Shares outstanding | 12,429 | 8,510 | 19,805 | 18,806 | 26,726 | |||||||||||||||||
Net asset value per share | $ | 32.32 | $ | 23.63 | $ | 86.41 | $ | 18.16 | $ | 24.09 | ||||||||||||
High- Income Bond Fund | American Funds Mortgage Fund (formerly Mortgage Fund) | Ultra-Short Bond Fund | U.S. Government/ AAA-Rated Securities Fund | Managed Risk Growth Fund | ||||||||||||||||||
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized | ||||||||||||||||||||||
Class 1: | Net assets | $ | 114,962 | $ | 191,924 | $ | 42,342 | $ | 375,307 | |||||||||||||
Shares outstanding | 12,425 | 17,278 | 3,741 | 28,687 | Not applicable | |||||||||||||||||
Net asset value per share | $ | 9.25 | $ | 11.11 | $ | 11.32 | $ | 13.08 | ||||||||||||||
Class 1A: | Net assets | $ | 879 | $ | 600 | $ | 10 | $ | 3,167 | |||||||||||||
Shares outstanding | 95 | 54 | 1 | 243 | Not applicable | |||||||||||||||||
Net asset value per share | $ | 9.23 | $ | 11.08 | $ | 11.32 | $ | 13.04 | ||||||||||||||
Class 2: | Net assets | $ | 609,375 | $ | 56,036 | $ | 264,574 | $ | 1,327,819 | |||||||||||||
Shares outstanding | 67,113 | 5,058 | 24,017 | 102,663 | Not applicable | |||||||||||||||||
Net asset value per share | $ | 9.08 | $ | 11.08 | $ | 11.02 | $ | 12.93 | ||||||||||||||
Class 3: | Net assets | $ | 8,885 | $ | 3,704 | $ | 10,561 | |||||||||||||||
Shares outstanding | 956 | Not applicable | 333 | 806 | Not applicable | |||||||||||||||||
Net asset value per share | $ | 9.29 | $ | 11.14 | $ | 13.10 | ||||||||||||||||
Class 4: | Net assets | $ | 50,150 | $ | 38,265 | $ | 33,556 | $ | 247,524 | |||||||||||||
Shares outstanding | 5,067 | 3,492 | 3,016 | 19,159 | Not applicable | |||||||||||||||||
Net asset value per share | $ | 9.90 | $ | 10.96 | $ | 11.12 | $ | 12.92 | ||||||||||||||
Class P1: | Net assets | $ | 8,933 | |||||||||||||||||||
Shares outstanding | Not applicable | Not applicable | Not applicable | Not applicable | 632 | |||||||||||||||||
Net asset value per share | $ | 14.14 | ||||||||||||||||||||
Class P2: | Net assets | $ | 466,861 | |||||||||||||||||||
Shares outstanding | Not applicable | Not applicable | Not applicable | Not applicable | 33,228 | |||||||||||||||||
Net asset value per share | $ | 14.05 |
* | Amount less than one thousand. |
See notes to financial statements.
110 | American Funds Insurance Series |
unaudited
(dollars and shares in thousands, except per-share amounts)
Blue Chip Income and Growth Fund | Global Growth and Income Fund | Growth- Income Fund | International Growth and Income Fund | Capital Income Builder | Asset Allocation Fund | Global Balanced Fund | Bond Fund | Capital World Bond Fund (formerly Global Bond Fund) | ||||||||||||||||||||||||||
$ | 5,012,447 | $ | 595,521 | $ | 20,113,557 | $ | 1,018,911 | $ | 531,064 | $ | 17,060,999 | $ | 127,192 | $ | 6,193,266 | $ | 1,063,326 | |||||||||||||||||
409,370 | 43,360 | 424,334 | 66,159 | 53,711 | 726,468 | 9,725 | 527,359 | 87,569 | ||||||||||||||||||||||||||
$ | 12.24 | $ | 13.73 | $ | 47.40 | $ | 15.40 | $ | 9.89 | $ | 23.48 | $ | 13.08 | $ | 11.74 | $ | 12.14 | |||||||||||||||||
$ | 12,167 | $ | 1,947 | $ | 11,148 | $ | 2,228 | $ | 5,218 | $ | 11,158 | $ | 2,179 | $ | 7,741 | $ | 589 | |||||||||||||||||
998 | 142 | 236 | 145 | 528 | 477 | 167 | 662 | 49 | ||||||||||||||||||||||||||
$ | 12.18 | $ | 13.69 | $ | 47.20 | $ | 15.36 | $ | 9.88 | $ | 23.41 | $ | 13.04 | $ | 11.69 | $ | 12.11 | |||||||||||||||||
$ | 2,750,308 | $ | 1,184,793 | $ | 12,503,946 | $ | 190,263 | $ | 5,976 | $ | 4,808,231 | $ | 192,194 | $ | 3,588,958 | $ | 968,059 | |||||||||||||||||
227,855 | 86,504 | 267,435 | 12,402 | 605 | 207,145 | 14,739 | 309,891 | 80,404 | ||||||||||||||||||||||||||
$ | 12.07 | $ | 13.70 | $ | 46.76 | $ | 15.34 | $ | 9.88 | $ | 23.21 | $ | 13.04 | $ | 11.58 | $ | 12.04 | |||||||||||||||||
$ | 142,104 | $ | 30,325 | |||||||||||||||||||||||||||||||
Not applicable | Not applicable | 2,994 | Not applicable | Not applicable | 1,290 | Not applicable | Not applicable | Not applicable | ||||||||||||||||||||||||||
$ | 47.47 | $ | 23.50 | |||||||||||||||||||||||||||||||
$ | 640,747 | $ | 132,808 | $ | 1,183,584 | $ | 89,582 | $ | 419,043 | $ | 4,488,134 | $ | 91,723 | $ | 580,338 | $ | 48,827 | |||||||||||||||||
53,430 | 9,866 | 25,635 | 5,881 | 42,463 | 194,512 | 7,109 | 50,272 | 4,097 | ||||||||||||||||||||||||||
$ | 11.99 | $ | 13.46 | $ | 46.17 | $ | 15.23 | $ | 9.87 | $ | 23.07 | $ | 12.90 | $ | 11.54 | $ | 11.92 | |||||||||||||||||
Managed Risk International Fund | Managed Risk Blue Chip Income and Growth Fund | Managed Risk Growth- Income Fund | Managed Risk Asset Allocation Fund | |||||||||||||||||||||||||||||||
Not applicable | Not applicable | Not applicable | Not applicable | |||||||||||||||||||||||||||||||
Not applicable | Not applicable | Not applicable | Not applicable | |||||||||||||||||||||||||||||||
Not applicable | Not applicable | Not applicable | Not applicable | |||||||||||||||||||||||||||||||
Not applicable | Not applicable | Not applicable | Not applicable | |||||||||||||||||||||||||||||||
Not applicable | Not applicable | Not applicable | Not applicable | |||||||||||||||||||||||||||||||
$ | 1,287 | $ | 1,200 | $ | 1,938,294 | $ | 3,884 | |||||||||||||||||||||||||||
137 | 115 | 150,354 | 309 | |||||||||||||||||||||||||||||||
$ | 9.41 | $ | 10.44 | $ | 12.89 | $ | 12.56 | |||||||||||||||||||||||||||
$ | 153,704 | $ | 342,631 | $ | 284,646 | $ | 2,630,707 | |||||||||||||||||||||||||||
16,426 | 33,045 | 22,208 | 215,304 | |||||||||||||||||||||||||||||||
$ | 9.36 | $ | 10.37 | $ | 12.82 | $ | 12.22 |
American Funds Insurance Series | 111 |
Statements of operations
for the six months ended June 30, 2020
Global Growth Fund | Global Small Capitalization Fund | Growth Fund | International Fund | New World Fund | ||||||||||||||||
Investment income: | ||||||||||||||||||||
Income (net of non-U.S. taxes*): | ||||||||||||||||||||
Dividends | $ | 40,163 | $ | 16,488 | $ | 123,178 | $ | 70,461 | $ | 21,534 | ||||||||||
Interest | 6 | 3 | 1,279 | 2,634 | 3,317 | |||||||||||||||
Securities lending income | 46 | 1,880 | — | 95 | 40 | |||||||||||||||
40,215 | 18,371 | 124,457 | 73,190 | 24,891 | ||||||||||||||||
Fees and expenses*: | ||||||||||||||||||||
Investment advisory services | 16,284 | 14,314 | 44,278 | 21,651 | 11,609 | |||||||||||||||
Distribution services | 4,928 | 2,830 | 21,161 | 5,104 | 1,819 | |||||||||||||||
Insurance administrative services | 469 | 233 | 1,915 | 423 | 746 | |||||||||||||||
Transfer agent services | — | † | — | † | 2 | 1 | — | † | ||||||||||||
Administrative services | 948 | 616 | 4,150 | 1,312 | 496 | |||||||||||||||
Reports to shareholders | 86 | 55 | 356 | 120 | 54 | |||||||||||||||
Registration statement and prospectus | 34 | 69 | 187 | 77 | 24 | |||||||||||||||
Trustees’ compensation | 10 | 7 | 44 | 14 | 5 | |||||||||||||||
Auditing and legal | 14 | 29 | 16 | 28 | 56 | |||||||||||||||
Custodian | 356 | 295 | 242 | 834 | 410 | |||||||||||||||
Other | 3 | 40 | 13 | 5 | 32 | |||||||||||||||
Total fees and expenses before waivers/reimbursements | 23,132 | 18,488 | 72,364 | 29,569 | 15,251 | |||||||||||||||
Less waivers/reimbursements of fees and expenses: | ||||||||||||||||||||
Investment advisory services waivers | — | — | — | — | 984 | |||||||||||||||
Total fees and expenses after waivers | 23,132 | 18,488 | 72,364 | 29,569 | 14,267 | |||||||||||||||
Net investment income (loss) | 17,083 | (117 | ) | 52,093 | 43,621 | 10,624 | ||||||||||||||
Net realized gain (loss) and unrealized appreciation (depreciation): | ||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||
Investments | ||||||||||||||||||||
Unaffiliated issuers | 42,774 | (126,951 | ) | 946,951 | (232,455 | ) | 15,408 | |||||||||||||
Affiliated issuers | — | — | — | — | — | |||||||||||||||
Futures contracts | — | — | — | — | — | |||||||||||||||
Forward currency contracts | — | — | — | 182 | (23 | ) | ||||||||||||||
Swap contracts | — | — | — | — | — | |||||||||||||||
Currency transactions | (885 | ) | (560 | ) | (847 | ) | (1,833 | ) | (1,402 | ) | ||||||||||
41,889 | (127,511 | ) | 946,104 | (234,106 | ) | 13,983 | ||||||||||||||
Net unrealized appreciation (depreciation) on: | ||||||||||||||||||||
Investments | ||||||||||||||||||||
Unaffiliated issuers | 198,615 | 1,895 | 2,294,869 | (896,169 | ) | (185,316 | ) | |||||||||||||
Affiliated issuers | — | 620 | — | — | — | |||||||||||||||
Futures contracts | — | — | — | — | 73 | |||||||||||||||
Forward currency contracts | — | — | — | 131 | 6 | |||||||||||||||
Swap contracts | — | — | — | — | — | |||||||||||||||
Currency translations | 44 | (242 | ) | (45 | ) | 214 | (150 | ) | ||||||||||||
198,659 | 2,273 | 2,294,824 | (895,824 | ) | (185,387 | ) | ||||||||||||||
Net realized gain (loss) and unrealized appreciation (depreciation) | 240,548 | (125,238 | ) | 3,240,928 | (1,129,930 | ) | (171,404 | ) | ||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 257,631 | $ | (125,355 | ) | $ | 3,293,021 | $ | (1,086,309 | ) | $ | (160,780 | ) |
See end of statements of operations for footnotes.
See notes to financial statements.
112 | American Funds Insurance Series |
unaudited
(dollars in thousands)
Blue Chip Income and Growth Fund | Global Growth and Income Fund | Growth- Income Fund | International Growth and Income Fund | Capital Income Builder | Asset Allocation Fund | Global Balanced Fund | Bond Fund | Capital World Bond Fund (formerly Global Bond Fund) | ||||||||||||||||||||||||||
$ | 102,649 | $ | 19,233 | $ | 310,513 | $ | 17,964 | $ | 13,592 | $ | 169,401 | $ | 3,127 | $ | 4,210 | $ | 376 | |||||||||||||||||
2 | 1,466 | 1,160 | 461 | 2,363 | 111,253 | 1,343 | 129,403 | 26,598 | ||||||||||||||||||||||||||
— | — | — | — | 26 | 492 | — | — | — | ||||||||||||||||||||||||||
102,651 | 20,699 | 311,673 | 18,425 | 15,981 | 281,146 | 4,470 | 133,613 | 26,974 | ||||||||||||||||||||||||||
16,131 | 5,622 | 42,043 | 3,906 | 2,264 | 34,143 | 1,343 | 18,900 | 5,455 | ||||||||||||||||||||||||||
4,140 | 1,623 | 16,805 | 351 | 528 | 11,343 | 350 | 5,091 | 1,265 | ||||||||||||||||||||||||||
750 | 162 | 1,425 | 112 | 528 | 5,389 | 114 | 680 | 63 | ||||||||||||||||||||||||||
— | † | — | † | 2 | — | † | — | † | 2 | — | † | 1 | — | † | ||||||||||||||||||||
1,237 | 281 | 4,915 | 190 | 141 | 3,856 | 61 | 1,563 | 306 | ||||||||||||||||||||||||||
94 | 23 | 437 | 9 | 5 | 288 | 3 | 140 | 22 | ||||||||||||||||||||||||||
102 | 16 | 190 | 5 | 31 | 291 | 3 | 65 | 17 | ||||||||||||||||||||||||||
14 | 3 | 53 | 2 | 2 | 39 | 1 | 14 | 2 | ||||||||||||||||||||||||||
5 | 21 | 22 | 9 | 1 | 14 | 4 | 6 | 4 | ||||||||||||||||||||||||||
48 | 117 | 285 | 192 | 48 | 123 | 36 | 70 | 174 | ||||||||||||||||||||||||||
4 | 1 | 17 | 1 | — | † | 13 | 1 | 5 | 7 | |||||||||||||||||||||||||
22,525 | 7,869 | 66,194 | 4,777 | 3,548 | 55,501 | 1,916 | 26,535 | 7,315 | ||||||||||||||||||||||||||
— | — | — | — | 406 | — | — | — | 340 | ||||||||||||||||||||||||||
22,525 | 7,869 | 66,194 | 4,777 | 3,142 | 55,501 | 1,916 | 26,535 | 6,975 | ||||||||||||||||||||||||||
80,126 | 12,830 | 245,479 | 13,648 | 12,839 | 225,645 | 2,554 | 107,078 | 19,999 | ||||||||||||||||||||||||||
(50,918 | ) | 13,838 | (270,288 | ) | (61,926 | ) | (58,786 | ) | 493,330 | 1,258 | 263,827 | 11,840 | ||||||||||||||||||||||
— | — | — | — | — | 13,498 | — | — | — | ||||||||||||||||||||||||||
— | — | — | — | 3,729 | 36,972 | 449 | 85,319 | (1,040 | ) | |||||||||||||||||||||||||
— | 25 | �� | — | 18 | 24 | — | 398 | (6,097 | ) | 8,589 | ||||||||||||||||||||||||
— | — | — | — | 2,323 | (10,838 | ) | (24 | ) | 6,561 | (3,720 | ) | |||||||||||||||||||||||
— | † | (630 | ) | 663 | 624 | 11 | (137 | ) | (203 | ) | (88 | ) | (992 | ) | ||||||||||||||||||||
(50,918 | ) | 13,233 | (269,625 | ) | (61,284 | ) | (52,699 | ) | 532,825 | 1,878 | 349,522 | 14,677 | ||||||||||||||||||||||
(769,382 | ) | (252,148 | ) | (1,252,158 | ) | (165,604 | ) | (25,949 | ) | (1,159,291 | ) | (18,130 | ) | 214,368 | 1,713 | |||||||||||||||||||
— | — | — | — | — | (79,610 | ) | — | — | — | |||||||||||||||||||||||||
— | — | — | — | 424 | 3,710 | 17 | 5,309 | 929 | ||||||||||||||||||||||||||
— | 110 | — | 12 | (4 | ) | — | 42 | 2,917 | 973 | |||||||||||||||||||||||||
— | — | — | — | (550 | ) | 3,812 | (96 | ) | (24,633 | ) | 380 | |||||||||||||||||||||||
(11 | ) | (210 | ) | (470 | ) | (28 | ) | (6 | ) | (20 | ) | (11 | ) | 6 | (110 | ) | ||||||||||||||||||
(769,393 | ) | (252,248 | ) | (1,252,628 | ) | (165,620 | ) | (26,085 | ) | (1,231,399 | ) | (18,178 | ) | 197,967 | 3,885 | |||||||||||||||||||
(820,311 | ) | (239,015 | ) | (1,522,253 | ) | (226,904 | ) | (78,784 | ) | (698,574 | ) | (16,300 | ) | 547,489 | 18,562 | |||||||||||||||||||
$ | (740,185 | ) | $ | (226,185 | ) | $ | (1,276,774 | ) | $ | (213,256 | ) | $ | (65,945 | ) | $ | (472,929 | ) | $ | (13,746 | ) | $ | 654,567 | $ | 38,561 |
American Funds Insurance Series | 113 |
Statements of operations
for the six months ended June 30, 2020
High- Income Bond Fund | American Funds Mortgage Fund (formerly Mortgage Fund) | Ultra-Short Bond Fund | U.S. Government/ AAA-Rated Securities Fund | Managed Risk Growth Fund | ||||||||||||||||
Investment income: | ||||||||||||||||||||
Income (net of non-U.S. taxes*): | ||||||||||||||||||||
Dividends | $ | 288 | $ | — | $ | — | $ | — | $ | 1,322 | ||||||||||
Interest | 37,081 | 2,376 | 1,652 | 22,392 | 53 | |||||||||||||||
37,369 | 2,376 | 1,652 | 22,392 | 1,375 | ||||||||||||||||
Fees and expenses*: | ||||||||||||||||||||
Investment advisory services | 2,499 | 607 | 509 | 4,542 | 331 | |||||||||||||||
Distribution services | 839 | 112 | 351 | 1,952 | 543 | |||||||||||||||
Insurance administrative services | 65 | 42 | 37 | 251 | 552 | |||||||||||||||
Transfer agent services | — | † | — | † | — | † | — | † | — | † | ||||||||||
Administrative services | 156 | 43 | 48 | 397 | — | |||||||||||||||
Accounting and administrative services | — | — | — | — | 40 | |||||||||||||||
Reports to shareholders | 15 | 2 | 3 | 68 | 4 | |||||||||||||||
Registration statement and prospectus | 5 | 1 | 1 | 12 | 7 | |||||||||||||||
Trustees’ compensation | 1 | — | † | 1 | 2 | 1 | ||||||||||||||
Auditing and legal | 2 | 1 | 4 | 2 | 1 | |||||||||||||||
Custodian | 9 | 13 | — | † | 19 | 7 | ||||||||||||||
Other | 11 | — | † | — | † | 1 | 1 | |||||||||||||
Total fees and expenses before waivers/reimbursements | 3,602 | 821 | 954 | 7,246 | 1,487 | |||||||||||||||
Less waivers/reimbursements of fees and expenses: | ||||||||||||||||||||
Investment advisory services waivers | — | 85 | — | — | 110 | |||||||||||||||
Miscellaneous fee reimbursements | — | — | — | — | — | |||||||||||||||
Total waivers/reimbursements of fees and expenses | — | 85 | — | — | 110 | |||||||||||||||
Total fees and expenses after waivers | 3,602 | 736 | 954 | 7,246 | 1,377 | |||||||||||||||
Net investment income (loss) | 33,767 | 1,640 | 698 | 15,146 | (2 | ) | ||||||||||||||
Net realized gain (loss) and unrealized appreciation (depreciation): | ||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||
Investments | ||||||||||||||||||||
Unaffiliated issuers | (52,614 | ) | 9,528 | — | 125,165 | — | ||||||||||||||
Affiliated issuers | — | — | — | — | 22,576 | |||||||||||||||
Futures contracts | (144 | ) | 8,464 | — | 87,073 | (7,772 | ) | |||||||||||||
Swap contracts | 4,677 | (2,463 | ) | — | 15,421 | — | ||||||||||||||
Currency transactions | 1 | — | — | — | (15 | ) | ||||||||||||||
Capital gain distributions received from affiliated issuers | — | — | — | — | 9,678 | |||||||||||||||
(48,080 | ) | 15,529 | — | 227,659 | 24,467 | |||||||||||||||
Net unrealized appreciation (depreciation) on: | ||||||||||||||||||||
Investments | ||||||||||||||||||||
Unaffiliated issuers | (67,914 | ) | 1,496 | 3 | 29,510 | — | ||||||||||||||
Affiliated issuers | — | — | — | — | 13,576 | |||||||||||||||
Futures contracts | (159 | ) | 780 | — | 8,167 | (687 | ) | |||||||||||||
Swap contracts | 1,897 | (3,135 | ) | — | (31,391 | ) | — | |||||||||||||
(66,176 | ) | (859 | ) | 3 | 6,286 | 12,889 | ||||||||||||||
Net realized gain (loss) and unrealized appreciation (depreciation) | (114,256 | ) | 14,670 | 3 | 233,945 | 37,356 | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (80,489 | ) | $ | 16,310 | $ | 701 | $ | 249,091 | $ | 37,354 |
* | Additional information related to non-U.S. taxes, class-specific fees and expenses and affiliated income is included in the notes to financial statements. |
† | Amount less than one thousand. |
See notes to financial statements.
114 | American Funds Insurance Series |
unaudited
(dollars in thousands)
Managed Risk International Fund | Managed Risk Blue Chip Income and Growth Fund | Managed Risk Growth- Income Fund | Managed Risk Asset Allocation Fund | |||||||||||
$ | 367 | $ | 1,501 | $ | 9,310 | $ | 11,742 | |||||||
25 | 43 | 280 | 412 | |||||||||||
392 | 1,544 | 9,590 | 12,154 | |||||||||||
115 | 255 | 1,640 | 1,995 | |||||||||||
190 | 424 | 344 | 3,321 | |||||||||||
191 | 426 | 2,732 | 3,325 | |||||||||||
— | † | — | † | — | † | — | † | |||||||
— | — | — | — | |||||||||||
36 | 39 | 66 | 65 | |||||||||||
2 | 3 | 11 | 32 | |||||||||||
— | † | 2 | 13 | 9 | ||||||||||
— | † | — | † | 3 | 4 | |||||||||
1 | 1 | 2 | 2 | |||||||||||
7 | 7 | 7 | 7 | |||||||||||
1 | 1 | 2 | 2 | |||||||||||
543 | 1,158 | 4,820 | 8,762 | |||||||||||
38 | 85 | 546 | 665 | |||||||||||
2 | — | — | — | |||||||||||
40 | 85 | 546 | 665 | |||||||||||
503 | 1,073 | 4,274 | 8,097 | |||||||||||
(111 | ) | 471 | 5,316 | 4,057 | ||||||||||
— | — | (9,526 | ) | — | ||||||||||
730 | (39,940 | ) | (2,964 | ) | 31,110 | |||||||||
(7,162 | ) | (10,119 | ) | 42,265 | (36,051 | ) | ||||||||
— | — | — | — | |||||||||||
39 | (9 | ) | (128 | ) | (116 | ) | ||||||||
159 | 4,329 | 49,797 | 11,667 | |||||||||||
(6,234 | ) | (45,739 | ) | 79,444 | 6,610 | |||||||||
— | — | 15,786 | — | |||||||||||
(14,093 | ) | 15,903 | (90,747 | ) | (115,825 | ) | ||||||||
176 | (719 | ) | 772 | (3,526 | ) | |||||||||
— | — | — | — | |||||||||||
(13,917 | ) | 15,184 | (74,189 | ) | (119,351 | ) | ||||||||
(20,151 | ) | (30,555 | ) | 5,255 | (112,741 | ) | ||||||||
$ | (20,262 | ) | $ | (30,084 | ) | $ | 10,571 | $ | (108,684 | ) |
American Funds Insurance Series | 115 |
Statements of changes in net assets
Global Growth Fund | Global Small Capitalization Fund | Growth Fund | ||||||||||||||||||||||
Six months ended June 30, 2020* | Year ended December 31, 2019 | Six months ended June 30, 2020* | Year ended December 31, 2019 | Six months ended June 30, 2020* | Year ended December 31, 2019 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 17,083 | $ | 56,332 | $ | (117 | ) | $ | 13,730 | $ | 52,093 | $ | 241,310 | |||||||||||
Net realized gain (loss) | 41,889 | 193,918 | (127,511 | ) | 251,270 | 946,104 | 745,536 | |||||||||||||||||
Net unrealized appreciation (depreciation) | 198,659 | 1,619,747 | 2,273 | 882,559 | 2,294,824 | 6,038,232 | ||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 257,631 | 1,869,997 | (125,355 | ) | 1,147,559 | 3,293,021 | 7,025,078 | |||||||||||||||||
Distributions paid to shareholders | (207,222 | ) | (417,934 | ) | (284,490 | ) | (284,752 | ) | (815,133 | ) | (2,978,202 | ) | ||||||||||||
Net capital share transactions | (93,420 | ) | (153,769 | ) | 142,503 | 102,952 | (627,210 | ) | 974,922 | |||||||||||||||
Total (decrease) increase in net assets | (43,011 | ) | 1,298,294 | (267,342 | ) | 965,759 | 1,850,678 | 5,021,798 | ||||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of period | 6,800,447 | 5,502,153 | 4,620,273 | 3,654,514 | 28,469,659 | 23,447,861 | ||||||||||||||||||
End of period | $ | 6,757,436 | $ | 6,800,447 | $ | 4,352,931 | $ | 4,620,273 | $ | 30,320,337 | $ | 28,469,659 | ||||||||||||
International Growth and Income Fund | Capital Income Builder | Asset Allocation Fund | ||||||||||||||||||||||
Six months ended June 30, 2020* | Year ended December 31, 2019 | Six months ended June 30, 2020* | Year ended December 31, 2019 | Six months ended June 30, 2020* | Year ended December 31, 2019 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 13,648 | $ | 37,530 | $ | 12,839 | $ | 24,376 | $ | 225,645 | $ | 527,540 | ||||||||||||
Net realized gain (loss) | (61,284 | ) | (37,024 | ) | (52,699 | ) | (6,878 | ) | 532,825 | 20,909 | ||||||||||||||
Net unrealized appreciation (depreciation) | (165,620 | ) | 293,939 | (26,085 | ) | 117,343 | (1,231,399 | ) | 4,312,978 | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | (213,256 | ) | 294,445 | (65,945 | ) | 134,841 | (472,929 | ) | 4,861,427 | |||||||||||||||
Distributions paid to shareholders | (3,243 | ) | (53,548 | ) | (14,279 | ) | (24,614 | ) | (242,551 | ) | (1,801,337 | ) | ||||||||||||
Net capital share transactions | 17,397 | (78,069 | ) | 42,809 | 213,209 | (305,328 | ) | 1,434,114 | ||||||||||||||||
Total (decrease) increase in net assets | (199,102 | ) | 162,828 | (37,415 | ) | 323,436 | (1,020,808 | ) | 4,494,204 | |||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of period | 1,500,086 | 1,337,258 | 998,716 | 675,280 | 27,419,655 | 22,925,451 | ||||||||||||||||||
End of period | $ | 1,300,984 | $ | 1,500,086 | $ | 961,301 | $ | 998,716 | $ | 26,398,847 | $ | 27,419,655 |
See end of statements of changes in net assets for footnote.
See notes to financial statements.
116 | American Funds Insurance Series |
(dollars in thousands)
International Fund | New World Fund | Blue Chip Income and Growth Fund | Global Growth and Income Fund | Growth-Income Fund | ||||||||||||||||||||||||||||||||||
Six months ended June 30, 2020* | Year ended December 31, 2019 | Six months ended June 30, 2020* | Year ended December 31, 2019 | Six months ended June 30, 2020* | Year ended December 31, 2019 | Six months ended June 30, 2020* | Year ended December 31, 2019 | Six months ended June 30, 2020* | Year ended December 31, 2019 | |||||||||||||||||||||||||||||
$ | 43,621 | $ | 136,307 | $ | 10,624 | $ | 34,732 | $ | 80,126 | $ | 189,701 | $ | 12,830 | $ | 38,039 | $ | 245,479 | $ | 648,555 | |||||||||||||||||||
(234,106 | ) | (127,992 | ) | 13,983 | 32,951 | (50,918 | ) | 85,829 | 13,233 | 51,837 | (269,625 | ) | 902,476 | |||||||||||||||||||||||||
(895,824 | ) | 1,988,427 | (185,387 | ) | 791,400 | (769,393 | ) | 1,423,960 | (252,248 | ) | 449,868 | (1,252,628 | ) | 6,175,985 | ||||||||||||||||||||||||
(1,086,309 | ) | 1,996,742 | (160,780 | ) | 859,083 | (740,185 | ) | 1,699,490 | (226,185 | ) | 539,744 | (1,276,774 | ) | 7,727,016 | ||||||||||||||||||||||||
(19,263 | ) | (394,620 | ) | (41,502 | ) | (164,192 | ) | (141,493 | ) | (878,225 | ) | (58,009 | ) | (140,198 | ) | (1,058,736 | ) | (3,957,175 | ) | |||||||||||||||||||
(36,892 | ) | (536,801 | ) | (113,674 | ) | 54,641 | 14,986 | 429,824 | 60,780 | (76,937 | ) | 263,583 | 2,392,290 | |||||||||||||||||||||||||
(1,142,464 | ) | 1,065,321 | (315,956 | ) | 749,532 | (866,692 | ) | 1,251,089 | (223,414 | ) | 322,609 | (2,071,927 | ) | 6,162,131 | ||||||||||||||||||||||||
10,075,431 | 9,010,110 | 3,760,411 | 3,010,879 | 9,282,361 | 8,031,272 | 2,138,483 | 1,815,874 | 36,026,266 | 29,864,135 | |||||||||||||||||||||||||||||
$ | 8,932,967 | $ | 10,075,431 | $ | 3,444,455 | $ | 3,760,411 | $ | 8,415,669 | $ | 9,282,361 | $ | 1,915,069 | $ | 2,138,483 | $ | 33,954,339 | $ | 36,026,266 | |||||||||||||||||||
Global Balanced Fund | Bond Fund | Capital World Bond Fund (formerly Global Bond Fund) | High-Income Bond Fund | American Funds Mortgage Fund (formerly Mortgage Fund) | ||||||||||||||||||||||||||||||||||
Six months ended June 30, 2020* | Year ended December 31, 2019 | Six months ended June 30, 2020* | Year ended December 31, 2019 | Six months ended June 30, 2020* | Year ended December 31, 2019 | Six months ended June 30, 2020* | Year ended December 31, 2019 | Six months ended June 30, 2020* | Year ended December 31, 2019 | |||||||||||||||||||||||||||||
$ | 2,554 | $ | 6,777 | $ | 107,078 | $ | 272,023 | $ | 19,999 | $ | 52,158 | $ | 33,767 | $ | 82,861 | $ | 1,640 | $ | 6,346 | |||||||||||||||||||
1,878 | 9,826 | 349,522 | 243,332 | 14,677 | 21,665 | (48,080 | ) | (19,893 | ) | 15,529 | 9,940 | |||||||||||||||||||||||||||
(18,178 | ) | 58,663 | 197,967 | 411,625 | 3,885 | 87,557 | (66,176 | ) | 86,931 | (859 | ) | (1,209 | ) | |||||||||||||||||||||||||
(13,746 | ) | 75,266 | 654,567 | 926,980 | 38,561 | 161,380 | (80,489 | ) | 149,899 | 16,310 | 15,077 | |||||||||||||||||||||||||||
(1,456 | ) | (16,934 | ) | (144,034 | ) | (280,200 | ) | (39,902 | ) | (35,756 | ) | (12,904 | ) | (79,066 | ) | (1,602 | ) | (7,525 | ) | |||||||||||||||||||
(8,460 | ) | 12,429 | (691,390 | ) | 49,693 | (46,502 | ) | (84,997 | ) | (388,649 | ) | (8,439 | ) | (22,393 | ) | (4,217 | ) | |||||||||||||||||||||
(23,662 | ) | 70,761 | (180,857 | ) | 696,473 | (47,843 | ) | 40,627 | (482,042 | ) | 62,394 | (7,685 | ) | 3,335 | ||||||||||||||||||||||||
436,950 | 366,189 | 10,551,160 | 9,854,687 | 2,128,644 | 2,088,017 | 1,266,293 | 1,203,899 | 294,510 | 291,175 | |||||||||||||||||||||||||||||
$ | 413,288 | $ | 436,950 | $ | 10,370,303 | $ | 10,551,160 | $ | 2,080,801 | $ | 2,128,644 | $ | 784,251 | $ | 1,266,293 | $ | 286,825 | $ | 294,510 |
American Funds Insurance Series | 117 |
Statements of changes in net assets
Ultra-Short Bond Fund | U.S. Government/ AAA-Rated Securities Fund | Managed Risk Growth Fund | ||||||||||||||||||||||
Six months ended June 30, 2020* | Year ended December 31, 2019 | Six months ended June 30, 2020* | Year ended December 31, 2019 | Six months ended June 30, 2020* | Year ended December 31, 2019 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 698 | $ | 4,833 | $ | 15,146 | $ | 55,852 | $ | (2 | ) | $ | 2,886 | |||||||||||
Net realized gain (loss) | — | (1 | ) | 227,659 | 122,154 | 24,467 | 30,629 | |||||||||||||||||
Net unrealized appreciation (depreciation) | 3 | 15 | 6,286 | (22,336 | ) | 12,889 | 43,736 | |||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 701 | 4,847 | 249,091 | 155,670 | 37,354 | 77,251 | ||||||||||||||||||
Distributions paid to shareholders | (737 | ) | (5,093 | ) | (49,531 | ) | (60,961 | ) | (25,274 | ) | (30,222 | ) | ||||||||||||
Net capital share transactions | 59,592 | (21,528 | ) | (1,131,516 | ) | (67,678 | ) | 24,064 | 49,348 | |||||||||||||||
Total (decrease) increase in net assets | 59,556 | (21,774 | ) | (931,956 | ) | 27,031 | 36,144 | 96,377 | ||||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of period | 284,630 | 306,404 | 2,896,334 | 2,869,303 | 439,650 | 343,273 | ||||||||||||||||||
End of period | $ | 344,186 | $ | 284,630 | $ | 1,964,378 | $ | 2,896,334 | $ | 475,794 | $ | 439,650 |
* | Unaudited. |
See notes to financial statements.
118 | American Funds Insurance Series |
(dollars in thousands)
Managed Risk International Fund | Managed Risk Blue Chip Income and Growth Fund | Managed Risk Growth-Income Fund | Managed Risk Asset Allocation Fund | |||||||||||||||||||||||||||
Six months ended June 30, 2020* | Year ended December 31, 2019 | Six months ended June 30, 2020* | Year ended December 31, 2019 | Six months ended June 30, 2020* | Year ended December 31, 2019 | Six months ended June 30, 2020* | Year ended December 31, 2019 | |||||||||||||||||||||||
$ | (111 | ) | $ | 1,940 | $ | 471 | $ | 5,680 | $ | 5,316 | $ | 35,433 | $ | 4,057 | $ | 40,653 | ||||||||||||||
(6,234 | ) | 2,677 | (45,739 | ) | 16,823 | 79,444 | 149,567 | 6,610 | 131,826 | |||||||||||||||||||||
(13,917 | ) | 21,114 | 15,184 | 23,125 | (74,189 | ) | 180,419 | (119,351 | ) | 271,610 | ||||||||||||||||||||
(20,262 | ) | 25,731 | (30,084 | ) | 45,628 | 10,571 | 365,419 | (108,684 | ) | 444,089 | ||||||||||||||||||||
(3,247 | ) | (7,796 | ) | (16,570 | ) | (23,415 | ) | (151,686 | ) | (32,440 | ) | (146,678 | ) | (177,811 | ) | |||||||||||||||
12,731 | (3,125 | ) | 25,050 | 6,553 | 94,331 | 44,643 | 57,449 | 23,729 | ||||||||||||||||||||||
(10,778 | ) | 14,810 | (21,604 | ) | 28,766 | (46,784 | ) | 377,622 | (197,913 | ) | 290,007 | |||||||||||||||||||
165,769 | 150,959 | 365,435 | 336,669 | 2,269,724 | 1,892,102 | 2,832,504 | 2,542,497 | |||||||||||||||||||||||
$ | 154,991 | $ | 165,769 | $ | 343,831 | $ | 365,435 | $ | 2,222,940 | $ | 2,269,724 | $ | 2,634,591 | $ | 2,832,504 |
American Funds Insurance Series | 119 |
Notes to financial statements | unaudited |
1. Organization
American Funds Insurance Series (the “series”) is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company with 34 different funds (“the funds”), including 23 funds in the series covered in this report. The other 11 funds in the series are covered in separate reports. Six funds in the series are covered in the American Funds Insurance Series -Target Date Series report and five funds in the series are covered in the American Funds Insurance Series - Portfolio Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company (“CRMC”) is the series’ investment adviser. Milliman Financial Risk Management LLC (“Milliman FRM”) is the subadviser for the risk management strategy for eight of the funds (the “managed risk funds”), five of which are covered in this report.
The managed risk funds covered in this report are Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Blue Chip Income and Growth Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund. The managed risk funds invest in other funds within the series (the “underlying funds”) and employ Milliman FRM to implement the risk management strategy, which consists of using hedging instruments — primarily short positions on exchange-traded futures contracts — to attempt to stabilize the volatility of the funds around target volatility levels and reduce the downside exposure of the funds during periods of significant market declines.
Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.
The investment objective(s) for each fund covered in this report are as follows:
Global Growth Fund — To provide long-term growth of capital.
Global Small Capitalization Fund — To provide long-term growth of capital.
Growth Fund — To provide growth of capital.
International Fund — To provide long-term growth of capital.
New World Fund — To provide long-term capital appreciation.
Blue Chip Income and Growth Fund — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing.
Global Growth and Income Fund — To provide long-term growth of capital while providing current income.
Growth-Income Fund — To achieve long-term growth of capital and income.
International Growth and Income Fund — To provide long-term growth of capital while providing current income.
Capital Income Builder — The two primary objectives are (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. The secondary objective is to provide growth of capital.
Asset Allocation Fund — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term.
Global Balanced Fund — Seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.
Bond Fund — To provide as high a level of current income as is consistent with the preservation of capital.
Capital World Bond Fund (formerly Global Bond Fund) — To provide, over the long term, a high level of total return consistent with prudent investment management.
120 | American Funds Insurance Series |
High-Income Bond Fund — The primary objective is to provide a high level of current income. The secondary objective is capital appreciation.
American Funds Mortgage Fund (formerly 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/AAA-Rated Securities Fund — To provide a high level of current income consistent with 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 Blue Chip Income and Growth Fund — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing, in each case while seeking to manage volatility and provide downside protection.
Managed Risk Growth-Income Fund — To achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection.
Managed Risk Asset Allocation Fund — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.
Each fund in the series, except the managed risk funds, offers either four or five share classes (Classes 1, 1A, 2, 3 or 4); the managed risk funds offer two share classes (Classes P1 and P2). Holders of all share classes of each fund have equal pro rata rights to assets, dividends and liquidation proceeds of each fund held. Each share class of each fund has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.
2. Significant accounting policies
Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the series’ investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.
Security transactions and related investment income — Security transactions are recorded by the funds as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the funds will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.
Fees and expenses — The fees and expenses of the underlying funds held by the managed risk funds are not included in the fees and expenses reported for each of the managed risk funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the net effective expense ratios that are provided as supplementary information in the financial highlights tables.
American Funds Insurance Series | 121 |
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 of each share class of each fund is generally determined as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open.
Methods and inputs — The series’ investment adviser uses the following methods and inputs to establish the fair value of each fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Equity securities are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades. The value of an underlying fund is based on its reported net asset value.
Fixed-income securities, including short-term securities, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the funds are authorized to invest. However, these classifications are not exclusive and any of the inputs may be used to value any other class of fixed-income security.
Fixed-income class | Examples of standard inputs | |
All | Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”) | |
Corporate bonds & notes; convertible securities | Standard inputs and underlying equity of the issuer | |
Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities | |
Mortgage-backed; asset-backed obligations | Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information | |
Municipal securities | Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts |
When the series’ investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to be representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.
122 | American Funds Insurance Series |
Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the series’ investment adviser. The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds”), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement 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 at the mean of representative quoted bid and ask prices, generally based on prices supplied by one or more pricing vendors. Interest rate swaps and credit default swaps are generally valued by pricing vendors based on market inputs that include the index and term of index, reset frequency, payer/receiver, currency and pay frequency.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the series’ investment adviser are fair valued as determined in good faith under fair value guidelines adopted by authority of the series’ board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities and futures that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of each fund is determined. Fair valuations and valuations of investments and futures that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
Processes and structure — The series’ board of trustees has delegated authority to the series’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The series’ board and audit committee also regularly review reports that describe fair value determinations and methods.
The series’ investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.
Classifications — The series’ investment adviser classifies the funds’ assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities.
The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following tables present the funds’ valuation levels as of June 30, 2020 (dollars in thousands):
American Funds Insurance Series | 123 |
Global Growth Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Information technology | $ | 1,284,484 | $ | 798,997 | $ | — | $ | 2,083,481 | ||||||||
Consumer discretionary | 644,467 | 737,616 | — | 1,382,083 | ||||||||||||
Health care | 594,181 | 263,129 | — | 857,310 | ||||||||||||
Financials | 288,296 | 324,252 | — | 612,548 | ||||||||||||
Communication services | 363,088 | 202,838 | — | 565,926 | ||||||||||||
Consumer staples | 226,669 | 245,324 | — | 471,993 | ||||||||||||
Industrials | 35,710 | 227,160 | — | 262,870 | ||||||||||||
Materials | 100,652 | 30,744 | — | 131,396 | ||||||||||||
Energy | — | 87,257 | — | 87,257 | ||||||||||||
Other | — | 31,299 | — | 31,299 | ||||||||||||
Preferred securities | — | 156,272 | — | 156,272 | ||||||||||||
Short-term securities | 158,488 | — | — | 158,488 | ||||||||||||
Total | $ | 3,696,035 | $ | 3,104,888 | $ | — | $ | 6,800,923 |
Global Small Capitalization Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Information technology | $ | 597,103 | $ | 441,881 | $ | — | $ | 1,038,984 | ||||||||
Health care | 798,293 | 237,421 | 3 | 1,035,717 | ||||||||||||
Consumer discretionary | 361,327 | 266,306 | — | 627,633 | ||||||||||||
Industrials | 167,492 | 446,741 | — | 614,233 | ||||||||||||
Financials | 176,658 | 78,390 | — | 255,048 | ||||||||||||
Communication services | 71,494 | 79,754 | — | 151,248 | ||||||||||||
Real estate | 66,801 | 58,799 | — | 125,600 | ||||||||||||
Consumer staples | 57,052 | 62,582 | — | 119,634 | ||||||||||||
Materials | 30,216 | 46,570 | — | 76,786 | ||||||||||||
Utilities | 9,940 | 47,877 | — | 57,817 | ||||||||||||
Energy | 24,332 | 5,728 | 10,485 | 40,545 | ||||||||||||
Preferred securities | 7,081 | — | 53,437 | 60,518 | ||||||||||||
Convertible stocks | — | — | 6,715 | 6,715 | ||||||||||||
Short-term securities | 224,205 | — | — | 224,205 | ||||||||||||
Total | $ | 2,591,994 | $ | 1,772,049 | $ | 70,640 | $ | 4,434,683 |
The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the six months ended June 30, 2020 (dollars in thousands):
Beginning value at 1/1/2020 | Transfers into Level 3* | Purchases | Sales | Net realized loss† | Unrealized depreciation† | Transfers out of Level 3* | Ending value at 6/30/2020 | |||||||||||||||||||||||||
Investment securities | $ | 44,058 | $ | 913 | $ | 35,620 | $ | (17 | ) | $ | (4,876 | ) | $ | (5,058 | ) | $ | — | $ | 70,640 | |||||||||||||
Net unrealized depreciation during the period on Level 3 investment securities held at June 30, 2020 | $ | (5,058 | ) |
* | Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. |
† | Net realized loss and unrealized depreciation are included in the related amounts on investments in the statement of operations. |
124 | American Funds Insurance Series |
Unobservable inputs — Valuation of the fund’s Level 3 securities is based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund’s investment adviser to fair value the fund’s Level 3 securities (dollars in thousands):
Value at 6/30/2020 | Valuation techniques | Unobservable inputs | Range (if appropriate) | Weighted average | Impact to valuation from an increase in input* | ||||||||
Liquidation value | N/A | N/A | N/A | N/A | |||||||||
Price/cash flow multiple | 7.8x | 7.8x | Increase | ||||||||||
Common stocks | $ | 10,488 | Market comparables | DLOM | 24% | 24% | Decrease | ||||||
$ per one billion Btu | $2.25 | $2.25 | Increase | ||||||||||
MMTPA | 10 MMTPA | 10 MMTPA | Increase | ||||||||||
Preferred securities | 53,437 | Transaction price | N/A | N/A | N/A | N/A | |||||||
Inputs to market comparables and transaction price | Weight ascribed to transaction price | 50% | N/A | N/A | |||||||||
Weight ascribed to market comparables | 50% | N/A | N/A | ||||||||||
Convertible stocks | 6,715 | Market comparables discount | 20% | 20% | Decrease | ||||||||
Market comparables | Enterprise value/sales multiple | 11.6x | 11.6x | Increase | |||||||||
Transaction point multiple discount | 2% | 2% | Decrease | ||||||||||
$ | 70,640 | ||||||||||||
* | This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements. |
Key to abbreviations
Btu = British thermal unit
DLOM = Discount for lack of marketability
MMTPA = Million metric tonnes per annum
Growth Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Information technology | $ | 6,511,810 | $ | 822,391 | $ | — | $ | 7,334,201 | ||||||||
Communication services | 5,872,265 | 24,348 | — | 5,896,613 | ||||||||||||
Consumer discretionary | 5,200,060 | 193,384 | — | 5,393,444 | ||||||||||||
Health care | 4,687,932 | 29,881 | 46,931 | 4,764,744 | ||||||||||||
Financials | 1,416,856 | 121,218 | — | 1,538,074 | ||||||||||||
Industrials | 1,193,617 | 327,064 | — | 1,520,681 | ||||||||||||
Materials | 833,367 | 58,183 | — | 891,550 | ||||||||||||
Consumer staples | 459,700 | 229,331 | — | 689,031 | ||||||||||||
Real estate | 432,288 | — | — | 432,288 | ||||||||||||
Energy | 359,863 | — | — | 359,863 | ||||||||||||
Utilities | 119,172 | — | — | 119,172 | ||||||||||||
Preferred securities | — | 25,573 | — | 25,573 | ||||||||||||
Rights & warrants | 607 | — | — | 607 | ||||||||||||
Convertible bonds & notes | — | — | 39,060 | 39,060 | ||||||||||||
Short-term securities | 1,205,195 | — | — | 1,205,195 | ||||||||||||
Total | $ | 28,292,732 | $ | 1,831,373 | $ | 85,991 | $ | 30,210,096 |
American Funds Insurance Series | 125 |
International Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Consumer discretionary | $ | 307,245 | $ | 1,131,651 | $ | — | $ | 1,438,896 | ||||||||
Financials | 67,130 | 1,366,075 | — | 1,433,205 | ||||||||||||
Health care | 161,190 | 1,261,842 | 6 | 1,423,038 | ||||||||||||
Industrials | 30,210 | 913,816 | — | 944,026 | ||||||||||||
Communication services | 54,694 | 503,497 | — | 558,191 | ||||||||||||
Consumer staples | 15,660 | 472,775 | — | 488,435 | ||||||||||||
Energy | 67,608 | 307,448 | — | 375,056 | ||||||||||||
Information technology | 56,751 | 316,995 | — | 373,746 | ||||||||||||
Utilities | — | 344,595 | — | 344,595 | ||||||||||||
Materials | 147,539 | 191,287 | — | 338,826 | ||||||||||||
Real estate | — | 147,365 | — | 147,365 | ||||||||||||
Preferred securities | 34,408 | 55,587 | — | 89,995 | ||||||||||||
Rights & warrants | — | 24,374 | — | 24,374 | ||||||||||||
Convertible bonds & notes | — | 2,624 | — | 2,624 | ||||||||||||
Bonds, notes & other debt instruments | — | 41,200 | — | 41,200 | ||||||||||||
Short-term securities | 886,255 | — | — | 886,255 | ||||||||||||
Total | $ | 1,828,690 | $ | 7,081,131 | $ | 6 | $ | 8,909,827 |
New World Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Information technology | $ | 419,393 | $ | 204,252 | $ | — | $ | 623,645 | ||||||||
Consumer discretionary | 118,253 | 354,352 | — | 472,605 | ||||||||||||
Health care | 194,913 | 239,219 | 1 | 434,133 | ||||||||||||
Financials | 88,601 | 309,970 | — | 398,571 | ||||||||||||
Communication services | 225,302 | 116,104 | — | 341,406 | ||||||||||||
Consumer staples | 34,107 | 181,765 | — | 215,872 | ||||||||||||
Materials | 76,585 | 115,978 | — | 192,563 | ||||||||||||
Industrials | 45,539 | 140,144 | — | 185,683 | ||||||||||||
Energy | 42,194 | 90,442 | — | 132,636 | ||||||||||||
Utilities | 10,719 | 56,172 | — | 66,891 | ||||||||||||
Real estate | 15,884 | 45,772 | — | 61,656 | ||||||||||||
Preferred securities | 20,703 | 14,844 | — | 35,547 | ||||||||||||
Rights & warrants | — | 7,781 | — | 7,781 | ||||||||||||
Convertible bonds & notes | — | 133 | — | 133 | ||||||||||||
Bonds, notes & other debt instruments | — | 116,248 | — | 116,248 | ||||||||||||
Short-term securities | 161,254 | — | — | 161,254 | ||||||||||||
Total | $ | 1,453,447 | $ | 1,993,176 | $ | 1 | $ | 3,446,624 |
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 73 | $ | — | $ | — | $ | 73 | ||||||||
Unrealized appreciation on open forward currency contracts | — | 10 | — | 10 | ||||||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on open forward currency contracts | — | (4 | ) | — | (4 | ) | ||||||||||
Total | $ | 73 | $ | 6 | $ | — | $ | 79 |
* | Futures contracts and forward currency contracts are not included in the investment portfolio. |
Blue Chip Income and Growth Fund
At June 30, 2020, all of the fund’s investment securities were classified as Level 1.
126 | American Funds Insurance Series |
Global Growth and Income Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Information technology | $ | 207,857 | $ | 131,533 | $ | — | $ | 339,390 | ||||||||
Financials | 113,922 | 158,377 | — | 272,299 | ||||||||||||
Health care | 163,530 | 72,117 | — | 235,647 | ||||||||||||
Consumer discretionary | 78,955 | 95,199 | — | 174,154 | ||||||||||||
Industrials | 85,232 | 83,835 | — | 169,067 | ||||||||||||
Communication services | 112,102 | 25,435 | — | 137,537 | ||||||||||||
Utilities | 23,936 | 112,019 | — | 135,955 | ||||||||||||
Energy | 33,030 | 67,663 | — | 100,693 | ||||||||||||
Consumer staples | 14,691 | 62,699 | — | 77,390 | ||||||||||||
Materials | 28,030 | 36,266 | — | 64,296 | ||||||||||||
Real estate | 41,065 | 14,801 | — | 55,866 | ||||||||||||
Bonds, notes & other debt instruments | — | 34,634 | — | 34,634 | ||||||||||||
Short-term securities | 123,235 | — | — | 123,235 | ||||||||||||
Total | $ | 1,025,585 | $ | 894,578 | $ | — | $ | 1,920,163 | ||||||||
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on open forward currency contracts | $ | — | $ | (27 | ) | $ | — | $ | (27 | ) |
* | Forward currency contracts are not included in the investment portfolio. |
Growth-Income Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Information technology | $ | 5,780,358 | $ | 275,384 | $ | — | $ | 6,055,742 | ||||||||
Health care | 4,920,099 | 775,119 | — | 5,695,218 | ||||||||||||
Communication services | 4,790,029 | 146,412 | — | 4,936,441 | ||||||||||||
Industrials | 2,836,211 | 268,279 | — | 3,104,490 | ||||||||||||
Financials | 2,735,821 | 213,373 | — | 2,949,194 | ||||||||||||
Consumer discretionary | 2,181,687 | 18,743 | — | 2,200,430 | ||||||||||||
Consumer staples | 1,240,176 | 792,194 | — | 2,032,370 | ||||||||||||
Materials | 1,325,013 | 76,868 | — | 1,401,881 | ||||||||||||
Energy | 1,248,892 | 19,986 | — | 1,268,878 | ||||||||||||
Utilities | 818,534 | 157,999 | — | 976,533 | ||||||||||||
Real estate | 924,011 | — | — | 924,011 | ||||||||||||
Convertible stocks | 311,982 | — | — | 311,982 | ||||||||||||
Bonds, notes & other debt instruments | — | 39,975 | — | 39,975 | ||||||||||||
Short-term securities | 2,085,046 | — | — | 2,085,046 | ||||||||||||
Total | $ | 31,197,859 | $ | 2,784,332 | $ | — | $ | 33,982,191 |
American Funds Insurance Series | 127 |
International Growth and Income Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Financials | $ | 17,539 | $ | 219,971 | $ | — | $ | 237,510 | ||||||||
Industrials | 9,022 | 182,116 | — | 191,138 | ||||||||||||
Health care | 8,162 | 155,170 | 4 | 163,336 | ||||||||||||
Consumer discretionary | — | 144,942 | — | 144,942 | ||||||||||||
Utilities | — | 119,116 | — | 119,116 | ||||||||||||
Communication services | 23,509 | 62,963 | — | 86,472 | ||||||||||||
Information technology | — | 52,437 | — | 52,437 | ||||||||||||
Consumer staples | — | 50,640 | — | 50,640 | ||||||||||||
Materials | 4,374 | 45,498 | — | 49,872 | ||||||||||||
Real estate | — | 36,374 | — | 36,374 | ||||||||||||
Energy | 10,704 | 11,500 | — | 22,204 | ||||||||||||
Preferred securities | 6,478 | — | — | 6,478 | ||||||||||||
Rights & warrants | — | 8,024 | — | 8,024 | ||||||||||||
Bonds, notes & other debt instruments | — | 8,561 | — | 8,561 | ||||||||||||
Short-term securities | 121,340 | — | — | 121,340 | ||||||||||||
Total | $ | 201,128 | $ | 1,097,312 | $ | 4 | $ | 1,298,444 |
Capital Income Builder
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Health care | $ | 72,348 | $ | 38,351 | $ | — | $ | 110,699 | ||||||||
Consumer staples | 47,839 | 46,955 | — | 94,794 | ||||||||||||
Utilities | 33,782 | 52,906 | — | 86,688 | ||||||||||||
Financials | 44,159 | 42,373 | — | 86,532 | ||||||||||||
Information technology | 65,463 | 12,240 | — | 77,703 | ||||||||||||
Real estate | 40,897 | 18,227 | — | 59,124 | ||||||||||||
Energy | 35,849 | 6,411 | — | 42,260 | ||||||||||||
Communication services | 22,882 | 18,034 | — | 40,916 | ||||||||||||
Industrials | 19,481 | 16,466 | — | 35,947 | ||||||||||||
Materials | 13,100 | 14,892 | — | 27,992 | ||||||||||||
Consumer discretionary | 4,561 | 5,725 | — | 10,286 | ||||||||||||
Preferred securities | — | 808 | — | 808 | ||||||||||||
Rights & warrants | — | — | — | — | ||||||||||||
Convertible stocks | 13,095 | — | — | 13,095 | ||||||||||||
Convertible bonds & notes | — | 544 | — | 544 | ||||||||||||
Bonds, notes & other debt instruments: | ||||||||||||||||
U.S. Treasury bonds & notes | — | 86,162 | — | 86,162 | ||||||||||||
Mortgage-backed obligations | — | 69,412 | — | 69,412 | ||||||||||||
Corporate bonds & notes | — | 67,077 | — | 67,077 | ||||||||||||
Other bonds & notes | — | 11,366 | — | 11,366 | ||||||||||||
Short-term securities | 53,466 | — | — | 53,466 | ||||||||||||
Total | $ | 466,922 | $ | 507,949 | $ | — | $ | 974,871 |
128 | American Funds Insurance Series |
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 163 | $ | — | $ | — | $ | 163 | ||||||||
Unrealized appreciation on interest rate swaps | — | 81 | — | 81 | ||||||||||||
Unrealized appreciation on credit default swaps | — | 227 | — | 227 | ||||||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (70 | ) | — | — | (70 | ) | ||||||||||
Unrealized depreciation on open forward currency contracts | — | (4 | ) | — | (4 | ) | ||||||||||
Unrealized depreciation on interest rate swaps | — | (29 | ) | — | (29 | ) | ||||||||||
Total | $ | 93 | $ | 275 | $ | — | $ | 368 |
* | Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the investment portfolio. |
Asset Allocation Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Information technology | $ | 3,808,430 | $ | 25,661 | $ | — | $ | 3,834,091 | ||||||||
Health care | 2,916,023 | 105,456 | 8,839 | 3,030,318 | ||||||||||||
Financials | 2,277,466 | 160,163 | — | 2,437,629 | ||||||||||||
Consumer discretionary | 1,308,114 | 80,984 | — | 1,389,098 | ||||||||||||
Consumer staples | 857,812 | 416,065 | — | 1,273,877 | ||||||||||||
Industrials | 1,062,976 | 34,868 | — | 1,097,844 | ||||||||||||
Communication services | 981,722 | — | — | 981,722 | ||||||||||||
Materials | 685,380 | 70,337 | — | 755,717 | ||||||||||||
Utilities | 182,767 | 206,764 | — | 389,531 | ||||||||||||
Energy | 317,713 | 18,712 | 706 | 337,131 | ||||||||||||
Real estate | 211,176 | — | — | 211,176 | ||||||||||||
Rights & warrants | — | — | 133 | 133 | ||||||||||||
Convertible stocks | 127,927 | 38,630 | 566 | 167,123 | ||||||||||||
Convertible bonds & notes | — | 71 | — | 71 | ||||||||||||
Bonds, notes & other debt instruments: | ||||||||||||||||
Corporate bonds & notes | — | 3,505,729 | 6,821 | 3,512,550 | ||||||||||||
U.S. Treasury bonds & notes | — | 2,725,104 | — | 2,725,104 | ||||||||||||
Mortgage-backed obligations | — | 2,256,578 | — | 2,256,578 | ||||||||||||
Federal agency bonds & notes | — | 14,005 | — | 14,005 | ||||||||||||
Other | — | 217,692 | — | 217,692 | ||||||||||||
Short-term securities | 3,038,491 | — | — | 3,038,491 | ||||||||||||
Total | $ | 17,775,997 | $ | 9,876,819 | $ | 17,065 | $ | 27,669,881 | ||||||||
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 1,474 | $ | — | $ | — | $ | 1,474 | ||||||||
Unrealized appreciation on credit default swaps | — | — | † | — | — | † | ||||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (726 | ) | — | — | (726 | ) | ||||||||||
Total | $ | 748 | $ | — | $ | — | $ | 748 |
* | Futures contracts and credit default swaps are not included in the investment portfolio. |
† | Amount less than one thousand. |
American Funds Insurance Series | 129 |
Global Balanced Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Information technology | $ | 27,242 | $ | 28,347 | $ | — | $ | 55,589 | ||||||||
Health care | 23,356 | 22,655 | — | 46,011 | ||||||||||||
Consumer staples | 20,814 | 13,510 | — | 34,324 | ||||||||||||
Financials | 17,960 | 12,413 | — | 30,373 | ||||||||||||
Industrials | 9,838 | 14,221 | — | 24,059 | ||||||||||||
Consumer discretionary | 9,934 | 8,236 | — | 18,170 | ||||||||||||
Real estate | 11,269 | 718 | — | 11,987 | ||||||||||||
Materials | 1,406 | 9,235 | — | 10,641 | ||||||||||||
Communication services | 5,782 | 3,491 | — | 9,273 | ||||||||||||
Other | 2,159 | 759 | — | 2,918 | ||||||||||||
Bonds, notes & other debt instruments: | ||||||||||||||||
U.S. Treasury bonds & notes | — | 58,689 | — | 58,689 | ||||||||||||
Bonds & notes of governments & government agencies outside the U.S. | — | 58,450 | — | 58,450 | ||||||||||||
Corporate bonds & notes | — | 25,043 | — | 25,043 | ||||||||||||
Mortgage-backed obligations | — | 6,785 | — | 6,785 | ||||||||||||
Other bonds & notes | — | 287 | — | 287 | ||||||||||||
Short-term securities | 23,412 | — | — | 23,412 | ||||||||||||
Total | $ | 153,172 | $ | 262,839 | $ | — | $ | 416,011 | ||||||||
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 6 | $ | — | $ | — | $ | 6 | ||||||||
Unrealized appreciation on open forward currency contracts | — | 108 | — | 108 | ||||||||||||
Unrealized appreciation on interest rate swaps | — | 41 | — | 41 | ||||||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (5 | ) | — | — | (5 | ) | ||||||||||
Unrealized depreciation on open forward currency contracts | — | (165 | ) | — | (165 | ) | ||||||||||
Unrealized depreciation on interest rate swaps | — | (139 | ) | — | (139 | ) | ||||||||||
Total | $ | 1 | $ | (155 | ) | $ | — | $ | (154 | ) | ||||||
* | Futures contracts, forward currency contracts and interest rate swaps are not included in the investment portfolio. |
Bond Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Bonds, notes & other debt instruments: | ||||||||||||||||
Corporate bonds & notes | $ | — | $ | 3,966,400 | $ | — | $ | 3,966,400 | ||||||||
Mortgage-backed obligations | — | 2,955,043 | — | 2,955,043 | ||||||||||||
U.S. Treasury bonds & notes | — | 2,381,814 | — | 2,381,814 | ||||||||||||
Bonds & notes of governments & government agencies outside the U.S. | — | 344,488 | — | 344,488 | ||||||||||||
Asset-backed obligations | — | 234,532 | — | 234,532 | ||||||||||||
Municipals | — | 233,190 | — | 233,190 | ||||||||||||
Federal agency bonds & notes | — | 12,984 | — | 12,984 | ||||||||||||
Common stocks | — | — | 55 | 55 | ||||||||||||
Rights & warrants | — | — | * | — | * | — | * | |||||||||
Short-term securities | 1,560,968 | — | — | 1,560,968 | ||||||||||||
Total | $ | 1,560,968 | $ | 10,128,451 | $ | 55 | $ | 11,689,474 |
130 | American Funds Insurance Series |
Other investments† | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 8,061 | $ | — | $ | — | $ | 8,061 | ||||||||
Unrealized appreciation on open forward currency contracts | — | 2,979 | — | 2,979 | ||||||||||||
Unrealized appreciation on interest rate swaps | — | 1,663 | — | 1,663 | ||||||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (6,831 | ) | — | — | (6,831 | ) | ||||||||||
Unrealized depreciation on open forward currency contracts | — | (1,252 | ) | — | (1,252 | ) | ||||||||||
Unrealized depreciation on interest rate swaps | — | (32,402 | ) | — | (32,402 | ) | ||||||||||
Total | $ | 1,230 | $ | (29,012 | ) | $ | — | $ | (27,782 | ) |
* | Amount less than one thousand. |
† | Futures contracts, forward currency contracts and interest rate swaps are not included in the investment portfolio. |
Capital World Bond Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Bonds, notes & other debt instruments: | ||||||||||||||||
Euros | $ | — | $ | 385,464 | $ | — | $ | 385,464 | ||||||||
Japanese yen | — | 194,992 | — | 194,992 | ||||||||||||
Chinese yuan renminbi | — | 97,306 | — | 97,306 | ||||||||||||
British pounds | — | 63,277 | — | 63,277 | ||||||||||||
Canadian dollars | — | 39,508 | — | 39,508 | ||||||||||||
Danish kroner | — | 39,235 | — | 39,235 | ||||||||||||
Mexican pesos | — | 31,632 | — | 31,632 | ||||||||||||
Malaysian ringgits | — | 30,925 | — | 30,925 | ||||||||||||
Israeli shekels | — | 24,079 | — | 24,079 | ||||||||||||
Russian rubles | — | 23,744 | — | 23,744 | ||||||||||||
South Korean won | — | 19,100 | — | 19,100 | ||||||||||||
Brazilian reais | — | 16,861 | — | 16,861 | ||||||||||||
Romanian leu | — | 1,217 | — | 1,217 | ||||||||||||
U.S. dollars | — | 983,983 | 43 | 984,026 | ||||||||||||
Other | — | 55,091 | — | 55,091 | ||||||||||||
Convertible bonds & notes | — | 6 | — | 6 | ||||||||||||
Convertible stocks | — | — | 96 | 96 | ||||||||||||
Common stocks | 105 | — | 114 | 219 | ||||||||||||
Rights & warrants | — | — | 14 | 14 | ||||||||||||
Short-term securities | 130,577 | — | — | 130,577 | ||||||||||||
Total | $ | 130,682 | $ | 2,006,420 | $ | 267 | $ | 2,137,369 | ||||||||
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 560 | $ | — | $ | — | $ | 560 | ||||||||
Unrealized appreciation on open forward currency contracts | — | 742 | — | 742 | ||||||||||||
Unrealized appreciation on interest rate swaps | — | 555 | — | 555 | ||||||||||||
Unrealized appreciation on credit default swaps | — | 519 | — | 519 | ||||||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (436 | ) | — | — | (436 | ) | ||||||||||
Unrealized depreciation on open forward currency contracts | — | (1,979 | ) | — | (1,979 | ) | ||||||||||
Unrealized depreciation on interest rate swaps | — | (502 | ) | — | (502 | ) | ||||||||||
Total | $ | 124 | $ | (665 | ) | $ | — | $ | (541 | ) |
* | Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the investment portfolio. |
American Funds Insurance Series | 131 |
High-Income Bond Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Bonds, notes & other debt instruments: | ||||||||||||||||
Corporate bonds & notes | $ | — | $ | 715,908 | $ | 7,712 | $ | 723,620 | ||||||||
Bonds & notes of governments & government agencies outside the U.S. | — | 194 | — | 194 | ||||||||||||
Municipals | — | 5 | — | 5 | ||||||||||||
Convertible bonds & notes | — | 4,927 | — | 4,927 | ||||||||||||
Convertible stocks | 2,923 | 420 | 549 | 3,892 | ||||||||||||
Preferred securities | — | 1,789 | — | 1,789 | ||||||||||||
Common stocks | 2,872 | — | 11,922 | 14,794 | ||||||||||||
Rights & warrants | — | 3 | 144 | 147 | ||||||||||||
Short-term securities | 37,969 | — | — | 37,969 | ||||||||||||
Total | $ | 43,764 | $ | 723,246 | $ | 20,327 | $ | 787,337 | ||||||||
Other investments1 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on credit default swaps | $ | — | $ | 319 | $ | — | $ | 319 |
1 | 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, 2020 (dollars in thousands):
Beginning value at 1/1/2020 | Transfers into Level 32 | Purchases | Sales | Net realized loss3 | Unrealized depreciation3 | Transfers out of Level 32 | Ending value at 6/30/2020 | |||||||||||||||||||||||||
Investment securities | $ | 19,675 | $ | 2,956 | $ | 1,962 | $ | (567 | ) | $ | (207 | ) | $ | (121 | ) | $ | (3,371 | ) | $ | 20,327 | ||||||||||||
Net unrealized appreciation during the period on Level 3 investment securities held at June 30, 2020 | $ | 34 |
2 | Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. |
3 | Net realized loss and unrealized depreciation are included in the related amounts on investments in the statement of operations. |
132 | American Funds Insurance Series |
Unobservable inputs — Valuation of the fund’s Level 3 securities is based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund’s investment adviser to fair value the fund’s Level 3 securities (dollars in thousands):
Value at 6/30/2020 | Valuation techniques | Unobservable inputs | Range (if applicable) | Weighted average | Impact to valuation from an increase in input* | ||||||||
Bonds, notes & other debt instruments | $ per acre | $2.7K | $2.7K | Increase | |||||||||
Market Comparables | $ per thousand Boe per day | $12.5K | $12.5K | Increase | |||||||||
Enterprise value/EBITDA multiple | 2.0x - 4.0x | 3.0x | Increase | ||||||||||
Risk discount | 0.0% | 0.0% | Decrease | ||||||||||
$ | 7,712 | Recent market information | N/A | N/A | N/A | N/A | |||||||
Estimated recovery value | N/A | N/A | N/A | N/A | |||||||||
Yield analysis | Yield to maturity risk premium | 200 bps | 200 bps | Decrease | |||||||||
Convertible stocks | 549 | Enterprise value multiple | Enterprise value/EBITDA less CapEx multiple | 10.0x | 10.0x | Increase | |||||||
Estimated recovery value | N/A | N/A | N/A | N/A | |||||||||
Enterprise value/EBITDA multiple | 7.1x -7.3x | 7.2x | Increase | ||||||||||
Market comparables | DLOM | 21% | 21% | Decrease | |||||||||
Common stocks | 11,922 | Risk discount | 0.0% | 0.0% | Decrease | ||||||||
Enterprise value multiple | Enterprise value/EBITDA less CapEx multiple | 10.2x | 10.2x | Increase | |||||||||
Recent market information | N/A | N/A | N/A | N/A | |||||||||
Rights & warrants | Black-Scholes | Implied volatility | 30% | 30% | Increase | ||||||||
144 | Underlying share price | N/A | N/A | Na | |||||||||
Recent market information | N/A | N/A | N/A | N/A | |||||||||
$ | 20,327 |
* | This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements. |
Key to abbreviations
Boe = Barrels of oil equivalent
DLOM = Discount for lack of marketability
EBITDA = Earnings before income taxes, depreciation and amortization
American Funds Insurance Series | 133 |
American Funds Mortgage Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Bonds, notes & other debt instruments: | ||||||||||||||||
Mortgage-backed obligations | $ | — | $ | 263,450 | $ | — | $ | 263,450 | ||||||||
U.S. Treasury bonds & notes | — | 11,667 | — | 11,667 | ||||||||||||
Asset-backed obligations | — | 2,561 | — | 2,561 | ||||||||||||
Short-term securities | — | 135,170 | — | 135,170 | ||||||||||||
Total | $ | — | $ | 412,848 | $ | — | $ | 412,848 | ||||||||
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 108 | $ | — | $ | — | $ | 108 | ||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (74 | ) | — | — | (74 | ) | ||||||||||
Unrealized depreciation on interest rate swaps | — | (5,967 | ) | — | (5,967 | ) | ||||||||||
Total | $ | 34 | $ | (5,967 | ) | $ | — | $ | (5,933 | ) | ||||||
* | Futures contracts and interest rate swaps are not included in the investment portfolio. |
Ultra-Short Bond Fund
At June 30, 2020, all of the fund’s investment securities were classified as Level 2.
U.S. Government/AAA-Rated Securities Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Bonds, notes & other debt instruments: | ||||||||||||||||
Mortgage-backed obligations | $ | — | $ | 1,130,698 | $ | — | $ | 1,130,698 | ||||||||
Federal agency bonds & notes | — | 373,838 | — | 373,838 | ||||||||||||
U.S. Treasury bonds & notes | — | 333,750 | — | 333,750 | ||||||||||||
Short-term securities | — | 837,023 | — | 837,023 | ||||||||||||
Total | $ | — | $ | 2,675,309 | $ | — | $ | 2,675,309 | ||||||||
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 2,176 | $ | — | $ | — | $ | 2,176 | ||||||||
Unrealized appreciation on interest rate swaps | — | 19,148 | — | 19,148 | ||||||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (1,957 | ) | — | — | (1,957 | ) | ||||||||||
Unrealized depreciation on interest rate swaps | — | (70,841 | ) | — | (70,841 | ) | ||||||||||
Total | $ | 219 | $ | (51,693 | ) | $ | — | $ | (51,474 | ) |
* | Futures contracts and interest rate swaps are not included in the investment portfolio. |
Managed Risk Growth Fund
At June 30, 2020, all of the fund’s investments were classified as Level 1.
Managed Risk International Fund
At June 30, 2020, all of the fund’s investments were classified as Level 1.
Managed Risk Blue Chip Income and Growth Fund
At June 30, 2020, all of the fund’s investments were classified as Level 1.
134 | American Funds Insurance Series |
Managed Risk Growth-Income Fund
At June 30, 2020, all of the fund’s investments were classified as Level 1.
Managed Risk Asset Allocation Fund
At June 30, 2020, all of the fund’s investments were classified as Level 1.
4. Risk factors
Investing in the funds may involve certain risks including, but not limited to, those described below.
Market conditions — The prices of, and the income generated by, the common stocks, bonds and other securities held by a fund may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.
Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region 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 related to the issuer, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.
Investing in stocks — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of a fund may be subject to sharp declines in value. Income provided by a fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the fund invests. 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 or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.
Investing in developing countries — Investing in countries with developing economies and/or markets may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, emerging market countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. Securities markets in these countries can also be relatively small and have substantially lower trading
American Funds Insurance Series | 135 |
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 the fund’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.
Investing in emerging markets — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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 changing interest rates and by changes in the effective maturities and credit ratings of these securities.
Rising interest rates will generally cause the prices of bonds and other debt securities to fall. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from a fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in a fund failing to recoup the full amount of its initial investment and having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.
Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. A downgrade or default affecting any of a fund’s securities could cause the value of a fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which a fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund’s investment adviser relies on its own credit analysts to research issuers and issues in seeking to assess credit and default risks.
Investing in lower rated debt instruments — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.
Investing in derivatives — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may expose a fund to losses in excess of its initial investment. Derivatives may be difficult to value, difficult for a fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce a fund’s returns and increase a fund’s price volatility. A fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result additional losses.
Currency — The prices of, and the income generated by, most debt securities held by a fund may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of a fund’s securities denominated in such currencies would generally fall and vice versa. U.S. dollar-denominated securities of foreign issuers may also be affected by changes in relative currency values.
136 | American Funds Insurance Series |
Investing in mortgage-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities. 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 may 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 government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.
Investing in repurchase agreements — Upon entering into a repurchase agreement, a fund purchases a security from a bank or broker-dealer, which simultaneously commits to repurchase the security within a specified time at the fund’s cost with interest. The security purchased by the fund constitutes collateral for the seller’s repurchase obligation. If the party agreeing to repurchase should default, the fund may seek to sell the security it holds as collateral. The fund may incur a loss if the value of the collateral securing the repurchase obligation falls below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.
Interest rate risk — The values and liquidity of the securities held by a fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. A fund may invest in variable and floating rate securities. When a fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of a fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, a fund may not be able to maintain a positive yield and, given the current low interest rate environment, risks associated with rising rates are currently heightened.
Credit and liquidity support — Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by a fund could cause the values of these securities to decline.
American Funds Insurance Series | 137 |
Asset allocation — A fund’s percentage allocation to equity securities, debt securities and money market instruments could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives.
Nondiversification risk— As nondiversified funds, certain funds have the ability to invest a larger percentage of their assets in the securities of a smaller number of issuers than diversified funds. Although the funds do not intend to limit their investments to the securities of a small number of issuers, if they were to do so, poor performance by a single large holding could adversely impact the funds’ investment results more than if the funds were invested in a larger number of issuers.
Liquidity risk — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs or may be forced to sell at a loss.
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.
Investing in options and futures contracts — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which a fund transacts. Additionally, although futures require only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a futures contract could greatly exceed the initial amount invested. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, a fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If a fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of a fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund’s investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, a fund could be exposed to the risk of loss. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.
138 | American Funds Insurance Series |
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 — Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time.
5. Certain investment techniques
Securities lending — Some of the funds have entered into securities lending transactions in which the funds earn income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.
Securities lending transactions are entered into by the fund under the securities lending agreement with the lending agent. The lending agent facilitates the exchange of securities between the lender and the borrower, generally provides protection from borrower default, marks to market the value of collateral daily, secures additional collateral from the borrower if it falls below preset terms, and may reinvest the collateral on behalf of the fund according to agreed parameters. The lending agent has indemnified the fund against losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if the borrower fails to return the securities, collateral investments decline in value or the lending agent fails to perform.
The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund’s investment portfolio. The same amount is recorded as a liability in the fund’s statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote on proposals affecting them. The borrower is obligated to return the loaned security at the conclusion of the loan or, during the pendency of the loan, on demand from the fund.
American Funds Insurance Series | 139 |
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 type | ||||||||||||||||
Fund | Values of securities on loan | Cash | U.S. government securities | Value of investment securities purchased | ||||||||||||
Global Growth Fund | $ | 25,635 | $ | 26,917 | $ | — | $ | 24,225 | ||||||||
Global Small Capitalization Fund | 69,706 | 67,795 | 6,705 | 61,016 | ||||||||||||
International Fund | 11,451 | 12,030 | — | * | 10,827 | |||||||||||
New World Fund | 8,556 | 8,979 | — | 8,081 | ||||||||||||
Capital Income Builder | 3,593 | 3,773 | — | 3,396 | ||||||||||||
Asset Allocation Fund | 47,984 | 50,338 | — | 45,305 |
* | Amount less than one thousand. |
Investment securities purchased from cash collateral are disclosed in the summary 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.
Unfunded commitments — Asset Allocation Fund and High-Income Bond Fund 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, 2020, the maximum exposure from these unfunded commitments for Asset Allocation Fund and High-Income Bond Fund was $3,705,000 and $4,038,000, respectively, which would represent 0.01% and 0.51%, respectively, of the net assets of each fund should such commitments become due.
Options contracts — The Managed Risk Growth-Income Fund has 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 its managed risk strategy, the Managed Risk Growth-Income Fund will at times purchase put options on equity indexes in standardized contracts traded on foreign or domestic securities exchanges, boards of trade, or similar entities. By purchasing a put option on an equity index, the fund obtains the right (but not the obligation) to sell the cash value of the index underlying the option at a specified exercise price, and in return for this right, the fund pays the current market price, or the option premium, for the option.
The fund may terminate its position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the fund will lose the entire premium. If the option is exercised, the fund completes the sale of the underlying instrument (or delivers the cash value of the index underlying the option) at the exercise price. The fund may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.
140 | American Funds Insurance Series |
Premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities in the fund’s statement of assets and liabilities. Realized gains or losses are recorded at the time the option contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from options contracts are recorded in the fund’s statement of operations.
Futures contracts — Some of the funds have entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund’s interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. For the managed risk funds, futures contracts are used to strategically manage portfolio volatility and downside equity risk.
Upon entering into futures contracts, and to maintain the fund’s open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant (“FCM”), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.
On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in each fund’s statement of assets and liabilities. In addition, each fund segregates liquid assets equivalent to the fund’s outstanding obligations under the contract in excess of the initial margin and variation margin, if any. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund’s statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund’s statement of operations.
Forward currency contracts — Some of the funds have entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The series’ investment adviser uses forward currency contracts to manage the fund’s exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates.
On a daily basis, the series’ investment adviser values forward currency contracts based on the applicable exchange rates and records unrealized appreciation or depreciation for open forward currency contracts in each fund’s statement of assets and liabilities. Realized gains or losses are recorded at the time the forward contract is closed or offset by another contract with the same broker for the same settlement date and currency. Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in each fund’s statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in each fund’s statement of operations.
Interest rate swaps — Some of the funds have entered into interest rate swaps, which are agreements to exchange one stream of future interest payments for another based on a specified notional amount. Typically, interest rate swaps exchange a fixed interest rate for a payment that floats relative to a benchmark or vice versa. The series’ investment adviser uses interest rate swaps to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. Risks may arise as a result of the series’ investment adviser incorrectly anticipating changes in interest rates, increased volatility, reduced liquidity and the potential inability of counterparties to meet the terms of their agreements.
Upon entering into an interest rate swap contract, the fund is required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular interest rate swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.
On a daily basis, the series’ investment adviser records daily interest accruals related to the exchange of future payments as a receivable and payable in each fund’s statement of assets and liabilities. Each fund also pays or receives a variation margin based on the increase or decrease in the value of the interest rate swaps, including accrued interest, and records variation margin on interest rate swaps in each fund’s statement of assets and liabilities. Each fund records realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the interest rate swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from interest rate swaps are recorded in each fund’s statement of operations.
American Funds Insurance Series | 141 |
Credit default swap indices — Some of the funds have entered into centrally cleared credit default swap agreements on credit indices (“CDSI”) that involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified return upon the occurrence of a credit event, such as a default or restructuring, with respect to any of the underlying issuers (reference obligations) in the referenced index. The series’ investment adviser uses credit default swaps to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks.
CDSI are portfolios of credit instruments or exposures designed to be representative of some part of the credit market, such as the high-yield or investment-grade credit market. CDSI are generally traded using standardized terms, including a fixed spread and standard maturity dates, and reference all the names in the index. If there is a credit event, it is settled based on that name’s weight in the index. The composition of the underlying issuers or obligations within a particular index may change periodically, usually every six months. A specified credit event may affect all or individual underlying reference obligations included in the index, and will be settled based upon the relative weighting of the affected obligation(s) within the index. The value of each CDSI can be used as a measure of the current payment/performance risk of the CDSI and represents the likelihood of an expected liability or profit should the notional amount of the CDSI be closed or sold as of the period end. An increasing value, as compared to the notional amount of the CDSI, represents a deterioration of the referenced indices’ credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. When a fund provides sell protection, its maximum exposure is the notional amount of the credit default swap agreement.
Upon entering into a centrally cleared CDSI contract, the fund is required to deposit with a derivatives clearing member (“DCM”) in a segregated account in the name of the DCM an amount of cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular credit default swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract. Securities deposited as initial margin are designated on the investment portfolio.
On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in each fund’s statement of assets and liabilities. Each fund also pays or receives a variation margin based on the increase or decrease in the value of the centrally cleared swaps, and records variation margin in each fund’s statement of assets and liabilities. Each fund records realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from credit default swaps are recorded in each fund’s statement of operations.
The following table presents the average month-end notional amounts of options contracts purchased, futures contracts, forward currency contracts, interest rate swaps and credit default swaps while held for each fund (dollars in thousands):
Options contracts purchased | Futures contracts | Forward currency contracts | Interest rate swaps | Credit default swaps | |||||||
International Fund | Not applicable | Not applicable | $66,613 | * | Not applicable | Not applicable | |||||
New World Fund | Not applicable | $1,500 | 8,630 | Not applicable | Not applicable | ||||||
Global Growth and Income Fund | Not applicable | Not applicable | 7,019 | Not applicable | Not applicable | ||||||
International Growth and Income Fund | Not applicable | Not applicable | 1,782 | * | Not applicable | Not applicable | |||||
Capital Income Builder | Not applicable | 89,483 | 744 | $180,215 | $3,498 | ||||||
Asset Allocation Fund | Not applicable | 1,944,475 | Not applicable | 354,805 | * | 101,240 | |||||
Global Balanced Fund | Not applicable | 7,592 | 26,310 | 8,915 | Not applicable | ||||||
Bond Fund | Not applicable | 4,105,464 | 603,989 | 900,759 | 178,200 | * | |||||
Capital World Bond Fund | Not applicable | 267,583 | 746,695 | 179,345 | 123,637 | ||||||
High-Income Bond Fund | Not applicable | 65,117 | * | Not applicable | Not applicable | 52,956 | |||||
American Funds Mortgage Fund | Not applicable | 138,142 | Not applicable | 567,228 | Not applicable | ||||||
U.S. Government/AAA-Rated Securities Fund | Not applicable | 2,252,820 | Not applicable | 8,224,363 | Not applicable | ||||||
Managed Risk Growth Fund | Not applicable | 116,162 | Not applicable | Not applicable | Not applicable | ||||||
Managed Risk International Fund | Not applicable | 532,070 | Not applicable | Not applicable | Not applicable | ||||||
Managed Risk Blue Chip Income and Growth Fund | Not applicable | 75,332 | Not applicable | Not applicable | Not applicable | ||||||
Managed Risk Growth-Income Fund | $25,963 | 564,546 | Not applicable | Not applicable | Not applicable | ||||||
Managed Risk Asset Allocation Fund | Not applicable | 557,511 | 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. |
142 | American Funds Insurance Series |
The following tables identify the location and fair value amounts on the funds’ statements of assets and liabilities and the effect on the funds’ statements of operations resulting from the funds’ use of options, futures contracts, forward currency contracts, interest rate swaps and/or credit default swaps as of, or for the six months ended June 30, 2020 (dollars in thousands):
International Fund
Net realized gain | Net unrealized appreciation | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Forward currency | Currency | Net realized gain on forward currency contracts | $ | 182 | Net unrealized appreciation on forward currency contracts | $ | 131 | |||||||
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 | $ | 73 | Unrealized depreciation1 | $ | — | |||||||
Forward currency | Currency | Unrealized appreciation on open forward currency contracts | 10 | Unrealized depreciation on open forward currency contracts | 4 | |||||||||
$ | 83 | $ | 4 | |||||||||||
Net realized loss | Net unrealized appreciation | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Interest | Net realized gain on futures contracts | $ | — | Net unrealized appreciation on futures contracts | $ | 73 | |||||||
Forward currency | Currency | Net realized loss on forward currency contracts | (23 | ) | Net unrealized appreciation on forward currency contracts | 6 | ||||||||
$ | (23 | ) | $ | 79 | ||||||||||
Global Growth and Income Fund | ||||||||||||||
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Forward currency | Currency | Unrealized appreciation on open forward currency contracts | $ | — | Unrealized depreciation on open forward currency contracts | $ | 27 | |||||||
Net realized gain | Net unrealized appreciation | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Forward currency | Currency | Net realized gain on forward currency contracts | $ | 25 | Net unrealized appreciation on forward currency contracts | $ | 110 |
See end of tables for footnotes.
American Funds Insurance Series | 143 |
International Growth and Income Fund
Net realized gain | Net unrealized appreciation | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Forward currency | Currency | Net realized gain on forward currency contracts | $ | 18 | Net unrealized appreciation on forward currency contracts | $ | 12 | |||||||
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 | $ | 163 | Unrealized depreciation1 | $ | 70 | |||||||
Forward currency | Currency | Unrealized appreciation on open forward currency contracts | — | Unrealized depreciation on open forward currency contracts | 4 | |||||||||
Swap | Interest | Unrealized appreciation1 | 81 | Unrealized depreciation1 | 29 | |||||||||
Swap | Credit | Unrealized appreciation1 | 227 | Unrealized depreciation1 | — | |||||||||
$ | 471 | $ | 103 | |||||||||||
Net realized gain | 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 | $ | 3,729 | Net unrealized appreciation on futures contracts | $ | 424 | |||||||
Forward currency | Currency | Net realized gain on forward currency contracts | 24 | Net unrealized depreciation on forward currency contracts | (4 | ) | ||||||||
Swap | Interest | Net realized gain on swap contracts | 2,303 | Net unrealized depreciation on swap contracts | (777 | ) | ||||||||
Swap | Credit | Net realized gain on swap contracts | 20 | Net unrealized appreciation on swap contracts | 227 | |||||||||
$ | 6,076 | $ | (130 | ) | ||||||||||
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 | $ | 1,474 | Unrealized depreciation1 | $ | 726 | |||||||
Swap | Credit | Unrealized appreciation1 | — | 2 | Unrealized depreciation1 | — | ||||||||
$ | 1,474 | $ | 726 | |||||||||||
Net realized gain (loss) | Net unrealized appreciation | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Interest | Net realized gain on futures contracts | $ | 36,972 | Net unrealized appreciation on futures contracts | $ | 3,710 | |||||||
Swap | Interest | Net realized loss on swap contracts | (13,562 | ) | Net unrealized appreciation on swap contracts | 3,812 | ||||||||
Swap | Credit | Net realized gain on swap contracts | 2,724 | Net unrealized appreciation on swap contracts | — | 2 | ||||||||
$ | 26,134 | $ | 7,522 |
144 | American Funds Insurance Series |
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 | $ | 6 | Unrealized depreciation1 | $ | 5 | |||||||
Forward currency | Currency | Unrealized appreciation on open forward currency contracts | 108 | Unrealized depreciation on open forward currency contracts | 165 | |||||||||
Forward currency | Currency | Receivables for closed forward currency contracts | 47 | Payables for closed forward currency contracts | — | |||||||||
Swap | Interest | Unrealized appreciation1 | 41 | Unrealized depreciation1 | 139 | |||||||||
$ | 202 | $ | 309 | |||||||||||
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 | $ | 449 | Net unrealized appreciation on futures contracts | $ | 17 | |||||||
Forward currency | Currency | Net realized gain on forward currency contracts | 398 | Net unrealized appreciation on forward currency contracts | 42 | |||||||||
Swap | Interest | Net realized loss on swap contracts | (24 | ) | Net unrealized depreciation on swap contracts | (96 | ) | |||||||
$ | 823 | $ | (37 | ) | ||||||||||
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 | $ | 8,061 | Unrealized depreciation1 | $ | 6,831 | |||||||
Forward currency | Currency | Unrealized appreciation on open forward currency contracts | 2,979 | Unrealized depreciation on open forward currency contracts | 1,252 | |||||||||
Swap | Interest | Unrealized appreciation1 | 1,663 | Unrealized depreciation1 | 32,402 | |||||||||
$ | 12,703 | $ | 40,485 | |||||||||||
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 | $ | 85,319 | Net unrealized appreciation on futures contracts | $ | 5,309 | |||||||
Forward currency | Currency | Net realized loss on forward currency contracts | (6,097 | ) | Net unrealized appreciation on forward currency contracts | 2,917 | ||||||||
Swap | Interest | Net realized loss on swap contracts | (18,656 | ) | Net unrealized depreciation on swap contracts | (24,633 | ) | |||||||
Swap | Credit | Net realized gain on swap contracts | 25,217 | Net unrealized appreciation on swap contracts | — | |||||||||
$ | 85,783 | $ | (16,407 | ) |
See end of tables for footnotes.
American Funds Insurance Series | 145 |
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 | $ | 560 | Unrealized depreciation1 | $ | 436 | |||||||
Forward currency | Currency | Unrealized appreciation on open forward currency contracts | 742 | Unrealized depreciation on open forward currency contracts | 1,979 | |||||||||
Forward currency | Currency | Receivables for closed forward currency contracts | 5,787 | Payables for closed forward currency contracts | 1,089 | |||||||||
Swap | Interest | Unrealized appreciation1 | 555 | Unrealized depreciation1 | 502 | |||||||||
Swap | Credit | Unrealized appreciation1 | 519 | Unrealized depreciation1 | — | |||||||||
$ | 8,163 | $ | 4,006 | |||||||||||
Net realized (loss) gain | Net unrealized appreciation (depreciation) | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Interest | Net realized loss on futures contracts | $ | (1,040 | ) | Net unrealized appreciation on futures contracts | $ | 929 | ||||||
Forward currency | Currency | Net realized gain on forward currency contracts | 8,589 | Net unrealized appreciation on forward currency contracts | 973 | |||||||||
Swap | Interest | Net realized loss on swap contracts | (2,885 | ) | Net unrealized appreciation on swap contracts | 592 | ||||||||
Swap | Credit | Net realized loss on swap contracts | (835 | ) | Net unrealized depreciation on swap contracts | (212 | ) | |||||||
$ | 3,829 | $ | 2,282 | |||||||||||
High-Income Bond Fund | ||||||||||||||
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Swap | Credit | Unrealized appreciation1 | $ | 319 | Unrealized depreciation1 | $ | — | |||||||
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 | $ | (144 | ) | Net unrealized depreciation on futures contracts | $ | (159 | ) | |||||
Swap | Interest | Net realized gain on swap contracts | 1 | Net unrealized appreciation on swap contracts | — | |||||||||
Swap | Credit | Net realized gain on swap contracts | 4,676 | Net unrealized appreciation on swap contracts | 1,897 | |||||||||
$ | 4,533 | $ | 1,738 |
146 | 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 | $ | 108 | Unrealized depreciation1 | $ | 74 | |||||||
Swap | Interest | Unrealized appreciation1 | — | Unrealized depreciation1 | 5,967 | |||||||||
$ | 108 | $ | 6,041 | |||||||||||
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 | $ | 8,464 | Net unrealized appreciation on futures contracts | $ | 780 | |||||||
Swap | Interest | Net realized loss on swap contracts | (2,463 | ) | Net unrealized depreciation on swap contracts | (3,135 | ) | |||||||
$ | 6,001 | $ | (2,355 | ) | ||||||||||
U.S. Government/AAA-Rated Securities Fund | ||||||||||||||
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Futures | Interest | Unrealized appreciation1 | $ | 2,176 | Unrealized depreciation1 | $ | 1,957 | |||||||
Swap | Interest | Unrealized appreciation1 | 19,148 | Unrealized depreciation1 | 70,841 | |||||||||
$ | 21,324 | $ | 72,798 | |||||||||||
Net realized gain | 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 | $ | 87,073 | Net unrealized appreciation on futures contracts | $ | 8,167 | |||||||
Swap | Interest | Net realized gain on swap contracts | 15,421 | Net unrealized depreciation on swap contracts | (31,391 | ) | ||||||||
$ | 102,494 | $ | (23,224 | ) |
See end of tables for footnotes.
American Funds Insurance Series | 147 |
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 | |||||||||
Futures | Currency | Unrealized appreciation1 | $ | 197 | Unrealized depreciation1 | $ | — | |||||||
Futures | Equity | Unrealized appreciation1 | 48 | Unrealized depreciation1 | 1,514 | |||||||||
Futures | Interest | Unrealized appreciation1 | 521 | Unrealized depreciation1 | — | |||||||||
$ | 766 | $ | 1,514 | |||||||||||
Net realized gain (loss) | Net unrealized appreciation (depreciation) | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Currency | Net realized gain on futures contracts | $ | 186 | Net unrealized appreciation on futures contracts | $ | 197 | |||||||
Futures | Equity | Net realized loss on futures contracts | (13,472 | ) | Net unrealized depreciation on futures contracts | (1,466 | ) | |||||||
Futures | Interest | Net realized gain on futures contracts | 5,514 | Net unrealized appreciation on futures contracts | 582 | |||||||||
$ | (7,772 | ) | $ | (687 | ) | |||||||||
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 | |||||||||
Futures | Currency | Unrealized appreciation1 | $ | 335 | Unrealized depreciation1 | $ | — | |||||||
Futures | Equity | Unrealized appreciation1 | 195 | Unrealized depreciation1 | 553 | |||||||||
Futures | Interest | Unrealized appreciation1 | 169 | Unrealized depreciation1 | — | |||||||||
$ | 699 | $ | 553 | |||||||||||
Net realized gain (loss) | Net unrealized appreciation (depreciation) | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Currency | Net realized gain on futures contracts | $ | 86 | Net unrealized appreciation on futures contracts | $ | 335 | |||||||
Futures | Equity | Net realized loss on futures contracts | (8,257 | ) | Net unrealized depreciation on futures contracts | (358 | ) | |||||||
Futures | Interest | Net realized gain on futures contracts | 1,009 | Net unrealized appreciation on futures contracts | 199 | |||||||||
$ | (7,162 | ) | $ | 176 |
148 | American Funds Insurance Series |
Managed Risk Blue Chip Income and Growth Fund
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Futures | Currency | Unrealized appreciation1 | $ | 35 | Unrealized depreciation1 | $ | — | |||||||
Futures | Equity | Unrealized appreciation1 | 25 | Unrealized depreciation1 | 1,189 | |||||||||
Futures | Interest | Unrealized appreciation1 | 358 | Unrealized depreciation1 | — | |||||||||
$ | 418 | $ | 1,189 | |||||||||||
Net realized gain (loss) | Net unrealized appreciation (depreciation) | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Currency | Net realized gain on futures contracts | $ | 56 | Net unrealized appreciation on futures contracts | $ | 35 | |||||||
Futures | Equity | Net realized loss on futures contracts | (13,739 | ) | Net unrealized depreciation on futures contracts | (1,164 | ) | |||||||
Futures | Interest | Net realized gain on futures contracts | 3,564 | Net unrealized appreciation on futures contracts | 410 | |||||||||
$ | (10,119 | ) | $ | (719 | ) | |||||||||
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 of unaffiliated issuers3 | $ | 20,156 | Investment securities of unaffiliated issuers3 | $ | — | |||||||
Futures | Currency | Unrealized appreciation1 | 883 | Unrealized depreciation1 | — | |||||||||
Futures | Equity | Unrealized appreciation1 | 135 | Unrealized depreciation1 | 1,445 | |||||||||
Futures | Interest | Unrealized appreciation1 | 1,869 | Unrealized depreciation1 | — | |||||||||
$ | 23,043 | $ | 1,445 | |||||||||||
Net realized (loss) gain | Net unrealized appreciation (depreciation) | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Options purchased | Equity | Net realized loss on options purchased contracts4 | $ | (9,526 | ) | Net unrealized appreciation on options purchased contracts5 | $ | 15,786 | ||||||
Futures | Currency | Net realized gain on futures contracts | 1,772 | Net unrealized appreciation on futures contracts | 883 | |||||||||
Futures | Equity | Net realized gain on futures contracts | 16,550 | Net unrealized depreciation on futures contracts | (2,355 | ) | ||||||||
Futures | Interest | Net realized gain on futures contracts | 23,943 | Net unrealized appreciation on futures contracts | 2,244 | |||||||||
$ | 32,739 | $ | 16,558 |
See end of tables for footnotes.
American Funds Insurance Series | 149 |
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 | |||||||||
Futures | Currency | Unrealized appreciation1 | $ | 476 | Unrealized depreciation1 | $ | — | |||||||
Futures | Equity | Unrealized appreciation1 | 90 | Unrealized depreciation1 | 6,442 | |||||||||
Futures | Interest | Unrealized appreciation1 | 1,825 | Unrealized depreciation1 | — | |||||||||
$ | 2,391 | $ | 6,442 | |||||||||||
Net realized gain (loss) | Net unrealized appreciation (depreciation) | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Currency | Net realized gain on futures contracts | $ | 1,597 | Net unrealized appreciation on futures contracts | $ | 476 | |||||||
Futures | Equity | Net realized loss on futures contracts | (59,487 | ) | Net unrealized depreciation on futures contracts | (6,352 | ) | |||||||
Futures | Interest | Net realized gain on futures contracts | 21,839 | Net unrealized appreciation on futures contracts | 2,350 | |||||||||
$ | (36,051 | ) | $ | (3,526 | ) |
1 | Includes cumulative appreciation/depreciation on futures contracts, interest rate swaps and/or credit default swaps as reported in the applicable table following each fund’s investment portfolio. Only current day’s variation margin is reported within each fund’s statement of assets and liabilities. |
2 | Amount less than one thousand. |
3 | Includes options purchased as reported in the fund’s investment portfolio. |
4 | Options purchased are included in net realized gain (loss) on unaffiliated investments. |
5 | Options purchased are included in net unrealized appreciation (depreciation) on unaffiliated investments. |
150 | American Funds Insurance Series |
Collateral — Some funds participate in a collateral program that calls for the funds to either receive or pledge highly liquid assets, such as cash or U.S. government securities, as collateral due to securities lending and/or their use of futures contracts, forward currency contracts, interest rate swaps, credit default swaps and/or future delivery contracts. For securities lending, each participating fund receives collateral in exchange for lending investment securities. The purpose of the collateral is to cover potential losses that could occur in the event that the borrower cannot meet its contractual obligation. The lending agent may reinvest collateral from securities lending transactions according to agreed parameters. For futures contracts, interest rate swaps and credit default swaps, the program calls for each participating fund to pledge collateral for initial and variation margin by contract. For forward currency contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled forward currency contracts by counterparty. For future delivery contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by each participating fund, if any, is disclosed in each fund’s investment portfolio, and cash collateral pledged by each participating fund, if any, is held in a segregated account with the fund’s custodian, which is reflected as pledged cash 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 counter-party) are settled net of each party’s payment obligation. If an early termination date occurs under these agreements following an event of default or termination event, all obligations of each party to its counterparty are settled net through a single payment in a single currency (“close-out netting”). For financial reporting purposes, the funds do not offset financial assets and financial liabilities that are subject to these master netting arrangements in the statements of assets and liabilities.
The following tables present each fund’s forward currency contracts by counterparty that are subject to master netting agreements but that are not offset in the funds’ statements of assets and liabilities. The net amount column shows the impact of offsetting on the funds’ statement of assets and liabilities as of June 30, 2020, if close-out netting was exercised (dollars in thousands):
New World Fund
Gross amounts not offset in the | ||||||||||||||||||||
Gross amounts | statement of assets and liabilities and | |||||||||||||||||||
recognized in the | subject to a master netting agreement | |||||||||||||||||||
statement of assets | Available | Non-cash | Cash | Net | ||||||||||||||||
Counterparty | and liabilities | to offset | collateral* | collateral* | amount | |||||||||||||||
Assets: | ||||||||||||||||||||
Bank of New York Mellon | $ | 10 | $ | — | $ | — | $ | — | $ | 10 | ||||||||||
Liabilities: | ||||||||||||||||||||
Standard Chartered Bank | $ | 4 | $ | — | $ | — | $ | — | $ | 4 |
Global Growth and Income Fund
Gross amounts not offset in the | ||||||||||||||||||||
Gross amounts | statement of assets and liabilities and | |||||||||||||||||||
recognized in the | subject to a master netting agreement | |||||||||||||||||||
statement of assets | Available | Non-cash | Cash | Net | ||||||||||||||||
Counterparty | and liabilities | to offset | collateral* | collateral* | amount | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Standard Chartered Bank | $ | 27 | $ | — | $ | — | $ | — | $ | 27 | ||||||||||
Capital Income Builder | ||||||||||||||||||||
Gross amounts not offset in the | ||||||||||||||||||||
Gross amounts | statement of assets and liabilities and | |||||||||||||||||||
recognized in the | subject to a master netting agreement | |||||||||||||||||||
statement of assets | Available | Non-cash | Cash | Net | ||||||||||||||||
Counterparty | and liabilities | to offset | collateral* | collateral* | amount | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Goldman Sachs | $ | 4 | $ | — | $ | — | $ | — | $ | 4 |
See end of tables for footnote.
American Funds Insurance Series | 151 |
Global Balanced Fund
Gross amounts not offset in the | ||||||||||||||||||||
Gross amounts | statement of assets and liabilities and | |||||||||||||||||||
recognized in the | subject to a master netting agreement | |||||||||||||||||||
statement of assets | Available | Non-cash | Cash | Net | ||||||||||||||||
Counterparty | and liabilities | to offset | collateral* | collateral* | amount | |||||||||||||||
Assets: | ||||||||||||||||||||
Bank of New York Mellon | $ | 4 | $ | (4 | ) | $ | — | $ | — | $ | — | |||||||||
Barclays Bank PLC | 6 | (6 | ) | — | — | — | ||||||||||||||
Citibank | 7 | (7 | ) | — | — | — | ||||||||||||||
Goldman Sachs | 39 | (2 | ) | — | — | 37 | ||||||||||||||
HSBC Bank | 6 | (6 | ) | — | — | — | ||||||||||||||
JPMorgan Chase | 75 | (13 | ) | — | — | 62 | ||||||||||||||
Standard Chartered Bank | 13 | (4 | ) | — | — | 9 | ||||||||||||||
UBS AG | 5 | (5 | ) | — | — | — | ||||||||||||||
Total | $ | 155 | $ | (47 | ) | $ | — | $ | — | $ | 108 | |||||||||
Liabilities: | ||||||||||||||||||||
Bank of America | $ | 10 | $ | — | $ | — | $ | — | $ | 10 | ||||||||||
Bank of New York Mellon | 5 | (4 | ) | — | — | 1 | ||||||||||||||
Barclays Bank PLC | 20 | (6 | ) | — | — | 14 | ||||||||||||||
Citibank | 44 | (7 | ) | — | — | 37 | ||||||||||||||
Goldman Sachs | 2 | (2 | ) | — | — | — | ||||||||||||||
HSBC Bank | 41 | (6 | ) | — | — | 35 | ||||||||||||||
JPMorgan Chase | 13 | (13 | ) | — | — | — | ||||||||||||||
Morgan Stanley | 14 | — | — | — | 14 | |||||||||||||||
Standard Chartered Bank | 4 | (4 | ) | — | — | — | ||||||||||||||
UBS AG | 12 | (5 | ) | — | — | 7 | ||||||||||||||
Total | $ | 165 | $ | (47 | ) | $ | — | $ | — | $ | 118 | |||||||||
Bond Fund | ||||||||||||||||||||
Gross amounts not offset in the | ||||||||||||||||||||
Gross amounts | statement of assets and liabilities and | |||||||||||||||||||
recognized in the | subject to a master netting agreement | |||||||||||||||||||
statement of assets | Available | Non-cash | Cash | Net | ||||||||||||||||
Counterparty | and liabilities | to offset | collateral* | collateral* | amount | |||||||||||||||
Assets: | ||||||||||||||||||||
Bank of New York Mellon | $ | 155 | $ | — | $ | (2 | ) | $ | — | $ | 153 | |||||||||
Goldman Sachs | 2,038 | — | — | (2,038 | ) | — | ||||||||||||||
Morgan Stanley | 786 | — | — | (660 | ) | 126 | ||||||||||||||
Total | $ | 2,979 | $ | — | $ | (2 | ) | $ | (2,698 | ) | $ | 279 | ||||||||
Liabilities: | ||||||||||||||||||||
Citibank | $ | 22 | $ | — | $ | — | $ | — | $ | 22 | ||||||||||
JPMorgan Chase | 338 | — | (338 | ) | — | — | ||||||||||||||
Standard Chartered Bank | 892 | — | (892 | ) | — | — | ||||||||||||||
Total | $ | 1,252 | $ | — | $ | (1,230 | ) | $ | — | $ | 22 |
152 | American Funds Insurance Series |
Capital World Bond Fund
Gross amounts not offset in the | ||||||||||||||||||||
Gross amounts | statement of assets and liabilities and | |||||||||||||||||||
recognized in the | subject to a master netting agreement | |||||||||||||||||||
statement of assets | Available | Non-cash | Cash | Net | ||||||||||||||||
Counterparty | and liabilities | to offset | collateral* | collateral* | amount | |||||||||||||||
Assets: | ||||||||||||||||||||
Bank of New York Mellon | $ | 41 | $ | (24 | ) | $ | (15 | ) | $ | — | $ | 2 | ||||||||
Citibank | 5,861 | (1,170 | ) | — | (4,561 | ) | 130 | |||||||||||||
Goldman Sachs | 19 | — | — | (19 | ) | — | ||||||||||||||
JPMorgan Chase | 228 | (228 | ) | — | — | — | ||||||||||||||
Standard Chartered Bank | 165 | (122 | ) | — | — | 43 | ||||||||||||||
UBS AG | 215 | (211 | ) | (4 | ) | — | — | |||||||||||||
Total | $ | 6,529 | $ | (1,755 | ) | $ | (19 | ) | $ | (4,580 | ) | $ | 175 | |||||||
Liabilities: | ||||||||||||||||||||
Bank of America | $ | 63 | $ | — | $ | — | $ | — | $ | 63 | ||||||||||
Bank of New York Mellon | 24 | (24 | ) | — | — | — | ||||||||||||||
Barclays Bank PLC | 1 | — | — | — | 1 | |||||||||||||||
Citibank | 1,170 | (1,170 | ) | — | — | — | ||||||||||||||
JPMorgan Chase | 1,477 | (228 | ) | (1,249 | ) | — | — | |||||||||||||
Standard Chartered Bank | 122 | (122 | ) | — | — | — | ||||||||||||||
UBS AG | 211 | (211 | ) | — | — | — | ||||||||||||||
Total | $ | 3,068 | $ | (1,755 | ) | $ | (1,249 | ) | $ | — | $ | 64 |
* | Collateral is shown on a settlement basis. |
6. Taxation and distributions
Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.
As of and during the period ended June 30, 2020, 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 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 generally three years after the date of filing but can be extended in certain jurisdictions.
Non-U.S. taxation — Dividend and interest income, if any, are recorded net of non-U.S. taxes paid. The funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the funds filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. Gains realized by the funds on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. If applicable, the funds record an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.
American Funds Insurance Series | 153 |
Distributions — Distributions paid to shareholders are based on each fund’s net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; deferred expenses; cost of investments sold; paydowns on fixed-income securities; net capital losses; non-U.S. taxes on capital gains; amortization of premiums and discounts and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.
Additional tax basis disclosures for each fund are as follows (dollars in thousands):
Global Growth Fund | Global Small Capitalization Fund | Growth Fund | International Fund | New World Fund | Blue Chip Income and Growth Fund | |||||||||||||||||||
As of December 31, 2019: | ||||||||||||||||||||||||
Undistributed ordinary income | $ | 13,148 | $ | 11,186 | $ | 76,916 | $ | 19,253 | $ | 25,462 | $ | 37,136 | ||||||||||||
Undistributed long-term capital gains | 194,055 | 273,289 | 738,170 | — | 16,027 | 104,256 | ||||||||||||||||||
Capital loss carryforward* | — | — | — | (149,822 | ) | — | — | |||||||||||||||||
As of June 30, 2020: | ||||||||||||||||||||||||
Gross unrealized appreciation on investments | 3,290,168 | 1,403,687 | 15,459,590 | 2,184,656 | 849,823 | 2,142,014 | ||||||||||||||||||
Gross unrealized depreciation on investments | (231,687 | ) | (234,502 | ) | (660,874 | ) | (661,590 | ) | (68,144 | ) | (795,155 | ) | ||||||||||||
Net unrealized appreciation (depreciation) on investments | 3,058,481 | 1,169,185 | 14,798,716 | 1,523,066 | 781,679 | 1,346,859 | ||||||||||||||||||
Cost of investments | 3,742,442 | 3,265,498 | 15,411,380 | 7,386,761 | 2,665,024 | 7,070,500 | ||||||||||||||||||
Global Growth and Income Fund | Growth- Income Fund | International Growth and Income Fund | Capital Income Builder | Asset Allocation Fund | Global Balanced Fund | |||||||||||||||||||
As of December 31, 2019: | ||||||||||||||||||||||||
Undistributed ordinary income | $ | 6,550 | $ | 238,333 | $ | 3,236 | $ | 1,926 | $ | 118,751 | $ | 17 | ||||||||||||
Undistributed long-term capital gains | 51,450 | 820,299 | — | — | 123,690 | 1,437 | ||||||||||||||||||
Capital loss carryforward* | — | — | (35,828 | ) | (19,754 | ) | — | — | ||||||||||||||||
As of June 30, 2020: | ||||||||||||||||||||||||
Gross unrealized appreciation on investments | 496,090 | 10,887,937 | 217,631 | 88,825 | 6,357,435 | 76,582 | ||||||||||||||||||
Gross unrealized depreciation on investments | (112,894 | ) | (1,490,177 | ) | (120,291 | ) | (24,589 | ) | (885,733 | ) | (13,557 | ) | ||||||||||||
Net unrealized appreciation (depreciation) on investments | 383,196 | 9,397,760 | 97,340 | 64,236 | 5,471,702 | 63,025 | ||||||||||||||||||
Cost of investments | 1,536,941 | 24,584,431 | 1,201,104 | 911,253 | 22,198,926 | 352,832 |
154 | American Funds Insurance Series |
Bond Fund | Capital World Bond Fund | High- Income Bond Fund | American Funds Mortgage Fund | Ultra-Short Bond Fund | U.S. Government/ AAA-Rated Securities Fund | |||||||||||||||||||
As of December 31, 2019: | ||||||||||||||||||||||||
Undistributed ordinary income | $ | 101,879 | $ | 31,468 | $ | 12,900 | $ | 1,209 | $ | 737 | $ | 33,112 | ||||||||||||
Undistributed long-term capital gains | 42,007 | 8,412 | — | 390 | — | 16,400 | ||||||||||||||||||
Capital loss carryforward* | — | — | (190,113 | ) | — | (1 | ) | — | ||||||||||||||||
As of June 30, 2020: | ||||||||||||||||||||||||
Gross unrealized appreciation on investments | 595,588 | 107,962 | 23,524 | 7,011 | 16 | 97,437 | ||||||||||||||||||
Gross unrealized depreciation on investments | (88,272 | ) | (49,046 | ) | (101,057 | ) | (6,240 | ) | (6 | ) | (73,407 | ) | ||||||||||||
Net unrealized appreciation (depreciation) on investments | 507,316 | 58,916 | (77,533 | ) | 771 | 10 | 24,030 | |||||||||||||||||
Cost of investments | 11,154,376 | 2,079,102 | 865,424 | 406,144 | 343,921 | 2,599,805 | ||||||||||||||||||
Managed Risk Growth Fund | Managed Risk International Fund | Managed Risk Blue Chip Income and Growth Fund | Managed Risk Growth- Income Fund | Managed Risk Asset Allocation Fund | ||||||||||||||||||||
As of December 31, 2019: | ||||||||||||||||||||||||
Undistributed ordinary income | $ | 3,505 | $ | 1,934 | $ | 5,703 | $ | 33,307 | $ | 40,690 | ||||||||||||||
Undistributed long-term capital gains | 21,766 | 1,312 | 10,865 | 118,369 | 105,973 | |||||||||||||||||||
As of June 30, 2020: | ||||||||||||||||||||||||
Gross unrealized appreciation on investments | 55,343 | — | — | 71,911 | 110,722 | |||||||||||||||||||
Gross unrealized depreciation on investments | — | (7,385 | ) | (25,977 | ) | (938 | ) | — | ||||||||||||||||
Net unrealized appreciation (depreciation) on investments | 55,343 | (7,385 | ) | (25,977 | ) | 70,973 | 110,722 | |||||||||||||||||
Cost of investments | 406,104 | 156,495 | 358,898 | 2,118,772 | 2,477,153 |
* | Capital loss carryforwards will be used to offset any capital gains realized by the funds in the current year or in subsequent years. The funds will not make distributions from capital gains while a capital loss carryforward remains. |
Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):
Global Growth Fund
Six months ended June 30, 2020 | Year ended December 31, 2019 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 5,668 | $ | 73,033 | $ | 78,701 | $ | 31,022 | $ | 121,251 | $ | 152,273 | ||||||||||||
Class 1A | 13 | 205 | 218 | 82 | 367 | 449 | ||||||||||||||||||
Class 2 | 6,888 | 109,286 | 116,174 | 40,119 | 204,481 | 244,600 | ||||||||||||||||||
Class 4 | 592 | 11,537 | 12,129 | 3,204 | 17,408 | 20,612 | ||||||||||||||||||
Total | $ | 13,161 | $ | 194,061 | $ | 207,222 | $ | 74,427 | $ | 343,507 | $ | 417,934 |
American Funds Insurance Series | 155 |
Global Small Capitalization Fund
Six months ended June 30, 2020 | Year ended December 31, 2019 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 5,414 | $ | 120,074 | $ | 125,488 | $ | 28,009 | $ | 97,912 | $ | 125,921 | ||||||||||||
Class 1A | 2 | 42 | 44 | 6 | 23 | 29 | ||||||||||||||||||
Class 2 | 5,373 | 140,495 | 145,868 | 28,406 | 119,280 | 147,686 | ||||||||||||||||||
Class 4 | 408 | 12,682 | 13,090 | 1,932 | 9,184 | 11,116 | ||||||||||||||||||
Total | $ | 11,197 | $ | 273,293 | $ | 284,490 | $ | 58,353 | $ | 226,399 | $ | 284,752 | ||||||||||||
Growth Fund | ||||||||||||||||||||||||
Six months ended June 30, 2020 | Year ended December 31, 2019 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 32,752 | $ | 285,315 | $ | 318,067 | $ | 150,838 | $ | 964,757 | $ | 1,115,595 | ||||||||||||
Class 1A | 56 | 547 | 603 | 193 | 1,290 | 1,483 | ||||||||||||||||||
Class 2 | 39,943 | 404,657 | 444,600 | 192,058 | 1,500,212 | 1,692,270 | ||||||||||||||||||
Class 3 | 560 | 5,433 | 5,993 | 2,713 | 20,442 | 23,155 | ||||||||||||||||||
Class 4 | 3,629 | 42,241 | 45,870 | 14,770 | 130,929 | 145,699 | ||||||||||||||||||
Total | $ | 76,940 | $ | 738,193 | $ | 815,133 | $ | 360,572 | $ | 2,617,630 | $ | 2,978,202 | ||||||||||||
International Fund | ||||||||||||||||||||||||
Six months ended June 30, 2020 | Year ended December 31, 2019 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 11,268 | $ | — | $ | 11,268 | $ | 85,943 | $ | 130,060 | $ | 216,003 | ||||||||||||
Class 1A | 13 | — | 13 | 95 | 141 | 236 | ||||||||||||||||||
Class 2 | 7,417 | — | 7,417 | 59,246 | 104,778 | 164,024 | ||||||||||||||||||
Class 3 | 43 | — | 43 | 354 | 637 | 991 | ||||||||||||||||||
Class 4 | 522 | — | 522 | 4,496 | 8,870 | 13,366 | ||||||||||||||||||
Total | $ | 19,263 | $ | — | $ | 19,263 | $ | 150,134 | $ | 244,486 | $ | 394,620 | ||||||||||||
New World Fund | ||||||||||||||||||||||||
Six months ended June 30, 2020 | Year ended December 31, 2019 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 14,407 | $ | 8,752 | $ | 23,159 | $ | 23,315 | $ | 71,500 | $ | 94,815 | ||||||||||||
Class 1A | 42 | 26 | 68 | 39 | 132 | 171 | ||||||||||||||||||
Class 2 | 6,569 | 4,233 | 10,802 | 8,693 | 34,958 | 43,651 | ||||||||||||||||||
Class 4 | 4,454 | 3,019 | 7,473 | 4,452 | 21,103 | 25,555 | ||||||||||||||||||
Total | $ | 25,472 | $ | 16,030 | $ | 41,502 | $ | 36,499 | $ | 127,693 | $ | 164,192 |
156 | American Funds Insurance Series |
Blue Chip Income and Growth Fund | ||||||||||||||||||||||||
Six months ended June 30, 2020 | Year ended December 31, 2019 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 22,973 | $ | 61,517 | $ | 84,490 | $ | 118,657 | $ | 410,713 | $ | 529,370 | ||||||||||||
Class 1A | 47 | 134 | 181 | 163 | 435 | 598 | ||||||||||||||||||
Class 2 | 11,675 | 34,662 | 46,337 | 60,118 | 238,793 | 298,911 | ||||||||||||||||||
Class 4 | 2,493 | 7,992 | 10,485 | 10,646 | 38,700 | 49,346 | ||||||||||||||||||
Total | $ | 37,188 | $ | 104,305 | $ | 141,493 | $ | 189,584 | $ | 688,641 | $ | 878,225 | ||||||||||||
Global Growth and Income Fund | ||||||||||||||||||||||||
Six months ended June 30, 2020 | Year ended December 31, 2019 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 2,206 | $ | 15,679 | $ | 17,885 | $ | 12,475 | $ | 27,971 | $ | 40,446 | ||||||||||||
Class 1A | 7 | 53 | 60 | 33 | 66 | 99 | ||||||||||||||||||
Class 2 | 3,948 | 32,112 | 36,060 | 24,591 | 66,794 | 91,385 | ||||||||||||||||||
Class 4 | 392 | 3,612 | 4,004 | 2,298 | 5,970 | 8,268 | ||||||||||||||||||
Total | $ | 6,553 | $ | 51,456 | $ | 58,009 | $ | 39,397 | $ | 100,801 | $ | 140,198 | ||||||||||||
Growth-Income Fund | ||||||||||||||||||||||||
Six months ended June 30, 2020 | Year ended December 31, 2019 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 144,011 | $ | 482,142 | $ | 626,153 | $ | 455,391 | $ | 1,825,184 | $ | 2,280,575 | ||||||||||||
Class 1A | 75 | 265 | 340 | 206 | 825 | 1,031 | ||||||||||||||||||
Class 2 | 85,637 | 305,445 | 391,082 | 272,097 | 1,260,360 | 1,532,457 | ||||||||||||||||||
Class 3 | 973 | 3,413 | 4,386 | 3,204 | 14,500 | 17,704 | ||||||||||||||||||
Class 4 | 7,703 | 29,072 | 36,775 | 21,474 | 103,934 | 125,408 | ||||||||||||||||||
Total | $ | 238,399 | $ | 820,337 | $ | 1,058,736 | $ | 752,372 | $ | 3,204,803 | $ | 3,957,175 | ||||||||||||
International Growth and Income Fund | ||||||||||||||||||||||||
Six months ended June 30, 2020 | Year ended December 31, 2019 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 2,681 | $ | — | $ | 2,681 | $ | 41,626 | $ | — | $ | 41,626 | ||||||||||||
Class 1A | 5 | — | 5 | 84 | — | 84 | ||||||||||||||||||
Class 2 | 399 | — | 399 | 8,726 | — | 8,726 | ||||||||||||||||||
Class 4 | 158 | — | 158 | 3,112 | — | 3,112 | ||||||||||||||||||
Total | $ | 3,243 | $ | — | $ | 3,243 | $ | 53,548 | $ | — | $ | 53,548 | ||||||||||||
Capital Income Builder | ||||||||||||||||||||||||
Six months ended June 30, 2020 | Year ended December 31, 2019 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 8,420 | $ | — | $ | 8,420 | $ | 13,476 | $ | — | $ | 13,476 | ||||||||||||
Class 1A | 78 | — | 78 | 126 | — | 126 | ||||||||||||||||||
Class 2 | 82 | — | 82 | 137 | — | 137 | ||||||||||||||||||
Class 4 | 5,699 | — | 5,699 | 10,875 | — | 10,875 | ||||||||||||||||||
Total | $ | 14,279 | $ | — | $ | 14,279 | $ | 24,614 | $ | — | $ | 24,614 |
American Funds Insurance Series | 157 |
Asset Allocation Fund | ||||||||||||||||||||||||
Six months ended June 30, 2020 | Year ended December 31, 2019 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 80,116 | $ | 79,610 | $ | 159,726 | $ | 356,589 | $ | 816,841 | $ | 1,173,430 | ||||||||||||
Class 1A | 46 | 51 | 97 | 189 | 416 | 605 | ||||||||||||||||||
Class 2 | 20,767 | 22,747 | 43,514 | 94,178 | 253,101 | 347,279 | ||||||||||||||||||
Class 3 | 133 | 141 | 274 | 608 | 1,581 | 2,189 | ||||||||||||||||||
Class 4 | 17,719 | 21,221 | 38,940 | 71,682 | 206,152 | 277,834 | ||||||||||||||||||
Total | $ | 118,781 | $ | 123,770 | $ | 242,551 | $ | 523,246 | $ | 1,278,091 | $ | 1,801,337 | ||||||||||||
Global Balanced Fund | ||||||||||||||||||||||||
Six months ended June 30, 2020 | Year ended December 31, 2019 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 6 | $ | 440 | $ | 446 | $ | 1,912 | $ | 3,479 | $ | 5,391 | ||||||||||||
Class 1A | — | * | 8 | 8 | 28 | 61 | 89 | |||||||||||||||||
Class 2 | 9 | 668 | 677 | 2,521 | 5,487 | 8,008 | ||||||||||||||||||
Class 4 | 3 | 322 | 325 | 954 | 2,492 | 3,446 | ||||||||||||||||||
Total | $ | 18 | $ | 1,438 | $ | 1,456 | $ | 5,415 | $ | 11,519 | $ | 16,934 | ||||||||||||
Bond Fund | ||||||||||||||||||||||||
Six months ended June 30, 2020 | Year ended December 31, 2019 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 62,335 | $ | 25,238 | $ | 87,573 | $ | 177,855 | $ | — | $ | 177,855 | ||||||||||||
Class 1A | 75 | 31 | 106 | 165 | — | 165 | ||||||||||||||||||
Class 2 | 34,283 | 14,478 | 48,761 | 90,796 | — | 90,796 | ||||||||||||||||||
Class 4 | 5,291 | 2,303 | 7,594 | 11,384 | — | 11,384 | ||||||||||||||||||
Total | $ | 101,984 | $ | 42,050 | $ | 144,034 | $ | 280,200 | $ | — | $ | 280,200 | ||||||||||||
Capital World Bond Fund | ||||||||||||||||||||||||
Six months ended June 30, 2020 | Year ended December 31, 2019 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 16,454 | $ | 4,335 | $ | 20,789 | $ | 19,173 | $ | — | $ | 19,173 | ||||||||||||
Class 1A | 9 | 3 | 12 | 7 | — | 7 | ||||||||||||||||||
Class 2 | 14,282 | 3,871 | 18,153 | 15,927 | — | 15,927 | ||||||||||||||||||
Class 4 | 742 | 206 | 948 | 649 | — | 649 | ||||||||||||||||||
Total | $ | 31,487 | $ | 8,415 | $ | 39,902 | $ | 35,756 | $ | — | $ | 35,756 |
158 | American Funds Insurance Series |
High-Income Bond Fund | ||||||||||||||||||||||||
Six months ended June 30, 2020 | Year ended December 31, 2019 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 1,904 | $ | — | $ | 1,904 | $ | 33,304 | $ | — | $ | 33,304 | ||||||||||||
Class 1A | 14 | — | 14 | 45 | — | 45 | ||||||||||||||||||
Class 2 | 10,081 | — | 10,081 | 41,753 | — | 41,753 | ||||||||||||||||||
Class 3 | 147 | — | 147 | 611 | — | 611 | ||||||||||||||||||
Class 4 | 758 | — | 758 | 3,353 | — | 3,353 | ||||||||||||||||||
Total | $ | 12,904 | $ | — | $ | 12,904 | $ | 79,066 | $ | — | $ | 79,066 | ||||||||||||
American Funds Mortgage Fund | ||||||||||||||||||||||||
Six months ended June 30, 2020 | Year ended December 31, 2019 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 845 | $ | 263 | $ | 1,108 | $ | 5,573 | $ | — | $ | 5,573 | ||||||||||||
Class 1A | 2 | 1 | 3 | 12 | — | 12 | ||||||||||||||||||
Class 2 | 217 | 75 | 292 | 1,355 | — | 1,355 | ||||||||||||||||||
Class 4 | 147 | 52 | 199 | 585 | — | 585 | ||||||||||||||||||
Total | $ | 1,211 | $ | 391 | $ | 1,602 | $ | 7,525 | $ | — | $ | 7,525 | ||||||||||||
Ultra-Short Bond Fund | ||||||||||||||||||||||||
Six months ended June 30, 2020 | Year ended December 31, 2019 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 104 | $ | — | $ | 104 | $ | 604 | $ | — | $ | 604 | ||||||||||||
Class 1A | — | * | — | — | * | — | * | — | — | * | ||||||||||||||
Class 2 | 558 | — | 558 | 4,088 | — | 4,088 | ||||||||||||||||||
Class 3 | 8 | — | 8 | 59 | — | 59 | ||||||||||||||||||
Class 4 | 67 | — | 67 | 342 | — | 342 | ||||||||||||||||||
Total | $ | 737 | $ | — | $ | 737 | $ | 5,093 | $ | — | $ | 5,093 | ||||||||||||
U.S. Government/AAA-Rated Securities Fund | ||||||||||||||||||||||||
Six months ended June 30, 2020 | Year ended December 31, 2019 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 6,611 | $ | 3,231 | $ | 9,842 | $ | 31,700 | $ | — | $ | 31,700 | ||||||||||||
Class 1A | 59 | 29 | 88 | 50 | — | 50 | ||||||||||||||||||
Class 2 | 22,261 | 11,067 | 33,328 | 26,790 | — | 26,790 | ||||||||||||||||||
Class 3 | 181 | 89 | 270 | 180 | — | 180 | ||||||||||||||||||
Class 4 | 4,011 | 1,992 | 6,003 | 2,241 | — | 2,241 | ||||||||||||||||||
Total | $ | 33,123 | $ | 16,408 | $ | 49,531 | $ | 60,961 | $ | — | $ | 60,961 |
See end of tables for footnote.
American Funds Insurance Series | 159 |
Managed Risk Growth Fund | ||||||||||||||||||||||||
Six months ended June 30, 2020 | Year ended December 31, 2019 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class P1 | $ | 64 | $ | 375 | $ | 439 | $ | 61 | $ | 256 | $ | 317 | ||||||||||||
Class P2 | 3,441 | 21,394 | 24,835 | 3,581 | 26,324 | 29,905 | ||||||||||||||||||
Total | $ | 3,505 | $ | 21,769 | $ | 25,274 | $ | 3,642 | $ | 26,580 | $ | 30,222 | ||||||||||||
Managed Risk International Fund | ||||||||||||||||||||||||
Six months ended June 30, 2020 | Year ended December 31, 2019 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class P1 | $ | 21 | $ | 10 | $ | 31 | $ | 11 | $ | 16 | $ | 27 | ||||||||||||
Class P2 | 1,913 | 1,303 | 3,216 | 2,974 | 4,795 | 7,769 | ||||||||||||||||||
Total | $ | 1,934 | $ | 1,313 | $ | 3,247 | $ | 2,985 | $ | 4,811 | $ | 7,796 | ||||||||||||
Managed Risk Blue Chip Income and Growth Fund | ||||||||||||||||||||||||
Six months ended June 30, 2020 | Year ended December 31, 2019 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class P1 | $ | 25 | $ | 37 | $ | 62 | $ | 13 | $ | 40 | $ | 53 | ||||||||||||
Class P2 | 5,680 | 10,828 | 16,508 | 5,566 | 17,796 | 23,362 | ||||||||||||||||||
Total | $ | 5,705 | $ | 10,865 | $ | 16,570 | $ | 5,579 | $ | 17,836 | $ | 23,415 | ||||||||||||
Managed Risk Growth-Income Fund | ||||||||||||||||||||||||
Six months ended June 30, 2020 | Year ended December 31, 2019 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class P1 | $ | 29,129 | $ | 103,176 | $ | 132,305 | $ | 14,564 | $ | 14,505 | $ | 29,069 | ||||||||||||
Class P2 | 4,182 | 15,199 | 19,381 | 1,352 | 2,019 | 3,371 | ||||||||||||||||||
Total | $ | 33,311 | $ | 118,375 | $ | 151,686 | $ | 15,916 | $ | 16,524 | $ | 32,440 | ||||||||||||
Managed Risk Asset Allocation Fund | ||||||||||||||||||||||||
Six months ended June 30, 2020 | Year ended December 31, 2019 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class P1 | $ | 58 | $ | 146 | $ | 204 | $ | 5 | $ | 65 | $ | 70 | ||||||||||||
Class P2 | 40,641 | 105,833 | 146,474 | 62,691 | 115,050 | 177,741 | ||||||||||||||||||
Total | $ | 40,699 | $ | 105,979 | $ | 146,678 | $ | 62,696 | $ | 115,115 | $ | 177,811 |
* | 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.
160 | American Funds Insurance Series |
Investment advisory services — The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on annual rates that generally decrease as net asset levels increase. CRMC receives investment advisory fees from the underlying funds held by the managed risk funds. These fees are included in the net effective expense ratios that are provided as additional information in the financial highlights tables. Subadvisory fees for the managed risk funds are paid by CRMC to Milliman FRM. The managed risk funds are not responsible for paying any subadvisory fees.
Investment advisory services waivers — CRMC is waiving a portion of its investment advisory services fees for New World Fund, Capital Income Builder, Capital World Bond Fund, American Funds Mortgage Fund and each of the managed risk funds. Investment advisory services fees are presented in each fund’s statement of operations gross of the waivers from CRMC. For the six months ended June 30, 2020, total investment advisory services fees waived by CRMC were $3,259,000.
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 | 2020, before waiver | 2020, after waiver | ||||||||||||||||||
Global Growth Fund | .690 | % | .460 | % | $ | .6 | $ | 5.0 | .515 | % | .515 | % | ||||||||||||
Global Small Capitalization Fund | .800 | .635 | .6 | 5.0 | .697 | .697 | ||||||||||||||||||
Growth Fund | .500 | .280 | .6 | 34.0 | .320 | .320 | ||||||||||||||||||
International Fund | .690 | .430 | .5 | 21.0 | .495 | .495 | ||||||||||||||||||
New World Fund | .850 | .580 | .5 | 4.0 | .703 | .643 | ||||||||||||||||||
Blue Chip Income and Growth Fund | .500 | .350 | .6 | 10.5 | .391 | .391 | ||||||||||||||||||
Global Growth and Income Fund | .690 | .480 | .6 | 3.0 | .599 | .599 | ||||||||||||||||||
Growth-Income Fund | .500 | .219 | .6 | 34.0 | .257 | .257 | ||||||||||||||||||
International Growth and Income Fund | .690 | .500 | .5 | 1.5 | .616 | .616 | ||||||||||||||||||
Capital Income Builder | .500 | .410 | .6 | 1.0 | .482 | .395 | ||||||||||||||||||
Asset Allocation Fund | .500 | .240 | .6 | 21.0 | .266 | .266 | ||||||||||||||||||
Global Balanced Fund | .660 | .510 | .5 | 1.0 | .660 | .660 | ||||||||||||||||||
Bond Fund | .480 | .320 | .6 | 13.0 | .363 | .363 | ||||||||||||||||||
Capital World Bond Fund | .570 | .450 | 1.0 | 3.0 | .534 | .501 | ||||||||||||||||||
High-Income Bond Fund | .500 | .420 | .6 | 2.0 | .481 | .481 | ||||||||||||||||||
American Funds Mortgage Fund | .420 | .290 | .6 | 3.0 | .420 | .361 | ||||||||||||||||||
Ultra-Short Bond Fund | .320 | .270 | 1.0 | 2.0 | .320 | .320 | ||||||||||||||||||
U.S. Government/AAA-Rated Securities Fund | .420 | .290 | .6 | 3.0 | .343 | .343 | ||||||||||||||||||
Managed Risk Growth Fund | .150 | all | .150 | .100 | ||||||||||||||||||||
Managed Risk International Fund | .150 | all | .150 | .100 | ||||||||||||||||||||
Managed Risk Blue Chip Income and Growth Fund | .150 | all | .150 | .100 | ||||||||||||||||||||
Managed Risk Growth-Income Fund | .150 | all | .150 | .100 | ||||||||||||||||||||
Managed Risk Asset Allocation Fund | .150 | all | .150 | .100 |
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 | 161 |
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 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 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 daily net assets from Class 1 shares of the underlying funds for administrative services provided to the series.
Accounting and administrative services — The managed risk funds have a subadministration agreement with Bank of New York Mellon (“BNY Mellon”) under which the fund compensates BNY Mellon for providing accounting and administrative services to each of the managed risk funds’ share classes. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.
Class-specific expenses under the agreements described above were as follows (dollars in thousands):
Global Growth Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $ | 356 | ||||||||
Class 1A | $ | — | $ | 9 | 1 | |||||||
Class 2 | 4,467 | Not applicable | 536 | |||||||||
Class 4 | 461 | 460 | 55 | |||||||||
Total class-specific expenses | $ | 4,928 | $ | 469 | $ | 948 | ||||||
Growth Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $ | 1,599 | ||||||||
Class 1A | $ | — | $ | 23 | 3 | |||||||
Class 2 | 19,081 | Not applicable | 2,290 | |||||||||
Class 3 | 187 | Not applicable | 31 | |||||||||
Class 4 | 1,893 | 1,892 | 227 | |||||||||
Total class-specific expenses | $ | 21,161 | $ | 1,915 | $ | 4,150 | ||||||
Global Small Capitalization Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $ | 276 | ||||||||
Class 1A | $ | — | $ | — | * | — | * | |||||
Class 2 | 2,597 | Not applicable | 312 | |||||||||
Class 4 | 233 | 233 | 28 | |||||||||
Total class-specific expenses | $ | 2,830 | $ | 233 | $ | 616 | ||||||
International Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $ | 697 | ||||||||
Class 1A | $ | — | $ | 8 | 1 | |||||||
Class 2 | 4,670 | Not applicable | 561 | |||||||||
Class 3 | 19 | Not applicable | 3 | |||||||||
Class 4 | 415 | 415 | 50 | |||||||||
Total class-specific expenses | $ | 5,104 | $ | 423 | $ | 1,312 |
162 | American Funds Insurance Series |
New World Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $ | 277 | ||||||||
Class 1A | $ | — | $ | 5 | 1 | |||||||
Class 2 | 1,078 | Not applicable | 129 | |||||||||
Class 4 | 741 | 741 | 89 | |||||||||
Total class-specific expenses | $ | 1,819 | $ | 746 | $ | 496 | ||||||
Global Growth and Income Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $ | 86 | ||||||||
Class 1A | $ | — | $ | 2 | — | * | ||||||
Class 2 | 1,463 | Not applicable | 176 | |||||||||
Class 4 | 160 | 160 | 19 | |||||||||
Total class-specific expenses | $ | 1,623 | $ | 162 | $ | 281 | ||||||
International Growth and Income Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $ | 148 | ||||||||
Class 1A | $ | — | $ | 2 | — | * | ||||||
Class 2 | 241 | Not applicable | 29 | |||||||||
Class 4 | 110 | 110 | 13 | |||||||||
Total class-specific expenses | $ | 351 | $ | 112 | $ | 190 | ||||||
Asset Allocation Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $ | 2,492 | ||||||||
Class 1A | $ | — | $ | 13 | 2 | |||||||
Class 2 | 5,940 | Not applicable | 713 | |||||||||
Class 3 | 27 | Not applicable | 4 | |||||||||
Class 4 | 5,376 | 5,376 | 645 | |||||||||
Total class-specific expenses | $ | 11,343 | $ | 5,389 | $ | 3,856 | ||||||
Blue Chip Income and Growth Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $ | 739 | ||||||||
Class 1A | $ | — | $ | 11 | 1 | |||||||
Class 2 | 3,401 | Not applicable | 408 | |||||||||
Class 4 | 739 | 739 | 89 | |||||||||
Total class-specific expenses | $ | 4,140 | $ | 750 | $ | 1,237 | ||||||
Growth-Income Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $ | 2,891 | ||||||||
Class 1A | $ | — | $ | 13 | 2 | |||||||
Class 2 | 15,267 | Not applicable | 1,832 | |||||||||
Class 3 | 126 | Not applicable | 21 | |||||||||
Class 4 | 1,412 | 1,412 | 169 | |||||||||
Total class-specific expenses | $ | 16,805 | $ | 1,425 | $ | 4,915 | ||||||
Capital Income Builder | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $ | 77 | ||||||||
Class 1A | $ | — | $ | 7 | 1 | |||||||
Class 2 | 7 | Not applicable | 1 | |||||||||
Class 4 | 521 | 521 | 62 | |||||||||
Total class-specific expenses | $ | 528 | $ | 528 | $ | 141 | ||||||
Global Balanced Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $ | 19 | ||||||||
Class 1A | $ | — | $ | 2 | — | * | ||||||
Class 2 | 238 | Not applicable | 29 | |||||||||
Class 4 | 112 | 112 | 13 | |||||||||
Total class-specific expenses | $ | 350 | $ | 114 | $ | 61 |
See end of tables for footnote.
American Funds Insurance Series | 163 |
Bond Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $ | 951 | ||||||||
Class 1A | $ | — | $ | 9 | 1 | |||||||
Class 2 | 4,420 | Not applicable | 530 | |||||||||
Class 4 | 671 | 671 | 81 | |||||||||
Total class-specific expenses | $ | 5,091 | $ | 680 | $ | 1,563 | ||||||
High-Income Bond Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $ | 55 | ||||||||
Class 1A | $ | — | $ | 1 | — | * | ||||||
Class 2 | 767 | Not applicable | 92 | |||||||||
Class 3 | 8 | Not applicable | 1 | |||||||||
Class 4 | 64 | 64 | 8 | |||||||||
Total class-specific expenses | $ | 839 | $ | 65 | $ | 156 | ||||||
Ultra-Short Bond Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $ | 5 | ||||||||
Class 1A | $ | — | $ | — | * | — | * | |||||
Class 2 | 311 | Not applicable | 37 | |||||||||
Class 3 | 3 | Not applicable | 1 | |||||||||
Class 4 | 37 | 37 | 5 | |||||||||
Total class-specific expenses | $ | 351 | $ | 37 | $ | 48 | ||||||
Managed Risk Growth Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | ||||||||||
Class P1 | Not applicable | $ | 9 | |||||||||
Class P2 | $ | 543 | 543 | |||||||||
Total class-specific expenses | $ | 543 | $ | 552 | ||||||||
Managed Risk Blue Chip Income and Growth Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | ||||||||||
Class P1 | Not applicable | $ | 2 | |||||||||
Class P2 | $ | 424 | 424 | |||||||||
Total class-specific expenses | $ | 424 | $ | 426 | ||||||||
Capital World Bond Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $ | 155 | ||||||||
Class 1A | $ | — | $ | 1 | — | * | ||||||
Class 2 | 1,203 | Not applicable | 144 | |||||||||
Class 4 | 62 | 62 | 7 | |||||||||
Total class-specific expenses | $ | 1,265 | $ | 63 | $ | 306 | ||||||
American Funds Mortgage Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $ | 30 | ||||||||
Class 1A | $ | — | $ | 1 | — | * | ||||||
Class 2 | 70 | Not applicable | 8 | |||||||||
Class 4 | 42 | 41 | 5 | |||||||||
Total class-specific expenses | $ | 112 | $ | 42 | $ | 43 | ||||||
U.S. Government/AAA-Rated Securities Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $ | 162 | ||||||||
Class 1A | $ | — | $ | 4 | — | * | ||||||
Class 2 | 1,696 | Not applicable | 204 | |||||||||
Class 3 | 9 | Not applicable | 1 | |||||||||
Class 4 | 247 | 247 | 30 | |||||||||
Total class-specific expenses | $ | 1,952 | $ | 251 | $ | 397 | ||||||
Managed Risk International Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | ||||||||||
Class P1 | Not applicable | $ | 1 | |||||||||
Class P2 | $ | 190 | 190 | |||||||||
Total class-specific expenses | $ | 190 | $ | 191 | ||||||||
Managed Risk Growth-Income Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | ||||||||||
Class P1 | Not applicable | $ | 2,388 | |||||||||
Class P2 | $ | 344 | 344 | |||||||||
Total class-specific expenses | $ | 344 | $ | 2,732 |
164 | American Funds Insurance Series |
Managed Risk Asset Allocation Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | ||||||||||
Class P1 | Not applicable | $ | 4 | |||||||||
Class P2 | $ | 3,321 | 3,321 | |||||||||
Total class-specific expenses | $ | 3,321 | $ | 3,325 |
* | Amount less than one thousand. |
Miscellaneous fee reimbursements — CRMC has agreed to reimburse a portion of miscellaneous fees and expenses of Managed Risk International Fund. Miscellaneous expenses exclude investment advisory services and distribution services fees. This reimbursement may be adjusted or discontinued by CRMC, subject to any restrictions in the series’ prospectus. For the six months ended June 30, 2020, total fees and expenses reimbursed by CRMC were $2,000. Fees and expenses in the 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 decrease in the value of the deferred amounts as follows (dollars in thousands):
Fund | Current fees | (Decrease) increase in value of deferred amounts | Total trustees’ compensation | |||||||||
Global Growth Fund | $ | 11 | $ | (1 | ) | $ | 10 | |||||
Global Small Capitalization Fund | 7 | — | * | 7 | ||||||||
Growth Fund | 47 | (3 | ) | 44 | ||||||||
International Fund | 16 | (2 | ) | 14 | ||||||||
New World Fund | 6 | (1 | ) | 5 | ||||||||
Blue Chip Income and Growth Fund | 15 | (1 | ) | 14 | ||||||||
Global Growth and Income Fund | 3 | — | * | 3 | ||||||||
Growth-Income Fund | 58 | (5 | ) | 53 | ||||||||
International Growth and Income Fund | 2 | — | * | 2 | ||||||||
Capital Income Builder | 2 | — | * | 2 | ||||||||
Asset Allocation Fund | 45 | (6 | ) | 39 | ||||||||
Global Balanced Fund | 1 | — | * | 1 | ||||||||
Bond Fund | 18 | (4 | ) | 14 | ||||||||
Capital World Bond Fund | 3 | (1 | ) | 2 | ||||||||
High-Income Bond Fund | 2 | (1 | ) | 1 | ||||||||
American Funds Mortgage Fund | — | * | — | * | — | * | ||||||
Ultra-Short Bond Fund | 1 | — | * | 1 | ||||||||
U.S. Government/AAA-Rated Securities Fund | 5 | (3 | ) | 2 | ||||||||
Managed Risk Growth Fund | 1 | — | * | 1 | ||||||||
Managed Risk International Fund | — | * | — | * | — | * | ||||||
Managed Risk Blue Chip Income and Growth Fund | — | * | — | * | — | * | ||||||
Managed Risk Growth-Income Fund | 2 | 1 | 3 | |||||||||
Managed Risk Asset Allocation Fund | 3 | 1 | 4 |
* | Amount less than one thousand. |
Affiliated officers and trustees — Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.
Investment in CCF — Some of the funds hold shares of CCF, an institutional prime money market fund managed by CRMC. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for each fund’s short-term investments. CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC. CCF shares are not available to the public. CRMC does not receive an investment advisory services fee from CCF.
American Funds Insurance Series | 165 |
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 as of June 30, 2020 (dollars in thousands):
Fund | Purchases | Sales | Net realized gain (loss) | |||||||||
Global Growth Fund | $ | 9,302 | $ | 26,059 | $ | 5,116 | ||||||
Global Small Capitalization Fund | 34,841 | 36,098 | 916 | |||||||||
Growth Fund | 253,054 | 262,317 | 27,602 | |||||||||
International Fund | 46,693 | 59,299 | 7,938 | |||||||||
New World Fund | 42,173 | 38,710 | (2,212 | ) | ||||||||
Blue Chip Income and Growth Fund | 143,063 | 55,397 | (1,792 | ) | ||||||||
Global Growth and Income Fund | 1,744 | 23,222 | (11,375 | ) | ||||||||
Growth-Income Fund | 309,537 | 470,032 | 26,622 | |||||||||
International Growth and Income Fund | 16,181 | 11,355 | (860 | ) | ||||||||
Capital Income Builder | 70,291 | 40,039 | (9,814 | ) | ||||||||
Asset Allocation Fund | 186,945 | 314,271 | 52,102 | |||||||||
Bond Fund | 33,448 | 14,511 | 1,255 | |||||||||
Capital World Bond Fund | 11,099 | 185 | 7 | |||||||||
High-Income Bond Fund | 2,877 | 365,982 | (18,814 | ) | ||||||||
U.S. Government/AAA-Rated Securities Fund | — | 444,556 | 22,675 |
8. Committed line of credit
Global Small Capitalization Fund, New World Fund and High-Income Bond Fund 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, 2020.
9. Capital share transactions
Capital share transactions in the funds were as follows (dollars and shares in thousands):
Global Growth Fund
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 137,872 | 4,527 | $ | 78,701 | 2,393 | $ | (178,482 | ) | (5,864 | ) | $ | 38,091 | 1,056 | ||||||||||||||||||
Class 1A | 1,052 | 35 | 217 | 7 | (1,893 | ) | (69 | ) | (624 | ) | (27 | ) | ||||||||||||||||||||
Class 2 | 20,996 | 726 | 116,174 | 3,572 | (285,902 | ) | (9,235 | ) | (148,732 | ) | (4,937 | ) | ||||||||||||||||||||
Class 4 | 33,776 | 1,095 | 12,130 | 375 | (28,061 | ) | (958 | ) | 17,845 | 512 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 193,696 | 6,383 | $ | 207,222 | 6,347 | $ | (494,338 | ) | (16,126 | ) | $ | (93,420 | ) | (3,396 | ) | ||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 230,089 | 7,777 | $ | 152,273 | 5,192 | $ | (333,318 | ) | (11,180 | ) | $ | 49,044 | 1,789 | ||||||||||||||||||
Class 1A | 1,744 | 62 | 449 | 15 | (572 | ) | (19 | ) | 1,621 | 58 | ||||||||||||||||||||||
Class 2 | 44,842 | 1,552 | 244,600 | 8,453 | (555,704 | ) | (18,803 | ) | (266,262 | ) | (8,798 | ) | ||||||||||||||||||||
Class 4 | 70,615 | 2,415 | 20,612 | 716 | (29,399 | ) | (1,009 | ) | 61,828 | 2,122 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 347,290 | 11,806 | $ | 417,934 | 14,376 | $ | (918,993 | ) | (31,011 | ) | $ | (153,769 | ) | (4,829 | ) |
166 | American Funds Insurance Series |
Global Small Capitalization Fund
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 172,768 | 8,351 | $ | 125,091 | 5,146 | $ | (219,411 | ) | (9,590 | ) | $ | 78,448 | 3,907 | ||||||||||||||||||
Class 1A | 163 | 7 | 43 | 2 | (57 | ) | (3 | ) | 149 | 6 | ||||||||||||||||||||||
Class 2 | 51,360 | 2,516 | 145,869 | 6,194 | (147,706 | ) | (6,121 | ) | 49,523 | 2,589 | ||||||||||||||||||||||
Class 4 | 16,798 | 743 | 13,089 | 553 | (15,504 | ) | (673 | ) | 14,383 | 623 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 241,089 | 11,617 | $ | 284,092 | 11,895 | $ | (382,678 | ) | (16,387 | ) | $ | 142,503 | 7,125 | ||||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 337,817 | 13,612 | $ | 125,498 | 5,216 | $ | (226,381 | ) | (9,119 | ) | $ | 236,934 | 9,709 | ||||||||||||||||||
Class 1A | 196 | 8 | 28 | 2 | (96 | ) | (4 | ) | 128 | 6 | ||||||||||||||||||||||
Class 2 | 21,553 | 917 | 147,687 | 6,340 | (327,909 | ) | (13,596 | ) | (158,669 | ) | (6,339 | ) | ||||||||||||||||||||
Class 4 | 35,449 | 1,468 | 11,115 | 475 | (22,005 | ) | (911 | ) | 24,559 | 1,032 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 395,015 | 16,005 | $ | 284,328 | 12,033 | $ | (576,391 | ) | (23,630 | ) | $ | 102,952 | 4,408 |
Growth Fund
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 1,201,297 | 15,603 | $ | 317,441 | 3,607 | $ | (1,495,269 | ) | (18,874 | ) | $ | 23,469 | 336 | ||||||||||||||||||
Class 1A | 7,999 | 95 | 603 | 7 | (2,682 | ) | (35 | ) | 5,920 | 67 | ||||||||||||||||||||||
Class 2 | 228,247 | 2,918 | 444,599 | 5,098 | (1,385,153 | ) | (17,154 | ) | (712,307 | ) | (9,138 | ) | ||||||||||||||||||||
Class 3 | 1,018 | 14 | 5,993 | 67 | (14,242 | ) | (171 | ) | (7,231 | ) | (90 | ) | ||||||||||||||||||||
Class 4 | 138,894 | 1,789 | 45,870 | 534 | (121,825 | ) | (1,569 | ) | 62,939 | 754 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 1,577,455 | 20,419 | $ | 814,506 | 9,313 | $ | (3,019,171 | ) | (37,803 | ) | $ | (627,210 | ) | (8,071 | ) | ||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 896,700 | 11,839 | $ | 1,112,851 | 15,532 | $ | (1,155,174 | ) | (15,026 | ) | $ | 854,377 | 12,345 | ||||||||||||||||||
Class 1A | 6,106 | 81 | 1,482 | 21 | (1,574 | ) | (20 | ) | 6,014 | 82 | ||||||||||||||||||||||
Class 2 | 294,401 | 3,907 | 1,692,272 | 23,866 | (2,108,133 | ) | (27,828 | ) | (121,460 | ) | (55 | ) | ||||||||||||||||||||
Class 3 | 1,763 | 23 | 23,154 | 321 | (29,706 | ) | (390 | ) | (4,789 | ) | (46 | ) | ||||||||||||||||||||
Class 4 | 227,023 | 3,055 | 145,699 | 2,087 | (131,942 | ) | (1,767 | ) | 240,780 | 3,375 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 1,425,993 | 18,905 | $ | 2,975,458 | 41,827 | $ | (3,426,529 | ) | (45,031 | ) | $ | 974,922 | 15,701 |
See end of tables for footnotes.
American Funds Insurance Series | 167 |
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, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 388,665 | 23,703 | $ | 11,267 | 597 | $ | (440,804 | ) | (24,999 | ) | $ | (40,872 | ) | (699 | ) | ||||||||||||||||
Class 1A | 1,828 | 102 | 13 | 1 | (573 | ) | (32 | ) | 1,268 | 71 | ||||||||||||||||||||||
Class 2 | 199,891 | 11,906 | 7,418 | 395 | (208,199 | ) | (11,265 | ) | (890 | ) | 1,036 | |||||||||||||||||||||
Class 3 | 158 | 9 | 42 | 2 | (1,059 | ) | (58 | ) | (859 | ) | (47 | ) | ||||||||||||||||||||
Class 4 | 30,329 | 1,783 | 522 | 28 | (26,390 | ) | (1,483 | ) | 4,461 | 328 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 620,871 | 37,503 | $ | 19,262 | 1,023 | $ | (677,025 | ) | (37,837 | ) | $ | (36,892 | ) | 689 | |||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 171,233 | 8,812 | $ | 215,640 | 10,988 | $ | (699,395 | ) | (35,642 | ) | $ | (312,522 | ) | (15,842 | ) | ||||||||||||||||
Class 1A | 2,060 | 106 | 236 | 12 | (1,174 | ) | (59 | ) | 1,122 | 59 | ||||||||||||||||||||||
Class 2 | 175,514 | 9,064 | 164,024 | 8,407 | (591,706 | ) | (30,261 | ) | (252,168 | ) | (12,790 | ) | ||||||||||||||||||||
Class 3 | 238 | 13 | 991 | 50 | (4,348 | ) | (224 | ) | (3,119 | ) | (161 | ) | ||||||||||||||||||||
Class 4 | 60,129 | 3,112 | 13,366 | 694 | (43,609 | ) | (2,263 | ) | 29,886 | 1,543 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 409,174 | 21,107 | $ | 394,257 | 20,151 | $ | (1,340,232 | ) | (68,449 | ) | $ | (536,801 | ) | (27,191 | ) |
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, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 44,914 | 2,137 | $ | 23,133 | 946 | $ | (185,645 | ) | (8,197 | ) | $ | (117,598 | ) | (5,114 | ) | ||||||||||||||||
Class 1A | 2,951 | 128 | 67 | 3 | (781 | ) | (35 | ) | 2,237 | 96 | ||||||||||||||||||||||
Class 2 | 37,068 | 1,679 | 10,803 | 446 | (76,551 | ) | (3,236 | ) | (28,680 | ) | (1,111 | ) | ||||||||||||||||||||
Class 4 | 50,331 | 2,264 | 7,473 | 311 | (27,437 | ) | (1,209 | ) | 30,367 | 1,366 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 135,264 | 6,208 | $ | 41,476 | 1,706 | $ | (290,414 | ) | (12,677 | ) | $ | (113,674 | ) | (4,763 | ) | ||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 149,338 | 6,057 | $ | 94,601 | 3,981 | $ | (207,841 | ) | (8,743 | ) | $ | 36,098 | 1,295 | ||||||||||||||||||
Class 1A | 1,685 | 70 | 171 | 7 | (408 | ) | (17 | ) | 1,448 | 60 | ||||||||||||||||||||||
Class 2 | 68,793 | 2,911 | 43,651 | 1,861 | (165,106 | ) | (6,991 | ) | (52,662 | ) | (2,219 | ) | ||||||||||||||||||||
Class 4 | 83,946 | 3,576 | 25,555 | 1,096 | (39,744 | ) | (1,687 | ) | 69,757 | 2,985 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 303,762 | 12,614 | $ | 163,978 | 6,945 | $ | (413,099 | ) | (17,438 | ) | $ | 54,641 | 2,121 |
Blue Chip Income and 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, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 376,445 | 34,283 | $ | 83,851 | 6,495 | $ | (479,153 | ) | (41,220 | ) | $ | (18,857 | ) | (442 | ) | ||||||||||||||||
Class 1A | 4,165 | 355 | 180 | 14 | (496 | ) | (42 | ) | 3,849 | 327 | ||||||||||||||||||||||
Class 2 | 57,979 | 5,410 | 46,338 | 3,643 | (152,947 | ) | (12,250 | ) | (48,630 | ) | (3,197 | ) | ||||||||||||||||||||
Class 4 | 94,984 | 8,201 | 10,485 | 830 | (26,845 | ) | (2,297 | ) | 78,624 | 6,734 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 533,573 | 48,249 | $ | 140,854 | 10,982 | $ | (659,441 | ) | (55,809 | ) | $ | 14,986 | 3,422 | ||||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 213,624 | 16,737 | $ | 525,212 | 41,913 | $ | (484,978 | ) | (37,271 | ) | $ | 253,858 | 21,379 | ||||||||||||||||||
Class 1A | 5,177 | 403 | 598 | 47 | (451 | ) | (35 | ) | 5,324 | 415 | ||||||||||||||||||||||
Class 2 | 28,815 | 2,244 | 298,911 | 24,211 | (366,595 | ) | (28,328 | ) | (38,869 | ) | (1,873 | ) | ||||||||||||||||||||
Class 4 | 198,327 | 15,485 | 49,345 | 4,013 | (38,161 | ) | (2,979 | ) | 209,511 | 16,519 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 445,943 | 34,869 | $ | 874,066 | 70,184 | $ | (890,185 | ) | (68,613 | ) | $ | 429,824 | 36,440 |
168 | American Funds Insurance Series |
Global 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, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 220,708 | 17,518 | $ | 17,145 | 1,207 | $ | (186,270 | ) | (14,634 | ) | $ | 51,583 | 4,091 | ||||||||||||||||||
Class 1A | 283 | 23 | 59 | 4 | (63 | ) | (5 | ) | 279 | 22 | ||||||||||||||||||||||
Class 2 | 33,099 | 2,678 | 36,059 | 2,547 | (68,359 | ) | (4,755 | ) | 799 | 470 | ||||||||||||||||||||||
Class 4 | 14,786 | 1,123 | 4,005 | 288 | (10,672 | ) | (813 | ) | 8,119 | 598 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 268,876 | 21,342 | $ | 57,268 | 4,046 | $ | (265,364 | ) | (20,207 | ) | $ | 60,780 | 5,181 | ||||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 43,801 | 2,986 | $ | 38,762 | 2,639 | $ | (61,157 | ) | (4,174 | ) | $ | 21,406 | 1,451 | ||||||||||||||||||
Class 1A | 809 | 55 | 100 | 7 | (205 | ) | (14 | ) | 704 | 48 | ||||||||||||||||||||||
Class 2 | 15,277 | 1,057 | 91,385 | 6,251 | (232,647 | ) | (15,758 | ) | (125,985 | ) | (8,450 | ) | ||||||||||||||||||||
Class 4 | 34,845 | 2,405 | 8,268 | 574 | (16,175 | ) | (1,116 | ) | 26,938 | 1,863 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 94,732 | 6,503 | $ | 138,515 | 9,471 | $ | (310,184 | ) | (21,062 | ) | $ | (76,937 | ) | (5,088 | ) |
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, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 1,399,453 | 32,553 | $ | 625,200 | 12,835 | $ | (1,625,978 | ) | (36,304 | ) | $ | 398,675 | 9,084 | ||||||||||||||||||
Class 1A | 1,291 | 29 | 340 | 7 | (692 | ) | (15 | ) | 939 | 21 | ||||||||||||||||||||||
Class 2 | 153,560 | 3,505 | 391,083 | 8,139 | (726,766 | ) | (15,483 | ) | (182,123 | ) | (3,839 | ) | ||||||||||||||||||||
Class 3 | 1,033 | 22 | 4,386 | 90 | (9,423 | ) | (197 | ) | (4,004 | ) | (85 | ) | ||||||||||||||||||||
Class 4 | 88,454 | 1,971 | 36,775 | 775 | (75,133 | ) | (1,678 | ) | 50,096 | 1,068 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 1,643,791 | 38,080 | $ | 1,057,784 | 21,846 | $ | (2,437,992 | ) | (53,677 | ) | $ | 263,583 | 6,249 | ||||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 1,061,581 | 21,810 | $ | 2,276,758 | 48,690 | $ | (1,229,398 | ) | (25,018 | ) | $ | 2,108,941 | 45,482 | ||||||||||||||||||
Class 1A | 3,121 | 63 | 1,031 | 22 | (929 | ) | (19 | ) | 3,223 | 66 | ||||||||||||||||||||||
Class 2 | 173,237 | 3,593 | 1,532,457 | 33,240 | (1,626,668 | ) | (33,632 | ) | 79,026 | 3,201 | ||||||||||||||||||||||
Class 3 | 2,080 | 42 | 17,705 | 379 | (21,190 | ) | (431 | ) | (1,405 | ) | (10 | ) | ||||||||||||||||||||
Class 4 | 180,857 | 3,787 | 125,407 | 2,752 | (103,759 | ) | (2,175 | ) | 202,505 | 4,364 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 1,420,876 | 29,295 | $ | 3,953,358 | 85,083 | $ | (2,981,944 | ) | (61,275 | ) | $ | 2,392,290 | 53,103 |
See end of tables for footnotes.
American Funds Insurance Series | 169 |
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, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 71,907 | 5,085 | $ | 2,659 | 168 | $ | (27,857 | ) | (1,832 | ) | $ | 46,709 | 3,421 | ||||||||||||||||||
Class 1A | 734 | 52 | 5 | — | † | (706 | ) | (44 | ) | 33 | 8 | |||||||||||||||||||||
Class 2 | 11,558 | 828 | 399 | 25 | (45,938 | ) | (2,621 | ) | (33,981 | ) | (1,768 | ) | ||||||||||||||||||||
Class 4 | 11,342 | 746 | 158 | 10 | (6,864 | ) | (461 | ) | 4,636 | 295 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 95,541 | 6,711 | $ | 3,221 | 203 | $ | (81,365 | ) | (4,958 | ) | $ | 17,397 | 1,956 | ||||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 9,331 | 555 | $ | 41,626 | 2,406 | $ | (130,370 | ) | (7,620 | ) | $ | (79,413 | ) | (4,659 | ) | ||||||||||||||||
Class 1A | 364 | 22 | 83 | 5 | (75 | ) | (4 | ) | 372 | 23 | ||||||||||||||||||||||
Class 2 | 14,448 | 831 | 8,726 | 507 | (37,612 | ) | (2,202 | ) | (14,438 | ) | (864 | ) | ||||||||||||||||||||
Class 4 | 20,154 | 1,195 | 3,113 | 182 | (7,857 | ) | (466 | ) | 15,410 | 911 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 44,297 | 2,603 | $ | 53,548 | 3,100 | $ | (175,914 | ) | (10,292 | ) | $ | (78,069 | ) | (4,589 | ) |
Capital Income Builder
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 155,944 | 16,257 | $ | 8,420 | 910 | $ | (123,750 | ) | (13,164 | ) | $ | 40,614 | 4,003 | ||||||||||||||||||
Class 1A | 108 | 12 | 78 | 8 | (242 | ) | (25 | ) | (56 | ) | (5 | ) | ||||||||||||||||||||
Class 2 | 914 | 93 | 82 | 9 | (163 | ) | (16 | ) | 833 | 86 | ||||||||||||||||||||||
Class 4 | 28,162 | 2,825 | 5,699 | 616 | (32,443 | ) | (3,386 | ) | 1,418 | 55 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 185,128 | 19,187 | $ | 14,279 | 1,543 | $ | (156,598 | ) | (16,591 | ) | $ | 42,809 | 4,139 | ||||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 160,592 | 15,806 | $ | 13,476 | 1,322 | $ | (12,510 | ) | (1,240 | ) | $ | 161,558 | 15,888 | ||||||||||||||||||
Class 1A | 2,709 | 268 | 126 | 12 | (345 | ) | (34 | ) | 2,490 | 246 | ||||||||||||||||||||||
Class 2 | 1,661 | 165 | 137 | 13 | (567 | ) | (56 | ) | 1,231 | 122 | ||||||||||||||||||||||
Class 4 | 66,462 | 6,575 | 10,875 | 1,070 | (29,407 | ) | (2,903 | ) | 47,930 | 4,742 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 231,424 | 22,814 | $ | 24,614 | 2,417 | $ | (42,829 | ) | (4,233 | ) | $ | 213,209 | 20,998 |
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, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 1,338,592 | 60,714 | $ | 159,726 | 6,661 | $ | (1,705,001 | ) | (78,164 | ) | $ | (206,683 | ) | (10,789 | ) | ||||||||||||||||
Class 1A | 1,697 | 73 | 97 | 4 | (1,033 | ) | (47 | ) | 761 | 30 | ||||||||||||||||||||||
Class 2 | 58,203 | 2,570 | 43,514 | 1,835 | (310,423 | ) | (13,890 | ) | (208,706 | ) | (9,485 | ) | ||||||||||||||||||||
Class 3 | 357 | 15 | 274 | 12 | (1,998 | ) | (89 | ) | (1,367 | ) | (62 | ) | ||||||||||||||||||||
Class 4 | 213,254 | 9,477 | 38,940 | 1,652 | (141,527 | ) | (6,432 | ) | 110,667 | 4,697 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 1,612,103 | 72,849 | $ | 242,551 | 10,164 | $ | (2,159,982 | ) | (98,622 | ) | $ | (305,328 | ) | (15,609 | ) | ||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 1,081,611 | 47,062 | $ | 1,173,430 | 52,076 | $ | (1,121,605 | ) | (48,857 | ) | $ | 1,133,436 | 50,281 | ||||||||||||||||||
Class 1A | 2,765 | 122 | 605 | 27 | (689 | ) | (30 | ) | 2,681 | 119 | ||||||||||||||||||||||
Class 2 | 111,154 | 4,871 | 347,279 | 15,613 | (575,603 | ) | (25,266 | ) | (117,170 | ) | (4,782 | ) | ||||||||||||||||||||
Class 3 | 991 | 43 | 2,189 | 97 | (4,150 | ) | (180 | ) | (970 | ) | (40 | ) | ||||||||||||||||||||
Class 4 | 356,681 | 15,732 | 277,834 | 12,559 | (218,378 | ) | (9,706 | ) | 416,137 | 18,585 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 1,553,202 | 67,830 | $ | 1,801,337 | 80,372 | $ | (1,920,425 | ) | (84,039 | ) | $ | 1,434,114 | 64,163 |
170 | American Funds Insurance Series |
Global Balanced Fund
Sales* | Reinvestments of distributions | Repurchases* | Net (decrease) increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 22,993 | 1,858 | $ | 446 | 33 | $ | (24,873 | ) | (2,043 | ) | $ | (1,434 | ) | (152 | ) | ||||||||||||||||
Class 1A | 28 | 2 | 8 | 1 | (61 | ) | (5 | ) | (25 | ) | (2 | ) | ||||||||||||||||||||
Class 2 | 5,600 | 454 | 676 | 51 | (14,204 | ) | (1,124 | ) | (7,928 | ) | (619 | ) | ||||||||||||||||||||
Class 4 | 5,141 | 401 | 326 | 25 | (4,540 | ) | (365 | ) | 927 | 61 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 33,762 | 2,715 | $ | 1,456 | 110 | $ | (43,678 | ) | (3,537 | ) | $ | (8,460 | ) | (712 | ) | ||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 10,073 | 777 | $ | 5,390 | 408 | $ | (9,768 | ) | (718 | ) | $ | 5,695 | 467 | ||||||||||||||||||
Class 1A | 111 | 9 | 89 | 7 | (237 | ) | (19 | ) | (37 | ) | (3 | ) | ||||||||||||||||||||
Class 2 | 7,858 | 607 | 8,009 | 608 | (22,255 | ) | (1,722 | ) | (6,388 | ) | (507 | ) | ||||||||||||||||||||
Class 4 | 15,727 | 1,225 | 3,446 | 264 | (6,014 | ) | (470 | ) | 13,159 | 1,019 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 33,769 | 2,618 | $ | 16,934 | 1,287 | $ | (38,274 | ) | (2,929 | ) | $ | 12,429 | 976 |
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, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 732,040 | 63,595 | $ | 86,833 | 7,428 | $ | (1,418,621 | ) | (124,125 | ) | $ | (599,748 | ) | (53,102 | ) | ||||||||||||||||
Class 1A | 1,618 | 142 | 106 | 9 | (988 | ) | (87 | ) | 736 | 64 | ||||||||||||||||||||||
Class 2 | 174,874 | 15,300 | 48,761 | 4,229 | (369,090 | ) | (32,700 | ) | (145,455 | ) | (13,171 | ) | ||||||||||||||||||||
Class 4 | 103,567 | 9,145 | 7,594 | 661 | (58,084 | ) | (5,161 | ) | 53,077 | 4,645 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 1,012,099 | 88,182 | $ | 143,294 | 12,327 | $ | (1,846,783 | ) | (162,073 | ) | $ | (691,390 | ) | (61,564 | ) | ||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 562,508 | 51,468 | $ | 176,372 | 15,842 | $ | (614,303 | ) | (56,025 | ) | $ | 124,577 | 11,285 | ||||||||||||||||||
Class 1A | 3,719 | 336 | 165 | 15 | (744 | ) | (67 | ) | 3,140 | 284 | ||||||||||||||||||||||
Class 2 | 133,036 | 12,239 | 90,797 | 8,262 | (413,489 | ) | (38,133 | ) | (189,656 | ) | (17,632 | ) | ||||||||||||||||||||
Class 4 | 149,767 | 13,753 | 11,384 | 1,037 | (49,519 | ) | (4,574 | ) | 111,632 | 10,216 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 849,030 | 77,796 | $ | 278,718 | 25,156 | $ | (1,078,055 | ) | (98,799 | ) | $ | 49,693 | 4,153 |
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, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 168,432 | 14,048 | $ | 20,667 | 1,702 | $ | (202,146 | ) | (17,074 | ) | $ | (13,047 | ) | (1,324 | ) | ||||||||||||||||
Class 1A | 179 | 15 | 11 | 1 | (58 | ) | (5 | ) | 132 | 11 | ||||||||||||||||||||||
Class 2 | 58,590 | 4,952 | 18,154 | 1,508 | (110,293 | ) | (9,359 | ) | (33,549 | ) | (2,899 | ) | ||||||||||||||||||||
Class 4 | 10,509 | 878 | 948 | 80 | (11,495 | ) | (973 | ) | (38 | ) | (15 | ) | ||||||||||||||||||||
Total net increase (decrease) | $ | 237,710 | 19,893 | $ | 39,780 | 3,291 | $ | (323,992 | ) | (27,411 | ) | $ | (46,502 | ) | (4,227 | ) | ||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 94,035 | 7,945 | $ | 19,056 | 1,588 | $ | (113,011 | ) | (9,529 | ) | $ | 80 | 4 | ||||||||||||||||||
Class 1A | 84 | 7 | 7 | 1 | (59 | ) | (5 | ) | 32 | 3 | ||||||||||||||||||||||
Class 2 | 33,181 | 2,816 | 15,927 | 1,338 | (140,715 | ) | (11,911 | ) | (91,607 | ) | (7,757 | ) | ||||||||||||||||||||
Class 4 | 13,230 | 1,132 | 649 | 55 | (7,381 | ) | (629 | ) | 6,498 | 558 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 140,530 | 11,900 | $ | 35,639 | 2,982 | $ | (261,166 | ) | (22,074 | ) | $ | (84,997 | ) | (7,192 | ) |
See end of tables for footnotes.
American Funds Insurance Series | 171 |
High-Income 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, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 14,699 | 1,681 | $ | 1,802 | 191 | $ | (379,982 | ) | (42,604 | ) | $ | (363,481 | ) | (40,732 | ) | ||||||||||||||||
Class 1A | 236 | 26 | 14 | 1 | (50 | ) | (6 | ) | 200 | 21 | ||||||||||||||||||||||
Class 2 | 9,966 | 1,072 | 10,081 | 1,088 | (34,953 | ) | (3,866 | ) | (14,906 | ) | (1,706 | ) | ||||||||||||||||||||
Class 3 | 243 | 26 | 148 | 15 | (807 | ) | (87 | ) | (416 | ) | (46 | ) | ||||||||||||||||||||
Class 4 | 33,852 | 3,350 | 758 | 75 | (44,656 | ) | (4,355 | ) | (10,046 | ) | (930 | ) | ||||||||||||||||||||
Total net increase (decrease) | $ | 58,996 | 6,155 | $ | 12,803 | 1,370 | $ | (460,448 | ) | (50,918 | ) | $ | (388,649 | ) | (43,393 | ) | ||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 9,412 | 933 | $ | 33,027 | 3,374 | $ | (48,250 | ) | (4,826 | ) | $ | (5,811 | ) | (519 | ) | ||||||||||||||||
Class 1A | 353 | 35 | 45 | 5 | (350 | ) | (35 | ) | 48 | 5 | ||||||||||||||||||||||
Class 2 | 10,165 | 1,039 | 41,753 | 4,340 | (84,344 | ) | (8,552 | ) | (32,426 | ) | (3,173 | ) | ||||||||||||||||||||
Class 3 | 613 | 61 | 611 | 62 | (1,328 | ) | (132 | ) | (104 | ) | (9 | ) | ||||||||||||||||||||
Class 4 | 64,302 | 6,070 | 3,353 | 321 | (37,801 | ) | (3,523 | ) | 29,854 | 2,868 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 84,845 | 8,138 | $ | 78,789 | 8,102 | $ | (172,073 | ) | (17,068 | ) | $ | (8,439 | ) | (828 | ) |
Mortgage Fund
Sales* | Reinvestments of distributions | Repurchases* | Net (decrease) increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 25,935 | 2,378 | $ | 1,109 | 100 | $ | (55,643 | ) | (5,106 | ) | $ | (28,599 | ) | (2,628 | ) | ||||||||||||||||
Class 1A | 198 | 18 | 3 | — | † | (124 | ) | (11 | ) | 77 | 7 | |||||||||||||||||||||
Class 2 | 3,290 | 303 | 292 | 27 | (6,669 | ) | (610 | ) | (3,087 | ) | (280 | ) | ||||||||||||||||||||
Class 4 | 17,488 | 1,618 | 198 | 18 | (8,470 | ) | (781 | ) | 9,216 | 855 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 46,911 | 4,317 | $ | 1,602 | 145 | $ | (70,906 | ) | (6,508 | ) | $ | (22,393 | ) | (2,046 | ) | ||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 31,595 | 3,007 | $ | 5,573 | 528 | $ | (41,843 | ) | (3,959 | ) | $ | (4,675 | ) | (424 | ) | ||||||||||||||||
Class 1A | 166 | 16 | 12 | 1 | (444 | ) | (42 | ) | (266 | ) | (25 | ) | ||||||||||||||||||||
Class 2 | 4,351 | 413 | 1,355 | 129 | (7,802 | ) | (738 | ) | (2,096 | ) | (196 | ) | ||||||||||||||||||||
Class 4 | 11,996 | 1,146 | 585 | 56 | (9,761 | ) | (944 | ) | 2,820 | 258 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 48,108 | 4,582 | $ | 7,525 | 714 | $ | (59,850 | ) | (5,683 | ) | $ | (4,217 | ) | (387 | ) |
172 | American Funds Insurance Series |
Ultra-Short Bond Fund
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 19,129 | 1,687 | $ | 104 | 9 | $ | (6,205 | ) | (547 | ) | $ | 13,028 | 1,149 | ||||||||||||||||||
Class 1A | — | — | — | † | — | † | — | — | — | † | — | † | ||||||||||||||||||||
Class 2 | 83,973 | 7,609 | 558 | 51 | (50,003 | ) | (4,532 | ) | 34,528 | 3,128 | ||||||||||||||||||||||
Class 3 | 1,092 | 98 | 8 | 1 | (584 | ) | (52 | ) | 516 | 47 | ||||||||||||||||||||||
Class 4 | 23,847 | 2,138 | 67 | 6 | (12,394 | ) | (1,112 | ) | 11,520 | 1,032 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 128,041 | 11,532 | $ | 737 | 67 | $ | (69,186 | ) | (6,243 | ) | $ | 59,592 | 5,356 | ||||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 9,753 | 856 | $ | 604 | 53 | $ | (17,930 | ) | (1,576 | ) | $ | (7,573 | ) | (667 | ) | ||||||||||||||||
Class 1A | — | — | — | † | — | † | — | — | — | † | — | † | ||||||||||||||||||||
Class 2 | 85,259 | 7,676 | 4,088 | 371 | (106,127 | ) | (9,561 | ) | (16,780 | ) | (1,514 | ) | ||||||||||||||||||||
Class 3 | 714 | 64 | 59 | 5 | (2,101 | ) | (188 | ) | (1,328 | ) | (119 | ) | ||||||||||||||||||||
Class 4 | 21,513 | 1,920 | 342 | 31 | (17,702 | ) | (1,580 | ) | 4,153 | 371 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 117,239 | 10,516 | $ | 5,093 | 460 | $ | (143,860 | ) | (12,905 | ) | $ | (21,528 | ) | (1,929 | ) |
U.S. Government/AAA-Rated Securities Fund
Sales* | Reinvestments of distributions | Repurchases* | Net (decrease) increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 105,013 | 8,023 | $ | 9,624 | 740 | $ | (1,265,074 | ) | (95,013 | ) | $ | (1,150,437 | ) | (86,250 | ) | ||||||||||||||||
Class 1A | 1,904 | 145 | 89 | 7 | (1,446 | ) | (110 | ) | 547 | 42 | ||||||||||||||||||||||
Class 2 | 81,686 | 6,412 | 33,328 | 2,592 | (213,441 | ) | (16,303 | ) | (98,427 | ) | (7,299 | ) | ||||||||||||||||||||
Class 3 | 1,932 | 149 | 269 | 20 | (985 | ) | (76 | ) | 1,216 | 93 | ||||||||||||||||||||||
Class 4 | 188,266 | 14,581 | 6,004 | 467 | (78,685 | ) | (6,017 | ) | 115,585 | 9,031 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 378,801 | 29,310 | $ | 49,314 | 3,826 | $ | (1,559,631 | ) | (117,519 | ) | $ | (1,131,516 | ) | (84,383 | ) | ||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 63,401 | 5,184 | $ | 31,462 | 2,550 | $ | (170,411 | ) | (13,819 | ) | $ | (75,548 | ) | (6,085 | ) | ||||||||||||||||
Class 1A | 1,348 | 110 | 50 | 4 | (488 | ) | (40 | ) | 910 | 74 | ||||||||||||||||||||||
Class 2 | 105,457 | 8,638 | 26,789 | 2,193 | (155,177 | ) | (12,760 | ) | (22,931 | ) | (1,929 | ) | ||||||||||||||||||||
Class 3 | 975 | 79 | 180 | 15 | (1,521 | ) | (124 | ) | (366 | ) | (30 | ) | ||||||||||||||||||||
Class 4 | 69,032 | 5,652 | 2,241 | 183 | (41,016 | ) | (3,366 | ) | 30,257 | 2,469 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 240,213 | 19,663 | $ | 60,722 | 4,945 | $ | (368,613 | ) | (30,109 | ) | $ | (67,678 | ) | (5,501 | ) |
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, 2020 | ||||||||||||||||||||||||||||||||
Class P1 | $ | 3,420 | 245 | $ | 439 | 32 | $ | (852 | ) | (62 | ) | $ | 3,007 | 215 | ||||||||||||||||||
Class P2 | 29,202 | 2,123 | 24,835 | 1,827 | (32,980 | ) | (2,378 | ) | 21,057 | 1,572 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 32,622 | 2,368 | $ | 25,274 | 1,859 | $ | (33,832 | ) | (2,440 | ) | $ | 24,064 | 1,787 | ||||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Class P1 | $ | 2,619 | 201 | $ | 317 | 25 | $ | (523 | ) | (41 | ) | $ | 2,413 | 185 | ||||||||||||||||||
Class P2 | 47,485 | 3,690 | 29,905 | 2,419 | (30,455 | ) | (2,336 | ) | 46,935 | 3,773 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 50,104 | 3,891 | $ | 30,222 | 2,444 | $ | (30,978 | ) | (2,377 | ) | $ | 49,348 | 3,958 |
See end of tables for footnotes.
American Funds Insurance Series | 173 |
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, 2020 | ||||||||||||||||||||||||||||||||
Class P1 | $ | 903 | 88 | $ | 31 | 4 | $ | (174 | ) | (17 | ) | $ | 760 | 75 | ||||||||||||||||||
Class P2 | 14,137 | 1,495 | 3,216 | 348 | (5,382 | ) | (539 | ) | 11,971 | 1,304 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 15,040 | 1,583 | $ | 3,247 | 352 | $ | (5,556 | ) | (556 | ) | $ | 12,731 | 1,379 | ||||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Class P1 | $ | 357 | 34 | $ | 27 | 3 | $ | (140 | ) | (14 | ) | $ | 244 | 23 | ||||||||||||||||||
Class P2 | 7,251 | 702 | 7,769 | 772 | (18,389 | ) | (1,773 | ) | (3,369 | ) | (299 | ) | ||||||||||||||||||||
Total net increase (decrease) | $ | 7,608 | 736 | $ | 7,796 | 775 | $ | (18,529 | ) | (1,787 | ) | $ | (3,125 | ) | (276 | ) |
Managed Risk Blue Chip Income and Growth Fund
Sales* | Reinvestments of distributions | Repurchases* | Net increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||
Class P1 | $ | 525 | 45 | $ | 62 | 6 | $ | (38 | ) | (3 | ) | $ | 549 | 48 | ||||||||||||||||||
Class P2 | 19,849 | 1,862 | 16,508 | 1,610 | (11,856 | ) | (1,052 | ) | 24,501 | 2,420 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 20,374 | 1,907 | $ | 16,570 | 1,616 | $ | (11,894 | ) | (1,055 | ) | $ | 25,050 | 2,468 | ||||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Class P1 | $ | 547 | 46 | $ | 53 | 5 | $ | (313 | ) | (28 | ) | $ | 287 | 23 | ||||||||||||||||||
Class P2 | 16,518 | 1,448 | 23,362 | 2,128 | (33,614 | ) | (2,932 | ) | 6,266 | 644 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 17,065 | 1,494 | $ | 23,415 | 2,133 | $ | (33,927 | ) | (2,960 | ) | $ | 6,553 | 667 |
Managed Risk Growth-Income Fund
Sales* | Reinvestments of distributions | Repurchases* | Net increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||
Class P1 | $ | 32,108 | 2,384 | $ | 132,305 | 10,410 | $ | (89,691 | ) | (6,882 | ) | $ | 74,722 | 5,912 | ||||||||||||||||||
Class P2 | 12,333 | 929 | 19,381 | 1,533 | (12,105 | ) | (899 | ) | 19,609 | 1,563 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 44,441 | 3,313 | $ | 151,686 | 11,943 | $ | (101,796 | ) | (7,781 | ) | $ | 94,331 | 7,475 | ||||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Class P1 | $ | 86,511 | 6,809 | $ | 29,069 | 2,244 | $ | (82,465 | ) | (6,312 | ) | $ | 33,115 | 2,741 | ||||||||||||||||||
Class P2 | 28,190 | 2,218 | 3,371 | 263 | (20,033 | ) | (1,562 | ) | 11,528 | 919 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 114,701 | 9,027 | $ | 32,440 | 2,507 | $ | (102,498 | ) | (7,874 | ) | $ | 44,643 | 3,660 |
174 | American Funds Insurance Series |
Managed Risk Asset Allocation Fund
Sales* | Reinvestments of distributions | Repurchases* | Net increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||
Class P1 | $ | 2,240 | 176 | $ | 204 | 17 | $ | (561 | ) | (41 | ) | $ | 1,883 | 152 | ||||||||||||||||||
Class P2 | 42,169 | 3,302 | 146,474 | 12,155 | (133,077 | ) | (10,395 | ) | 55,566 | 5,062 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 44,409 | 3,478 | $ | 146,678 | 12,172 | $ | (133,638 | ) | (10,436 | ) | $ | 57,449 | 5,214 | ||||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Class P1 | $ | 626 | 47 | $ | 70 | 5 | $ | (334 | ) | (25 | ) | $ | 362 | 27 | ||||||||||||||||||
Class P2 | 106,039 | 8,229 | 177,741 | 14,380 | (260,413 | ) | (20,223 | ) | 23,367 | 2,386 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 106,665 | 8,276 | $ | 177,811 | 14,385 | $ | (260,747 | ) | (20,248 | ) | $ | 23,729 | 2,413 |
* | Includes exchanges between share classes of the fund. |
† | Amount less than one thousand. |
American Funds Insurance Series | 175 |
10. Investment transactions and other disclosures
The following tables present additional information for each of the funds for the six months ended June 30, 2020 (dollars in thousands):
Global Growth Fund | Global Small Capitalization Fund | Growth Fund | International Fund | New World Fund | Blue Chip Income and Growth Fund | |||||||||||||||||||
Purchases of investment securities* | $ | 534,335 | $ | 922,816 | $ | 3,248,088 | $ | 1,745,943 | $ | 1,807,749 | $ | 2,328,314 | ||||||||||||
Sales of investment securities* | 829,429 | 1,009,463 | 4,901,588 | 2,133,214 | 1,868,740 | 2,400,012 | ||||||||||||||||||
Non-U.S. taxes paid on dividend income | 3,150 | 1,363 | 3,249 | 6,316 | 1,319 | 249 | ||||||||||||||||||
Non-U.S. taxes paid on interest income | — | — | — | — | (4 | ) | — | |||||||||||||||||
Non-U.S. taxes paid on realized gains | — | — | — | — | 550 | — | ||||||||||||||||||
Non-U.S. taxes provided on unrealized gains | 2,859 | 1,040 | — | 7,323 | 6,580 | — | ||||||||||||||||||
Global Growth and Income Fund | Growth- Income Fund | International Growth and Income Fund | Capital Income Builder | Asset Allocation Fund | Global Balanced Fund | |||||||||||||||||||
Purchases of investment securities* | $ | 417,183 | $ | 6,304,391 | $ | 388,541 | $ | 1,037,086 | $ | 13,158,932 | $ | 91,666 | ||||||||||||
Sales of investment securities* | 491,469 | 6,969,380 | 358,483 | 915,970 | 13,037,652 | 107,936 | ||||||||||||||||||
Non-U.S. taxes paid on dividend income | 1,268 | 6,123 | 2,064 | 475 | 3,891 | 160 | ||||||||||||||||||
Non-U.S. taxes paid on interest income | — | — | — | — | — | 10 | ||||||||||||||||||
Non-U.S. taxes paid on realized gains | 179 | 165 | — | 1 | 27 | 3 | ||||||||||||||||||
Non-U.S. taxes provided on unrealized gains | 1,818 | 186 | — | 27 | — | 25 | ||||||||||||||||||
Dividend income from affiliated issuers | — | — | — | — | 2,980 | — | ||||||||||||||||||
Bond Fund | Capital World Bond Fund | High- Income Bond Fund | American Funds Mortgage Fund | Ultra-Short Bond Fund | U.S. Government/ AAA-Rated Securities Fund | |||||||||||||||||||
Purchases of investment securities* | $ | 18,899,658 | $ | 1,507,104 | $ | 411,403 | $ | 1,224,594 | $ | — | $ | 9,526,222 | ||||||||||||
Sales of investment securities* | 18,603,064 | 1,343,214 | 763,140 | 1,175,864 | — | 9,403,975 | ||||||||||||||||||
Non-U.S. taxes paid on interest income | — | 175 | — | — | — | — | ||||||||||||||||||
Non-U.S. taxes paid on realized gains | — | 72 | — | — | — | — | ||||||||||||||||||
Non-U.S. taxes provided on unrealized gains | — | 92 | — | — | — | — | ||||||||||||||||||
Managed Risk Growth Fund | Managed Risk International Fund | Managed Risk Blue Chip Income and Growth Fund | Managed Risk Growth- Income Fund | Managed Risk Asset Allocation Fund | ||||||||||||||||||||
Purchases of investment securities* | $ | 259,669 | $ | 78,217 | $ | 249,515 | $ | 547,458 | $ | 657,004 | ||||||||||||||
Sales of investment securities* | 280,254 | 82,606 | 259,913 | 539,871 | 777,679 | |||||||||||||||||||
Dividend income from affiliated issuers | 1,322 | 367 | 1,501 | 9,310 | 11,742 |
* | Excludes short-term securities and U.S. government obligations, if any. |
11. Ownership concentration
At June 30, 2020, American Funds Insurance Series - Portfolio Series Managed Risk Growth and Income Portfolio held 33% and 13% of the outstanding shares of Capital Income Builder and Global Growth and Income Fund, respectively. In addition, American Funds Insurance Series - Portfolio Series Managed Risk Global Allocation Portfolio held 25% of the outstanding shares of Global Balanced Fund.
176 | American Funds Insurance Series |
Financial highlights
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | Net investment income (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 period | Total return | Net assets, end of period (in millions) | Ratio of expenses to average net assets2 | Ratio of net income (loss) to average net assets | ||||||||||||||||||||||||||||||||||||
Global Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | $ | 32.57 | $ | .11 | $ | 1.26 | $ | 1.37 | $ | (.07 | ) | $ | (.96 | ) | $ | (1.03 | ) | $ | 32.91 | 4.22 | %5 | $ | 2,577 | .56 | %6 | .71 | %6 | |||||||||||||||||||||
12/31/2019 | 25.74 | .32 | 8.60 | 8.92 | (.41 | ) | (1.68 | ) | (2.09 | ) | 32.57 | 35.61 | 2,515 | .56 | 1.07 | |||||||||||||||||||||||||||||||||
12/31/2018 | 30.51 | .29 | (2.65 | ) | (2.36 | ) | (.28 | ) | (2.13 | ) | (2.41 | ) | 25.74 | (8.81 | ) | 1,942 | .55 | .98 | ||||||||||||||||||||||||||||||
12/31/2017 | 24.05 | .26 | 7.30 | 7.56 | (.26 | ) | (.84 | ) | (1.10 | ) | 30.51 | 31.80 | 2,010 | .55 | .94 | |||||||||||||||||||||||||||||||||
12/31/2016 | 26.39 | .25 | (.14 | ) | .11 | (.29 | ) | (2.16 | ) | (2.45 | ) | 24.05 | .87 | 1,630 | .56 | 1.00 | ||||||||||||||||||||||||||||||||
12/31/2015 | 27.48 | .25 | 1.80 | 2.05 | (.35 | ) | (2.79 | ) | (3.14 | ) | 26.39 | 7.24 | 1,626 | .55 | .90 | |||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 32.47 | .07 | 1.27 | 1.34 | (.06 | ) | (.96 | ) | (1.02 | ) | 32.79 | 4.13 | 5 | 7 | .81 | 6 | .44 | 6 | ||||||||||||||||||||||||||||||
12/31/2019 | 25.69 | .25 | 8.55 | 8.80 | (.34 | ) | (1.68 | ) | (2.02 | ) | 32.47 | 35.22 | 8 | .81 | .83 | |||||||||||||||||||||||||||||||||
12/31/2018 | 30.46 | .23 | (2.66 | ) | (2.43 | ) | (.21 | ) | (2.13 | ) | (2.34 | ) | 25.69 | (9.02 | ) | 5 | .80 | .77 | ||||||||||||||||||||||||||||||
12/31/20173,7 | 24.50 | .11 | 6.94 | 7.05 | (.25 | ) | (.84 | ) | (1.09 | ) | 30.46 | 29.13 | 5 | 2 | .80 | 6 | .39 | 6 | ||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 32.24 | .07 | 1.25 | 1.32 | (.06 | ) | (.96 | ) | (1.02 | ) | 32.54 | 4.10 | 5 | 3,771 | .81 | 6 | .46 | 6 | ||||||||||||||||||||||||||||||
12/31/2019 | 25.50 | .24 | 8.51 | 8.75 | (.33 | ) | (1.68 | ) | (2.01 | ) | 32.24 | 35.28 | 3,895 | .81 | .83 | |||||||||||||||||||||||||||||||||
12/31/2018 | 30.24 | .22 | (2.63 | ) | (2.41 | ) | (.20 | ) | (2.13 | ) | (2.33 | ) | 25.50 | (9.04 | ) | 3,306 | .80 | .73 | ||||||||||||||||||||||||||||||
12/31/2017 | 23.85 | .19 | 7.23 | 7.42 | (.19 | ) | (.84 | ) | (1.03 | ) | 30.24 | 31.47 | 4,012 | .80 | .69 | |||||||||||||||||||||||||||||||||
12/31/2016 | 26.19 | .18 | (.14 | ) | .04 | (.22 | ) | (2.16 | ) | (2.38 | ) | 23.85 | .62 | 3,483 | .81 | .76 | ||||||||||||||||||||||||||||||||
12/31/2015 | 27.30 | .18 | 1.78 | 1.96 | (.28 | ) | (2.79 | ) | (3.07 | ) | 26.19 | 6.94 | 3,817 | .80 | .66 | |||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 32.05 | .03 | 1.25 | 1.28 | (.05 | ) | (.96 | ) | (1.01 | ) | 32.32 | 3.99 | 5 | 402 | 1.06 | 6 | .22 | 6 | ||||||||||||||||||||||||||||||
12/31/2019 | 25.39 | .17 | 8.45 | 8.62 | (.28 | ) | (1.68 | ) | (1.96 | ) | 32.05 | 34.87 | 382 | 1.06 | .57 | |||||||||||||||||||||||||||||||||
12/31/2018 | 30.13 | .14 | (2.60 | ) | (2.46 | ) | (.15 | ) | (2.13 | ) | (2.28 | ) | 25.39 | (9.24 | ) | 249 | 1.05 | .47 | ||||||||||||||||||||||||||||||
12/31/2017 | 23.81 | .10 | 7.22 | 7.32 | (.16 | ) | (.84 | ) | (1.00 | ) | 30.13 | 31.11 | 211 | 1.05 | .37 | |||||||||||||||||||||||||||||||||
12/31/2016 | 26.16 | .12 | (.14 | ) | (.02 | ) | (.17 | ) | (2.16 | ) | (2.33 | ) | 23.81 | .37 | 94 | 1.06 | .50 | |||||||||||||||||||||||||||||||
12/31/2015 | 27.34 | .09 | 1.81 | 1.90 | (.29 | ) | (2.79 | ) | (3.08 | ) | 26.16 | 6.69 | 91 | 1.05 | .34 | |||||||||||||||||||||||||||||||||
Global Small Capitalization Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | $ | 26.80 | $ | .02 | $ | (.88 | ) | $ | (.86 | ) | $ | (.05 | ) | $ | (1.59 | ) | $ | (1.64 | ) | $ | 24.30 | (3.18 | )%5 | $ | 1,954 | .75 | %6 | .15 | %6 | |||||||||||||||||||
12/31/2019 | 21.75 | .12 | 6.61 | 6.73 | (.10 | ) | (1.58 | ) | (1.68 | ) | 26.80 | 31.84 | 2,050 | .75 | .48 | |||||||||||||||||||||||||||||||||
12/31/2018 | 25.38 | .11 | (2.51 | ) | (2.40 | ) | (.09 | ) | (1.14 | ) | (1.23 | ) | 21.75 | (10.31 | ) | 1,453 | .73 | .42 | ||||||||||||||||||||||||||||||
12/31/2017 | 20.24 | .12 | 5.17 | 5.29 | (.15 | ) | — | (.15 | ) | 25.38 | 26.22 | 1,639 | .73 | .54 | ||||||||||||||||||||||||||||||||||
12/31/2016 | 24.41 | .12 | .17 | .29 | (.11 | ) | (4.35 | ) | (4.46 | ) | 20.24 | 2.35 | 1,532 | .74 | .57 | |||||||||||||||||||||||||||||||||
12/31/2015 | 26.09 | .04 | .36 | .40 | — | (2.08 | ) | (2.08 | ) | 24.41 | .50 | 1,706 | .73 | .15 | ||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 26.74 | (.01 | ) | (.87 | ) | (.88 | ) | (.05 | ) | (1.59 | ) | (1.64 | ) | 24.22 | (3.30 | )5 | 1 | 1.00 | 6 | (.06 | )6 | |||||||||||||||||||||||||||
12/31/2019 | 21.71 | .05 | 6.61 | 6.66 | (.05 | ) | (1.58 | ) | (1.63 | ) | 26.74 | 31.56 | 1 | .99 | .22 | |||||||||||||||||||||||||||||||||
12/31/2018 | 25.36 | .05 | (2.52 | ) | (2.47 | ) | (.04 | ) | (1.14 | ) | (1.18 | ) | 21.71 | (10.56 | ) | — | 8 | .98 | .21 | |||||||||||||||||||||||||||||
12/31/20173,7 | 20.70 | .08 | 4.71 | 4.79 | (.13 | ) | — | (.13 | ) | 25.36 | 23.19 | 5 | — | 8 | .96 | 6 | .35 | 6 | ||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 26.02 | (.01 | ) | (.85 | ) | (.86 | ) | (.04 | ) | (1.59 | ) | (1.63 | ) | 23.53 | (3.28 | )5 | 2,197 | 1.00 | 6 | (.11 | )6 | |||||||||||||||||||||||||||
12/31/2019 | 21.16 | .05 | 6.43 | 6.48 | (.04 | ) | (1.58 | ) | (1.62 | ) | 26.02 | 31.52 | 2,363 | 1.00 | .22 | |||||||||||||||||||||||||||||||||
12/31/2018 | 24.72 | .04 | (2.44 | ) | (2.40 | ) | (.02 | ) | (1.14 | ) | (1.16 | ) | 21.16 | (10.55 | ) | 2,056 | .98 | .17 | ||||||||||||||||||||||||||||||
12/31/2017 | 19.72 | .06 | 5.04 | 5.10 | (.10 | ) | — | (.10 | ) | 24.72 | 25.89 | 2,551 | .98 | .27 | ||||||||||||||||||||||||||||||||||
12/31/2016 | 23.90 | .07 | .15 | .22 | (.05 | ) | (4.35 | ) | (4.40 | ) | 19.72 | 2.10 | 2,303 | .99 | .31 | |||||||||||||||||||||||||||||||||
12/31/2015 | 25.64 | (.03 | ) | .37 | .34 | — | (2.08 | ) | (2.08 | ) | 23.90 | .27 | 2,492 | .98 | (.10 | ) | ||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 26.16 | (.04 | ) | (.87 | ) | (.91 | ) | (.03 | ) | (1.59 | ) | (1.62 | ) | 23.63 | (3.46 | )5 | 201 | 1.25 | 6 | (.35 | )6 | |||||||||||||||||||||||||||
12/31/2019 | 21.28 | (.01 | ) | 6.47 | 6.46 | — | 9 | (1.58 | ) | (1.58 | ) | 26.16 | 31.24 | 206 | 1.25 | (.04 | ) | |||||||||||||||||||||||||||||||
12/31/2018 | 24.91 | (.02 | ) | (2.46 | ) | (2.48 | ) | (.01 | ) | (1.14 | ) | (1.15 | ) | 21.28 | (10.80 | ) | 146 | 1.24 | (.08 | ) | ||||||||||||||||||||||||||||
12/31/2017 | 19.91 | — | 9 | 5.09 | 5.09 | (.09 | ) | — | (.09 | ) | 24.91 | 25.62 | 125 | 1.23 | — | 10 | ||||||||||||||||||||||||||||||||
12/31/2016 | 24.11 | .01 | .16 | .17 | (.02 | ) | (4.35 | ) | (4.37 | ) | 19.91 | 1.85 | 42 | 1.24 | .03 | |||||||||||||||||||||||||||||||||
12/31/2015 | 25.92 | (.10 | ) | .37 | .27 | — | (2.08 | ) | (2.08 | ) | 24.11 | (.02 | ) | 34 | 1.23 | (.37 | ) |
See end of tables for footnotes.
American Funds Insurance Series | 177 |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | 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 period | Total return | Net assets, end of period (in millions) | Ratio of expenses to average net assets2 | Ratio of net income (loss) to average net assets | ||||||||||||||||||||||||||||||||||||
Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | $ | 81.22 | $ | .22 | $ | 9.58 | $ | 9.80 | $ | (.25 | ) | $ | (2.18 | ) | $ | (2.43 | ) | $ | 88.59 | 12.10 | %5 | $11,854 | .36 | %6 | .54 | %6 | ||||||||||||||||||||||
12/31/2019 | 69.96 | .83 | 19.63 | 20.46 | (.76 | ) | (8.44 | ) | (9.20 | ) | 81.22 | 31.11 | 10,841 | .35 | 1.09 | |||||||||||||||||||||||||||||||||
12/31/2018 | 77.85 | .64 | .25 | .89 | (.54 | ) | (8.24 | ) | (8.78 | ) | 69.96 | (.01 | ) | 8,474 | .34 | .81 | ||||||||||||||||||||||||||||||||
12/31/2017 | 67.29 | .55 | 17.89 | 18.44 | (.55 | ) | (7.33 | ) | (7.88 | ) | 77.85 | 28.62 | 8,100 | .35 | .75 | |||||||||||||||||||||||||||||||||
12/31/2016 | 68.02 | .67 | 5.40 | 6.07 | (.67 | ) | (6.13 | ) | (6.80 | ) | 67.29 | 9.77 | 6,931 | .35 | 1.03 | |||||||||||||||||||||||||||||||||
12/31/2015 | 80.15 | .64 | 5.08 | 5.72 | (.61 | ) | (17.24 | ) | (17.85 | ) | 68.02 | 7.12 | 6,796 | .35 | .87 | |||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 80.92 | .12 | 9.52 | 9.64 | (.22 | ) | (2.18 | ) | (2.40 | ) | 88.16 | 11.95 | 5 | 26 | .61 | 6 | .30 | 6 | ||||||||||||||||||||||||||||||
12/31/2019 | 69.77 | .65 | 19.55 | 20.20 | (.61 | ) | (8.44 | ) | (9.05 | ) | 80.92 | 30.79 | 18 | .60 | .85 | |||||||||||||||||||||||||||||||||
12/31/2018 | 77.74 | .47 | .24 | .71 | (.44 | ) | (8.24 | ) | (8.68 | ) | 69.77 | (.26 | ) | 10 | .59 | .60 | ||||||||||||||||||||||||||||||||
12/31/20173,7 | 68.84 | .35 | 16.38 | 16.73 | (.50 | ) | (7.33 | ) | (7.83 | ) | 77.74 | 25.47 | 5 | �� | 3 | .59 | 6 | .47 | 6 | |||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 80.57 | .12 | 9.50 | 9.62 | (.22 | ) | (2.18 | ) | (2.40 | ) | 87.79 | 11.97 | 5 | 16,504 | .61 | 6 | .29 | 6 | ||||||||||||||||||||||||||||||
12/31/2019 | 69.48 | .63 | 19.47 | 20.10 | (.57 | ) | (8.44 | ) | (9.01 | ) | 80.57 | 30.77 | 15,885 | .60 | .83 | |||||||||||||||||||||||||||||||||
12/31/2018 | 77.35 | .44 | .27 | .71 | (.34 | ) | (8.24 | ) | (8.58 | ) | 69.48 | (.25 | ) | 13,701 | .59 | .55 | ||||||||||||||||||||||||||||||||
12/31/2017 | 66.92 | .37 | 17.76 | 18.13 | (.37 | ) | (7.33 | ) | (7.70 | ) | 77.35 | 28.28 | 15,716 | .60 | .50 | |||||||||||||||||||||||||||||||||
12/31/2016 | 67.69 | .51 | 5.36 | 5.87 | (.51 | ) | (6.13 | ) | (6.64 | ) | 66.92 | 9.49 | 13,978 | .60 | .78 | |||||||||||||||||||||||||||||||||
12/31/2015 | 79.84 | .46 | 5.06 | 5.52 | (.43 | ) | (17.24 | ) | (17.67 | ) | 67.69 | 6.86 | 14,414 | .60 | .62 | |||||||||||||||||||||||||||||||||
Class 3: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 81.84 | .15 | 9.65 | 9.80 | (.23 | ) | (2.18 | ) | (2.41 | ) | 89.23 | 12.01 | 5 | 225 | .54 | 6 | .36 | 6 | ||||||||||||||||||||||||||||||
12/31/2019 | 70.44 | .69 | 19.77 | 20.46 | (.62 | ) | (8.44 | ) | (9.06 | ) | 81.84 | 30.86 | 213 | .53 | .90 | |||||||||||||||||||||||||||||||||
12/31/2018 | 78.32 | .50 | .26 | .76 | (.40 | ) | (8.24 | ) | (8.64 | ) | 70.44 | (.18 | ) | 187 | .52 | .62 | ||||||||||||||||||||||||||||||||
12/31/2017 | 67.67 | .42 | 17.98 | 18.40 | (.42 | ) | (7.33 | ) | (7.75 | ) | 78.32 | 28.39 | 212 | .53 | .57 | |||||||||||||||||||||||||||||||||
12/31/2016 | 68.37 | .56 | 5.42 | 5.98 | (.55 | ) | (6.13 | ) | (6.68 | ) | 67.67 | 9.56 | 183 | .53 | .85 | |||||||||||||||||||||||||||||||||
12/31/2015 | 80.47 | .51 | 5.11 | 5.62 | (.48 | ) | (17.24 | ) | (17.72 | ) | 68.37 | 6.92 | 194 | .53 | .69 | |||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 79.41 | .02 | 9.35 | 9.37 | (.19 | ) | (2.18 | ) | (2.37 | ) | 86.41 | 11.81 | 5 | 1,711 | .86 | 6 | .05 | 6 | ||||||||||||||||||||||||||||||
12/31/2019 | 68.64 | .44 | 19.19 | 19.63 | (.42 | ) | (8.44 | ) | (8.86 | ) | 79.41 | 30.44 | 1,513 | .85 | .59 | |||||||||||||||||||||||||||||||||
12/31/2018 | 76.56 | .24 | .28 | .52 | (.20 | ) | (8.24 | ) | (8.44 | ) | 68.64 | (.50 | ) | 1,076 | .84 | .31 | ||||||||||||||||||||||||||||||||
12/31/2017 | 66.41 | .18 | 17.61 | 17.79 | (.31 | ) | (7.33 | ) | (7.64 | ) | 76.56 | 27.99 | 954 | .85 | .25 | |||||||||||||||||||||||||||||||||
12/31/2016 | 67.26 | .34 | 5.32 | 5.66 | (.38 | ) | (6.13 | ) | (6.51 | ) | 66.41 | 9.22 | 458 | .85 | .53 | |||||||||||||||||||||||||||||||||
12/31/2015 | 79.74 | .29 | 5.02 | 5.31 | (.55 | ) | (17.24 | ) | (17.79 | ) | 67.26 | 6.59 | 394 | .85 | .42 |
178 | American Funds Insurance Series |
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | 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 period | Total return | Net assets, end of period (in millions) | Ratio of expenses to average net assets2 | Ratio of net income (loss) to average net assets | ||||||||||||||||||||||||||||||||||||
International Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | $ | 20.86 | $ | .10 | $ | (2.44 | ) | $ | (2.34 | ) | $ | (.04 | ) | $ | — | $ | (.04 | ) | $ | 18.48 | (11.20 | )%5 | $ | 4,729 | .55 | %6 | 1.13 | %6 | ||||||||||||||||||||
12/31/2019 | 17.66 | .30 | 3.74 | 4.04 | (.34 | ) | (.50 | ) | (.84 | ) | 20.86 | 23.21 | 5,353 | .54 | 1.54 | |||||||||||||||||||||||||||||||||
12/31/2018 | 21.71 | .34 | (2.97 | ) | (2.63 | ) | (.40 | ) | (1.02 | ) | (1.42 | ) | 17.66 | (12.94 | ) | 4,811 | .53 | 1.62 | ||||||||||||||||||||||||||||||
12/31/2017 | 16.82 | .26 | 5.16 | 5.42 | (.30 | ) | (.23 | ) | (.53 | ) | 21.71 | 32.46 | 5,014 | .53 | 1.33 | |||||||||||||||||||||||||||||||||
12/31/2016 | 18.08 | .27 | .30 | .57 | (.28 | ) | (1.55 | ) | (1.83 | ) | 16.82 | 3.78 | 3,652 | .54 | 1.57 | |||||||||||||||||||||||||||||||||
12/31/2015 | 20.35 | .29 | (1.03 | ) | (.74 | ) | (.35 | ) | (1.18 | ) | (1.53 | ) | 18.08 | (4.25 | ) | 3,427 | .54 | 1.41 | ||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 20.80 | .08 | (2.43 | ) | (2.35 | ) | (.04 | ) | — | (.04 | ) | 18.41 | (11.32 | )5 | 8 | .80 | 6 | .88 | 6 | |||||||||||||||||||||||||||||
12/31/2019 | 17.62 | .25 | 3.72 | 3.97 | (.29 | ) | (.50 | ) | (.79 | ) | 20.80 | 22.90 | 7 | .79 | 1.27 | |||||||||||||||||||||||||||||||||
12/31/2018 | 21.67 | .27 | (2.93 | ) | (2.66 | ) | (.37 | ) | (1.02 | ) | (1.39 | ) | 17.62 | (13.11 | ) | 5 | .78 | 1.32 | ||||||||||||||||||||||||||||||
12/31/20173,7 | 17.17 | .09 | 4.93 | 5.02 | (.29 | ) | (.23 | ) | (.52 | ) | 21.67 | 29.46 | 5 | 2 | .77 | 6 | .43 | 6 | ||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 20.78 | .08 | (2.43 | ) | (2.35 | ) | (.04 | ) | — | (.04 | ) | 18.39 | (11.33 | )5 | 3,834 | .80 | 6 | .87 | 6 | |||||||||||||||||||||||||||||
12/31/2019 | 17.60 | .25 | 3.72 | 3.97 | (.29 | ) | (.50 | ) | (.79 | ) | 20.78 | 22.88 | 4,311 | .79 | 1.29 | |||||||||||||||||||||||||||||||||
12/31/2018 | 21.63 | .29 | (2.95 | ) | (2.66 | ) | (.35 | ) | (1.02 | ) | (1.37 | ) | 17.60 | (13.13 | ) | 3,875 | .78 | 1.40 | ||||||||||||||||||||||||||||||
12/31/2017 | 16.76 | .22 | 5.13 | 5.35 | (.25 | ) | (.23 | ) | (.48 | ) | 21.63 | 32.14 | 4,422 | .78 | 1.10 | |||||||||||||||||||||||||||||||||
12/31/2016 | 18.02 | .23 | .30 | .53 | (.24 | ) | (1.55 | ) | (1.79 | ) | 16.76 | 3.53 | 3,710 | .79 | 1.35 | |||||||||||||||||||||||||||||||||
12/31/2015 | 20.29 | .24 | (1.03 | ) | (.79 | ) | (.30 | ) | (1.18 | ) | (1.48 | ) | 18.02 | (4.53 | ) | 3,978 | .79 | 1.17 | ||||||||||||||||||||||||||||||
Class 3: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 20.92 | .09 | (2.45 | ) | (2.36 | ) | (.04 | ) | — | (.04 | ) | 18.52 | (11.30 | )5 | 21 | .73 | 6 | .94 | 6 | |||||||||||||||||||||||||||||
12/31/2019 | 17.70 | .27 | 3.75 | 4.02 | (.30 | ) | (.50 | ) | (.80 | ) | 20.92 | 23.05 | 25 | .72 | 1.37 | |||||||||||||||||||||||||||||||||
12/31/2018 | 21.75 | .31 | (2.98 | ) | (2.67 | ) | (.36 | ) | (1.02 | ) | (1.38 | ) | 17.70 | (13.10 | ) | 24 | .71 | 1.48 | ||||||||||||||||||||||||||||||
12/31/2017 | 16.85 | .23 | 5.17 | 5.40 | (.27 | ) | (.23 | ) | (.50 | ) | 21.75 | 32.23 | 31 | .71 | 1.17 | |||||||||||||||||||||||||||||||||
12/31/2016 | 18.11 | .24 | .30 | .54 | (.25 | ) | (1.55 | ) | (1.80 | ) | 16.85 | 3.57 | 27 | .72 | 1.42 | |||||||||||||||||||||||||||||||||
12/31/2015 | 20.38 | .25 | (1.03 | ) | (.78 | ) | (.31 | ) | (1.18 | ) | (1.49 | ) | 18.11 | (4.44 | ) | 32 | .72 | 1.24 | ||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 20.54 | .06 | (2.41 | ) | (2.35 | ) | (.03 | ) | — | (.03 | ) | 18.16 | (11.46 | )5 | 341 | 1.05 | 6 | .62 | 6 | |||||||||||||||||||||||||||||
12/31/2019 | 17.40 | .20 | 3.69 | 3.89 | (.25 | ) | (.50 | ) | (.75 | ) | 20.54 | 22.67 | 379 | 1.04 | 1.03 | |||||||||||||||||||||||||||||||||
12/31/2018 | 21.42 | .23 | (2.93 | ) | (2.70 | ) | (.30 | ) | (1.02 | ) | (1.32 | ) | 17.40 | (13.41 | ) | 295 | 1.03 | 1.13 | ||||||||||||||||||||||||||||||
12/31/2017 | 16.64 | .11 | 5.16 | 5.27 | (.26 | ) | (.23 | ) | (.49 | ) | 21.42 | 31.89 | 289 | 1.03 | .55 | |||||||||||||||||||||||||||||||||
12/31/2016 | 17.93 | .18 | .29 | .47 | (.21 | ) | (1.55 | ) | (1.76 | ) | 16.64 | 3.21 | 66 | 1.04 | 1.03 | |||||||||||||||||||||||||||||||||
12/31/2015 | 20.23 | .17 | (1.00 | ) | (.83 | ) | (.29 | ) | (1.18 | ) | (1.47 | ) | 17.93 | (4.75 | ) | 46 | 1.04 | .88 |
See end of tables for footnotes.
American Funds Insurance Series | 179 |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | Net investment income (loss) | Net (losses) gains on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of period | Total return | Net assets, end of period (in millions) | Ratio of expenses to average net assets before waivers2 | Ratio of expenses to average net assets after waivers2 | Ratio of net income (loss) to average net assets | |||||||||||||||||||||||||||||||||||||||
New World Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | $ | 25.84 | $ | .09 | $ | (1.15 | ) | $ | (1.06 | ) | $ | (.03 | ) | $ | (.27 | ) | $ | (.30 | ) | $ | 24.48 | (4.06 | )%5 | $ | 1,892 | .77 | %6 | .71 | %6 | .79 | %6 | |||||||||||||||||||||
12/31/2019 | 20.98 | .28 | 5.79 | 6.07 | (.29 | ) | (.92 | ) | (1.21 | ) | 25.84 | 29.47 | 2,129 | .76 | .76 | 1.18 | ||||||||||||||||||||||||||||||||||||
12/31/2018 | 25.30 | .27 | (3.65 | ) | (3.38 | ) | (.27 | ) | (.67 | ) | (.94 | ) | 20.98 | (13.83 | ) | 1,702 | .77 | .77 | 1.11 | |||||||||||||||||||||||||||||||||
12/31/2017 | 19.72 | .26 | 5.59 | 5.85 | (.27 | ) | — | (.27 | ) | 25.30 | 29.73 | 2,050 | .77 | .77 | 1.14 | |||||||||||||||||||||||||||||||||||||
12/31/2016 | 18.87 | .24 | .81 | 1.05 | (.20 | ) | — | (.20 | ) | 19.72 | 5.59 | 1,743 | .78 | .78 | 1.25 | |||||||||||||||||||||||||||||||||||||
12/31/2015 | 20.72 | .19 | (.71 | ) | (.52 | ) | (.17 | ) | (1.16 | ) | (1.33 | ) | 18.87 | (2.96 | ) | 1,562 | .79 | .79 | .92 | |||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 25.74 | .07 | (1.15 | ) | (1.08 | ) | (.02 | ) | (.27 | ) | (.29 | ) | 24.37 | (4.18 | )5 | 6 | 1.02 | 6 | .95 | 6 | .62 | 6 | ||||||||||||||||||||||||||||||
12/31/2019 | 20.92 | .22 | 5.76 | 5.98 | (.24 | ) | (.92 | ) | (1.16 | ) | 25.74 | 29.11 | 4 | 1.01 | 1.01 | .92 | ||||||||||||||||||||||||||||||||||||
12/31/2018 | 25.25 | .21 | (3.64 | ) | (3.43 | ) | (.23 | ) | (.67 | ) | (.90 | ) | 20.92 | (14.02 | ) | 2 | 1.02 | 1.02 | .91 | |||||||||||||||||||||||||||||||||
12/31/20173,7 | 20.14 | .13 | 5.24 | 5.37 | (.26 | ) | — | (.26 | ) | 25.25 | 26.72 | 5 | 1 | 1.00 | 6 | 1.00 | 6 | .53 | 6 | |||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 25.59 | .06 | (1.13 | ) | (1.07 | ) | (.02 | ) | (.27 | ) | (.29 | ) | 24.23 | (4.18 | )5 | 902 | 1.02 | 6 | .96 | 6 | .55 | 6 | ||||||||||||||||||||||||||||||
12/31/2019 | 20.79 | .22 | 5.73 | 5.95 | (.23 | ) | (.92 | ) | (1.15 | ) | 25.59 | 29.15 | 981 | 1.01 | 1.01 | .93 | ||||||||||||||||||||||||||||||||||||
12/31/2018 | 25.07 | .20 | (3.61 | ) | (3.41 | ) | (.20 | ) | (.67 | ) | (.87 | ) | 20.79 | (14.04 | ) | 843 | 1.02 | 1.02 | .85 | |||||||||||||||||||||||||||||||||
12/31/2017 | 19.54 | .20 | 5.55 | 5.75 | (.22 | ) | — | (.22 | ) | 25.07 | 29.44 | 1,055 | 1.02 | 1.02 | .89 | |||||||||||||||||||||||||||||||||||||
12/31/2016 | 18.71 | .19 | .79 | .98 | (.15 | ) | — | (.15 | ) | 19.54 | 5.26 | 911 | 1.03 | 1.03 | 1.00 | |||||||||||||||||||||||||||||||||||||
12/31/2015 | 20.54 | .14 | (.69 | ) | (.55 | ) | (.12 | ) | (1.16 | ) | (1.28 | ) | 18.71 | (3.14 | ) | 961 | 1.04 | 1.04 | .68 | |||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 25.47 | .04 | (1.14 | ) | (1.10 | ) | (.01 | ) | (.27 | ) | (.28 | ) | 24.09 | (4.31 | )5 | 644 | 1.27 | 6 | 1.21 | 6 | .31 | 6 | ||||||||||||||||||||||||||||||
12/31/2019 | 20.71 | .16 | 5.70 | 5.86 | (.18 | ) | (.92 | ) | (1.10 | ) | 25.47 | 28.82 | 646 | 1.26 | 1.26 | .67 | ||||||||||||||||||||||||||||||||||||
12/31/2018 | 24.99 | .14 | (3.59 | ) | (3.45 | ) | (.16 | ) | (.67 | ) | (.83 | ) | 20.71 | (14.25 | ) | 464 | 1.27 | 1.27 | .61 | |||||||||||||||||||||||||||||||||
12/31/2017 | 19.51 | .14 | 5.52 | 5.66 | (.18 | ) | — | (.18 | ) | 24.99 | 29.06 | 427 | 1.27 | 1.27 | .61 | |||||||||||||||||||||||||||||||||||||
12/31/2016 | 18.69 | .14 | .80 | .94 | (.12 | ) | — | (.12 | ) | 19.51 | 5.04 | 240 | 1.28 | 1.28 | .75 | |||||||||||||||||||||||||||||||||||||
12/31/2015 | 20.56 | .08 | (.68 | ) | (.60 | ) | (.11 | ) | (1.16 | ) | (1.27 | ) | 18.69 | (3.37 | ) | 171 | 1.29 | 1.29 | .39 |
180 | American Funds Insurance Series |
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | 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 period | Total return | Net assets, end of period (in millions) | Ratio of expenses to average net assets2 | Ratio of net income (loss) to average net assets | ||||||||||||||||||||||||||||||||||||
Blue Chip Income and Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | $ | 13.56 | $ | .13 | $ | (1.24 | ) | $ | (1.11 | ) | $ | (.06 | ) | $ | (.15 | ) | $ | (.21 | ) | $ | 12.24 | (8.27 | )%5 | $ | 5,013 | .43 | %6 | 2.06 | %6 | |||||||||||||||||||
12/31/2019 | 12.38 | .30 | 2.25 | 2.55 | (.30 | ) | (1.07 | ) | (1.37 | ) | 13.56 | 21.66 | 5,559 | .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 | 2.13 | ||||||||||||||||||||||||||||||
12/31/2017 | 13.53 | .32 | 1.96 | 2.28 | (.32 | ) | (.53 | ) | (.85 | ) | 14.96 | 17.30 | 5,581 | .41 | 2.27 | |||||||||||||||||||||||||||||||||
12/31/2016 | 12.62 | .31 | 1.97 | 2.28 | (.29 | ) | (1.08 | ) | (1.37 | ) | 13.53 | 19.06 | 5,099 | .41 | 2.39 | |||||||||||||||||||||||||||||||||
12/31/2015 | 14.69 | .31 | (.64 | ) | (.33 | ) | (.29 | ) | (1.45 | ) | (1.74 | ) | 12.62 | (2.72 | ) | 3,638 | .41 | 2.23 | ||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 13.51 | .11 | (1.24 | ) | (1.13 | ) | (.05 | ) | (.15 | ) | (.20 | ) | 12.18 | (8.40 | )5 | 12 | .68 | 6 | 1.84 | 6 | ||||||||||||||||||||||||||||
12/31/2019 | 12.35 | .26 | 2.24 | 2.50 | (.27 | ) | (1.07 | ) | (1.34 | ) | 13.51 | 21.35 | 9 | .67 | 2.03 | |||||||||||||||||||||||||||||||||
12/31/2018 | 14.94 | .26 | (1.42 | ) | (1.16 | ) | (.29 | ) | (1.14 | ) | (1.43 | ) | 12.35 | (8.67 | ) | 3 | .66 | 1.84 | ||||||||||||||||||||||||||||||
12/31/20173,7 | 13.75 | .28 | 1.75 | 2.03 | (.31 | ) | (.53 | ) | (.84 | ) | 14.94 | 15.21 | 5 | 1 | .65 | 6 | 2.01 | 6 | ||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 13.39 | .11 | (1.23 | ) | (1.12 | ) | (.05 | ) | (.15 | ) | (.20 | ) | 12.07 | (8.41 | )5 | 2,750 | .68 | 6 | 1.81 | 6 | ||||||||||||||||||||||||||||
12/31/2019 | 12.24 | .26 | 2.22 | 2.48 | (.26 | ) | (1.07 | ) | (1.33 | ) | 13.39 | 21.38 | 3,093 | .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 | 1.88 | ||||||||||||||||||||||||||||||
12/31/2017 | 13.39 | .28 | 1.94 | 2.22 | (.28 | ) | (.53 | ) | (.81 | ) | 14.80 | 17.04 | 3,551 | .66 | 2.02 | |||||||||||||||||||||||||||||||||
12/31/2016 | 12.51 | .28 | 1.94 | 2.22 | (.26 | ) | (1.08 | ) | (1.34 | ) | 13.39 | 18.70 | 3,412 | .66 | 2.16 | |||||||||||||||||||||||||||||||||
12/31/2015 | 14.57 | .27 | (.62 | ) | (.35 | ) | (.26 | ) | (1.45 | ) | (1.71 | ) | 12.51 | (2.93 | ) | 3,228 | .66 | 1.97 | ||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 13.31 | .09 | (1.21 | ) | (1.12 | ) | (.05 | ) | (.15 | ) | (.20 | ) | 11.99 | (8.49 | )5 | 641 | .93 | 6 | 1.57 | 6 | ||||||||||||||||||||||||||||
12/31/2019 | 12.19 | .23 | 2.20 | 2.43 | (.24 | ) | (1.07 | ) | (1.31 | ) | 13.31 | 21.03 | 621 | .92 | 1.78 | |||||||||||||||||||||||||||||||||
12/31/2018 | 14.77 | .23 | (1.42 | ) | (1.19 | ) | (.25 | ) | (1.14 | ) | (1.39 | ) | 12.19 | (8.92 | ) | 368 | .91 | 1.62 | ||||||||||||||||||||||||||||||
12/31/2017 | 13.39 | .25 | 1.93 | 2.18 | (.27 | ) | (.53 | ) | (.80 | ) | 14.77 | 16.70 | 247 | .91 | 1.76 | |||||||||||||||||||||||||||||||||
12/31/2016 | 12.53 | .24 | 1.96 | 2.20 | (.26 | ) | (1.08 | ) | (1.34 | ) | 13.39 | 18.49 | 132 | .91 | 1.81 | |||||||||||||||||||||||||||||||||
12/31/2015 | 14.63 | .24 | (.63 | ) | (.39 | ) | (.26 | ) | (1.45 | ) | (1.71 | ) | 12.53 | (3.21 | ) | 32 | .91 | 1.75 | ||||||||||||||||||||||||||||||
Global Growth and Income Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | $ | 15.92 | $ | .11 | $ | (1.87 | ) | $ | (1.76 | ) | $ | (.05 | ) | $ | (.38 | ) | $ | (.43 | ) | $ | 13.73 | (11.08 | )%5 | $ | 595 | .65 | %6 | 1.57 | %6 | |||||||||||||||||||
12/31/2019 | 13.02 | .31 | 3.67 | 3.98 | (.32 | ) | (.76 | ) | (1.08 | ) | 15.92 | 31.39 | 625 | .65 | 2.08 | |||||||||||||||||||||||||||||||||
12/31/2018 | 15.81 | .29 | (1.62 | ) | (1.33 | ) | (.28 | ) | (1.18 | ) | (1.46 | ) | 13.02 | (9.36 | ) | 492 | .63 | 1.94 | ||||||||||||||||||||||||||||||
12/31/2017 | 13.02 | .35 | 3.06 | 3.41 | (.36 | ) | (.26 | ) | (.62 | ) | 15.81 | 26.40 | 485 | .63 | 2.43 | |||||||||||||||||||||||||||||||||
12/31/2016 | 12.35 | .28 | .66 | .94 | (.27 | ) | — | (.27 | ) | 13.02 | 7.61 | 571 | .63 | 2.18 | ||||||||||||||||||||||||||||||||||
12/31/2015 | 12.78 | .36 | (.50 | ) | (.14 | ) | (.29 | ) | — | (.29 | ) | 12.35 | (1.14 | ) | 293 | .64 | 2.79 | |||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 15.88 | .09 | (1.85 | ) | (1.76 | ) | (.05 | ) | (.38 | ) | (.43 | ) | 13.69 | (11.20 | )5 | 2 | .90 | 6 | 1.32 | 6 | ||||||||||||||||||||||||||||
12/31/2019 | 13.00 | .26 | 3.68 | 3.94 | (.30 | ) | (.76 | ) | (1.06 | ) | 15.88 | 31.04 | 2 | .90 | 1.77 | |||||||||||||||||||||||||||||||||
12/31/2018 | 15.81 | .26 | (1.63 | ) | (1.37 | ) | (.26 | ) | (1.18 | ) | (1.44 | ) | 13.00 | (9.62 | ) | 1 | .88 | 1.74 | ||||||||||||||||||||||||||||||
12/31/20173,7 | 13.21 | .18 | 3.03 | 3.21 | (.35 | ) | (.26 | ) | (.61 | ) | 15.81 | 24.54 | 5 | — | 8 | .84 | 6 | 1.20 | 6 | |||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 15.89 | .09 | (1.85 | ) | (1.76 | ) | (.05 | ) | (.38 | ) | (.43 | ) | 13.70 | (11.20 | )5 | 1,185 | .90 | 6 | 1.30 | 6 | ||||||||||||||||||||||||||||
12/31/2019 | 12.99 | .27 | 3.68 | 3.95 | (.29 | ) | (.76 | ) | (1.05 | ) | 15.89 | 31.14 | 1,366 | .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 | 1.70 | ||||||||||||||||||||||||||||||
12/31/2017 | 13.00 | .31 | 3.05 | 3.36 | (.32 | ) | (.26 | ) | (.58 | ) | 15.78 | 26.06 | 1,538 | .88 | 2.11 | |||||||||||||||||||||||||||||||||
12/31/2016 | 12.33 | .25 | .65 | .90 | (.23 | ) | — | (.23 | ) | 13.00 | 7.34 | 1,405 | .88 | 1.98 | ||||||||||||||||||||||||||||||||||
12/31/2015 | 12.75 | .22 | (.39 | ) | (.17 | ) | (.25 | ) | — | (.25 | ) | 12.33 | (1.34 | ) | 1,479 | .89 | 1.73 | |||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 15.63 | .07 | (1.82 | ) | (1.75 | ) | (.04 | ) | (.38 | ) | (.42 | ) | 13.46 | (11.29 | )5 | 133 | 1.15 | 6 | 1.05 | 6 | ||||||||||||||||||||||||||||
12/31/2019 | 12.81 | .23 | 3.61 | 3.84 | (.26 | ) | (.76 | ) | (1.02 | ) | 15.63 | 30.73 | 145 | 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 | 1.43 | ||||||||||||||||||||||||||||||
12/31/2017 | 12.89 | .22 | 3.08 | 3.30 | (.33 | ) | (.26 | ) | (.59 | ) | 15.60 | 25.83 | 79 | 1.14 | 1.49 | |||||||||||||||||||||||||||||||||
12/31/2016 | 12.26 | .21 | .65 | .86 | (.23 | ) | — | (.23 | ) | 12.89 | 7.04 | 16 | 1.13 | 1.63 | ||||||||||||||||||||||||||||||||||
12/31/2015 | 12.71 | .17 | (.37 | ) | (.20 | ) | (.25 | ) | — | (.25 | ) | 12.26 | (1.60 | ) | 5 | 1.14 | 1.32 |
See end of tables for footnotes.
American Funds Insurance Series | 181 |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | 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 period | Total return | Net assets, end of period (in millions) | Ratio of expenses to average net assets2 | Ratio of net income (loss) to average net assets | ||||||||||||||||||||||||||||||||||||
Growth-Income Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | $ | 50.71 | $ | .38 | $ | (2.17 | ) | $ | (1.79 | ) | $ | (.22 | ) | $ | (1.30 | ) | $ | (1.52 | ) | $ | 47.40 | (3.62 | )%5 | $ | 20,113 | .29 | %6 | 1.61 | %6 | |||||||||||||||||||
12/31/2019 | 45.39 | 1.00 | 10.40 | 11.40 | (.92 | ) | (5.16 | ) | (6.08 | ) | 50.71 | 26.46 | 21,057 | .29 | 2.05 | |||||||||||||||||||||||||||||||||
12/31/2018 | 50.22 | .84 | (1.25 | ) | (.41 | ) | (.84 | ) | (3.58 | ) | (4.42 | ) | 45.39 | (1.55 | ) | 16,783 | .28 | 1.65 | ||||||||||||||||||||||||||||||
12/31/2017 | 44.41 | .81 | 8.89 | 9.70 | (.78 | ) | (3.11 | ) | (3.89 | ) | 50.22 | 22.68 | 15,765 | .28 | 1.69 | |||||||||||||||||||||||||||||||||
12/31/2016 | 45.40 | .79 | 4.09 | 4.88 | (.75 | ) | (5.12 | ) | (5.87 | ) | 44.41 | 11.80 | 12,588 | .29 | 1.79 | |||||||||||||||||||||||||||||||||
12/31/2015 | 52.76 | .79 | .37 | 1.16 | (.75 | ) | (7.77 | ) | (8.52 | ) | 45.40 | 1.72 | 10,747 | .29 | 1.59 | |||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 50.54 | .32 | (2.16 | ) | (1.84 | ) | (.20 | ) | (1.30 | ) | (1.50 | ) | 47.20 | (3.73 | )5 | 11 | .54 | 6 | 1.36 | 6 | ||||||||||||||||||||||||||||
12/31/2019 | 45.28 | .89 | 10.36 | 11.25 | (.83 | ) | (5.16 | ) | (5.99 | ) | 50.54 | 26.14 | 11 | .54 | 1.82 | |||||||||||||||||||||||||||||||||
12/31/2018 | 50.15 | .72 | (1.25 | ) | (.53 | ) | (.76 | ) | (3.58 | ) | (4.34 | ) | 45.28 | (1.78 | ) | 7 | .53 | 1.43 | ||||||||||||||||||||||||||||||
12/31/20173,7 | 45.39 | .67 | 7.96 | 8.63 | (.76 | ) | (3.11 | ) | (3.87 | ) | 50.15 | 19.83 | 5 | 2 | .52 | 6 | 1.41 | 6 | ||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 50.08 | .31 | (2.13 | ) | (1.82 | ) | (.20 | ) | (1.30 | ) | (1.50 | ) | 46.76 | (3.73 | )5 | 12,504 | .54 | 6 | 1.36 | 6 | ||||||||||||||||||||||||||||
12/31/2019 | 44.90 | .87 | 10.27 | 11.14 | (.80 | ) | (5.16 | ) | (5.96 | ) | 50.08 | 26.14 | 13,586 | .53 | 1.80 | |||||||||||||||||||||||||||||||||
12/31/2018 | 49.71 | .71 | (1.23 | ) | (.52 | ) | (.71 | ) | (3.58 | ) | (4.29 | ) | 44.90 | (1.79 | ) | 12,035 | .53 | 1.40 | ||||||||||||||||||||||||||||||
12/31/2017 | 44.00 | .68 | 8.80 | 9.48 | (.66 | ) | (3.11 | ) | (3.77 | ) | 49.71 | 22.38 | 13,930 | .53 | 1.45 | |||||||||||||||||||||||||||||||||
12/31/2016 | 45.04 | .67 | 4.05 | 4.72 | (.64 | ) | (5.12 | ) | (5.76 | ) | 44.00 | 11.51 | 12,854 | .54 | 1.54 | |||||||||||||||||||||||||||||||||
12/31/2015 | 52.41 | .66 | .37 | 1.03 | (.63 | ) | (7.77 | ) | (8.40 | ) | 45.04 | 1.45 | 12,895 | .54 | 1.34 | |||||||||||||||||||||||||||||||||
Class 3: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 50.81 | .33 | (2.17 | ) | (1.84 | ) | (.20 | ) | (1.30 | ) | (1.50 | ) | 47.47 | (3.70 | )5 | 142 | .47 | 6 | 1.43 | 6 | ||||||||||||||||||||||||||||
12/31/2019 | 45.47 | .91 | 10.43 | 11.34 | (.84 | ) | (5.16 | ) | (6.00 | ) | 50.81 | 26.24 | 156 | .46 | 1.87 | |||||||||||||||||||||||||||||||||
12/31/2018 | 50.29 | .75 | (1.25 | ) | (.50 | ) | (.74 | ) | (3.58 | ) | (4.32 | ) | 45.47 | (1.72 | ) | 140 | .46 | 1.47 | ||||||||||||||||||||||||||||||
12/31/2017 | 44.47 | .72 | 8.90 | 9.62 | (.69 | ) | (3.11 | ) | (3.80 | ) | 50.29 | 22.47 | 168 | .46 | 1.52 | |||||||||||||||||||||||||||||||||
12/31/2016 | 45.46 | .71 | 4.09 | 4.80 | (.67 | ) | (5.12 | ) | (5.79 | ) | 44.47 | 11.59 | 156 | .47 | 1.61 | |||||||||||||||||||||||||||||||||
12/31/2015 | 52.82 | .70 | .37 | 1.07 | (.66 | ) | (7.77 | ) | (8.43 | ) | 45.46 | 1.53 | 161 | .47 | 1.41 | |||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 49.52 | .25 | (2.12 | ) | (1.87 | ) | (.18 | ) | (1.30 | ) | (1.48 | ) | 46.17 | (3.86 | )5 | 1,184 | .79 | 6 | 1.11 | 6 | ||||||||||||||||||||||||||||
12/31/2019 | 44.47 | .74 | 10.18 | 10.92 | (.71 | ) | (5.16 | ) | (5.87 | ) | 49.52 | 25.86 | 1,216 | .79 | 1.56 | |||||||||||||||||||||||||||||||||
12/31/2018 | 49.31 | .58 | (1.23 | ) | (.65 | ) | (.61 | ) | (3.58 | ) | (4.19 | ) | 44.47 | (2.05 | ) | 899 | .78 | 1.15 | ||||||||||||||||||||||||||||||
12/31/2017 | 43.73 | .56 | 8.73 | 9.29 | (.60 | ) | (3.11 | ) | (3.71 | ) | 49.31 | 22.08 | 827 | .78 | 1.19 | |||||||||||||||||||||||||||||||||
12/31/2016 | 44.82 | .56 | 4.02 | 4.58 | (.55 | ) | (5.12 | ) | (5.67 | ) | 43.73 | 11.25 | 495 | .79 | 1.29 | |||||||||||||||||||||||||||||||||
12/31/2015 | 52.39 | .58 | .33 | .91 | (.71 | ) | (7.77 | ) | (8.48 | ) | 44.82 | 1.21 | 410 | .79 | 1.25 |
182 | American Funds Insurance Series |
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | 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 period | Total return | Net assets, end of period (in millions) | Ratio of expenses to average net assets2 | Ratio of net income (loss) to average net assets | ||||||||||||||||||||||||||||||||||||
International Growth and Income Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | $ | 18.18 | $ | .17 | $ | (2.91 | ) | $ | (2.74 | ) | $ | (.04 | ) | $ | — | $ | (.04 | ) | $ | 15.40 | (15.08 | )%5 | $ | 1,019 | .68 | %6 | 2.24 | %6 | ||||||||||||||||||||
12/31/2019 | 15.35 | .46 | 3.03 | 3.49 | (.47 | ) | (.19 | ) | (.66 | ) | 18.18 | 23.06 | 1,140 | .66 | 2.73 | |||||||||||||||||||||||||||||||||
12/31/2018 | 17.72 | .45 | (2.39 | ) | (1.94 | ) | (.43 | ) | — | (.43 | ) | 15.35 | (11.00 | ) | 1,034 | .65 | 2.62 | |||||||||||||||||||||||||||||||
12/31/2017 | 14.48 | .46 | 3.20 | 3.66 | (.42 | ) | — | (.42 | ) | 17.72 | 25.31 | 1,121 | .66 | 2.75 | ||||||||||||||||||||||||||||||||||
12/31/2016 | 14.72 | .43 | (.19 | ) | .24 | (.42 | ) | (.06 | ) | (.48 | ) | 14.48 | 1.71 | 820 | .68 | 2.93 | ||||||||||||||||||||||||||||||||
12/31/2015 | 16.27 | .42 | (1.25 | ) | (.83 | ) | (.38 | ) | (.34 | ) | (.72 | ) | 14.72 | (5.34 | ) | 707 | .68 | 2.60 | ||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 18.15 | .15 | (2.91 | ) | (2.76 | ) | (.03 | ) | — | (.03 | ) | 15.36 | (15.19 | )5 | 2 | .93 | 6 | 1.92 | 6 | |||||||||||||||||||||||||||||
12/31/2019 | 15.33 | .41 | 3.04 | 3.45 | (.44 | ) | (.19 | ) | (.63 | ) | 18.15 | 22.76 | 2 | .91 | 2.41 | |||||||||||||||||||||||||||||||||
12/31/2018 | 17.70 | .41 | (2.39 | ) | (1.98 | ) | (.39 | ) | — | (.39 | ) | 15.33 | (11.24 | ) | 2 | .90 | 2.35 | |||||||||||||||||||||||||||||||
12/31/20173,7 | 14.69 | .34 | 3.08 | 3.42 | (.41 | ) | — | (.41 | ) | 17.70 | 23.36 | 5 | 2 | .91 | 6 | 1.99 | 6 | |||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 18.12 | .15 | (2.90 | ) | (2.75 | ) | (.03 | ) | — | (.03 | ) | 15.34 | (15.17 | )5 | 190 | .93 | 6 | 1.93 | 6 | |||||||||||||||||||||||||||||
12/31/2019 | 15.30 | .42 | 3.02 | 3.44 | (.43 | ) | (.19 | ) | (.62 | ) | 18.12 | 22.76 | 257 | .91 | 2.49 | |||||||||||||||||||||||||||||||||
12/31/2018 | 17.66 | .41 | (2.38 | ) | (1.97 | ) | (.39 | ) | — | (.39 | ) | 15.30 | (11.23 | ) | 230 | .90 | 2.38 | |||||||||||||||||||||||||||||||
12/31/2017 | 14.43 | .43 | 3.17 | 3.60 | (.37 | ) | — | (.37 | ) | 17.66 | 25.03 | 276 | .91 | 2.60 | ||||||||||||||||||||||||||||||||||
12/31/2016 | 14.68 | .40 | (.21 | ) | .19 | (.38 | ) | (.06 | ) | (.44 | ) | 14.43 | 1.44 | 244 | .93 | 2.72 | ||||||||||||||||||||||||||||||||
12/31/2015 | 16.22 | .38 | (1.24 | ) | (.86 | ) | (.34 | ) | (.34 | ) | (.68 | ) | 14.68 | (5.60 | ) | 254 | .93 | 2.32 | ||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 18.01 | .13 | (2.88 | ) | (2.75 | ) | (.03 | ) | — | (.03 | ) | 15.23 | (15.29 | )5 | 90 | 1.18 | 6 | 1.73 | 6 | |||||||||||||||||||||||||||||
12/31/2019 | 15.22 | .37 | 3.01 | 3.38 | (.40 | ) | (.19 | ) | (.59 | ) | 18.01 | 22.47 | 101 | 1.16 | 2.18 | |||||||||||||||||||||||||||||||||
12/31/2018 | 17.58 | .36 | (2.36 | ) | (2.00 | ) | (.36 | ) | — | (.36 | ) | 15.22 | (11.46 | ) | 71 | 1.15 | 2.10 | |||||||||||||||||||||||||||||||
12/31/2017 | 14.38 | .37 | 3.18 | 3.55 | (.35 | ) | — | (.35 | ) | 17.58 | 24.72 | 63 | 1.16 | 2.24 | ||||||||||||||||||||||||||||||||||
12/31/2016 | 14.63 | .36 | (.19 | ) | .17 | (.36 | ) | (.06 | ) | (.42 | ) | 14.38 | 1.18 | 37 | 1.18 | 2.43 | ||||||||||||||||||||||||||||||||
12/31/2015 | 16.19 | .33 | (1.23 | ) | (.90 | ) | (.32 | ) | (.34 | ) | (.66 | ) | 14.63 | (5.82 | ) | 32 | 1.18 | 2.02 |
See end of tables for footnotes.
American Funds Insurance Series | 183 |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | 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 period | Total return | Net assets, end of period (in millions) | Ratio of expenses to average net assets before waivers2 | Ratio of expenses to average net assets after waivers2 | Ratio of net income (loss) to average net assets | |||||||||||||||||||||||||||||||||||||||
Capital Income Builder | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | $ | 10.73 | $ | .15 | $ | (.83 | ) | $ | (.68 | ) | $ | (.16 | ) | $ | — | $ | (.16 | ) | $ | 9.89 | (6.23 | )%5 | $ | 531 | .53 | %6 | .44 | %6 | 2.97 | %6 | ||||||||||||||||||||||
12/31/2019 | 9.37 | .32 | 1.36 | 1.68 | (.32 | ) | — | (.32 | ) | 10.73 | 18.16 | 533 | .53 | .53 | 3.17 | |||||||||||||||||||||||||||||||||||||
12/31/2018 | 10.40 | .31 | (1.00 | ) | (.69 | ) | (.32 | ) | (.02 | ) | (.34 | ) | 9.37 | (6.77 | ) | 317 | .54 | .54 | 3.08 | |||||||||||||||||||||||||||||||||
12/31/2017 | 9.46 | .32 | .93 | 1.25 | (.31 | ) | — | (.31 | ) | 10.40 | 13.29 | 254 | .54 | .54 | 3.21 | |||||||||||||||||||||||||||||||||||||
12/31/2016 | 9.40 | .32 | .07 | .39 | (.33 | ) | — | (.33 | ) | 9.46 | 4.17 | 156 | .54 | .54 | 3.39 | |||||||||||||||||||||||||||||||||||||
12/31/2015 | 9.81 | .28 | (.40 | ) | (.12 | ) | (.29 | ) | — | (.29 | ) | 9.40 | (1.23 | ) | 80 | .56 | .56 | 2.88 | ||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 10.72 | .13 | (.82 | ) | (.69 | ) | (.15 | ) | — | (.15 | ) | 9.88 | (6.36 | )5 | 5 | .78 | 6 | .69 | 6 | 2.70 | 6 | |||||||||||||||||||||||||||||||
12/31/2019 | 9.36 | .29 | 1.37 | 1.66 | (.30 | ) | — | (.30 | ) | 10.72 | 17.90 | 6 | .78 | .78 | 2.84 | |||||||||||||||||||||||||||||||||||||
12/31/2018 | 10.39 | .28 | (.99 | ) | (.71 | ) | (.30 | ) | (.02 | ) | (.32 | ) | 9.36 | (7.01 | ) | 2 | .79 | .79 | 2.82 | |||||||||||||||||||||||||||||||||
12/31/20173,7 | 9.57 | .27 | .84 | 1.11 | (.29 | ) | — | (.29 | ) | 10.39 | 11.72 | 5 | 1 | .79 | 6 | .79 | 6 | 2.63 | 6 | |||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 10.72 | .13 | (.82 | ) | (.69 | ) | (.15 | ) | — | (.15 | ) | 9.88 | (6.36 | )5 | 6 | .78 | 6 | .69 | 6 | 2.72 | 6 | |||||||||||||||||||||||||||||||
12/31/2019 | 9.36 | .30 | 1.35 | 1.65 | (.29 | ) | — | (.29 | ) | 10.72 | 17.89 | 6 | .78 | .78 | 2.91 | |||||||||||||||||||||||||||||||||||||
12/31/2018 | 10.40 | .28 | (1.00 | ) | (.72 | ) | (.30 | ) | (.02 | ) | (.32 | ) | 9.36 | (7.08 | ) | 4 | .79 | .79 | 2.83 | |||||||||||||||||||||||||||||||||
12/31/2017 | 9.46 | .29 | .93 | 1.22 | (.28 | ) | — | (.28 | ) | 10.40 | 13.04 | 1 | .79 | .79 | 2.82 | |||||||||||||||||||||||||||||||||||||
12/31/2016 | 9.40 | .27 | .11 | .38 | (.32 | ) | — | (.32 | ) | 9.46 | 4.08 | — | 8 | .80 | .80 | 2.82 | ||||||||||||||||||||||||||||||||||||
12/31/2015 | 9.81 | .31 | (.43 | ) | (.12 | ) | (.29 | ) | — | (.29 | ) | 9.40 | (1.23 | )11 | — | 8 | .46 | 11 | .46 | 11 | 3.12 | 11 | ||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 10.71 | .12 | (.82 | ) | (.70 | ) | (.14 | ) | — | (.14 | ) | 9.87 | (6.49 | )5 | 419 | 1.03 | 6 | .94 | 6 | 2.44 | 6 | |||||||||||||||||||||||||||||||
12/31/2019 | 9.35 | .27 | 1.36 | 1.63 | (.27 | ) | — | (.27 | ) | 10.71 | 17.62 | 454 | 1.03 | 1.03 | 2.68 | |||||||||||||||||||||||||||||||||||||
12/31/2018 | 10.38 | .26 | (1.00 | ) | (.74 | ) | (.27 | ) | (.02 | ) | (.29 | ) | 9.35 | (7.25 | ) | 352 | 1.04 | 1.04 | 2.58 | |||||||||||||||||||||||||||||||||
12/31/2017 | 9.45 | .27 | .92 | 1.19 | (.26 | ) | — | (.26 | ) | 10.38 | 12.65 | 338 | 1.04 | 1.04 | 2.72 | |||||||||||||||||||||||||||||||||||||
12/31/2016 | 9.38 | .27 | .08 | .35 | (.28 | ) | — | (.28 | ) | 9.45 | 3.78 | 256 | 1.04 | 1.04 | 2.88 | |||||||||||||||||||||||||||||||||||||
12/31/2015 | 9.80 | .25 | (.42 | ) | (.17 | ) | (.25 | ) | — | (.25 | ) | 9.38 | (1.79 | ) | 157 | 1.05 | 1.05 | 2.55 |
184 | American Funds Insurance Series |
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | 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 period | Total return | Net assets, end of period (in millions) | Ratio of expenses to average net assets2 | Ratio of net income (loss) to average net assets | ||||||||||||||||||||||||||||||||||||
Asset Allocation Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | $ | 24.05 | $ | .22 | $ | (.57 | ) | $ | (.35 | ) | $ | (.11 | ) | $ | (.11 | ) | $ | (.22 | ) | $ | 23.48 | (1.47 | )%5 | $ | 17,061 | .30 | %6 | 1.89 | %6 | |||||||||||||||||||
12/31/2019 | 21.29 | .51 | 3.94 | 4.45 | (.50 | ) | (1.19 | ) | (1.69 | ) | 24.05 | 21.54 | 17,730 | .29 | 2.21 | |||||||||||||||||||||||||||||||||
12/31/2018 | 23.71 | .48 | (1.43 | ) | (.95 | ) | (.44 | ) | (1.03 | ) | (1.47 | ) | 21.29 | (4.35 | ) | 14,627 | .28 | 2.04 | ||||||||||||||||||||||||||||||
12/31/2017 | 21.68 | .44 | 3.06 | 3.50 | (.41 | ) | (1.06 | ) | (1.47 | ) | 23.71 | 16.51 | 16,556 | .29 | 1.90 | |||||||||||||||||||||||||||||||||
12/31/2016 | 20.62 | .42 | 1.54 | 1.96 | (.39 | ) | (.51 | ) | (.90 | ) | 21.68 | 9.69 | 13,008 | .29 | 1.97 | |||||||||||||||||||||||||||||||||
12/31/2015 | 22.23 | .40 | (.02 | ) | .38 | (.40 | ) | (1.59 | ) | (1.99 | ) | 20.62 | 1.64 | 10,913 | .29 | 1.85 | ||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 23.99 | .19 | (.56 | ) | (.37 | ) | (.10 | ) | (.11 | ) | (.21 | ) | 23.41 | (1.55 | )5 | 11 | .55 | 6 | 1.64 | 6 | ||||||||||||||||||||||||||||
12/31/2019 | 21.26 | .45 | 3.92 | 4.37 | (.45 | ) | (1.19 | ) | (1.64 | ) | 23.99 | 21.19 | 11 | .54 | 1.95 | |||||||||||||||||||||||||||||||||
12/31/2018 | 23.69 | .42 | (1.42 | ) | (1.00 | ) | (.40 | ) | (1.03 | ) | (1.43 | ) | 21.26 | (4.58 | ) | 7 | .53 | 1.82 | ||||||||||||||||||||||||||||||
12/31/20173,7 | 21.97 | .39 | 2.78 | 3.17 | (.39 | ) | (1.06 | ) | (1.45 | ) | 23.69 | 14.78 | 5 | 4 | .53 | 6 | 1.69 | 6 | ||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 23.79 | .18 | (.55 | ) | (.37 | ) | (.10 | ) | (.11 | ) | (.21 | ) | 23.21 | (1.57 | )5 | 4,808 | .55 | 6 | 1.63 | 6 | ||||||||||||||||||||||||||||
12/31/2019 | 21.08 | .45 | 3.89 | 4.34 | (.44 | ) | (1.19 | ) | (1.63 | ) | 23.79 | 21.23 | 5,154 | .54 | 1.96 | |||||||||||||||||||||||||||||||||
12/31/2018 | 23.49 | .41 | (1.41 | ) | (1.00 | ) | (.38 | ) | (1.03 | ) | (1.41 | ) | 21.08 | (4.60 | ) | 4,668 | .53 | 1.78 | ||||||||||||||||||||||||||||||
12/31/2017 | 21.49 | .37 | 3.04 | 3.41 | (.35 | ) | (1.06 | ) | (1.41 | ) | 23.49 | 16.23 | 5,480 | .54 | 1.64 | |||||||||||||||||||||||||||||||||
12/31/2016 | 20.45 | .36 | 1.53 | 1.89 | (.34 | ) | (.51 | ) | (.85 | ) | 21.49 | 9.41 | 5,144 | .54 | 1.72 | |||||||||||||||||||||||||||||||||
12/31/2015 | 22.06 | .34 | (.01 | ) | .33 | (.35 | ) | (1.59 | ) | (1.94 | ) | 20.45 | 1.40 | 5,008 | .54 | 1.60 | ||||||||||||||||||||||||||||||||
Class 3: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 24.08 | .19 | (.56 | ) | (.37 | ) | (.10 | ) | (.11 | ) | (.21 | ) | 23.50 | (1.54 | )5 | 31 | .48 | 6 | 1.70 | 6 | ||||||||||||||||||||||||||||
12/31/2019 | 21.32 | .47 | 3.93 | 4.40 | (.45 | ) | (1.19 | ) | (1.64 | ) | 24.08 | 21.30 | 32 | .47 | 2.02 | |||||||||||||||||||||||||||||||||
12/31/2018 | 23.73 | .43 | (1.41 | ) | (.98 | ) | (.40 | ) | (1.03 | ) | (1.43 | ) | 21.32 | (4.49 | ) | 29 | .46 | 1.85 | ||||||||||||||||||||||||||||||
12/31/2017 | 21.70 | .39 | 3.07 | 3.46 | (.37 | ) | (1.06 | ) | (1.43 | ) | 23.73 | 16.29 | 38 | .47 | 1.72 | |||||||||||||||||||||||||||||||||
12/31/2016 | 20.64 | .38 | 1.54 | 1.92 | (.35 | ) | (.51 | ) | (.86 | ) | 21.70 | 9.49 | 35 | .47 | 1.79 | |||||||||||||||||||||||||||||||||
12/31/2015 | 22.25 | .36 | (.02 | ) | .34 | (.36 | ) | (1.59 | ) | (1.95 | ) | 20.64 | 1.46 | 36 | .47 | 1.67 | ||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 23.67 | .16 | (.56 | ) | (.40 | ) | (.09 | ) | (.11 | ) | (.20 | ) | 23.07 | (1.70 | )5 | 4,488 | .80 | 6 | 1.39 | 6 | ||||||||||||||||||||||||||||
12/31/2019 | 20.99 | .39 | 3.87 | 4.26 | (.39 | ) | (1.19 | ) | (1.58 | ) | 23.67 | 20.92 | 4,493 | .79 | 1.71 | |||||||||||||||||||||||||||||||||
12/31/2018 | 23.40 | .35 | (1.40 | ) | (1.05 | ) | (.33 | ) | (1.03 | ) | (1.36 | ) | 20.99 | (4.83 | ) | 3,594 | .78 | 1.54 | ||||||||||||||||||||||||||||||
12/31/2017 | 21.43 | .32 | 3.02 | 3.34 | (.31 | ) | (1.06 | ) | (1.37 | ) | 23.40 | 15.91 | 3,582 | .79 | 1.40 | |||||||||||||||||||||||||||||||||
12/31/2016 | 20.40 | .31 | 1.53 | 1.84 | (.30 | ) | (.51 | ) | (.81 | ) | 21.43 | 9.16 | 2,861 | .79 | 1.47 | |||||||||||||||||||||||||||||||||
12/31/2015 | 22.11 | .30 | (.02 | ) | .28 | (.40 | ) | (1.59 | ) | (1.99 | ) | 20.40 | 1.14 | 2,414 | .79 | 1.45 |
See end of tables for footnotes.
American Funds Insurance Series | 185 |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | 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 period | Total return | Net assets, end of period (in millions) | Ratio of expenses to average net assets2 | Ratio of net income (loss) to average net assets | ||||||||||||||||||||||||||||||||||||
Global Balanced Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | $ | 13.51 | $ | .09 | $ | (.47 | ) | $ | (.38 | ) | $ | — | 9 | $ | (.05 | ) | $ | (.05 | ) | $ | 13.08 | (2.85 | )%5 | $ | 127 | .71 | %6 | 1.49 | %6 | |||||||||||||||||||
12/31/2019 | 11.67 | .24 | 2.17 | 2.41 | (.20 | ) | (.37 | ) | (.57 | ) | 13.51 | 20.79 | 134 | .72 | 1.88 | |||||||||||||||||||||||||||||||||
12/31/2018 | 12.75 | .23 | (.96 | ) | (.73 | ) | (.20 | ) | (.15 | ) | (.35 | ) | 11.67 | (5.81 | ) | 110 | .72 | 1.82 | ||||||||||||||||||||||||||||||
12/31/2017 | 11.08 | .21 | 1.99 | 2.20 | (.15 | ) | (.38 | ) | (.53 | ) | 12.75 | 19.91 | 93 | .72 | 1.68 | |||||||||||||||||||||||||||||||||
12/31/2016 | 10.74 | .19 | .32 | .51 | (.17 | ) | — | (.17 | ) | 11.08 | 4.73 | 64 | .72 | 1.73 | ||||||||||||||||||||||||||||||||||
12/31/2015 | 11.11 | .20 | (.28 | ) | (.08 | ) | (.14 | ) | (.15 | ) | (.29 | ) | 10.74 | (.69 | ) | 47 | .72 | 1.80 | ||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 13.49 | .08 | (.48 | ) | (.40 | ) | — | 9 | (.05 | ) | (.05 | ) | 13.04 | (3.00 | )5 | 2 | .96 | 6 | 1.23 | 6 | ||||||||||||||||||||||||||||
12/31/2019 | 11.65 | .21 | 2.17 | 2.38 | (.17 | ) | (.37 | ) | (.54 | ) | 13.49 | 20.54 | 2 | .97 | 1.63 | |||||||||||||||||||||||||||||||||
12/31/2018 | 12.74 | .18 | (.94 | ) | (.76 | ) | (.18 | ) | (.15 | ) | (.33 | ) | 11.65 | (6.03 | ) | 2 | .98 | 1.44 | ||||||||||||||||||||||||||||||
12/31/20173,7 | 11.18 | .16 | 1.92 | 2.08 | (.14 | ) | (.38 | ) | (.52 | ) | 12.74 | 18.71 | 5 | — | 8 | .94 | 6 | 1.27 | 6 | |||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 13.48 | .08 | (.47 | ) | (.39 | ) | — | 9 | (.05 | ) | (.05 | ) | 13.04 | (2.93 | )5 | 192 | .96 | 6 | 1.23 | 6 | ||||||||||||||||||||||||||||
12/31/2019 | 11.65 | .21 | 2.16 | 2.37 | (.17 | ) | (.37 | ) | (.54 | ) | 13.48 | 20.44 | 207 | .97 | 1.64 | |||||||||||||||||||||||||||||||||
12/31/2018 | 12.72 | .20 | (.96 | ) | (.76 | ) | (.16 | ) | (.15 | ) | (.31 | ) | 11.65 | (6.01 | ) | 185 | .97 | 1.57 | ||||||||||||||||||||||||||||||
12/31/2017 | 11.06 | .18 | 1.98 | 2.16 | (.12 | ) | (.38 | ) | (.50 | ) | 12.72 | 19.57 | 210 | .96 | 1.43 | |||||||||||||||||||||||||||||||||
12/31/2016 | 10.72 | .16 | .32 | .48 | (.14 | ) | — | (.14 | ) | 11.06 | 4.48 | 178 | .97 | 1.48 | ||||||||||||||||||||||||||||||||||
12/31/2015 | 11.09 | .18 | (.28 | ) | (.10 | ) | (.12 | ) | (.15 | ) | (.27 | ) | 10.72 | (.95 | ) | 171 | .97 | 1.60 | ||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 13.36 | .06 | (.47 | ) | (.41 | ) | — | 9 | (.05 | ) | (.05 | ) | 12.90 | (3.11 | )5 | 92 | 1.21 | 6 | .98 | 6 | ||||||||||||||||||||||||||||
12/31/2019 | 11.55 | .18 | 2.14 | 2.32 | (.14 | ) | (.37 | ) | (.51 | ) | 13.36 | 20.21 | 94 | 1.22 | 1.37 | |||||||||||||||||||||||||||||||||
12/31/2018 | 12.63 | .17 | (.96 | ) | (.79 | ) | (.14 | ) | (.15 | ) | (.29 | ) | 11.55 | (6.31 | ) | 69 | 1.22 | 1.34 | ||||||||||||||||||||||||||||||
12/31/2017 | 11.00 | .13 | 1.99 | 2.12 | (.11 | ) | (.38 | ) | (.49 | ) | 12.63 | 19.38 | 51 | 1.22 | 1.07 | |||||||||||||||||||||||||||||||||
12/31/2016 | 10.69 | .12 | .33 | .45 | (.14 | ) | — | (.14 | ) | 11.00 | 4.21 | 10 | 1.24 | 1.12 | ||||||||||||||||||||||||||||||||||
12/31/2015 | 11.09 | .06 | (.17 | ) | (.11 | ) | (.14 | ) | (.15 | ) | (.29 | ) | 10.69 | (1.00 | ) | 1 | 1.34 | .58 | ||||||||||||||||||||||||||||||
Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | $ | 11.17 | $ | .12 | $ | .61 | $ | .73 | $ | (.05 | ) | $ | (.11 | ) | $ | (.16 | ) | $ | 11.74 | 6.61 | %5 | $ | 6,193 | .40 | %6 | 2.17 | %6 | |||||||||||||||||||||
12/31/2019 | 10.47 | .30 | .71 | 1.01 | (.31 | ) | — | (.31 | ) | 11.17 | 9.70 | 6,481 | .39 | 2.76 | ||||||||||||||||||||||||||||||||||
12/31/2018 | 10.82 | .29 | (.35 | ) | (.06 | ) | (.28 | ) | (.01 | ) | (.29 | ) | 10.47 | (.45 | ) | 5,962 | .38 | 2.70 | ||||||||||||||||||||||||||||||
12/31/2017 | 10.80 | .24 | .18 | .42 | (.24 | ) | (.16 | ) | (.40 | ) | 10.82 | 3.88 | 6,434 | .38 | 2.19 | |||||||||||||||||||||||||||||||||
12/31/2016 | 10.70 | .21 | .14 | .35 | (.21 | ) | (.04 | ) | (.25 | ) | 10.80 | 3.27 | 6,829 | .38 | 1.91 | |||||||||||||||||||||||||||||||||
12/31/2015 | 11.08 | .22 | (.17 | ) | .05 | (.21 | ) | (.22 | ) | (.43 | ) | 10.70 | .45 | 5,731 | .38 | 1.95 | ||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 11.13 | .11 | .61 | .72 | (.05 | ) | (.11 | ) | (.16 | ) | 11.69 | 6.51 | 5 | 8 | .65 | 6 | 1.91 | 6 | ||||||||||||||||||||||||||||||
12/31/2019 | 10.45 | .27 | .71 | .98 | (.30 | ) | — | (.30 | ) | 11.13 | 9.36 | 7 | .64 | 2.48 | ||||||||||||||||||||||||||||||||||
12/31/2018 | 10.80 | .26 | (.33 | ) | (.07 | ) | (.27 | ) | (.01 | ) | (.28 | ) | 10.45 | (.60 | ) | 3 | .63 | 2.50 | ||||||||||||||||||||||||||||||
12/31/20173,7 | 10.82 | .22 | .15 | .37 | (.23 | ) | (.16 | ) | (.39 | ) | 10.80 | 3.46 | 5 | 1 | .62 | 6 | 2.01 | 6 | ||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 11.02 | .11 | .61 | .72 | (.05 | ) | (.11 | ) | (.16 | ) | 11.58 | 6.56 | 5 | 3,589 | .65 | 6 | 1.92 | 6 | ||||||||||||||||||||||||||||||
12/31/2019 | 10.34 | .27 | .70 | .97 | (.29 | ) | — | (.29 | ) | 11.02 | 9.36 | 3,561 | .64 | 2.51 | ||||||||||||||||||||||||||||||||||
12/31/2018 | 10.69 | .26 | (.34 | ) | (.08 | ) | (.26 | ) | (.01 | ) | (.27 | ) | 10.34 | (.71 | ) | 3,524 | .63 | 2.45 | ||||||||||||||||||||||||||||||
12/31/2017 | 10.67 | .21 | .18 | .39 | (.21 | ) | (.16 | ) | (.37 | ) | 10.69 | 3.67 | 3,966 | .63 | 1.94 | |||||||||||||||||||||||||||||||||
12/31/2016 | 10.58 | .18 | .13 | .31 | (.18 | ) | (.04 | ) | (.22 | ) | 10.67 | 2.95 | 3,959 | .63 | 1.65 | |||||||||||||||||||||||||||||||||
12/31/2015 | 10.95 | .18 | (.15 | ) | .03 | (.18 | ) | (.22 | ) | (.40 | ) | 10.58 | .28 | 4,135 | .63 | 1.69 | ||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 11.00 | .09 | .61 | .70 | (.05 | ) | (.11 | ) | (.16 | ) | 11.54 | 6.36 | 5 | 580 | .90 | 6 | 1.66 | 6 | ||||||||||||||||||||||||||||||
12/31/2019 | 10.33 | .24 | .70 | .94 | (.27 | ) | — | (.27 | ) | 11.00 | 9.08 | 502 | .89 | 2.25 | ||||||||||||||||||||||||||||||||||
12/31/2018 | 10.68 | .23 | (.33 | ) | (.10 | ) | (.24 | ) | (.01 | ) | (.25 | ) | 10.33 | (.89 | ) | 366 | .88 | 2.22 | ||||||||||||||||||||||||||||||
12/31/2017 | 10.70 | .19 | .16 | .35 | (.21 | ) | (.16 | ) | (.37 | ) | 10.68 | 3.29 | 297 | .88 | 1.72 | |||||||||||||||||||||||||||||||||
12/31/2016 | 10.61 | .15 | .15 | .30 | (.17 | ) | (.04 | ) | (.21 | ) | 10.70 | 2.80 | 102 | .88 | 1.41 | |||||||||||||||||||||||||||||||||
12/31/2015 | 11.01 | .16 | (.16 | ) | — | (.18 | ) | (.22 | ) | (.40 | ) | 10.61 | (.08 | ) | 59 | .88 | 1.47 |
186 | American Funds Insurance Series |
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | 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 period | Total return | Net assets, end of period (in millions) | Ratio of expenses to average net assets before waivers2 | Ratio of expenses to average net assets after waivers2 | Ratio of net income (loss) to average net assets | |||||||||||||||||||||||||||||||||||||||
Capital World Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | $ | 12.12 | $ | .12 | $ | .14 | $ | .26 | $ | (.03 | ) | $ | (.21 | ) | $ | (.24 | ) | $ | 12.14 | 2.14 | %5 | $ | 1,063 | .59 | %6 | .55 | %6 | 2.09 | %6 | |||||||||||||||||||||||
12/31/2019 | 11.42 | .31 | .61 | .92 | (.22 | ) | — | (.22 | ) | 12.12 | 8.08 | 1,077 | .58 | .58 | 2.60 | |||||||||||||||||||||||||||||||||||||
12/31/2018 | 11.88 | .30 | (.44 | ) | (.14 | ) | (.28 | ) | (.04 | ) | (.32 | ) | 11.42 | (1.14 | ) | 1,015 | .57 | .57 | 2.56 | |||||||||||||||||||||||||||||||||
12/31/2017 | 11.22 | .28 | .52 | .80 | (.07 | ) | (.07 | ) | (.14 | ) | 11.88 | 7.11 | 1,273 | .56 | .56 | 2.37 | ||||||||||||||||||||||||||||||||||||
12/31/2016 | 11.01 | .26 | .06 | .32 | (.09 | ) | (.02 | ) | (.11 | ) | 11.22 | 2.92 | 1,115 | .57 | .57 | 2.26 | ||||||||||||||||||||||||||||||||||||
12/31/2015 | 11.77 | .27 | (.71 | ) | (.44 | ) | (.01 | ) | (.31 | ) | (.32 | ) | 11.01 | (3.75 | ) | 1,032 | .57 | .57 | 2.34 | |||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 12.10 | .11 | .13 | .24 | (.02 | ) | (.21 | ) | (.23 | ) | 12.11 | 2.03 | 5 | 1 | .83 | 6 | .80 | 6 | 1.84 | 6 | ||||||||||||||||||||||||||||||||
12/31/2019 | 11.41 | .28 | .60 | .88 | (.19 | ) | — | (.19 | ) | 12.10 | 7.75 | 1 | .83 | .83 | 2.35 | |||||||||||||||||||||||||||||||||||||
12/31/2018 | 11.87 | .27 | (.43 | ) | (.16 | ) | (.26 | ) | (.04 | ) | (.30 | ) | 11.41 | (1.29 | ) | 1 | .82 | .82 | 2.36 | |||||||||||||||||||||||||||||||||
12/31/20173,7 | 11.22 | .26 | .52 | .78 | (.06 | ) | (.07 | ) | (.13 | ) | 11.87 | 7.00 | 5 | — | 8 | .72 | 6 | .72 | 6 | 2.27 | 6 | |||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 12.03 | .11 | .13 | .24 | (.02 | ) | (.21 | ) | (.23 | ) | 12.04 | 2.03 | 5 | 968 | .84 | 6 | .80 | 6 | 1.84 | 6 | ||||||||||||||||||||||||||||||||
12/31/2019 | 11.34 | .28 | .60 | .88 | (.19 | ) | — | (.19 | ) | 12.03 | 7.77 | 1,002 | .83 | .83 | 2.35 | |||||||||||||||||||||||||||||||||||||
12/31/2018 | 11.79 | .27 | (.43 | ) | (.16 | ) | (.25 | ) | (.04 | ) | (.29 | ) | 11.34 | (1.33 | ) | 1,032 | .82 | .82 | 2.32 | |||||||||||||||||||||||||||||||||
12/31/2017 | 11.14 | .25 | .51 | .76 | (.04 | ) | (.07 | ) | (.11 | ) | 11.79 | 6.86 | 1,164 | .81 | .81 | 2.12 | ||||||||||||||||||||||||||||||||||||
12/31/2016 | 10.93 | .23 | .07 | .30 | (.07 | ) | (.02 | ) | (.09 | ) | 11.14 | 2.71 | 1,121 | .82 | .82 | 2.01 | ||||||||||||||||||||||||||||||||||||
12/31/2015 | 11.72 | .24 | (.71 | ) | (.47 | ) | (.01 | ) | (.31 | ) | (.32 | ) | 10.93 | (4.07 | ) | 1,208 | .82 | .82 | 2.09 | |||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 11.92 | .09 | .14 | .23 | (.02 | ) | (.21 | ) | (.23 | ) | 11.92 | 1.93 | 5 | 49 | 1.09 | 6 | 1.05 | 6 | 1.59 | 6 | ||||||||||||||||||||||||||||||||
12/31/2019 | 11.24 | .24 | .60 | .84 | (.16 | ) | — | (.16 | ) | 11.92 | 7.54 | 49 | 1.08 | 1.08 | 2.09 | |||||||||||||||||||||||||||||||||||||
12/31/2018 | 11.70 | .24 | (.43 | ) | (.19 | ) | (.23 | ) | (.04 | ) | (.27 | ) | 11.24 | (1.61 | ) | 40 | 1.07 | 1.07 | 2.09 | |||||||||||||||||||||||||||||||||
12/31/2017 | 11.08 | .22 | .51 | .73 | (.04 | ) | (.07 | ) | (.11 | ) | 11.70 | 6.63 | 31 | 1.06 | 1.06 | 1.89 | ||||||||||||||||||||||||||||||||||||
12/31/2016 | 10.89 | .20 | .06 | .26 | (.05 | ) | (.02 | ) | (.07 | ) | 11.08 | 2.42 | 12 | 1.07 | 1.07 | 1.76 | ||||||||||||||||||||||||||||||||||||
12/31/2015 | 11.70 | .21 | (.71 | ) | (.50 | ) | — | 9 | (.31 | ) | (.31 | ) | 10.89 | (4.27 | ) | 6 | 1.07 | 1.07 | 1.86 |
See end of tables for footnotes.
American Funds Insurance Series | 187 |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | 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 period | Total return | Net assets, end of period (in millions) | Ratio of expenses to average net assets2 | Ratio of net income (loss) to average net assets | ||||||||||||||||||||||||||||||||||||
High-Income Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | $ | 9.87 | $ | .31 | $ | (.77 | ) | $ | (.46 | ) | $ | (.16 | ) | $ | — | $ | (.16 | ) | $ | 9.25 | (4.74 | )%5 | $ | 115 | .52 | %6 | 6.73 | %6 | ||||||||||||||||||||
12/31/2019 | 9.34 | .67 | .52 | 1.19 | (.66 | ) | — | (.66 | ) | 9.87 | 12.85 | 525 | .51 | 6.71 | ||||||||||||||||||||||||||||||||||
12/31/2018 | 10.19 | .64 | (.84 | ) | (.20 | ) | (.65 | ) | — | (.65 | ) | 9.34 | (2.15 | ) | 501 | .50 | 6.32 | |||||||||||||||||||||||||||||||
12/31/2017 | 10.18 | .63 | .10 | .73 | (.72 | ) | — | (.72 | ) | 10.19 | 7.25 | 632 | .49 | 5.98 | ||||||||||||||||||||||||||||||||||
12/31/2016 | 9.19 | .61 | 1.02 | 1.63 | (.64 | ) | — | (.64 | ) | 10.18 | 17.83 | 949 | .49 | 6.18 | ||||||||||||||||||||||||||||||||||
12/31/2015 | 10.54 | .64 | (1.36 | ) | (.72 | ) | (.63 | ) | — | (.63 | ) | 9.19 | (6.94 | ) | 1,017 | .48 | 6.12 | |||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 9.86 | .30 | (.78 | ) | (.48 | ) | (.15 | ) | — | (.15 | ) | 9.23 | (4.86 | )5 | 1 | .77 | 6 | 6.39 | 6 | |||||||||||||||||||||||||||||
12/31/2019 | 9.33 | .65 | .51 | 1.16 | (.63 | ) | — | (.63 | ) | 9.86 | 12.61 | 1 | .75 | 6.47 | ||||||||||||||||||||||||||||||||||
12/31/2018 | 10.18 | .62 | (.84 | ) | (.22 | ) | (.63 | ) | — | (.63 | ) | 9.33 | (2.35 | ) | 1 | .75 | 6.11 | |||||||||||||||||||||||||||||||
12/31/20173,7 | 10.28 | .60 | .02 | .62 | (.72 | ) | — | (.72 | ) | 10.18 | 6.02 | 5 | — | 8 | .72 | 6 | 5.74 | 6 | ||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 9.70 | .29 | (.76 | ) | (.47 | ) | (.15 | ) | — | (.15 | ) | 9.08 | (4.85 | )5 | 609 | .77 | 6 | 6.39 | 6 | |||||||||||||||||||||||||||||
12/31/2019 | 9.19 | .64 | .50 | 1.14 | (.63 | ) | — | (.63 | ) | 9.70 | 12.55 | 667 | .76 | 6.45 | ||||||||||||||||||||||||||||||||||
12/31/2018 | 10.03 | .61 | (.83 | ) | (.22 | ) | (.62 | ) | — | (.62 | ) | 9.19 | (2.34 | ) | 661 | .75 | 6.07 | |||||||||||||||||||||||||||||||
12/31/2017 | 10.04 | .59 | .10 | .69 | (.70 | ) | — | (.70 | ) | 10.03 | 6.89 | 776 | .74 | 5.72 | ||||||||||||||||||||||||||||||||||
12/31/2016 | 9.06 | .58 | 1.01 | 1.59 | (.61 | ) | — | (.61 | ) | 10.04 | 17.69 | 799 | .74 | 5.92 | ||||||||||||||||||||||||||||||||||
12/31/2015 | 10.41 | .60 | (1.35 | ) | (.75 | ) | (.60 | ) | — | (.60 | ) | 9.06 | (7.30 | ) | 765 | .73 | 5.85 | |||||||||||||||||||||||||||||||
Class 3: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 9.92 | .30 | (.78 | ) | (.48 | ) | (.15 | ) | — | (.15 | ) | 9.29 | (4.83 | )5 | 9 | .70 | 6 | 6.46 | 6 | |||||||||||||||||||||||||||||
12/31/2019 | 9.38 | .66 | .52 | 1.18 | (.64 | ) | — | (.64 | ) | 9.92 | 12.70 | 10 | .69 | 6.52 | ||||||||||||||||||||||||||||||||||
12/31/2018 | 10.23 | .63 | (.85 | ) | (.22 | ) | (.63 | ) | — | (.63 | ) | 9.38 | (2.33 | ) | 10 | .68 | 6.14 | |||||||||||||||||||||||||||||||
12/31/2017 | 10.22 | .61 | .10 | .71 | (.70 | ) | — | (.70 | ) | 10.23 | 7.02 | 12 | .67 | 5.79 | ||||||||||||||||||||||||||||||||||
12/31/2016 | 9.22 | .59 | 1.03 | 1.62 | (.62 | ) | — | (.62 | ) | 10.22 | 17.68 | 13 | .67 | 5.99 | ||||||||||||||||||||||||||||||||||
12/31/2015 | 10.57 | .62 | (1.37 | ) | (.75 | ) | (.60 | ) | — | (.60 | ) | 9.22 | (7.13 | ) | 12 | .66 | 5.91 | |||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 10.56 | .30 | (.81 | ) | (.51 | ) | (.15 | ) | — | (.15 | ) | 9.90 | (4.89 | )5 | 50 | 1.02 | 6 | 6.12 | 6 | |||||||||||||||||||||||||||||
12/31/2019 | 9.96 | .67 | .54 | 1.21 | (.61 | ) | — | (.61 | ) | 10.56 | 12.27 | 63 | 1.01 | 6.21 | ||||||||||||||||||||||||||||||||||
12/31/2018 | 10.82 | .63 | (.90 | ) | (.27 | ) | (.59 | ) | — | (.59 | ) | 9.96 | (2.64 | ) | 31 | 1.00 | 5.83 | |||||||||||||||||||||||||||||||
12/31/2017 | 10.79 | .61 | .10 | .71 | (.68 | ) | — | (.68 | ) | 10.82 | 6.63 | 34 | .99 | 5.46 | ||||||||||||||||||||||||||||||||||
12/31/2016 | 9.73 | .60 | 1.07 | 1.67 | (.61 | ) | — | (.61 | ) | 10.79 | 17.29 | 21 | .99 | 5.55 | ||||||||||||||||||||||||||||||||||
12/31/2015 | 11.05 | .62 | (1.43 | ) | (.81 | ) | (.51 | ) | — | (.51 | ) | 9.73 | (7.42 | ) | 1 | .98 | 5.51 |
188 | American Funds Insurance Series |
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | 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 period | Total return | Net assets, end of period (in millions) | Ratio of expenses to average net assets before waivers2 | Ratio of expenses to average net assets after waivers2 | Ratio of net income (loss) to average net assets | |||||||||||||||||||||||||||||||||||||||
American Funds Mortgage Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | $ | 10.56 | $ | .07 | $ | .54 | $ | .61 | $ | (.04 | ) | $ | (.02 | ) | $ | (.06 | ) | $ | 11.11 | 5.81 | %5 | $ | 192 | .46 | %6 | .40 | %6 | 1.25 | %6 | |||||||||||||||||||||||
12/31/2019 | 10.30 | .24 | .30 | .54 | (.28 | ) | — | (.28 | ) | 10.56 | 5.30 | 210 | .47 | .47 | 2.26 | |||||||||||||||||||||||||||||||||||||
12/31/2018 | 10.47 | .20 | (.14 | ) | .06 | (.23 | ) | — | (.23 | ) | 10.30 | .58 | 209 | .48 | .48 | 1.97 | ||||||||||||||||||||||||||||||||||||
12/31/2017 | 10.56 | .16 | — | 9 | .16 | (.18 | ) | (.07 | ) | (.25 | ) | 10.47 | 1.47 | 265 | .47 | .47 | 1.52 | |||||||||||||||||||||||||||||||||||
12/31/2016 | 10.61 | .15 | .11 | .26 | (.20 | ) | (.11 | ) | (.31 | ) | 10.56 | 2.50 | 269 | .46 | .46 | 1.39 | ||||||||||||||||||||||||||||||||||||
12/31/2015 | 10.70 | .10 | .13 | .23 | (.18 | ) | (.14 | ) | (.32 | ) | 10.61 | 2.09 | 272 | .45 | .45 | .89 | ||||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 10.55 | .05 | .54 | .59 | (.04 | ) | (.02 | ) | (.06 | ) | 11.08 | 5.59 | 5 | 1 | .71 | 6 | .65 | 6 | .99 | 6 | ||||||||||||||||||||||||||||||||
12/31/2019 | 10.28 | .22 | .30 | .52 | (.25 | ) | — | (.25 | ) | 10.55 | 5.09 | 1 | .71 | .71 | 2.04 | |||||||||||||||||||||||||||||||||||||
12/31/2018 | 10.46 | .18 | (.14 | ) | .04 | (.22 | ) | — | (.22 | ) | 10.28 | .36 | 1 | .73 | .73 | 1.77 | ||||||||||||||||||||||||||||||||||||
12/31/20173,7 | 10.55 | .14 | — | 9 | .14 | (.16 | ) | (.07 | ) | (.23 | ) | 10.46 | 1.31 | 5 | — | 8 | .70 | 6 | .70 | 6 | 1.38 | 6 | ||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 10.54 | .05 | .55 | .60 | (.04 | ) | (.02 | ) | (.06 | ) | 11.08 | 5.68 | 5 | 56 | .71 | 6 | .65 | 6 | .99 | 6 | ||||||||||||||||||||||||||||||||
12/31/2019 | 10.28 | .21 | .31 | .52 | (.26 | ) | — | (.26 | ) | 10.54 | 5.04 | 56 | .72 | .72 | 2.01 | |||||||||||||||||||||||||||||||||||||
12/31/2018 | 10.45 | .18 | (.15 | ) | .03 | (.20 | ) | — | (.20 | ) | 10.28 | .32 | 57 | .73 | .73 | 1.72 | ||||||||||||||||||||||||||||||||||||
12/31/2017 | 10.54 | .14 | (.01 | ) | .13 | (.15 | ) | (.07 | ) | (.22 | ) | 10.45 | 1.22 | 63 | .72 | .72 | 1.27 | |||||||||||||||||||||||||||||||||||
12/31/2016 | 10.59 | .12 | .12 | .24 | (.18 | ) | (.11 | ) | (.29 | ) | 10.54 | 2.25 | 63 | .71 | .71 | 1.14 | ||||||||||||||||||||||||||||||||||||
12/31/2015 | 10.68 | .07 | .13 | .20 | (.15 | ) | (.14 | ) | (.29 | ) | 10.59 | 1.86 | 59 | .70 | .70 | .65 | ||||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 10.44 | .04 | .54 | .58 | (.04 | ) | (.02 | ) | (.06 | ) | 10.96 | 5.53 | 5 | 38 | .96 | 6 | .89 | 6 | .70 | 6 | ||||||||||||||||||||||||||||||||
12/31/2019 | 10.19 | .18 | .31 | .49 | (.24 | ) | — | (.24 | ) | 10.44 | 4.80 | 28 | .97 | .97 | 1.71 | |||||||||||||||||||||||||||||||||||||
12/31/2018 | 10.38 | .15 | (.15 | ) | — | 9 | (.19 | ) | — | (.19 | ) | 10.19 | .07 | 24 | .98 | .98 | 1.49 | |||||||||||||||||||||||||||||||||||
12/31/2017 | 10.48 | .11 | — | 9 | .11 | (.14 | ) | (.07 | ) | (.21 | ) | 10.38 | .97 | 12 | .97 | .97 | 1.03 | |||||||||||||||||||||||||||||||||||
12/31/2016 | 10.52 | .09 | .12 | .21 | (.14 | ) | (.11 | ) | (.25 | ) | 10.48 | 2.01 | 8 | .96 | .96 | .86 | ||||||||||||||||||||||||||||||||||||
12/31/2015 | 10.65 | .04 | .14 | .18 | (.17 | ) | (.14 | ) | (.31 | ) | 10.52 | 1.62 | 11 | .97 | .97 | .37 |
See end of tables for footnotes.
American Funds Insurance Series | 189 |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | 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 period | Total return | Net assets, end of period (in millions) | Ratio of expenses to average net assets | Ratio of net income (loss) to average net assets | ||||||||||||||||||||||||||||||||||||
Ultra-Short Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | $ | 11.30 | $ | .04 | $ | .01 | $ | .05 | $ | (.03 | ) | $ | — | $ | (.03 | ) | $ | 11.32 | .43 | %5 | $ | 42 | .36 | %6 | .64 | %6 | ||||||||||||||||||||||
12/31/2019 | 11.31 | .22 | — | 9 | .22 | (.23 | ) | — | (.23 | ) | 11.30 | 1.92 | 30 | .36 | 1.92 | |||||||||||||||||||||||||||||||||
12/31/2018 | 11.29 | .18 | — | 9 | .18 | (.16 | ) | — | (.16 | ) | 11.31 | 1.58 | 37 | .35 | 1.60 | |||||||||||||||||||||||||||||||||
12/31/2017 | 11.27 | .08 | (.01 | ) | .07 | (.05 | ) | — | (.05 | ) | 11.29 | .66 | 37 | .35 | .68 | |||||||||||||||||||||||||||||||||
12/31/201612 | 11.26 | .01 | — | 9 | .01 | — | — | — | 11.27 | .09 | 37 | .35 | .11 | |||||||||||||||||||||||||||||||||||
12/31/2015 | 11.28 | (.03 | ) | .01 | (.02 | ) | — | — | — | 11.26 | (.18 | ) | 39 | .34 | (.24 | ) | ||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 11.30 | .04 | .01 | .05 | (.03 | ) | — | (.03 | ) | 11.32 | .41 | 5,11 | — | 8 | .33 | 6,11 | .76 | 6,11 | ||||||||||||||||||||||||||||||
12/31/2019 | 11.31 | .22 | — | 9 | .22 | (.23 | ) | — | (.23 | ) | 11.30 | 1.92 | 11 | — | 8 | .37 | 11 | 1.90 | 11 | |||||||||||||||||||||||||||||
12/31/2018 | 11.29 | .18 | — | 9 | .18 | (.16 | ) | — | (.16 | ) | 11.31 | 1.58 | 11 | — | 8 | .35 | 11 | 1.60 | 11 | |||||||||||||||||||||||||||||
12/31/20173,7 | 11.27 | .08 | — | 9 | .08 | (.06 | ) | — | (.06 | ) | 11.29 | .67 | 5,11 | — | 8 | .34 | 6,11 | .69 | 6,11 | |||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 11.01 | .02 | .01 | .03 | (.02 | ) | — | (.02 | ) | 11.02 | .31 | 5 | 265 | .61 | 6 | .44 | 6 | |||||||||||||||||||||||||||||||
12/31/2019 | 11.03 | .18 | — | 9 | .18 | (.20 | ) | — | (.20 | ) | 11.01 | 1.62 | 230 | .61 | 1.66 | |||||||||||||||||||||||||||||||||
12/31/2018 | 11.01 | .15 | — | 9 | .15 | (.13 | ) | — | (.13 | ) | 11.03 | 1.36 | 247 | .60 | 1.34 | |||||||||||||||||||||||||||||||||
12/31/2017 | 10.99 | .05 | — | 9 | .05 | (.03 | ) | — | (.03 | ) | 11.01 | .46 | 249 | .60 | .42 | |||||||||||||||||||||||||||||||||
12/31/201612 | 11.01 | (.02 | ) | — | 9 | (.02 | ) | — | — | — | 10.99 | (.18 | ) | 297 | .60 | (.14 | ) | |||||||||||||||||||||||||||||||
12/31/2015 | 11.06 | (.05 | ) | — | 9 | (.05 | ) | — | — | — | 11.01 | (.45 | ) | 302 | .59 | (.49 | ) | |||||||||||||||||||||||||||||||
Class 3: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 11.13 | .03 | .01 | .04 | (.03 | ) | — | (.03 | ) | 11.14 | .31 | 5 | 4 | .54 | 6 | .53 | 6 | |||||||||||||||||||||||||||||||
12/31/2019 | 11.14 | .20 | — | 9 | .20 | (.21 | ) | — | (.21 | ) | 11.13 | 1.76 | 3 | .54 | 1.74 | |||||||||||||||||||||||||||||||||
12/31/2018 | 11.12 | .16 | (.01 | ) | .15 | (.13 | ) | — | (.13 | ) | 11.14 | 1.38 | 4 | .53 | 1.42 | |||||||||||||||||||||||||||||||||
12/31/2017 | 11.10 | .06 | — | 9 | .06 | (.04 | ) | — | (.04 | ) | 11.12 | .54 | 4 | .53 | .50 | |||||||||||||||||||||||||||||||||
12/31/201612 | 11.11 | (.01 | ) | — | 9 | (.01 | ) | — | — | — | 11.10 | (.09 | ) | 4 | .53 | (.08 | ) | |||||||||||||||||||||||||||||||
12/31/2015 | 11.16 | (.05 | ) | — | 9 | (.05 | ) | — | — | — | 11.11 | (.45 | ) | 6 | .52 | (.42 | ) | |||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 11.13 | .01 | — | 9 | .01 | (.02 | ) | — | (.02 | ) | 11.12 | .11 | 5 | 33 | .86 | 6 | .14 | 6 | ||||||||||||||||||||||||||||||
12/31/2019 | 11.15 | .16 | — | 9 | .16 | (.18 | ) | — | (.18 | ) | 11.13 | 1.40 | 22 | .86 | 1.40 | |||||||||||||||||||||||||||||||||
12/31/2018 | 11.13 | .12 | .01 | .13 | (.11 | ) | — | (.11 | ) | 11.15 | 1.14 | 18 | .86 | 1.11 | ||||||||||||||||||||||||||||||||||
12/31/2017 | 11.12 | .02 | — | 9 | .02 | (.01 | ) | — | (.01 | ) | 11.13 | .16 | 15 | .85 | .19 | |||||||||||||||||||||||||||||||||
12/31/201612 | 11.17 | (.04 | ) | (.01 | ) | (.05 | ) | — | — | — | 11.12 | (.45 | ) | 13 | .85 | (.40 | ) | |||||||||||||||||||||||||||||||
12/31/2015 | 11.25 | (.08 | ) | — | 9 | (.08 | ) | — | — | — | 11.17 | (.71 | ) | 16 | .85 | (.74 | ) |
190 | American Funds Insurance Series |
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | 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 period | Total return | Net assets, end of period (in millions) | Ratio of expenses to average net assets | Ratio of net income (loss) to average net assets | ||||||||||||||||||||||||||||||||||||
U.S. Government/AAA-Rated Securities Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | $ | 12.34 | $ | .09 | $ | .99 | $ | 1.08 | $ | (.07 | ) | $ | (.27 | ) | $ | (.34 | ) | $ | 13.08 | 8.80 | %5 | $ | 375 | .38 | %6 | 1.40 | %6 | |||||||||||||||||||||
12/31/2019 | 11.94 | .25 | .43 | .68 | (.28 | ) | — | (.28 | ) | 12.34 | 5.69 | 1,418 | .37 | 2.07 | ||||||||||||||||||||||||||||||||||
12/31/2018 | 12.08 | .24 | (.13 | ) | .11 | (.25 | ) | — | (.25 | ) | 11.94 | .91 | 1,445 | .36 | 2.02 | |||||||||||||||||||||||||||||||||
12/31/2017 | 12.05 | .21 | .01 | .22 | (.19 | ) | — | (.19 | ) | 12.08 | 1.83 | 1,558 | .36 | 1.68 | ||||||||||||||||||||||||||||||||||
12/31/2016 | 12.31 | .16 | .03 | .19 | (.20 | ) | (.25 | ) | (.45 | ) | 12.05 | 1.44 | 1,467 | .36 | 1.31 | |||||||||||||||||||||||||||||||||
12/31/2015 | 12.40 | .13 | .09 | .22 | (.21 | ) | (.10 | ) | (.31 | ) | 12.31 | 1.93 | 1,426 | .35 | 1.02 | |||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 12.32 | .06 | 1.00 | 1.06 | (.07 | ) | (.27 | ) | (.34 | ) | 13.04 | 8.64 | 5 | 3 | .64 | 6 | .96 | 6 | ||||||||||||||||||||||||||||||
12/31/2019 | 11.93 | .22 | .43 | .65 | (.26 | ) | — | (.26 | ) | 12.32 | 5.42 | 2 | .62 | 1.82 | ||||||||||||||||||||||||||||||||||
12/31/2018 | 12.08 | .22 | (.14 | ) | .08 | (.23 | ) | — | (.23 | ) | 11.93 | .70 | 1 | .61 | 1.82 | |||||||||||||||||||||||||||||||||
12/31/20173,7 | 12.05 | .18 | .03 | .21 | (.18 | ) | — | (.18 | ) | 12.08 | 1.73 | 5 | — | 8 | .58 | 6 | 1.53 | 6 | ||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 12.21 | .06 | 1.00 | 1.06 | (.07 | ) | (.27 | ) | (.34 | ) | 12.93 | 8.70 | 5 | 1,328 | .63 | 6 | 1.01 | 6 | ||||||||||||||||||||||||||||||
12/31/2019 | 11.82 | .22 | .42 | .64 | (.25 | ) | — | (.25 | ) | 12.21 | 5.31 | 1,343 | .62 | 1.82 | ||||||||||||||||||||||||||||||||||
12/31/2018 | 11.96 | .21 | (.14 | ) | .07 | (.21 | ) | — | (.21 | ) | 11.82 | .73 | 1,323 | .61 | 1.77 | |||||||||||||||||||||||||||||||||
12/31/2017 | 11.93 | .17 | .02 | .19 | (.16 | ) | — | (.16 | ) | 11.96 | 1.59 | 1,473 | .61 | 1.43 | ||||||||||||||||||||||||||||||||||
12/31/2016 | 12.20 | .13 | .02 | .15 | (.17 | ) | (.25 | ) | (.42 | ) | 11.93 | 1.19 | 1,503 | .61 | 1.05 | |||||||||||||||||||||||||||||||||
12/31/2015 | 12.29 | .10 | .09 | .19 | (.18 | ) | (.10 | ) | (.28 | ) | 12.20 | 1.59 | 1,579 | .60 | .79 | |||||||||||||||||||||||||||||||||
Class 3: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 12.37 | .07 | 1.00 | 1.07 | (.07 | ) | (.27 | ) | (.34 | ) | 13.10 | 8.77 | 5 | 11 | .57 | 6 | 1.05 | 6 | ||||||||||||||||||||||||||||||
12/31/2019 | 11.97 | .23 | .43 | .66 | (.26 | ) | — | (.26 | ) | 12.37 | 5.49 | 9 | .55 | 1.88 | ||||||||||||||||||||||||||||||||||
12/31/2018 | 12.11 | .22 | (.14 | ) | .08 | (.22 | ) | — | (.22 | ) | 11.97 | .71 | 9 | .54 | 1.84 | |||||||||||||||||||||||||||||||||
12/31/2017 | 12.07 | .18 | .03 | .21 | (.17 | ) | — | (.17 | ) | 12.11 | 1.72 | 10 | .54 | 1.50 | ||||||||||||||||||||||||||||||||||
12/31/2016 | 12.34 | .14 | .02 | .16 | (.18 | ) | (.25 | ) | (.43 | ) | 12.07 | 1.24 | 11 | .54 | 1.12 | |||||||||||||||||||||||||||||||||
12/31/2015 | 12.43 | .11 | .09 | .20 | (.19 | ) | (.10 | ) | (.29 | ) | 12.34 | 1.64 | 11 | .53 | .85 | |||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 12.22 | .04 | 1.00 | 1.04 | (.07 | ) | (.27 | ) | (.34 | ) | 12.92 | 8.53 | 5 | 247 | .89 | 6 | .69 | 6 | ||||||||||||||||||||||||||||||
12/31/2019 | 11.84 | .19 | .42 | .61 | (.23 | ) | — | (.23 | ) | 12.22 | 5.14 | 124 | .87 | 1.56 | ||||||||||||||||||||||||||||||||||
12/31/2018 | 11.98 | .18 | (.12 | ) | .06 | (.20 | ) | — | (.20 | ) | 11.84 | .50 | 91 | .86 | 1.53 | |||||||||||||||||||||||||||||||||
12/31/2017 | 11.96 | .14 | .01 | .15 | (.13 | ) | — | (.13 | ) | 11.98 | 1.28 | 62 | .86 | 1.18 | ||||||||||||||||||||||||||||||||||
12/31/2016 | 12.22 | .10 | .03 | .13 | (.14 | ) | (.25 | ) | (.39 | ) | 11.96 | .99 | 57 | .86 | .82 | |||||||||||||||||||||||||||||||||
12/31/2015 | 12.34 | .07 | .08 | .15 | (.17 | ) | (.10 | ) | (.27 | ) | 12.22 | 1.29 | 46 | .85 | .56 |
See end of tables for footnotes.
American Funds Insurance Series | 191 |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | Ratio of expenses | Ratio of expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | Net investment income (loss) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distribu- tions (from capital gains) | Total dividends and distribu- tions | Net asset value, end of period | Total return13 | Net assets, end of period (in millions) | to average net assets before waivers/ reimburse- ments14 | to average net assets after waivers/ reimburse- ments13,14 | Net effective expense ratio13,15 | Ratio of net income (loss) to average net assets13 | ||||||||||||||||||||||||||||||||||||||||||
Managed Risk Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | $ | 13.78 | $ | .02 | $ | 1.14 | $ | 1.16 | $ | (.12 | ) | $ | (.68 | ) | $ | (.80 | ) | $ | 14.14 | 8.57 | %5 | $ | 9 | .42 | %6 | .37 | %6 | .73 | %6 | .30 | %6 | |||||||||||||||||||||||||
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 | )11 | 3 | .42 | 11 | .37 | 11 | .71 | 11 | .82 | 11 | |||||||||||||||||||||||||||||||||
12/31/2017 | 10.71 | .08 | 2.70 | 2.78 | (.07 | ) | (.20 | ) | (.27 | ) | 13.22 | 26.23 | 11 | 2 | .42 | 11 | .36 | 11 | .70 | 11 | .69 | 11 | ||||||||||||||||||||||||||||||||||
12/31/2016 | 11.49 | .08 | .20 | .28 | (.05 | ) | (1.01 | ) | (1.06 | ) | 10.71 | 2.89 | 11 | 1 | .50 | 11 | .34 | 11 | .68 | 11 | .79 | 11 | ||||||||||||||||||||||||||||||||||
12/31/2015 | 11.37 | .09 | .03 | .12 | — | — | — | 11.49 | 1.06 | 11 | — | 8 | .53 | 11 | .29 | 11 | .63 | 11 | .80 | 11 | ||||||||||||||||||||||||||||||||||||
Class P2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 13.71 | — | 9 | 1.13 | 1.13 | (.11 | ) | (.68 | ) | (.79 | ) | 14.05 | 8.42 | 5 | 467 | .68 | 6 | .63 | 6 | .99 | 6 | (.01 | )6 | |||||||||||||||||||||||||||||||||
12/31/2019 | 12.21 | .09 | 2.45 | 2.54 | (.12 | ) | (.92 | ) | (1.04 | ) | 13.71 | 21.74 | 434 | .68 | .63 | .99 | .73 | |||||||||||||||||||||||||||||||||||||||
12/31/2018 | 13.14 | .06 | (.04 | ) | .02 | (.06 | ) | (.89 | ) | (.95 | ) | 12.21 | (.37 | ) | 340 | .68 | .63 | .97 | .46 | |||||||||||||||||||||||||||||||||||||
12/31/2017 | 10.64 | .04 | 2.70 | 2.74 | (.04 | ) | (.20 | ) | (.24 | ) | 13.14 | 25.99 | 286 | .69 | .63 | .97 | .34 | |||||||||||||||||||||||||||||||||||||||
12/31/2016 | 11.43 | .05 | .19 | .24 | (.02 | ) | (1.01 | ) | (1.03 | ) | 10.64 | 2.52 | 200 | .79 | .63 | .97 | .43 | |||||||||||||||||||||||||||||||||||||||
12/31/2015 | 11.35 | .04 | .04 | .08 | — | — | — | 11.43 | .71 | 146 | .89 | .66 | 1.00 | .31 | ||||||||||||||||||||||||||||||||||||||||||
Managed Risk International Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | $ | 11.01 | $ | .01 | $ | (1.37 | ) | $ | (1.36 | ) | $ | (.16 | ) | $ | (.08 | ) | $ | (.24 | ) | $ | 9.41 | (12.33 | )%5,11 | $ | 1 | .44 | %6,11 | .39 | %6,11 | .90 | %6,11 | .21 | %6,11 | |||||||||||||||||||||||
12/31/2019 | 9.82 | .17 | 1.54 | 1.71 | (.20 | ) | (.32 | ) | (.52 | ) | 11.01 | 17.91 | 11 | 1 | .41 | 11 | .33 | 11 | .84 | 11 | 1.64 | 11 | ||||||||||||||||||||||||||||||||||
12/31/2018 | 11.25 | .32 | (1.44 | ) | (1.12 | ) | (.26 | ) | (.05 | ) | (.31 | ) | 9.82 | (10.11 | )11 | — | 8 | .33 | 11 | .28 | 11 | .77 | 11 | 3.02 | 11 | |||||||||||||||||||||||||||||||
12/31/2017 | 8.89 | .11 | 2.47 | 2.58 | (.10 | ) | (.12 | ) | (.22 | ) | 11.25 | 29.28 | 11 | — | 8 | .28 | 11 | .20 | 11 | .69 | 11 | 1.13 | 11 | |||||||||||||||||||||||||||||||||
12/31/2016 | 9.48 | .10 | (.35 | ) | (.25 | ) | (.12 | ) | (.22 | ) | (.34 | ) | 8.89 | (2.59 | )11 | — | 8 | .39 | 11 | .23 | 11 | .74 | 11 | 1.15 | 11 | |||||||||||||||||||||||||||||||
12/31/2015 | 10.10 | .18 | (.80 | ) | (.62 | ) | — | 9 | — | — | 9 | 9.48 | (6.12 | )11 | — | 8 | .45 | 11 | .21 | 11 | .72 | 11 | 1.75 | 11 | ||||||||||||||||||||||||||||||||
Class P2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 10.92 | (.01 | ) | (1.35 | ) | (1.36 | ) | (.12 | ) | (.08 | ) | (.20 | ) | 9.36 | (12.45 | )5 | 154 | .71 | 6 | .66 | 6 | 1.17 | 6 | (.15 | )6 | |||||||||||||||||||||||||||||||
12/31/2019 | 9.76 | .13 | 1.55 | 1.68 | (.20 | ) | (.32 | ) | (.52 | ) | 10.92 | 17.64 | 165 | .71 | .63 | 1.14 | 1.21 | |||||||||||||||||||||||||||||||||||||||
12/31/2018 | 11.15 | .16 | (1.32 | ) | (1.16 | ) | (.18 | ) | (.05 | ) | (.23 | ) | 9.76 | (10.50 | ) | 151 | .69 | .64 | 1.13 | 1.49 | ||||||||||||||||||||||||||||||||||||
12/31/2017 | 8.83 | .11 | 2.41 | 2.52 | (.08 | ) | (.12 | ) | (.20 | ) | 11.15 | 28.69 | 148 | .71 | .63 | 1.12 | 1.03 | |||||||||||||||||||||||||||||||||||||||
12/31/2016 | 9.43 | .09 | (.38 | ) | (.29 | ) | (.09 | ) | (.22 | ) | (.31 | ) | 8.83 | (3.05 | ) | 97 | .79 | .63 | 1.14 | .97 | ||||||||||||||||||||||||||||||||||||
12/31/2015 | 10.09 | .13 | (.79 | ) | (.66 | ) | — | 9 | — | — | 9 | 9.43 | (6.52 | ) | 83 | .90 | .66 | 1.17 | 1.30 | |||||||||||||||||||||||||||||||||||||
Managed Risk Blue Chip Income and Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | $ | 12.01 | $ | .03 | $ | (1.04 | ) | $ | (1.01 | ) | $ | (.22 | ) | $ | (.34 | ) | $ | (.56 | ) | $ | 10.44 | (8.30 | )%5,11 | $ | 1 | .40 | %6,11 | .35 | %6,11 | .76 | %6,11 | .63 | %6,11 | |||||||||||||||||||||||
12/31/2019 | 11.28 | .25 | 1.28 | 1.53 | (.20 | ) | (.60 | ) | (.80 | ) | 12.01 | 14.14 | 11 | 1 | .38 | 11 | .33 | 11 | .74 | 11 | 2.14 | 11 | ||||||||||||||||||||||||||||||||||
12/31/2018 | 13.04 | .40 | (1.27 | ) | (.87 | ) | (.45 | ) | (.44 | ) | (.89 | ) | 11.28 | (6.99 | )11 | — | 8 | .33 | 11 | .28 | 11 | .67 | 11 | 3.21 | 11 | |||||||||||||||||||||||||||||||
12/31/2017 | 11.67 | .19 | 1.59 | 1.78 | (.22 | ) | (.19 | ) | (.41 | ) | 13.04 | 15.48 | 11 | — | 8 | .30 | 11 | .25 | 11 | .64 | 11 | 1.59 | 11 | |||||||||||||||||||||||||||||||||
12/31/2016 | 10.80 | .20 | 1.25 | 1.45 | (.21 | ) | (.37 | ) | (.58 | ) | 11.67 | 13.77 | 11 | — | 8 | .43 | 11 | .27 | 11 | .67 | 11 | 1.83 | 11 | |||||||||||||||||||||||||||||||||
12/31/2015 | 11.70 | .19 | (1.02 | ) | (.83 | ) | (.07 | ) | — | (.07 | ) | 10.80 | (7.07 | )11 | — | 8 | .50 | 11 | .27 | 11 | .66 | 11 | 1.64 | 11 | ||||||||||||||||||||||||||||||||
Class P2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 11.91 | .02 | (1.04 | ) | (1.02 | ) | (.18 | ) | (.34 | ) | (.52 | ) | 10.37 | (8.48 | )5 | 343 | .68 | 6 | .63 | 6 | 1.04 | 6 | .28 | 6 | ||||||||||||||||||||||||||||||||
12/31/2019 | 11.21 | .18 | 1.31 | 1.49 | (.19 | ) | (.60 | ) | (.79 | ) | 11.91 | 13.88 | 365 | .68 | .63 | 1.04 | 1.62 | |||||||||||||||||||||||||||||||||||||||
12/31/2018 | 12.96 | .19 | (1.10 | ) | (.91 | ) | (.40 | ) | (.44 | ) | (.84 | ) | 11.21 | (7.38 | ) | 336 | .68 | .63 | 1.02 | 1.49 | ||||||||||||||||||||||||||||||||||||
12/31/2017 | 11.61 | .17 | 1.55 | 1.72 | (.18 | ) | (.19 | ) | (.37 | ) | 12.96 | 15.03 | 367 | .68 | .63 | 1.02 | 1.43 | |||||||||||||||||||||||||||||||||||||||
12/31/2016 | 10.76 | .23 | 1.18 | 1.41 | (.19 | ) | (.37 | ) | (.56 | ) | 11.61 | 13.39 | 291 | .79 | .63 | 1.03 | 2.04 | |||||||||||||||||||||||||||||||||||||||
12/31/2015 | 11.67 | .18 | (1.05 | ) | (.87 | ) | (.04 | ) | — | (.04 | ) | 10.76 | (7.43 | ) | 137 | .89 | .66 | 1.05 | 1.57 |
192 | American Funds Insurance Series |
Income (loss) from investment operations1 | Dividends and distributions | Ratio of expenses | Ratio of expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | Net investment income (loss) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distribu- tions (from capital gains) | Total dividends and distribu- tions | Net asset value, end of period | Total return13 | Net assets, end of period (in millions) | to average net assets before waivers/ reimburse- ments14 | to average net assets after waivers/ reimburse- ments13,14 | Net effective expense ratio13,15 | Ratio of net income (loss) to average net assets13 | ||||||||||||||||||||||||||||||||||||||||||
Managed Risk Growth-Income Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | $ | 13.76 | $ | .03 | $ | .05 | $ | .08 | $ | (.21 | ) | $ | (.74 | ) | $ | (.95 | ) | $ | 12.89 | .66 | %5 | $ | 1,938 | .41 | %6 | .36 | %6 | .67 | %6 | .52 | %6 | |||||||||||||||||||||||||
12/31/2019 | 11.73 | .22 | 2.01 | 2.23 | (.10 | ) | (.10 | ) | (.20 | ) | 13.76 | 19.14 | 1,987 | .42 | .37 | .67 | 1.71 | |||||||||||||||||||||||||||||||||||||||
12/31/2018 | 12.66 | (.02 | ) | (.15 | ) | (.17 | ) | (.19 | ) | (.57 | ) | (.76 | ) | 11.73 | (1.66 | ) | 1,662 | .40 | .35 | .64 | (.20 | ) | ||||||||||||||||||||||||||||||||||
12/31/2017 | 11.07 | .19 | 2.03 | 2.22 | (.13 | ) | (.50 | ) | (.63 | ) | 12.66 | 20.64 | 11 | 2 | .44 | 11 | .37 | 11 | .66 | 11 | 1.61 | 11 | ||||||||||||||||||||||||||||||||||
12/31/2016 | 11.25 | .16 | .52 | .68 | (.16 | ) | (.70 | ) | (.86 | ) | 11.07 | 6.49 | 11 | 1 | .52 | 11 | .36 | 11 | .64 | 11 | 1.46 | 11 | ||||||||||||||||||||||||||||||||||
12/31/2015 | 11.67 | .25 | (.63 | ) | (.38 | ) | (.04 | ) | — | (.04 | ) | 11.25 | (3.27 | )11 | 1 | .56 | 11 | .31 | 11 | .59 | 11 | 2.17 | 11 | |||||||||||||||||||||||||||||||||
Class P2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 13.69 | .02 | .05 | .07 | (.20 | ) | (.74 | ) | (.94 | ) | 12.82 | .62 | 5 | 285 | .66 | 6 | .61 | 6 | .92 | 6 | .28 | 6 | ||||||||||||||||||||||||||||||||||
12/31/2019 | 11.67 | .19 | 2.00 | 2.19 | (.07 | ) | (.10 | ) | (.17 | ) | 13.69 | 18.84 | 283 | .67 | .62 | .92 | 1.47 | |||||||||||||||||||||||||||||||||||||||
12/31/2018 | 12.58 | .16 | (.36 | ) | (.20 | ) | (.14 | ) | (.57 | ) | (.71 | ) | 11.67 | (1.97 | ) | 230 | .69 | .64 | .93 | 1.25 | ||||||||||||||||||||||||||||||||||||
12/31/2017 | 11.02 | .13 | 2.05 | 2.18 | (.12 | ) | (.50 | ) | (.62 | ) | 12.58 | 20.40 | 206 | .70 | .63 | .92 | 1.08 | |||||||||||||||||||||||||||||||||||||||
12/31/2016 | 11.22 | .12 | .52 | .64 | (.14 | ) | (.70 | ) | (.84 | ) | 11.02 | 6.08 | 160 | .79 | .63 | .91 | 1.13 | |||||||||||||||||||||||||||||||||||||||
12/31/2015 | 11.65 | .12 | (.54 | ) | (.42 | ) | (.01 | ) | — | (.01 | ) | 11.22 | (3.64 | ) | 122 | .89 | .66 | .94 | 1.04 | |||||||||||||||||||||||||||||||||||||
Managed Risk Asset Allocation Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | $ | 13.81 | $ | .06 | $ | (.58 | ) | $ | (.52 | ) | $ | (.21 | ) | $ | (.52 | ) | $ | (.73 | ) | $ | 12.56 | (3.71 | )%5 | $ | 4 | .41 | %6 | .36 | %6 | .66 | %6 | .93 | %6 | |||||||||||||||||||||||
12/31/2019 | 12.23 | .26 | 1.92 | 2.18 | (.03 | ) | (.57 | ) | (.60 | ) | 13.81 | 18.25 | 2 | .41 | .36 | .65 | 2.01 | |||||||||||||||||||||||||||||||||||||||
12/31/2018 | 13.59 | .22 | (.80 | ) | (.58 | ) | (.25 | ) | (.53 | ) | (.78 | ) | 12.23 | (4.63 | ) | 2 | .37 | .32 | .59 | 1.67 | ||||||||||||||||||||||||||||||||||||
12/31/2017 | 12.02 | .19 | 1.60 | 1.79 | (.10 | ) | (.12 | ) | (.22 | ) | 13.59 | 15.06 | 1,656 | .43 | .38 | .66 | 1.45 | |||||||||||||||||||||||||||||||||||||||
12/31/2016 | 11.72 | .19 | .67 | .86 | (.19 | ) | (.37 | ) | (.56 | ) | 12.02 | 7.57 | 1,217 | .43 | .38 | .66 | 1.65 | |||||||||||||||||||||||||||||||||||||||
12/31/2015 | 12.29 | .25 | (.34 | ) | (.09 | ) | (.22 | ) | (.26 | ) | (.48 | ) | 11.72 | (.83 | ) | 712 | .54 | .40 | .68 | 2.06 | ||||||||||||||||||||||||||||||||||||
Class P2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20203,4 | 13.46 | .02 | (.54 | ) | (.52 | ) | (.20 | ) | (.52 | ) | (.72 | ) | 12.22 | (3.80 | )5 | 2,631 | .66 | 6 | .61 | 6 | .91 | 6 | .30 | 6 | ||||||||||||||||||||||||||||||||
12/31/2019 | 12.22 | .19 | 1.93 | 2.12 | (.31 | ) | (.57 | ) | (.88 | ) | 13.46 | 17.98 | 2,830 | .66 | .61 | .90 | 1.51 | |||||||||||||||||||||||||||||||||||||||
12/31/2018 | 13.55 | .17 | (.79 | ) | (.62 | ) | (.18 | ) | (.53 | ) | (.71 | ) | 12.22 | (4.89 | ) | 2,541 | .62 | .57 | .84 | 1.27 | ||||||||||||||||||||||||||||||||||||
12/31/2017 | 12.01 | .15 | 1.61 | 1.76 | (.10 | ) | (.12 | ) | (.22 | ) | 13.55 | 14.80 | 2,798 | .68 | .63 | .91 | 1.13 | |||||||||||||||||||||||||||||||||||||||
12/31/2016 | 11.71 | .14 | .69 | .83 | (.16 | ) | (.37 | ) | (.53 | ) | 12.01 | 7.27 | 2,342 | .68 | .63 | .91 | 1.20 | |||||||||||||||||||||||||||||||||||||||
12/31/2015 | 12.27 | .14 | (.26 | ) | (.12 | ) | (.18 | ) | (.26 | ) | (.44 | ) | 11.71 | (1.07 | ) | 1,953 | .79 | .66 | .94 | 1.16 |
See end of tables for footnotes.
American Funds Insurance Series | 193 |
Financial highlights (continued)
Portfolio turnover rate for all share classes | Six months ended | Period ended December 31, | ||||||||||||||||||||||
excluding mortgage dollar roll transactions16,17 | June 30, 20203,4,5 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||
Capital Income Builder | 84 | % | 44 | % | 42 | % | 59 | % | 41 | % | 38 | % | ||||||||||||
Asset Allocation Fund | 31 | 47 | 34 | 39 | 43 | 28 | ||||||||||||||||||
Global Balanced Fund | 28 | 60 | 30 | 28 | 43 | 36 | ||||||||||||||||||
Bond Fund | 47 | 146 | 98 | 153 | 108 | 141 | ||||||||||||||||||
Capital World Bond Fund | 59 | 110 | 78 | 74 | 70 | 88 | ||||||||||||||||||
American Funds Mortgage Fund | 85 | 84 | 60 | 98 | 113 | 138 | ||||||||||||||||||
U.S. Government/AAA-Rated Securities Fund | 65 | 103 | 76 | 120 | 273 | 352 | ||||||||||||||||||
Portfolio turnover rate for all share classes | Six months ended | Period ended December 31, | ||||||||||||||||||||||
including mortgage dollar roll transactions, if applicable16,17 | June 30, 20203,4,5 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||
Global Growth Fund | 9 | 14 | % | 25 | % | 31 | % | 27 | % | 29 | % | |||||||||||||
Global Small Capitalization Fund | 24 | 50 | 43 | 33 | 40 | 36 | ||||||||||||||||||
Growth Fund | 12 | 21 | 35 | 24 | 26 | 20 | ||||||||||||||||||
International Fund | 21 | 32 | 29 | 29 | 31 | 37 | ||||||||||||||||||
New World Fund | 60 | 38 | 58 | 56 | 32 | 39 | ||||||||||||||||||
Blue Chip Income and Growth Fund | 29 | 37 | 49 | 34 | 30 | 26 | ||||||||||||||||||
Global Growth and Income Fund | 24 | 29 | 49 | 41 | 57 | 37 | ||||||||||||||||||
Growth-Income Fund | 20 | 27 | 39 | 27 | 27 | 25 | ||||||||||||||||||
International Growth and Income Fund | 31 | 28 | 38 | 51 | 32 | 35 | ||||||||||||||||||
Capital Income Builder Fund | 118 | 72 | 98 | 88 | 53 | 128 | ||||||||||||||||||
Asset Allocation Fund | 63 | 79 | 86 | 85 | 83 | 76 | ||||||||||||||||||
Global Balanced Fund | 35 | 74 | 51 | 41 | 65 | 76 | ||||||||||||||||||
Bond Fund | 205 | 373 | 514 | 502 | 375 | 434 | ||||||||||||||||||
Capital World Bond Fund | 84 | 159 | 125 | 105 | 154 | 159 | ||||||||||||||||||
High-Income Bond Fund | 41 | 58 | 67 | 78 | 89 | 66 | ||||||||||||||||||
American Funds Mortgage Fund | 466 | 350 | 811 | 680 | 713 | 1103 | ||||||||||||||||||
U.S. Government/AAA-Rated Securities Fund | 403 | 277 | 446 | 551 | 539 | 901 | ||||||||||||||||||
Ultra-Short Bond Fund | — | 18 | — | 18 | — | 18 | — | 18 | — | 12,18 | N/A | |||||||||||||
Managed Risk Growth Fund | 63 | 10 | 7 | 25 | 15 | 16 | ||||||||||||||||||
Managed Risk International Fund | 56 | 8 | 8 | 25 | 26 | 15 | ||||||||||||||||||
Managed Risk Blue Chip Income and Growth Fund | 79 | 13 | 11 | 32 | 9 | 20 | ||||||||||||||||||
Managed Risk Growth-Income Fund | 26 | 6 | 14 | 26 | 14 | 11 | ||||||||||||||||||
Managed Risk Asset Allocation Fund | 26 | 8 | 12 | 1 | 3 | 3 |
1 | Based on average shares outstanding. |
2 | Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds, if applicable. |
3 | Based on operations for a period that is less than a full year. |
4 | Unaudited. |
5 | Not annualized. |
6 | Annualized. |
7 | Class 1A shares began investment operations on January 6, 2017. |
8 | Amount less than $1 million. |
9 | Amount less than $.01. |
10 | Amount less than .01%. |
11 | 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. |
12 | On May 1, 2016, the fund converted from a cash fund to an ultra-short-term bond fund and changed its name from Cash Management Fund to Ultra-Short Bond Fund. |
13 | This column reflects the impact of certain waivers/reimbursements from CRMC. During some of the periods shown, CRMC waived a portion of investment advisory services fees on some of the funds, including each of the managed risk funds. In addition, CRMC reimbursed a portion of miscellaneous fees and expenses for some of the managed risk funds. |
14 | This column does not include expenses of the underlying funds in which each fund invests. |
15 | This column reflects the net effective expense ratios for each fund and class, which are unaudited. These ratios include each class’s expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. See expense example for further information regarding fees and expenses. |
16 | Refer to Note 5 for further information on mortgage dollar rolls. |
17 | Rates do not include the fund’s portfolio activity with respect to any Central Funds, if applicable. |
18 | Amount is either less than 1% or there is no turnover. |
See notes to financial statements.
194 | 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, 2020, through June 30, 2020).
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 | 195 |
Beginning account value 1/1/2020 | Ending account value 6/30/2020 | Expenses paid during period1 | Annualized expense ratio | |||||||||||||
Global Growth Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,042.23 | $ | 2.84 | .56 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,022.08 | 2.82 | .56 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,041.28 | 4.11 | .81 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,020.84 | 4.07 | .81 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,040.99 | 4.11 | .81 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,020.84 | 4.07 | .81 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,039.93 | 5.38 | 1.06 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,019.59 | 5.32 | 1.06 | ||||||||||||
Global Small Capitalization Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 968.16 | $ | 3.67 | .75 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,021.13 | 3.77 | .75 | ||||||||||||
Class 1A – actual return | 1,000.00 | 967.03 | 4.89 | 1.00 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,019.89 | 5.02 | 1.00 | ||||||||||||
Class 2 – actual return | 1,000.00 | 967.18 | 4.89 | 1.00 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,019.89 | 5.02 | 1.00 | ||||||||||||
Class 4 – actual return | 1,000.00 | 965.40 | 6.11 | 1.25 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,018.65 | 6.27 | 1.25 | ||||||||||||
Growth Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,120.97 | $ | 1.90 | .36 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,023.07 | 1.81 | .36 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,119.49 | 3.21 | .61 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,021.83 | 3.07 | .61 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,119.67 | 3.21 | .61 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,021.83 | 3.07 | .61 | ||||||||||||
Class 3 – actual return | 1,000.00 | 1,120.05 | 2.85 | .54 | ||||||||||||
Class 3 – assumed 5% return | 1,000.00 | 1,022.18 | 2.72 | .54 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,118.15 | 4.53 | .86 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,020.59 | 4.32 | .86 | ||||||||||||
International Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 887.96 | $ | 2.58 | .55 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,022.13 | 2.77 | .55 | ||||||||||||
Class 1A – actual return | 1,000.00 | 886.81 | 3.75 | .80 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,020.89 | 4.02 | .80 | ||||||||||||
Class 2 – actual return | 1,000.00 | 886.66 | 3.75 | .80 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,020.89 | 4.02 | .80 | ||||||||||||
Class 3 – actual return | 1,000.00 | 887.02 | 3.42 | .73 | ||||||||||||
Class 3 – assumed 5% return | 1,000.00 | 1,021.23 | 3.67 | .73 | ||||||||||||
Class 4 – actual return | 1,000.00 | 885.43 | 4.92 | 1.05 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,019.64 | 5.27 | 1.05 | ||||||||||||
New World Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 959.42 | $ | 3.46 | .71 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,021.33 | 3.57 | .71 | ||||||||||||
Class 1A – actual return | 1,000.00 | 958.20 | 4.63 | .95 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,020.14 | 4.77 | .95 | ||||||||||||
Class 2 – actual return | 1,000.00 | 958.22 | 4.67 | .96 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,020.09 | 4.82 | .96 | ||||||||||||
Class 4 – actual return | 1,000.00 | 956.88 | 5.89 | 1.21 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,018.85 | 6.07 | 1.21 |
196 | American Funds Insurance Series |
Beginning account value 1/1/2020 | Ending account value 6/30/2020 | Expenses paid during period1 | Annualized expense ratio | |||||||||||||
Blue Chip Income and Growth Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 917.33 | $ | 2.05 | .43 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,022.73 | 2.16 | .43 | ||||||||||||
Class 1A – actual return | 1,000.00 | 916.02 | 3.24 | .68 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,021.48 | 3.42 | .68 | ||||||||||||
Class 2 – actual return | 1,000.00 | 915.91 | 3.24 | .68 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,021.48 | 3.42 | .68 | ||||||||||||
Class 4 – actual return | 1,000.00 | 915.12 | 4.43 | .93 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,020.24 | 4.67 | .93 | ||||||||||||
Global Growth and Income Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 889.23 | $ | 3.05 | .65 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,021.63 | 3.27 | .65 | ||||||||||||
Class 1A – actual return | 1,000.00 | 887.99 | 4.22 | .90 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,020.39 | 4.52 | .90 | ||||||||||||
Class 2 – actual return | 1,000.00 | 887.98 | 4.22 | .90 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,020.39 | 4.52 | .90 | ||||||||||||
Class 4 – actual return | 1,000.00 | 887.05 | 5.40 | 1.15 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,019.14 | 5.77 | 1.15 | ||||||||||||
Growth-Income Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 963.83 | $ | 1.42 | .29 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,023.42 | 1.46 | .29 | ||||||||||||
Class 1A – actual return | 1,000.00 | 962.74 | 2.64 | .54 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,022.18 | 2.72 | .54 | ||||||||||||
Class 2 – actual return | 1,000.00 | 962.74 | 2.64 | .54 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,022.18 | 2.72 | .54 | ||||||||||||
Class 3 – actual return | 1,000.00 | 962.98 | 2.29 | .47 | ||||||||||||
Class 3 – assumed 5% return | 1,000.00 | 1,022.53 | 2.36 | .47 | ||||||||||||
Class 4 – actual return | 1,000.00 | 961.40 | 3.85 | .79 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,020.93 | 3.97 | .79 | ||||||||||||
International Growth and Income Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 849.25 | $ | 3.13 | .68 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,021.48 | 3.42 | .68 | ||||||||||||
Class 1A – actual return | 1,000.00 | 848.07 | 4.27 | .93 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,020.24 | 4.67 | .93 | ||||||||||||
Class 2 – actual return | 1,000.00 | 848.30 | 4.27 | .93 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,020.24 | 4.67 | .93 | ||||||||||||
Class 4 – actual return | 1,000.00 | 847.09 | 5.42 | 1.18 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,019.00 | 5.92 | 1.18 | ||||||||||||
Capital Income Builder | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 937.71 | $ | 2.12 | .44 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,022.68 | 2.21 | .44 | ||||||||||||
Class 1A – actual return | 1,000.00 | 936.40 | 3.32 | .69 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,021.43 | 3.47 | .69 | ||||||||||||
Class 2 – actual return | 1,000.00 | 936.41 | 3.32 | .69 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,021.43 | 3.47 | .69 | ||||||||||||
Class 4 – actual return | 1,000.00 | 935.07 | 4.52 | .94 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,020.19 | 4.72 | .94 |
See end of tables for footnotes.
American Funds Insurance Series | 197 |
Beginning account value 1/1/2020 | Ending account value 6/30/2020 | Expenses paid during period1 | Annualized expense ratio | |||||||||||||
Asset Allocation Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 985.29 | $ | 1.48 | .30 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,023.37 | 1.51 | .30 | ||||||||||||
Class 1A – actual return | 1,000.00 | 984.46 | 2.71 | .55 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,022.13 | 2.77 | .55 | ||||||||||||
Class 2 – actual return | 1,000.00 | 984.31 | 2.71 | .55 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,022.13 | 2.77 | .55 | ||||||||||||
Class 3 – actual return | 1,000.00 | 984.60 | 2.37 | .48 | ||||||||||||
Class 3 – assumed 5% return | 1,000.00 | 1,022.48 | 2.41 | .48 | ||||||||||||
Class 4 – actual return | 1,000.00 | 983.04 | 3.94 | .80 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,020.89 | 4.02 | .80 | ||||||||||||
Global Balanced Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 971.52 | $ | 3.48 | .71 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,021.33 | 3.57 | .71 | ||||||||||||
Class 1A – actual return | 1,000.00 | 969.99 | 4.70 | .96 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,020.09 | 4.82 | .96 | ||||||||||||
Class 2 – actual return | 1,000.00 | 970.71 | 4.70 | .96 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,020.09 | 4.82 | .96 | ||||||||||||
Class 4 – actual return | 1,000.00 | 968.94 | 5.92 | 1.21 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,018.85 | 6.07 | 1.21 | ||||||||||||
Bond Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,066.05 | $ | 2.05 | .40 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,022.87 | 2.01 | .40 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,065.05 | 3.34 | .65 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,021.63 | 3.27 | .65 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,065.58 | 3.34 | .65 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,021.63 | 3.27 | .65 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,063.57 | 4.62 | .90 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,020.39 | 4.52 | .90 | ||||||||||||
Capital World Bond Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,021.40 | $ | 2.76 | .55 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,022.13 | 2.77 | .55 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,020.30 | 4.02 | .80 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,020.89 | 4.02 | .80 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,020.29 | 4.02 | .80 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,020.89 | 4.02 | .80 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,019.27 | 5.27 | 1.05 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,019.64 | 5.27 | 1.05 | ||||||||||||
High-Income Bond Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 952.57 | $ | 2.52 | .52 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,022.28 | 2.61 | .52 | ||||||||||||
Class 1A – actual return | 1,000.00 | 951.37 | 3.74 | .77 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,021.03 | 3.87 | .77 | ||||||||||||
Class 2 – actual return | 1,000.00 | 951.48 | 3.74 | .77 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,021.03 | 3.87 | .77 | ||||||||||||
Class 3 – actual return | 1,000.00 | 951.66 | 3.40 | .70 | ||||||||||||
Class 3 – assumed 5% return | 1,000.00 | 1,021.38 | 3.52 | .70 | ||||||||||||
Class 4 – actual return | 1,000.00 | 951.12 | 4.95 | 1.02 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,019.79 | 5.12 | 1.02 |
198 | American Funds Insurance Series |
Beginning account value 1/1/2020 | Ending account value 6/30/2020 | Expenses paid during period1 | Annualized expense ratio | |||||||||||||
American Funds Mortgage Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,058.13 | $ | 2.05 | .40 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,022.87 | 2.01 | .40 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,055.92 | 3.32 | .65 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,021.63 | 3.27 | .65 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,056.83 | 3.32 | .65 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,021.63 | 3.27 | .65 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,055.32 | 4.55 | .89 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,020.44 | 4.47 | .89 | ||||||||||||
Ultra-Short Bond Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,004.25 | $ | 1.79 | .36 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,023.07 | 1.81 | .36 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,004.11 | 1.64 | .33 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,023.22 | 1.66 | .33 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,003.06 | 3.04 | .61 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,021.83 | 3.07 | .61 | ||||||||||||
Class 3 – actual return | 1,000.00 | 1,003.15 | 2.69 | .54 | ||||||||||||
Class 3 – assumed 5% return | 1,000.00 | 1,022.18 | 2.72 | .54 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,001.08 | 4.28 | .86 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,020.59 | 4.32 | .86 | ||||||||||||
U.S. Government/AAA-Rated Securities Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,088.03 | $ | 1.97 | .38 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,022.97 | 1.91 | .38 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,086.41 | 3.32 | .64 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,021.68 | 3.22 | .64 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,087.01 | 3.27 | .63 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,021.73 | 3.17 | .63 | ||||||||||||
Class 3 – actual return | 1,000.00 | 1,087.72 | 2.96 | .57 | ||||||||||||
Class 3 – assumed 5% return | 1,000.00 | 1,022.03 | 2.87 | .57 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,085.32 | 4.61 | .89 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,020.44 | 4.47 | .89 |
See end of tables for footnotes.
American Funds Insurance Series | 199 |
Beginning account value 1/1/2020 | Ending account value 6/30/2020 | Expenses paid during period1,2 | Annualized expense ratio2 | Effective expenses paid during period3 | Effective annualized expense ratio4 | |||||||||||||||||||
Managed Risk Growth Fund | ||||||||||||||||||||||||
Class P1 – actual return | $ | 1,000.00 | $ | 1,085.74 | $ | 1.92 | .37 | % | $ | 3.79 | .73 | % | ||||||||||||
Class P1 – assumed 5% return | 1,000.00 | 1,023.02 | 1.86 | .37 | 3.67 | .73 | ||||||||||||||||||
Class P2 – actual return | 1,000.00 | 1,084.18 | 3.26 | .63 | 5.13 | .99 | ||||||||||||||||||
Class P2 – assumed 5% return | 1,000.00 | 1,021.73 | 3.17 | .63 | 4.97 | .99 | ||||||||||||||||||
Managed Risk International Fund | ||||||||||||||||||||||||
Class P1 – actual return | $ | 1,000.00 | $ | 876.65 | $ | 1.82 | .39 | % | $ | 4.20 | .90 | % | ||||||||||||
Class P1 – assumed 5% return | 1,000.00 | 1,022.92 | 1.96 | .39 | 4.52 | .90 | ||||||||||||||||||
Class P2 – actual return | 1,000.00 | 875.51 | 3.08 | .66 | 5.46 | 1.17 | ||||||||||||||||||
Class P2 – assumed 5% return | 1,000.00 | 1,021.58 | 3.32 | .66 | 5.87 | 1.17 | ||||||||||||||||||
Managed Risk Blue Chip Income and Growth Fund | ||||||||||||||||||||||||
Class P1 – actual return | $ | 1,000.00 | $ | 917.01 | $ | 1.67 | .35 | % | $ | 3.62 | .76 | % | ||||||||||||
Class P1 – assumed 5% return | 1,000.00 | 1,023.12 | 1.76 | .35 | 3.82 | .76 | ||||||||||||||||||
Class P2 – actual return | 1,000.00 | 915.15 | 3.00 | .63 | 4.95 | 1.04 | ||||||||||||||||||
Class P2 – assumed 5% return | 1,000.00 | 1,021.73 | 3.17 | .63 | 5.22 | 1.04 | ||||||||||||||||||
Managed Risk Growth-Income Fund | ||||||||||||||||||||||||
Class P1 – actual return | $ | 1,000.00 | $ | 1,006.57 | $ | 1.80 | .36 | % | $ | 3.34 | .67 | % | ||||||||||||
Class P1 – assumed 5% return | 1,000.00 | 1,023.07 | 1.81 | .36 | 3.37 | .67 | ||||||||||||||||||
Class P2 – actual return | 1,000.00 | 1,006.22 | 3.04 | .61 | 4.59 | .92 | ||||||||||||||||||
Class P2 – assumed 5% return | 1,000.00 | 1,021.83 | 3.07 | .61 | 4.62 | .92 | ||||||||||||||||||
Managed Risk Asset Allocation Fund | ||||||||||||||||||||||||
Class P1 – actual return | $ | 1,000.00 | $ | 962.89 | $ | 1.76 | .36 | % | $ | 3.22 | .66 | % | ||||||||||||
Class P1 – assumed 5% return | 1,000.00 | 1,023.07 | 1.81 | .36 | 3.32 | .66 | ||||||||||||||||||
Class P2 – actual return | 1,000.00 | 962.00 | 2.98 | .61 | 4.44 | .91 | ||||||||||||||||||
Class P2 – assumed 5% return | 1,000.00 | 1,021.83 | 3.07 | .61 | 4.57 | .91 |
1 | The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 366 (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 366 (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. |
200 | 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, 2021. The board approved the agreement following the recommendation of the series’ Contracts Committee (the “committee”), which is composed of all the series’ independent board members. The board and the committee determined in the exercise of their business judgment that the advisory fee structure for each fund within the series was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of each fund and its shareholders.
In reaching this decision, the board and the committee took into account their interaction with CRMC as well as information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.
1. Nature, extent and quality of services
The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which each fund’s assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative and shareholder services provided by CRMC to the funds under the agreement and other agreements, as well as the benefits to each fund’s shareholders from investing in a fund that is part of a large family of funds. The board 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 the fund is included), and data such as relevant market and fund indexes over various periods (including each fund’s lifetime) through September 30, 2019. They generally placed greater emphasis on 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 of the 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 are competitive with those of other similar funds included in the comparable Lipper category.
American Funds Insurance Series | 201 |
The board and the committee also considered the breakpoint discounts in each fund’s advisory fee structure that reduce the level of fees charged by CRMC to the fund as fund assets increase. In addition, they reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by each fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the funds and the other clients. The board and the committee concluded that each fund’s cost structure was fair and reasonable in relation to the services provided, as well as the risks assumed by the adviser, and that each fund’s shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by the fund.
4. Ancillary benefits
The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with the series and other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the series’ principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that through December 31, 2018, CRMC benefited from research obtained with commissions from portfolio transactions made on behalf of the funds, and since that time has undertaken to bear the cost of obtaining such research. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC by each fund.
5. Adviser financial information
The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and related cost allocation methodology as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the funds’ advisory fee structure and CRMC’s sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that each fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and each fund’s shareholders.
202 | 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, 2021. 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 in the series was fair and reasonable in relation to the services provided, and that approving the agreements was in the best interests of each fund and its shareholders.
In reaching this decision, the board and the committee took into account their interaction with CRMC and Milliman FRM as well as information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreements, and were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.
1. Nature, extent and quality of services
The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which each fund’s assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of the oversight of Milliman FRM’s services provided by CRMC, administrative and shareholder services provided by CRMC to the funds under the advisory agreement and other agreements, as well as the benefits to each fund’s shareholders from investing in a fund that is part of a large family of funds. The board 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, 2019. They generally placed greater emphasis on 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 (includingeach fund’s lifetime) through September 30, 2019. 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 of the reporting periods, the board and the committee concluded that each fund’s investment results
American Funds Insurance Series | 203 |
and the results of the services provided by CRMC and Milliman FRM have been satisfactory for renewal of the agreement, and that CRMC’s and Milliman FRM’s record in managing the funds indicated that their continued management should benefit each fund and its shareholders.
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 expenses are competitive with those of other similar funds included in the comparable Lipper category.
The board and the committee also considered the breakpoint discounts in each underlying fund’s advisory fee structure that reduce the level of fees charged by CRMC to the underlying fund as its assets increase. In addition, they reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by the fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the funds and the other clients. They also reviewed the fees paid to Milliman FRM by other funds which it advised or subadvised. The board and the committee concluded that each fund’s cost structure was fair and reasonable in relation to the services that CRMC provided, directly and through Milliman FRM, as well as the risks assumed by the adviser, and that each fund’s shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC (and indirectly to Milliman FRM) by the funds.
4. Ancillary benefits
The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with the series and the other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the series’ principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that through December 31, 2018, CRMC benefited from research obtained with commissions from portfolio transactions made on behalf of the funds, and since that time has undertaken to bear the cost of obtaining such research. The board and the committee also reviewed similar ancillary benefits received by Milliman FRM as a result of its relationship with the series. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC (and indirectly to Milliman FRM) by each fund.
5. Adviser financial information
The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and related cost allocation methodology as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the funds’ advisory fee structure and CRMC’s sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that each fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and each fund’s shareholders.
204 | American Funds Insurance Series |
This page was intentionally left blank.
American Funds Insurance Series | 205 |
This page was intentionally left blank.
206 | American Funds Insurance Series |
This page was intentionally left blank.
American Funds Insurance Series | 207 |
Office of the series
333 South Hope Street
Los Angeles, CA 90071-1406
Investment adviser
Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406
Investment subadviser
Milliman Financial Risk Management LLC
(Managed Risk Funds only)
71 South Wacker Drive, 31st Floor
Chicago, IL 60606
Custodian of assets
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
Counsel
Morgan, Lewis & Bockius LLP
One Federal Street
Boston, MA 02110-1726
Independent registered public accounting firm
PricewaterhouseCoopers LLP
601 South Figueroa Street
Los Angeles, CA 90017-3874
208 | American Funds Insurance Series |
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectuses and summary prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.
“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on the Capital Group website or upon request by calling AFS. The series files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on the Capital Group website.
Complete June 30, 2020, portfolios of American Funds Insurance Series’ investments are available free of charge by calling AFS or visiting the SEC website (where they are part of Form N-CSR).
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. Additionally, the list of portfolio holdings is available by calling AFS.
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, 2020, 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.
Futures may not provide an effective hedge of the underlying securities because changes in the prices of futures may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the fund from market declines and will limit the fund’s participation in market gains. The use of the managed risk strategy could cause the fund’s return to lag that of the underlying fund in certain market conditions.
Bloomberg® is a trademark and service mark of Bloomberg Finance L.P. (collectively with its affiliates, “Bloomberg”). Barclays® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approve or endorse this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products. The S&P 500 is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2020 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.
American Funds Distributors, Inc., member FINRA.
American Funds Insurance Series | 209 |
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 SystemSM — 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 funds have beaten their comparable Lipper indexes in 90% of 10-year periods and 100% of 20-year periods.2 Our fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.3 We strive to keep management fees competitive. Over the past 20 years, most funds’ fees have been below industry averages.4
1 | Investment industry experience as of the American Funds Insurance Series prospectus dated May 1, 2020. | |
2 | Based on Class 1 share results for rolling periods through December 31, 2019. 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, Global 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 (Blue Chip Income and Growth Fund, Growth-Income Fund) and Balanced Funds Index (Asset Allocation Fund). The Lipper Global Small-/Mid-Cap Funds Average was used for Global Small Capitalization Fund. Lipper source: Refinitiv Lipper. There have been periods when the fund has lagged the index. | |
3 | Based on Class 1 share results as of December 31, 2019. Four of our five fixed income funds showed a three-year correlation below 0.1. Standard & Poor’s 500 Composite 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, 2019, versus comparable Lipper categories, excluding funds of funds. | |
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies. |
American Funds Insurance Series® Portfolio SeriesSM | |
Semi-annual report for the six months ended June 30, 2020 |
Portfolios that invest
in global companies
for the long term
Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, you may not receive paper copies of the fund’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from the insurance company or from your financial intermediary. Instead, the shareholder reports will be made available on a website, and the insurance company will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.
You may elect to receive paper copies of all future reports free of charge from the insurance company. You can inform the insurance company that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company. Your election to receive paper reports will apply to all investment options available under your contract.
American Funds Insurance Series — Portfolio Series, from Capital Group, serves as an underlying investment vehicle for variable annuities and insurance products. For nearly 90 years, Capital has invested with a long-term focus based on thorough research and attention to risk.
American Funds Global Growth PortfolioSM seeks to provide long-term growth of capital.
American Funds Growth and Income PortfolioSM seeks to provide long-term growth of capital while providing current income.
American Funds Managed Risk Growth PortfolioSM seeks to provide long-term growth of capital while seeking to manage volatility and provide downside protection.
American Funds Managed Risk Growth and Income PortfolioSM seeks to provide long-term growth of capital and current income while seeking to manage volatility and provide downside protection.
American Funds Managed Risk Global Allocation PortfolioSM seeks to provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.
Figures shown are past results for Class 4 and Class P2 shares and are not predictive of results in future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/individual/investments. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Here are the average annual total returns on a $1,000 investment with all distributions reinvested for periods ended June 30, 2020. Also shown are the estimated gross and net expense ratios as of the series prospectus dated May 1, 2020:
Cumulative total return | Average annual total return | Gross | Net | |||||||||||||||||
1 year | 5 years | Lifetime* | expense ratio | expense ratio | ||||||||||||||||
American Funds Global Growth Portfolio, Class 4 | 7.48 | % | 8.16 | % | 7.68 | % | 1.21 | % | 1.16 | % | ||||||||||
American Funds Growth and Income Portfolio, Class 4 | 6.71 | 6.80 | 6.14 | 0.90 | 0.90 | |||||||||||||||
American Funds Managed Risk Growth Portfolio, Class P2 | 5.78 | 5.73 | 5.40 | 1.08 | 1.03 | |||||||||||||||
American Funds Managed Risk Growth and Income Portfolio, Class P2 | 1.91 | 4.67 | 4.11 | 1.07 | 1.02 | |||||||||||||||
American Funds Managed Risk Global Allocation Portfolio, Class P2 | –0.11 | 3.78 | 3.17 | 1.25 | 1.20 |
* | Since May 1, 2015, for all funds. |
Expense ratios are restated to reflect current fees. Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee equal to 0.05% of each fund’s daily net assets for the three managed risk portfolios. In addition, the investment adviser is currently reimbursing a portion of the other expenses for American Funds Global Growth Portfolio. Investment results and net expense ratios shown reflect the waiver and reimbursement, without which the results would have been lower and the expenses would have been higher. This waiver and reimbursement will be in effect through at least May 1, 2021, unless modified or terminated by the series board. 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 series board. Refer to the fund’s most recent prospectus for details.
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:
Shown in the table on the following page are American Funds Insurance Series Portfolio Series’ semi-annual results for the period ended June 30, 2020. Also shown are the results of their applicable benchmarks and peer groups.
For additional information about the series, its results, holdings and the Portfolio Solutions Committee, visit capitalgroup.com/individual/investments. 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 | |
3 | American Funds Global Growth Portfolio |
4 | American Funds Growth and Income Portfolio |
6 | American Funds Managed Risk Growth Portfolio |
8 | American Funds Managed Risk Growth and Income Portfolio |
10 | American Funds Managed Risk Global Allocation Portfolio |
12 | Financial statements |
Investment allocations may not achieve fund objectives. There are expenses associated with the underlying funds in addition to fund of funds expenses. The funds’ risks are directly related to the risks of the underlying funds. Underlying fund allocations are as of June 30, 2020. Allocation percentages and underlying funds are subject to the Portfolio Solutions Committee’s discretion and will evolve over time. Underlying funds may be added or removed during the year. Investing outside the United States involves risks such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the funds’ prospectuses. These risks may be heightened in connection with investments in developing countries. Small-company stocks entail additional risks, and they can fluctuate in price more than larger company stocks. The return of principal for bond funds and funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds. Futures contracts may not provide an effective hedge of the underlying securities because changes in the prices of futures contracts may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the funds from market declines and will limit the funds’ participation in market gains. The use of the managed risk strategy could cause the funds’ returns to lag those of the applicable underlying funds in certain rising market conditions. Refer to the funds’ prospectuses and the Risk Factors section of this report for more information on these and other risks associated with investing in the funds.
American Funds Insurance Series – Portfolio Series | 1 |
Results at a glance
For periods ended June 30, 2020, with all distributions reinvested
Cumulative total returns | Average annual total returns | |||||||||||||||
6 months | 1 year | 5 years | Lifetime (since 5/1/15) | |||||||||||||
American Funds Global Growth Portfolio (Class 4) | –2.42 | % | 7.48 | % | 8.16 | % | 7.68 | % | ||||||||
MSCI ACWI (All Country World Index)1 | –6.25 | 2.11 | 6.46 | 5.64 | ||||||||||||
Morningstar U.S. Insurance World Large Stock Category Average2 | –6.44 | 1.11 | 5.63 | 5.12 | ||||||||||||
American Funds Growth and Income Portfolio (Class 4) | –0.17 | 6.71 | 6.80 | 6.14 | ||||||||||||
70%/30% Blended Index3 | 0.01 | 8.38 | 9.03 | 8.40 | ||||||||||||
Morningstar U.S. Insurance — 50% to 70% Equity Allocation Category Average2 | –2.72 | 3.28 | 5.42 | 5.04 | ||||||||||||
American Funds Managed Risk Growth Portfolio (Class P2) | –1.51 | 5.78 | 5.73 | 5.40 | ||||||||||||
Standard & Poor’s 500 Managed Risk Index — Moderate4 | –2.02 | 5.19 | 6.84 | 6.31 | ||||||||||||
American Funds Managed Risk Growth and Income Portfolio (Class P2) | –5.14 | 1.91 | 4.67 | 4.11 | ||||||||||||
Standard & Poor’s 500 Managed Risk Index — Moderate4 | –2.02 | 5.19 | 6.84 | 6.31 | ||||||||||||
American Funds Managed Risk Global Allocation Portfolio (Class P2) | –6.66 | –0.11 | 3.78 | 3.17 | ||||||||||||
Standard & Poor’s Global LargeMidCap Managed Risk Index — Moderate4 | –4.32 | 2.41 | 4.47 | 3.87 | ||||||||||||
Standard & Poor’s 500 Composite Index5 | –3.08 | 7.51 | 10.73 | 9.99 | ||||||||||||
Bloomberg Barclays U.S. Aggregate Index6 | 6.14 | 8.74 | 4.30 | 3.96 | ||||||||||||
Bloomberg Barclays Global Aggregate Index7 | 2.98 | 4.22 | 3.56 | 3.05 |
The market indexes shown are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.
1 | Source: MSCI. MSCI ACWI is a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes. Index results reflect dividends net of withholding taxes. |
2 | Source: Morningstar, Inc. © 2020 All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; (3) does not constitute investment advice offered by Morningstar; and (4) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from this information. Past performance is no guarantee of future results. |
3 | The 70%/30% Blended Index weights the total returns of the Standard & Poor’s 500 Composite and Bloomberg Barclays U.S. Aggregate indexes at the corresponding percentages. The blend is rebalanced monthly. |
4 | Source: S&P Dow Jones Indices LLC. The 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 indices, while maintaining a fixed allocation to the underlying bond index. These indices are generated and published under agreements between Standard & Poor’s Dow Jones Indices and Milliman Financial Risk Management LLC. |
5 | Source: S&P Dow Jones Indices LLC. Standard & Poor’s 500 Composite Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks. |
6 | Source: Bloomberg Index Services Ltd. Bloomberg Barclays U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. |
7 | Source: Bloomberg Index Services Ltd. Bloomberg Barclays Global Aggregate Index represents the global investment-grade fixed income markets. |
2 | American Funds Insurance Series – Portfolio Series |
American Funds Global Growth Portfolio | |
Investment portfolio June 30, 2020 | unaudited |
Growth funds 70.14% | Shares | Value (000) | ||||||
American Funds Insurance Series - Global Growth Fund, Class 1 | 501,067 | $ | 16,490 | |||||
American Funds Insurance Series - New World Fund, Class 1 | 446,813 | 10,943 | ||||||
American Funds Insurance Series - Growth Fund, Class 1 | 62,269 | 5,517 | ||||||
American Funds Insurance Series - Global Small Capitalization Fund, Class 1 | 226,545 | 5,505 | ||||||
Total growth funds (cost: $33,792,000) | 38,455 | |||||||
Growth-and-income funds 29.94% | ||||||||
American Funds Insurance Series - Global Growth and Income Fund, Class 1 | 1,194,468 | 16,412 | ||||||
Total growth-and-income funds (cost: $17,034,000) | 16,412 | |||||||
Total investment securities 100.08% (cost: $50,826,000) | 54,867 | |||||||
Other assets less liabilities (0.08)% | (42 | ) | ||||||
Net assets 100.00% | $ | 54,825 |
Investments in affiliates
These holdings are affiliates of the fund under the Investment Company Act of 1940 since they are controlled by the same board of trustees as the series. Further details on these holdings and related transactions during the six months ended June 30, 2020, appear below.
Beginning shares | Additions | Reductions | Ending shares | Net realized loss (000) | Net unrealized appreciation (depreciation) (000) | Dividend income (000) | Value of affiliates at 6/30/2020 (000) | |||||||||||||||||||||||||
Growth funds 70.14% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series - Global Growth Fund, Class 1 | 501,745 | 48,133 | 48,811 | 501,067 | $ | (196 | ) | $ | 139 | $ | 36 | $ | 16,490 | |||||||||||||||||||
American Funds Insurance Series - New World Fund, Class 1 | 420,394 | 47,792 | 21,373 | 446,813 | (24 | ) | (573 | ) | 13 | 10,943 | ||||||||||||||||||||||
American Funds Insurance Series - Growth Fund, Class 1 | 66,914 | 4,211 | 8,856 | 62,269 | (15 | ) | 423 | 15 | 5,517 | |||||||||||||||||||||||
American Funds Insurance Series - Global Small Capitalization Fund, Class 1 | 203,535 | 42,457 | 19,447 | 226,545 | (48 | ) | (456 | ) | 12 | 5,505 | ||||||||||||||||||||||
38,455 | ||||||||||||||||||||||||||||||||
Growth-and-income funds 29.94% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series - Global Growth and Income Fund, Class 1 | 1,026,415 | 197,753 | 29,700 | 1,194,468 | (14 | ) | (2,341 | ) | 61 | 16,412 | ||||||||||||||||||||||
Total 100.08% | $ | (297 | ) | $ | (2,808 | ) | $ | 137 | $ | 54,867 |
See notes to financial statements.
American Funds Insurance Series – Portfolio Series | 3 |
American Funds Growth and Income Portfolio | |
Investment portfolio June 30, 2020 | unaudited |
Growth funds 15.22% | Shares | Value (000) | ||||||
American Funds Insurance Series - Growth Fund, Class 1 | 458,630 | $ | 40,635 | |||||
Total growth funds (cost: $32,839,000) | 40,635 | |||||||
Growth-and-income funds 30.09% | ||||||||
American Funds Insurance Series - Growth-Income Fund, Class 1 | 1,129,023 | 53,516 | ||||||
American Funds Insurance Series - Global Growth and Income Fund, Class 1 | 1,953,680 | 26,843 | ||||||
Total growth-and-income funds (cost: $80,201,000) | 80,359 | |||||||
Equity-income and Balanced funds 24.83% | ||||||||
American Funds Insurance Series - Capital Income Builder Fund, Series 1 | 6,704,377 | 66,306 | ||||||
Total equity-income and balanced funds (cost: $66,546,000) | 66,306 | |||||||
Fixed income funds 29.94% | ||||||||
American Funds Insurance Series - Bond Fund, Class 1 | 4,540,493 | 53,306 | ||||||
American Funds Insurance Series - Capital World Bond Fund, Class 1 | 2,196,053 | 26,660 | ||||||
Total fixed income funds (cost: $75,381,000) | 79,966 | |||||||
Total investment securities 100.08% (cost: $254,967,000) | 267,266 | |||||||
Other assets less liabilities (0.08)% | (210 | ) | ||||||
Net assets 100.00% | $ | 267,056 |
4 | American Funds Insurance Series – Portfolio Series |
American Funds Growth and Income Portfolio
Investments in affiliates
These holdings are affiliates of the fund under the Investment Company Act of 1940 since they are controlled by the same board of trustees as the series. Further details on these holdings and related transactions during the six months ended June 30, 2020, appear below.
Beginning shares | Additions | Reductions | Ending shares | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Dividend income (000) | Value of affiliates at 6/30/2020 (000) | |||||||||||||||||||||||||
Growth funds 15.22% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series - Growth Fund, Class 1 | 474,591 | 14,688 | 30,649 | 458,630 | $ | 115 | $ | 3,323 | $ | 114 | $ | 40,635 | ||||||||||||||||||||
Growth-and-income funds 30.09% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series - Growth-Income Fund, Class 1 | 1,013,452 | 118,686 | 3,115 | 1,129,023 | (3 | ) | (3,170 | ) | 238 | 53,516 | ||||||||||||||||||||||
American Funds Insurance Series - Global Growth and Income Fund, Class 1 | 1,614,347 | 344,089 | 4,756 | 1,953,680 | (1 | ) | (3,397 | ) | 101 | 26,843 | ||||||||||||||||||||||
80,359 | ||||||||||||||||||||||||||||||||
Equity-income and Balanced funds 24.83% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series - Capital Income Builder Fund, Class 1 | 5,986,989 | 717,388 | — | 6,704,377 | — | (5,084 | ) | 1,026 | 66,306 | |||||||||||||||||||||||
Fixed income funds 29.94% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series - Bond Fund, Class 1 | 4,595,645 | 377,903 | 433,055 | 4,540,493 | (13 | ) | 2,527 | 237 | 53,306 | |||||||||||||||||||||||
American Funds Insurance Series - Capital World Bond Fund, Class 11 | 2,120,840 | 122,571 | 47,358 | 2,196,053 | (12 | ) | 44 | 60 | 26,660 | |||||||||||||||||||||||
79,966 | ||||||||||||||||||||||||||||||||
Total 100.08% | $ | 86 | $ | (5,757 | ) | $ | 1,776 | $ | 267,266 |
1 | This fund changed its name during the reporting period. |
See notes to financial statements.
American Funds Insurance Series – Portfolio Series | 5 |
American Funds Managed Risk Growth Portfolio | |
Investment portfolio June 30, 2020 | unaudited |
Growth funds 45.30% | Shares | Value (000) | ||||||
American Funds Insurance Series – Growth Fund, Class 1 | 4,336,297 | $ | 384,196 | |||||
American Funds Insurance Series – Global Small Capitalization Fund, Class 1 | 6,197,616 | 150,602 | ||||||
American Funds Insurance Series – International Fund, Class 1 | 8,072,469 | 149,179 | ||||||
Total growth funds (cost: $610,390,000) | 683,977 | |||||||
Growth-and-income funds 30.29% | ||||||||
American Funds Insurance Series – Growth-Income Fund, Class 1 | 6,442,614 | 305,380 | ||||||
American Funds Insurance Series – Blue Chip Income and Growth Fund, Class 1 | 12,414,433 | 151,953 | ||||||
Total growth-and-income funds (cost: $438,940,000) | 457,333 | |||||||
Fixed income funds 16.39% | ||||||||
American Funds Insurance Series – Bond Fund, Class 1 | 21,087,896 | 247,572 | ||||||
Total fixed income funds (cost: $242,168,000) | 247,572 | |||||||
Short-term securities 4.81% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.12%1 | 72,675,790 | 72,676 | ||||||
Total short-term securities (cost: $72,676,000) | 72,676 | |||||||
Total investment securities 96.79% (cost: $1,364,174,000) | 1,461,558 | |||||||
Other assets less liabilities 3.21% | 48,424 | |||||||
Net assets 100.00% | $ | 1,509,982 |
Futures contracts
Notional | Value at | Unrealized appreciation (depreciation) | |||||||||||||||||
Number of | amount | 2 | 6/30/2020 | 3 | at 6/30/2020 | ||||||||||||||
Contracts | Type | contracts | Expiration | (000) | (000) | (000) | |||||||||||||
5 Year U.S. Treasury Note Futures | Long | 5,421 | September 2020 | $ | 542,100 | $ | 681,648 | $ | 1,564 | ||||||||||
FTSE 100 Index Contracts | Short | 310 | September 2020 | £ | (3 | ) | (23,577 | ) | 113 | ||||||||||
Euro Stoxx 50 Index Contracts | Short | 913 | September 2020 | € | (9 | ) | (33,153 | ) | (471 | ) | |||||||||
S&P Mid 400 E-mini Index Contracts | Short | 88 | September 2020 | $ | (9 | ) | (15,656 | ) | (69 | ) | |||||||||
Russell 2000 Mini Index Contracts | Short | 297 | September 2020 | (15 | ) | (21,348 | ) | (654 | ) | ||||||||||
Mini MSCI Emerging Market Index Contracts | Short | 905 | September 2020 | (45 | ) | (44,603 | ) | (580 | ) | ||||||||||
Nikkei 225 Index Contracts | Short | 85 | September 2020 | ¥ | (85 | ) | (17,612 | ) | 144 | ||||||||||
S&P 500 E-mini Index Contracts | Short | 2,106 | September 2020 | $ | (105 | ) | (325,398 | ) | (3,231 | ) | |||||||||
British Pound Currency Contracts | Short | 338 | September 2020 | £ | (21,125 | ) | (26,189 | ) | 497 | ||||||||||
Euro Currency Contracts | Short | 268 | September 2020 | € | (33,500 | ) | (37,699 | ) | 255 | ||||||||||
Japanese Yen Currency Contracts | Short | 170 | September 2020 | ¥ | (2,125,000 | ) | (19,701 | ) | 88 | ||||||||||
$ | (2,344 | ) |
6 | American Funds Insurance Series – Portfolio Series |
American Funds Managed Risk Growth Portfolio
Investments in affiliates
These holdings are affiliates of the fund under the Investment Company Act of 1940 since they are controlled by the same board of trustees as the series. Further details on these holdings and related transactions during the six months ended June 30, 2020, appear below.
Beginning shares | Additions | Reductions | Ending shares | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Dividend income (000) | Value of affiliates at 6/30/2020 (000) | |||||||||||||||||||||||||
Growth funds 45.30% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Growth Fund, Class 1 | 4,544,435 | 2,541,737 | 2,749,875 | 4,336,297 | $ | 16,665 | $ | 15,279 | $ | 1,053 | $ | 384,196 | ||||||||||||||||||||
American Funds Insurance Series – Global Small Capitalization Fund, Class 1 | 5,511,249 | 4,160,367 | 3,474,000 | 6,197,616 | (1,459 | ) | (9,047 | ) | 311 | 150,602 | ||||||||||||||||||||||
American Funds Insurance Series – International Fund, Class 1 | 7,062,821 | 4,717,577 | 3,707,929 | 8,072,469 | (4,217 | ) | (10,457 | ) | 348 | 149,179 | ||||||||||||||||||||||
683,977 | ||||||||||||||||||||||||||||||||
Growth-and-income funds 30.29% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Growth-Income Fund, Class 1 | 5,844,466 | 4,070,936 | 3,472,788 | 6,442,614 | (8,345 | ) | (10,141 | ) | 1,310 | 305,380 | ||||||||||||||||||||||
American Funds Insurance Series – Blue Chip Income and Growth Fund, Class 1 | 10,870,297 | 8,325,892 | 6,781,756 | 12,414,433 | (14,872 | ) | 2,604 | 659 | 151,953 | |||||||||||||||||||||||
457,333 | ||||||||||||||||||||||||||||||||
Fixed income funds 16.39% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Bond Fund, Class 1 | 26,459,809 | 15,546,294 | 20,918,207 | 21,087,896 | 10,957 | (1,812 | ) | 1,271 | 247,572 | |||||||||||||||||||||||
Total 91.98% | $ | (1,271 | ) | $ | (13,574 | ) | $ | 4,952 | $ | 1,388,882 |
1 | Rate represents the seven-day yield at 6/30/2020. |
2 | Notional amount is calculated based on the number of contracts and notional contract size. |
3 | Value is calculated based on the notional amount and current market price. |
Key to symbols
£ = British pounds
€ = Euros
¥ = Japanese yen
$ = U.S. dollars
See notes to financial statements.
American Funds Insurance Series – Portfolio Series | 7 |
American Funds Managed Risk Growth and Income Portfolio | |
Investment portfolio June 30, 2020 | unaudited |
Growth funds 15.25% | Shares | Value (000) | ||||||
American Funds Insurance Series – Growth Fund, Class 1 | 2,162,987 | $ | 191,641 | |||||
Total growth funds (cost: $162,772,000) | 191,641 | |||||||
Growth-and-income funds 40.26% | ||||||||
American Funds Insurance Series – Growth-Income Fund, Class 1 | 5,360,692 | 254,097 | ||||||
American Funds Insurance Series – Global Growth and Income Fund, Class 1 | 18,334,260 | 251,913 | ||||||
Total growth-and-income funds (cost: $490,402,000) | 506,010 | |||||||
Equity-income and Balanced funds 25.08% | ||||||||
American Funds Insurance Series – Capital Income Builder Fund, Class 1 | 31,867,148 | 315,166 | ||||||
Total equity-income and balanced funds (cost: $313,682,000) | 315,166 | |||||||
Fixed income funds 10.87% | ||||||||
American Funds Insurance Series – Bond Fund, Class 1 | 5,821,551 | 68,345 | ||||||
American Funds Insurance Series – Capital World Bond Fund, Class 1 | 5,629,737 | 68,345 | ||||||
Total fixed income funds (cost: $135,044,000) | 136,690 | |||||||
Short-term securities 4.97% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.12%1 | 62,464,412 | 62,464 | ||||||
Total short-term securities (cost: $62,464,000) | 62,464 | |||||||
Total investment securities 96.43% (cost: $1,164,364,000) | 1,211,971 | |||||||
Other assets less liabilities 3.57% | 44,807 | |||||||
Net assets 100.00% | $ | 1,256,778 |
Futures contracts
Notional | Value at | Unrealized appreciation (depreciation) | |||||||||||||||||
Number of | amount | 2 | 6/30/2020 | 3 | at 6/30/2020 | ||||||||||||||
Contracts | Type | contracts | Expiration | (000) | (000) | (000) | |||||||||||||
5 Year U.S. Treasury Note Futures | Long | 4,600 | September 2020 | $ | 460,000 | $ | 578,414 | $ | 1,402 | ||||||||||
S&P Mid 400 E-mini Index Contracts | Short | 36 | September 2020 | (4 | ) | (6,405 | ) | (53 | ) | ||||||||||
FTSE 100 Index Contracts | Short | 491 | September 2020 | £ | (5 | ) | (37,343 | ) | 196 | ||||||||||
Russell 2000 Mini Index Contracts | Short | 145 | September 2020 | $ | (7 | ) | (10,423 | ) | (281 | ) | |||||||||
Euro Stoxx 50 Index Contracts | Short | 1,359 | September 2020 | € | (14 | ) | (49,348 | ) | (758 | ) | |||||||||
Mini MSCI Emerging Market Index Contracts | Short | 705 | September 2020 | $ | (35 | ) | (34,746 | ) | (465 | ) | |||||||||
Nikkei 225 Index Contracts | Short | 42 | September 2020 | ¥ | (42 | ) | (8,702 | ) | 68 | ||||||||||
S&P 500 E-mini Index Contracts | Short | 1,780 | September 2020 | $ | (89 | ) | (275,028 | ) | (1,859 | ) | |||||||||
British Pound Currency Contracts | Short | 549 | September 2020 | £ | (34,313 | ) | (42,537 | ) | 860 | ||||||||||
Euro Currency Contracts | Short | 398 | September 2020 | € | (49,750 | ) | (55,986 | ) | 406 | ||||||||||
Japanese Yen Currency Contracts | Short | 85 | September 2020 | ¥ | (1,062,500 | ) | (9,850 | ) | 43 | ||||||||||
$ | (441 | ) |
8 | American Funds Insurance Series – Portfolio Series |
American Funds Managed Risk Growth and Income Portfolio
Investments in affiliates
These holdings are affiliates of the fund under the Investment Company Act of 1940 since they are controlled by the same board of trustees as the series. Further details on these holdings and related transactions during the six months ended June 30, 2020, appear below.
Beginning shares | Additions | Reductions | Ending shares | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Dividend income (000) | Value of affiliates at 6/30/2020 (000) | |||||||||||||||||||||||||
Growth funds 15.25% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Growth Fund, Class 1 | 2,426,184 | 1,176,117 | 1,439,314 | 2,162,987 | $ | 11,778 | $ | 4,435 | $ | 528 | $ | 191,641 | ||||||||||||||||||||
Growth-and-income funds 40.26% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Growth-Income Fund, Class 1 | 5,175,228 | 3,026,851 | 2,841,387 | 5,360,692 | (3,379 | ) | (13,271 | ) | 1,093 | 254,097 | ||||||||||||||||||||||
American Funds Insurance Series – Global Growth and Income Fund, Class 1 | 16,522,951 | 11,845,169 | 10,033,860 | 18,334,260 | (8,364 | ) | (26,666 | ) | 915 | 251,913 | ||||||||||||||||||||||
506,010 | ||||||||||||||||||||||||||||||||
Equity-income and Balanced funds 25.08% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Capital Income Builder Fund, Class 1 | 30,554,859 | 12,670,616 | 11,358,327 | 31,867,148 | (860 | ) | (24,219 | ) | 5,054 | 315,166 | ||||||||||||||||||||||
Fixed income funds 10.87% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Bond Fund, Class 1 | 8,779,705 | 4,903,288 | 7,861,442 | 5,821,551 | 3,607 | (1,163 | ) | 361 | 68,345 | |||||||||||||||||||||||
American Funds Insurance Series – Capital World Bond Fund, Class 14 | 8,110,354 | 4,750,088 | 7,230,705 | 5,629,737 | 1,503 | (2,393 | ) | 179 | 68,345 | |||||||||||||||||||||||
136,690 | ||||||||||||||||||||||||||||||||
Total 91.46% | $ | 4,285 | $ | (63,277 | ) | $ | 8,130 | $ | 1,149,507 |
1 | Rate represents the seven-day yield at 6/30/2020. |
2 | Notional amount is calculated based on the number of contracts and notional contract size. |
3 | Value is calculated based on the notional amount and current market price. |
4 | This fund changed its name during the reporting period. |
Key to symbols
£ = British pounds
€ = Euros
¥ = Japanese yen
$ = U.S. dollars
See notes to financial statements.
American Funds Insurance Series – Portfolio Series | 9 |
American Funds Managed Risk Global Allocation Portfolio | |
Investment portfolio June 30, 2020 | unaudited |
Growth funds 25.37% | Shares | Value (000) | ||||||
American Funds Insurance Series – Global Growth Fund, Class 1 | 1,889,782 | $ | 62,193 | |||||
American Funds Insurance Series – International Fund, Class 1 | 2,214,752 | 40,928 | ||||||
Total growth funds (cost: $97,114,000) | 103,121 | |||||||
Growth-and-income funds 20.35% | ||||||||
American Funds Insurance Series – Global Growth and Income Fund, Class 1 | 6,019,812 | 82,712 | ||||||
Total growth-and-income funds (cost: $82,761,000) | 82,712 | |||||||
Asset allocation funds 10.22% | ||||||||
American Funds Insurance Series – Asset Allocation Fund, Class 1 | 1,768,722 | 41,530 | ||||||
Total asset allocation funds (cost: $40,387,000) | 41,530 | |||||||
Equity-income and Balanced funds 25.43% | ||||||||
American Funds Insurance Series – Global Balanced Fund, Class 1 | 7,901,379 | 103,350 | ||||||
Total equity-income and balanced funds (cost: $98,763,000) | 103,350 | |||||||
Fixed income funds 12.13% | ||||||||
American Funds Insurance Series – Capital World Bond Fund, Class 1 | 4,059,100 | 49,278 | ||||||
Total fixed income funds (cost: $48,274,000) | 49,278 | |||||||
Short-term securities 4.05% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.12%1 | 16,481,285 | 16,481 | ||||||
Total short-term securities (cost: $16,481,000) | 16,481 | |||||||
Total investment securities 97.55% (cost: $383,780,000) | 396,472 | |||||||
Other assets less liabilities 2.45% | 9,950 | |||||||
Net assets 100.00% | $ | 406,422 |
Futures contracts
Notional | Value at | Unrealized appreciation (depreciation) | |||||||||||||||||
Number of | amount | 2 | 6/30/2020 | 3 | at 6/30/2020 | ||||||||||||||
Contracts | Type | contracts | Expiration | (000) | (000) | (000) | |||||||||||||
5 Year U.S. Treasury Note Futures | Long | 1,146 | September 2020 | $ | 114,600 | $ | 144,101 | $ | 351 | ||||||||||
FTSE 100 Index Contracts | Short | 96 | September 2020 | £ | (1 | ) | (7,301 | ) | 39 | ||||||||||
Russell 2000 Mini Index Contracts | Short | 39 | September 2020 | $ | (2 | ) | (2,803 | ) | (77 | ) | |||||||||
Euro Stoxx 50 Index Contracts | Short | 551 | September 2020 | € | (6 | ) | (20,008 | ) | (276 | ) | |||||||||
S&P 500 E-mini Index Contracts | Short | 278 | September 2020 | $ | (14 | ) | (42,954 | ) | (489 | ) | |||||||||
Mini MSCI Emerging Market Index Contracts | Short | 348 | September 2020 | (17 | ) | (17,151 | ) | (205 | ) | ||||||||||
Nikkei 225 Index Contracts | Short | 32 | September 2020 | ¥ | (32 | ) | (6,630 | ) | 46 | ||||||||||
British Pound Currency Contracts | Short | 107 | September 2020 | £ | (6,688 | ) | (8,290 | ) | 159 | ||||||||||
Euro Currency Contracts | Short | 164 | September 2020 | € | (20,500 | ) | (23,070 | ) | 166 | ||||||||||
Japanese Yen Currency Contracts | Short | 63 | September 2020 | ¥ | (787,500 | ) | (7,301 | ) | 30 | ||||||||||
$ | (256 | ) |
10 | American Funds Insurance Series – Portfolio Series |
American Funds Managed Risk Global Allocation Portfolio
Investments in affiliates
These holdings are affiliates of the fund under the Investment Company Act of 1940 since they are controlled by the same board of trustees as the series. Further details on these holdings and related transactions during the six months ended June 30, 2020, appear below.
Beginning shares | Additions | Reductions | Ending shares | Net realized gain (loss) (000) | Net unrealized depreciation (000) | Dividend income (000) | Value of affiliates at 6/30/2020 (000) | |||||||||||||||||||||||||
Growth funds 25.37% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Global Growth Fund, Class 1 | 1,965,772 | 818,096 | 894,086 | 1,889,782 | $ | 2,829 | $ | (2,426 | ) | $ | 139 | $ | 62,193 | |||||||||||||||||||
American Funds Insurance Series – International Fund, Class 1 | 2,030,948 | 1,093,343 | 909,539 | 2,214,752 | (1,192 | ) | (3,250 | ) | 97 | 40,928 | ||||||||||||||||||||||
103,121 | ||||||||||||||||||||||||||||||||
Growth-and-income funds 20.35% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Global Growth and Income Fund, Class 1 | 5,374,576 | 3,415,921 | 2,770,685 | 6,019,812 | (2,976 | ) | (8,573 | ) | 304 | 82,712 | ||||||||||||||||||||||
Asset allocation funds 10.22% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Asset Allocation Fund, Class 1 | 1,756,934 | 443,779 | 431,991 | 1,768,722 | 524 | (1,623 | ) | 193 | 41,530 | |||||||||||||||||||||||
Equity-income and Balanced funds 25.43% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Global Balanced Fund, Class 1 | 7,858,698 | 1,870,660 | 1,827,979 | 7,901,379 | 2,497 | (6,267 | ) | 5 | 103,350 | |||||||||||||||||||||||
Fixed income funds 12.13% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Capital World Bond Fund, Class 14 | 5,278,411 | 1,087,993 | 2,307,304 | 4,059,100 | (163 | ) | (734 | ) | 113 | 49,278 | ||||||||||||||||||||||
Total 93.50% | $ | 1,519 | $ | (22,873 | ) | $ | 851 | $ | 379,991 |
1 | Rate represents the seven-day yield at 6/30/2020. |
2 | Notional amount is calculated based on the number of contracts and notional contract size. |
3 | Value is calculated based on the notional amount and current market price. |
4 | This fund changed its name during the reporting period. |
Key to symbols
£ = British pounds
€ = Euros
¥ = Japanese yen
$ = U.S. dollars
See notes to financial statements.
American Funds Insurance Series – Portfolio Series | 11 |
Financial statements
Statements of assets and liabilities at June 30, 2020 | unaudited (dollars and shares in thousands, except per-share amounts) |
Global Growth Portfolio | Growth and Income Portfolio | Managed Risk Growth Portfolio | Managed Risk Growth and Income Portfolio | Managed Risk Global Allocation Portfolio | |||||||||||||||||
Assets: | |||||||||||||||||||||
Investment securities, at value: | |||||||||||||||||||||
Unaffiliated issuers | $ | — | $ | — | $ | 72,676 | $ | 62,464 | $ | 16,481 | |||||||||||
Affiliated issuers | 54,867 | 267,266 | 1,388,882 | 1,149,507 | 379,991 | ||||||||||||||||
Cash collateral pledged for futures contracts | — | — | 49,130 | 45,080 | 11,044 | ||||||||||||||||
Receivables for: | |||||||||||||||||||||
Sales of investments | 27 | 38 | 5,913 | 4,980 | 309 | ||||||||||||||||
Sales of fund’s shares | — | * | 73 | 20 | 368 | — | |||||||||||||||
Dividends and interest | — | — | 6 | 6 | 2 | ||||||||||||||||
Variation margin on futures contracts | — | — | 475 | 563 | 169 | ||||||||||||||||
54,894 | 267,377 | 1,517,102 | 1,262,968 | 407,996 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||
Payables for: | |||||||||||||||||||||
Purchases of investments | — | 71 | 9 | 325 | — | ||||||||||||||||
Repurchases of fund’s shares | 27 | 40 | 164 | 11 | 333 | ||||||||||||||||
Investment advisory services | — | — | 123 | 102 | 33 | ||||||||||||||||
Insurance administrative fees | 31 | 156 | 889 | 748 | 242 | ||||||||||||||||
Services provided by related parties | 11 | 53 | 298 | 249 | 81 | ||||||||||||||||
Trustees’ deferred compensation | — | * | 1 | 6 | 6 | 2 | |||||||||||||||
Variation margin on futures contracts | — | — | 5,631 | 4,749 | 883 | ||||||||||||||||
69 | 321 | 7,120 | 6,190 | 1,574 | |||||||||||||||||
Net assets at June 30, 2020 | $ | 54,825 | $ | 267,056 | $ | 1,509,982 | $ | 1,256,778 | $ | 406,422 | |||||||||||
Net assets consist of: | |||||||||||||||||||||
Capital paid in on shares of beneficial interest | $ | 49,814 | $ | 249,995 | $ | 1,427,699 | $ | 1,213,685 | $ | 400,545 | |||||||||||
Total distributable earnings | 5,011 | 17,061 | 82,283 | 43,093 | 5,877 | ||||||||||||||||
Net assets at June 30, 2020 | $ | 54,825 | $ | 267,056 | $ | 1,509,982 | $ | 1,256,778 | $ | 406,422 | |||||||||||
Investment securities, at cost: | |||||||||||||||||||||
Unaffiliated issuers | $ | — | $ | — | $ | 72,676 | $ | 62,464 | $ | 16,481 | |||||||||||
Affiliated issuers | 50,826 | 254,967 | 1,291,498 | 1,101,900 | 367,299 | ||||||||||||||||
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized | |||||||||||||||||||||
Class 4: | Net assets | $ | 54,825 | $ | 267,056 | ||||||||||||||||
Shares outstanding | 4,466 | 23,041 | Not applicable | Not applicable | Not applicable | ||||||||||||||||
Net asset value per share | $ | 12.28 | $ | 11.59 | |||||||||||||||||
Class P2: | Net assets | $ | 1,509,982 | $ | 1,256,778 | $ | 406,422 | ||||||||||||||
Shares outstanding | Not applicable | Not applicable | 138,832 | 119,497 | 39,113 | ||||||||||||||||
Net asset value per share | $ | 10.88 | $ | 10.52 | $ | 10.39 |
* | Amount less than one thousand. |
See notes to financial statements.
12 | American Funds Insurance Series – Portfolio Series |
Statements of operations for the six months ended June 30, 2020 | unaudited (dollars in thousands) |
Global Growth Portfolio | Growth and Income Portfolio | Managed Risk Growth Portfolio | Managed Risk Growth and Income Portfolio | Managed Risk Global Allocation Portfolio | ||||||||||||||||
Investment income: | ||||||||||||||||||||
Income: | ||||||||||||||||||||
Dividends: | ||||||||||||||||||||
Unaffiliated issuers | $ | — | $ | — | $ | 235 | $ | 151 | $ | 65 | ||||||||||
Affiliated issuers | 137 | 1,776 | 4,952 | 8,130 | 851 | |||||||||||||||
137 | 1,776 | 5,187 | 8,281 | 916 | ||||||||||||||||
Fees and expenses: | ||||||||||||||||||||
Investment advisory services | — | — | 1,085 | 924 | 301 | |||||||||||||||
Distribution services | 64 | 315 | 1,809 | 1,541 | 502 | |||||||||||||||
Insurance administrative services | 64 | 315 | 1,809 | 1,541 | 502 | |||||||||||||||
Transfer agent services | — | * | — | * | — | * | — | * | — | * | ||||||||||
Accounting and administrative services | — | — | 55 | 52 | 39 | |||||||||||||||
Reports to shareholders | 2 | 4 | 18 | 15 | 6 | |||||||||||||||
Registration statement and prospectus | 1 | 8 | 36 | 26 | 7 | |||||||||||||||
Trustees’ compensation | — | * | — | * | 2 | 2 | 1 | |||||||||||||
Auditing and legal | 1 | 1 | 1 | 1 | 1 | |||||||||||||||
Custodian | 3 | 3 | 6 | 7 | 7 | |||||||||||||||
Other | — | * | — | * | 1 | — | * | — | * | |||||||||||
Total fees and expenses before waivers/reimbursement | 135 | 646 | 4,822 | 4,109 | 1,366 | |||||||||||||||
Less waivers/reimbursement of fees and expenses: | ||||||||||||||||||||
Investment advisory services waivers | — | — | 362 | 308 | 100 | |||||||||||||||
Miscellaneous fee reimbursement | 1 | — | — | — | — | |||||||||||||||
Total waivers/reimbursement of fees and expenses | 1 | — | 362 | 308 | 100 | |||||||||||||||
Total fees and expenses after waivers/reimbursement | 134 | 646 | 4,460 | 3,801 | 1,266 | |||||||||||||||
Net investment income (loss) | 3 | 1,130 | 727 | 4,480 | (350 | ) | ||||||||||||||
Net realized gain (loss) and unrealized depreciation: | ||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||
Investments in affiliated issuers | (297 | ) | 86 | (1,271 | ) | 4,285 | 1,519 | |||||||||||||
Futures contracts | — | — | (36,679 | ) | (30,835 | ) | (11,947 | ) | ||||||||||||
Currency transactions | — | — | (50 | ) | (29 | ) | (7 | ) | ||||||||||||
Capital gain distributions received from affiliated issuers | 1,497 | 4,082 | 30,699 | 19,757 | 5,355 | |||||||||||||||
1,200 | 4,168 | (7,301 | ) | (6,822 | ) | (5,080 | ) | |||||||||||||
Net unrealized depreciation on: | ||||||||||||||||||||
Investments in affiliated issuers | (2,808 | ) | (5,757 | ) | (13,574 | ) | (63,277 | ) | (22,873 | ) | ||||||||||
Futures contracts | — | — | (2,132 | ) | (274 | ) | (175 | ) | ||||||||||||
(2,808 | ) | (5,757 | ) | (15,706 | ) | (63,551 | ) | (23,048 | ) | |||||||||||
Net realized gain (loss) and unrealized depreciation | (1,608 | ) | (1,589 | ) | (23,007 | ) | (70,373 | ) | (28,128 | ) | ||||||||||
Net decrease in net assets resulting from operations | $ | (1,605 | ) | $ | (459 | ) | $ | (22,280 | ) | $ | (65,893 | ) | $ | (28,478 | ) |
* | Amount less than one thousand. |
See notes to financial statements.
American Funds Insurance Series – Portfolio Series | 13 |
Statements of changes in net assets | (dollars in thousands) |
Global Growth Portfolio | Growth and Income Portfolio | Managed Risk Growth Portfolio | ||||||||||||||||||||||
Six months ended June 30, 2020* | Year ended December 31, 2019 | Six months ended June 30, 2020* | Year ended December 31, 2019 | Six months ended June 30, 2020* | Year ended December 31, 2019 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 3 | $ | 449 | $ | 1,130 | $ | 4,075 | $ | 727 | $ | 15,282 | ||||||||||||
Net realized gain (loss) | 1,200 | 2,460 | 4,168 | 8,099 | (7,301 | ) | 72,003 | |||||||||||||||||
Net unrealized (depreciation) appreciation | (2,808 | ) | 9,398 | (5,757 | ) | 24,977 | (15,706 | ) | 135,287 | |||||||||||||||
Net (decrease) increase in net assets resulting from operations | (1,605 | ) | 12,307 | (459 | ) | 37,151 | (22,280 | ) | 222,572 | |||||||||||||||
Distributions paid to shareholders | (3,028 | ) | (2,363 | ) | (11,184 | ) | (8,978 | ) | (71,451 | ) | (67,119 | ) | ||||||||||||
Net capital share transactions | 5,074 | 8,900 | 21,985 | 60,170 | 129,819 | 245,000 | ||||||||||||||||||
Total increase (decrease) in net assets | 441 | 18,844 | 10,342 | 88,343 | 36,088 | 400,453 | ||||||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of period | 54,384 | 35,540 | 256,714 | 168,371 | 1,473,894 | 1,073,441 | ||||||||||||||||||
End of period | $ | 54,825 | $ | 54,384 | $ | 267,056 | $ | 256,714 | $ | 1,509,982 | $ | 1,473,894 | ||||||||||||
Managed Risk Growth and Income Portfolio | Managed Risk Global Allocation Portfolio | |||||||||||||||||||||||
Six months ended June 30, 2020* | Year ended December 31, 2019 | Six months ended June 30, 2020* | Year ended December 31, 2019 | |||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 4,480 | $ | 18,723 | $ | (350 | ) | $ | 4,495 | |||||||||||||||
Net realized gain (loss) | (6,822 | ) | 48,295 | (5,080 | ) | 14,193 | ||||||||||||||||||
Net unrealized (depreciation) appreciation | (63,551 | ) | 130,061 | (23,048 | ) | 50,352 | ||||||||||||||||||
Net (decrease) increase in net assets resulting from operations | (65,893 | ) | 197,079 | (28,478 | ) | 69,040 | ||||||||||||||||||
Distributions paid to shareholders | (49,137 | ) | (55,668 | ) | (16,205 | ) | (16,130 | ) | ||||||||||||||||
Net capital share transactions | 83,494 | 173,167 | 26,720 | 46,894 | ||||||||||||||||||||
Total increase (decrease) in net assets | (31,536 | ) | 314,578 | (17,963 | ) | 99,804 | ||||||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of period | 1,288,314 | 973,736 | 424,385 | 324,581 | ||||||||||||||||||||
End of period | $ | 1,256,778 | $ | 1,288,314 | $ | 406,422 | $ | 424,385 |
* | Unaudited. |
See notes to financial statements.
14 | American Funds Insurance Series – Portfolio Series |
Notes to financial statements | unaudited |
1. Organization
American Funds Insurance Series (the “series”) is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company with 34 different funds (the “funds”), including five funds in the series covered in this report. The other 29 funds in the series are covered in separate reports. Twenty-three funds in the series are covered in the American Funds Insurance Series report and six funds in the series are covered in the American Funds Insurance Series — Target Date Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company (“CRMC”) is the series’ investment adviser. Milliman Financial Risk Management LLC (“Milliman FRM”) is the subadviser for the risk management strategy for eight of the funds (the “managed risk funds”), three of which are covered in this report.
The managed risk funds covered in this report are Managed Risk Growth Portfolio, Managed Risk Growth and Income Portfolio and Managed Risk Global Allocation Portfolio. The managed risk funds invest in other funds within the series (the “underlying funds”) and employ Milliman FRM to implement the risk management strategy, which consists of using hedging instruments — primarily short positions on exchange-traded futures contracts — to attempt to stabilize the volatility of the funds around target volatility levels and reduce the downside exposure of the funds during periods of significant market declines.
Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.
The investment objective(s) for each fund in the American Funds Insurance Series – Portfolio Series are as follows:
Global Growth Portfolio — Seeks to provide long-term growth of capital.
Growth and Income Portfolio — Seeks to provide long-term growth of capital while providing current income.
Managed Risk Growth Portfolio — Seeks to provide long-term growth of capital while seeking to manage volatility and provide downside protection.
Managed Risk Growth and Income Portfolio — Seeks to provide long-term growth of capital and current income while seeking to manage volatility and provide downside protection.
Managed Risk Global Allocation Portfolio — Seeks to provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.
Each fund offers one share class (Class 4 for Global Growth Portfolio and Growth and Income Portfolio, and Class P2 for the three managed risk funds). Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.
2. Significant accounting policies
Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the series’ investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.
Security transactions and related investment income — Security transactions are recorded by the funds as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the funds will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis.
American Funds Insurance Series – Portfolio Series | 15 |
Fees and expenses — The fees and expenses of the underlying funds are not included in the fees and expenses reported for each of the managed risk funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the net effective expense ratios that are provided as additional information in the financial highlights tables.
Distributions paid to shareholders — Income dividends and capital gain distributions paid to shareholders are recorded on each fund’s ex-dividend date.
Currency translation — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the fund’s statement of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.
3. Valuation
Security valuation — The net asset value of each share class of each fund is calculated based on the reported net asset values of the underlying funds in which each fund invests. The net asset value of each underlying fund is calculated based on the policies and procedures of the underlying fund contained in each underlying fund’s statement of additional information. Generally, the funds and the underlying funds determine the net asset value of each share class as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open. State Street Institutional U.S. Government Money Market Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. Exchange-traded futures are generally valued at the official settlement price of the exchange or market on which such instruments are traded, as of the close of business on the day the futures are being valued.
Processes and structure — The series’ board of trustees has delegated authority to the series’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The series’ board and audit committee also regularly review reports that describe fair value determinations and methods. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.
Classifications — The series’ investment adviser classifies each fund’s assets and liabilities into three levels based on the method used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. At June 30, 2020, all of the investment securities held by each fund were classified as Level 1.
4. Risk factors
Investing in the funds may involve certain risks including, but not limited to, those described below.
Allocation risk — Investments in a fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of a fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. Certain of the funds may invest in an underlying fixed-income fund that is a non-diversified investment company under the Investment Company Act of 1940. Poor performance by a single large holding in a non-diversified underlying fund would adversely affect such a fund’s investment results more than if the underlying fund were invested in a larger number of issuers.
16 | American Funds Insurance Series – Portfolio Series |
Fund structure — Each fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in each fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying funds directly and in the same proportions as a fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by a fund. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that each fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for each fund. This strategy could raise certain conflicts of interest when choosing underlying investments for each fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of each fund.
Underlying fund risks — Because a fund’s investments consist of underlying funds, a fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in a fund and the applicable underlying funds.
Market conditions — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.
Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region could have impacts on global economies or markets. As a result, whether or not the funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of each fund’s investments may be negatively affected by developments in other countries and regions.
Issuer risks — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation related to the issuer, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.
Investing in stocks — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks.
Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying funds. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.
Investing in emerging markets — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. Securities markets in these countries can also be relatively small and have substantially lower trading
American Funds Insurance Series – Portfolio Series | 17 |
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 an underlying fund’s net asset value and, accordingly, in calculating the underlying fund’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.
Investing in small companies — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.
Investing in debt instruments — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.
Rising interest rates will generally cause the prices of bonds and other debt securities to fall. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund 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. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which an underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in seeking to assess credit and default risks.
Investing in lower rated debt instruments — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.
Liquidity risk — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs or may be forced to sell at a loss.
Management — The investment adviser to the funds and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.
18 | American Funds Insurance Series – Portfolio Series |
Investing in the managed risk funds may involve additional risks including, but not limited to, those described below.
Investing in futures contracts — In addition to the risks generally associated with investing in derivative instruments, futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and futures commission merchants with which a fund transacts. Additionally, although futures require only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a futures contract could greatly exceed the initial amount invested. While futures contracts are generally liquid instruments, under certain market conditions, futures may be deemed to be illiquid. For example, a fund may be temporarily prohibited from closing out its position in a futures contract if intraday price change limits or limits on trading volume imposed by the applicable futures exchange are triggered. If a fund is unable to close out a position on a futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the futures position. The ability of a fund to successfully utilize 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 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 futures in which it invests, a fund could be exposed to the risk of loss.
Hedging — There may be imperfect or even negative correlation between the prices of the futures contracts and the prices of the underlying securities. For example, futures contracts may not provide an effective hedge because changes in 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 and futures markets 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 futures, including technical influences in futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, a fund’s investment in exchange-traded futures and their resulting costs could limit the fund’s gains in rising markets relative to those of the underlying fund, or to those of unhedged funds in general.
Short positions — Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time.
Investing in mortgage-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and an underlying fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the underlying fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the underlying fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.
Investing in future delivery contracts — The underlying funds may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve the underlying fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase the underlying fund’s market exposure, and the market price of the securities that the underlying fund contracts to repurchase could drop below their purchase price. While the underlying fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the underlying fund may be reduced by engaging in such transactions. In addition, these transactions may increase the turnover rate of the underlying fund.
Investing in securities backed by the U.S. government — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities
American Funds Insurance Series – Portfolio Series | 19 |
issued by government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.
Asset allocation — A certain fund’s percentage allocation to equity securities, debt securities and money market instruments (through its investments in the underlying funds) could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives.
Currency — The prices of, and the income generated by, most debt securities held by the underlying funds may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of an underlying fund’s securities denominated in such currencies would generally fall and vice versa. U.S. dollar-denominated securities of foreign issuers may also be affected by changes in relative currency values.
Nondiversification risk — As nondiversified funds, the managed risk funds have the ability to invest a larger percentage of their assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact a managed risk fund’s investment results more than if the fund were invested in a larger number of issuers.
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.
5. Certain investment techniques
Futures contracts — The managed risk funds have entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage portfolio volatility and downside equity risk.
Upon entering into futures contracts, and to maintain the fund’s open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant (“FCM”), in a segregated account in the name of the FCM an amount of cash, U.S. government securities, suitable money market instruments, or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract. When initial margin is deposited with brokers, a receivable is recorded in each fund’s statement of assets and liabilities.
On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in the statement of assets and liabilities. In addition, each fund segregates liquid assets equivalent to the fund’s outstanding obligations under the contract in excess of the initial margin and variation margin, if any. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund’s statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund’s statement of operations. The average month-end notional amount of futures contracts while held by Managed Risk Growth Portfolio, Managed Risk Growth and Income Portfolio and Managed Risk Global Allocation Portfolio was $1,068,757,000, $766,992,000 and $398,226,000, respectively.
20 | American Funds Insurance Series – Portfolio Series |
The following tables identify the location and fair value amounts on each fund’s statement of assets and liabilities and the effect on each fund’s statement of operations resulting from the managed risk funds’ use of futures contracts as of June 30, 2020 (dollars in thousands):
Managed Risk Growth Portfolio
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Futures | Currency | Unrealized appreciation* | $ | 840 | Unrealized depreciation* | $ | — | |||||||
Futures | Equity | Unrealized appreciation* | 257 | Unrealized depreciation* | 5,005 | |||||||||
Futures | Interest | Unrealized appreciation* | 1,564 | Unrealized depreciation* | — | |||||||||
$ | 2,661 | $ | 5,005 | |||||||||||
Net realized gain (loss) | Net unrealized appreciation (depreciation) | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Currency | Net realized gain on futures contracts | $ | 953 | Net unrealized appreciation on futures contracts | $ | 840 | |||||||
Futures | Equity | Net realized loss on futures contracts | (51,008 | ) | Net unrealized depreciation on futures contracts | (4,748 | ) | |||||||
Futures | Interest | Net realized gain on futures contracts | 13,376 | Net unrealized appreciation on futures contracts | 1,776 | |||||||||
$ | (36,679 | ) | $ | (2,132 | ) | |||||||||
Managed Risk Growth and Income Portfolio | ||||||||||||||
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Futures | Currency | Unrealized appreciation* | $ | 1,309 | Unrealized depreciation* | $ | — | |||||||
Futures | Equity | Unrealized appreciation* | 264 | Unrealized depreciation* | 3,416 | |||||||||
Futures | Interest | Unrealized appreciation* | 1,402 | Unrealized depreciation* | — | |||||||||
$ | 2,975 | $ | 3,416 | |||||||||||
Net realized gain (loss) | Net unrealized appreciation (depreciation) | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Currency | Net realized gain on futures contracts | $ | 1,071 | Net unrealized appreciation on futures contracts | $ | 1,309 | |||||||
Futures | Equity | Net realized loss on futures contracts | (41,810 | ) | Net unrealized depreciation on futures contracts | (3,152 | ) | |||||||
Futures | Interest | Net realized gain on futures contracts | 9,904 | Net unrealized appreciation on futures contracts | 1,569 | |||||||||
$ | (30,835 | ) | $ | (274 | ) |
American Funds Insurance Series – Portfolio Series | 21 |
Managed Risk Global Allocation Portfolio
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Futures | Currency | Unrealized appreciation* | $ | 355 | Unrealized depreciation* | $ | — | |||||||
Futures | Equity | Unrealized appreciation* | 85 | Unrealized depreciation* | 1,047 | |||||||||
Futures | Interest | Unrealized appreciation* | 351 | Unrealized depreciation* | — | |||||||||
$ | 791 | $ | 1,047 | |||||||||||
Net realized gain (loss) | Net unrealized appreciation (depreciation) | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Currency | Net realized gain on futures contracts | $ | 463 | Net unrealized appreciation on futures contracts | $ | 355 | |||||||
Futures | Equity | Net realized loss on futures contracts | (14,926 | ) | Net unrealized depreciation on futures contracts | (962 | ) | |||||||
Futures | Interest | Net realized gain on futures contracts | 2,516 | Net unrealized appreciation on futures contracts | 432 | |||||||||
$ | (11,947 | ) | $ | (175 | ) |
* | Includes cumulative appreciation/depreciation on futures contracts as reported in the applicable table following each fund’s investment portfolio. Only current day’s variation margin is reported within each fund’s statement of assets and liabilities. |
Collateral — Funds that invest in futures contracts participate in a collateral program. The program calls for each fund to pledge highly liquid assets, such as cash or U.S. government securities, as collateral for initial and variation margin by contract. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligations. Non-cash collateral pledged by the fund, if any, is disclosed in the fund’s investment portfolio, and cash collateral pledged by the fund, if any, is held in a segregated account with the fund’s custodian, which is reflected as restricted cash in the fund’s statement of assets and liabilities.
6. Taxation and distributions
Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.
As of and during the period ended June 30, 2020, 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 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 generally three years after the date of filing but can be extended in certain jurisdictions.
Distributions — Distributions paid to shareholders are based on each fund’s net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as short-term capital gains and losses and capital losses related to sales of certain securities within 30 days of purchase. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.
22 | American Funds Insurance Series – Portfolio Series |
Additional tax basis disclosures for each fund are as follows (dollars in thousands):
Managed | Managed | |||||||||||||||||||
Global | Growth and | Managed | Risk Growth | Risk Global | ||||||||||||||||
Growth | Income | Risk Growth | and Income | Allocation | ||||||||||||||||
Portfolio | Portfolio | Portfolio | Portfolio | Portfolio | ||||||||||||||||
As of December 31, 2019: | ||||||||||||||||||||
Undistributed ordinary income | $ | 527 | $ | 3,052 | $ | 16,919 | $ | 13,883 | $ | 4,496 | ||||||||||
Undistributed long-term capital gains | 2,499 | 8,130 | 54,508 | 35,238 | 11,706 | |||||||||||||||
As of June 30, 2020: | ||||||||||||||||||||
Gross unrealized appreciation on investments | 4,522 | 12,634 | 57,630 | 28,236 | 7,771 | |||||||||||||||
Gross unrealized depreciation on investments | (712 | ) | (868 | ) | — | — | (387 | ) | ||||||||||||
Net unrealized appreciation on investments | 3,810 | 11,766 | 57,630 | 28,236 | 7,384 | |||||||||||||||
Cost of investments | 51,057 | 255,500 | 1,403,928 | 1,183,735 | 389,088 |
Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):
Global Growth Portfolio
Six months ended June 30, 2020 | Year ended December 31, 2019 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 4 | $ | 528 | $ | 2,500 | $ | 3,028 | $ | 347 | $ | 2,016 | $ | 2,363 | ||||||||||||
Growth and Income Portfolio | ||||||||||||||||||||||||
Six months ended June 30, 2020 | Year ended December 31, 2019 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 4 | $ | 3,053 | $ | 8,131 | $ | 11,184 | $ | 3,669 | $ | 5,309 | $ | 8,978 | ||||||||||||
Managed Risk Growth Portfolio | ||||||||||||||||||||||||
Six months ended June 30, 2020 | Year ended December 31, 2019 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class P2 | $ | 16,931 | $ | 54,520 | $ | 71,451 | $ | 15,501 | $ | 51,618 | $ | 67,119 | ||||||||||||
Managed Risk Growth and Income Portfolio | ||||||||||||||||||||||||
Six months ended June 30, 2020 | Year ended December 31, 2019 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class P2 | $ | 13,889 | $ | 35,248 | $ | 49,137 | $ | 18,256 | $ | 37,412 | $ | 55,668 | ||||||||||||
Managed Risk Global Allocation Portfolio | ||||||||||||||||||||||||
Six months ended June 30, 2020 | Year ended December 31, 2019 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class P2 | $ | 4,498 | $ | 11,707 | $ | 16,205 | $ | 4,944 | $ | 11,186 | $ | 16,130 |
American Funds Insurance Series – Portfolio Series | 23 |
7. Fees and transactions
CRMC, the series’ investment adviser, is the parent company of American Funds Distributors®, Inc. (“AFD”), the distributor of the series’ shares, and American Funds Service Company® (“AFS”), the series’ transfer agent. CRMC, AFD and AFS are considered related parties to the series.
Investment advisory services — The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on an annual rate of 0.150% of daily net assets for the three managed risk funds. CRMC receives investment advisory fees from the underlying funds. These fees are included in the net effective expense ratios that are provided as additional information in the financial highlights tables. Subadvisory fees for the managed risk funds are paid by CRMC to Milliman FRM. The managed risk funds are not responsible for paying any subadvisory fees.
Investment advisory services waivers — CRMC has agreed to waive a portion of the investment advisory services fees equal to 0.05% of each fund’s daily net assets for the three managed risk funds. Investment advisory services fees are presented in each fund’s statement of operations gross of the waivers from CRMC. For the six months ended June 30, 2020, total investment advisory services fees waived by CRMC were $770,000.
Distribution services — The series has plans of distribution for all share classes. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.25% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.
Share class | Currently approved limits | Plan limits | ||||||
Class 4 | 0.25 | % | 0.25 | % | ||||
Class P2 | 0.25 | 0.50 |
Insurance administrative services — The series has an insurance administrative services plan for all share classes. Under the plan, each share class pays 0.25% of each insurance company’s respective average daily net assets to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders’ annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.
Transfer agent services — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to the funds. These services include recordkeeping, shareholder communications and transaction processing. In addition, the managed risk funds reimburse AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.
Administrative services — The series has an administrative services agreement with CRMC to provide administrative services to all of the funds. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. CRMC receives administrative services fee at the annual rate of 0.03% of daily net assets from the Class 1 shares of the underlying funds for administrative services provided to the series.
Miscellaneous fee reimbursements — CRMC has agreed to reimburse a portion of miscellaneous fees and expenses of Global Growth Portfolio. Miscellaneous expenses exclude investment advisory services and distribution services fees. This reimbursement may be adjusted or discontinued by CRMC, subject to any restrictions in the series’ prospectus. For the six months ended June 30, 2020, total fees and expenses reimbursed by CRMC were $1,000. Fees and expenses in the fund’s statement of operations are presented gross of any reimbursements from CRMC.
Accounting and administrative services — The three managed risk funds have a subadministration agreement with Bank of New York Mellon (“BNY Mellon”) under which each fund compensates BNY Mellon for providing accounting and administrative services. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.
24 | American Funds Insurance Series – Portfolio Series |
Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees’ compensation in each fund’s statement of operations reflects current fees (either paid in cash or deferred) and a net increase or decrease in the value of the deferred amounts.
Affiliated officers and trustees — Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.
8. Capital share transactions
Capital share transactions in the funds were as follows (dollars and shares in thousands):
Global Growth Portfolio
Sales | Reinvestments of distributions | Repurchases | Net increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||
Class 4 | $ | 5,556 | 435 | $ | 3,028 | 257 | $ | (3,510 | ) | (301 | ) | $ | 5,074 | 391 | ||||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Class 4 | $ | 12,836 | 1,062 | $ | 2,363 | 199 | $ | (6,299 | ) | (514 | ) | $ | 8,900 | 747 | ||||||||||||||||||
Growth and Income Portfolio | ||||||||||||||||||||||||||||||||
Sales | Reinvestments of distributions | Repurchases | Net increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||
Class 4 | $ | 19,246 | 1,643 | $ | 11,185 | 985 | $ | (8,446 | ) | (752 | ) | $ | 21,985 | 1,876 | ||||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Class 4 | $ | 65,000 | 5,668 | $ | 8,978 | 792 | $ | (13,808 | ) | (1,200 | ) | $ | 60,170 | 5,260 | ||||||||||||||||||
Managed Risk Growth Portfolio | ||||||||||||||||||||||||||||||||
Sales | Reinvestments of distributions | Repurchases | Net increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||
Class P2 | $ | 76,416 | 6,832 | $ | 71,451 | 6,715 | $ | (18,048 | ) | (1,631 | ) | $ | 129,819 | 11,916 | ||||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Class P2 | $ | 202,246 | 18,442 | $ | 67,119 | 6,291 | $ | (24,365 | ) | (2,226 | ) | $ | 245,000 | 22,507 | ||||||||||||||||||
Managed Risk Growth and Income Portfolio | ||||||||||||||||||||||||||||||||
Sales | Reinvestments of distributions | Repurchases | Net increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||
Class P2 | $ | 53,802 | 4,966 | $ | 49,137 | 4,742 | $ | (19,445 | ) | (1,798 | ) | $ | 83,494 | 7,910 | ||||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Class P2 | $ | 150,357 | 13,776 | $ | 55,668 | 5,193 | $ | (32,858 | ) | (3,009 | ) | $ | 173,167 | 15,960 |
American Funds Insurance Series – Portfolio Series | 25 |
Managed Risk Global Allocation Portfolio
Sales | Reinvestments of distributions | Repurchases | Net increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||
Class P2 | $ | 18,878 | 1,741 | $ | 16,205 | 1,582 | $ | (8,363 | ) | (787 | ) | $ | 26,720 | 2,536 | ||||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Class P2 | $ | 47,167 | 4,329 | $ | 16,130 | 1,516 | $ | (16,403 | ) | (1,515 | ) | $ | 46,894 | 4,330 |
9. Investment transactions
Each fund made purchases and sales of investment securities during the six months ended June 30, 2020, as follows (dollars in thousands):
Managed | Managed | |||||||||||||||||||
Managed | Risk | Risk | ||||||||||||||||||
Global | Growth and | Risk | Growth and | Global | ||||||||||||||||
Growth | Income | Growth | Income | Allocation | ||||||||||||||||
Portfolio | Portfolio | Portfolio | Portfolio | Portfolio | ||||||||||||||||
Purchases of investment securities* | $ | 7,022 | $ | 23,830 | $ | 813,524 | $ | 606,689 | $ | 131,936 | ||||||||||
Sales of investment securities* | 3,485 | 8,311 | 813,257 | 644,948 | 134,944 |
* | Excludes short-term securities and U.S. government obligations, if any. |
10. Ownership concentration
At June 30, 2020, American Funds Insurance Series - Portfolio Series Managed Risk Growth and Income Portfolio held 33% and 13% of the outstanding shares of Capital Income Builder and Global Growth and Income Fund, respectively. In addition, American Funds Insurance Series - Portfolio Series Managed Risk Global Allocation Portfolio held 25% of the outstanding shares of Global Balanced Fund.
26 | American Funds Insurance Series – Portfolio Series |
Financial highlights
(Loss) income from investment operations1 | Dividends and distributions | Ratio of expenses | Ratio of expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | Net investment income (loss) | 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 distribu- tions | Net asset value, end of period | Total return2 | Net assets, end of period (in millions) | to average net assets before waivers/ reimburse- ments3 | to average net assets after waivers/ reimburse- ments2,3 | Net effective expense ratio2,4 | Ratio of net income (loss) to average net assets2 | ||||||||||||||||||||||||||||||||||||||||||
Global Growth Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20205,6 | $ | 13.35 | $ | — | 7 | $ | (.36 | ) | $ | (.36 | ) | $ | (.12 | ) | $ | (.59 | ) | $ | (.71 | ) | $ | 12.28 | (2.42 | )%8 | $ | 55 | .53 | %9 | .52 | %9 | 1.15 | %9 | .01 | %9 | ||||||||||||||||||||||
12/31/2019 | 10.68 | .12 | 3.18 | 3.30 | (.09 | ) | (.54 | ) | (.63 | ) | 13.35 | 31.67 | 54 | .61 | .56 | 1.18 | .97 | |||||||||||||||||||||||||||||||||||||||
12/31/2018 | 12.17 | .08 | (1.22 | ) | (1.14 | ) | (.12 | ) | (.23 | ) | (.35 | ) | 10.68 | (9.77 | ) | 36 | .59 | .58 | 1.20 | .69 | ||||||||||||||||||||||||||||||||||||
12/31/2017 | 9.77 | .12 | 2.59 | 2.71 | (.06 | ) | (.25 | ) | (.31 | ) | 12.17 | 28.11 | 30 | .62 | .56 | 1.18 | 1.05 | |||||||||||||||||||||||||||||||||||||||
12/31/2016 | 9.45 | .12 | .29 | .41 | (.05 | ) | (.04 | ) | (.09 | ) | 9.77 | 4.42 | 13 | .75 | .56 | 1.18 | 1.30 | |||||||||||||||||||||||||||||||||||||||
12/31/20155,10 | 10.00 | .12 | (.67 | ) | (.55 | ) | — | — | — | 9.45 | (5.50 | )8 | 6 | 1.02 | 9 | .58 | 9 | 1.20 | 9 | 1.91 | 9 | |||||||||||||||||||||||||||||||||||
Growth and Income Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20205,6 | $ | 12.13 | $ | .05 | $ | (.08 | ) | $ | (.03 | ) | $ | (.14 | ) | $ | (.37 | ) | $ | (.51 | ) | $ | 11.59 | (.17 | )%8 | $ | 267 | .51 | %9 | .51 | %9 | .95 | %9 | .90 | %9 | |||||||||||||||||||||||
12/31/2019 | 10.59 | .22 | 1.81 | 2.03 | (.19 | ) | (.30 | ) | (.49 | ) | 12.13 | 19.57 | 257 | .52 | .52 | .96 | 1.92 | |||||||||||||||||||||||||||||||||||||||
12/31/2018 | 11.40 | .20 | (.58 | ) | (.38 | ) | (.16 | ) | (.27 | ) | (.43 | ) | 10.59 | (3.51 | ) | 168 | .53 | .53 | .97 | 1.81 | ||||||||||||||||||||||||||||||||||||
12/31/2017 | 10.13 | .17 | 1.38 | 1.55 | (.13 | ) | (.15 | ) | (.28 | ) | 11.40 | 15.43 | 134 | .53 | .53 | .97 | 1.59 | |||||||||||||||||||||||||||||||||||||||
12/31/2016 | 9.61 | .23 | .38 | .61 | (.07 | ) | (.02 | ) | (.09 | ) | 10.13 | 6.41 | 66 | .57 | .55 | .99 | 2.31 | |||||||||||||||||||||||||||||||||||||||
12/31/20155,10 | 10.00 | .20 | (.58 | ) | (.38 | ) | (.01 | ) | — | (.01 | ) | 9.61 | (3.85 | )8 | 15 | .79 | 9 | .58 | 9 | 1.05 | 9 | 3.14 | 9 | |||||||||||||||||||||||||||||||||
Managed Risk Growth Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20205,6 | $ | 11.61 | $ | .01 | $ | (.20 | ) | $ | (.19 | ) | $ | (.13 | ) | $ | (.41 | ) | $ | (.54 | ) | $ | 10.88 | (1.51 | )%8 | $ | 1,510 | .67 | %9 | .62 | %9 | 1.03 | %9 | .10 | %9 | |||||||||||||||||||||||
12/31/2019 | 10.28 | .13 | 1.80 | 1.93 | (.14 | ) | (.46 | ) | (.60 | ) | 11.61 | 19.26 | 1,474 | .66 | .61 | 1.02 | 1.20 | |||||||||||||||||||||||||||||||||||||||
12/31/2018 | 11.16 | .12 | (.53 | ) | (.41 | ) | (.14 | ) | (.33 | ) | (.47 | ) | 10.28 | (3.98 | ) | 1,073 | .66 | .61 | 1.00 | 1.06 | ||||||||||||||||||||||||||||||||||||
12/31/2017 | 9.76 | .10 | 1.63 | 1.73 | (.09 | ) | (.24 | ) | (.33 | ) | 11.16 | 18.00 | 904 | .68 | .63 | 1.03 | .95 | |||||||||||||||||||||||||||||||||||||||
12/31/2016 | 9.39 | .11 | .26 | .37 | — | 7 | — | — | 7 | 9.76 | 3.97 | 568 | .77 | .63 | 1.02 | 1.12 | ||||||||||||||||||||||||||||||||||||||||
12/31/20155,10 | 10.00 | .18 | (.70 | ) | (.52 | ) | (.09 | ) | — | (.09 | ) | 9.39 | (5.20 | )8 | 254 | .86 | 9 | .61 | 9 | 1.01 | 9 | 2.77 | 9 | |||||||||||||||||||||||||||||||||
Managed Risk Growth and Income Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20205,6 | $ | 11.55 | $ | .04 | $ | (.64 | ) | $ | (.60 | ) | $ | (.12 | ) | $ | (.31 | ) | $ | (.43 | ) | $ | 10.52 | (5.14 | )%8 | $ | 1,257 | .67 | %9 | .62 | %9 | 1.07 | %9 | .73 | %9 | |||||||||||||||||||||||
12/31/2019 | 10.18 | .18 | 1.74 | 1.92 | (.18 | ) | (.37 | ) | (.55 | ) | 11.55 | 19.29 | 1,288 | .67 | .62 | 1.08 | 1.66 | |||||||||||||||||||||||||||||||||||||||
12/31/2018 | 11.13 | .17 | (.67 | ) | (.50 | ) | (.17 | ) | (.28 | ) | (.45 | ) | 10.18 | (4.72 | ) | 974 | .66 | .61 | 1.07 | 1.54 | ||||||||||||||||||||||||||||||||||||
12/31/2017 | 9.68 | .15 | 1.44 | 1.59 | (.12 | ) | (.02 | ) | (.14 | ) | 11.13 | 16.55 | 851 | .68 | .63 | 1.08 | 1.38 | |||||||||||||||||||||||||||||||||||||||
12/31/2016 | 9.36 | .16 | .19 | .35 | (.03 | ) | — | (.03 | ) | 9.68 | 3.70 | 569 | .77 | .63 | 1.08 | 1.68 | ||||||||||||||||||||||||||||||||||||||||
12/31/20155,10 | 10.00 | .18 | (.73 | ) | (.55 | ) | (.09 | ) | — | (.09 | ) | 9.36 | (5.50 | )8 | 231 | .86 | 9 | .61 | 9 | 1.08 | 9 | 2.85 | 9 | |||||||||||||||||||||||||||||||||
Managed Risk Global Allocation Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20205,6 | $ | 11.60 | $ | (.01 | ) | $ | (.77 | ) | $ | (.78 | ) | $ | (.12 | ) | $ | (.31 | ) | $ | (.43 | ) | $ | 10.39 | (6.66 | )%8 | $ | 406 | .68 | %9 | .63 | %9 | 1.21 | %9 | (.17 | )%9 | ||||||||||||||||||||||
12/31/2019 | 10.07 | .13 | 1.89 | 2.02 | (.15 | ) | (.34 | ) | (.49 | ) | 11.60 | 20.44 | 424 | .68 | .63 | 1.20 | 1.20 | |||||||||||||||||||||||||||||||||||||||
12/31/2018 | 11.04 | .14 | (.88 | ) | (.74 | ) | (.10 | ) | (.13 | ) | (.23 | ) | 10.07 | (6.90 | ) | 325 | .68 | .63 | 1.20 | 1.27 | ||||||||||||||||||||||||||||||||||||
12/31/2017 | 9.34 | .10 | 1.67 | 1.77 | (.07 | ) | — | (.07 | ) | 11.04 | 19.03 | 251 | .70 | .63 | 1.19 | .94 | ||||||||||||||||||||||||||||||||||||||||
12/31/2016 | 9.24 | .10 | — | 7 | .10 | — | — | — | 9.34 | 1.08 | 144 | .77 | .63 | 1.20 | 1.08 | |||||||||||||||||||||||||||||||||||||||||
12/31/20155,10 | 10.00 | .14 | (.81 | ) | (.67 | ) | (.09 | ) | — | (.09 | ) | 9.24 | (6.71 | )8 | 65 | .90 | 9 | .56 | 9 | 1.13 | 9 | 2.22 | 9 |
See next page for footnotes.
American Funds Insurance Series – Portfolio Series | 27 |
Financial highlights (continued)
Six months ended | Year ended December 31, | For the period ended | ||||||||||||||||||||||
Portfolio turnover rate | June 30, 20205,6,8 | 2019 | 2018 | 2017 | 2016 | December 31, 20155,8,10 | ||||||||||||||||||
Global Growth Portfolio | 7 | % | 14 | % | 12 | % | 10 | % | 17 | % | 32 | % | ||||||||||||
Growth and Income Portfolio | 3 | 6 | 5 | 10 | 18 | 10 | ||||||||||||||||||
Managed Risk Growth Portfolio | 61 | 6 | 4 | 7 | 6 | 4 | ||||||||||||||||||
Managed Risk Growth and Income Portfolio | 53 | 5 | 4 | 10 | 3 | 4 | ||||||||||||||||||
Managed Risk Global Allocation Portfolio | 35 | 6 | 3 | 8 | 13 | 15 |
1 | Based on average shares outstanding. |
2 | This column reflects the impact of certain waivers/reimbursements from CRMC. During some of the periods shown, CRMC waived a portion of investment advisory services fees for the managed risk funds. In addition, CRMC reimbursed a portion of miscellaneous fees and expenses for some of the funds. |
3 | This column does not include expenses of the underlying funds in which each fund invests. |
4 | This column reflects the net effective expense ratios for each fund and class, which are unaudited. These ratios include each class’s expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. See expense example for further information regarding fees and expenses. |
5 | Based on operations for a period that is less than a full year. |
6 | Unaudited. |
7 | Amount less than $.01. |
8 | Not annualized. |
9 | Annualized. |
10 | For the period May 1, 2015, commencement of operations, through December 31, 2015. |
28 | American Funds Insurance Series – Portfolio Series |
Expense example | unaudited |
The funds in American Funds Insurance Series serve as the underlying investment vehicle for various insurance products. As an owner of an insurance contract that invests in one of the funds in the series, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. Additional fees are charged by the insurance companies related to the various benefits they provide. This example is intended to help you understand your ongoing costs (in dollars) of investing in the underlying funds so you can compare these costs with the ongoing costs of investing in other mutual funds that serve a similar function in other annuity products. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (January 1, 2020, through June 30, 2020).
Actual expenses:
The first line of each share class in the tables on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes:
The second line of each share class in the tables on the following page provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.
Notes:
Additional fees are charged by the insurance companies related to the various benefits they provide. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.
Note that the expenses shown in the tables on the following page are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each share class in the tables is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
American Funds Insurance Series – Portfolio Series | 29 |
Beginning account value 1/1/2020 | Ending account value 6/30/2020 | Expenses paid during period1,2 | Annualized expense ratio2 | Effective expenses paid during period3 | Effective annualized expense ratio4 | |||||||||||||||||||
Global Growth Portfolio | ||||||||||||||||||||||||
Class 4 – actual return | $ | 1,000.00 | $ | 975.77 | $ | 2.55 | .52 | % | $ | 5.65 | 1.15 | % | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,022.28 | 2.61 | .52 | 5.77 | 1.15 | ||||||||||||||||||
Growth and Income Portfolio | ||||||||||||||||||||||||
Class 4 – actual return | $ | 1,000.00 | $ | 998.27 | $ | 2.53 | .51 | % | $ | 4.72 | .95 | % | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,022.33 | 2.56 | .51 | 4.77 | .95 | ||||||||||||||||||
Managed Risk Growth Portfolio | ||||||||||||||||||||||||
Class P2 – actual return | $ | 1,000.00 | $ | 984.92 | $ | 3.06 | .62 | % | $ | 5.08 | 1.03 | % | ||||||||||||
Class P2 – assumed 5% return | 1,000.00 | 1,021.78 | 3.12 | .62 | 5.17 | 1.03 | ||||||||||||||||||
Managed Risk Growth and Income Portfolio | ||||||||||||||||||||||||
Class P2 – actual return | $ | 1,000.00 | $ | 948.64 | $ | 3.00 | .62 | % | $ | 5.18 | 1.07 | % | ||||||||||||
Class P2 – assumed 5% return | 1,000.00 | 1,021.78 | 3.12 | .62 | 5.37 | 1.07 | ||||||||||||||||||
Managed Risk Global Allocation Portfolio | ||||||||||||||||||||||||
Class P2 – actual return | $ | 1,000.00 | $ | 933.45 | $ | 3.03 | .63 | % | $ | 5.82 | 1.21 | % | ||||||||||||
Class P2 – assumed 5% return | 1,000.00 | 1,021.73 | 3.17 | .63 | 6.07 | 1.21 |
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 366 (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 366 (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. |
30 | American Funds Insurance Series – Portfolio Series |
Approval of Investment Advisory and Service Agreement — American Funds Insurance Series
Portfolio Series — American Funds Global Growth Portfolio
Portfolio Series — American Funds Growth and Income Portfolio
The series’ board has approved the continuation of the series’ Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) with respect to Portfolio Series — American Funds Global Growth Portfolio and Portfolio Series — American Funds Growth and Income Portfolio, for an additional one-year term through April 30, 2021. The board approved the agreement following the recommendation of the series’ Contracts Committee (the “committee”), which is composed of all the series’ independent board members. The board and the committee determined in the exercise of their business judgment that the advisory fee structure for each fund within the series was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of each fund and its shareholders.
In reaching this decision, the board and the committee took into account their interaction with CRMC as well as information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.
1. Nature, extent and quality of services
The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which each fund’s assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative and shareholder services provided by CRMC to the funds under the agreement and other agreements, as well as the benefits to each fund’s shareholders from investing in a fund that is part of a large family of funds. The board 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, 2019. They generally placed greater emphasis on 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 of the 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 are competitive with those of other similar funds included in the comparable Lipper category.
American Funds Insurance Series – Portfolio Series | 31 |
The board and the committee also reviewed the fee schedule of the funds (including the fees and total expenses of the underlying American Funds in which the funds invest) to those of other relevant funds. The board and committee noted CRMC’s prior elimination of the entire advisory fee payable by the funds under the agreement. The board and 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 fund assets increase. In addition, they reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by the underlying funds and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the underlying 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 the risks assumed by the adviser, and that each fund’s shareholders receive reasonable value in return for the other amounts paid by the funds.
4. Ancillary benefits
The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with the series and the other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the series’ principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that through December 31, 2018, CRMC benefited from research obtained with commissions from portfolio transactions made on behalf of the funds, and since that time has undertaken to bear the cost of obtaining such research. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the other amounts paid by each fund.
5. Adviser financial information
The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and related cost allocation methodology as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the underlying 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 expense structure reflected a reasonable sharing of benefits between CRMC and each fund’s shareholders.
32 | American Funds Insurance Series – Portfolio Series |
Approval of Investment Advisory and Service Agreement and Subadvisory Agreement — American Funds Insurance Series
Portfolio Series — American Funds Managed Risk Growth Portfolio
Portfolio Series — American Funds Managed Risk Growth and Income Portfolio
Portfolio Series — American Funds Managed Risk Global Allocation Portfolio
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 Portfolio Series — American Funds Managed Risk Growth Portfolio, Portfolio Series — American Funds Managed Risk Growth and Income Portfolio, and Portfolio Series — American Funds Managed Risk Global Allocation Portfolio, for an additional one-year term through April 30, 2021. The board has also approved the series’ Subadvisory Agreement (the “subadvisory agreement”) with CRMC and Milliman Financial Risk Management LLC (“Milliman FRM”) with respect to these funds for the same term. The advisory and subadvisory agreements are jointly referred to below as the “agreements.” The board approved the agreements following the recommendation of the series’ Contracts Committee (the “committee”), which is composed of all the series’ independent board members. The board and the committee determined in the exercise of their business judgment that the advisory fee structure for each fund within the series was fair and reasonable in relation to the services provided, and that approving the agreements was in the best interests of each fund and its shareholders.
In reaching this decision, the board and the committee took into account their interaction with CRMC and Milliman FRM as well as information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreements, and were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.
1. Nature, extent and quality of services
The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which each fund’s assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of the oversight of Milliman FRM’s services provided by CRMC, administrative and shareholder services provided by CRMC to the funds under the advisory agreement and other agreements, as well as the benefits to each fund’s shareholders from investing in a fund that is part of a large family of funds. The board 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, 2019. They generally placed greater emphasis on 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 asset allocation and balanced funds with volatility management analytics over various periods (including each fund’s lifetime) through September 30, 2019. On the basis of this
American Funds Insurance Series – Portfolio Series | 33 |
evaluation and the board’s and the committee’s ongoing review of investment results, and considering the relative market conditions during certain of the 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.
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 expenses are competitive with 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 the risks assumed by the adviser, and that each fund’s shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC (and indirectly to Milliman FRM) by the funds.
4. Ancillary benefits
The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with the series and the other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the series’ principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that through December 31, 2018, CRMC benefited from research obtained with commissions from portfolio transactions made on behalf of the funds, and since that time has undertaken to bear the cost of obtaining such research. The board and the committee also reviewed similar ancillary benefits received by Milliman FRM as a result of its relationship with the series. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC (and indirectly to Milliman FRM) by each fund.
5. Adviser financial information
The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and related cost allocation methodology as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the funds’ advisory fee structure and CRMC’s sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that each fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and each fund’s shareholders.
34 | American Funds Insurance Series – Portfolio Series |
This page was intentionally left blank.
American Funds Insurance Series – Portfolio Series | 35 |
Office of the series
333 South Hope Street
Los Angeles, CA 90071-1406
Investment adviser
Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406
Investment subadviser
Milliman Financial Risk Management LLC
(Managed Risk Funds only)
71 South Wacker Drive, 31st Floor
Chicago, IL 60606
Custodian of assets
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
Counsel
Morgan, Lewis & Bockius LLP
One Federal Street
Boston, MA 02110-1726
Independent registered public accounting firm
PricewaterhouseCoopers LLP
601 South Figueroa Street
Los Angeles, CA 90017-3874
36 | American Funds Insurance Series – Portfolio Series |
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com/individual/investments.
“Proxy Voting Guidelines for American Funds Insurance Series — Portfolio Series” — which describes how we vote proxies relating to the underlying funds held in the portfolios — is available on our website or upon request by calling AFS. The series files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on our website.
American Funds Insurance Series — Portfolio Series files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. This filing is available free of charge on the SEC website. Additionally, the list of portfolio holdings is available by calling AFS.
This report is for the information of American Funds Insurance Series — Portfolio Series investors, but it also may be used as sales literature when preceded or accompanied by the current prospectuses or summary prospectuses for American Funds Insurance Series — Portfolio Series and the prospectus for the applicable insurance contract, which give details about charges, expenses, investment objectives and operating policies of the series. If used as sales material after September 30, 2020, this report must be accompanied by a statistical update for the most recently completed calendar quarter.
Bloomberg® is a trademark of Bloomberg Finance L.P. (collectively with its affiliates, “Bloomberg”). Barclays® is a trademark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Neither Bloomberg nor Barclays approves or endorses this material, guarantees the accuracy or completeness of any information herein 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.
Standard & Poor’s 500 Composite Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2020 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.
American Funds Distributors, Inc., member FINRA.
The Capital Advantage®
Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital SystemSM — 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 funds have beaten their comparable Lipper indexes in 90% of 10-year periods and 100% of 20-year periods.2 Our fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.3 We strive to keep management fees competitive. Over the past 20 years, most funds’ fees have been below industry averages.4
1 | Investment industry experience as of the American Funds Insurance Series prospectus dated May 1, 2020. | |
2 | Based on Class 1 share results for rolling periods through December 31, 2019. 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, Global 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 (Blue Chip Income and Growth Fund, Growth-Income Fund) and Balanced Funds Index (Asset Allocation Fund). The Lipper Global Small-/Mid-Cap Funds Average was used for Global Small Capitalization Fund. Lipper source: Refinitiv Lipper. There have been periods when the fund has lagged the index. | |
3 | Based on Class 1 share results as of December 31, 2019. Four of our five fixed income funds showed a three-year correlation below 0.1. Standard & Poor’s 500 Composite 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, 2019, versus comparable Lipper categories, excluding funds of funds. |
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
American Funds Insurance Series® Target Date Series
Semi-annual report |
Offering variable
annuity investors
a balanced approach
to building and
preserving wealth
through retirement
Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, you may not receive paper copies of the fund’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from the insurance company or from your financial intermediary. Instead, the shareholder reports will be made available on a website, and the insurance company will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.
You may elect to receive paper copies of all future reports free of charge from the insurance company. You can inform the insurance company that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company. Your election to receive paper reports will apply to all investment options available under your contract.
Depending on the proximity to its target date, each fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. Each fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, each fund seeks to balance total return and stability over time.
American Funds, by Capital Group, is one of the nation’s largest mutual fund families. For nearly 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.
Fund results shown in this report, unless otherwise indicated, are for Class 4 shares at net asset value. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/individual/investments/insurance-funds.htm. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Here are the cumulative total returns on a $1,000 investment with all distributions reinvested for the period ended June 30, 2020. Also shown are the estimated gross and net expense ratios as of the series prospectus dated May 1, 2020:
Class 4 shares | Cumulative total returns Lifetime* | Gross expense ratio | Net expense ratio | |||||||||
American Funds® IS 2035 Target Date Fund | 0.46 | % | 0.93 | % | 0.92 | % | ||||||
American Funds® IS 2030 Target Date Fund | 0.75 | 0.91 | 0.90 | |||||||||
American Funds® IS 2025 Target Date Fund | 1.68 | 0.89 | 0.88 | |||||||||
American Funds® IS 2020 Target Date Fund | 1.25 | 0.87 | 0.86 | |||||||||
American Funds® IS 2015 Target Date Fund | 1.10 | 0.86 | 0.85 | |||||||||
American Funds® IS 2010 Target Date Fund | 1.14 | 0.86 | 0.85 |
* | Since December 6, 2019, for all funds. |
Each target date fund invests in Class R-6 shares of the underlying funds.
Expense ratios are restated to reflect current fees. The investment adviser is currently reimbursing a portion of the other expenses for each fund. This reimbursement will be in effect through at least May 1, 2021. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time.
Each target date fund is composed of a mix of the American Funds and is subject to the risks and returns of the underlying funds. Investing outside the United States involves risks such as currency fluctuations, periods of illiquidity and price volatility. These risks may be heightened in connection with investments in developing countries. Small company stocks entail additional risks, and they can fluctuate in price more than larger company stocks. Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds. 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. Shares of U.S. Government Securities Fund® are not guaranteed by the U.S. government.
The funds’ allocation strategy does not guarantee that investors’ retirement savings goals will be met. The allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The funds may seek dividend income to help dampen risk while maintaining equity exposure, and may invest in fixed income securities to help provide current income, capital preservation and inflation protection. The funds’ risks are directly related to the risks of the underlying funds. Refer to the series prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the series.
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Fellow investors:
Shown in the table on the following page are American Funds Insurance Series — Target Date Series’ semi-annual results for the period ended June 30, 2020. Also shown are the results of each fund’s applicable benchmark and peer group.
For additional information about the series, its results, holdings and the Target Date Solutions Committee, visit capitalgroup.com/individual/products/american-funds-insurance-series.html. 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 |
3 | Investment approach for American Funds Insurance Series – Target Date Series |
Investment portfolios | |
4 | American Funds IS 2035 Target Date Fund |
5 | American Funds IS 2030 Target Date Fund |
6 | American Funds IS 2025 Target Date Fund |
7 | American Funds IS 2020 Target Date Fund |
8 | American Funds IS 2015 Target Date Fund |
9 | American Funds IS 2010 Target Date Fund |
10 | Financial statements |
American Funds Insurance Series – Target Date Series | 1 |
Results at a glance
For periods ended June 30, 2020, with distributions reinvested
Cumulative total returns | ||||||||
Class 4 shares | 6 months | Lifetime* | ||||||
American Funds IS 2035 Target Date Fund | –2.18 | % | 0.46 | % | ||||
Standard & Poor’s Target Date Through 2035 Index | –5.38 | –3.08 | ||||||
Lipper Mixed-Asset Target 2035 Funds Index | –3.15 | –0.95 | ||||||
American Funds IS 2030 Target Date Fund | –1.50 | 0.75 | ||||||
Standard & Poor’s Target Date Through 2030 Index | –4.38 | –2.26 | ||||||
Lipper Mixed-Asset Target 2030 Funds Index | –0.86 | 1.09 | ||||||
American Funds IS 2025 Target Date Fund | –0.29 | 1.68 | ||||||
Standard & Poor’s Target Date Through 2025 Index | –3.08 | –1.21 | ||||||
Lipper Mixed-Asset Target 2025 Funds Index | 0.29 | 1.95 | ||||||
American Funds IS 2020 Target Date Fund | –0.43 | 1.25 | ||||||
Standard & Poor’s Target Date Through 2020 Index | –1.90 | –0.24 | ||||||
Lipper Mixed-Asset Target 2020 Funds Index | –0.72 | 0.70 | ||||||
American Funds IS 2015 Target Date Fund | –0.58 | 1.10 | ||||||
Standard & Poor’s Target Date Through 2015 Index | –0.61 | 0.79 | ||||||
Lipper Mixed-Asset Target 2015 Funds Index | –0.65 | 0.66 | ||||||
American Funds IS 2010 Target Date Fund | –0.40 | 1.14 | ||||||
Standard & Poor’s Target Date Through 2010 Index | 0.00 | 1.26 | ||||||
Lipper Mixed-Asset Target 2010 Funds Index | 2.06 | 3.41 | ||||||
Standard & Poor’s 500 Composite Index | –3.08 | –0.36 | ||||||
MSCI All Country World Index (ACWI) ex USA | –11.00 | –7.58 | ||||||
Bloomberg Barclays U.S. Aggregate Index | 6.14 | 6.29 |
* | Since December 6, 2019, for all funds. |
The S&P Target Date Style Index Series (“Through” variant), a subset of the S&P Target Date Index Series, comprises a set of multi-asset-class indexes, each corresponding to a particular target date. The “Through” variant indexes are based on funds with an asset allocation and glide path that aim to be more sensitive to longevity risk at, and beyond, the retirement date. Each index is fully investable, with varying levels of exposure to the asset classes determined during an annual survey process of target date funds’ holdings. Source: S&P Dow Jones Indices LLC.
Lipper indexes track the largest funds (no more than 30) represented by one share class per fund, in the corresponding Lipper category. Lipper indexes track target date funds in five-year increments. Source: Refinitiv Lipper.
Standard & Poor’s 500 Composite Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks. Source: S&P Dow Jones Indices LLC.
MSCI All Country World Index (ACWI) ex USA is a free float-adjusted market capitalization-weighted index designed to measure developed and emerging equity markets excluding the U.S., and its results reflect dividends net of withholding taxes. Source: MSCI.
Bloomberg Barclays U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. Source: Bloomberg Index Services Ltd.
The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.
2 | American Funds Insurance Series – Target Date Series |
Investment approach for
American Funds Insurance Series – Target Date Series
The glide path illustrates the investment approach of the funds by showing how investments in the various fund categories will change over time. Each fund’s asset mix becomes relatively more conservative — both prior to and after retirement — as time elapses. As you can see, even into retirement a fairly substantial portion will remain invested in funds that concentrate on stocks. We believe that with retirement lasting two decades or longer for many people, an equity component makes sense, particularly in the early years of retirement. The allocations shown reflect the target allocations as of December 6, 2019.
The Target Date Solutions Committee continually monitors the funds in the series. Investment professionals continue to manage each fund for approximately 30 years after it reaches its target date. The target date is the year that corresponds roughly to the year in which an investor is assumed to retire and begin taking withdrawals. The funds may be subject to an allocation approach that will not meet an investor’s retirement goals. The funds’ investment adviser anticipates that the funds will invest their assets within a range that deviates no more than 10% above or below these allocations. The investment adviser may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders.
American Funds Insurance Series – Target Date Series | 3 |
American Funds IS 2035 Target Date Fund
Investment portfolio June 30, 2020 | unaudited |
Growth funds 32.50% | Shares | Value (000) | ||||||
New Perspective Fund, Class R-6 | 57 | $ | 3 | |||||
AMCAP Fund, Class R-6 | 68 | 2 | ||||||
EuroPacific Growth Fund, Class R-6 | 29 | 2 | ||||||
SMALLCAP World Fund, Inc., Class R-6 | 37 | 2 | ||||||
The Growth Fund of America, Class R-6 | 42 | 2 | ||||||
New World Fund, Inc., Class R-6 | 16 | 1 | ||||||
The New Economy Fund, Class R-6 | 22 | 1 | ||||||
Total growth funds (cost: $13,000) | 13 | |||||||
Growth-and-income funds 35.00% | ||||||||
Fundamental Investors, Class R-6 | 42 | 3 | ||||||
The Investment Company of America, Class R-6 | 74 | 3 | ||||||
Washington Mutual Investors Fund, Class R-6 | 73 | 3 | ||||||
American Mutual Fund, Class R-6 | 60 | 2 | ||||||
Capital World Growth and Income Fund, Class R-6 | 41 | 2 | ||||||
International Growth and Income Fund, Class R-6 | 39 | 1 | ||||||
Total growth-and-income funds (cost: $16,000) | 14 | |||||||
Equity-income and Balanced funds 20.00% | ||||||||
American Balanced Fund, Class R-6 | 85 | 2 | ||||||
American Funds Global Balanced Fund, Class R-6 | 71 | 2 | ||||||
Capital Income Builder, Class R-6 | 27 | 2 | ||||||
The Income Fund of America, Class R-6 | 75 | 2 | ||||||
Total equity-income and balanced funds (cost: $8,000) | 8 | |||||||
Fixed income funds 12.50% | ||||||||
U.S. Government Securities Fund, Class R-6 | 206 | 3 | ||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 79 | 1 | ||||||
American Funds Mortgage Fund, Class R-6 | 18 | 1 | ||||||
Capital World Bond Fund, Class R-6 | 10 | — | 1 | |||||
Intermediate Bond Fund of America, Class R-6 | 11 | — | 1 | |||||
Total fixed income funds (cost: $4,000) | 5 | |||||||
Total investment securities 100.00% (cost: $41,000) | 40 | |||||||
Other assets less liabilities 0.00% | — | |||||||
Net assets 100.00% | $ | 40 |
1 | Amount less than one thousand. |
See notes to financial statements.
4 | American Funds Insurance Series – Target Date Series |
American Funds IS 2030 Target Date Fund | |
Investment portfolio June 30, 2020 | unaudited |
Growth funds 20.00% | Shares | Value (000) | ||||||
AMCAP Fund, Class R-6 | 47 | $ | 2 | |||||
New Perspective Fund, Class R-6 | 42 | 2 | ||||||
The Growth Fund of America, Class R-6 | 29 | 2 | ||||||
EuroPacific Growth Fund, Class R-6 | 22 | 1 | ||||||
SMALLCAP World Fund, Inc., Class R-6 | 17 | 1 | ||||||
New World Fund, Inc., Class R-6 | 5 | — | 1 | |||||
Total growth funds (cost: $7,000) | 8 | |||||||
Growth-and-income funds 35.00% | ||||||||
American Mutual Fund, Class R-6 | 60 | 3 | ||||||
The Investment Company of America, Class R-6 | 74 | 3 | ||||||
Washington Mutual Investors Fund, Class R-6 | 71 | 3 | ||||||
Capital World Growth and Income Fund, Class R-6 | 41 | 2 | ||||||
Fundamental Investors, Class R-6 | 41 | 2 | ||||||
International Growth and Income Fund, Class R-6 | 38 | 1 | ||||||
Total growth-and-income funds (cost: $15,000) | 14 | |||||||
Equity-income and Balanced funds 20.00% | ||||||||
American Balanced Fund, Class R-6 | 86 | 2 | ||||||
American Funds Global Balanced Fund, Class R-6 | 72 | 2 | ||||||
Capital Income Builder, Class R-6 | 28 | 2 | ||||||
The Income Fund of America, Class R-6 | 76 | 2 | ||||||
Total equity-income and balanced funds (cost: $9,000) | 8 | |||||||
Fixed income funds 25.00% | ||||||||
U.S. Government Securities Fund, Class R-6 | 181 | 3 | ||||||
American Funds Mortgage Fund, Class R-6 | 185 | 2 | ||||||
Capital World Bond Fund, Class R-6 | 96 | 2 | ||||||
Intermediate Bond Fund of America, Class R-6 | 125 | 2 | ||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 148 | 1 | ||||||
The Bond Fund of America, Class R-6 | 14 | — | 1 | |||||
Total fixed income funds (cost: $10,000) | 10 | |||||||
Total investment securities 100.00% (cost: $41,000) | 40 | |||||||
Other assets less liabilities 0.00% | — | |||||||
Net assets 100.00% | $ | 40 |
1 | Amount less than one thousand. |
See notes to financial statements.
American Funds Insurance Series – Target Date Series | 5 |
American Funds IS 2025 Target Date Fund | |
Investment portfolio June 30, 2020 | unaudited |
Growth funds 14.21% | Shares | Value (000) | ||||||
New Perspective Fund, Class R-6 | 358 | $ | 17 | |||||
AMCAP Fund, Class R-6 | 402 | 14 | ||||||
EuroPacific Growth Fund, Class R-6 | 187 | 10 | ||||||
The Growth Fund of America, Class R-6 | 186 | 10 | ||||||
Total growth funds (cost: $49,000) | 51 | |||||||
Growth-and-income funds 29.53% | ||||||||
American Mutual Fund, Class R-6 | 536 | 21 | ||||||
The Investment Company of America, Class R-6 | 562 | 21 | ||||||
Washington Mutual Investors Fund, Class R-6 | 478 | 21 | ||||||
Capital World Growth and Income Fund, Class R-6 | 363 | 18 | ||||||
Fundamental Investors, Class R-6 | 307 | 18 | ||||||
International Growth and Income Fund, Class R-6 | 225 | 7 | ||||||
Total growth-and-income funds (cost: $105,000) | 106 | |||||||
Equity-income and Balanced funds 20.33% | ||||||||
American Balanced Fund, Class R-6 | 747 | 21 | ||||||
American Funds Global Balanced Fund, Class R-6 | 616 | 20 | ||||||
Capital Income Builder, Class R-6 | 281 | 16 | ||||||
The Income Fund of America, Class R-6 | 762 | 16 | ||||||
Total equity-income and balanced funds (cost: $73,000) | 73 | |||||||
Fixed income funds 35.93% | ||||||||
Intermediate Bond Fund of America, Class R-6 | 2,273 | 32 | ||||||
U.S. Government Securities Fund, Class R-6 | 1,415 | 21 | ||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 1,713 | 19 | ||||||
The Bond Fund of America, Class R-6 | 1,357 | 19 | ||||||
American Funds Mortgage Fund, Class R-6 | 1,729 | 18 | ||||||
Capital World Bond Fund, Class R-6 | 874 | 18 | ||||||
American High-Income Trust, Class R-6 | 193 | 2 | ||||||
Total fixed income funds (cost: $127,000) | 129 | |||||||
Total investment securities 100.00% (cost: $354,000) | 359 | |||||||
Other assets less liabilities 0.00% | — | |||||||
Net assets 100.00% | $ | 359 |
See notes to financial statements.
6 | American Funds Insurance Series – Target Date Series |
American Funds IS 2020 Target Date Fund | |
Investment portfolio June 30, 2020 | unaudited |
Growth funds 4.30% | Shares | Value (000) | ||||||
AMCAP Fund, Class R-6 | 185 | $ | 6 | |||||
New Perspective Fund, Class R-6 | 132 | 6 | ||||||
The Growth Fund of America, Class R-6 | 58 | 3 | ||||||
Total growth funds (cost: $15,000) | 15 | |||||||
Growth-and-income funds 25.21% | ||||||||
American Mutual Fund, Class R-6 | 526 | 21 | ||||||
The Investment Company of America, Class R-6 | 463 | 18 | ||||||
Washington Mutual Investors Fund, Class R-6 | 398 | 17 | ||||||
Capital World Growth and Income Fund, Class R-6 | 287 | 14 | ||||||
Fundamental Investors, Class R-6 | 244 | 14 | ||||||
International Growth and Income Fund, Class R-6 | 113 | 4 | ||||||
Total growth-and-income funds (cost: $86,000) | 88 | |||||||
Equity-income and Balanced funds 25.50% | ||||||||
Capital Income Builder, Class R-6 | 563 | 32 | ||||||
The Income Fund of America, Class R-6 | 1,533 | 32 | ||||||
American Balanced Fund, Class R-6 | 490 | 14 | ||||||
American Funds Global Balanced Fund, Class R-6 | 315 | 11 | ||||||
Total equity-income and balanced funds (cost: $89,000) | 89 | |||||||
Fixed income funds 44.99% | ||||||||
Intermediate Bond Fund of America, Class R-6 | 2,226 | 31 | ||||||
The Bond Fund of America, Class R-6 | 2,000 | 28 | ||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 2,255 | 24 | ||||||
American Funds Mortgage Fund, Class R-6 | 1,992 | 21 | ||||||
Capital World Bond Fund, Class R-6 | 854 | 18 | ||||||
U.S. Government Securities Fund, Class R-6 | 1,179 | 18 | ||||||
American High-Income Trust, Class R-6 | 1,866 | 17 | ||||||
Total fixed income funds (cost: $155,000) | 157 | |||||||
Total investment securities 100.00% (cost: $345,000) | 349 | |||||||
Other assets less liabilities 0.00% | — | |||||||
Net assets 100.00% | $ | 349 |
See notes to financial statements.
American Funds Insurance Series – Target Date Series | 7 |
American Funds IS 2015 Target Date Fund | |
Investment portfolio June 30, 2020 | unaudited |
Growth-and-income funds 24.47% | Shares | Value (000) | ||||||
American Mutual Fund, Class R-6 | 5,928 | $ | 236 | |||||
The Investment Company of America, Class R-6 | 5,166 | 195 | ||||||
Washington Mutual Investors Fund, Class R-6 | 4,476 | 195 | ||||||
Capital World Growth and Income Fund, Class R-6 | 3,263 | 159 | ||||||
Fundamental Investors, Class R-6 | 2,707 | 155 | ||||||
International Growth and Income Fund, Class R-6 | 1,159 | 36 | ||||||
Total growth-and-income funds (cost: $933,000) | 976 | |||||||
Equity-income and Balanced funds 29.91% | ||||||||
Capital Income Builder, Class R-6 | 8,311 | 477 | ||||||
The Income Fund of America, Class R-6 | 22,714 | 477 | ||||||
American Balanced Fund, Class R-6 | 4,304 | 120 | ||||||
American Funds Global Balanced Fund, Class R-6 | 3,595 | 119 | ||||||
Total equity-income and balanced funds (cost: $1,166,000) | 1,193 | |||||||
Fixed income funds 45.67% | ||||||||
Intermediate Bond Fund of America, Class R-6 | 26,941 | 380 | ||||||
The Bond Fund of America, Class R-6 | 22,961 | 321 | ||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 25,875 | 281 | ||||||
American Funds Mortgage Fund, Class R-6 | 22,797 | 241 | ||||||
Capital World Bond Fund, Class R-6 | 9,746 | 200 | ||||||
American High-Income Trust, Class R-6 | 21,409 | 198 | ||||||
U.S. Government Securities Fund, Class R-6 | 12,139 | 181 | ||||||
Short-Term Bond Fund of America, Class R-6 | 1,972 | 20 | ||||||
Total fixed income funds (cost: $1,800,000) | 1,822 | |||||||
Total investment securities 100.05% (cost: $3,899,000) | 3,991 | |||||||
Other assets less liabilities (0.05)% | (2 | ) | ||||||
Net assets 100.00% | $ | 3,989 |
See notes to financial statements.
8 | American Funds Insurance Series – Target Date Series |
American Funds IS 2010 Target Date Fund | |
Investment portfolio June 30, 2020 | unaudited |
Growth-and-income funds 19.54% | Shares | Value (000) | ||||||
American Mutual Fund, Class R-6 | 83,535 | $ | 3,321 | |||||
The Investment Company of America, Class R-6 | 70,263 | 2,647 | ||||||
Washington Mutual Investors Fund, Class R-6 | 60,692 | 2,643 | ||||||
Capital World Growth and Income Fund, Class R-6 | 53,934 | 2,628 | ||||||
Fundamental Investors, Class R-6 | 34,314 | 1,967 | ||||||
Total growth-and-income funds (cost: $12,594,000) | 13,206 | |||||||
Equity-income and Balanced funds 30.63% | ||||||||
Capital Income Builder, Class R-6 | 145,638 | 8,364 | ||||||
The Income Fund of America, Class R-6 | 398,078 | 8,364 | ||||||
American Balanced Fund, Class R-6 | 72,664 | 2,022 | ||||||
American Funds Global Balanced Fund, Class R-6 | 58,797 | 1,950 | ||||||
Total equity-income and balanced funds (cost: $20,253,000) | 20,700 | |||||||
Fixed income funds 49.89% | ||||||||
Intermediate Bond Fund of America, Class R-6 | 690,914 | 9,762 | ||||||
The Bond Fund of America, Class R-6 | 393,328 | 5,503 | ||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 419,194 | 4,548 | ||||||
American Funds Mortgage Fund, Class R-6 | 386,609 | 4,086 | ||||||
Short-Term Bond Fund of America, Class R-6 | 371,114 | 3,778 | ||||||
American High-Income Trust, Class R-6 | 327,225 | 3,027 | ||||||
Capital World Bond Fund, Class R-6 | 146,959 | 3,013 | ||||||
Total fixed income funds (cost: $33,140,000) | 33,717 | |||||||
Total investment securities 100.06% (cost: $65,987,000) | 67,623 | |||||||
Other assets less liabilities (0.06)% | (40 | ) | ||||||
Net assets 100.00% | $ | 67,583 |
See notes to financial statements.
American Funds Insurance Series – Target Date Series | 9 |
Financial statements
Statements of assets and liabilities at June 30, 2020 | (dollars and shares in thousands, except per-share amounts) |
IS 2035 Fund | IS 2030 Fund | IS 2025 Fund | IS 2020 Fund | IS 2015 Fund | IS 2010 Fund | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Investment securities from unaffiliated issuers, at value | $ | 40 | $ | 40 | $ | 359 | $ | 349 | $ | 3,991 | $ | 67,623 | |||||||||||||
Cash | — | — | — | * | — | * | — | * | — | ||||||||||||||||
Receivables for: | |||||||||||||||||||||||||
Sales of investments | — | — | — | * | — | * | — | * | — | ||||||||||||||||
Sales of fund’s shares | — | — | — | — | — | 378 | |||||||||||||||||||
Dividends | — | * | — | * | — | * | — | * | 2 | 39 | |||||||||||||||
Total assets | 40 | 40 | 359 | 349 | 3,993 | 68,040 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Payables for: | |||||||||||||||||||||||||
Purchases of investments | — | * | — | * | — | * | — | * | 2 | 417 | |||||||||||||||
Repurchases of fund’s shares | — | — | — | * | — | * | 1 | — | |||||||||||||||||
Insurance administrative fees | — | — | — | * | — | * | 1 | 26 | |||||||||||||||||
Services provided by related parties | — | * | — | * | — | * | — | * | — | * | 14 | ||||||||||||||
Total liabilities | — | * | — | * | — | * | — | * | 4 | 457 | |||||||||||||||
Net assets at June 30, 2020 | $ | 40 | $ | 40 | $ | 359 | $ | 349 | $ | 3,989 | $ | 67,583 | |||||||||||||
Net assets consist of: | |||||||||||||||||||||||||
Capital paid in on shares of beneficial interest | $ | 41 | $ | 41 | $ | 353 | $ | 344 | $ | 3,877 | $ | 65,594 | |||||||||||||
Total (accumulated loss) distributable earnings | (1 | ) | (1 | ) | 6 | 5 | 112 | 1,989 | |||||||||||||||||
Net assets at June 30, 2020 | $ | 40 | $ | 40 | $ | 359 | $ | 349 | $ | 3,989 | $ | 67,583 | |||||||||||||
Investment securities from unaffiliated issuers, at cost | $ | 41 | $ | 41 | $ | 354 | $ | 345 | $ | 3,899 | $ | 65,987 | |||||||||||||
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized | |||||||||||||||||||||||||
Class 1: | Net assets | $ | 10 | $ | 10 | $ | 10 | $ | 10 | $ | 10 | $ | 10 | ||||||||||||
Shares outstanding | 1 | 1 | 1 | 1 | 1 | 1 | |||||||||||||||||||
Net asset value per share | $ | 9.70 | $ | 9.79 | $ | 10.08 | $ | 10.04 | $ | 10.04 | $ | 10.06 | |||||||||||||
Class 1A: | Net assets | $ | 10 | $ | 10 | $ | 10 | $ | 10 | $ | 10 | $ | 10 | ||||||||||||
Shares outstanding | 1 | 1 | 1 | 1 | 1 | 1 | |||||||||||||||||||
Net asset value per share | $ | 9.70 | $ | 9.79 | $ | 10.08 | $ | 10.05 | $ | 10.04 | $ | 10.06 | |||||||||||||
Class 2: | Net assets | $ | 10 | $ | 10 | $ | 10 | $ | 10 | $ | 10 | $ | 10 | ||||||||||||
Shares outstanding | 1 | 1 | 1 | 1 | 1 | 1 | |||||||||||||||||||
Net asset value per share | $ | 9.70 | $ | 9.79 | $ | 10.08 | $ | 10.04 | $ | 10.04 | $ | 10.06 | |||||||||||||
Class 4: | Net assets | $ | 10 | $ | 10 | $ | 329 | $ | 319 | $ | 3,959 | $ | 67,553 | ||||||||||||
Shares outstanding | 1 | 1 | 33 | 32 | 395 | 6,731 | |||||||||||||||||||
Net asset value per share | $ | 9.70 | $ | 9.79 | $ | 10.07 | $ | 10.03 | $ | 10.03 | $ | 10.04 |
* | Amount less than one thousand. |
See notes to financial statements.
10 | American Funds Insurance Series – Target Date Series |
Statements of operations for the six months ended June 30, 2020 | unaudited (dollars in thousands) |
IS 2035 Fund | IS 2030 Fund | IS 2025 Fund | IS 2020 Fund | IS 2015 Fund | IS 2010 Fund | |||||||||||||||||||
Investment income: | ||||||||||||||||||||||||
Income: | ||||||||||||||||||||||||
Dividends from unaffiliated issuers | $ | — | * | $ | — | * | $ | 1 | $ | 2 | $ | 20 | $ | 395 | ||||||||||
Fees and expenses†: | ||||||||||||||||||||||||
Distribution services | — | — | — | * | — | * | 1 | 30 | ||||||||||||||||
Insurance administrative services | — | — | — | * | — | * | 1 | 30 | ||||||||||||||||
Transfer agent services | — | — | — | — | — | * | — | * | ||||||||||||||||
Reports to shareholders | 2 | 2 | 2 | 2 | 2 | 5 | ||||||||||||||||||
Registration statement and prospectus | 1 | 1 | 1 | 1 | 1 | 1 | ||||||||||||||||||
Trustees’ compensation | — | — | — | — | — | — | ||||||||||||||||||
Auditing and legal | 3 | 3 | 3 | 3 | 3 | 3 | ||||||||||||||||||
Custodian | 2 | 2 | 2 | 2 | 3 | 3 | ||||||||||||||||||
Total fees and expenses before reimbursements | 8 | 8 | 8 | 8 | 11 | 72 | ||||||||||||||||||
Less reimbursements of fees and expenses: | ||||||||||||||||||||||||
Miscellaneous fee reimbursements | 8 | 8 | 8 | 8 | 8 | 4 | ||||||||||||||||||
Total fees and expenses after reimbursements | — | * | — | * | — | * | — | * | 3 | 68 | ||||||||||||||
Net investment income | — | * | — | * | 1 | 2 | 17 | 327 | ||||||||||||||||
Net realized (loss) gain and unrealized (depreciation) appreciation: | ||||||||||||||||||||||||
Net realized loss on investments in unaffiliated issuers | — | * | — | * | (1 | ) | (1 | ) | — | * | (15 | ) | ||||||||||||
Capital gain distributions received from unaffiliated issuers | — | * | — | * | 1 | — | * | 3 | 41 | |||||||||||||||
— | * | — | * | — | * | (1 | ) | 3 | 26 | |||||||||||||||
Net unrealized (depreciation) appreciation on investments in unaffiliated issuers | (1 | ) | (1 | ) | 5 | 4 | 92 | 1,636 | ||||||||||||||||
Net realized (loss) gain and unrealized (depreciation) appreciation | (1 | ) | (1 | ) | 5 | 3 | 95 | 1,662 | ||||||||||||||||
Net (decrease) increase in net assets resulting from operations | $ | (1 | ) | $ | (1 | ) | $ | 6 | $ | 5 | $ | 112 | $ | 1,989 |
* | Amount less than one thousand. |
† | Additional information related to class-specific fees and expenses is included in the notes to financial statements. |
See notes to financial statements.
American Funds Insurance Series – Target Date Series | 11 |
Statements of changes in net assets | (dollars in thousands) |
IS 2035 Fund | IS 2030 Fund | IS 2025 Fund | ||||||||||||||||||||||
Six months ended June 30, 20201 | Period ended December 31, 20192 | Six months ended June 30, 20201 | Period ended December 31, 20192 | Six months ended June 30, 20201 | Period ended December 31, 20192 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | — | 3 | $ | — | 3 | $ | — | 3 | $ | — | 3 | $ | 1 | $ | — | 3 | |||||||
Net realized gain (loss) | — | 3 | 1 | — | 3 | 1 | — | 3 | 1 | |||||||||||||||
Net unrealized (depreciation) appreciation | (1 | ) | — | 3 | (1 | ) | — | 3 | 5 | — | 3 | |||||||||||||
Net (decrease) increase in net assets resulting from operations | (1 | ) | 1 | (1 | ) | 1 | 6 | 1 | ||||||||||||||||
Distributions paid to shareholders | (1 | ) | — | 3 | (1 | ) | — | 3 | (1 | ) | — | 3 | ||||||||||||
Net capital share transactions | 1 | 40 | 1 | 40 | 313 | 40 | ||||||||||||||||||
Total (decrease) increase in net assets | (1 | ) | 41 | (1 | ) | 41 | 318 | 41 | ||||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of period | 41 | — | 41 | — | 41 | — | ||||||||||||||||||
End of period | $ | 40 | $ | 41 | $ | 40 | $ | 41 | $ | 359 | $ | 41 | ||||||||||||
IS 2020 Fund | IS 2015 Fund | IS 2010 Fund | ||||||||||||||||||||||
Six months ended June 30, 20201 | Period ended December 31, 20192 | Six months ended June 30, 20201 | Period ended December 31, 20192 | Six months ended June 30, 20201 | Period ended December 31, 20192 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 2 | $ | — | 3 | $ | 17 | $ | — | 3 | $ | 327 | $ | — | 3 | |||||||||
Net realized gain (loss) | (1 | ) | 1 | 3 | 1 | 26 | 1 | |||||||||||||||||
Net unrealized (depreciation) appreciation | 4 | — | 3 | 92 | — | 3 | 1,636 | — | 3 | |||||||||||||||
Net (decrease) increase in net assets resulting from operations | 5 | 1 | 112 | 1 | 1,989 | 1 | ||||||||||||||||||
Distributions paid to shareholders | (1 | ) | — | 3 | (1 | ) | — | 3 | (1 | ) | — | 3 | ||||||||||||
Net capital share transactions | 304 | 40 | 3,837 | 40 | 65,554 | 40 | ||||||||||||||||||
Total (decrease) increase in net assets | 308 | 41 | 3,948 | 41 | 67,542 | 41 | ||||||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of period | 41 | — | 41 | — | 41 | — | ||||||||||||||||||
End of period | $ | 349 | $ | 41 | $ | 3,989 | $ | 41 | $ | 67,583 | $ | 41 |
1 | Unaudited. |
2 | For the period December 6, 2019, commencement of operations, to December 31, 2019. |
3 | Amount less than one thousand. |
See notes to financial statements.
12 | American Funds Insurance Series – Target Date Series |
Notes to financial statements | unaudited |
1. Organization
American Funds Insurance Series (the “series”) is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company with 34 different funds (the “funds”), including six funds in the American Funds Insurance Series — Target Date Series covered in this report. The other 28 funds in the series are covered in separate reports. Twenty-three funds in the series are covered in the American Funds Insurance Series report and five funds in the series are covered in the American Funds Insurance Series — Portfolio Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company (“CRMC”) is the series’ investment adviser.
Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.
Each fund in the American Funds Insurance Series — Target Date Series is designed for investors who plan to retire in, or close to, the year designated in the fund’s name. Depending on its proximity to its target date, each fund seeks to achieve the following objectives to varying degrees: growth, income and conservation of capital. As each fund approaches and passes its target date, it will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds. Each fund will attempt to achieve its investment objectives by investing in a mix of American Funds (the “underlying funds”) in different combinations and weightings. Capital Research and Management Company (“CRMC”), the series’ investment adviser, is also the investment adviser of the underlying funds.
Each fund offers four share classes (Classes 1, 1A, 2 and 4). Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.
2. Significant accounting policies
Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the series’ investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.
Security transactions and related investment income — Security transactions are recorded by the funds as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the funds will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis.
Fees and expenses — The fees and expenses of the underlying funds are not included in the fees and expenses reported for each of the funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the net effective expense ratios that are provided as additional information in the financial highlights tables.
Class allocations — Income, fees and expenses (other than class-specific fees and expenses), realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution expenses, are accrued daily and charged directly to the respective share class of each fund.
Distributions paid to shareholders — Income dividends and capital gain distributions paid to shareholders are recorded on each fund’s ex-dividend date.
American Funds Insurance Series – Target Date Series | 13 |
3. Valuation
Security valuation — The net asset value of each share class of each fund is calculated based on the reported net asset values of the underlying funds in which each fund invests. The net asset value of each underlying fund is calculated based on the policies and procedures of the underlying fund contained in each underlying fund’s statement of additional information. Generally, the funds and the underlying funds determine the net asset value of each share class as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open.
Processes and structure — The series’ board of trustees has delegated authority to the series’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The series’ board and audit committee also regularly review reports that describe fair value determinations and methods. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.
Classifications — The series’ investment adviser classifies each fund’s assets and liabilities into three levels based on the method used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. At June 30, 2020, all of the investment securities held by each fund were classified as Level 1.
4. Risk factors
Investing in the funds may involve certain risks including, but not limited to, those described below.
Allocation risk — Investments in a fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of a fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, a fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk each fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.
Fund structure — Each fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in each fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying funds directly and in the same proportions as a fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the fund. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that each fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for each fund. This strategy could raise certain conflicts of interest when choosing underlying investments for each fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of each fund.
Underlying fund risks — Because a fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in a fund and the applicable underlying funds.
Market conditions — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions
14 | American Funds Insurance Series – Target Date Series |
affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.
Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region could have impacts on global economies or markets. As a result, whether or not the funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of each fund’s investments may be negatively affected by developments in other countries and regions.
Issuer risks — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation related to the issuer, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.
Investing in stocks — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.
Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying funds. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.
Investing in debt instruments — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.
Rising interest rates will generally cause the prices of bonds and other debt securities to fall. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund 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. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which an underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in seeking to assess credit and default risks. These risks will be
American Funds Insurance Series – Target Date Series | 15 |
more significant as the fund approaches and passes its target date because a greater proportion of the fund’s assets will consist of underlying funds that primarily invest in bonds.
Investing in lower rated debt instruments — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.
Investing in mortgage-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and an underlying fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the underlying fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the underlying fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.
Investing in securities backed by the U.S. government — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.
Investing in inflation-linked bonds — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.
Investing in inflation-linked bonds may also reduce an underlying fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the underlying fund.
Investing in derivatives — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may expose the underlying fund to losses in excess of its initial investment. Derivatives may be difficult to value, difficult for the underlying fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The underlying fund’s use of derivatives may result in losses to the underlying fund, and investing in derivatives may reduce the underlying fund’s returns and increase the underlying fund’s price volatility. The underlying fund’s counterparty to a derivative transaction (including, if applicable, the underlying fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the underlying fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses.
Interest rate risk — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The underlying fund may invest in variable and floating rate securities. When the
16 | American Funds Insurance Series – Target Date Series |
underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield.
Liquidity risk — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs or may be forced to sell at a loss.
Management — The investment adviser to the funds and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.
5. Taxation and distributions
Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.
As of and during the period ended June 30, 2020, 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 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 generally three years after the date of filing but can be extended in certain jurisdictions.
Distributions — Distributions paid to shareholders are based on each fund’s net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as short-term capital gains and losses. 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):
IS 2035 | IS 2030 | IS 2025 | IS 2020 | IS 2015 | IS 2010 | |||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | |||||||||||||||||||
Undistributed long-term capital gain | $ | 1 | $ | 1 | $ | 1 | $ | 1 | $ | 1 | $ | 1 | ||||||||||||
Gross unrealized appreciation on investments | 1 | 1 | 5 | 5 | 92 | 1,636 | ||||||||||||||||||
Gross unrealized depreciation on investments | (2 | ) | (1 | ) | — | * | (1 | ) | — | — | ||||||||||||||
Net unrealized (depreciation) appreciation on investments | (1 | ) | — | * | 5 | 4 | 92 | 1,636 | ||||||||||||||||
Cost of investments | 41 | 40 | 354 | 345 | 3,899 | 65,987 |
See end of tables for footnotes.
American Funds Insurance Series – Target Date Series | 17 |
Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):
IS 2035 Fund
For the period December 6, 2019† to | ||||||||||||||||||||||||
Six months ended June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||
Ordinary | Long-term | distributions | Ordinary | Long-term | distributions | |||||||||||||||||||
Share class | income | capital gains | paid | income | capital gains | paid | ||||||||||||||||||
Class 1 | $ | — | * | $ | 1 | $ | 1 | $ | — | * | $ | — | $ | — | * | |||||||||
Class 1A | — | * | — | * | — | * | — | * | — | — | * | |||||||||||||
Class 2 | — | * | — | * | — | * | — | * | — | — | * | |||||||||||||
Class 4 | — | * | — | * | — | * | — | * | — | — | * | |||||||||||||
Total | $ | — | * | $ | 1 | $ | 1 | $ | — | * | $ | — | $ | — | * |
IS 2030 Fund
For the period December 6, 2019† to | ||||||||||||||||||||||||
Six months ended June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||
Ordinary | Long-term | distributions | Ordinary | Long-term | distributions | |||||||||||||||||||
Share class | income | capital gains | paid | income | capital gains | paid | ||||||||||||||||||
Class 1 | $ | — | * | $ | 1 | $ | 1 | $ | — | * | $ | — | $ | — | * | |||||||||
Class 1A | — | * | — | * | — | * | — | * | — | — | * | |||||||||||||
Class 2 | — | * | — | * | — | * | — | * | — | — | * | |||||||||||||
Class 4 | — | * | — | * | — | * | — | * | — | — | * | |||||||||||||
Total | $ | — | * | $ | 1 | $ | 1 | $ | — | * | $ | — | $ | — | * |
IS 2025 Fund
For the period December 6, 2019† to | ||||||||||||||||||||||||
Six months ended June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||
Ordinary | Long-term | distributions | Ordinary | Long-term | distributions | |||||||||||||||||||
Share class | income | capital gains | paid | income | capital gains | paid | ||||||||||||||||||
Class 1 | $ | — | * | $ | — | * | $ | — | * | $ | — | * | $ | — | $ | — | * | |||||||
Class 1A | — | * | — | * | — | * | — | * | — | — | * | |||||||||||||
Class 2 | — | * | — | * | — | * | — | * | — | — | * | |||||||||||||
Class 4 | — | * | 1 | 1 | — | * | — | — | * | |||||||||||||||
Total | $ | — | * | $ | 1 | $ | 1 | $ | — | * | $ | — | $ | — | * |
IS 2020 Fund
For the period December 6, 2019† to | ||||||||||||||||||||||||
Six months ended June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||
Ordinary | Long-term | distributions | Ordinary | Long-term | distributions | |||||||||||||||||||
Share class | income | capital gains | paid | income | capital gains | paid | ||||||||||||||||||
Class 1 | $ | — | * | $ | — | * | $ | — | * | $ | — | * | $ | — | $ | — | * | |||||||
Class 1A | — | * | — | * | — | * | — | * | — | — | * | |||||||||||||
Class 2 | — | * | — | * | — | * | — | * | — | — | * | |||||||||||||
Class 4 | — | * | 1 | 1 | — | * | — | — | * | |||||||||||||||
Total | $ | — | * | $ | 1 | $ | 1 | $ | — | * | $ | — | $ | — | * |
18 | American Funds Insurance Series – Target Date Series |
IS 2015 Fund
For the period December 6, 2019† to | ||||||||||||||||||||||||
Six months ended June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||
Ordinary | Long-term | distributions | Ordinary | Long-term | distributions | |||||||||||||||||||
Share class | income | capital gains | paid | income | capital gains | paid | ||||||||||||||||||
Class 1 | $ | — | $ | — | * | $ | — | * | $ | — | * | $ | — | $ | — | * | ||||||||
Class 1A | — | — | * | — | * | — | * | — | — | * | ||||||||||||||
Class 2 | — | — | * | — | * | — | * | — | — | * | ||||||||||||||
Class 4 | — | 1 | 1 | — | * | — | — | * | ||||||||||||||||
Total | $ | — | $ | 1 | $ | 1 | $ | — | * | $ | — | $ | — | * |
IS 2010 Fund
For the period December 6, 2019† to | ||||||||||||||||||||||||
Six months ended June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||
Ordinary | Long-term | distributions | Ordinary | Long-term | distributions | |||||||||||||||||||
Share class | income | capital gains | paid | income | capital gains | paid | ||||||||||||||||||
Class 1 | $ | — | $ | — | * | $ | — | * | $ | — | * | $ | — | $ | — | * | ||||||||
Class 1A | — | — | * | — | * | — | * | — | — | * | ||||||||||||||
Class 2 | — | — | * | — | * | — | * | — | — | * | ||||||||||||||
Class 4 | — | 1 | 1 | — | * | — | — | * | ||||||||||||||||
Total | $ | — | $ | 1 | $ | 1 | $ | — | * | $ | — | $ | — | * |
* | Amount less than one thousand. |
† | Commencement of operations. |
6. Fees and transactions
CRMC, the series’ investment adviser, is the parent company of American Funds Distributors®, Inc. (“AFD”), the distributor of the series’ shares, and American Funds Service Company® (“AFS”), the series’ transfer agent. CRMC, AFD and AFS are considered related parties to the series.
Investment advisory services — The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. CRMC receives investment advisory fees from the underlying funds. These fees are included in the net effective expense ratios that are provided as additional information in the financial highlights tables.
Distribution services — The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments are based on an annualized percentage of average net assets as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.
Share class | Currently approved limits | Plan limits | ||||
Class 1A | 0.00 | % | 0.25 | % | ||
Class 2 | 0.25 | 0.25 | ||||
Class 4 | 0.25 | 0.25 |
Insurance administrative services — The series has an insurance administrative services plan for Class 1A and 4 shares. Under the plan, each share class pays 0.25% of each insurance company’s respective average daily net assets to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders’ annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.
American Funds Insurance Series – Target Date Series | 19 |
Transfer agent services — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to the funds. These services include recordkeeping, shareholder communications and transaction processing. In addition, the funds reimburse AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.
Administrative services — The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to all of the funds’ share classes. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each underlying fund the ability to charge an administrative services fee at the annual rate of 0.05% of the daily net assets for Class R-6 shares. Currently CRMC receives an administrative services fee at the annual rate of 0.03% of the daily net assets of the Class R-6 shares of each underlying fund for CRMC’s provision of administrative services. These fees are included in the net effective expense ratios that are provided as supplementary information in the financial highlights tables.
Class-specific expenses under the agreements described above were as follows (dollars in thousands):
IS 2035 Fund
Share class | Distribution services | Insurance administrative services | ||||||
Class 1 | Not applicable | Not applicable | ||||||
Class 1A | $— | $— | ||||||
Class 2 | — | Not applicable | ||||||
Class 4 | — | — | ||||||
Total class-specific expenses | $— | $— | ||||||
IS 2030 Fund | ||||||||
Share class | Distribution services | Insurance administrative services | ||||||
Class 1 | Not applicable | Not applicable | ||||||
Class 1A | $— | $— | ||||||
Class 2 | — | Not applicable | ||||||
Class 4 | — | — | ||||||
Total class-specific expenses | $— | $— | ||||||
IS 2025 Fund | ||||||||
Share class | Distribution services | Insurance administrative services | ||||||
Class 1 | Not applicable | Not applicable | ||||||
Class 1A | $— | $— | ||||||
Class 2 | — | Not applicable | ||||||
Class 4 | — | * | — | * | ||||
Total class-specific expenses | $— | * | $— | * | ||||
IS 2020 Fund | ||||||||
Share class | Distribution services | Insurance administrative services | ||||||
Class 1 | Not applicable | Not applicable | ||||||
Class 1A | $— | $— | ||||||
Class 2 | — | Not applicable | ||||||
Class 4 | — | * | — | * | ||||
Total class-specific expenses | $— | * | $— | * | ||||
IS 2015 Fund | ||||||||
Share class | Distribution services | Insurance administrative services | ||||||
Class 1 | Not applicable | Not applicable | ||||||
Class 1A | $— | $— | ||||||
Class 2 | — | Not applicable | ||||||
Class 4 | 1 | 1 | ||||||
Total class-specific expenses | $1 | $1 | ||||||
IS 2010 Fund | ||||||||
Share class | Distribution services | Insurance administrative services | ||||||
Class 1 | Not applicable | Not applicable | ||||||
Class 1A | $— | $— | ||||||
Class 2 | — | Not applicable | ||||||
Class 4 | 30 | 30 | ||||||
Total class-specific expenses | $30 | $30 |
* | Amount less than one thousand. |
20 | American Funds Insurance Series – Target Date Series |
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.
Affiliated officers and trustees — Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.
7. Capital share transactions
Capital share transactions in the funds were as follows (dollars and shares in thousands):
IS 2035 Fund
Sales1 | Reinvestments of distributions | Repurchases1 | Net increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | — | — | $ | 1 | — | 2 | $ | — | — | $ | 1 | — | 2 | ||||||||||||||||||
Class 1A | — | — | — | 2 | — | 2 | — | — | — | 2 | — | 2 | ||||||||||||||||||||
Class 2 | — | — | — | 2 | — | 2 | — | — | — | 2 | — | 2 | ||||||||||||||||||||
Class 4 | — | — | — | 2 | — | 2 | — | — | — | 2 | — | 2 | ||||||||||||||||||||
Total net increase | $ | — | — | $ | 1 | — | 2 | $ | — | — | $ | 1 | — | 2 | ||||||||||||||||||
For the period December 6, 20193 to December 31, 2019 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 10 | 1 | $ | — | 2 | — | 2 | $ | — | — | $ | 10 | 1 | ||||||||||||||||||
Class 1A | 10 | 1 | — | 2 | — | 2 | — | — | 10 | 1 | ||||||||||||||||||||||
Class 2 | 10 | 1 | — | 2 | — | 2 | — | — | 10 | 1 | ||||||||||||||||||||||
Class 4 | 10 | 1 | — | 2 | — | 2 | — | — | 10 | 1 | ||||||||||||||||||||||
Total net increase | $ | 40 | 4 | $ | — | 2 | — | 2 | $ | — | — | $ | 40 | 4 | ||||||||||||||||||
IS 2030 Fund | ||||||||||||||||||||||||||||||||
Sales1 | Reinvestments of distributions | Repurchases1 | Net increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | — | — | $ | 1 | — | 2 | $ | — | — | $ | 1 | — | 2 | ||||||||||||||||||
Class 1A | — | — | — | 2 | — | 2 | — | — | — | 2 | — | 2 | ||||||||||||||||||||
Class 2 | — | — | — | 2 | — | 2 | — | — | — | 2 | — | 2 | ||||||||||||||||||||
Class 4 | — | — | — | 2 | — | 2 | — | — | — | 2 | — | 2 | ||||||||||||||||||||
Total net increase | $ | — | — | $ | 1 | — | 2 | $ | — | — | $ | 1 | — | 2 | ||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||
For the period December 6, 20193 to December 31, 2019 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 10 | 1 | $ | — | 2 | — | 2 | $ | — | — | $ | 10 | 1 | ||||||||||||||||||
Class 1A | 10 | 1 | — | 2 | — | 2 | — | — | 10 | 1 | ||||||||||||||||||||||
Class 2 | 10 | 1 | — | 2 | — | 2 | — | — | 10 | 1 | ||||||||||||||||||||||
Class 4 | 10 | 1 | — | 2 | — | 2 | — | — | 10 | 1 | ||||||||||||||||||||||
Total net increase | $ | 40 | 4 | $ | — | 2 | — | 2 | $ | — | — | $ | 40 | 4 |
See end of tables for footnotes.
American Funds Insurance Series – Target Date Series | 21 |
IS 2025 Fund
Sales1 | Reinvestments of distributions | Repurchases1 | Net increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | — | — | $ | — | 2 | — | 2 | $ | — | — | $ | — | 2 | — | 2 | ||||||||||||||||
Class 1A | — | — | — | 2 | — | 2 | — | — | — | 2 | — | 2 | ||||||||||||||||||||
Class 2 | — | — | — | 2 | — | 2 | — | — | — | 2 | — | 2 | ||||||||||||||||||||
Class 4 | 312 | 32 | 1 | — | 2 | — | 2 | — | 2 | 313 | 32 | |||||||||||||||||||||
Total net increase | $ | 312 | 32 | $ | 1 | — | 2 | $ | — | 2 | — | 2 | $ | 313 | 32 | |||||||||||||||||
For the period December 6, 20193 to December 31, 2019 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 10 | 1 | $ | — | 2 | — | 2 | $ | — | — | $ | 10 | 1 | ||||||||||||||||||
Class 1A | 10 | 1 | — | 2 | — | 2 | — | — | 10 | 1 | ||||||||||||||||||||||
Class 2 | 10 | 1 | — | 2 | — | 2 | — | — | 10 | 1 | ||||||||||||||||||||||
Class 4 | 10 | 1 | — | 2 | — | 2 | — | — | 10 | 1 | ||||||||||||||||||||||
Total net increase | $ | 40 | 4 | $ | — | 2 | — | 2 | $ | — | — | $ | 40 | 4 | ||||||||||||||||||
IS 2020 Fund | ||||||||||||||||||||||||||||||||
Sales1 | Reinvestments of distributions | Repurchases1 | Net increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | — | — | $ | — | 2 | — | 2 | $ | — | — | $ | — | 2 | — | 2 | ||||||||||||||||
Class 1A | — | — | — | 2 | — | 2 | — | — | — | 2 | — | 2 | ||||||||||||||||||||
Class 2 | — | — | — | 2 | — | 2 | — | — | — | 2 | — | 2 | ||||||||||||||||||||
Class 4 | 329 | 34 | 1 | — | 2 | (26 | ) | (3 | ) | 304 | 31 | |||||||||||||||||||||
Total net increase (decrease) | $ | 329 | 34 | $ | 1 | — | 2 | $ | (26 | ) | (3 | ) | $ | 304 | 31 | |||||||||||||||||
For the period December 6, 20193 to December 31, 2019 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 10 | 1 | $ | — | 2 | — | 2 | $ | — | — | $ | 10 | 1 | ||||||||||||||||||
Class 1A | 10 | 1 | — | 2 | — | 2 | — | — | 10 | 1 | ||||||||||||||||||||||
Class 2 | 10 | 1 | — | 2 | — | 2 | — | — | 10 | 1 | ||||||||||||||||||||||
Class 4 | 10 | 1 | — | 2 | — | 2 | — | — | 10 | 1 | ||||||||||||||||||||||
Total net increase | $ | 40 | 4 | $ | — | 2 | — | 2 | $ | — | — | $ | 40 | 4 | ||||||||||||||||||
IS 2015 Fund | ||||||||||||||||||||||||||||||||
Sales1 | Reinvestments of distributions | Repurchases1 | Net increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | — | — | $ | — | 2 | — | 2 | $ | — | — | $ | — | 2 | — | 2 | ||||||||||||||||
Class 1A | — | — | — | 2 | — | 2 | — | — | — | 2 | — | 2 | ||||||||||||||||||||
Class 2 | — | — | — | 2 | — | 2 | — | — | — | 2 | — | 2 | ||||||||||||||||||||
Class 4 | 3,844 | 395 | 1 | — | 2 | (8 | ) | (1 | ) | 3,837 | 394 | |||||||||||||||||||||
Total net increase (decrease) | $ | 3,844 | 395 | $ | 1 | — | 2 | $ | (8 | ) | (1 | ) | $ | 3,837 | 394 | |||||||||||||||||
For the period December 6, 20193 to December 31, 2019 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 10 | 1 | $ | — | 2 | — | 2 | $ | — | — | $ | 10 | 1 | ||||||||||||||||||
Class 1A | 10 | 1 | — | 2 | — | 2 | — | — | 10 | 1 | ||||||||||||||||||||||
Class 2 | 10 | 1 | — | 2 | — | 2 | — | — | 10 | 1 | ||||||||||||||||||||||
Class 4 | 10 | 1 | — | 2 | — | 2 | — | — | 10 | 1 | ||||||||||||||||||||||
Total net increase | $ | 40 | 4 | $ | — | 2 | — | 2 | $ | — | — | $ | 40 | 4 |
22 | American Funds Insurance Series – Target Date Series |
IS 2010 Fund
Sales1 | Reinvestments of distributions | Repurchases1 | Net increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | — | — | $ | — | 2 | — | 2 | $ | — | — | $ | — | 2 | — | 2 | ||||||||||||||||
Class 1A | — | — | — | 2 | — | 2 | — | — | — | 2 | — | 2 | ||||||||||||||||||||
Class 2 | — | — | — | 2 | — | 2 | — | — | — | 2 | — | 2 | ||||||||||||||||||||
Class 4 | 66,089 | 6,784 | 1 | — | 2 | (536 | ) | (54 | ) | 65,554 | 6,730 | |||||||||||||||||||||
Total net increase (decrease) | $ | 66,089 | 6,784 | $ | 1 | — | 2 | $ | (536 | ) | (54 | ) | $ | 65,554 | 6,730 | |||||||||||||||||
For the period December 6, 20193 to December 31, 2019 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 10 | 1 | $ | — | 2 | — | 2 | $ | — | — | $ | 10 | 1 | ||||||||||||||||||
Class 1A | 10 | 1 | — | 2 | — | 2 | — | — | 10 | 1 | ||||||||||||||||||||||
Class 2 | 10 | 1 | — | 2 | — | 2 | — | — | 10 | 1 | ||||||||||||||||||||||
Class 4 | 10 | 1 | — | 2 | — | 2 | — | — | 10 | 1 | ||||||||||||||||||||||
Total net increase | $ | 40 | 4 | $ | — | 2 | — | 2 | $ | — | — | $ | 40 | 4 |
1 | Includes exchanges between share classes of the fund. |
2 | Amount less than one thousand. |
3 | Commencement of operations. |
8. Investment transactions
Each fund made purchases and sales of investment securities during the six months ended June 30, 2020, as follows (dollars in thousands):
IS 2035 Fund | IS 2030 Fund | IS 2025 Fund | IS 2020 Fund | IS 2015 Fund | IS 2010 Fund | |||||||
Purchases of investment securities* | $8 | $8 | $321 | $339 | $3,870 | $66,122 | ||||||
Sales of investment securities* | 9 | 9 | 9 | 34 | 12 | 161 |
* | Excludes short-term securities and U.S. government obligations, if any. |
American Funds Insurance Series – Target Date Series | 23 |
Financial highlights
(Loss) income from investment operations1 | Dividends and distributions | Ratio of | Ratio of | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | Net investment income | Net (losses) gains on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distribu- tions (from capital gains) | Total dividends and distribu- tions | Net asset value, end of period | Total return2 | Net assets, end of period (in millions) | expenses to average net assets before reimburse- ments3 | expenses to average net assets after reimburse- ments2,3 | Net effective expense ratio2,4 | Ratio of net income to average net assets2 | ||||||||||||||||||||||||||||||||||||||||||
IS 2035 Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20205,6 | $ | 10.19 | $ | .06 | $ | (.29 | ) | $ | (.23 | ) | $ | — | 7 | $ | (.26 | ) | $ | (.26 | ) | $ | 9.70 | (2.18 | )%8,9 | $ | — | 10 | 42.77 | %9,11 | .07 | %9,11 | .43 | %9,11 | 1.31 | %9,11 | ||||||||||||||||||||||
12/31/20195,12 | 10.00 | .08 | .19 | .27 | (.08 | ) | — | (.08 | ) | 10.19 | 2.70 | 8,9 | — | 10 | — | 8,9 | — | 8,9 | .37 | 9,11 | .75 | 8,9 | ||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20205,6 | 10.19 | .06 | (.29 | ) | (.23 | ) | — | 7 | (.26 | ) | (.26 | ) | 9.70 | (2.18 | )8,9 | — | 10 | 42.77 | 9,11 | .07 | 9,11 | .43 | 9,11 | 1.30 | 9,11 | |||||||||||||||||||||||||||||||
12/31/20195,12 | 10.00 | .08 | .19 | .27 | (.08 | ) | — | (.08 | ) | 10.19 | 2.70 | 8,9 | — | 10 | — | 8,9 | — | 8,9 | .37 | 9,11 | .75 | 8,9 | ||||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20205,6 | 10.19 | .06 | (.29 | ) | (.23 | ) | — | 7 | (.26 | ) | (.26 | ) | 9.70 | (2.18 | )8,9 | — | 10 | 42.77 | 9,11 | .07 | 9,11 | .43 | 9,11 | 1.30 | 9,11 | |||||||||||||||||||||||||||||||
12/31/20195,12 | 10.00 | .08 | .19 | .27 | (.08 | ) | — | (.08 | ) | 10.19 | 2.70 | 8,9 | — | 10 | — | 8,9 | — | 8,9 | .37 | 9,11 | .75 | 8,9 | ||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20205,6 | 10.19 | .06 | (.29 | ) | (.23 | ) | — | 7 | (.26 | ) | (.26 | ) | 9.70 | (2.18 | )8,9 | — | 10 | 42.77 | 9,11 | .07 | 9,11 | .43 | 9,11 | 1.30 | 9,11 | |||||||||||||||||||||||||||||||
12/31/20195,12 | 10.00 | .08 | .19 | .27 | (.08 | ) | — | (.08 | ) | 10.19 | 2.70 | 8,9 | — | 10 | — | 8,9 | — | 8,9 | .37 | 9,11 | .75 | 8,9 | ||||||||||||||||||||||||||||||||||
IS 2030 Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20205,6 | $ | 10.15 | $ | .07 | $ | (.22 | ) | $ | (.15 | ) | $ | — | 7 | $ | (.21 | ) | $ | (.21 | ) | $ | 9.79 | (1.50 | )%8,9 | $ | — | 10 | 42.32 | %9,11 | .07 | %9,11 | .41 | %9,11 | 1.56 | %9,11 | ||||||||||||||||||||||
12/31/20195,12 | 10.00 | .07 | .16 | .23 | (.08 | ) | — | (.08 | ) | 10.15 | 2.28 | 8,9 | — | 10 | — | 8,9 | — | 8,9 | .35 | 9,11 | .69 | 8,9 | ||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20205,6 | 10.15 | .07 | (.22 | ) | (.15 | ) | — | 7 | (.21 | ) | (.21 | ) | 9.79 | (1.50 | )8,9 | — | 10 | 42.32 | 9,11 | .07 | 9,11 | .41 | 9,11 | 1.56 | 9,11 | |||||||||||||||||||||||||||||||
12/31/20195,12 | 10.00 | .07 | .16 | .23 | (.08 | ) | — | (.08 | ) | 10.15 | 2.28 | 8,9 | — | 10 | — | 8,9 | — | 8,9 | .35 | 9,11 | .69 | 8,9 | ||||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20205,6 | 10.15 | .08 | (.23 | ) | (.15 | ) | — | 7 | (.21 | ) | (.21 | ) | 9.79 | (1.50 | )8,9 | — | 10 | 42.32 | 9,11 | .07 | 9,11 | .41 | 9,11 | 1.57 | 9,11 | |||||||||||||||||||||||||||||||
12/31/20195,12 | 10.00 | .07 | .16 | .23 | (.08 | ) | — | (.08 | ) | 10.15 | 2.28 | 8,9 | — | 10 | — | 8,9 | — | 8,9 | .35 | 9,11 | .69 | 8,9 | ||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20205,6 | 10.15 | .08 | (.23 | ) | (.15 | ) | — | 7 | (.21 | ) | (.21 | ) | 9.79 | (1.50 | )8,9 | — | 10 | 42.32 | 9,11 | .07 | 9,11 | .41 | 9,11 | 1.56 | 9,11 | |||||||||||||||||||||||||||||||
12/31/20195,12 | 10.00 | .07 | .16 | .23 | (.08 | ) | — | (.08 | ) | 10.15 | 2.28 | 8,9 | — | 10 | — | 8,9 | — | 8,9 | .35 | 9,11 | .69 | 8,9 | ||||||||||||||||||||||||||||||||||
IS 2025 Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20205,6 | $ | 10.12 | $ | .08 | $ | (.10 | ) | $ | (.02 | ) | $ | — | 7 | $ | (.02 | ) | $ | (.02 | ) | $ | 10.08 | (.20 | )%8,9 | $ | — | 10 | 36.54 | %9,11 | .06 | %9,11 | .37 | %9,11 | 1.70 | %9,11 | ||||||||||||||||||||||
12/31/20195,12 | 10.00 | .07 | .13 | .20 | (.08 | ) | — | (.08 | ) | 10.12 | 1.98 | 8,9 | — | 10 | — | 8,9 | — | 8,9 | .33 | 9,11 | .66 | 8,9 | ||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20205,6 | 10.12 | .08 | (.10 | ) | (.02 | ) | — | 7 | (.02 | ) | (.02 | ) | 10.08 | (.20 | )8,9 | — | 10 | 36.54 | 9,11 | .06 | 9,11 | .37 | 9,11 | 1.70 | 9,11 | |||||||||||||||||||||||||||||||
12/31/20195,12 | 10.00 | .07 | .13 | .20 | (.08 | ) | — | (.08 | ) | 10.12 | 1.98 | 8,9 | — | 10 | — | 8,9 | — | 8,9 | .33 | 9,11 | .66 | 8,9 | ||||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20205,6 | 10.12 | .08 | (.10 | ) | (.02 | ) | — | 7 | (.02 | ) | (.02 | ) | 10.08 | (.20 | )8,9 | — | 10 | 36.54 | 9,11 | .06 | 9,11 | .37 | 9,11 | 1.70 | 9,11 | |||||||||||||||||||||||||||||||
12/31/20195,12 | 10.00 | .07 | .13 | .20 | (.08 | ) | — | (.08 | ) | 10.12 | 1.98 | 8,9 | — | 10 | — | 8,9 | — | 8,9 | .33 | 9,11 | .66 | 8,9 | ||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20205,6 | 10.12 | .14 | (.17 | ) | (.03 | ) | — | 7 | (.02 | ) | (.02 | ) | 10.07 | (.29 | )8 | — | 10 | 8.44 | 11 | .49 | 11 | .80 | 11 | 2.78 | 11 | |||||||||||||||||||||||||||||||
12/31/20195,12 | 10.00 | .07 | .13 | .20 | (.08 | ) | — | (.08 | ) | 10.12 | 1.98 | 8,9 | — | 10 | — | 8,9 | — | 8,9 | .33 | 9,11 | .66 | 8,9 |
24 | American Funds Insurance Series – Target Date Series |
(Loss) income from investment operations1 | Dividends and distributions | Ratio of | Ratio of | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | Net investment income | Net (losses) gains on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distribu- tions (from capital gains) | Total dividends and distribu- tions | Net asset value, end of period | Total return2 | Net assets, end of period (in millions) | expenses to average net assets before reimburse- ments3 | expenses to average net assets after reimburse- ments2,3 | Net effective expense ratio2,4 | Ratio of net income to average net assets2 | ||||||||||||||||||||||||||||||||||||||||||
IS 2020 Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20205,6 | $ | 10.09 | $ | .11 | $ | (.14 | ) | $ | (.03 | ) | $ | — | 7 | $ | (.02 | ) | $ | (.02 | ) | $ | 10.04 | (.23 | )%8,9 | $ | — | 10 | 24.58 | %9,11 | .06 | %9,11 | .36 | %9,11 | 2.28 | %9,11 | ||||||||||||||||||||||
12/31/20195,12 | 10.00 | .07 | .10 | .17 | (.08 | ) | — | (.08 | ) | 10.09 | 1.68 | 8,9 | — | 10 | — | 8,9 | — | 8,9 | .31 | 9,11 | .65 | 8,9 | ||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20205,6 | 10.09 | .11 | (.13 | ) | (.02 | ) | — | 7 | (.02 | ) | (.02 | ) | 10.05 | (.23 | )8,9 | — | 10 | 24.58 | 9,11 | .06 | 9,11 | .36 | 9,11 | 2.28 | 9,11 | |||||||||||||||||||||||||||||||
12/31/20195,12 | 10.00 | .07 | .10 | .17 | (.08 | ) | — | (.08 | ) | 10.09 | 1.68 | 8,9 | — | 10 | — | 8,9 | — | 8,9 | .31 | 9,11 | .65 | 8,9 | ||||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20205,6 | 10.09 | .11 | (.14 | ) | (.03 | ) | — | 7 | (.02 | ) | (.02 | ) | 10.04 | (.23 | )8,9 | — | 10 | 24.58 | 9,11 | .06 | 9,11 | .36 | 9,11 | 2.28 | 9,11 | |||||||||||||||||||||||||||||||
12/31/20195,12 | 10.00 | .07 | .10 | .17 | (.08 | ) | — | (.08 | ) | 10.09 | 1.68 | 8,9 | — | 10 | — | 8,9 | — | 8,9 | .31 | 9,11 | .65 | 8,9 | ||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20205,6 | 10.09 | .16 | (.20 | ) | (.04 | ) | — | 7 | (.02 | ) | (.02 | ) | 10.03 | (.43 | )8 | — | 10 | 12.08 | 11 | .50 | 11 | .80 | 11 | 3.19 | 11 | |||||||||||||||||||||||||||||||
12/31/20195,12 | 10.00 | .07 | .10 | .17 | (.08 | ) | — | (.08 | ) | 10.09 | 1.68 | 8,9 | — | 10 | — | 8,9 | — | 8,9 | .31 | 9,11 | .65 | 8,9 | ||||||||||||||||||||||||||||||||||
IS 2015 Fund | �� | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20205,6 | $ | 10.09 | $ | .12 | $ | (.17 | ) | $ | (.05 | ) | $ | — | $ | — | 7 | $ | — | 7 | $ | 10.04 | (.48 | )%8,9 | $ | — | 10 | 15.49 | %9,11 | .07 | %9,11 | .36 | %9,11 | 2.43 | %9,11 | |||||||||||||||||||||||
12/31/20195,12 | 10.00 | .07 | .10 | .17 | (.08 | ) | — | (.08 | ) | 10.09 | 1.69 | 8,9 | — | 10 | — | 8,9 | — | 8,9 | .30 | 9,11 | .65 | 8,9 | ||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20205,6 | 10.09 | .12 | (.17 | ) | (.05 | ) | — | — | 7 | — | 7 | 10.04 | (.48 | )8,9 | — | 10 | 15.49 | 9,11 | .07 | 9,11 | .36 | 9,11 | 2.43 | 9,11 | ||||||||||||||||||||||||||||||||
12/31/20195,12 | 10.00 | .07 | .10 | .17 | (.08 | ) | — | (.08 | ) | 10.09 | 1.69 | 8,9 | — | 10 | — | 8,9 | — | 8,9 | .30 | 9,11 | .65 | 8,9 | ||||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20205,6 | 10.09 | .12 | (.17 | ) | (.05 | ) | — | — | 7 | — | 7 | 10.04 | (.48 | )8,9 | — | 10 | 15.49 | 9,11 | .07 | 9,11 | .36 | 9,11 | 2.43 | 9,11 | ||||||||||||||||||||||||||||||||
12/31/20195,12 | 10.00 | .07 | .10 | .17 | (.08 | ) | — | (.08 | ) | 10.09 | 1.69 | 8,9 | — | 10 | — | 8,9 | — | 8,9 | .30 | 9,11 | .65 | 8,9 | ||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20205,6 | 10.09 | .15 | (.21 | ) | (.06 | ) | — | — | 7 | — | 7 | 10.03 | (.58 | )8 | 4 | 1.54 | 11 | .56 | 11 | .85 | 11 | 2.98 | 11 | |||||||||||||||||||||||||||||||||
12/31/20195,12 | 10.00 | .07 | .10 | .17 | (.08 | ) | — | (.08 | ) | 10.09 | 1.69 | 8,9 | — | 10 | — | 8,9 | — | 8,9 | .30 | 9,11 | .65 | 8,9 | ||||||||||||||||||||||||||||||||||
IS 2010 Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20205,6 | $ | 10.08 | $ | .12 | $ | (.14 | ) | $ | (.02 | ) | $ | — | $ | — | 7 | $ | — | 7 | $ | 10.06 | (.20 | )%8,9 | $ | — | 10 | .16 | %9,11 | .11 | %9,11 | .40 | %9,11 | 2.43 | %9,11 | |||||||||||||||||||||||
12/31/20195,12 | 10.00 | .06 | .09 | .15 | (.07 | ) | — | (.07 | ) | 10.08 | 1.54 | 8,9 | — | 10 | — | 8,9 | — | 8,9 | .30 | 9,11 | .62 | 8,9 | ||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20205,6 | 10.08 | .12 | (.14 | ) | (.02 | ) | — | — | 7 | — | 7 | 10.06 | (.20 | )8,9 | — | 10 | .16 | 9,11 | .11 | 9,11 | .40 | 9,11 | 2.44 | 9,11 | ||||||||||||||||||||||||||||||||
12/31/20195,12 | 10.00 | .06 | .09 | .15 | (.07 | ) | — | (.07 | ) | 10.08 | 1.54 | 8,9 | — | 10 | — | 8,9 | — | 8,9 | .30 | 9,11 | .62 | 8,9 | ||||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20205,6 | 10.08 | .12 | (.14 | ) | (.02 | ) | — | — | 7 | — | 7 | 10.06 | (.20 | )8,9 | — | 10 | .16 | 9,11 | .11 | 9,11 | .40 | 9,11 | 2.43 | 9,11 | ||||||||||||||||||||||||||||||||
12/31/20195,12 | 10.00 | .06 | .09 | .15 | (.07 | ) | — | (.07 | ) | 10.08 | 1.54 | 8,9 | — | 10 | — | 8,9 | — | 8,9 | .30 | 9,11 | .62 | 8,9 | ||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20205,6 | 10.08 | .13 | (.17 | ) | (.04 | ) | — | — | 7 | — | 7 | 10.04 | (.40 | )8 | 68 | .59 | 11 | .56 | 11 | .85 | 11 | 2.68 | 11 | |||||||||||||||||||||||||||||||||
12/31/20195,12 | 10.00 | .06 | .09 | .15 | (.07 | ) | — | (.07 | ) | 10.08 | 1.54 | 8,9 | — | 10 | — | 8,9 | — | 8,9 | .30 | 9,11 | .62 | 8,9 |
Portfolio turnover rate for all share classes | Six months ended June 30, 20205,6,8 | For the period ended December 31, 20195,8,12 | ||||||
IS 2035 Fund | 22 | % | — | %13 | ||||
IS 2030 Fund | 22 | — | 13 | |||||
IS 2025 Fund | 7 | — | 13 | |||||
IS 2020 Fund | 28 | — | 13 | |||||
IS 2015 Fund | 1 | — | 13 | |||||
IS 2010 Fund | 1 | — | 13 |
See end of tables for footnotes.
American Funds Insurance Series – Target Date Series | 25 |
Financial highlights (continued)
1 | Based on average shares outstanding. |
2 | This column reflects the impact, if any, of certain reimbursements from CRMC. During one of the periods shown, CRMC reimbursed a portion of miscellaneous fees and expenses. |
3 | This column does not include expenses of the underlying funds in which each fund invests. No expenses were accrued on any of the funds during the period December 6, 2019, commencement of operations, through December 31, 2019. |
4 | This column reflects the net effective expense ratios for each fund and class, which are unaudited. These ratios include each class’s expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. See expense example for further information regarding fees and expenses. |
5 | Based on operations for a period that is less than a full year. |
6 | Unaudited. |
7 | Amount less than $.01. |
8 | Not annualized. |
9 | All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower. |
10 | Amount less than $1 million. |
11 | Annualized. |
12 | For the period December 6, 2019, commencement of operations, through December 31, 2019. |
13 | There is no turnover. |
26 | American Funds Insurance Series – Target Date Series |
Expense example | unaudited |
The funds in American Funds Insurance Series serve as the underlying investment vehicle for various insurance products. As an owner of an insurance contract that invests in one of the funds in the series, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. Additional fees are charged by the insurance companies related to the various benefits they provide. This example is intended to help you understand your ongoing costs (in dollars) of investing in the underlying funds so you can compare these costs with the ongoing costs of investing in other mutual funds that serve a similar function in other annuity products. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (January 1, 2020, through June 30, 2020).
Actual expenses:
The first line of each share class in the tables on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes:
The second line of each share class in the tables on the following pages provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.
Notes:
Additional fees are charged by the insurance companies related to the various benefits they provide. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.
Note that the expenses shown in the tables on the following pages are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each share class in the tables is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
American Funds Insurance Series – Target Date Series | 27 |
Beginning account value 1/1/2020 | Ending account value 6/30/2020 | Expenses paid during period1,2 | Annualized expense ratio2 | Effective expenses paid during period3 | Effective annualized expense ratio4 | |||||||||||||||||||
IS 2035 Fund | ||||||||||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 978.23 | $ | .34 | .07 | % | $ | 2.11 | .43 | % | ||||||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,024.52 | .35 | .07 | 2.16 | .43 | ||||||||||||||||||
Class 1A – actual return | 1,000.00 | 978.23 | .34 | .07 | 2.11 | .43 | ||||||||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,024.52 | .35 | .07 | 2.16 | .43 | ||||||||||||||||||
Class 2 – actual return | 1,000.00 | 978.23 | .34 | .07 | 2.11 | .43 | ||||||||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,024.52 | .35 | .07 | 2.16 | .43 | ||||||||||||||||||
Class 4 – actual return | 1,000.00 | 978.23 | .34 | .07 | 2.11 | .43 | ||||||||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,024.52 | .35 | .07 | 2.16 | .43 | ||||||||||||||||||
IS 2030 Fund | ||||||||||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 985.04 | $ | .35 | .07 | % | $ | 2.02 | .41 | % | ||||||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,024.52 | .35 | .07 | 2.06 | .41 | ||||||||||||||||||
Class 1A – actual return | 1,000.00 | 985.04 | .35 | .07 | 2.02 | .41 | ||||||||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,024.52 | .35 | .07 | 2.06 | .41 | ||||||||||||||||||
Class 2 – actual return | 1,000.00 | 985.04 | .35 | .07 | 2.02 | .41 | ||||||||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,024.52 | .35 | .07 | 2.06 | .41 | ||||||||||||||||||
Class 4 – actual return | 1,000.00 | 985.04 | .35 | .07 | 2.02 | .41 | ||||||||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,024.52 | .35 | .07 | 2.06 | .41 | ||||||||||||||||||
IS 2025 Fund | ||||||||||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 998.04 | $ | .30 | .06 | % | $ | 1.84 | .37 | % | ||||||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,024.57 | .30 | .06 | 1.86 | .37 | ||||||||||||||||||
Class 1A – actual return | 1,000.00 | 998.04 | .30 | .06 | 1.84 | .37 | ||||||||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,024.57 | .30 | .06 | 1.86 | .37 | ||||||||||||||||||
Class 2 – actual return | 1,000.00 | 998.04 | .30 | .06 | 1.84 | .37 | ||||||||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,024.57 | .30 | .06 | 1.86 | .37 | ||||||||||||||||||
Class 4 – actual return | 1,000.00 | 997.06 | 2.43 | .49 | 3.97 | .80 | ||||||||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,022.43 | 2.46 | .49 | 4.02 | .80 | ||||||||||||||||||
IS 2020 Fund | ||||||||||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 997.72 | $ | .30 | .06 | % | $ | 1.79 | .36 | % | ||||||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,024.57 | �� | .30 | .06 | 1.81 | .36 | |||||||||||||||||
Class 1A – actual return | 1,000.00 | 997.72 | .30 | .06 | 1.79 | .36 | ||||||||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,024.57 | .30 | .06 | 1.81 | .36 | ||||||||||||||||||
Class 2 – actual return | 1,000.00 | 997.72 | .30 | .06 | 1.79 | .36 | ||||||||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,024.57 | .30 | .06 | 1.81 | .36 | ||||||||||||||||||
Class 4 – actual return | 1,000.00 | 995.74 | 2.48 | .50 | 3.97 | .80 | ||||||||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,022.38 | 2.51 | .50 | 4.02 | .80 | ||||||||||||||||||
IS 2015 Fund | ||||||||||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 995.18 | $ | .35 | .07 | % | $ | 1.79 | .36 | % | ||||||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,024.52 | .35 | .07 | 1.81 | .36 | ||||||||||||||||||
Class 1A – actual return | 1,000.00 | 995.18 | .35 | .07 | 1.79 | .36 | ||||||||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,024.52 | .35 | .07 | 1.81 | .36 | ||||||||||||||||||
Class 2 – actual return | 1,000.00 | 995.18 | .35 | .07 | 1.79 | .36 | ||||||||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,024.52 | .35 | .07 | 1.81 | .36 | ||||||||||||||||||
Class 4 – actual return | 1,000.00 | 994.19 | 2.78 | .56 | 4.21 | .85 | ||||||||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,022.08 | 2.82 | .56 | 4.27 | .85 |
28 | American Funds Insurance Series – Target Date Series |
Beginning account value 1/1/2020 | Ending account value 6/30/2020 | Expenses paid during period1,2 | Annualized expense ratio2 | Effective expenses paid during period3 | Effective annualized expense ratio4 | |||||||||||||||||||
IS 2010 Fund | ||||||||||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 998.02 | $ | .55 | .11 | % | $ | 1.99 | .40 | % | ||||||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,024.32 | .55 | .11 | 2.01 | .40 | ||||||||||||||||||
Class 1A – actual return | 1,000.00 | 998.02 | .55 | .11 | 1.99 | .40 | ||||||||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,024.32 | .55 | .11 | 2.01 | .40 | ||||||||||||||||||
Class 2 – actual return | 1,000.00 | 998.02 | .55 | .11 | 1.99 | .40 | ||||||||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,024.32 | .55 | .11 | 2.01 | .40 | ||||||||||||||||||
Class 4 – actual return | 1,000.00 | 996.04 | 2.78 | .56 | 4.22 | .85 | ||||||||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,022.08 | 2.82 | .56 | 4.27 | .85 |
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 366 (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 366 (to reflect the period). |
4 | The “effective annualized expense ratio” reflects the net annualized expense ratio of the class plus the class’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests. |
American Funds Insurance Series – Target Date Series | 29 |
Approval of Investment Advisory and Service Agreement — American Funds Insurance Series – Target Date Series
The series’ board has approved the series’ Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) with respect to the Target Date Series for an initial term through April 30, 2021. 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 approving the agreement was in the best interests of the funds and their shareholders.
In reaching this decision, the board and the committee took into account their interaction with CRMC as well as information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.
1. Nature, extent and quality of services
The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which the funds’ 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 that would be provided by CRMC to the fund under the agreement and other agreements, as well as the benefits to the funds’ 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 to be provided by CRMC would benefit the funds and their shareholders.
2. Investment results
The board and the committee considered the manner in which CRMC proposed to manage the funds in light of their objectives. They also considered the proposed investment policies and restrictions of the funds, and CRMC’s experience in managing similar funds. On the basis of this evaluation, the board and the committee concluded that CRMC’s record indicated that its management of the funds should benefit the funds and their shareholders.
3. Advisory fees and total expenses
The board and the committee reviewed the proposed advisory fee schedule of each fund and compared it to those of other relevant funds and noted CRMC’s agreement to eliminate the entire advisory fee payable by each fund under the agreement. The board and the committee concluded that the funds’ projected cost structure was fair and reasonable in relation to the services that CRMC proposed to provide, as well as the risks assumed by the adviser, and that the funds’ shareholders would likely receive reasonable value in return for the other amounts paid by the funds.
30 | American Funds Insurance Series – Target Date Series |
4. Ancillary benefits
The board and the committee considered a variety of other benefits that CRMC and its affiliates would receive as a result of CRMC’s proposed relationship with the funds and the underlying American Funds in which the funds will invest, 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 funds’ principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that through December 31, 2018, CRMC benefited from research obtained with commissions from portfolio transactions made on behalf of the underlying American Funds, and since that time has undertaken to bear the cost of obtaining such research. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the other amounts paid 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 estimated profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the underlying American 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 the funds’ proposed expense structure reflected a reasonable sharing of benefits between CRMC and the funds’ shareholders.
American Funds Insurance Series – Target Date Series | 31 |
Office of the series
333 South Hope Street
Los Angeles, CA 90071-1406
Investment adviser
Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406
Custodian of assets
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
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
32 | American Funds Insurance Series – Target Date Series |
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectuses and summary prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.
“Proxy Voting Guidelines for American Funds Insurance Series — Target Date Series” — which describes how we vote proxies relating to the underlying funds held in the portfolios — is available on our website or upon request by calling AFS. The series files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on our website.
American Funds Insurance Series — Target Date Series files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. This filing is available free of charge on the SEC website. Additionally, the list of portfolio holdings is available by calling AFS.
This report is for the information of American Funds Insurance Series — Target Date Series investors, but it also may be used as sales literature when preceded or accompanied by the current prospectuses or summary prospectuses for American Funds Insurance Series — Target Date Series and the prospectus for the applicable insurance contract, which give details about charges, expenses, investment objectives and operating policies of the series. If used as sales material after September 30, 2020, this report must be accompanied by a statistical update for the most recently completed calendar quarter.
Bloomberg® is a trademark of Bloomberg Finance L.P. (collectively with its affiliates, “Bloomberg”). Barclays® is a trademark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Neither Bloomberg nor Barclays approves or endorses this material, guarantees the accuracy or completeness of any information herein 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.
Standard & Poor’s 500 Composite Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2020 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 are prohibited without written permission of S&P Dow Jones Indices LLC.
American Funds Distributors, Inc., member FINRA.
The Capital Advantage®
Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital SystemSM — 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 funds have beaten their comparable Lipper indexes in 90% of 10-year periods and 100% of 20-year periods.2 Our fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.3 We strive to keep management fees competitive. Over the past 20 years, most funds’ fees have been below industry averages.4
1 | Investment industry experience as of the American Funds Insurance Series prospectus dated May 1, 2020. | |
2 | Based on Class 1 share results for rolling periods through December 31, 2019. 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, Global 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 (Blue Chip Income and Growth Fund, Growth-Income Fund) and Balanced Funds Index (Asset Allocation Fund). The Lipper Global Small-/Mid-Cap Funds Average was used for Global Small Capitalization Fund. Lipper source: Refinitiv Lipper. There have been periods when the fund has lagged the index. | |
3 | Based on Class 1 share results as of December 31, 2019. Four of our five fixed income funds showed a three-year correlation below 0.1. Standard & Poor’s 500 Composite 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, 2019, versus comparable Lipper categories, excluding funds of funds. |
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
ITEM 2 – Code of Ethics
Not applicable for filing of semi-annual reports to shareholders.
ITEM 3 – Audit Committee Financial Expert
Not applicable for filing of semi-annual reports to shareholders.
ITEM 4 – Principal Accountant Fees and Services
Not applicable for filing of semi-annual reports to shareholders.
ITEM 5 – Audit Committee of Listed Registrants
Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.
ITEM 6 – Schedule of Investments
American Funds Insurance Series®
Global Growth Fund
Investment portfolio
June 30, 2020
unaudited
Common stocks 95.99% Information technology 30.83% | Shares | Value (000) |
ASML Holding NV1 | 624,842 | $229,053 |
ASML Holding NV (New York registered) (ADR) | 488,000 | 179,599 |
Microsoft Corp. | 1,994,300 | 405,860 |
Taiwan Semiconductor Manufacturing Company, Ltd.1 | 26,543,000 | 280,879 |
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 280,000 | 15,896 |
Visa Inc., Class A | 1,103,900 | 213,240 |
Paycom Software, Inc.2 | 357,000 | 110,574 |
Temenos AG1,3 | 608,100 | 94,283 |
Adyen NV1,2 | 56,700 | 82,606 |
Broadcom Inc. | 241,200 | 76,125 |
Adobe Inc.2 | 135,000 | 58,767 |
PagSeguro Digital Ltd., Class A2 | 1,340,900 | 47,387 |
Zendesk, Inc.2 | 454,000 | 40,193 |
Amphenol Corp., Class A | 373,500 | 35,785 |
Keyence Corp.1 | 74,300 | 31,022 |
EPAM Systems, Inc.2 | 115,300 | 29,057 |
TeamViewer AG1,2 | 428,000 | 23,351 |
Mastercard Inc., Class A | 71,500 | 21,142 |
Network International Holdings PLC1,2 | 3,173,000 | 17,314 |
Autodesk, Inc.2 | 72,000 | 17,222 |
Advanced Micro Devices, Inc.2 | 320,000 | 16,835 |
Jack Henry & Associates, Inc. | 91,300 | 16,802 |
Hexagon AB, Class B1,2 | 265,000 | 15,446 |
Worldline SA, non-registered shares1,2 | 162,000 | 13,996 |
Amadeus IT Group SA, Class A, non-registered shares1 | 212,301 | 11,047 |
2,083,481 | ||
Consumer discretionary 20.45% | ||
Amazon.com, Inc.2 | 158,665 | 437,728 |
Alibaba Group Holding Ltd.1,2 | 6,800,500 | 183,768 |
Just Eat Takeaway (GBP denominated)1,2 | 640,914 | 67,122 |
Just Eat Takeaway (EUR denominated)1,2 | 347,000 | 36,107 |
Chipotle Mexican Grill, Inc.2 | 92,200 | 97,028 |
Ocado Group PLC1,2 | 2,952,000 | 74,107 |
LVMH Moët Hennessy-Louis Vuitton SE1 | 161,200 | 70,605 |
Prosus NV1,2 | 570,000 | 52,902 |
Moncler SpA1,2 | 1,132,370 | 43,237 |
NIKE, Inc., Class B | 395,200 | 38,749 |
Meituan Dianping, Class B1,2 | 1,243,400 | 27,620 |
Valeo SA, non-registered shares1 | 912,000 | 23,889 |
Home Depot, Inc. | 92,275 | 23,116 |
Peugeot SA1,2 | 1,268,800 | 20,596 |
Wynn Macau, Ltd.1 | 10,510,400 | 18,259 |
Naspers Ltd., Class N1 | 100,000 | 18,243 |
Sony Corp.1 | 243,000 | 16,641 |
MGM China Holdings, Ltd.1 | 12,708,000 | 16,519 |
MercadoLibre, Inc.2 | 16,400 | 16,167 |
American Funds Insurance Series — Global Growth Fund — Page 1 of 207
unaudited
Common stocks (continued) Consumer discretionary (continued) | Shares | Value (000) |
Cie. Financière Richemont SA, Class A1 | 228,182 | $14,530 |
EssilorLuxottica1,2 | 108,835 | 13,949 |
Melco Resorts & Entertainment Ltd. (ADR) | 835,000 | 12,959 |
Domino’s Pizza, Inc. | 33,500 | 12,376 |
Delivery Hero SE1,2 | 118,000 | 12,023 |
IDP Education Ltd.1 | 1,119,000 | 12,018 |
Flutter Entertainment PLC (EUR denominated)1 | 89,779 | 11,785 |
Marriott International, Inc., Class A | 74,000 | 6,344 |
Sodexo SA1 | 54,707 | 3,696 |
1,382,083 | ||
Health care 12.69% | ||
DexCom, Inc.2 | 253,000 | 102,566 |
UnitedHealth Group Inc. | 297,500 | 87,748 |
Fisher & Paykel Healthcare Corp. Ltd.1 | 3,613,500 | 83,563 |
AstraZeneca PLC1 | 695,300 | 72,483 |
Pfizer Inc. | 1,699,000 | 55,557 |
Regeneron Pharmaceuticals, Inc.2 | 84,200 | 52,511 |
Mettler-Toledo International Inc.2 | 65,000 | 52,361 |
Merck & Co., Inc. | 620,000 | 47,945 |
Cigna Corp. | 177,511 | 33,310 |
Boston Scientific Corp.2 | 912,700 | 32,045 |
Tandem Diabetes Care, Inc.2 | 285,000 | 28,192 |
Bayer AG1 | 363,860 | 26,707 |
Vertex Pharmaceuticals Inc.2 | 89,000 | 25,838 |
Danaher Corp. | 126,700 | 22,404 |
Humana Inc. | 55,000 | 21,326 |
Zoetis Inc., Class A | 147,700 | 20,241 |
bioMérieux SA1,2 | 135,000 | 18,535 |
Olympus Corp.1 | 796,800 | 15,346 |
Novartis AG1 | 176,000 | 15,293 |
Sanofi1 | 135,000 | 13,735 |
Teladoc Health, Inc.2 | 63,600 | 12,137 |
Coloplast A/S, Class B1 | 73,000 | 11,317 |
GN Store Nord AS1 | 115,500 | 6,150 |
857,310 | ||
Financials 9.07% | ||
AIA Group Ltd.1 | 12,339,300 | 114,843 |
Tradeweb Markets Inc., Class A | 1,736,360 | 100,952 |
MarketAxess Holdings Inc. | 151,400 | 75,839 |
Kotak Mahindra Bank Ltd.1 | 3,797,000 | 68,521 |
JPMorgan Chase & Co. | 589,000 | 55,401 |
AXA SA1,2 | 1,692,893 | 35,329 |
Prudential PLC1 | 1,773,082 | 26,702 |
CME Group Inc., Class A | 157,200 | 25,551 |
Moscow Exchange MICEX-RTS PJSC1 | 12,640,000 | 20,098 |
BlackRock, Inc. | 28,100 | 15,289 |
Willis Towers Watson PLC | 77,500 | 15,264 |
Société Générale1,2 | 818,650 | 13,620 |
FinecoBank SpA1,2 | 893,000 | 12,033 |
Macquarie Group Ltd.1 | 117,000 | 9,631 |
HDFC Life Insurance Company Ltd.1,2 | 1,230,000 | 8,958 |
American Funds Insurance Series — Global Growth Fund — Page 2 of 207
unaudited
Common stocks (continued) Financials (continued) | Shares | Value (000) |
Sberbank of Russia PJSC (ADR)1,2 | 645,500 | $7,333 |
Banco Santander, SA1 | 2,946,020 | 7,184 |
612,548 | ||
Communication services 8.38% | ||
Alphabet Inc., Class A2 | 98,050 | 139,039 |
Alphabet Inc., Class C2 | 63,852 | 90,262 |
Tencent Holdings Ltd.1 | 2,215,000 | 142,278 |
Facebook, Inc., Class A2 | 411,640 | 93,471 |
Nintendo Co., Ltd.1 | 136,100 | 60,560 |
Altice USA, Inc., Class A2 | 800,000 | 18,032 |
América Móvil, SAB de CV, Series L (ADR) | 946,000 | 12,005 |
Sea Ltd., Class A (ADR)2 | 95,851 | 10,279 |
565,926 | ||
Consumer staples 6.98% | ||
British American Tobacco PLC1 | 2,943,800 | 113,104 |
Philip Morris International Inc. | 919,500 | 64,420 |
Nestlé SA1 | 563,497 | 62,252 |
Kweichow Moutai Co., Ltd., Class A1 | 269,957 | 55,868 |
Altria Group, Inc. | 1,248,500 | 49,004 |
Keurig Dr Pepper Inc. | 1,624,000 | 46,122 |
Walgreens Boots Alliance, Inc. | 657,651 | 27,878 |
General Mills, Inc. | 257,000 | 15,844 |
Associated British Foods PLC1 | 595,000 | 14,100 |
Costco Wholesale Corp. | 44,800 | 13,584 |
Mondelez International, Inc. | 192,000 | 9,817 |
471,993 | ||
Industrials 3.89% | ||
Airbus SE, non-registered shares1,2 | 667,000 | 47,463 |
Geberit AG1 | 65,000 | 32,497 |
MTU Aero Engines AG1,2 | 167,000 | 28,862 |
DSV Panalpina A/S1 | 201,000 | 24,521 |
GT Capital Holdings, Inc.1 | 2,454,611 | 22,501 |
NIBE Industrier AB, Class B1,2 | 817,914 | 18,051 |
IDEX Corp. | 112,000 | 17,701 |
Safran SA1,2 | 164,000 | 16,405 |
Alliance Global Group, Inc.1,2 | 111,060,000 | 15,208 |
SMC Corp.1 | 25,600 | 13,066 |
Boeing Company | 51,300 | 9,403 |
General Electric Co. | 1,260,000 | 8,606 |
Nidec Corp.1 | 128,600 | 8,586 |
262,870 | ||
Materials 1.94% | ||
Sherwin-Williams Company | 155,500 | 89,856 |
Shin-Etsu Chemical Co., Ltd.1 | 135,300 | 15,816 |
Koninklijke DSM NV1 | 108,000 | 14,928 |
CCL Industries Inc., Class B, nonvoting shares | 334,000 | 10,796 |
131,396 |
American Funds Insurance Series — Global Growth Fund — Page 3 of 207
unaudited
Common stocks (continued) Energy 1.29% | Shares | Value (000) |
Reliance Industries Ltd.1 | 1,807,924 | $40,861 |
Reliance Industries Ltd., interim shares1,2 | 106,956 | 1,130 |
Gazprom PJSC (ADR)1 | 4,173,000 | 22,475 |
LUKOIL Oil Co. PJSC (ADR)1 | 246,300 | 18,257 |
China Oilfield Services Ltd., Class H1 | 5,040,000 | 4,534 |
87,257 | ||
Real estate 0.30% | ||
Goodman Logistics (HK) Ltd. REIT1 | 1,045,843 | 10,764 |
China Overseas Land & Investment Ltd.1 | 2,570,000 | 7,761 |
Shimao Group Holdings Ltd.1 | 374,500 | 1,587 |
20,112 | ||
Utilities 0.17% | ||
Ørsted AS1 | 97,000 | 11,187 |
Total common stocks (cost: $3,515,921,000) | 6,486,163 | |
Preferred securities 2.31% Health care 1.85% | ||
Sartorius AG, nonvoting preferred, non-registered shares1 | 381,500 | 125,333 |
Information technology 0.46% | ||
Samsung Electronics Co., Ltd., nonvoting preferred shares1 | 792,250 | 30,939 |
Total preferred securities (cost: $43,479,000) | 156,272 | |
Short-term securities 2.34% Money market investments 2.34% | ||
Capital Group Central Cash Fund 0.18%4 | 1,342,495 | 134,263 |
Goldman Sachs Financial Square Government Fund 0.15%4,5 | 24,225,393 | 24,225 |
158,488 | ||
Total short-term securities (cost: $158,464,000) | 158,488 | |
Total investment securities 100.64% (cost: $3,717,864,000) | 6,800,923 | |
Other assets less liabilities (0.64)% | (43,487) | |
Net assets 100.00% | $6,757,436 |
1 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $3,104,888,000, which represented 45.95% of the net assets of the fund. This entire amount relates to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. |
2 | Security did not produce income during the last 12 months. |
3 | All or a portion of this security was on loan. The total value of all such securities was $25,635,000, which represented .38% of the net assets of the fund. |
4 | Rate represents the seven-day yield at 6/30/2020. |
5 | Security purchased with cash collateral from securities on loan. |
Key to abbreviations |
ADR = American Depositary Receipts |
EUR = Euros |
GBP = British pounds |
American Funds Insurance Series — Global Growth Fund — Page 4 of 207
Global Small Capitalization Fund
Investment portfolio
June 30, 2020
unaudited
Common stocks 95.18% Information technology 23.87% | Shares | Value (000) |
Cree, Inc.1 | 1,356,800 | $80,309 |
Ceridian HCM Holding Inc.1 | 799,400 | 63,368 |
Net One Systems Co., Ltd.2 | 1,887,865 | 62,947 |
Inphi Corp.1 | 464,300 | 54,555 |
Kingdee International Software Group Co. Ltd.2 | 21,259,374 | 49,492 |
BE Semiconductor Industries NV2 | 814,330 | 36,213 |
Avast PLC2 | 5,514,043 | 36,066 |
Carel Industries SpA2,3 | 1,947,251 | 35,719 |
Appfolio, Inc., Class A1 | 211,503 | 34,414 |
SimCorp AS2 | 287,650 | 30,991 |
Silergy Corp.2 | 451,740 | 29,317 |
Alteryx, Inc., Class A1 | 173,000 | 28,420 |
Avalara, Inc.1 | 212,419 | 28,271 |
Network International Holdings PLC1,2 | 4,570,562 | 24,940 |
MACOM Technology Solutions Holdings, Inc.1 | 621,000 | 21,331 |
Qorvo, Inc.1 | 190,000 | 21,001 |
Paycom Software, Inc.1 | 65,000 | 20,132 |
Oneconnect Financial Technology Co., Ltd. (ADR)1,3 | 1,087,336 | 19,855 |
Bechtle AG, non-registered shares2 | 108,800 | 19,126 |
Euronet Worldwide, Inc.1 | 198,890 | 19,058 |
Pegasystems Inc. | 171,491 | 17,350 |
Nuance Communications, Inc.1 | 644,400 | 16,306 |
Siltronic AG2 | 153,400 | 15,626 |
Anaplan, Inc.1 | 341,133 | 15,457 |
Globant SA1 | 101,000 | 15,135 |
Smartsheet Inc., Class A1 | 294,600 | 15,001 |
Cognex Corp. | 250,000 | 14,930 |
Nordic Semiconductor ASA1,2 | 1,748,967 | 13,362 |
DocuSign, Inc.1 | 74,700 | 12,864 |
Silicon Laboratories Inc.1 | 122,000 | 12,233 |
Computer Services, Inc. | 212,000 | 11,342 |
SoftwareONE Holding AG2 | 438,700 | 10,814 |
Unimicron Technology Corp.2 | 6,192,000 | 10,481 |
ON Semiconductor Corp.1 | 519,984 | 10,306 |
Aspen Technology, Inc. (USA)1 | 93,100 | 9,646 |
SUMCO Corp.2,3 | 533,200 | 8,163 |
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., Class H2,3 | 4,296,500 | 7,903 |
PAR Technology Corp.1,3 | 252,182 | 7,548 |
Megaport Ltd.1,2 | 900,000 | 7,520 |
SHIFT Inc.1,2 | 62,600 | 6,364 |
Rapid7, Inc.1 | 121,000 | 6,173 |
Elastic NV, non-registered shares1 | 65,000 | 5,994 |
Maxlinear, Inc.1 | 270,000 | 5,794 |
Pexip Holding ASA1,2 | 662,448 | 5,781 |
LEM Holding SA2 | 3,913 | 5,779 |
INFICON Holding AG2 | 7,397 | 5,731 |
American Funds Insurance Series — Global Small Capitalization Fund — Page 5 of 207
unaudited
Common stocks (continued) Information technology (continued) | Shares | Value (000) |
MongoDB, Inc., Class A1 | 25,000 | $5,658 |
Okta, Inc., Class A1 | 27,263 | 5,459 |
ASM Pacific Technology Ltd.2 | 497,000 | 5,253 |
SVMK Inc.1 | 221,600 | 5,216 |
Coupa Software Inc.1 | 18,000 | 4,987 |
Tyro Payments Ltd.1,2,3 | 1,985,870 | 4,821 |
Semtech Corp.1 | 90,000 | 4,700 |
QAD Inc., Class A | 103,932 | 4,290 |
Globalwafers Co., Ltd.2 | 311,000 | 4,237 |
ALTEN SA, non-registered shares1,2 | 49,300 | 4,234 |
Renishaw PLC2 | 19,600 | 976 |
RAKUS Co., Ltd.2 | 1,400 | 25 |
1,038,984 | ||
Health care 23.79% | ||
Insulet Corp.1 | 645,320 | 125,360 |
GW Pharmaceuticals PLC (ADR)1,3 | 748,218 | 91,821 |
Haemonetics Corp.1 | 777,300 | 69,615 |
CanSino Biologics Inc., Class H1,2 | 2,468,200 | 68,238 |
Notre Dame Intermédica Participações SA | 4,528,600 | 56,636 |
Mani, Inc.2 | 1,808,129 | 47,710 |
Allogene Therapeutics, Inc.1 | 1,105,188 | 47,324 |
Integra LifeSciences Holdings Corp.1 | 913,825 | 42,941 |
iRhythm Technologies, Inc.1 | 328,300 | 38,047 |
Allakos Inc.1 | 504,880 | 36,281 |
Cortexyme, Inc.1,3 | 759,458 | 35,163 |
Applied Molecular Transport Inc.1,3 | 1,365,957 | 34,340 |
New Frontier Health Corp., Class A1,4 | 2,680,000 | 22,190 |
New Frontier Health Corp., Class A1,3 | 742,000 | 6,144 |
PRA Health Sciences, Inc.1 | 288,400 | 28,058 |
WuXi Biologics (Cayman) Inc.1,2 | 1,412,000 | 25,872 |
CompuGroup Medical SE & Co. KGaA2 | 293,600 | 23,087 |
Ultragenyx Pharmaceutical Inc.1 | 283,374 | 22,165 |
BioMarin Pharmaceutical Inc.1 | 172,000 | 21,214 |
GVS SpA1,2 | 1,350,919 | 15,709 |
Madrigal Pharmaceuticals, Inc.1 | 134,425 | 15,224 |
Bluebird Bio, Inc.1 | 238,415 | 14,553 |
Sarepta Therapeutics, Inc.1 | 89,900 | 14,414 |
Globus Medical, Inc., Class A1 | 252,000 | 12,023 |
Amplifon SpA1,2 | 450,100 | 11,972 |
NuCana PLC (ADR)1,3,5 | 2,083,704 | 11,252 |
Ambu AS, Class B, non-registered shares2 | 331,900 | 10,432 |
Health Catalyst, Inc.1,3 | 348,700 | 10,172 |
CryoLife, Inc.1 | 510,250 | 9,781 |
Guardant Health, Inc.1 | 119,227 | 9,673 |
CONMED Corp. | 131,500 | 9,467 |
AddLife AB, Class B1,2 | 681,160 | 7,195 |
Hikma Pharmaceuticals PLC2 | 246,500 | 6,775 |
NuVasive, Inc.1 | 110,000 | 6,123 |
Nakanishi Inc.2 | 458,600 | 5,979 |
Encompass Health Corp. | 79,000 | 4,892 |
Divi’s Laboratories Ltd.2 | 160,000 | 4,844 |
Clinuvel Pharmaceuticals Ltd.2,3 | 258,000 | 4,572 |
Arjo AB, Class B2 | 765,000 | 4,249 |
Hutchison China MediTech Ltd. (ADR)1 | 124,000 | 3,420 |
American Funds Insurance Series — Global Small Capitalization Fund — Page 6 of 207
unaudited
Common stocks (continued) Health care (continued) | Shares | Value (000) |
Bachem Holding AG, Class B2 | 2,997 | $787 |
NMC Health PLC1,2,6 | 219,652 | 3 |
1,035,717 | ||
Consumer discretionary 14.42% | ||
Thor Industries, Inc. | 498,700 | 53,126 |
Helen of Troy Ltd.1 | 267,200 | 50,383 |
frontdoor, inc.1 | 1,050,200 | 46,555 |
Shop Apotheke Europe NV, non-registered shares1,2,3 | 282,300 | 33,727 |
Five Below, Inc.1 | 305,000 | 32,608 |
YETI Holdings, Inc.1 | 634,879 | 27,128 |
GVC Holdings PLC2 | 2,934,000 | 26,883 |
B2W - Cia. Digital, ordinary nominative1 | 1,262,193 | 24,846 |
Just Eat Takeaway (EUR denominated)1,2 | 236,700 | 24,630 |
Arco Platform Ltd., Class A1 | 548,425 | 23,846 |
Wyndham Hotels & Resorts, Inc. | 538,269 | 22,941 |
zooplus AG, non-registered shares1,2 | 138,900 | 22,774 |
Melco International Development Ltd.2 | 11,357,000 | 21,921 |
Trainline PLC1,2 | 3,629,278 | 19,605 |
Evolution Gaming Group AB2 | 328,676 | 19,575 |
Mattel, Inc.1 | 2,000,069 | 19,341 |
Lands’ End, Inc.1,5 | 2,100,000 | 16,884 |
Tongcheng-Elong Holdings Ltd.1,2 | 7,628,800 | 13,756 |
Tube Investments of India Ltd.2 | 1,956,000 | 11,589 |
Basic-Fit NV1,2 | 366,800 | 9,601 |
TopBuild Corp.1 | 78,200 | 8,897 |
Bright Horizons Family Solutions Inc.1 | 74,300 | 8,708 |
Skechers USA, Inc., Class A1 | 250,000 | 7,845 |
Kindred Group PLC (SDR)2 | 1,268,800 | 7,573 |
Freni Brembo SpA1,2,3 | 792,435 | 7,310 |
Cairn Homes PLC2 | 7,210,000 | 7,286 |
IDP Education Ltd.2 | 648,639 | 6,966 |
Musti Group Oyj1,2 | 382,550 | 6,906 |
Melco Resorts & Entertainment Ltd. (ADR) | 425,000 | 6,596 |
Cie. Plastic Omnium SA2 | 308,912 | 6,285 |
Everi Holdings Inc.1 | 1,120,353 | 5,781 |
Thule Group AB2 | 219,800 | 5,542 |
Zhongsheng Group Holdings Ltd.2 | 938,500 | 5,237 |
SSP Group PLC2 | 1,089,413 | 3,467 |
Elior Group SA2 | 533,000 | 3,032 |
Levi Strauss & Co., Class A3 | 200,000 | 2,680 |
Dalata Hotel Group PLC2,3 | 800,000 | 2,641 |
OneSpaWorld Holdings Ltd. | 520,890 | 2,485 |
DraftKings Inc., Class A1,3 | 16,755 | 557 |
China Zenix Auto International Ltd. (ADR)1 | 428,500 | 120 |
627,633 | ||
Industrials 14.11% | ||
Nihon M&A Center Inc.2 | 1,652,692 | 74,654 |
International Container Terminal Services, Inc.2 | 23,981,620 | 49,643 |
Boyd Group Services Inc. | 222,726 | 33,151 |
IMCD NV1,2 | 293,600 | 27,563 |
Stericycle, Inc.1 | 439,531 | 24,605 |
Meggitt PLC2 | 6,690,400 | 24,355 |
I.M.A. Industria Macchine Automatiche SpA1,2 | 365,840 | 21,972 |
American Funds Insurance Series — Global Small Capitalization Fund — Page 7 of 207
unaudited
Common stocks (continued) Industrials (continued) | Shares | Value (000) |
Bingo Industries Ltd.2 | 14,571,008 | $21,715 |
Curtiss-Wright Corp. | 185,484 | 16,560 |
Avon Rubber PLC2 | 414,100 | 16,508 |
VAT Group AG2 | 87,800 | 16,007 |
VARTA AG, non-registered shares1,2,3 | 135,225 | 15,162 |
Instalco AB2 | 897,795 | 13,818 |
Nolato AB, Class B1,2 | 194,800 | 13,117 |
Centre Testing International Group Co., Ltd.2 | 4,485,177 | 12,540 |
Rumo SA1 | 3,025,547 | 12,513 |
Cleanaway Waste Management Ltd.2 | 8,161,470 | 12,438 |
BWX Technologies, Inc. | 200,407 | 11,351 |
Nitto Boseki Co., Ltd.2 | 219,000 | 10,908 |
Japan Airport Terminal Co. Ltd.2 | 247,500 | 10,541 |
TOMRA Systems ASA1,2 | 281,900 | 10,358 |
Melrose Industries PLC2 | 7,236,000 | 10,199 |
Marel hf. (ISK denominated)2 | 1,638,149 | 8,343 |
Marel hf. (EUR denominated)2 | 333,333 | 1,725 |
Alfen NV1,2 | 248,500 | 10,002 |
Matson, Inc. | 313,000 | 9,108 |
Interpump Group SpA2 | 297,000 | 8,812 |
Japan Elevator Service Holdings Co., Ltd.2 | 274,000 | 8,797 |
easyJet PLC2,3 | 1,007,000 | 8,469 |
Patrick Industries, Inc. | 131,700 | 8,067 |
The AZEK Company Inc., Class A1 | 235,600 | 7,506 |
Granite Construction Inc. | 388,500 | 7,436 |
Woodward, Inc. | 76,000 | 5,894 |
CAE Inc. | 350,000 | 5,677 |
Robert Half International Inc. | 103,000 | 5,442 |
Carborundum Universal Ltd.2 | 1,380,000 | 5,087 |
IAA, Inc.1 | 130,000 | 5,014 |
Addtech AB, Class B2 | 124,300 | 4,989 |
Diploma PLC2 | 221,000 | 4,931 |
Imperial Logistics Ltd.2,3 | 2,103,000 | 4,765 |
ManpowerGroup Inc. | 68,700 | 4,723 |
Greaves Cotton Ltd.2 | 4,244,540 | 4,708 |
BELIMO Holding AG2 | 573 | 4,212 |
Aerojet Rocketdyne Holdings, Inc.1 | 105,900 | 4,198 |
Atlas Corp. | 500,000 | 3,800 |
Wizz Air Holdings PLC1,2 | 87,800 | 3,624 |
Guangzhou Baiyun International Airport Co. Ltd., Class A2 | 1,219,950 | 2,630 |
Middleby Corp.1 | 31,000 | 2,447 |
NIBE Industrier AB, Class B1,2 | 90,030 | 1,987 |
Daifuku Co., Ltd.2 | 17,300 | 1,512 |
Klingelnberg AG2 | 45,650 | 650 |
614,233 | ||
Financials 5.86% | ||
Cannae Holdings, Inc.1 | 2,004,000 | 82,364 |
Trupanion, Inc.1,3 | 973,800 | 41,572 |
Kotak Mahindra Bank Ltd.2 | 1,946,825 | 35,132 |
Janus Henderson Group PLC | 470,000 | 9,945 |
IIFL Wealth Management Ltd.2 | 677,558 | 9,200 |
Eurobank Ergasias Services and Holdings SA1,2 | 18,980,501 | 8,762 |
East West Bancorp, Inc. | 224,300 | 8,129 |
South State Corp. | 167,000 | 7,959 |
American Funds Insurance Series — Global Small Capitalization Fund — Page 8 of 207
unaudited
Common stocks (continued) Financials (continued) | Shares | Value (000) |
Indian Energy Exchange Ltd.2 | 3,150,000 | $7,510 |
Fanhua Inc. (ADR)3 | 374,711 | 7,498 |
Aavas Financiers Ltd.1,2 | 402,000 | 7,154 |
Essent Group Ltd. | 175,000 | 6,347 |
Bolsa Mexicana de Valores, SAB de CV, Series A | 2,540,800 | 4,756 |
City Union Bank Ltd.2 | 2,598,102 | 4,198 |
NMI Holdings, Inc.1 | 228,075 | 3,667 |
HDFC Asset Management Co., Ltd.2 | 106,557 | 3,511 |
AU Small Finance Bank Ltd.2 | 409,543 | 2,923 |
Moelis & Co., Class A | 88,800 | 2,767 |
Huize Holding Ltd. (ADR)1 | 223,220 | 1,654 |
255,048 | ||
Communication services 3.47% | ||
Bandwidth Inc., Class A1 | 290,990 | 36,956 |
Altice Europe NV, Class A1,2 | 5,674,800 | 21,849 |
New York Times Co., Class A | 321,900 | 13,529 |
Zee Entertainment Enterprises Ltd.2 | 5,534,793 | 12,515 |
Madison Square Garden Entertainment Corp., Class A1 | 141,020 | 10,577 |
Capcom Co., Ltd.2 | 289,000 | 10,489 |
Madison Square Garden Sports Corp., Class A1 | 71,020 | 10,432 |
Square Enix Holdings Co., Ltd.2 | 141,700 | 7,147 |
Kamakura Shinsho, Ltd.2 | 677,700 | 7,063 |
ITV PLC2 | 6,174,278 | 5,705 |
Euskaltel, SA, non-registered shares2 | 630,178 | 5,607 |
ProSiebenSat.1 Media SE1,2 | 458,000 | 5,445 |
JCDecaux SA1,2 | 211,800 | 3,934 |
151,248 | ||
Real estate 2.89% | ||
Altus Group Ltd. | 932,800 | 28,027 |
Embassy Office Parks REIT2 | 5,189,400 | 23,426 |
WHA Corp. PCL2 | 214,549,821 | 23,063 |
MGM Growth Properties LLC REIT, Class A | 539,500 | 14,680 |
JHSF Participações SA | 9,099,476 | 11,880 |
DoubleDragon Properties Corp.1,2 | 25,885,700 | 8,894 |
Cyrela Commercial Properties SA, ordinary nominative | 2,035,666 | 5,679 |
Mitre Realty Empreendimentos E Participações SA1 | 1,955,500 | 5,502 |
K. Wah International Holdings Ltd.2 | 7,884,639 | 3,416 |
BR Properties SA, ordinary nominative | 629,800 | 1,033 |
125,600 | ||
Consumer staples 2.75% | ||
Grocery Outlet Holding Corp.1 | 659,200 | 26,895 |
Freshpet, Inc.1 | 311,900 | 26,094 |
Varun Beverages Ltd.2 | 1,555,000 | 14,082 |
AAK AB1,2 | 609,500 | 10,461 |
Hilton Food Group PLC2 | 637,677 | 9,977 |
Cranswick PLC2 | 198,100 | 8,873 |
Emperador Inc.2 | 45,300,000 | 7,482 |
Treasury Wine Estates Ltd.2 | 1,000,113 | 7,240 |
Kernel Holding SA2 | 423,941 | 4,467 |
American Funds Insurance Series — Global Small Capitalization Fund — Page 9 of 207
unaudited
Common stocks (continued) Consumer staples (continued) | Shares | Value (000) |
Vector Group Ltd. | 224,000 | $2,253 |
Raia Drogasil SA, ordinary nominative | 89,000 | 1,810 |
119,634 | ||
Materials 1.76% | ||
Lundin Mining Corp. | 3,177,000 | 17,036 |
SIG Combibloc Group AG2 | 600,000 | 9,697 |
Navin Fluorine International Ltd.2 | 445,388 | 9,597 |
PI Industries Ltd.2 | 396,200 | 7,821 |
Vidrala, SA, non-registered shares2 | 73,892 | 7,043 |
Valvoline Inc. | 350,300 | 6,771 |
Loma Negra Compania Industrial Argentina SA (ADR)1 | 1,056,282 | 4,500 |
UPL Ltd.1,2 | 644,931 | 3,642 |
Vinati Organics Ltd.2 | 261,930 | 3,360 |
LANXESS AG1,2 | 60,600 | 3,185 |
Arkema SA2 | 23,300 | 2,225 |
Nevada Copper Corp.1,3 | 13,640,000 | 1,909 |
76,786 | ||
Utilities 1.33% | ||
ENN Energy Holdings Ltd.2 | 4,262,900 | 47,877 |
Neoenergia SA | 2,827,000 | 9,940 |
57,817 | ||
Energy 0.93% | ||
Venture Global LNG, Inc., Series C1,2,4,6,7 | 2,760 | 10,485 |
Parsley Energy, Inc., Class A | 915,000 | 9,772 |
Noble Energy, Inc. | 848,000 | 7,598 |
Saipem SpA, Class S2 | 2,301,000 | 5,728 |
SM Energy Co. | 700,000 | 2,625 |
NuVista Energy Ltd.1,3 | 4,450,000 | 2,524 |
Concho Resources Inc. | 35,200 | 1,813 |
40,545 | ||
Total common stocks (cost: $2,981,131,000) | 4,143,245 | |
Preferred securities 1.39% Information technology 1.04% | ||
Avidxchange, Inc., Series F, preferred shares1,2,6,7 | 492,864 | 24,156 |
Marqeta, Inc., Series E-1, 8.00% noncumulative, preferred shares1,2,6,7 | 1,859,092 | 15,500 |
Gitlab Inc., Series E, preferred shares1,2,6,7 | 297,916 | 5,550 |
45,206 | ||
Health care 0.19% | ||
PACT Pharma, Inc., Series C, 8.00% noncumulative, preferred shares1,2,6,7 | 2,931,405 | 8,231 |
Industrials 0.16% | ||
Azul SA, preferred nominative (ADR)1,3 | 597,116 | 6,676 |
Azul SA, preferred nominative1 | 109,500 | 405 |
7,081 | ||
Total preferred securities (cost: $60,016,000) | 60,518 |
American Funds Insurance Series — Global Small Capitalization Fund — Page 10 of 207
unaudited
Convertible stocks 0.16% Consumer discretionary 0.16% | Shares | Value (000) |
Coursera, Inc., Series C, 8.00% noncumulative, convertible preferred shares2,6,7 | 531,643 | $6,715 |
Total convertible stocks (cost: $6,380,000) | 6,715 | |
Short-term securities 5.15% Money market investments 5.15% | ||
Capital Group Central Cash Fund 0.18%8 | 1,631,730 | 163,189 |
Goldman Sachs Financial Square Government Fund 0.15%8,9 | 61,015,616 | 61,016 |
224,205 | ||
Total short-term securities (cost: $224,170,000) | 224,205 | |
Total investment securities 101.88% (cost: $3,271,697,000) | 4,434,683 | |
Other assets less liabilities (1.88)% | (81,752) | |
Net assets 100.00% | $4,352,931 |
1 | Security did not produce income during the last 12 months. |
2 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $1,842,689,000, which represented 42.33% of the net assets of the fund. This amount includes $1,772,049,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. |
3 | All or a portion of this security was on loan. The total value of all such securities was $69,706,000, which represented 1.60% of the net assets of the fund. |
4 | Acquired in a transaction exempt from registration under Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $32,675,000, which represented .75% of the net assets of the fund. |
5 | Represents an affiliated company as defined under the Investment Company Act of 1940. |
6 | Value determined using significant unobservable inputs. |
7 | Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below. |
8 | Rate represents the seven-day yield at 6/30/2020. |
9 | Security purchased with cash collateral from securities on loan. |
Private placement securities | Acquisition date | Cost (000) | Value (000) | Percent of net assets |
Avidxchange, Inc., Series F, preferred shares | 12/26/2019 | $24,156 | $24,156 | .55% |
Marqeta, Inc., Series E-1, 8.00% noncumulative, preferred shares | 5/27/2020 | 15,500 | 15,500 | .36 |
Venture Global LNG, Inc., Series C | 5/1/2015 | 8,280 | 10,485 | .24 |
PACT Pharma, Inc., Series C, 8.00% noncumulative, preferred shares | 2/7/2020 | 6,000 | 8,231 | .19 |
Coursera, Inc., Series C, 8.00% noncumulative, convertible preferred shares | 2/20/2020 | 6,380 | 6,715 | .15 |
Gitlab Inc., Series E, preferred shares | 9/11/2019 | 5,550 | 5,550 | .13 |
Total private placement securities | $ 65,866 | $ 70,637 | 1.62% |
Key to abbreviations | |
ADR = American Depositary Receipts | |
EUR = Euros | |
ISK = Icelandic kronor | |
SDR = Swedish Depositary Receipts |
American Funds Insurance Series — Global Small Capitalization Fund — Page 11 of 207
Growth Fund
Investment portfolio
June 30, 2020
unaudited
Common stocks 95.45% Information technology 24.19% | Shares | Value (000) |
Microsoft Corp. | 9,475,683 | $1,928,396 |
ASML Holding NV (New York registered) (ADR) | 1,171,100 | 431,000 |
ASML Holding NV1 | 770,000 | 282,265 |
Broadcom Inc. | 2,158,602 | 681,276 |
Taiwan Semiconductor Manufacturing Company, Ltd.1 | 33,805,000 | 357,726 |
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 2,705,092 | 153,568 |
RingCentral, Inc., Class A2 | 1,500,100 | 427,544 |
Shopify Inc., Class A, subordinate voting shares2 | 330,000 | 313,236 |
Visa Inc., Class A | 1,577,417 | 304,710 |
Intel Corp. | 3,621,900 | 216,698 |
ServiceNow, Inc.2 | 484,730 | 196,345 |
PayPal Holdings, Inc.2 | 976,700 | 170,170 |
MongoDB, Inc., Class A2 | 603,209 | 136,530 |
Autodesk, Inc.2 | 558,608 | 133,613 |
Advanced Micro Devices, Inc.2 | 2,457,039 | 129,265 |
Mastercard Inc., Class A | 421,000 | 124,490 |
Keyence Corp.1 | 236,800 | 98,869 |
Square, Inc., Class A2 | 879,910 | 92,338 |
Tyler Technologies, Inc.2 | 235,000 | 81,517 |
Guidewire Software, Inc.2 | 624,454 | 69,221 |
Analog Devices, Inc. | 563,000 | 69,046 |
Ceridian HCM Holding Inc.2 | 852,100 | 67,546 |
Fiserv, Inc.2 | 684,012 | 66,773 |
Applied Materials, Inc. | 1,088,053 | 65,773 |
Samsung Electronics Co., Ltd.1 | 1,350,500 | 59,867 |
FleetCor Technologies, Inc.2 | 236,200 | 59,411 |
Global Payments Inc. | 319,100 | 54,126 |
HubSpot, Inc.2 | 239,900 | 53,822 |
Apple Inc. | 139,636 | 50,939 |
Trimble Inc.2 | 1,072,700 | 46,330 |
Alteryx, Inc., Class A2 | 261,518 | 42,962 |
Micron Technology, Inc.2 | 812,800 | 41,875 |
Jack Henry & Associates, Inc. | 186,044 | 34,238 |
Adobe Inc.2 | 71,700 | 31,212 |
VMware, Inc., Class A2 | 190,335 | 29,475 |
Paycom Software, Inc.2 | 84,800 | 26,265 |
Zendesk, Inc.2 | 282,000 | 24,966 |
SK hynix, Inc.1 | 330,800 | 23,664 |
Cree, Inc.2 | 352,800 | 20,882 |
Motorola Solutions, Inc. | 148,895 | 20,865 |
Elastic NV, non-registered shares2 | 205,600 | 18,958 |
MKS Instruments, Inc. | 157,800 | 17,869 |
VeriSign, Inc.2 | 63,600 | 13,154 |
SYNNEX Corp. | 108,272 | 12,968 |
NetApp, Inc. | 289,900 | 12,863 |
Flex Ltd.2 | 1,152,500 | 11,813 |
American Funds Insurance Series — Growth Fund — Page 12 of 207
unaudited
Common stocks (continued) Information technology (continued) | Shares | Value (000) |
GoDaddy Inc., Class A2 | 155,400 | $11,396 |
LiveRamp Holdings, Inc.2 | 259,700 | 11,029 |
SVMK Inc.2 | 226,700 | 5,337 |
7,334,201 | ||
Communication services 19.45% | ||
Facebook, Inc., Class A2 | 7,548,342 | 1,714,002 |
Netflix, Inc.2 | 3,476,160 | 1,581,792 |
Alphabet Inc., Class C2 | 504,547 | 713,233 |
Alphabet Inc., Class A2 | 60,216 | 85,389 |
Charter Communications, Inc., Class A2 | 879,480 | 448,570 |
T-Mobile US, Inc.2 | 4,061,000 | 422,953 |
Activision Blizzard, Inc. | 5,286,790 | 401,267 |
Snap Inc., Class A2 | 9,330,000 | 219,162 |
Comcast Corp., Class A | 5,046,197 | 196,701 |
Pinterest, Inc., Class A2 | 2,331,094 | 51,680 |
Zillow Group, Inc., Class C, nonvoting shares2 | 343,500 | 19,789 |
Zillow Group, Inc., Class A2 | 308,400 | 17,727 |
Match Group, Inc.1,2 | 234,000 | 24,348 |
5,896,613 | ||
Consumer discretionary 17.79% | ||
Tesla, Inc.2 | 1,908,500 | 2,060,817 |
Amazon.com, Inc.2 | 595,716 | 1,643,473 |
Dollar General Corp. | 1,743,646 | 332,182 |
Home Depot, Inc. | 831,036 | 208,183 |
Toll Brothers, Inc. | 3,800,000 | 123,842 |
Domino’s Pizza, Inc. | 304,899 | 112,642 |
LVMH Moët Hennessy-Louis Vuitton SE1 | 239,000 | 104,682 |
Grand Canyon Education, Inc.2 | 1,011,116 | 91,536 |
Booking Holdings Inc.2 | 51,000 | 81,209 |
Hermès International1 | 88,499 | 73,863 |
NIKE, Inc., Class B | 596,088 | 58,447 |
Chipotle Mexican Grill, Inc.2 | 53,645 | 56,454 |
Bright Horizons Family Solutions Inc.2 | 475,000 | 55,670 |
Burlington Stores, Inc.2 | 258,912 | 50,988 |
Floor & Decor Holdings, Inc., Class A2 | 769,300 | 44,350 |
Restaurant Brands International Inc. | 700,000 | 38,241 |
NVR, Inc.2 | 9,500 | 30,958 |
Darden Restaurants, Inc. | 384,100 | 29,103 |
Las Vegas Sands Corp. | 601,200 | 27,379 |
Sturm, Ruger & Co., Inc. | 357,788 | 27,192 |
D.R. Horton, Inc. | 444,928 | 24,671 |
Five Below, Inc.2 | 218,416 | 23,351 |
Marriott International, Inc., Class A | 210,000 | 18,003 |
Aramark | 725,000 | 16,363 |
Eldorado Resorts, Inc.2 | 379,500 | 15,203 |
Royal Caribbean Cruises Ltd. | 255,237 | 12,838 |
YUM! Brands, Inc. | 104,600 | 9,091 |
EssilorLuxottica1,2 | 69,400 | 8,895 |
Wynn Resorts, Ltd. | 105,700 | 7,874 |
Westwing Group AG, non-registered shares1,2 | 707,000 | 5,944 |
5,393,444 |
American Funds Insurance Series — Growth Fund — Page 13 of 207
unaudited
Common stocks (continued) Health care 15.71% | Shares | Value (000) |
UnitedHealth Group Inc. | 2,897,719 | $854,682 |
Intuitive Surgical, Inc.2 | 1,075,500 | 612,852 |
Regeneron Pharmaceuticals, Inc.2 | 842,500 | 525,425 |
Humana Inc. | 1,084,800 | 420,631 |
Vertex Pharmaceuticals Inc.2 | 1,275,061 | 370,163 |
Centene Corp.2 | 3,835,000 | 243,714 |
Thermo Fisher Scientific Inc. | 598,500 | 216,861 |
Seattle Genetics, Inc.2 | 1,248,154 | 212,086 |
ResMed Inc. | 755,000 | 144,960 |
Boston Scientific Corp.2 | 2,988,450 | 104,925 |
Cigna Corp. | 545,677 | 102,396 |
Insulet Corp.2 | 499,000 | 96,936 |
Eli Lilly and Company | 476,500 | 78,232 |
Allakos Inc.2 | 995,500 | 71,537 |
Teladoc Health, Inc.2 | 358,000 | 68,321 |
Biohaven Pharmaceutical Holding Co. Ltd.2 | 934,100 | 68,292 |
CVS Health Corp. | 862,934 | 56,065 |
DexCom, Inc.2 | 135,600 | 54,972 |
Neurocrine Biosciences, Inc.2 | 423,100 | 51,618 |
Allogene Therapeutics, Inc.2 | 1,053,700 | 45,120 |
Edwards Lifesciences Corp.2 | 569,100 | 39,331 |
Danaher Corp. | 222,000 | 39,256 |
Verily Life Sciences LLC1,2,3,4 | 300,178 | 37,405 |
Incyte Corp.2 | 349,300 | 36,317 |
Abbott Laboratories | 394,600 | 36,078 |
Pfizer Inc. | 1,000,000 | 32,700 |
Amgen Inc. | 120,000 | 28,303 |
AstraZeneca PLC1 | 256,500 | 26,739 |
Anthem, Inc. | 91,400 | 24,036 |
Chemed Corp. | 44,000 | 19,847 |
Mettler-Toledo International Inc.2 | 15,800 | 12,728 |
NovoCure Ltd.2 | 168,800 | 10,010 |
Grail, Inc.1,2,3,4,5 | 1,864,884 | 9,526 |
Global Blood Therapeutics, Inc.2 | 125,000 | 7,891 |
Galapagos NV1,2 | 16,005 | 3,142 |
Zimmer Biomet Holdings, Inc. | 13,800 | 1,647 |
4,764,744 | ||
Financials 5.07% | ||
Berkshire Hathaway Inc., Class B2 | 942,100 | 168,174 |
Berkshire Hathaway Inc., Class A2 | 57 | 15,236 |
Intercontinental Exchange, Inc. | 1,592,900 | 145,910 |
First Republic Bank | 1,296,297 | 137,395 |
Goldman Sachs Group, Inc. | 600,000 | 118,572 |
Legal & General Group PLC1 | 40,158,246 | 109,663 |
Bank of America Corp. | 4,015,000 | 95,356 |
BlackRock, Inc. | 150,000 | 81,614 |
S&P Global Inc. | 229,400 | 75,583 |
Wells Fargo & Company | 2,700,000 | 69,120 |
Marsh & McLennan Companies, Inc. | 635,718 | 68,257 |
Onex Corp. | 1,342,800 | 60,661 |
The Blackstone Group Inc., Class A | 976,600 | 55,334 |
SVB Financial Group2 | 245,734 | 52,963 |
Arch Capital Group Ltd.2 | 1,205,000 | 34,523 |
CME Group Inc., Class A | 193,101 | 31,387 |
American Funds Insurance Series — Growth Fund — Page 14 of 207
unaudited
Common stocks (continued) Financials (continued) | Shares | Value (000) |
Moody’s Corp. | 102,277 | $28,099 |
Capital One Financial Corp. | 390,000 | 24,410 |
MSCI Inc. | 70,000 | 23,367 |
Bank of New York Mellon Corp. | 559,000 | 21,605 |
Aon PLC, Class A | 110,000 | 21,186 |
Morgan Stanley | 411,000 | 19,851 |
Fifth Third Bancorp | 980,000 | 18,894 |
Ares Management Corp., Class A | 310,500 | 12,327 |
London Stock Exchange Group PLC1 | 111,700 | 11,555 |
PNC Financial Services Group, Inc. | 104,853 | 11,032 |
RenaissanceRe Holdings Ltd. | 63,000 | 10,775 |
JPMorgan Chase & Co. | 95,000 | 8,936 |
Everest Re Group, Ltd. | 30,500 | 6,289 |
1,538,074 | ||
Industrials 5.02% | ||
TransDigm Group Inc. | 736,200 | 325,437 |
CSX Corp. | 1,920,800 | 133,957 |
MTU Aero Engines AG1,2 | 745,782 | 128,891 |
Northrop Grumman Corp. | 265,100 | 81,502 |
Airbus SE, non-registered shares1,2 | 920,327 | 65,489 |
ASGN Inc.2 | 976,725 | 65,128 |
Jacobs Engineering Group Inc. | 739,000 | 62,667 |
Delta Air Lines, Inc. | 2,036,000 | 57,110 |
Westinghouse Air Brake Technologies Corp. | 964,744 | 55,540 |
Grafton Group PLC, units1 | 5,926,200 | 48,410 |
Experian PLC1 | 1,370,000 | 47,784 |
Boeing Company | 250,675 | 45,949 |
Equifax Inc. | 247,800 | 42,592 |
Honeywell International Inc. | 275,000 | 39,762 |
Masco Corp. | 722,000 | 36,252 |
Norfolk Southern Corp. | 205,379 | 36,058 |
HEICO Corp. | 311,000 | 30,991 |
HEICO Corp., Class A | 43,500 | 3,534 |
Lockheed Martin Corp. | 77,000 | 28,099 |
BWX Technologies, Inc. | 494,823 | 28,027 |
Waste Connections, Inc. | 276,200 | 25,905 |
Komatsu Ltd.1 | 1,132,000 | 23,143 |
AMETEK, Inc. | 236,300 | 21,118 |
Old Dominion Freight Line, Inc. | 118,400 | 20,080 |
Safran SA1,2 | 133,428 | 13,347 |
Armstrong World Industries, Inc. | 163,500 | 12,747 |
Deere & Company | 79,900 | 12,556 |
Lennox International Inc. | 44,800 | 10,438 |
Caterpillar Inc. | 59,800 | 7,565 |
Ryanair Holdings PLC (ADR)2 | 88,900 | 5,898 |
Uber Technologies, Inc.2 | 151,367 | 4,705 |
1,520,681 | ||
Materials 2.94% | ||
Franco-Nevada Corp. (CAD denominated) | 1,147,206 | 160,259 |
Wheaton Precious Metals Corp. | 2,833,400 | 124,811 |
Barrick Gold Corp. | 4,058,000 | 109,322 |
Vale SA, ordinary nominative (ADR) | 7,366,400 | 75,948 |
Sherwin-Williams Company | 95,814 | 55,366 |
American Funds Insurance Series — Growth Fund — Page 15 of 207
unaudited
Common stocks (continued) Materials (continued) | Shares | Value (000) |
CCL Industries Inc., Class B, nonvoting shares | 1,615,000 | $52,200 |
LyondellBasell Industries NV | 776,500 | 51,032 |
Grupo México, SAB de CV, Series B | 20,977,709 | 48,765 |
Linde PLC | 170,481 | 36,161 |
Norsk Hydro ASA1,2 | 12,831,823 | 35,493 |
Celanese Corp. | 348,700 | 30,107 |
DuPont de Nemours Inc. | 427,933 | 22,736 |
Shin-Etsu Chemical Co., Ltd.1 | 194,100 | 22,690 |
Allegheny Technologies Inc.2 | 2,070,860 | 21,102 |
Royal Gold, Inc. | 161,000 | 20,016 |
PPG Industries, Inc. | 149,623 | 15,869 |
Dow Inc. | 140,000 | 5,706 |
Nucor Corp. | 95,800 | 3,967 |
891,550 | ||
Consumer staples 2.27% | ||
Philip Morris International Inc. | 1,985,900 | 139,132 |
Costco Wholesale Corp. | 411,431 | 124,750 |
British American Tobacco PLC1 | 3,000,800 | 115,295 |
British American Tobacco PLC (ADR) | 195,000 | 7,570 |
Altria Group, Inc. | 2,981,627 | 117,029 |
Kerry Group PLC, Class A1 | 900,000 | 111,966 |
Estée Lauder Companies Inc., Class A | 146,800 | 27,698 |
Molson Coors Beverage Company, Class B, restricted-voting shares | 579,100 | 19,898 |
Constellation Brands, Inc., Class A | 68,000 | 11,897 |
Church & Dwight Co., Inc. | 151,700 | 11,726 |
Anheuser-Busch InBev SA/NV1 | 42,000 | 2,070 |
689,031 | ||
Real estate 1.43% | ||
Equinix, Inc. REIT | 356,975 | 250,703 |
American Tower Corp. REIT | 501,188 | 129,577 |
Digital Realty Trust, Inc. REIT | 210,053 | 29,851 |
Crown Castle International Corp. REIT | 132,400 | 22,157 |
432,288 | ||
Energy 1.19% | ||
Chevron Corp. | 1,000,000 | 89,230 |
Suncor Energy Inc. | 3,588,116 | 60,498 |
Cenovus Energy Inc. | 12,798,618 | 59,864 |
EOG Resources, Inc. | 717,700 | 36,359 |
Noble Energy, Inc. | 3,235,000 | 28,986 |
Concho Resources Inc. | 351,200 | 18,087 |
ConocoPhillips | 405,100 | 17,022 |
Murphy Oil Corp. | 1,043,200 | 14,396 |
Pioneer Natural Resources Company | 140,400 | 13,717 |
Canadian Natural Resources, Ltd. (CAD denominated) | 391,400 | 6,789 |
Canadian Natural Resources, Ltd. | 105,100 | 1,832 |
Schlumberger Ltd. | 363,800 | 6,690 |
Equitrans Midstream Corp. | 769,342 | 6,393 |
359,863 |
American Funds Insurance Series — Growth Fund — Page 16 of 207
unaudited
Common stocks (continued) Utilities 0.39% | Shares | Value (000) |
Exelon Corp. | 1,705,000 | $61,874 |
Xcel Energy Inc. | 680,000 | 42,500 |
PG&E Corp.2 | 1,158,600 | 10,277 |
AES Corp. | 312,000 | 4,521 |
119,172 | ||
Total common stocks (cost: $14,123,528,000) | 28,939,661 | |
Preferred securities 0.08% Information technology 0.08% | ||
Samsung Electronics Co., Ltd., nonvoting preferred shares1 | 654,840 | 25,573 |
Total preferred securities (cost: $27,479,000) | 25,573 | |
Rights & warrants 0.00% Communication services 0.00% | ||
T-Mobile US, Inc., rights, expire 20202 | 3,611,200 | 607 |
Total rights & warrants (cost: $0) | 607 | |
Convertible bonds & notes 0.13% Consumer staples 0.13% | Principal amount (000) | |
JUUL Labs, Inc., convertibles notes, 7.00% 2025 (100% PIK)1,3,6 | $ 39,059 | 39,060 |
Total convertible bonds & notes (cost: $39,059,000) | 39,060 | |
Short-term securities 3.98% Money market investments 3.98% | Shares | |
Capital Group Central Cash Fund 0.18%7 | 12,050,749 | 1,205,195 |
Total short-term securities (cost: $1,205,162,000) | 1,205,195 | |
Total investment securities 99.64% (cost: $15,395,228,000) | 30,210,096 | |
Other assets less liabilities 0.36% | 110,241 | |
Net assets 100.00% | $30,320,337 |
1 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $1,917,364,000, which represented 6.32% of the net assets of the fund. This amount includes $1,807,025,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. |
2 | Security did not produce income during the last 12 months. |
3 | Value determined using significant unobservable inputs. |
4 | Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below. |
5 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $9,526,000, which represented .03% of the net assets of the fund. |
6 | Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Most recent payment was 100% cash unless otherwise noted. |
7 | Rate represents the seven-day yield at 6/30/2020. |
Private placement securities | Acquisition date | Cost (000) | Value (000) | Percent of net assets |
Verily Life Sciences LLC | 12/21/2018 | $37,000 | $37,405 | .12% |
Grail, Inc. | 4/17/2020 | 9,526 | 9,526 | .03 |
Total private placement securities | $ 46,526 | $ 46,931 | .15% |
American Funds Insurance Series — Growth Fund — Page 17 of 207
unaudited
Key to abbreviations |
ADR = American Depositary Receipts |
CAD = Canadian dollars |
American Funds Insurance Series — Growth Fund — Page 18 of 207
International Fund
Investment portfolio
June 30, 2020
unaudited
Common stocks 88.05% Consumer discretionary 16.11% | Shares | Value (000) |
Alibaba Group Holding Ltd.1,2 | 10,117,800 | $273,411 |
Alibaba Group Holding Ltd. (ADR)2 | 17,700 | 3,818 |
MercadoLibre, Inc.2 | 223,000 | 219,827 |
Sony Corp.1 | 2,242,700 | 153,583 |
Meituan Dianping, Class B1,2 | 3,440,364 | 76,422 |
Fast Retailing Co., Ltd.1 | 125,900 | 72,085 |
Galaxy Entertainment Group Ltd.1 | 9,826,000 | 66,717 |
adidas AG1,2 | 216,336 | 56,598 |
Delivery Hero SE1,2 | 547,143 | 55,747 |
Kering SA1 | 99,188 | 53,876 |
B2W - Cia. Digital, ordinary nominative2 | 2,406,000 | 47,363 |
EssilorLuxottica1,2 | 356,970 | 45,753 |
Evolution Gaming Group AB1 | 684,000 | 40,737 |
Melco Resorts & Entertainment Ltd. (ADR) | 2,334,881 | 36,237 |
Central Retail Corp. PCL, foreign registered1,2 | 33,233,000 | 35,689 |
Prosus NV1,2 | 361,000 | 33,505 |
LVMH Moët Hennessy-Louis Vuitton SE1 | 75,423 | 33,035 |
Maruti Suzuki India Ltd.1 | 422,000 | 32,801 |
Cie. Financière Richemont SA, Class A1 | 454,500 | 28,942 |
Sands China Ltd.1 | 6,970,000 | 27,275 |
Flutter Entertainment PLC (GBP denominated)1 | 142,874 | 18,735 |
Just Eat Takeaway (GBP denominated)1,2 | 108,200 | 11,332 |
Ryohin Keikaku Co., Ltd.1 | 639,000 | 9,043 |
Pan Pacific International Holdings Corp.1 | 267,500 | 5,866 |
Naspers Ltd., Class N1 | 2,734 | 499 |
1,438,896 | ||
Financials 16.04% | ||
AIA Group Ltd.1 | 39,521,100 | 367,826 |
HDFC Bank Ltd.1 | 17,086,200 | 243,557 |
HDFC Bank Ltd. (ADR) | 531,294 | 24,153 |
Kotak Mahindra Bank Ltd.1 | 10,657,149 | 192,318 |
Ping An Insurance (Group) Company of China, Ltd., Class H1 | 9,161,100 | 91,492 |
Ping An Insurance (Group) Company of China, Ltd., Class A1 | 612,202 | 6,185 |
BNP Paribas SA1,2 | 1,851,058 | 73,382 |
Axis Bank Ltd.1 | 10,492,355 | 57,203 |
Deutsche Bank AG1,2 | 4,793,183 | 45,449 |
Bank Rakyat Indonesia (Persero) Tbk PT1 | 179,181,800 | 38,251 |
Sberbank of Russia PJSC (ADR)1,2 | 3,183,000 | 36,162 |
B3 SA - Brasil, Bolsa, Balcao | 3,338,300 | 33,818 |
Zurich Insurance Group AG1 | 74,167 | 26,119 |
London Stock Exchange Group PLC1 | 217,000 | 22,447 |
PICC Property and Casualty Co. Ltd., Class H1 | 25,490,000 | 20,970 |
Banco Santander, SA1 | 7,887,200 | 19,233 |
Sony Financial Holdings Inc.1 | 730,000 | 17,570 |
The People’s Insurance Company (Group) of China Ltd., Class H1 | 57,424,000 | 16,852 |
American Funds Insurance Series — International Fund — Page 19 of 207
unaudited
Common stocks (continued) Financials (continued) | Shares | Value (000) |
FinecoBank SpA1,2 | 1,081,753 | $14,577 |
Intesa Sanpaolo SpA1,2 | 7,510,000 | 14,347 |
BOC Hong Kong (Holdings) Ltd.1 | 3,739,000 | 11,871 |
UniCredit SpA1,2 | 1,212,711 | 11,133 |
ING Groep NV1 | 1,486,000 | 10,323 |
Royal Bank of Canada | 135,000 | 9,159 |
Turkiye Garanti Bankasi AS1,2 | 4,881,000 | 6,022 |
Hiscox Ltd.1 | 523,900 | 5,114 |
Capitec Bank Holdings Ltd.1 | 99,000 | 4,897 |
Barclays PLC1 | 3,373,000 | 4,772 |
Akbank TAS1,2 | 3,462,046 | 3,070 |
Metropolitan Bank & Trust Company1 | 3,466,662 | 2,579 |
IndusInd Bank Ltd.1 | 373,500 | 2,354 |
1,433,205 | ||
Health care 15.93% | ||
Chugai Pharmaceutical Company, Ltd.1 | 3,896,700 | 208,306 |
Daiichi Sankyo Company, Ltd.1 | 2,160,000 | 176,400 |
Novartis AG1 | 1,808,333 | 157,127 |
Alcon Inc.1,2 | 1,988,239 | 113,919 |
Takeda Pharmaceutical Company, Ltd.1 | 2,859,865 | 102,070 |
Grifols, SA, Class A, non-registered shares1 | 2,691,000 | 81,631 |
Grifols, SA, Class B (ADR) | 793,690 | 14,477 |
Teva Pharmaceutical Industries Ltd. (ADR)2 | 7,216,598 | 88,981 |
Fresenius SE & Co. KGaA1,2 | 1,740,654 | 85,920 |
Hikma Pharmaceuticals PLC1 | 2,371,000 | 65,169 |
WuXi Biologics (Cayman) Inc.1,2 | 2,304,000 | 42,216 |
WuXi Biologics (Cayman) Inc.2 | 1,065,000 | 18,825 |
Olympus Corp.1 | 2,963,000 | 57,068 |
Notre Dame Intermédica Participações SA | 3,111,000 | 38,907 |
M3, Inc.1 | 871,000 | 37,040 |
Aier Eye Hospital Group Co., Ltd., Class A1 | 5,073,157 | 31,287 |
WuXi AppTec Co., Ltd., Class A1 | 2,102,800 | 28,745 |
Fresenius Medical Care AG & Co. KGaA1,2 | 325,140 | 27,721 |
HOYA Corp.1 | 189,100 | 18,109 |
Merck KGaA1 | 142,000 | 16,462 |
Yunnan Baiyao Group Co., Ltd., Class A1 | 953,600 | 12,652 |
NMC Health PLC1,2,3 | 449,500 | 6 |
1,423,038 | ||
Industrials 10.57% | ||
Airbus SE, non-registered shares1,2 | 2,732,749 | 194,459 |
Recruit Holdings Co., Ltd.1 | 3,646,709 | 124,659 |
Knorr-Bremse AG, non-registered shares1,2 | 847,671 | 85,768 |
Safran SA1,2 | 681,300 | 68,152 |
Melrose Industries PLC1 | 45,834,933 | 64,602 |
NIBE Industrier AB, Class B1,2 | 2,534,550 | 55,936 |
Airports of Thailand PCL, foreign registered1 | 20,322,000 | 39,856 |
Aeroports de Paris SA1 | 324,940 | 33,314 |
Rheinmetall AG1 | 381,264 | 32,975 |
MTU Aero Engines AG1,2 | 182,000 | 31,454 |
Jardine Matheson Holdings Ltd.1 | 646,600 | 27,021 |
International Container Terminal Services, Inc.1 | 12,890,350 | 26,684 |
Adani Ports & Special Economic Zone Ltd.1 | 5,435,409 | 25,015 |
Rolls-Royce Holdings PLC1,2 | 6,933,988 | 24,475 |
American Funds Insurance Series — International Fund — Page 20 of 207
unaudited
Common stocks (continued) Industrials (continued) | Shares | Value (000) |
Techtronic Industries Co., Ltd.1 | 2,354,500 | $22,970 |
Shanghai International Airport Co., Ltd., Class A1 | 2,032,685 | 20,617 |
CCR SA, ordinary nominative | 7,080,222 | 18,879 |
BAE Systems PLC1 | 2,510,000 | 15,013 |
Ryanair Holdings PLC (ADR)2 | 170,800 | 11,331 |
VINCI SA1,4 | 101,913 | 9,372 |
ASSA ABLOY AB, Class B1 | 395,000 | 8,020 |
Alliance Global Group, Inc.1,2 | 20,000,000 | 2,739 |
SMC Corp.1 | 1,400 | 715 |
944,026 | ||
Communication services 6.25% | ||
SoftBank Group Corp.1 | 3,657,500 | 184,293 |
Tencent Holdings Ltd.1 | 2,179,387 | 139,990 |
Altice Europe NV, Class A1,2 | 13,236,760 | 50,964 |
Altice Europe NV, Class B1,2 | 1,077,927 | 4,120 |
Sea Ltd., Class A (ADR)2 | 448,737 | 48,122 |
Nintendo Co., Ltd.1 | 101,500 | 45,164 |
Bharti Airtel Ltd.1 | 6,002,715 | 44,474 |
Square Enix Holdings Co., Ltd.1 | 413,500 | 20,855 |
Nippon Telegraph and Telephone Corp.1 | 365,200 | 8,502 |
América Móvil, SAB de CV, Series L (ADR) | 409,657 | 5,199 |
América Móvil, SAB de CV, Series L | 2,139,900 | 1,373 |
TalkTalk Telecom Group PLC1 | 4,840,700 | 5,135 |
558,191 | ||
Consumer staples 5.47% | ||
Nestlé SA1 | 976,000 | 107,824 |
Pernod Ricard SA1 | 536,814 | 84,371 |
Kirin Holdings Company, Ltd.1 | 2,605,800 | 54,954 |
British American Tobacco PLC1 | 1,246,000 | 47,873 |
Kweichow Moutai Co., Ltd., Class A1 | 195,543 | 40,468 |
Inner Mongolia Yili Industrial Group Co., Ltd., Class A1 | 7,900,810 | 34,641 |
Imperial Brands PLC1 | 1,630,000 | 31,040 |
Treasury Wine Estates Ltd.1 | 2,845,285 | 20,597 |
Thai Beverage PCL1 | 34,427,100 | 16,813 |
Chocoladefabriken Lindt & Sprüngli AG1 | 119 | 10,216 |
KOSÉ Corp.1 | 83,400 | 10,027 |
Philip Morris International Inc. | 123,000 | 8,617 |
Shiseido Co., Ltd.1 | 130,000 | 8,242 |
JBS SA, ordinary nominative | 1,811,000 | 7,043 |
Glanbia PLC1 | 504,504 | 5,709 |
488,435 | ||
Energy 4.20% | ||
Reliance Industries Ltd.1 | 8,663,364 | 195,802 |
Reliance Industries Ltd., interim shares1,2 | 196,599 | 2,077 |
BP PLC1 | 13,959,863 | 53,053 |
Canadian Natural Resources, Ltd. (CAD denominated) | 2,290,400 | 39,731 |
Royal Dutch Shell PLC, Class B1 | 1,210,707 | 18,321 |
Royal Dutch Shell PLC, Class A (GBP denominated)1 | 620,800 | 9,878 |
Cenovus Energy Inc. | 5,206,800 | 24,354 |
Neste Oyj1 | 588,825 | 22,996 |
American Funds Insurance Series — International Fund — Page 21 of 207
unaudited
Common stocks (continued) Energy (continued) | Shares | Value (000) |
TOTAL SA1,4 | 139,682 | $5,321 |
Petróleo Brasileiro SA (Petrobras), ordinary nominative (ADR) | 426,000 | 3,523 |
375,056 | ||
Information technology 4.18% | ||
ASML Holding NV1 | 373,435 | 136,893 |
PagSeguro Digital Ltd., Class A2 | 1,392,000 | 49,193 |
Keyence Corp.1 | 83,000 | 34,654 |
Samsung Electronics Co., Ltd.1 | 777,000 | 34,444 |
OBIC Co., Ltd.1 | 172,600 | 30,351 |
Taiwan Semiconductor Manufacturing Company, Ltd.1 | 2,863,000 | 30,297 |
STMicroelectronics NV1 | 595,000 | 16,141 |
Nomura Research Institute, Ltd.1 | 590,800 | 16,121 |
Hexagon AB, Class B1,2 | 208,900 | 12,176 |
StoneCo Ltd., Class A2 | 195,000 | 7,558 |
Xero Ltd.1,2 | 95,031 | 5,918 |
373,746 | ||
Utilities 3.86% | ||
ENN Energy Holdings Ltd.1 | 14,004,000 | 157,281 |
E.ON SE1 | 7,101,000 | 79,835 |
China Gas Holdings Ltd.1 | 24,134,000 | 74,320 |
China Resources Gas Group Ltd.1 | 4,250,000 | 20,682 |
Iberdrola, SA, non-registered shares1 | 1,077,200 | 12,477 |
344,595 | ||
Materials 3.79% | ||
Vale SA, ordinary nominative (ADR) | 7,755,993 | 79,964 |
Vale SA, ordinary nominative | 102,481 | 1,054 |
First Quantum Minerals Ltd. | 6,215,400 | 49,537 |
Shin-Etsu Chemical Co., Ltd.1 | 391,400 | 45,754 |
Linde PLC (EUR denominated)1 | 207,300 | 43,634 |
UPL Ltd.1,2 | 6,586,000 | 37,194 |
CRH PLC1 | 679,647 | 23,246 |
Barrick Gold Corp. (CAD denominated) | 496,000 | 13,346 |
Akzo Nobel NV1 | 118,578 | 10,609 |
Evonik Industries AG1 | 331,710 | 8,403 |
BASF SE1 | 135,600 | 7,577 |
Koninklijke DSM NV1 | 54,300 | 7,506 |
LafargeHolcim Ltd.1 | 168,375 | 7,364 |
Teck Resources Ltd., Class B | 347,300 | 3,638 |
338,826 | ||
Real estate 1.65% | ||
China Overseas Land & Investment Ltd.1 | 17,790,000 | 53,723 |
Ayala Land, Inc.1 | 56,808,300 | 38,031 |
CK Asset Holdings Ltd.1 | 6,081,000 | 36,161 |
Sun Hung Kai Properties Ltd.1 | 1,526,166 | 19,450 |
147,365 | ||
Total common stocks (cost: $6,302,499,000) | 7,865,379 |
American Funds Insurance Series — International Fund — Page 22 of 207
unaudited
Preferred securities 1.01% Health care 0.62% | Shares | Value (000) |
Grifols, SA, Class B, nonvoting preferred, non-registered shares1 | 3,026,230 | $55,587 |
Energy 0.39% | ||
Petróleo Brasileiro SA (Petrobras), preferred nominative (ADR) | 4,317,150 | 34,408 |
Total preferred securities (cost: $86,966,000) | 89,995 | |
Rights & warrants 0.27% Health care 0.27% | ||
WuXi AppTec Co., Ltd., Class A, warrants, expire 20211,5 | 896,000 | 12,248 |
Aier Eye Hospital Group Co., Ltd., Class A, warrants, expires 20211,5 | 1,448,500 | 8,665 |
Aier Eye Hospital Group Co., Ltd., Class A, warrants, expires 20211,2,5 | 578,554 | 3,461 |
Total rights & warrants (cost: $21,623,000) | 24,374 | |
Convertible bonds & notes 0.03% Health care 0.03% | Principal amount (000) | |
NMC Health Jersey Ltd., convertible notes, 1.875% 20256 | $28,000 | 2,624 |
Total convertible bonds & notes (cost: $5,855,000) | 2,624 | |
Bonds, notes & other debt instruments 0.46% Corporate bonds & notes 0.35% Materials 0.28% | ||
First Quantum Minerals Ltd. 7.25% 20225 | 25,720 | 25,237 |
Consumer staples 0.07% | ||
JBS Investments GmbH II 6.25% 2023 | 6,155 | 6,225 |
Total corporate bonds & notes | 31,462 | |
Bonds & notes of governments & government agencies outside the U.S. 0.11% | ||
United Mexican States, Series M, 8.00% 2023 | MXN203,000 | 9,738 |
Total bonds, notes & other debt instruments (cost: $38,545,000) | 41,200 | |
Short-term securities 9.92% Money market investments 9.92% | Shares | |
Capital Group Central Cash Fund 0.18%7 | 8,753,403 | 875,428 |
Goldman Sachs Financial Square Government Fund 0.15%7,8 | 10,827,238 | 10,827 |
886,255 | ||
Total short-term securities (cost: $886,243,000) | 886,255 | |
Total investment securities 99.74% (cost: $7,341,731,000) | 8,909,827 | |
Other assets less liabilities 0.26% | 23,140 | |
Net assets 100.00% | $8,932,967 |
American Funds Insurance Series — International Fund — Page 23 of 207
unaudited
1 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $7,037,313,000, which represented 78.78% of the net assets of the fund. This amount includes $7,012,933,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. |
2 | Security did not produce income during the last 12 months. |
3 | Value determined using significant unobservable inputs. |
4 | All or a portion of this security was on loan. The total value of all such securities was $11,451,000, which represented .13% of the net assets of the fund. |
5 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $49,611,000, which represented .56% of the net assets of the fund. |
6 | Scheduled interest and/or principal payment was not received. |
7 | Rate represents the seven-day yield at 6/30/2020. |
8 | Security purchased with cash collateral from securities on loan. |
Key to abbreviations |
ADR = American Depositary Receipts |
CAD = Canadian dollars |
EUR = Euros |
GBP = British pounds |
MXN = Mexican pesos |
American Funds Insurance Series — International Fund — Page 24 of 207
New World Fund®
Investment portfolio
June 30, 2020
unaudited
Common stocks 90.74% Information technology 18.11% | Shares | Value (000) |
Microsoft Corp. | 451,633 | $91,912 |
Taiwan Semiconductor Manufacturing Company, Ltd.1 | 4,327,000 | 45,788 |
Mastercard Inc., Class A | 145,400 | 42,995 |
PagSeguro Digital Ltd., Class A2 | 1,198,655 | 42,360 |
PayPal Holdings, Inc.2 | 208,035 | 36,246 |
Adobe Inc.2 | 74,959 | 32,630 |
Keyence Corp.1 | 76,200 | 31,815 |
ASML Holding NV1 | 84,165 | 30,853 |
Broadcom Inc. | 91,846 | 28,988 |
StoneCo Ltd., Class A2 | 740,635 | 28,707 |
Visa Inc., Class A | 130,469 | 25,203 |
Silergy Corp.1 | 357,000 | 23,168 |
Cree, Inc.2 | 248,655 | 14,718 |
Samsung Electronics Co., Ltd.1 | 310,022 | 13,743 |
Kingdee International Software Group Co. Ltd.1 | 5,730,000 | 13,339 |
EPAM Systems, Inc.2 | 39,924 | 10,061 |
Accenture PLC, Class A | 45,590 | 9,789 |
Apple Inc. | 21,109 | 7,701 |
FleetCor Technologies, Inc.2 | 28,117 | 7,072 |
Trimble Inc.2 | 152,240 | 6,575 |
Hexagon AB, Class B1,2 | 101,537 | 5,918 |
Edenred SA1 | 121,163 | 5,293 |
Halma PLC1 | 170,109 | 4,848 |
Tokyo Electron Ltd.1 | 19,400 | 4,761 |
MediaTek Inc.1 | 240,000 | 4,696 |
QUALCOMM Inc. | 43,747 | 3,990 |
Inphi Corp.2 | 33,929 | 3,987 |
Nokia Corp.1 | 833,403 | 3,650 |
Amphenol Corp., Class A | 34,766 | 3,331 |
Autodesk, Inc.2 | 13,431 | 3,213 |
Logitech International SA1 | 39,953 | 2,605 |
AAC Technologies Holdings Inc.1 | 380,000 | 2,327 |
Temenos AG1 | 14,575 | 2,260 |
Network International Holdings PLC1,2 | 393,391 | 2,147 |
Aspen Technology, Inc. (USA)2 | 20,323 | 2,106 |
Micron Technology, Inc.2 | 40,732 | 2,098 |
Globant SA2 | 13,208 | 1,979 |
Advanced Micro Devices, Inc.2 | 34,796 | 1,831 |
Nice Ltd. (ADR)2 | 9,650 | 1,826 |
Largan Precision Co., Ltd.1 | 13,000 | 1,794 |
SAP SE1 | 12,833 | 1,786 |
Intel Corp. | 29,620 | 1,772 |
ON Semiconductor Corp.2 | 84,843 | 1,682 |
Elastic NV, non-registered shares2 | 16,838 | 1,553 |
Hamamatsu Photonics KK1 | 31,700 | 1,373 |
Hangzhou Hikvision Digital Technology Co., Ltd., Class A1 | 289,843 | 1,250 |
American Funds Insurance Series — New World Fund — Page 25 of 207
unaudited
Common stocks (continued) Information technology (continued) | Shares | Value (000) |
Cabot Microelectronics Corp. | 8,901 | $1,242 |
KLA Corp. | 5,896 | 1,147 |
VeriSign, Inc.2 | 5,528 | 1,143 |
Atlassian Corp. PLC, Class A2 | 5,995 | 1,081 |
Amadeus IT Group SA, Class A, non-registered shares1 | 16,110 | 838 |
TE Connectivity Ltd. | 5,585 | 455 |
623,645 | ||
Consumer discretionary 13.72% | ||
Alibaba Group Holding Ltd.1,2 | 2,541,204 | 68,670 |
MercadoLibre, Inc.2 | 64,355 | 63,439 |
Naspers Ltd., Class N1 | 158,714 | 28,954 |
Delivery Hero SE1,2 | 281,369 | 28,668 |
LVMH Moët Hennessy-Louis Vuitton SE1 | 62,064 | 27,184 |
Meituan Dianping, Class B1,2 | 947,102 | 21,038 |
Galaxy Entertainment Group Ltd.1 | 2,944,000 | 19,989 |
Hermès International1 | 21,010 | 17,535 |
EssilorLuxottica1,2 | 117,353 | 15,041 |
Kering SA1 | 26,593 | 14,445 |
Evolution Gaming Group AB1 | 212,700 | 12,668 |
Fast Retailing Co., Ltd.1 | 21,000 | 12,024 |
General Motors Company | 425,125 | 10,756 |
Booking Holdings Inc.2 | 6,512 | 10,369 |
Sony Corp.1 | 109,700 | 7,512 |
NIKE, Inc., Class B | 74,330 | 7,288 |
Melco Resorts & Entertainment Ltd. (ADR) | 442,950 | 6,875 |
Cie. Financière Richemont SA, Class A1 | 102,686 | 6,539 |
Jumbo SA1 | 362,261 | 6,532 |
Marriott International, Inc., Class A | 67,213 | 5,762 |
adidas AG1,2 | 21,217 | 5,551 |
Zhongsheng Group Holdings Ltd.1 | 786,000 | 4,386 |
YUM! Brands, Inc. | 49,300 | 4,285 |
Wynn Macau, Ltd.1 | 2,464,400 | 4,281 |
Central Retail Corp. PCL, foreign registered1,2 | 3,907,900 | 4,197 |
Gree Electric Appliances, Inc. of Zhuhai, Class A1 | 486,544 | 3,911 |
IDP Education Ltd.1 | 360,315 | 3,870 |
Li Ning Co. Ltd.1 | 1,183,001 | 3,760 |
Bayerische Motoren Werke AG1 | 53,298 | 3,396 |
China Tourism Group Duty Free Corp. Ltd., Class A1,2 | 141,500 | 3,127 |
Prosus NV1,2 | 33,402 | 3,100 |
Suzuki Motor Corp.1 | 90,700 | 3,077 |
Domino’s Pizza, Inc. | 7,570 | 2,797 |
Midea Group Co., Ltd., Class A1 | 319,535 | 2,703 |
Ferrari NV1 | 15,671 | 2,670 |
Maruti Suzuki India Ltd.1 | 29,316 | 2,279 |
Hyundai Motor Co.1 | 26,143 | 2,149 |
Shangri-La Asia Ltd.1 | 2,466,000 | 2,128 |
Wyndham Hotels & Resorts, Inc. | 49,383 | 2,105 |
MakeMyTrip Ltd., non-registered shares2 | 125,189 | 1,918 |
Peugeot SA1,2 | 116,790 | 1,896 |
Lojas Americanas SA, ordinary nominative | 355,263 | 1,782 |
InterContinental Hotels Group PLC1 | 39,245 | 1,739 |
Daimler AG1,2 | 40,313 | 1,634 |
GVC Holdings PLC1 | 164,188 | 1,504 |
Industria de Diseño Textil, SA1 | 52,446 | 1,387 |
American Funds Insurance Series — New World Fund — Page 26 of 207
unaudited
Common stocks (continued) Consumer discretionary (continued) | Shares | Value (000) |
Sands China Ltd.1 | 346,400 | $1,356 |
China MeiDong Auto Holdings Ltd.1 | 542,000 | 1,330 |
Samsonite International SA1,2 | 933,900 | 948 |
Aptiv PLC | 11,260 | 877 |
Vivo Energy PLC1 | 823,919 | 823 |
Ryohin Keikaku Co., Ltd.1 | 24,800 | 351 |
472,605 | ||
Health care 12.60% | ||
Thermo Fisher Scientific Inc. | 89,671 | 32,491 |
Zai Lab Ltd. (ADR)2 | 341,308 | 28,032 |
AstraZeneca PLC1 | 252,263 | 26,298 |
BioMarin Pharmaceutical Inc.2 | 180,963 | 22,320 |
Abbott Laboratories | 222,506 | 20,344 |
Notre Dame Intermédica Participações SA | 1,575,057 | 19,698 |
WuXi AppTec Co., Ltd., Class A1 | 921,616 | 12,598 |
WuXi AppTec Co., Ltd. Class H1 | 345,500 | 4,523 |
WuXi Biologics (Cayman) Inc.1,2 | 690,000 | 12,643 |
WuXi Biologics (Cayman) Inc.2 | 128,000 | 2,262 |
Carl Zeiss Meditec AG, non-registered shares1,2 | 146,327 | 14,258 |
bioMérieux SA1,2 | 100,555 | 13,806 |
Asahi Intecc Co., Ltd.1 | 445,700 | 12,665 |
Jiangsu Hengrui Medicine Co., Ltd., Class A1 | 969,698 | 12,660 |
Shionogi & Co., Ltd.1 | 195,200 | 12,219 |
CSL Ltd.1 | 61,231 | 12,139 |
BeiGene, Ltd. (ADR)2 | 61,087 | 11,509 |
Koninklijke Philips NV (EUR denominated)1,2 | 212,585 | 9,899 |
Illumina, Inc.2 | 26,368 | 9,765 |
Yunnan Baiyao Group Co., Ltd., Class A1 | 718,800 | 9,537 |
Aier Eye Hospital Group Co., Ltd., Class A1 | 1,537,827 | 9,484 |
CanSino Biologics Inc., Class H1,2 | 335,600 | 9,278 |
Pharmaron Beijing Co., Ltd., Class H1 | 448,500 | 4,635 |
Pharmaron Beijing Co., Ltd., Class A1 | 309,000 | 4,302 |
Hypera SA, ordinary nominative | 1,410,372 | 8,636 |
Novartis AG1 | 90,719 | 7,883 |
Novo Nordisk A/S, Class B1 | 116,828 | 7,560 |
Hugel, Inc.1,2 | 18,562 | 7,338 |
Straumann Holding AG1 | 7,629 | 6,543 |
PerkinElmer, Inc. | 66,218 | 6,495 |
Teva Pharmaceutical Industries Ltd. (ADR)2 | 508,562 | 6,271 |
Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A1 | 447,833 | 5,668 |
Bayer AG1 | 74,844 | 5,493 |
Alcon Inc.1,2 | 94,106 | 5,392 |
Pfizer Inc. | 154,564 | 5,054 |
Danaher Corp. | 24,534 | 4,338 |
Boston Scientific Corp.2 | 113,036 | 3,969 |
Medtronic PLC | 41,822 | 3,835 |
HOYA Corp.1 | 37,600 | 3,601 |
Hangzhou Tigermed Consulting Co., Ltd., Class A1 | 237,971 | 3,430 |
Grifols, SA, Class A, non-registered shares1 | 89,031 | 2,701 |
Grifols, SA, Class B (ADR) | 32,886 | 600 |
Zoetis Inc., Class A | 22,973 | 3,148 |
OdontoPrev SA, ordinary nominative | 1,058,971 | 2,771 |
Olympus Corp.1 | 138,400 | 2,666 |
Mettler-Toledo International Inc.2 | 1,753 | 1,412 |
American Funds Insurance Series — New World Fund — Page 27 of 207
unaudited
Common stocks (continued) Health care (continued) | Shares | Value (000) |
Baxter International Inc. | 12,923 | $1,113 |
Legend Biotech Corp., (ADR)2 | 10,800 | 460 |
Merck & Co., Inc. | 5,044 | 390 |
NMC Health PLC1,2,3 | 49,400 | 1 |
434,133 | ||
Financials 11.57% | ||
Kotak Mahindra Bank Ltd.1 | 3,140,269 | 56,669 |
AIA Group Ltd.1 | 4,670,200 | 43,466 |
HDFC Bank Ltd.1 | 2,485,232 | 35,426 |
HDFC Bank Ltd. (ADR) | 80,205 | 3,646 |
B3 SA - Brasil, Bolsa, Balcao | 3,275,259 | 33,180 |
Sberbank of Russia PJSC (ADR)1,2 | 1,384,243 | 15,726 |
Sberbank of Russia PJSC (ADR)2 | 237,133 | 2,689 |
Société Générale1,2 | 1,090,697 | 18,146 |
XP Inc., Class A2 | 425,619 | 17,880 |
Ping An Insurance (Group) Company of China, Ltd., Class H1 | 1,711,300 | 17,091 |
Ping An Insurance (Group) Company of China, Ltd., Class A1 | 75,900 | 767 |
Capitec Bank Holdings Ltd.1 | 280,857 | 13,892 |
UniCredit SpA1,2 | 1,210,843 | 11,116 |
Bajaj Finance Ltd.1 | 278,022 | 10,550 |
Moody’s Corp. | 33,661 | 9,248 |
Bank Central Asia Tbk PT1 | 4,539,200 | 9,052 |
HDFC Life Insurance Company Ltd.1,2 | 1,143,210 | 8,326 |
ICICI Bank Ltd.1 | 944,709 | 4,379 |
ICICI Bank Ltd. (ADR) | 404,020 | 3,753 |
S&P Global Inc. | 20,829 | 6,863 |
Hong Kong Exchanges and Clearing Ltd.1 | 156,000 | 6,648 |
Discovery Ltd.1 | 1,067,342 | 6,426 |
PICC Property and Casualty Co. Ltd., Class H1 | 7,565,000 | 6,224 |
Banco Bilbao Vizcaya Argentaria, SA1 | 1,632,562 | 5,608 |
Fairfax Financial Holdings Ltd., subordinate voting shares | 17,915 | 5,535 |
The People’s Insurance Company (Group) of China Ltd., Class H1 | 17,156,000 | 5,035 |
Bank Rakyat Indonesia (Persero) Tbk PT1 | 21,805,300 | 4,655 |
China Construction Bank Corp., Class H1 | 4,641,000 | 3,750 |
Turkiye Garanti Bankasi AS1,2 | 2,530,976 | 3,122 |
TCS Group Holding PLC (GDR)1,4 | 151,000 | 3,061 |
China Merchants Bank Co., Ltd., Class H1 | 631,500 | 2,909 |
UBS Group AG1 | 240,166 | 2,759 |
Vietnam Technological and Commercial Joint Stock Bank1,2 | 3,057,214 | 2,756 |
Moscow Exchange MICEX-RTS PJSC1 | 1,623,422 | 2,581 |
Kasikornbank PCL, nonvoting depository receipts1 | 466,000 | 1,409 |
Kasikornbank PCL, foreign registered1 | 368,800 | 1,112 |
Chubb Ltd. | 16,476 | 2,086 |
AU Small Finance Bank Ltd.1 | 259,444 | 1,851 |
Banco Santander México, SA, Institución de Banca Múltiple, Grupo Financiero Santander México, Class B5 | 2,221,000 | 1,624 |
BOC Hong Kong (Holdings) Ltd.1 | 492,500 | 1,564 |
BB Seguridade Participações SA | 286,269 | 1,435 |
Axis Bank Ltd.1 | 226,918 | 1,237 |
Bank of the Philippine Islands1 | 845,900 | 1,231 |
Alpha Bank SA1,2 | 1,377,907 | 1,033 |
Credicorp Ltd. | 4,951 | 662 |
FirstRand Ltd.1 | 179,411 | 393 |
398,571 |
American Funds Insurance Series — New World Fund — Page 28 of 207
unaudited
Common stocks (continued) Communication services 9.91% | Shares | Value (000) |
Tencent Holdings Ltd.1 | 1,292,200 | $83,003 |
Facebook, Inc., Class A2 | 224,314 | 50,935 |
Alphabet Inc., Class C2 | 29,315 | 41,440 |
Alphabet Inc., Class A2 | 6,339 | 8,989 |
Sea Ltd., Class A (ADR)2 | 366,159 | 39,267 |
Netflix, Inc.2 | 49,819 | 22,670 |
América Móvil, SAB de CV, Series L (ADR) | 1,302,125 | 16,524 |
Yandex NV, Class A2 | 274,414 | 13,726 |
Activision Blizzard, Inc. | 162,270 | 12,316 |
Electronic Arts Inc.2 | 89,445 | 11,811 |
Bharti Infratel Ltd.1 | 2,573,597 | 7,559 |
JOYY Inc., Class A (ADR)2 | 84,742 | 7,504 |
Vodafone Group PLC1 | 3,466,496 | 5,527 |
China Tower Corp. Ltd., Class H1 | 28,216,000 | 4,994 |
Bharti Airtel Ltd.1 | 471,599 | 3,494 |
Ubisoft Entertainment SA1,2 | 38,482 | 3,169 |
SoftBank Group Corp.1 | 59,300 | 2,988 |
Z Holding Corp.1 | 458,100 | 2,236 |
JCDecaux SA1,2 | 106,149 | 1,972 |
Perusahaan Perseroan (Persero) Telekomunikasi Indonesia Tbk PT, Class B1 | 4,709,300 | 1,006 |
Informa PLC1 | 26,900 | 156 |
HUYA, Inc. (ADR)2 | 6,409 | 120 |
341,406 | ||
Consumer staples 6.27% | ||
Kweichow Moutai Co., Ltd., Class A1 | 276,007 | 57,121 |
Nestlé SA1 | 220,716 | 24,384 |
Foshan Haitian Flavouring and Food Co. Ltd., Class A1 | 592,494 | 10,387 |
Pernod Ricard SA1 | 56,248 | 8,840 |
Carlsberg A/S, Class B1 | 58,500 | 7,728 |
Raia Drogasil SA, ordinary nominative | 333,875 | 6,792 |
Bid Corp. Ltd.1 | 376,800 | 6,154 |
Anheuser-Busch InBev SA/NV1 | 117,165 | 5,775 |
Reckitt Benckiser Group PLC1 | 59,176 | 5,446 |
British American Tobacco PLC1 | 123,556 | 4,747 |
Coca-Cola Company | 105,717 | 4,723 |
Mondelez International, Inc. | 89,992 | 4,601 |
Kirin Holdings Company, Ltd.1 | 217,600 | 4,589 |
Avenue Supermarts Ltd.1,2 | 148,294 | 4,515 |
United Spirits Ltd.1,2 | 564,576 | 4,449 |
Unilever NV (EUR denominated)1 | 80,549 | 4,272 |
Fomento Económico Mexicano, SAB de CV | 660,189 | 4,093 |
WH Group Ltd.1 | 4,564,000 | 3,917 |
AAK AB1,2 | 225,903 | 3,877 |
Uni-Charm Corp.1 | 93,900 | 3,847 |
Wal-Mart de México, SAB de CV, Series V | 1,403,400 | 3,367 |
Japan Tobacco Inc.1,5 | 173,300 | 3,215 |
ITC Ltd.1,2 | 1,222,147 | 3,161 |
Kimberly-Clark de México, SAB de CV, Class A | 1,699,946 | 2,654 |
Inner Mongolia Yili Industrial Group Co., Ltd., Class A1 | 600,100 | 2,631 |
Estée Lauder Companies Inc., Class A | 13,931 | 2,628 |
Shiseido Co., Ltd.1 | 36,700 | 2,327 |
Jonjee Hi-Tech Industrial And Commercial Holding Co., Ltd., Class A1 | 273,285 | 2,270 |
L’Oréal SA, non-registered shares1,2 | 7,036 | 2,256 |
Herbalife Nutrition Ltd.2 | 44,738 | 2,012 |
American Funds Insurance Series — New World Fund — Page 29 of 207
unaudited
Common stocks (continued) Consumer staples (continued) | Shares | Value (000) |
Chengdu Hongqi Chain Co., Ltd.1 | 1,153,401 | $1,787 |
Danone SA1,2 | 22,448 | 1,551 |
McCormick & Co., Inc., nonvoting shares | 6,886 | 1,235 |
Diageo PLC1 | 33,438 | 1,110 |
JBS SA, ordinary nominative | 273,936 | 1,065 |
PepsiCo, Inc. | 7,081 | 937 |
Associated British Foods PLC1 | 36,317 | 861 |
Masan Group Corp.1,2 | 234,990 | 548 |
215,872 | ||
Materials 5.59% | ||
Vale SA, ordinary nominative | 1,359,115 | 13,976 |
Vale SA, ordinary nominative (ADR) | 1,244,771 | 12,833 |
Sika AG1 | 77,305 | 14,859 |
Asian Paints Ltd.1 | 526,391 | 11,837 |
First Quantum Minerals Ltd. | 1,375,559 | 10,963 |
AngloGold Ashanti Ltd. (ADR) | 234,281 | 6,909 |
AngloGold Ashanti Ltd.1 | 74,527 | 2,188 |
Shin-Etsu Chemical Co., Ltd.1 | 62,100 | 7,259 |
Linde PLC | 31,192 | 6,616 |
UPM-Kymmene Oyj1 | 226,109 | 6,525 |
Rio Tinto PLC1 | 113,143 | 6,367 |
Givaudan SA1 | 1,673 | 6,223 |
Shree Cement Ltd.1 | 19,230 | 5,918 |
Koninklijke DSM NV1 | 41,391 | 5,721 |
Freeport-McMoRan Inc. | 432,957 | 5,009 |
Arkema SA1 | 48,189 | 4,602 |
LafargeHolcim Ltd.1 | 104,920 | 4,589 |
Umicore SA1 | 91,102 | 4,284 |
BHP Group PLC1 | 201,270 | 4,132 |
Gerdau SA (ADR)5 | 1,298,914 | 3,845 |
Air Liquide SA, non-registered shares1 | 26,679 | 3,844 |
Akzo Nobel NV1 | 37,873 | 3,388 |
CCL Industries Inc., Class B, nonvoting shares | 104,188 | 3,368 |
Chr. Hansen Holding A/S1 | 29,300 | 3,020 |
BASF SE1 | 51,619 | 2,885 |
Yara International ASA1 | 81,837 | 2,843 |
Loma Negra Compania Industrial Argentina SA (ADR)2 | 617,467 | 2,630 |
LANXESS AG1,2 | 49,931 | 2,625 |
Alrosa PJSC1 | 2,734,515 | 2,476 |
Beijing Oriental Yuhong Waterproof Technology Co., Ltd., Class A1 | 390,929 | 2,247 |
Wheaton Precious Metals Corp. (CAD denominated) | 49,296 | 2,168 |
Air Products and Chemicals, Inc. | 8,979 | 2,168 |
SIG Combibloc Group AG1 | 128,799 | 2,082 |
Johnson Matthey PLC1 | 78,343 | 2,034 |
Amcor PLC (CDI)1 | 174,587 | 1,759 |
Barrick Gold Corp. | 61,927 | 1,668 |
Celanese Corp. | 17,768 | 1,534 |
Turquoise Hill Resources Ltd.2 | 1,540,652 | 1,130 |
Turquoise Hill Resources Ltd. (CAD denominated)2 | 497,306 | 366 |
Dow Inc. | 34,401 | 1,402 |
Asahi Kasei Corp.1 | 135,700 | 1,103 |
American Funds Insurance Series — New World Fund — Page 30 of 207
unaudited
Common stocks (continued) Materials (continued) | Shares | Value (000) |
UPL Ltd.1,2 | 183,071 | $1,034 |
Evonik Industries AG1 | 5,278 | 134 |
192,563 | ||
Industrials 5.39% | ||
Shanghai International Airport Co., Ltd., Class A1 | 2,645,527 | 26,833 |
Airbus SE, non-registered shares1,2 | 248,789 | 17,704 |
CCR SA, ordinary nominative | 6,508,731 | 17,355 |
Safran SA1,2 | 170,030 | 17,009 |
SMC Corp.1 | 19,200 | 9,800 |
International Container Terminal Services, Inc.1 | 4,455,210 | 9,222 |
DSV Panalpina A/S1 | 70,177 | 8,561 |
Wizz Air Holdings PLC1,2 | 198,084 | 8,175 |
Rumo SA2 | 1,602,416 | 6,627 |
Guangzhou Baiyun International Airport Co. Ltd., Class A1 | 2,923,103 | 6,302 |
TransDigm Group Inc. | 12,863 | 5,686 |
Fortive Corp. | 78,712 | 5,326 |
Nidec Corp.1 | 74,500 | 4,974 |
Airports of Thailand PCL, foreign registered1 | 2,469,000 | 4,842 |
Daikin Industries, Ltd.1 | 24,900 | 4,004 |
Spirax-Sarco Engineering PLC1 | 30,637 | 3,783 |
Air Lease Corp., Class A | 125,128 | 3,665 |
Koc Holding AS, Class B1 | 1,382,060 | 3,628 |
Deere & Company | 17,511 | 2,752 |
Jardine Matheson Holdings Ltd.1 | 62,200 | 2,599 |
Experian PLC1 | 67,702 | 2,361 |
Rational AG1 | 4,188 | 2,342 |
Epiroc AB, Class B1 | 187,619 | 2,292 |
Ryanair Holdings PLC (ADR)2 | 33,634 | 2,231 |
Boeing Company | 10,348 | 1,897 |
Atlas Copco AB, Class B1 | 45,260 | 1,671 |
IMCD NV1,2 | 16,721 | 1,570 |
Komatsu Ltd.1 | 61,400 | 1,255 |
ABB Ltd1 | 54,135 | 1,217 |
185,683 | ||
Energy 3.85% | ||
Reliance Industries Ltd.1 | 3,061,067 | 69,184 |
Reliance Industries Ltd., interim shares1,2 | 201,053 | 2,124 |
Petróleo Brasileiro SA (Petrobras), ordinary nominative (ADR) | 4,191,104 | 34,660 |
Rosneft Oil Company PJSC (GDR)1 | 1,363,591 | 6,840 |
Royal Dutch Shell PLC, Class B1 | 304,882 | 4,614 |
Royal Dutch Shell PLC, Class B (ADR) | 16,107 | 490 |
Royal Dutch Shell PLC, Class A (GBP denominated)1 | 4,448 | 71 |
Schlumberger Ltd. | 180,323 | 3,316 |
TOTAL SA1,5 | 80,267 | 3,057 |
INPEX Corp.1 | 391,800 | 2,426 |
Noble Energy, Inc. | 176,164 | 1,578 |
Chevron Corp. | 15,215 | 1,358 |
BP PLC1 | 263,891 | 1,003 |
Exxon Mobil Corp. | 17,716 | 792 |
United Tractors Tbk PT1 | 515,700 | 598 |
China Oilfield Services Ltd., Class H1 | 584,000 | 525 |
132,636 |
American Funds Insurance Series — New World Fund — Page 31 of 207
unaudited
Common stocks (continued) Utilities 1.94% | Shares | Value (000) |
China Gas Holdings Ltd.1 | 6,426,600 | $19,790 |
ENN Energy Holdings Ltd.1 | 1,704,800 | 19,147 |
China Resources Gas Group Ltd.1 | 1,594,000 | 7,757 |
Enel SpA1 | 686,094 | 5,911 |
Equatorial Energia SA, ordinary nominative2 | 1,264,144 | 5,398 |
AES Corp. | 367,198 | 5,321 |
Engie SA1,2 | 289,002 | 3,567 |
66,891 | ||
Real estate 1.79% | ||
American Tower Corp. REIT | 44,133 | 11,410 |
ESR Cayman Ltd.1,2 | 4,510,200 | 10,700 |
CK Asset Holdings Ltd.1 | 1,254,000 | 7,457 |
Embassy Office Parks REIT1 | 1,267,200 | 5,720 |
China Overseas Land & Investment Ltd.1 | 1,660,500 | 5,014 |
Shimao Group Holdings Ltd.1 | 1,178,000 | 4,992 |
Ayala Land, Inc.1 | 7,235,400 | 4,844 |
CIFI Holdings (Group) Co. Ltd.1 | 6,054,000 | 4,725 |
BR Malls Participacoes SA, ordinary nominative | 2,413,857 | 4,474 |
Longfor Group Holdings Ltd.1 | 487,000 | 2,320 |
61,656 | ||
Total common stocks (cost: $2,345,591,000) | 3,125,661 | |
Preferred securities 1.03% Consumer discretionary 0.26% | ||
Volkswagen AG, nonvoting preferred shares1,2 | 38,841 | 5,874 |
Lojas Americanas SA, preferred nominative | 513,102 | 3,036 |
8,910 | ||
Materials 0.25% | ||
Gerdau SA, preferred nominative | 2,902,766 | 8,546 |
Health care 0.13% | ||
Grifols, SA, Class B, nonvoting preferred, non-registered shares1 | 244,349 | 4,488 |
Industrials 0.12% | ||
GOL Linhas Aéreas Inteligentes SA, preferred nominative2 | 893,001 | 3,046 |
GOL Linhas Aéreas Inteligentes SA, preferred nominative (ADR)5 | 78,068 | 529 |
Azul SA, preferred nominative (ADR)2,5 | 62,942 | 704 |
4,279 | ||
Energy 0.11% | ||
Petróleo Brasileiro SA (Petrobras), preferred nominative (ADR) | 391,890 | 3,123 |
Petróleo Brasileiro SA (Petrobras), preferred nominative | 195,166 | 774 |
3,897 | ||
Consumer staples 0.08% | ||
Henkel AG & Co. KGaA, nonvoting preferred shares1 | 28,466 | 2,646 |
American Funds Insurance Series — New World Fund — Page 32 of 207
unaudited
Preferred securities (continued) Information technology 0.05% | Shares | Value (000) |
Samsung Electronics Co., Ltd., nonvoting preferred shares1 | 47,007 | $1,836 |
Financials 0.03% | ||
Itaúsa SA, preferred nominative | 535,726 | 945 |
Real estate 0.00% | ||
Ayala Land, Inc., preferred shares1,2,3 | 15,000,000 | —6 |
Total preferred securities (cost: $30,181,000) | 35,547 | |
Rights & warrants 0.23% Consumer staples 0.21% | ||
Foshan Haitian Flavouring and Food Co., Ltd., Class A, warrants, expire 20221,4 | 417,960 | 7,327 |
Health care 0.02% | ||
Aier Eye Hospital Group Co., Ltd., Class A, warrants, expires 20211,4 | 54,200 | 324 |
Aier Eye Hospital Group Co., Ltd., Class A, warrants, expires 20211,2,4 | 21,625 | 130 |
454 | ||
Total rights & warrants (cost: $3,911,000) | 7,781 | |
Convertible bonds & notes 0.00% Health care 0.00% | Principal amount (000) | |
BioMarin Pharmaceutical Inc., convertible bonds, 1.25% 20274 | $ 114 | 133 |
Total convertible bonds & notes (cost: $121,000) | 133 | |
Bonds, notes & other debt instruments 3.38% Bonds & notes of governments & government agencies outside the U.S. 2.94% | ||
Abu Dhabi (Emirate of) 2.50% 20294 | 1,900 | 1,996 |
Angola (Republic of) 9.50% 2025 | 800 | 724 |
Angola (Republic of) 8.25% 2028 | 200 | 166 |
Angola (Republic of) 8.00% 20294 | 2,800 | 2,316 |
Angola (Republic of) 8.00% 2029 | 200 | 165 |
Argentine Republic 4.625% 2023 | 330 | 139 |
Argentine Republic 6.875% 2027 | 555 | 225 |
Argentine Republic 5.875% 2028 | 1,125 | 455 |
Argentine Republic 6.625% 2028 | 720 | 289 |
Argentine Republic 8.28% 20337,8 | 1,318 | 604 |
Argentine Republic 3.75% 2038 (5.25% on 3/31/2029)9 | 5,900 | 2,341 |
Argentine Republic 6.875% 2048 | 3,495 | 1,374 |
Armenia (Republic of) 7.15% 2025 | 490 | 552 |
Bahrain (Kingdom of) 6.75% 20294 | 500 | 549 |
Belarus (Republic of) 6.875% 2023 | 500 | 502 |
Buenos Aires (City of) 8.95% 2021 | 359 | 332 |
Cameroon (Republic of) 9.50% 2025 | 1,505 | 1,516 |
Colombia (Republic of) 4.50% 2026 | 1,250 | 1,356 |
Colombia (Republic of) 7.375% 2037 | 600 | 819 |
Colombia (Republic of) 4.125% 2051 | 350 | 352 |
American Funds Insurance Series — New World Fund — Page 33 of 207
unaudited
Bonds, notes & other debt instruments (continued) Bonds & notes of governments & government agencies outside the U.S. (continued) | Principal amount (000) | Value (000) |
Costa Rica (Republic of) 6.125% 20314 | $1,250 | $1,084 |
Dominican Republic 5.50% 20254 | 370 | 376 |
Dominican Republic 9.75% 2026 | DOP50,200 | 775 |
Dominican Republic 8.625% 20274 | $575 | 639 |
Dominican Republic 11.25% 2027 | DOP22,900 | 409 |
Dominican Republic 11.375% 2029 | 12,800 | 220 |
Dominican Republic 7.45% 20444 | $1,125 | 1,164 |
Dominican Republic 7.45% 2044 | 1,100 | 1,138 |
Dominican Republic 5.875% 20604 | 280 | 242 |
Egypt (Arab Republic of) 5.75% 20244 | 450 | 452 |
Egypt (Arab Republic of) 5.625% 2030 | €260 | 265 |
Egypt (Arab Republic of) 7.625% 20324 | $1,140 | 1,116 |
Egypt (Arab Republic of) 8.50% 2047 | 1,200 | 1,178 |
Egypt (Arab Republic of) 8.15% 20594 | 900 | 841 |
Ethiopia (Federal Democratic Republic of) 6.625% 2024 | 2,220 | 2,230 |
Gabonese Republic 6.375% 2024 | 2,480 | 2,363 |
Guatemala (Republic of) 4.375% 2027 | 600 | 623 |
Honduras (Republic of) 6.25% 2027 | 2,000 | 2,139 |
Honduras (Republic of) 5.625% 20304 | 200 | 204 |
Indonesia (Republic of) 6.625% 2037 | 700 | 960 |
Indonesia (Republic of) 5.25% 2042 | 840 | 1,042 |
Iraq (Republic of) 6.752% 2023 | 960 | 888 |
Jordan (Hashemite Kingdom of) 5.75% 20274 | 1,530 | 1,591 |
Jordan (Hashemite Kingdom of) 5.75% 2027 | 200 | 208 |
Kazakhstan (Republic of) 5.125% 20254 | 900 | 1,046 |
Kazakhstan (Republic of) 6.50% 20454 | 800 | 1,188 |
Kenya (Republic of) 6.875% 2024 | 1,350 | 1,375 |
Kenya (Republic of) 6.875% 20244 | 900 | 917 |
Kenya (Republic of) 8.25% 20484 | 2,200 | 2,176 |
Malaysia (Federation of), Series 0419, 3.828% 2034 | MYR2,940 | 724 |
Malaysia (Federation of), Series 0418, 4.893% 2038 | 1,150 | 313 |
Nigeria (Republic of) 6.375% 2023 | $1,425 | 1,456 |
Nigeria (Republic of) 6.50% 2027 | 500 | 477 |
Nigeria (Republic of) 7.625% 2047 | 520 | 466 |
Oman (Sultanate of) 5.625% 2028 | 1,900 | 1,779 |
Pakistan (Islamic Republic of) 8.25% 2024 | 500 | 523 |
Pakistan (Islamic Republic of) 8.25% 20254 | 410 | 429 |
Pakistan (Islamic Republic of) 6.875% 20274 | 1,500 | 1,483 |
Pakistan (Islamic Republic of) 7.875% 2036 | 400 | 391 |
Panama (Republic of) 3.75% 20264 | 1,380 | 1,446 |
Panama (Republic of) 6.70% 2036 | 500 | 722 |
Panama (Republic of) 4.50% 2047 | 1,155 | 1,420 |
Panama (Republic of) 4.50% 2050 | 400 | 492 |
Panama (Republic of) 4.30% 2053 | 400 | 480 |
Paraguay (Republic of) 5.00% 20264 | 500 | 555 |
Paraguay (Republic of) 5.00% 2026 | 210 | 233 |
Paraguay (Republic of) 4.70% 20274 | 800 | 877 |
Paraguay (Republic of) 4.70% 2027 | 500 | 548 |
Peru (Republic of) 6.55% 2037 | 1,070 | 1,632 |
PETRONAS Capital Ltd. 3.50% 20304 | 200 | 223 |
PETRONAS Capital Ltd. 4.55% 20504 | 400 | 509 |
Philippines (Republic of) 2.457% 2030 | 430 | 452 |
Philippines (Republic of) 2.95% 2045 | 1,220 | 1,272 |
PT Indonesia Asahan Aluminium Tbk 6.757% 2048 | 200 | 245 |
Qatar (State of) 4.50% 20284 | 3,000 | 3,543 |
American Funds Insurance Series — New World Fund — Page 34 of 207
unaudited
Bonds, notes & other debt instruments (continued) Bonds & notes of governments & government agencies outside the U.S. (continued) | Principal amount (000) | Value (000) |
Qatar (State of) 4.50% 2028 | $1,000 | $1,181 |
Qatar (State of) 3.75% 20304 | 200 | 228 |
Romania 2.00% 2032 | €1,510 | 1,589 |
Romania 5.125% 20484 | $1,700 | 2,018 |
Russian Federation 4.375% 20294 | 1,000 | 1,139 |
Russian Federation 5.10% 2035 | 1,200 | 1,485 |
Russian Federation 5.25% 2047 | 1,400 | 1,851 |
Senegal (Republic of) 4.75% 2028 | €1,100 | 1,198 |
Serbia (Republic of) 3.125% 2027 | 1,020 | 1,202 |
South Africa (Republic of) 5.875% 2030 | $2,310 | 2,356 |
Sri Lanka (Democratic Socialist Republic of) 5.75% 2022 | 250 | 200 |
Sri Lanka (Democratic Socialist Republic of) 5.875% 2022 | 1,000 | 780 |
Sri Lanka (Democratic Socialist Republic of) 6.125% 2025 | 410 | 277 |
Sri Lanka (Democratic Socialist Republic of) 6.85% 2025 | 700 | 473 |
Sri Lanka (Democratic Socialist Republic of) 6.825% 2026 | 1,610 | 1,071 |
Sri Lanka (Democratic Socialist Republic of) 7.55% 2030 | 800 | 526 |
Sri Lanka (Democratic Socialist Republic of) 7.55% 20304 | 500 | 329 |
Tunisia (Republic of) 6.75% 2023 | €110 | 118 |
Tunisia (Republic of) 5.625% 2024 | 365 | 378 |
Tunisia (Republic of) 5.75% 2025 | $625 | 582 |
Turkey (Republic of) 11.875% 2030 | 600 | 816 |
Turkey (Republic of) 4.875% 2043 | 1,295 | 1,003 |
Turkey (Republic of) 5.75% 2047 | 2,205 | 1,807 |
Ukraine 7.75% 2027 | 3,098 | 3,229 |
Ukraine 9.75% 2028 | 700 | 800 |
Ukraine 7.375% 2032 | 2,180 | 2,197 |
United Mexican States 3.90% 2025 | 520 | 558 |
United Mexican States 4.50% 2029 | 1,070 | 1,166 |
United Mexican States 4.75% 2032 | 870 | 961 |
United Mexican States 4.75% 2044 | 1,090 | 1,149 |
Venezuela (Bolivarian Republic of) 7.00% 20187 | 64 | 4 |
Venezuela (Bolivarian Republic of) 7.75% 20197 | 1,149 | 75 |
Venezuela (Bolivarian Republic of) 6.00% 20207 | 950 | 59 |
Venezuela (Bolivarian Republic of) 12.75% 20227 | 85 | 5 |
Venezuela (Bolivarian Republic of) 9.00% 20237 | 1,383 | 86 |
Venezuela (Bolivarian Republic of) 8.25% 20247 | 299 | 19 |
Venezuela (Bolivarian Republic of) 7.65% 20257 | 129 | 8 |
Venezuela (Bolivarian Republic of) 11.75% 20267 | 64 | 4 |
Venezuela (Bolivarian Republic of) 9.25% 20277 | 170 | 11 |
Venezuela (Bolivarian Republic of) 9.25% 20287 | 319 | 20 |
Venezuela (Bolivarian Republic of) 11.95% 20317 | 106 | 7 |
Venezuela (Bolivarian Republic of) 7.00% 20387 | 107 | 7 |
101,283 | ||
Corporate bonds & notes 0.41% Energy 0.12% | ||
Petrobras Global Finance Co. 8.75% 2026 | 500 | 591 |
Petrobras Global Finance Co. 5.093% 20304 | 827 | 826 |
Petrobras Global Finance Co. 5.60% 2031 | 575 | 578 |
Petrobras Global Finance Co. 6.85% 2115 | 314 | 312 |
Petróleos Mexicanos 6.875% 2026 | 755 | 715 |
Petróleos Mexicanos 6.49% 2027 | 910 | 832 |
PTT Exploration and Production PCL 2.587% 20274 | 320 | 328 |
4,182 |
American Funds Insurance Series — New World Fund — Page 35 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Financials 0.07% | Principal amount (000) | Value (000) |
Bangkok Bank PCL 3.733% 2034 (UST Yield Curve Rate T Note Constant Maturity 5-year + 1.90% on 9/25/2029)9 | $1,140 | $1,091 |
HSBK (Europe) BV 7.25% 20214 | 1,125 | 1,157 |
2,248 | ||
Materials 0.06% | ||
Braskem Idesa Sapi 7.45% 2029 | 775 | 727 |
Braskem Idesa Sapi 7.45% 20294 | 300 | 281 |
CSN Resources SA 7.625% 2023 | 1,320 | 1,229 |
2,237 | ||
Utilities 0.06% | ||
Empresas Publicas de Medellin ESP 4.25% 20294 | 665 | 668 |
State Grid Overseas Investment Ltd. 3.50% 20274 | 900 | 997 |
State Grid Overseas Investment Ltd. 4.25% 2028 | 400 | 467 |
2,132 | ||
Industrials 0.05% | ||
DP World Crescent 4.848% 20284 | 835 | 882 |
Empresa de Transporte de Pasajeros Metro SA 4.70% 20504 | 270 | 310 |
Mexico City Airport Trust 4.25% 2026 | 475 | 450 |
Mexico City Airport Trust 3.875% 2028 | 200 | 182 |
1,824 | ||
Communication services 0.04% | ||
PLDT Inc. 2.50% 2031 | 210 | 213 |
Tencent Holdings Ltd. 3.975% 2029 | 400 | 452 |
Tencent Holdings Ltd. 3.24% 20504 | 580 | 583 |
1,248 | ||
Consumer discretionary 0.01% | ||
Sands China Ltd. 4.375% 20304 | 220 | 230 |
Total corporate bonds & notes | 14,101 | |
U.S. Treasury bonds & notes 0.03% U.S. Treasury 0.03% | ||
U.S. Treasury 0.25% 202510 | 865 | 864 |
Total bonds, notes & other debt instruments (cost: $115,629,000) | 116,248 | |
Short-term securities 4.68% Money market investments 4.68% | Shares | |
Capital Group Central Cash Fund 0.18%11 | 1,531,568 | 153,172 |
Goldman Sachs Financial Square Government Fund 0.15%11,12 | 8,081,474 | 8,082 |
161,254 | ||
Total short-term securities (cost: $161,255,000) | 161,254 | |
Total investment securities 100.06% (cost: $2,656,688,000) | 3,446,624 | |
Other assets less liabilities (0.06)% | (2,169) | |
Net assets 100.00% | $3,444,455 |
American Funds Insurance Series — New World Fund — Page 36 of 207
unaudited
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount13 (000) | Value at 6/30/202014 (000) | Unrealized appreciation at 6/30/2020 (000) |
30 Year Ultra U.S. Treasury Bond Futures | Long | 15 | September 2020 | $1,500 | $3,272 | $73 |
Forward currency contracts
Contract amount | Counterparty | Settlement date | Unrealized appreciation (depreciation) at 6/30/2020 (000) | |
Purchases (000) | Sales (000) | |||
USD3,190 | EUR2,830 | Bank of New York Mellon | 7/20/2020 | $10 |
USD2,062 | CNH14,620 | Standard Chartered Bank | 7/20/2020 | (4) |
$6 |
1 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $1,876,796,000, which represented 54.49% of the net assets of the fund. This amount includes $1,863,131,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. |
2 | Security did not produce income during the last 12 months. |
3 | Value determined using significant unobservable inputs. |
4 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $47,913,000, which represented 1.39% of the net assets of the fund. |
5 | All or a portion of this security was on loan. The total value of all such securities was $8,556,000, which represented .25% of the net assets of the fund. |
6 | Amount less than one thousand. |
7 | Scheduled interest and/or principal payment was not received. |
8 | Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Most recent payment was 100% cash unless otherwise noted. |
9 | Step bond; coupon rate may change at a later date. |
10 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $171,000, which represented less than .01% of the net assets of the fund. |
11 | Rate represents the seven-day yield at 6/30/2020. |
12 | Security purchased with cash collateral from securities on loan. |
13 | Notional amount is calculated based on the number of contracts and notional contract size. |
14 | Value is calculated based on the notional amount and current market price. |
Key to abbreviations and symbols | |
ADR = American Depositary Receipts | |
CAD = Canadian dollars | |
CDI = CREST Depository Interest | |
CNH = Chinese yuan renminbi | |
DOP = Dominican pesos | |
EUR/€ = Euros | |
GBP = British pounds | |
GDR = Global Depositary Receipts | |
MYR = Malaysian ringgits | |
USD/$ = U.S. dollars |
American Funds Insurance Series — New World Fund — Page 37 of 207
Blue Chip Income and Growth Fund
Investment portfolio
June 30, 2020
unaudited
Common stocks 95.13% Health care 20.22% | Shares | Value (000) |
Abbott Laboratories | 3,635,500 | $332,394 |
Amgen Inc. | 1,258,510 | 296,832 |
Gilead Sciences, Inc. | 3,005,712 | 231,260 |
AbbVie Inc. | 2,227,460 | 218,692 |
UnitedHealth Group Inc. | 574,000 | 169,301 |
Teva Pharmaceutical Industries Ltd. (ADR)1 | 10,333,800 | 127,416 |
Humana Inc. | 172,700 | 66,964 |
Medtronic PLC | 700,000 | 64,190 |
Stryker Corp. | 296,800 | 53,480 |
Merck & Co., Inc. | 500,000 | 38,665 |
Thermo Fisher Scientific Inc. | 87,000 | 31,524 |
Zimmer Biomet Holdings, Inc. | 225,000 | 26,856 |
Bristol-Myers Squibb Company | 400,000 | 23,520 |
PerkinElmer, Inc. | 210,400 | 20,638 |
1,701,732 | ||
Information technology 15.23% | ||
Microsoft Corp. | 2,498,500 | 508,470 |
Broadcom Inc. | 951,400 | 300,271 |
Mastercard Inc., Class A | 579,900 | 171,476 |
Apple Inc. | 400,000 | 145,920 |
Intel Corp. | 1,100,000 | 65,813 |
SS&C Technologies Holdings, Inc. | 1,153,800 | 65,167 |
ASML Holding NV (New York registered) (ADR) | 39,200 | 14,427 |
QUALCOMM Inc. | 109,000 | 9,942 |
1,281,486 | ||
Industrials 12.24% | ||
CSX Corp. | 3,780,162 | 263,628 |
Raytheon Technologies Corp. | 3,589,236 | 221,169 |
General Dynamics Corp. | 980,000 | 146,471 |
Union Pacific Corp. | 540,200 | 91,331 |
Illinois Tool Works Inc. | 450,000 | 78,682 |
Carrier Global Corp. | 2,817,000 | 62,594 |
L3Harris Technologies, Inc. | 309,200 | 52,462 |
Airbus Group SE (ADR)1 | 2,639,000 | 47,106 |
Stanley Black & Decker, Inc. | 136,000 | 18,956 |
Otis Worldwide Corp. | 277,500 | 15,779 |
RELX PLC (ADR) | 547,400 | 12,897 |
ManpowerGroup Inc. | 131,500 | 9,041 |
Robert Half International Inc. | 160,300 | 8,469 |
Rolls-Royce Holdings PLC (ADR) | 356,800 | 1,270 |
1,029,855 |
American Funds Insurance Series — Blue Chip Income and Growth Fund — Page 38 of 207
unaudited
Common stocks (continued) Energy 9.98% | Shares | Value (000) |
EOG Resources, Inc. | 4,588,100 | $232,433 |
Exxon Mobil Corp. | 3,868,166 | 172,985 |
Baker Hughes Co., Class A | 9,448,000 | 145,405 |
Diamondback Energy, Inc. | 1,320,033 | 55,204 |
Pioneer Natural Resources Company | 486,800 | 47,560 |
Schlumberger Ltd. | 2,575,400 | 47,362 |
Royal Dutch Shell PLC, Class B (ADR) | 1,134,000 | 34,530 |
Concho Resources Inc. | 616,100 | 31,729 |
Williams Companies, Inc. | 1,661,000 | 31,592 |
TC Energy Corp. | 600,000 | 25,716 |
Canadian Natural Resources, Ltd. | 885,250 | 15,430 |
839,946 | ||
Consumer staples 9.67% | ||
Constellation Brands, Inc., Class A | 1,221,600 | 213,719 |
Philip Morris International Inc. | 2,485,000 | 174,099 |
British American Tobacco PLC (ADR) | 2,630,706 | 102,124 |
Altria Group, Inc. | 2,092,000 | 82,111 |
Coca-Cola Company | 1,250,000 | 55,850 |
PepsiCo, Inc. | 400,000 | 52,904 |
Keurig Dr Pepper Inc. | 1,746,500 | 49,600 |
Costco Wholesale Corp. | 108,000 | 32,747 |
Lamb Weston Holdings, Inc. | 400,000 | 25,572 |
Mondelez International, Inc. | 384,000 | 19,634 |
Estée Lauder Companies Inc., Class A | 31,600 | 5,962 |
814,322 | ||
Communication services 9.43% | ||
Facebook, Inc., Class A1 | 1,478,100 | 335,632 |
Comcast Corp., Class A | 5,789,400 | 225,671 |
Alphabet Inc., Class A1 | 80,975 | 114,826 |
Alphabet Inc., Class C1 | 3,000 | 4,241 |
Netflix, Inc.1 | 201,800 | 91,827 |
Verizon Communications Inc. | 235,500 | 12,983 |
Activision Blizzard, Inc. | 113,000 | 8,577 |
793,757 | ||
Consumer discretionary 6.30% | ||
Royal Caribbean Cruises Ltd. | 2,011,200 | 101,164 |
McDonald’s Corp. | 500,000 | 92,235 |
Home Depot, Inc. | 303,099 | 75,929 |
General Motors Company | 2,901,500 | 73,408 |
Lowe’s Companies, Inc. | 429,900 | 58,088 |
Sony Corp. (ADR) | 561,000 | 38,782 |
Williams-Sonoma, Inc. | 313,000 | 25,669 |
Hasbro, Inc. | 315,000 | 23,609 |
NIKE, Inc., Class B | 225,000 | 22,061 |
Marriott International, Inc., Class A | 154,500 | 13,245 |
Carnival Corp., units | 249,000 | 4,089 |
Hilton Worldwide Holdings Inc. | 25,656 | 1,885 |
530,164 |
American Funds Insurance Series — Blue Chip Income and Growth Fund — Page 39 of 207
unaudited
Common stocks (continued) Financials 4.65% | Shares | Value (000) |
JPMorgan Chase & Co. | 1,269,000 | $119,362 |
American International Group, Inc. | 2,597,300 | 80,984 |
Citigroup Inc. | 1,290,000 | 65,919 |
BlackRock, Inc. | 76,500 | 41,623 |
Discover Financial Services | 730,000 | 36,566 |
Nasdaq, Inc. | 260,000 | 31,062 |
CME Group Inc., Class A | 96,500 | 15,685 |
391,201 | ||
Utilities 3.38% | ||
Public Service Enterprise Group Inc. | 2,888,000 | 141,974 |
CenterPoint Energy, Inc. | 2,327,000 | 43,445 |
Sempra Energy | 331,000 | 38,803 |
American Electric Power Company, Inc. | 450,000 | 35,838 |
E.ON SE (ADR) | 1,090,000 | 12,186 |
NextEra Energy, Inc. | 50,000 | 12,009 |
284,255 | ||
Materials 2.19% | ||
Linde PLC | 782,200 | 165,912 |
Freeport-McMoRan Inc. | 1,565,000 | 18,107 |
184,019 | ||
Real estate 1.84% | ||
Crown Castle International Corp. REIT | 525,000 | 87,859 |
Digital Realty Trust, Inc. REIT | 177,500 | 25,224 |
Alexandria Real Estate Equities, Inc. REIT | 98,500 | 15,982 |
Equinix, Inc. REIT | 22,400 | 15,731 |
Simon Property Group, Inc. REIT | 154,750 | 10,582 |
155,378 | ||
Total common stocks (cost: $6,644,891,000) | 8,006,115 | |
Rights & warrants 0.02% Financials 0.02% | ||
American International Group, Inc., warrants, expire 20211 | 1,151,554 | 1,612 |
Total rights & warrants (cost: $17,793,000) | 1,612 | |
Convertible stocks 0.71% Consumer discretionary 0.53% | ||
Aptiv PLC, Series A, convertible preferred shares, 5.50% 2023 | 431,213 | 44,320 |
Health care 0.18% | ||
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 2023 | 8,921 | 9,578 |
Danaher Corp., Series A, cumulative convertible preferred shares, 4.75% 2022 | 4,900 | 6,109 |
15,687 | ||
Total convertible stocks (cost: $57,918,000) | 60,007 |
American Funds Insurance Series — Blue Chip Income and Growth Fund — Page 40 of 207
unaudited
Short-term securities 4.16% Money market investments 4.16% | Shares | Value (000) |
Capital Group Central Cash Fund 0.18%2 | 3,495,899 | $349,625 |
Total short-term securities (cost: $349,565,000) | 349,625 | |
Total investment securities 100.02% (cost: $7,070,167,000) | 8,417,359 | |
Other assets less liabilities (0.02)% | (1,690) | |
Net assets 100.00% | $8,415,669 |
1 | Security did not produce income during the last 12 months. |
2 | Rate represents the seven-day yield at 6/30/2020. |
Key to abbreviation |
ADR = American Depositary Receipts |
American Funds Insurance Series — Blue Chip Income and Growth Fund — Page 41 of 207
Global Growth and Income Fund
Investment portfolio
June 30, 2020
unaudited
Common stocks 92.02% Information technology 17.72% | Shares | Value (000) |
Microsoft Corp. | 281,000 | $57,186 |
Taiwan Semiconductor Manufacturing Company, Ltd.1 | 4,912,800 | 51,987 |
PagSeguro Digital Ltd., Class A2 | 1,128,752 | 39,890 |
Apple Inc. | 105,990 | 38,665 |
Broadcom Inc. | 121,200 | 38,252 |
ASML Holding NV1 | 70,000 | 25,660 |
Tokyo Electron Ltd.1 | 49,000 | 12,025 |
Afterpay Ltd.1,2 | 274,800 | 11,843 |
GoDaddy Inc., Class A2 | 142,000 | 10,413 |
SAP SE1 | 68,500 | 9,535 |
Temenos AG1 | 60,000 | 9,303 |
Fiserv, Inc.2 | 88,000 | 8,591 |
NetEase, Inc.1 | 420,800 | 7,254 |
Advanced Micro Devices, Inc.2 | 98,400 | 5,177 |
Texas Instruments Inc. | 40,000 | 5,079 |
Murata Manufacturing Co., Ltd.1 | 67,000 | 3,926 |
Atlassian Corp. PLC, Class A2 | 13,000 | 2,344 |
Visa Inc., Class A | 11,700 | 2,260 |
339,390 | ||
Financials 14.22% | ||
Société Générale1,2 | 2,106,881 | 35,052 |
Fannie Mae2 | 13,706,000 | 29,742 |
Sberbank of Russia PJSC (ADR)1,2 | 1,710,000 | 19,427 |
AIA Group Ltd.1 | 1,753,000 | 16,315 |
UniCredit SpA1,2 | 1,686,696 | 15,485 |
B3 SA - Brasil, Bolsa, Balcao | 1,500,000 | 15,196 |
DBS Group Holdings Ltd.1 | 1,005,000 | 15,033 |
Toronto-Dominion Bank (CAD denominated) | 300,700 | 13,420 |
HDFC Bank Ltd.1 | 888,000 | 12,658 |
Discover Financial Services | 249,000 | 12,472 |
Ping An Insurance (Group) Company of China, Ltd., Class H1 | 1,195,000 | 11,935 |
CME Group Inc., Class A | 70,000 | 11,378 |
Macquarie Group Ltd.1 | 114,700 | 9,441 |
JPMorgan Chase & Co. | 92,000 | 8,654 |
The Blackstone Group Inc., Class A | 144,800 | 8,204 |
CIT Group Inc. | 290,000 | 6,012 |
HDFC Life Insurance Company Ltd.1,2 | 773,990 | 5,637 |
Zurich Insurance Group AG1 | 14,000 | 4,930 |
Barclays PLC1 | 3,365,000 | 4,761 |
Bank Central Asia Tbk PT1 | 2,345,000 | 4,677 |
BB Seguridade Participações SA | 891,000 | 4,468 |
Truist Financial Corp. | 116,550 | 4,376 |
AXA SA1,2 | 145,000 | 3,026 |
272,299 |
American Funds Insurance Series — Global Growth and Income Fund — Page 42 of 207
unaudited
Common stocks (continued) Health care 12.30% | Shares | Value (000) |
Novartis AG1 | 360,000 | $31,281 |
UnitedHealth Group Inc. | 86,300 | 25,454 |
Allogene Therapeutics, Inc.2 | 461,000 | 19,740 |
Abbott Laboratories | 171,000 | 15,635 |
Sarepta Therapeutics, Inc.2 | 94,500 | 15,152 |
Eli Lilly and Company | 88,000 | 14,448 |
Centene Corp.2 | 202,000 | 12,837 |
Illumina, Inc.2 | 34,000 | 12,592 |
Boston Scientific Corp.2 | 351,000 | 12,324 |
HOYA Corp.1 | 117,000 | 11,204 |
DexCom, Inc.2 | 23,700 | 9,608 |
Hikma Pharmaceuticals PLC1 | 340,000 | 9,345 |
AstraZeneca PLC1 | 83,000 | 8,652 |
CSL Ltd.1 | 35,200 | 6,978 |
Insulet Corp.2 | 28,300 | 5,498 |
Regeneron Pharmaceuticals, Inc.2 | 7,650 | 4,771 |
Biogen Inc.2 | 17,500 | 4,682 |
Koninklijke Philips NV (EUR denominated)1,2 | 100,000 | 4,657 |
Hypera SA, ordinary nominative | 562,000 | 3,441 |
Pfizer Inc. | 104,000 | 3,401 |
Gilead Sciences, Inc. | 32,100 | 2,470 |
Merck & Co., Inc. | 19,100 | 1,477 |
235,647 | ||
Consumer discretionary 9.09% | ||
LVMH Moët Hennessy-Louis Vuitton SE1 | 74,096 | 32,454 |
Home Depot, Inc. | 75,500 | 18,914 |
Flutter Entertainment PLC (EUR denominated)1 | 126,077 | 16,549 |
Alibaba Group Holding Ltd.1,2 | 553,000 | 14,944 |
General Motors Company | 400,000 | 10,120 |
Amazon.com, Inc.2 | 3,400 | 9,380 |
GVC Holdings PLC1 | 920,000 | 8,429 |
NIKE, Inc., Class B | 80,000 | 7,844 |
Levi Strauss & Co., Class A | 485,563 | 6,507 |
Restaurant Brands International Inc. (CAD denominated) | 103,600 | 5,639 |
Li Ning Co. Ltd.1 | 1,685,000 | 5,356 |
Naspers Ltd., Class N1 | 27,000 | 4,926 |
adidas AG1,2 | 18,500 | 4,840 |
Royal Caribbean Cruises Ltd. | 93,000 | 4,678 |
Melco Resorts & Entertainment Ltd. (ADR) | 297,000 | 4,609 |
Norwegian Cruise Line Holdings Ltd.2 | 272,700 | 4,480 |
Accor SA1,2 | 163,500 | 4,436 |
Strategic Education, Inc. | 24,250 | 3,726 |
Aston Martin Lagonda Global Holdings PLC1,2 | 5,345,047 | 3,265 |
lululemon athletica inc.2 | 9,800 | 3,058 |
174,154 | ||
Industrials 8.83% | ||
Airbus SE, non-registered shares1,2 | 607,200 | 43,208 |
Lockheed Martin Corp. | 66,000 | 24,085 |
CCR SA, ordinary nominative | 7,680,800 | 20,480 |
Safran SA1,2 | 123,500 | 12,354 |
Illinois Tool Works Inc. | 54,000 | 9,442 |
Rheinmetall AG1 | 98,800 | 8,545 |
Honeywell International Inc. | 48,000 | 6,940 |
American Funds Insurance Series — Global Growth and Income Fund — Page 43 of 207
unaudited
Common stocks (continued) Industrials (continued) | Shares | Value (000) |
Boeing Company | 35,500 | $6,507 |
VAT Group AG1 | 35,200 | 6,418 |
Experian PLC1 | 171,000 | 5,964 |
CSX Corp. | 73,000 | 5,091 |
Aeroflot - Russian Airlines PJSC1 | 3,920,000 | 4,504 |
PACCAR Inc. | 58,600 | 4,386 |
Watsco, Inc. | 23,500 | 4,176 |
Union Pacific Corp. | 24,400 | 4,125 |
International Consolidated Airlines Group SA (CDI)1 | 1,035,000 | 2,842 |
169,067 | ||
Communication services 7.18% | ||
Alphabet Inc., Class A2 | 21,800 | 30,914 |
Alphabet Inc., Class C2 | 7,000 | 9,895 |
Comcast Corp., Class A | 546,000 | 21,283 |
Facebook, Inc., Class A2 | 65,000 | 14,760 |
Warner Music Group Corp., Class A2 | 369,000 | 10,885 |
Nintendo Co., Ltd.1 | 20,000 | 8,899 |
Activision Blizzard, Inc. | 101,000 | 7,666 |
Walt Disney Company | 67,000 | 7,471 |
New York Times Co., Class A | 160,000 | 6,725 |
Tencent Holdings Ltd.1 | 100,000 | 6,423 |
SoftBank Corp.1 | 408,800 | 5,203 |
Advanced Info Service PCL, foreign registered1 | 820,000 | 4,910 |
Netflix, Inc.2 | 5,500 | 2,503 |
137,537 | ||
Utilities 7.10% | ||
E.ON SE1 | 3,644,000 | 40,969 |
Enel SpA1 | 3,539,000 | 30,489 |
Ørsted AS1 | 215,107 | 24,808 |
Dominion Energy, Inc. | 150,000 | 12,177 |
National Grid PLC1 | 750,000 | 9,184 |
Brookfield Infrastructure Partners LP | 170,000 | 6,996 |
China Resources Gas Group Ltd.1 | 1,350,000 | 6,569 |
American Electric Power Company, Inc. | 49,000 | 3,902 |
Brookfield Infrastructure Corp., Class A, subordinate voting shares | 18,888 | 861 |
135,955 | ||
Energy 5.26% | ||
Reliance Industries Ltd.1 | 1,606,099 | 36,300 |
Reliance Industries Ltd., interim shares1,2 | 107,073 | 1,131 |
EOG Resources, Inc. | 652,000 | 33,030 |
Gazprom PJSC (ADR)1 | 3,431,000 | 18,479 |
Galp Energia, SGPS, SA, Class B1 | 708,000 | 8,178 |
Worley Ltd.1 | 590,000 | 3,575 |
100,693 | ||
Consumer staples 4.04% | ||
Nestlé SA1 | 315,275 | 34,830 |
British American Tobacco PLC1 | 252,000 | 9,682 |
ITC Ltd.1,2 | 3,410,972 | 8,821 |
Keurig Dr Pepper Inc. | 235,000 | 6,674 |
Philip Morris International Inc. | 80,000 | 5,605 |
Pernod Ricard SA1 | 35,000 | 5,501 |
American Funds Insurance Series — Global Growth and Income Fund — Page 44 of 207
unaudited
Common stocks (continued) Consumer staples (continued) | Shares | Value (000) |
Reckitt Benckiser Group PLC1 | 42,000 | $3,865 |
Beyond Meat, Inc.2 | 18,000 | 2,412 |
77,390 | ||
Materials 3.36% | ||
Koninklijke DSM NV1 | 109,000 | 15,066 |
Fortescue Metals Group Ltd.1 | 1,441,882 | 13,835 |
Vale SA, ordinary nominative | 1,320,000 | 13,573 |
Shin-Etsu Chemical Co., Ltd.1 | 63,000 | 7,365 |
Air Products and Chemicals, Inc. | 26,000 | 6,278 |
First Quantum Minerals Ltd. | 532,600 | 4,245 |
Freeport-McMoRan Inc. | 340,000 | 3,934 |
64,296 | ||
Real estate 2.92% | ||
Alexandria Real Estate Equities, Inc. REIT | 103,000 | 16,712 |
Digital Realty Trust, Inc. REIT | 72,000 | 10,232 |
Prologis, Inc. REIT | 90,000 | 8,400 |
Vonovia SE1,2 | 104,442 | 6,398 |
Iron Mountain Inc. REIT | 219,200 | 5,721 |
Longfor Group Holdings Ltd.1 | 1,025,000 | 4,882 |
China Overseas Land & Investment Ltd.1 | 1,166,000 | 3,521 |
55,866 | ||
Total common stocks (cost: $1,380,244,000) | 1,762,294 | |
Bonds, notes & other debt instruments 1.81% Corporate bonds & notes 1.81% Communication services 1.81% | Principal amount (000) | |
Sprint Corp. 7.25% 2021 | $33,000 | 34,634 |
Total bonds, notes & other debt instruments (cost: $32,282,000) | 34,634 | |
Short-term securities 6.44% Money market investments 6.44% | Shares | |
Capital Group Central Cash Fund 0.18%3 | 1,232,229 | 123,235 |
Total short-term securities (cost: $123,219,000) | 123,235 | |
Total investment securities 100.27% (cost: $1,535,745,000) | 1,920,163 | |
Other assets less liabilities (0.27)% | (5,094) | |
Net assets 100.00% | $1,915,069 |
Forward currency contracts
Contract amount | Counterparty | Settlement date | Unrealized depreciation at 6/30/2020 (000) | |
Purchases (000) | Sales (000) | |||
USD7,220 | AUD10,500 | Standard Chartered Bank | 7/10/2020 | $(27) |
American Funds Insurance Series — Global Growth and Income Fund — Page 45 of 207
unaudited
1 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $859,944,000, which represented 44.90% of the net assets of the fund. This entire amount relates to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. |
2 | Security did not produce income during the last 12 months. |
3 | Rate represents the seven-day yield at 6/30/2020. |
Key to abbreviations and symbol |
ADR = American Depositary Receipts |
AUD = Australian dollars |
CAD = Canadian dollars |
CDI = CREST Depository Interest |
EUR = Euros |
USD/$ = U.S. dollars |
American Funds Insurance Series — Global Growth and Income Fund — Page 46 of 207
Growth-Income Fund
Investment portfolio
June 30, 2020
unaudited
Common stocks 92.90% Information technology 17.83% | Shares | Value (000) |
Microsoft Corp. | 9,389,500 | $1,910,857 |
Broadcom Inc. | 2,606,134 | 822,522 |
Intel Corp. | 6,447,300 | 385,742 |
Mastercard Inc., Class A | 1,269,700 | 375,450 |
Autodesk, Inc.1 | 921,000 | 220,294 |
Visa Inc., Class A | 1,093,800 | 211,289 |
Accenture PLC, Class A | 890,900 | 191,294 |
Adobe Inc.1 | 375,900 | 163,633 |
QUALCOMM Inc. | 1,724,252 | 157,269 |
ASML Holding NV2 | 219,000 | 80,281 |
ASML Holding NV (New York registered) (ADR) | 147,800 | 54,395 |
ServiceNow, Inc.1 | 285,900 | 115,807 |
PayPal Holdings, Inc.1 | 650,000 | 113,250 |
Taiwan Semiconductor Manufacturing Company, Ltd.2 | 10,637,000 | 112,561 |
Automatic Data Processing, Inc. | 755,000 | 112,412 |
Ceridian HCM Holding Inc.1 | 1,240,574 | 98,340 |
CDK Global, Inc. | 2,042,800 | 84,613 |
Global Payments Inc. | 498,100 | 84,488 |
Apple Inc. | 194,500 | 70,954 |
Atlassian Corp. PLC, Class A1 | 304,800 | 54,946 |
MKS Instruments, Inc. | 481,000 | 54,468 |
Fiserv, Inc.1 | 536,700 | 52,393 |
StoneCo Ltd., Class A1 | 1,285,500 | 49,826 |
Samsung Electronics Co., Ltd.2 | 1,110,000 | 49,205 |
Euronet Worldwide, Inc.1 | 491,600 | 47,105 |
SYNNEX Corp. | 367,700 | 44,039 |
FleetCor Technologies, Inc.1 | 167,000 | 42,006 |
Micron Technology, Inc.1 | 760,600 | 39,186 |
NetApp, Inc. | 873,100 | 38,739 |
Amphenol Corp., Class A | 386,000 | 36,983 |
SAP SE2 | 239,500 | 33,337 |
TE Connectivity Ltd. | 391,000 | 31,886 |
Texas Instruments Inc. | 250,000 | 31,743 |
Teradata Corp.1 | 1,056,057 | 21,966 |
Applied Materials, Inc. | 337,400 | 20,396 |
Trimble Inc.1 | 413,300 | 17,850 |
VeriSign, Inc.1 | 64,400 | 13,320 |
GoDaddy Inc., Class A1 | 148,600 | 10,897 |
6,055,742 | ||
Health care 16.77% | ||
Gilead Sciences, Inc. | 11,967,500 | 920,779 |
UnitedHealth Group Inc. | 2,545,641 | 750,837 |
Abbott Laboratories | 6,125,669 | 560,070 |
Amgen Inc. | 2,030,500 | 478,914 |
Merck & Co., Inc. | 3,038,880 | 234,997 |
American Funds Insurance Series — Growth-Income Fund — Page 47 of 207
unaudited
Common stocks (continued) Health care (continued) | Shares | Value (000) |
Seattle Genetics, Inc.1 | 1,242,606 | $211,144 |
AstraZeneca PLC2 | 1,631,800 | 170,110 |
AstraZeneca PLC (ADR) | 721,200 | 38,144 |
Eli Lilly and Company | 1,077,600 | 176,920 |
Thermo Fisher Scientific Inc. | 434,000 | 157,256 |
AbbVie Inc. | 1,491,936 | 146,478 |
GlaxoSmithKline PLC2 | 6,957,600 | 140,974 |
Anthem, Inc. | 477,900 | 125,678 |
Incyte Corp.1 | 1,184,600 | 123,163 |
Daiichi Sankyo Company, Ltd.2 | 1,392,000 | 113,680 |
Novo Nordisk A/S, Class B2 | 1,611,056 | 104,253 |
Illumina, Inc.1 | 273,445 | 101,270 |
Royalty Pharma PLC, Class A1 | 1,928,600 | 93,634 |
Chugai Pharmaceutical Company, Ltd.2 | 1,652,700 | 88,349 |
Novartis AG2 | 861,059 | 74,818 |
Baxter International Inc. | 833,000 | 71,721 |
Ultragenyx Pharmaceutical Inc.1 | 771,000 | 60,308 |
Vertex Pharmaceuticals Inc.1 | 192,000 | 55,740 |
PRA Health Sciences, Inc.1 | 568,500 | 55,309 |
PerkinElmer, Inc. | 550,000 | 53,949 |
Allogene Therapeutics, Inc.1 | 1,258,500 | 53,889 |
Alcon Inc.1,2 | 885,000 | 50,707 |
Cigna Corp. | 264,313 | 49,598 |
Johnson & Johnson | 350,000 | 49,220 |
Biohaven Pharmaceutical Holding Co. Ltd.1 | 618,100 | 45,189 |
Medtronic PLC | 425,000 | 38,973 |
Allakos Inc.1 | 511,000 | 36,720 |
Zimmer Biomet Holdings, Inc. | 305,670 | 36,485 |
Roche Holding AG, nonvoting, non-registered shares2 | 93,081 | 32,228 |
Gossamer Bio, Inc.1 | 2,298,900 | 29,886 |
AmerisourceBergen Corp. | 283,400 | 28,558 |
Humana Inc. | 65,300 | 25,320 |
Karuna Therapeutics, Inc.1 | 215,600 | 24,031 |
Stryker Corp. | 133,035 | 23,972 |
Edwards Lifesciences Corp.1 | 330,750 | 22,858 |
Neurocrine Biosciences, Inc.1 | 140,600 | 17,153 |
CVS Health Corp. | 161,300 | 10,480 |
Bluebird Bio, Inc.1 | 109,400 | 6,678 |
Agios Pharmaceuticals, Inc.1 | 89,350 | 4,778 |
5,695,218 | ||
Communication services 14.54% | ||
Facebook, Inc., Class A1 | 8,465,200 | 1,922,192 |
Netflix, Inc.1 | 1,945,925 | 885,474 |
Alphabet Inc., Class C1 | 296,784 | 419,537 |
Alphabet Inc., Class A1 | 288,980 | 409,788 |
Comcast Corp., Class A | 10,924,800 | 425,849 |
Charter Communications, Inc., Class A1 | 401,569 | 204,816 |
Verizon Communications Inc. | 3,001,600 | 165,478 |
Electronic Arts Inc.1 | 768,000 | 101,414 |
Activision Blizzard, Inc. | 1,246,700 | 94,625 |
Tencent Holdings Ltd.2 | 1,295,500 | 83,215 |
Vodafone Group PLC2 | 39,633,021 | 63,197 |
ViacomCBS Inc., Class B | 2,666,983 | 62,194 |
Cable One, Inc. | 33,300 | 59,102 |
American Funds Insurance Series — Growth-Income Fund — Page 48 of 207
unaudited
Common stocks (continued) Communication services (continued) | Shares | Value (000) |
Fox Corp., Class A | 1,407,000 | $37,736 |
Walt Disney Company | 16,358 | 1,824 |
4,936,441 | ||
Industrials 9.14% | ||
Northrop Grumman Corp. | 733,200 | 225,415 |
BWX Technologies, Inc. | 3,880,911 | 219,815 |
CSX Corp. | 3,131,000 | 218,356 |
L3Harris Technologies, Inc. | 1,035,500 | 175,693 |
Norfolk Southern Corp. | 964,300 | 169,302 |
Woodward, Inc. | 2,086,500 | 161,808 |
TransDigm Group Inc. | 331,400 | 146,495 |
Raytheon Technologies Corp. | 2,349,100 | 144,752 |
Equifax Inc. | 839,600 | 144,310 |
Airbus SE, non-registered shares1,2 | 1,776,890 | 126,441 |
Waste Connections, Inc. | 1,309,600 | 122,827 |
General Dynamics Corp. | 747,000 | 111,647 |
Carrier Global Corp. | 4,980,872 | 110,675 |
Lockheed Martin Corp. | 274,900 | 100,317 |
Meggitt PLC2 | 24,131,952 | 87,849 |
Westinghouse Air Brake Technologies Corp. | 1,473,074 | 84,805 |
Waste Management, Inc. | 767,700 | 81,307 |
Union Pacific Corp. | 412,677 | 69,771 |
Old Dominion Freight Line, Inc. | 405,000 | 68,684 |
Air Lease Corp., Class A | 2,097,300 | 61,430 |
Safran SA1,2 | 539,713 | 53,989 |
Fortive Corp. | 745,000 | 50,407 |
Otis Worldwide Corp. | 824,650 | 46,890 |
Robert Half International Inc. | 757,500 | 40,019 |
CAE Inc. | 2,294,000 | 37,208 |
Caterpillar Inc. | 276,600 | 34,990 |
Middleby Corp.1 | 441,000 | 34,813 |
Johnson Controls International PLC | 966,000 | 32,979 |
Fastenal Co. | 635,000 | 27,203 |
General Electric Co. | 3,800,000 | 25,954 |
Deere & Company | 137,400 | 21,592 |
Covanta Holding Corp. | 2,019,800 | 19,370 |
Cummins Inc. | 100,000 | 17,326 |
ManpowerGroup Inc. | 252,000 | 17,325 |
Nielsen Holdings PLC | 856,400 | 12,726 |
3,104,490 | ||
Financials 8.69% | ||
Intercontinental Exchange, Inc. | 3,183,555 | 291,614 |
CME Group Inc., Class A | 1,779,800 | 289,289 |
JPMorgan Chase & Co. | 2,584,530 | 243,101 |
Aon PLC, Class A | 1,214,800 | 233,970 |
Marsh & McLennan Companies, Inc. | 2,162,201 | 232,155 |
Nasdaq, Inc. | 1,719,600 | 205,441 |
Moody’s Corp. | 674,558 | 185,321 |
Chubb Ltd. | 1,239,153 | 156,901 |
Bank of New York Mellon Corp. | 3,781,700 | 146,163 |
BlackRock, Inc. | 213,700 | 116,272 |
State Street Corp. | 1,485,300 | 94,391 |
S&P Global Inc. | 281,500 | 92,749 |
American Funds Insurance Series — Growth-Income Fund — Page 49 of 207
unaudited
Common stocks (continued) Financials (continued) | Shares | Value (000) |
B3 SA - Brasil, Bolsa, Balcao | 6,292,000 | $63,740 |
EXOR NV2 | 955,000 | 54,451 |
Truist Financial Corp. | 1,308,519 | 49,135 |
Arthur J. Gallagher & Co. | 475,000 | 46,308 |
Power Corp. of Canada, subordinate voting shares | 2,625,000 | 46,173 |
Kotak Mahindra Bank Ltd.2 | 2,437,778 | 43,992 |
London Stock Exchange Group PLC2 | 424,000 | 43,860 |
Travelers Companies, Inc. | 375,000 | 42,769 |
Wells Fargo & Company | 1,222,300 | 31,291 |
Charles Schwab Corp. | 879,000 | 29,657 |
UniCredit SpA1,2 | 3,138,000 | 28,809 |
American Express Co. | 300,000 | 28,560 |
Banco Santander, SA2 | 11,000,000 | 26,824 |
PNC Financial Services Group, Inc. | 248,900 | 26,187 |
Bank of Montreal | 468,846 | 24,955 |
M&T Bank Corp. | 233,600 | 24,287 |
Bank of America Corp. | 958,500 | 22,764 |
UBS Group AG2 | 1,343,666 | 15,437 |
American International Group, Inc. | 405,000 | 12,628 |
2,949,194 | ||
Consumer discretionary 6.48% | ||
Amazon.com, Inc.1 | 395,030 | 1,089,817 |
Lowe’s Companies, Inc. | 1,360,900 | 183,885 |
Thor Industries, Inc. | 1,289,600 | 137,381 |
Home Depot, Inc. | 537,000 | 134,524 |
General Motors Company | 4,141,000 | 104,767 |
Hasbro, Inc. | 1,150,000 | 86,193 |
Booking Holdings Inc.1 | 47,600 | 75,795 |
Hilton Worldwide Holdings Inc. | 942,763 | 69,246 |
Chipotle Mexican Grill, Inc.1 | 56,110 | 59,048 |
Wyndham Hotels & Resorts, Inc. | 1,187,334 | 50,604 |
Wynn Resorts, Ltd. | 490,966 | 36,572 |
Royal Caribbean Cruises Ltd. | 682,600 | 34,335 |
Marriott International, Inc., Class A | 326,000 | 27,948 |
NIKE, Inc., Class B | 255,000 | 25,003 |
Ferrari NV2 | 110,000 | 18,743 |
Newell Brands Inc. | 1,137,800 | 18,068 |
YUM! Brands, Inc. | 205,630 | 17,871 |
TJX Companies, Inc. | 313,000 | 15,825 |
Aptiv PLC | 190,000 | 14,805 |
2,200,430 | ||
Consumer staples 5.98% | ||
British American Tobacco PLC2 | 8,069,260 | 310,032 |
British American Tobacco PLC (ADR) | 479,440 | 18,612 |
Keurig Dr Pepper Inc. | 8,760,935 | 248,811 |
Philip Morris International Inc. | 2,743,640 | 192,219 |
Carlsberg A/S, Class B2 | 1,326,568 | 175,240 |
Nestlé SA2 | 1,382,846 | 152,770 |
Costco Wholesale Corp. | 485,800 | 147,299 |
Mondelez International, Inc. | 2,867,900 | 146,636 |
Lamb Weston Holdings, Inc. | 1,877,766 | 120,046 |
Reckitt Benckiser Group PLC2 | 1,235,000 | 113,655 |
Coca-Cola Company | 1,717,500 | 76,738 |
American Funds Insurance Series — Growth-Income Fund — Page 50 of 207
unaudited
Common stocks (continued) Consumer staples (continued) | Shares | Value (000) |
Procter & Gamble Company | 503,178 | $60,165 |
Estée Lauder Companies Inc., Class A | 228,000 | 43,019 |
Diageo PLC2 | 1,220,000 | 40,497 |
Herbalife Nutrition Ltd.1 | 849,000 | 38,188 |
Church & Dwight Co., Inc. | 446,400 | 34,507 |
PepsiCo, Inc. | 228,419 | 30,211 |
General Mills, Inc. | 428,800 | 26,435 |
Walgreens Boots Alliance, Inc. | 509,200 | 21,585 |
Kraft Heinz Company | 567,200 | 18,088 |
Constellation Brands, Inc., Class A | 100,700 | 17,617 |
2,032,370 | ||
Materials 4.13% | ||
Celanese Corp. | 2,996,633 | 258,729 |
Linde PLC | 892,800 | 189,372 |
LyondellBasell Industries NV | 2,453,100 | 161,218 |
International Flavors & Fragrances Inc. | 1,075,000 | 131,644 |
Vale SA, ordinary nominative (ADR) | 9,206,039 | 94,914 |
Vale SA, ordinary nominative | 3,404,848 | 35,012 |
Dow Inc. | 2,859,700 | 116,561 |
Air Products and Chemicals, Inc. | 312,100 | 75,360 |
Barrick Gold Corp. | 2,373,000 | 63,929 |
Rio Tinto PLC2 | 1,020,655 | 57,432 |
Freeport-McMoRan Inc. | 4,073,000 | 47,125 |
Centerra Gold Inc. | 2,917,909 | 32,562 |
Mosaic Co. | 2,522,400 | 31,555 |
PPG Industries, Inc. | 295,550 | 31,346 |
Sherwin-Williams Company | 54,100 | 31,262 |
DuPont de Nemours Inc. | 459,700 | 24,424 |
Asahi Kasei Corp.2 | 2,392,300 | 19,436 |
1,401,881 | ||
Energy 3.74% | ||
Chevron Corp. | 2,625,200 | 234,247 |
EOG Resources, Inc. | 3,015,400 | 152,760 |
Canadian Natural Resources, Ltd. (CAD denominated) | 8,803,800 | 152,718 |
Exxon Mobil Corp. | 3,224,200 | 144,186 |
Enbridge Inc. (CAD denominated) | 4,592,362 | 139,638 |
ConocoPhillips | 2,511,910 | 105,550 |
Baker Hughes Co., Class A | 5,454,600 | 83,946 |
Equitrans Midstream Corp. | 8,625,300 | 71,676 |
Schlumberger Ltd. | 2,727,900 | 50,166 |
TC Energy Corp. (CAD denominated) | 1,168,019 | 49,901 |
Concho Resources Inc. | 653,000 | 33,630 |
Royal Dutch Shell PLC, Class B (ADR) | 978,300 | 29,789 |
Royal Dutch Shell PLC, Class A (ADR) | 13,204 | 432 |
BP PLC2 | 3,203,542 | 12,175 |
TOTAL SA2 | 167,275 | 6,371 |
Tullow Oil PLC2 | 3,674,051 | 1,440 |
Weatherford International1 | 128,424 | 253 |
1,268,878 |
American Funds Insurance Series — Growth-Income Fund — Page 51 of 207
unaudited
Common stocks (continued) Utilities 2.88% | Shares | Value (000) |
CenterPoint Energy, Inc.3 | 11,210,255 | $209,296 |
CenterPoint Energy, Inc. | 1,111,000 | 20,742 |
Sempra Energy | 1,357,700 | 159,163 |
Edison International | 2,345,350 | 127,376 |
E.ON SE2 | 7,377,310 | 82,941 |
Enel SpA2 | 8,712,341 | 75,058 |
AES Corp. | 5,023,200 | 72,786 |
American Electric Power Company, Inc. | 876,600 | 69,813 |
Exelon Corp. | 1,615,600 | 58,630 |
Public Service Enterprise Group Inc. | 686,500 | 33,748 |
Xcel Energy Inc. | 444,800 | 27,800 |
CMS Energy Corp. | 350,000 | 20,447 |
PG&E Corp.1 | 2,111,900 | 18,733 |
976,533 | ||
Real estate 2.72% | ||
Equinix, Inc. REIT | 555,418 | 390,070 |
Crown Castle International Corp. REIT | 1,418,300 | 237,353 |
American Tower Corp. REIT | 435,300 | 112,542 |
Digital Realty Trust, Inc. REIT | 645,000 | 91,661 |
SBA Communications Corp. REIT | 210,000 | 62,563 |
MGM Growth Properties LLC REIT, Class A | 1,096,000 | 29,822 |
924,011 | ||
Total common stocks (cost: $22,200,125,000) | 31,545,188 | |
Convertible stocks 0.92% Health care 0.39% | ||
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 2023 | 65,372 | 70,185 |
Danaher Corp., Series A, cumulative convertible preferred shares, 4.75% 2022 | 50,000 | 62,344 |
132,529 | ||
Real estate 0.27% | ||
Crown Castle International Corp. REIT, Series A, convertible preferred shares, 6.875% 2020 | 62,000 | 92,088 |
Information technology 0.26% | ||
Broadcom Inc., Series A, cumulative convertible preferred shares, 8.00% 2022 | 78,400 | 87,365 |
Total convertible stocks (cost: $268,527,000) | 311,982 | |
Bonds, notes & other debt instruments 0.12% Corporate bonds & notes 0.12% Consumer discretionary 0.09% | Principal amount (000) | |
Carnival Corp. 11.50% 20233 | $ 27,790 | 30,081 |
General Motors Financial Co. 4.30% 2025 | 160 | 167 |
General Motors Financial Co. 5.25% 2026 | 827 | 902 |
31,150 | ||
Industrials 0.02% | ||
Boeing Co. 4.875% 2025 | 4,706 | 5,129 |
American Funds Insurance Series — Growth-Income Fund — Page 52 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Energy 0.01% | Principal amount (000) | Value (000) |
Weatherford International PLC 11.00% 20243 | $5,280 | $3,696 |
Total corporate bonds & notes | 39,975 | |
Total bonds, notes & other debt instruments (cost: $38,346,000) | 39,975 | |
Short-term securities 6.14% Money market investments 6.14% | Shares | |
Capital Group Central Cash Fund 0.18%4 | 20,848,370 | 2,085,046 |
Total short-term securities (cost: $2,084,942,000) | 2,085,046 | |
Total investment securities 100.08% (cost: $24,591,940,000) | 33,982,191 | |
Other assets less liabilities (0.08)% | (27,852) | |
Net assets 100.00% | $33,954,339 |
1 | Security did not produce income during the last 12 months. |
2 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $2,744,357,000, which represented 8.08% of the net assets of the fund. This entire amount relates to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. |
3 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $243,073,000, which represented .72% of the net assets of the fund. |
4 | Rate represents the seven-day yield at 6/30/2020. |
Key to abbreviations |
ADR = American Depositary Receipts |
CAD = Canadian dollars |
American Funds Insurance Series — Growth-Income Fund — Page 53 of 207
International Growth and Income Fund
Investment portfolio
June 30, 2020
unaudited
Common stocks 88.70% Financials 18.26% | Shares | Value (000) |
HDFC Bank Ltd.1 | 2,457,600 | $35,032 |
Zurich Insurance Group AG1 | 92,200 | 32,470 |
AIA Group Ltd.1 | 2,338,600 | 21,766 |
Banco Santander, SA1 | 8,856,538 | 21,597 |
ING Groep NV1 | 2,789,300 | 19,377 |
Insurance Australia Group Ltd.1 | 3,666,000 | 14,654 |
B3 SA - Brasil, Bolsa, Balcao | 1,302,000 | 13,190 |
Sberbank of Russia PJSC (ADR)1,2 | 999,000 | 11,350 |
Sony Financial Holdings Inc.1 | 410,400 | 9,877 |
Moscow Exchange MICEX-RTS PJSC1 | 5,665,000 | 9,007 |
Haci Ömer Sabanci Holding AS1 | 6,520,900 | 8,788 |
BNP Paribas SA1,2 | 215,000 | 8,523 |
DBS Group Holdings Ltd.1 | 558,000 | 8,347 |
Ping An Insurance (Group) Company of China, Ltd., Class H1 | 690,500 | 6,896 |
PICC Property and Casualty Co. Ltd., Class H1 | 7,905,000 | 6,503 |
UniCredit SpA1,2 | 630,000 | 5,784 |
Great-West Lifeco Inc. (CAD denominated) | 248,102 | 4,349 |
237,510 | ||
Industrials 14.69% | ||
Shanghai International Airport Co., Ltd., Class A1 | 3,091,967 | 31,361 |
Aena SME, SA, non-registered shares1,2 | 121,450 | 16,168 |
Airbus SE, non-registered shares1,2 | 216,160 | 15,382 |
ASSA ABLOY AB, Class B1 | 681,100 | 13,829 |
SAAB AB, Class B1,2 | 510,000 | 12,711 |
Singapore Technologies Engineering Ltd1 | 5,270,000 | 12,506 |
Deutsche Post AG1,2 | 342,000 | 12,476 |
Recruit Holdings Co., Ltd.1 | 350,100 | 11,968 |
Airports of Thailand PCL, foreign registered1 | 5,250,000 | 10,297 |
Komatsu Ltd.1 | 445,000 | 9,098 |
Adani Ports & Special Economic Zone Ltd.1 | 1,975,327 | 9,091 |
Ryanair Holdings PLC (ADR)2 | 136,000 | 9,022 |
Alliance Global Group, Inc.1,2 | 58,340,900 | 7,989 |
GT Capital Holdings, Inc.1 | 797,142 | 7,307 |
ALD SA1 | 513,000 | 5,065 |
SMC Corp.1 | 9,400 | 4,798 |
International Container Terminal Services, Inc.1 | 1,000,000 | 2,070 |
191,138 | ||
Health care 12.55% | ||
Novartis AG1 | 502,545 | 43,667 |
Daiichi Sankyo Company, Ltd.1 | 453,000 | 36,995 |
Takeda Pharmaceutical Company, Ltd.1 | 518,353 | 18,500 |
Fresenius SE & Co. KGaA1,2 | 283,701 | 14,004 |
Chugai Pharmaceutical Company, Ltd.1 | 228,900 | 12,236 |
Aier Eye Hospital Group Co., Ltd., Class A1 | 1,784,955 | 11,008 |
American Funds Insurance Series — International Growth and Income Fund — Page 54 of 207
unaudited
Common stocks (continued) Health care (continued) | Shares | Value (000) |
Teva Pharmaceutical Industries Ltd. (ADR)2 | 662,000 | $8,162 |
HOYA Corp.1 | 85,000 | 8,140 |
GlaxoSmithKline PLC1 | 386,500 | 7,831 |
Alcon Inc.1,2 | 48,672 | 2,789 |
NMC Health PLC1,2,3 | 304,610 | 4 |
163,336 | ||
Consumer discretionary 11.14% | ||
Sony Corp.1 | 498,900 | 34,165 |
LVMH Moët Hennessy-Louis Vuitton SE1 | 48,000 | 21,024 |
GVC Holdings PLC1 | 1,975,100 | 18,097 |
Galaxy Entertainment Group Ltd.1 | 2,365,000 | 16,058 |
Kering SA1 | 29,000 | 15,752 |
Taylor Wimpey PLC1 | 7,352,400 | 12,971 |
Alibaba Group Holding Ltd.1,2 | 430,800 | 11,641 |
Flutter Entertainment PLC (GBP denominated)1 | 73,000 | 9,573 |
Prosus NV1,2 | 61,000 | 5,661 |
144,942 | ||
Utilities 9.15% | ||
E.ON SE1 | 3,629,500 | 40,806 |
SSE PLC1 | 1,320,450 | 22,295 |
ENN Energy Holdings Ltd.1 | 1,658,000 | 18,621 |
National Grid PLC1 | 887,664 | 10,870 |
Ørsted AS1 | 92,807 | 10,703 |
Iberdrola, SA, non-registered shares1 | 807,869 | 9,357 |
CLP Holdings Ltd.1 | 355,500 | 3,481 |
Guangdong Investment Ltd.1 | 1,738,000 | 2,983 |
119,116 | ||
Communication services 6.65% | ||
SoftBank Group Corp.1 | 580,800 | 29,265 |
Yandex NV, Class A2 | 470,000 | 23,509 |
Tencent Holdings Ltd.1 | 297,700 | 19,123 |
Rightmove PLC1 | 1,290,000 | 8,718 |
Nippon Telegraph and Telephone Corp.1 | 251,600 | 5,857 |
86,472 | ||
Information technology 4.03% | ||
SUMCO Corp.1 | 1,230,000 | 18,830 |
ASML Holding NV1 | 47,800 | 17,522 |
Taiwan Semiconductor Manufacturing Company, Ltd.1 | 1,520,000 | 16,085 |
52,437 | ||
Consumer staples 3.89% | ||
British American Tobacco PLC1 | 548,402 | 21,070 |
Imperial Brands PLC1 | 557,516 | 10,617 |
Treasury Wine Estates Ltd.1 | 1,152,442 | 8,343 |
Pernod Ricard SA1 | 39,400 | 6,192 |
Kirin Holdings Company, Ltd.1 | 209,500 | 4,418 |
50,640 |
American Funds Insurance Series — International Growth and Income Fund — Page 55 of 207
unaudited
Common stocks (continued) Materials 3.83% | Shares | Value (000) |
Rio Tinto PLC1 | 243,800 | $13,719 |
UPL Ltd.1,2 | 2,118,000 | 11,961 |
Air Liquide SA, non-registered shares1 | 79,200 | 11,412 |
Akzo Nobel NV1 | 93,955 | 8,406 |
Vale SA, ordinary nominative (ADR) | 424,300 | 4,374 |
49,872 | ||
Real estate 2.80% | ||
Sun Hung Kai Properties Ltd.1 | 1,241,000 | 15,816 |
CK Asset Holdings Ltd.1 | 2,626,000 | 15,615 |
China Resources Land Ltd.1 | 1,308,000 | 4,943 |
36,374 | ||
Energy 1.71% | ||
Royal Dutch Shell PLC, Class A (GBP denominated)1 | 346,500 | 5,514 |
Royal Dutch Shell PLC, Class B1 | 138,000 | 2,088 |
Canadian Natural Resources, Ltd. (CAD denominated) | 272,500 | 4,727 |
Canadian Natural Resources, Ltd. | 92,000 | 1,604 |
Cenovus Energy Inc. | 935,000 | 4,373 |
TOTAL SA1 | 102,334 | 3,898 |
22,204 | ||
Total common stocks (cost: $1,056,951,000) | 1,154,041 | |
Preferred securities 0.50% Energy 0.50% | ||
Petróleo Brasileiro SA (Petrobras), preferred nominative (ADR) | 741,700 | 5,911 |
Petróleo Brasileiro SA (Petrobras), preferred nominative | 143,000 | 567 |
Total preferred securities (cost: $5,126,000) | 6,478 | |
Rights & warrants 0.62% Health care 0.62% | ||
Aier Eye Hospital Group Co., Ltd., Class A, warrants, expires 20211,4 | 958,500 | 5,734 |
Aier Eye Hospital Group Co., Ltd., Class A, warrants, expires 20211,2,4 | 382,799 | 2,290 |
Total rights & warrants (cost: $8,134,000) | 8,024 | |
Bonds, notes & other debt instruments 0.66% Bonds & notes of governments & government agencies outside the U.S. 0.37% | Principal amount (000) | |
Brazil (Federative Republic of) 10.00% 2025 | BRL22,000 | 4,738 |
Corporate bonds & notes 0.29% Health care 0.29% | ||
Teva Pharmaceutical Finance Co. BV 3.15% 2026 | $1,060 | 951 |
Teva Pharmaceutical Finance Co. BV 4.10% 2046 | 1,160 | 978 |
Valeant Pharmaceuticals International, Inc. 6.125% 20254 | 1,865 | 1,894 |
Total corporate bonds & notes | 3,823 | |
Total bonds, notes & other debt instruments (cost: $9,513,000) | 8,561 |
American Funds Insurance Series — International Growth and Income Fund — Page 56 of 207
unaudited
Short-term securities 9.32% Money market investments 9.32% | Shares | Value (000) |
Capital Group Central Cash Fund 0.18%5 | 1,213,278 | $121,340 |
Total short-term securities (cost: $121,328,000) | 121,340 | |
Total investment securities 99.80% (cost: $1,201,052,000) | 1,298,444 | |
Other assets less liabilities 0.20% | 2,540 | |
Net assets 100.00% | $1,300,984 |
1 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $1,088,755,000, which represented 83.69% of the net assets of the fund. This amount includes $1,080,727,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. |
2 | Security did not produce income during the last 12 months. |
3 | Value determined using significant unobservable inputs. |
4 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $9,918,000, which represented .76% of the net assets of the fund. |
5 | Rate represents the seven-day yield at 6/30/2020. |
Key to abbreviations |
ADR = American Depositary Receipts |
BRL = Brazilian reais |
CAD = Canadian dollars |
GBP = British pounds |
American Funds Insurance Series — International Growth and Income Fund — Page 57 of 207
Capital Income Builder®
Investment portfolio
June 30, 2020
unaudited
Common stocks 70.00% Health care 11.51% | Shares | Value (000) |
Gilead Sciences, Inc. | 302,403 | $23,267 |
AbbVie Inc. | 225,462 | 22,136 |
Amgen Inc. | 75,995 | 17,924 |
GlaxoSmithKline PLC1 | 865,174 | 17,530 |
Novartis AG1 | 152,562 | 13,256 |
AstraZeneca PLC1 | 52,858 | 5,510 |
AstraZeneca PLC (ADR) | 11,454 | 606 |
Merck & Co., Inc. | 42,152 | 3,260 |
Abbott Laboratories | 26,664 | 2,438 |
Roche Holding AG, nonvoting, non-registered shares1 | 5,376 | 1,861 |
Royalty Pharma PLC, Class A2 | 24,430 | 1,186 |
Eli Lilly and Company | 4,733 | 777 |
Pfizer Inc. | 23,043 | 754 |
Alcon Inc.1,2 | 3,380 | 194 |
110,699 | ||
Consumer staples 9.86% | ||
British American Tobacco PLC1 | 550,162 | 21,138 |
Philip Morris International Inc. | 262,907 | 18,419 |
Coca-Cola Company | 207,076 | 9,252 |
General Mills, Inc. | 130,025 | 8,016 |
Nestlé SA1 | 58,460 | 6,458 |
Altria Group, Inc. | 131,620 | 5,166 |
Imperial Brands PLC1 | 204,643 | 3,897 |
Unilever PLC1 | 70,620 | 3,808 |
Carlsberg A/S, Class B1 | 19,723 | 2,605 |
Danone SA1,2 | 36,201 | 2,502 |
Kellogg Co. | 29,948 | 1,978 |
Diageo PLC1 | 50,410 | 1,673 |
Procter & Gamble Company | 12,521 | 1,497 |
Kimberly-Clark Corp. | 9,918 | 1,402 |
Anheuser-Busch InBev SA/NV1 | 22,921 | 1,130 |
Japan Tobacco Inc.1,3 | 59,800 | 1,110 |
Vector Group Ltd. | 95,645 | 962 |
ITC Ltd.1,2 | 354,284 | 916 |
Reckitt Benckiser Group PLC1 | 9,773 | 899 |
Kraft Heinz Company | 18,141 | 579 |
PepsiCo, Inc. | 4,295 | 568 |
Kirin Holdings Company, Ltd.1 | 22,000 | 464 |
Convenience Retail Asia Ltd.1 | 502,000 | 237 |
Treasury Wine Estates Ltd.1 | 16,234 | 118 |
94,794 |
American Funds Insurance Series — Capital Income Builder — Page 58 of 207
unaudited
Common stocks (continued) Utilities 9.02% | Shares | Value (000) |
Dominion Energy, Inc. | 177,399 | $14,401 |
National Grid PLC1 | 720,349 | 8,821 |
Iberdrola, SA, non-registered shares1 | 716,931 | 8,304 |
E.ON SE1 | 734,500 | 8,258 |
SSE PLC1 | 443,987 | 7,496 |
EDP - Energias de Portugal, SA1 | 1,291,886 | 6,161 |
Enel SpA1 | 619,762 | 5,339 |
Duke Energy Corp. | 53,651 | 4,286 |
Consolidated Edison, Inc. | 45,402 | 3,266 |
DTE Energy Company | 28,194 | 3,031 |
Naturgy Energy Group, SA1 | 130,836 | 2,432 |
Southern Co. | 40,253 | 2,087 |
Edison International | 35,605 | 1,934 |
Exelon Corp. | 42,957 | 1,559 |
Public Service Enterprise Group Inc. | 23,552 | 1,158 |
CLP Holdings Ltd.1 | 117,000 | 1,146 |
American Electric Power Company, Inc. | 14,177 | 1,129 |
Engie SA1,2 | 74,034 | 914 |
Guangdong Investment Ltd.1 | 508,000 | 872 |
Power Assets Holdings Ltd.1 | 130,000 | 706 |
Centrica PLC1 | 1,447,984 | 690 |
Infratil Ltd.1 | 178,412 | 540 |
Keppel Infrastructure Trust1 | 1,354,800 | 529 |
AES Corp. | 34,651 | 502 |
Ratch Group PCL, foreign registered1 | 237,500 | 479 |
Sempra Energy | 3,664 | 429 |
CK Infrastructure Holdings Ltd.1 | 38,000 | 196 |
ENN Energy Holdings Ltd.1 | 2,100 | 23 |
86,688 | ||
Financials 9.00% | ||
Zurich Insurance Group AG1 | 25,819 | 9,093 |
CME Group Inc., Class A | 41,952 | 6,819 |
Münchener Rückversicherungs-Gesellschaft AG1 | 20,578 | 5,340 |
Truist Financial Corp. | 139,222 | 5,228 |
JPMorgan Chase & Co. | 50,001 | 4,703 |
Ping An Insurance (Group) Company of China, Ltd., Class H1 | 405,500 | 4,050 |
Ping An Insurance (Group) Company of China, Ltd., Class A1 | 63,300 | 639 |
DBS Group Holdings Ltd.1 | 312,400 | 4,673 |
Hong Kong Exchanges and Clearing Ltd.1 | 101,600 | 4,330 |
PNC Financial Services Group, Inc. | 36,195 | 3,808 |
Toronto-Dominion Bank (CAD denominated) | 75,644 | 3,376 |
Great-West Lifeco Inc. (CAD denominated) | 166,857 | 2,925 |
State Street Corp. | 45,971 | 2,921 |
Principal Financial Group, Inc. | 60,469 | 2,512 |
BOC Hong Kong (Holdings) Ltd.1 | 706,000 | 2,242 |
Royal Bank of Canada | 32,848 | 2,229 |
Power Corp. of Canada, subordinate voting shares | 121,241 | 2,133 |
QBE Insurance Group Ltd.1 | 332,867 | 2,046 |
China Pacific Insurance (Group) Co., Ltd., Class H1 | 691,800 | 1,850 |
Sampo Oyj, Class A1 | 52,537 | 1,805 |
Travelers Companies, Inc. | 12,575 | 1,434 |
East West Bancorp, Inc. | 38,023 | 1,378 |
Bank of Montreal | 24,417 | 1,300 |
BNP Paribas SA1,2 | 32,313 | 1,281 |
American Funds Insurance Series — Capital Income Builder — Page 59 of 207
unaudited
Common stocks (continued) Financials (continued) | Shares | Value (000) |
Moscow Exchange MICEX-RTS PJSC1 | 763,303 | $1,214 |
Banca Mediolanum SpA1 | 161,301 | 1,156 |
Svenska Handelsbanken AB, Class A1,2 | 85,341 | 809 |
The Blackstone Group Inc., Class A | 12,028 | 681 |
Intesa Sanpaolo SpA1,2 | 311,377 | 595 |
KeyCorp | 47,197 | 575 |
Banco Santander, SA1 | 220,957 | 539 |
Everest Re Group, Ltd. | 2,578 | 532 |
B3 SA - Brasil, Bolsa, Balcao | 51,680 | 524 |
Marsh & McLennan Companies, Inc. | 4,792 | 514 |
China Merchants Bank Co., Ltd., Class H1 | 86,000 | 396 |
Bank of New York Mellon Corp. | 9,108 | 352 |
Euronext NV1 | 3,145 | 315 |
Wells Fargo & Company | 8,410 | 215 |
86,532 | ||
Information technology 8.08% | ||
Broadcom Inc. | 84,199 | 26,574 |
Microsoft Corp. | 96,458 | 19,630 |
Taiwan Semiconductor Manufacturing Company, Ltd.1 | 790,800 | 8,368 |
Intel Corp. | 82,778 | 4,953 |
International Business Machines Corp. | 21,863 | 2,640 |
QUALCOMM Inc. | 25,679 | 2,342 |
Western Union Company | 101,801 | 2,201 |
Vanguard International Semiconductor Corp.1 | 702,700 | 1,850 |
Paychex, Inc. | 24,003 | 1,818 |
KLA Corp. | 6,688 | 1,301 |
NetApp, Inc. | 28,643 | 1,271 |
Delta Electronics, Inc.1 | 204,200 | 1,165 |
Apple Inc. | 2,786 | 1,016 |
Maxim Integrated Products, Inc. | 13,028 | 790 |
Texas Instruments Inc. | 4,715 | 599 |
Globalwafers Co., Ltd.1 | 35,000 | 477 |
VTech Holdings Ltd.1 | 63,171 | 380 |
Cisco Systems, Inc. | 7,042 | 328 |
77,703 | ||
Real estate 6.15% | ||
Crown Castle International Corp. REIT | 117,596 | 19,680 |
Digital Realty Trust, Inc. REIT | 37,881 | 5,383 |
CK Asset Holdings Ltd.1 | 891,000 | 5,298 |
Link Real Estate Investment Trust REIT1 | 500,000 | 4,080 |
VICI Properties Inc. REIT | 141,664 | 2,860 |
American Tower Corp. REIT | 10,626 | 2,747 |
Gaming and Leisure Properties, Inc. REIT | 68,905 | 2,384 |
TAG Immobilien AG1 | 97,689 | 2,327 |
Simon Property Group, Inc. REIT | 28,885 | 1,975 |
Federal Realty Investment Trust REIT | 21,997 | 1,875 |
Longfor Group Holdings Ltd.1 | 342,000 | 1,629 |
Charter Hall Group REIT1 | 170,113 | 1,157 |
Lamar Advertising Co. REIT, Class A | 15,866 | 1,059 |
Daito Trust Construction Co., Ltd.1 | 11,500 | 1,057 |
Essex Property Trust, Inc. REIT | 4,338 | 994 |
Equity Residential REIT | 16,272 | 957 |
Sun Hung Kai Properties Ltd.1 | 57,755 | 736 |
American Funds Insurance Series — Capital Income Builder — Page 60 of 207
unaudited
Common stocks (continued) Real estate (continued) | Shares | Value (000) |
Americold Realty Trust REIT | 18,182 | $660 |
China Overseas Land & Investment Ltd.1 | 207,000 | 625 |
Nexity SA, Class A, non-registered shares1 | 18,129 | 586 |
Embassy Office Parks REIT1 | 73,800 | 333 |
MGM Growth Properties LLC REIT, Class A | 11,851 | 323 |
China Resources Land Ltd.1 | 66,000 | 250 |
Unibail-Rodamco-Westfield REIT, non-registered shares1 | 2,655 | 149 |
59,124 | ||
Energy 4.40% | ||
Chevron Corp. | 108,909 | 9,718 |
TC Energy Corp. (CAD denominated) | 133,253 | 5,693 |
TC Energy Corp. | 36,765 | 1,576 |
Enbridge Inc. (CAD denominated) | 216,401 | 6,580 |
Exxon Mobil Corp. | 96,510 | 4,316 |
Canadian Natural Resources, Ltd. (CAD denominated) | 167,785 | 2,910 |
TOTAL SA1,3 | 73,469 | 2,798 |
BP PLC1 | 577,222 | 2,194 |
EOG Resources, Inc. | 38,707 | 1,961 |
Royal Dutch Shell PLC, Class B1 | 93,784 | 1,419 |
Royal Dutch Shell PLC, Class B (ADR) | 7,346 | 224 |
Equitrans Midstream Corp. | 189,014 | 1,571 |
ConocoPhillips | 22,130 | 930 |
Inter Pipeline Ltd. | 39,758 | 370 |
42,260 | ||
Communication services 4.26% | ||
Verizon Communications Inc. | 143,888 | 7,933 |
BCE Inc. (CAD denominated) | 179,328 | 7,479 |
Nippon Telegraph and Telephone Corp.1 | 208,800 | 4,861 |
HKT Trust and HKT Ltd., units1 | 2,703,240 | 3,974 |
Comcast Corp., Class A | 100,180 | 3,905 |
Koninklijke KPN NV1 | 1,321,226 | 3,499 |
Vodafone Group PLC1 | 1,935,859 | 3,087 |
AT&T Inc. | 55,622 | 1,681 |
TELUS Corp. | 54,220 | 909 |
ITV PLC1 | 703,571 | 650 |
KT Corp. (ADR) | 64,508 | 628 |
Singapore Telecommunications Ltd.1 | 298,300 | 528 |
ProSiebenSat.1 Media SE1,2 | 43,765 | 520 |
HKBN Ltd.1 | 220,500 | 386 |
CenturyLink, Inc. | 34,572 | 347 |
Bharti Infratel Ltd.1 | 103,437 | 304 |
Zegona Communications PLC1 | 159,592 | 225 |
40,916 | ||
Industrials 3.74% | ||
United Parcel Service, Inc., Class B | 63,582 | 7,069 |
Raytheon Technologies Corp. | 80,975 | 4,990 |
Deutsche Post AG1,2 | 90,390 | 3,297 |
VINCI SA1,3 | 29,488 | 2,712 |
Singapore Technologies Engineering Ltd1 | 998,000 | 2,368 |
BAE Systems PLC1 | 358,750 | 2,146 |
Union Pacific Corp. | 9,767 | 1,651 |
Cía. de Distribución Integral Logista Holdings, SA, non-registered shares1 | 88,477 | 1,648 |
American Funds Insurance Series — Capital Income Builder — Page 61 of 207
unaudited
Common stocks (continued) Industrials (continued) | Shares | Value (000) |
Trinity Industries, Inc. | 76,435 | $1,627 |
BOC Aviation Ltd.1 | 198,100 | 1,272 |
Caterpillar Inc. | 9,691 | 1,226 |
RELX PLC1 | 37,797 | 875 |
Stanley Black & Decker, Inc. | 6,263 | 873 |
CCR SA, ordinary nominative | 309,217 | 825 |
ABB Ltd1 | 26,507 | 596 |
Lockheed Martin Corp. | 1,357 | 495 |
ALD SA1,3 | 49,754 | 491 |
ComfortDelGro Corp., Ltd.1 | 427,200 | 446 |
Cummins Inc. | 2,286 | 396 |
I.M.A. Industria Macchine Automatiche SpA1,2 | 5,882 | 353 |
General Dynamics Corp. | 2,200 | 329 |
Melrose Industries PLC1 | 186,024 | 262 |
35,947 | ||
Materials 2.91% | ||
Dow Inc. | 181,570 | 7,401 |
BHP Group PLC1 | 189,623 | 3,893 |
Rio Tinto PLC1 | 62,671 | 3,527 |
BASF SE1 | 58,862 | 3,289 |
LyondellBasell Industries NV | 34,010 | 2,235 |
Nutrien Ltd. | 47,004 | 1,509 |
Evonik Industries AG1 | 53,433 | 1,354 |
Air Products and Chemicals, Inc. | 5,145 | 1,242 |
Amcor PLC (CDI)1 | 95,792 | 965 |
Asahi Kasei Corp.1 | 116,400 | 946 |
Givaudan SA1 | 155 | 577 |
CRH PLC1 | 9,968 | 341 |
Nexa Resources SA | 47,041 | 312 |
Linde PLC | 1,287 | 273 |
WestRock Co. | 4,545 | 128 |
27,992 | ||
Consumer discretionary 1.07% | ||
McDonald’s Corp. | 9,941 | 1,834 |
Kering SA1 | 3,376 | 1,834 |
Hasbro, Inc. | 20,186 | 1,513 |
Home Depot, Inc. | 4,073 | 1,020 |
Sands China Ltd.1 | 244,400 | 956 |
Gree Electric Appliances, Inc. of Zhuhai, Class A1 | 104,038 | 836 |
LVMH Moët Hennessy-Louis Vuitton SE1 | 1,824 | 799 |
Industria de Diseño Textil, SA1 | 20,446 | 541 |
Hyundai Motor Co.1 | 3,704 | 304 |
Midea Group Co., Ltd., Class A1 | 26,900 | 228 |
Cie. Financière Richemont SA, Class A1 | 3,558 | 227 |
General Motors Company | 7,681 | 194 |
10,286 | ||
Total common stocks (cost: $613,582,000) | 672,941 |
American Funds Insurance Series — Capital Income Builder — Page 62 of 207
unaudited
Preferred securities 0.09% Information technology 0.09% | Shares | Value (000) |
Samsung Electronics Co., Ltd., nonvoting preferred shares1 | 20,700 | $808 |
Total preferred securities (cost: $689,000) | 808 | |
Rights & warrants 0.00% Energy 0.00% | ||
Ultra Petroleum Corp., warrants, expire 20252 | 1,750 | —4 |
Total rights & warrants (cost: $0) | —4 | |
Convertible stocks 1.36% Utilities 0.44% | ||
Sempra Energy, Series A, convertible preferred shares, 6.00% 2021 | 17,012 | 1,663 |
NextEra Energy, Inc., convertible preferred units, 4.872% 2022 | 27,385 | 1,329 |
Dominion Energy, Inc., Series A, convertible preferred shares, 7.25% 2022 | 9,000 | 912 |
American Electric Power Co., Inc., convertible preferred shares, 6.125% 2022 | 6,400 | 310 |
4,214 | ||
Information technology 0.42% | ||
Broadcom Inc., Series A, cumulative convertible preferred shares, 8.00% 2022 | 3,638 | 4,054 |
Health care 0.18% | ||
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 2023 | 1,595 | 1,713 |
Industrials 0.15% | ||
Stanley Black & Decker, Inc., convertible preferred shares, 5.25% 2022 | 16,500 | 1,476 |
Real estate 0.15% | ||
Crown Castle International Corp. REIT, Series A, convertible preferred shares, 6.875% 2020 | 968 | 1,438 |
Consumer discretionary 0.02% | ||
Aptiv PLC, Series A, convertible preferred shares, 5.50% 2023 | 1,948 | 200 |
Total convertible stocks (cost: $12,012,000) | 13,095 | |
Convertible bonds & notes 0.06% Consumer discretionary 0.06% | Principal amount (000) | |
Carnival Corp., convertible notes, 5.75% 20235 | $ 110 | 177 |
Royal Caribbean Cruises Ltd., convertible notes, 4.25% 20235 | 392 | 367 |
Total convertible bonds & notes (cost: $541,000) | 544 |
American Funds Insurance Series — Capital Income Builder — Page 63 of 207
unaudited
Bonds, notes & other debt instruments 24.34% U.S. Treasury bonds & notes 8.96% U.S. Treasury 8.11% | Principal amount (000) | Value (000) |
U.S. Treasury 0.125% 2022 | $20,800 | $20,788 |
U.S. Treasury 0.125% 2022 | 3,200 | 3,198 |
U.S. Treasury 0.125% 2022 | 1,750 | 1,749 |
U.S. Treasury 0.25% 2025 | 2,758 | 2,753 |
U.S. Treasury 0.375% 2025 | 13,757 | 13,819 |
U.S. Treasury 2.00% 20256 | 13,200 | 14,334 |
U.S. Treasury 1.875% 2026 | 6,300 | 6,849 |
U.S. Treasury 2.00% 20266 | 2,800 | 3,074 |
U.S. Treasury 0.50% 2027 | 3,800 | 3,805 |
U.S. Treasury 0.625% 2030 | 1,200 | 1,196 |
U.S. Treasury 1.125% 20406 | 2,400 | 2,377 |
U.S. Treasury 2.00% 20506 | 3,550 | 4,064 |
78,006 | ||
U.S. Treasury inflation-protected securities 0.85% | ||
U.S. Treasury Inflation-Protected Security 0.125% 20257 | 4,070 | 4,271 |
U.S. Treasury Inflation-Protected Security 0.125% 20307 | 2,193 | 2,371 |
U.S. Treasury Inflation-Protected Security 0.25% 20506,7 | 1,347 | 1,514 |
8,156 | ||
Total U.S. Treasury bonds & notes | 86,162 | |
Mortgage-backed obligations 7.22% Federal agency mortgage-backed obligations 6.75% | ||
Fannie Mae Pool #695412 5.00% 20338 | —4 | —4 |
Fannie Mae Pool #MA4042 2.00% 20358 | 15,895 | 16,458 |
Fannie Mae Pool #AD3566 5.00% 20358 | 2 | 2 |
Fannie Mae Pool #AC0794 5.00% 20398 | 10 | 11 |
Fannie Mae Pool #931768 5.00% 20398 | 2 | 2 |
Fannie Mae Pool #AE0311 3.50% 20408 | 22 | 23 |
Fannie Mae Pool #932606 5.00% 20408 | 5 | 6 |
Fannie Mae Pool #AJ1873 4.00% 20418 | 9 | 9 |
Fannie Mae Pool #AE1248 5.00% 20418 | 13 | 14 |
Fannie Mae Pool #AE1274 5.00% 20418 | 10 | 11 |
Fannie Mae Pool #AE1277 5.00% 20418 | 5 | 6 |
Fannie Mae Pool #AE1283 5.00% 20418 | 3 | 4 |
Fannie Mae Pool #AE1290 5.00% 20428 | 8 | 9 |
Fannie Mae Pool #AL3829 3.50% 20438 | 75 | 82 |
Fannie Mae Pool #AT7161 3.50% 20438 | 35 | 38 |
Fannie Mae Pool #AR1512 3.50% 20438 | 15 | 17 |
Fannie Mae Pool #AT0412 3.50% 20438 | 8 | 9 |
Fannie Mae Pool #AT3954 3.50% 20438 | 5 | 5 |
Fannie Mae Pool #AT0300 3.50% 20438 | 3 | 3 |
Fannie Mae Pool #AX8521 3.50% 20448 | 7 | 8 |
Fannie Mae Pool #AY1829 3.50% 20448 | 5 | 6 |
Fannie Mae Pool #AW8240 3.50% 20448 | 1 | 1 |
Fannie Mae Pool #BE5017 3.50% 20458 | 43 | 46 |
Fannie Mae Pool #BE5009 3.50% 20458 | 40 | 43 |
Fannie Mae Pool #BE8740 3.50% 20478 | 39 | 42 |
Fannie Mae Pool #BE8742 3.50% 20478 | 11 | 12 |
Fannie Mae Pool #BH2848 3.50% 20478 | 7 | 7 |
Fannie Mae Pool #BH2847 3.50% 20478 | 5 | 6 |
Fannie Mae Pool #BH2846 3.50% 20478 | 5 | 6 |
Fannie Mae Pool #BJ5015 4.00% 20478 | 99 | 109 |
American Funds Insurance Series — Capital Income Builder — Page 64 of 207
unaudited
Bonds, notes & other debt instruments (continued) Mortgage-backed obligations (continued) Federal agency mortgage-backed obligations (continued) | Principal amount (000) | Value (000) |
Fannie Mae Pool #BH3122 4.00% 20478 | $3 | $3 |
Fannie Mae Pool #BJ4901 3.50% 20488 | 23 | 25 |
Fannie Mae Pool #CA2850 4.00% 20488 | 109 | 122 |
Fannie Mae Pool #BK6840 4.00% 20488 | 65 | 71 |
Fannie Mae Pool #BK5232 4.00% 20488 | 45 | 49 |
Fannie Mae Pool #BK9743 4.00% 20488 | 18 | 20 |
Fannie Mae Pool #CA2804 4.50% 20488 | 997 | 1,072 |
Fannie Mae Pool #BK7665 4.50% 20488 | 438 | 487 |
Fannie Mae Pool #BK0951 4.50% 20488 | 322 | 359 |
Fannie Mae Pool #BK9761 4.50% 20488 | 24 | 27 |
Fannie Mae Pool #CA4151 3.50% 20498 | 351 | 387 |
Fannie Mae Pool #FM1062 3.50% 20498 | 338 | 370 |
Fannie Mae Pool #FM1443 3.50% 20498 | 284 | 310 |
Fannie Mae Pool #BJ8411 3.50% 20498 | 81 | 88 |
Fannie Mae Pool #MA3747 4.50% 20498 | 906 | 974 |
Fannie Mae Pool #CA5540 3.00% 20508 | 5,581 | 5,932 |
Freddie Mac Pool #Q18236 3.50% 20438 | 33 | 36 |
Freddie Mac Pool #Q19133 3.50% 20438 | 20 | 22 |
Freddie Mac Pool #Q17696 3.50% 20438 | 19 | 20 |
Freddie Mac Pool #Q15874 4.00% 20438 | 2 | 2 |
Freddie Mac Pool #Q28558 3.50% 20448 | 106 | 116 |
Freddie Mac Pool #Q52069 3.50% 20478 | 58 | 64 |
Freddie Mac Pool #Q51622 3.50% 20478 | 45 | 49 |
Freddie Mac Pool #Q47615 3.50% 20478 | 38 | 41 |
Freddie Mac Pool #Q55056 3.50% 20488 | 74 | 80 |
Freddie Mac Pool #Q54709 3.50% 20488 | 40 | 44 |
Freddie Mac Pool #Q54701 3.50% 20488 | 38 | 42 |
Freddie Mac Pool #Q54782 3.50% 20488 | 36 | 39 |
Freddie Mac Pool #Q54781 3.50% 20488 | 33 | 36 |
Freddie Mac Pool #Q56591 3.50% 20488 | 29 | 31 |
Freddie Mac Pool #Q54700 3.50% 20488 | 29 | 31 |
Freddie Mac Pool #ZS4784 3.50% 20488 | 29 | 30 |
Freddie Mac Pool #Q55060 3.50% 20488 | 23 | 25 |
Freddie Mac Pool #Q56590 3.50% 20488 | 21 | 23 |
Freddie Mac Pool #Q56589 3.50% 20488 | 18 | 20 |
Freddie Mac Pool #Q54698 3.50% 20488 | 15 | 17 |
Freddie Mac Pool #Q54699 3.50% 20488 | 14 | 16 |
Freddie Mac Pool #Q54831 3.50% 20488 | 11 | 12 |
Freddie Mac Pool #G67711 4.00% 20488 | 528 | 584 |
Freddie Mac Pool #Q56599 4.00% 20488 | 72 | 80 |
Freddie Mac Pool #Q56576 4.00% 20488 | 52 | 55 |
Freddie Mac Pool #Q56175 4.00% 20488 | 47 | 52 |
Freddie Mac Pool #Q55971 4.00% 20488 | 43 | 48 |
Freddie Mac Pool #Q55970 4.00% 20488 | 21 | 23 |
Freddie Mac Pool #Q58411 4.50% 20488 | 146 | 163 |
Freddie Mac Pool #Q58436 4.50% 20488 | 58 | 66 |
Freddie Mac Pool #Q58378 4.50% 20488 | 57 | 62 |
Freddie Mac Pool #Q57242 4.50% 20488 | 43 | 46 |
Freddie Mac Pool #RA1580 3.50% 20498 | 240 | 264 |
Freddie Mac Pool #RA1463 3.50% 20498 | 236 | 261 |
Freddie Mac Pool #QA0284 3.50% 20498 | 161 | 176 |
Freddie Mac Pool #QA2748 3.50% 20498 | 32 | 35 |
Freddie Mac Pool #SD8027 4.50% 20498 | 754 | 810 |
Freddie Mac Pool #SD7512 3.00% 20508 | 7,699 | 8,199 |
American Funds Insurance Series — Capital Income Builder — Page 65 of 207
unaudited
Bonds, notes & other debt instruments (continued) Mortgage-backed obligations (continued) Federal agency mortgage-backed obligations (continued) | Principal amount (000) | Value (000) |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 2.939% 20568,9 | $429 | $458 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 20568 | 422 | 453 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 20568,9 | 217 | 232 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 20578,9 | 166 | 182 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 20578 | 135 | 152 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 20578 | 41 | 44 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 20588 | 1,544 | 1,748 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 20588 | 804 | 876 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MA, 3.50% 20588 | 39 | 42 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 20588 | 16 | 18 |
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 20288 | 1,587 | 1,733 |
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-2, Class A1C, 2.75% 20298 | 2,284 | 2,414 |
Government National Mortgage Assn. 4.50% 20498 | 2,061 | 2,203 |
Government National Mortgage Assn. Pool #MA5877 4.50% 20498 | 226 | 242 |
Government National Mortgage Assn. Pool #MA6542 3.50% 20508 | 45 | 48 |
Government National Mortgage Assn. Pool #694836 5.662% 20598 | 1 | 1 |
Government National Mortgage Assn. Pool #725975 5.46% 20608 | —4 | —4 |
Government National Mortgage Assn. Pool #765152 4.14% 20618 | —4 | —4 |
Government National Mortgage Assn. Pool #721640 4.81% 20618 | —4 | —4 |
Government National Mortgage Assn. Pool #766524 4.079% 20628 | 2 | 2 |
Government National Mortgage Assn. Pool #766525 4.298% 20628 | 2 | 2 |
Government National Mortgage Assn. Pool #777452 4.071% 20638 | 14 | 14 |
Government National Mortgage Assn. Pool #767639 4.219% 20638 | 16 | 16 |
Government National Mortgage Assn. Pool #AA1709 4.472% 20638 | 22 | 22 |
Government National Mortgage Assn. Pool #725893 5.20% 20648 | 1 | 1 |
Government National Mortgage Assn. Pool #AA7554 6.64% 20648 | 3 | 4 |
Uniform Mortgage-Backed Security 2.50% 20358,10 | 2,750 | 2,874 |
Uniform Mortgage-Backed Security 3.00% 20358,10 | 1,375 | 1,445 |
Uniform Mortgage-Backed Security 3.50% 20508,10 | 10,080 | 10,601 |
64,838 | ||
Collateralized mortgage-backed obligations (privately originated) 0.46% | ||
Cascade Funding Mortgage Trust, Series 2019-HB1, Class A, 2.386% 20295,8,9 | 354 | 356 |
Citigroup Mortgage Loan Trust Inc., Series 2020-EXP1, Class A1A, 1.804% 20605,8,9 | 100 | 101 |
Finance of America HECM Buyout, Series 2020-HB1, Class A, 2.012% 20305,8,9 | 758 | 763 |
Finance of America HECM Buyout, Series 2019-AB1, Class A, 2.656% 20495,8 | 92 | 92 |
Finance of America Structured Securities Trust, Series 2019-HB1, Class A, 3.279% 20295,8,9 | 195 | 196 |
Legacy Mortgage Asset Trust, Series 2019-GS5, Class A1, 3.20% 20595,8,9 | 227 | 227 |
Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, 3.75% 20595,8,9 | 207 | 207 |
Mello Warehouse Securitization Trust, Series 2019-2, Class A, (1-month USD-LIBOR + 0.75%) 0.935% 20525,8,9 | 1,000 | 998 |
Mill City Mortgage Trust, Series 2018-1, Class A1, 3.25% 20625,8,9 | 67 | 70 |
Nationstar HECM Loan Trust, Series 2018-2, Class A, 3.188% 20285,8,9 | 29 | 29 |
Nationstar HECM Loan Trust, Series 2019-2A, Class A, 2.575% 20295,8,9 | 103 | 104 |
Nationstar HECM Loan Trust, Series 2019-1A, Class A, 2.651% 20295,8,9 | 81 | 81 |
Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 20565,8,9 | 130 | 132 |
Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 20575,8,9 | 268 | 278 |
Towd Point Mortgage Trust, Series 2017-4, Class A1, 2.75% 20575,8,9 | 178 | 184 |
Towd Point Mortgage Trust, Series 2017-3, Class A1, 2.75% 20575,8,9 | 139 | 143 |
Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 20585,8,9 | 302 | 320 |
Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25% 20585,8,9 | 147 | 155 |
4,436 |
American Funds Insurance Series — Capital Income Builder — Page 66 of 207
unaudited
Bonds, notes & other debt instruments (continued) Mortgage-backed obligations (continued) Commercial mortgage-backed securities 0.01% | Principal amount (000) | Value (000) |
Multi Family Connecticut Avenue Securities, Series 2019-1, Class M10, (1-month USD-LIBOR + 3.25%) 3.435% 20495,8,9 | $150 | $138 |
Total mortgage-backed obligations | 69,412 | |
Corporate bonds & notes 6.98% Utilities 1.01% | ||
AEP Transmission Co. LLC 3.15% 2049 | 60 | 65 |
AEP Transmission Co. LLC 3.80% 2049 | 45 | 53 |
AEP Transmission Co. LLC 3.65% 2050 | 75 | 87 |
AES Corp. 3.30% 20255 | 175 | 181 |
Ameren Corp. 2.50% 2024 | 600 | 637 |
American Electric Power Co., Inc. 3.65% 2021 | 300 | 313 |
Berkshire Hathaway Energy Co. 4.05% 20255 | 225 | 257 |
CenterPoint Energy, Inc. 3.85% 2024 | 100 | 109 |
CenterPoint Energy, Inc. 2.95% 2030 | 345 | 367 |
Connecticut Light and Power Co. 3.20% 2027 | 445 | 491 |
Consumers Energy Co. 3.10% 2050 | 159 | 178 |
Duke Energy Florida, LLC 2.50% 2029 | 430 | 466 |
Edison International 3.55% 2024 | 375 | 396 |
Edison International 5.75% 2027 | 158 | 182 |
Edison International 4.125% 2028 | 332 | 351 |
Emera Inc. 6.75% 2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)11 | 120 | 130 |
Entergy Corp. 2.95% 2026 | 280 | 309 |
Evergy Metro, Inc. 2.25% 2030 | 125 | 131 |
FirstEnergy Corp. 2.25% 2030 | 50 | 50 |
FirstEnergy Corp. 2.65% 2030 | 380 | 397 |
Jersey Central Power & Light Co. 4.30% 20265 | 115 | 133 |
NSTAR Electric Co. 3.95% 2030 | 50 | 60 |
Pacific Gas and Electric Co. 2.45% 202212 | 210 | 230 |
Pacific Gas and Electric Co. 4.65% 2028 | 284 | 339 |
Pacific Gas and Electric Co. 2.50% 2031 | 450 | 441 |
Pacific Gas and Electric Co. 3.30% 2040 | 100 | 98 |
Pacific Gas and Electric Co. 3.50% 2050 | 325 | 315 |
PacifiCorp. 3.30% 2051 | 75 | 83 |
Public Service Company of Colorado 3.80% 2047 | 20 | 24 |
Public Service Electric and Gas Co. 2.45% 2030 | 325 | 350 |
San Diego Gas & Electric Co. 3.75% 2047 | 227 | 263 |
San Diego Gas & Electric Co. 4.10% 2049 | 115 | 141 |
Southern California Edison Co. 2.25% 2030 | 500 | 509 |
Southern California Edison Co. 4.00% 2047 | 129 | 148 |
Southern California Edison Co. 4.125% 2048 | 235 | 275 |
Southern California Edison Co. 3.65% 2050 | 175 | 193 |
Southern California Edison Co., Series C, 3.60% 2045 | 256 | 279 |
Southern California Gas Company 2.55% 2030 | 175 | 189 |
Virginia Electric and Power Co. 4.00% 2046 | 85 | 102 |
Wisconsin Power and Light Co. 3.65% 2050 | 25 | 29 |
Xcel Energy Inc. 2.60% 2029 | 175 | 188 |
Xcel Energy Inc. 3.50% 2049 | 145 | 162 |
9,701 | ||
Health care 1.01% | ||
Abbott Laboratories 3.75% 2026 | 240 | 279 |
AbbVie Inc. 2.95% 20265 | 369 | 404 |
AbbVie Inc. 4.25% 20495 | 92 | 111 |
American Funds Insurance Series — Capital Income Builder — Page 67 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Health care (continued) | Principal amount (000) | Value (000) |
Amgen Inc. 3.375% 2050 | $150 | $165 |
AstraZeneca PLC 3.375% 2025 | 200 | 225 |
Bausch Health Companies Inc. 9.25% 20265 | 275 | 299 |
Becton, Dickinson and Company 3.70% 2027 | 930 | 1,041 |
Boston Scientific Corp. 2.65% 2030 | 250 | 260 |
Centene Corp. 4.625% 2029 | 530 | 562 |
Centene Corp. 3.375% 2030 | 179 | 181 |
Novartis Capital Corp. 1.75% 2025 | 208 | 218 |
Novartis Capital Corp. 2.00% 2027 | 120 | 127 |
Partners HealthCare System, Inc. 3.192% 2049 | 210 | 224 |
Pfizer Inc. 2.70% 2050 | 425 | 440 |
Shire PLC 3.20% 2026 | 182 | 202 |
Takeda Pharmaceutical Company, Ltd. 4.40% 2023 | 1,330 | 1,480 |
Takeda Pharmaceutical Company, Ltd. 5.00% 2028 | 250 | 309 |
Tenet Healthcare Corp. 7.50% 20255 | 325 | 347 |
Teva Pharmaceutical Finance Co. BV 6.00% 2024 | 700 | 721 |
Teva Pharmaceutical Finance Co. BV 3.15% 2026 | 1,375 | 1,233 |
Teva Pharmaceutical Finance Co. BV 4.10% 2046 | 300 | 253 |
Thermo Fisher Scientific Inc. 4.497% 2030 | 95 | 118 |
UnitedHealth Group Inc. 2.375% 2024 | 35 | 37 |
UnitedHealth Group Inc. 4.45% 2048 | 170 | 223 |
Upjohn Inc. 2.70% 20305 | 83 | 85 |
Upjohn Inc. 3.85% 20405 | 32 | 34 |
Upjohn Inc. 4.00% 20505 | 70 | 75 |
9,653 | ||
Financials 0.95% | ||
Allstate Corp. 3.85% 2049 | 170 | 205 |
American International Group, Inc. 4.375% 2050 | 250 | 288 |
AON Corp. 2.20% 2022 | 249 | 259 |
Bank of America Corp. 4.083% 2051 (3-month USD-LIBOR + 3.15% on 3/20/2050)11 | 692 | 867 |
Citigroup Inc. 2.572% 2031 (USD-SOFR + 2.107% on 6/3/2030)11 | 540 | 559 |
Citigroup Inc. 4.412% 2031 (USD-SOFR + 3.914% on 3/31/2030)11 | 325 | 385 |
Credit Suisse Group AG 4.194% 20315,11 | 500 | 572 |
Goldman Sachs Group, Inc. 3.50% 2025 | 177 | 194 |
Goldman Sachs Group, Inc. 3.80% 2030 | 1,170 | 1,337 |
Hartford Financial Services Group, Inc. 2.80% 2029 | 300 | 318 |
HSBC Holdings PLC 2.633% 2025 (3-month USD-LIBOR + 1.14% on 11/7/2024)11 | 500 | 519 |
HSBC Holdings PLC 3.973% 2030 (3-month USD-LIBOR + 1.61% on 5/22/2029)11 | 250 | 278 |
JPMorgan Chase & Co. 3.109% 2041 (USD-SOFR + 2.46% on 4/22/2040)11 | 263 | 284 |
JPMorgan Chase & Co. 3.109% 2051 (USD-SOFR + 3.109% on 4/22/2050)11 | 241 | 261 |
Lloyds Banking Group PLC 3.87% 2025 (UST Yield Curve Rate T Note Constant Maturity 1-year + 3.50% on 7/9/2024)11 | 390 | 425 |
MetLife, Inc. 4.55% 2030 | 190 | 236 |
Metropolitan Life Global Funding I 1.95% 20235 | 380 | 393 |
Mitsubishi UFJ Financial Group, Inc. 3.195% 2029 | 290 | 317 |
Morgan Stanley 3.70% 2024 | 260 | 289 |
Morgan Stanley 5.597% 2051 (USD-SOFR + 4.84% on 3/24/2051)11 | 115 | 175 |
Navient Corp. 5.00% 2027 | 150 | 126 |
New York Life Global Funding 3.00% 20285 | 150 | 166 |
New York Life Insurance Company 3.75% 20505 | 62 | 70 |
Progressive Corp. 3.20% 2030 | 150 | 171 |
American Funds Insurance Series — Capital Income Builder — Page 68 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Financials (continued) | Principal amount (000) | Value (000) |
Travelers Companies, Inc. 4.10% 2049 | $130 | $164 |
Wells Fargo & Company 4.60% 2021 | 300 | 309 |
9,167 | ||
Communication services 0.92% | ||
AT&T Inc. 2.75% 2031 | 100 | 104 |
AT&T Inc. 3.50% 2041 | 75 | 79 |
AT&T Inc. 3.65% 2051 | 500 | 524 |
CCO Holdings LLC and CCO Holdings Capital Corp. 2.80% 2031 | 158 | 161 |
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 20325 | 950 | 963 |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.125% 2049 | 65 | 75 |
CCO Holdings LLC and CCO Holdings Capital Corp. 4.80% 2050 | 80 | 91 |
CenturyLink, Inc. 7.50% 2024 | 300 | 330 |
Comcast Corp. 3.75% 2040 | 138 | 163 |
Comcast Corp. 2.80% 2051 | 200 | 205 |
Discovery Communications, Inc. 4.65% 2050 | 150 | 171 |
Fox Corp. 3.05% 2025 | 112 | 121 |
Fox Corp. 3.50% 2030 | 663 | 742 |
NBCUniversal Enterprise, Inc., junior subordinated, 5.25% 20495 | 630 | 632 |
Sprint Corp. 11.50% 2021 | 1,425 | 1,581 |
Sprint Corp. 6.875% 2028 | 600 | 733 |
T-Mobile US, Inc. 3.875% 20305 | 450 | 502 |
T-Mobile US, Inc. 4.375% 20405 | 225 | 261 |
T-Mobile US, Inc. 4.50% 20505 | 250 | 295 |
Verizon Communications Inc. 4.329% 2028 | 192 | 231 |
Verizon Communications Inc. 3.875% 2029 | 25 | 30 |
Verizon Communications Inc. 4.016% 2029 | 215 | 258 |
Verizon Communications Inc. 3.15% 2030 | 100 | 113 |
Vodafone Group PLC 4.25% 2050 | 75 | 88 |
Walt Disney Company 4.625% 2040 | 120 | 151 |
Walt Disney Company 4.70% 2050 | 170 | 223 |
8,827 | ||
Energy 0.74% | ||
Apache Corp. 4.25% 2030 | 385 | 333 |
BP Capital Markets America Inc. 3.633% 2030 | 360 | 407 |
Canadian Natural Resources Ltd. 3.85% 2027 | 185 | 198 |
Canadian Natural Resources Ltd. 2.95% 2030 | 41 | 41 |
Canadian Natural Resources Ltd. 4.95% 2047 | 49 | 54 |
Cheniere Energy, Inc. 3.70% 20295 | 252 | 259 |
Concho Resources Inc. 4.30% 2028 | 210 | 231 |
Enbridge Energy Partners, LP 7.375% 2045 | 37 | 53 |
Enbridge Inc. 2.50% 2025 | 100 | 104 |
Energy Transfer Operating, LP 5.00% 2050 | 183 | 174 |
Energy Transfer Partners, LP 5.30% 2047 | 60 | 58 |
Energy Transfer Partners, LP 6.00% 2048 | 161 | 167 |
Energy Transfer Partners, LP 6.25% 2049 | 150 | 159 |
Equinor ASA 2.375% 2030 | 365 | 380 |
Exxon Mobil Corp. 3.452% 2051 | 88 | 98 |
Kinder Morgan, Inc. 5.05% 2046 | 925 | 1,065 |
MPLX LP 5.50% 2049 | 262 | 298 |
Noble Energy, Inc. 3.25% 2029 | 297 | 269 |
Noble Energy, Inc. 5.05% 2044 | 37 | 34 |
Noble Energy, Inc. 4.95% 2047 | 72 | 64 |
American Funds Insurance Series — Capital Income Builder — Page 69 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Energy (continued) | Principal amount (000) | Value (000) |
Noble Energy, Inc. 4.20% 2049 | $63 | $52 |
ONEOK, Inc. 3.10% 2030 | 42 | 40 |
ONEOK, Inc. 4.95% 2047 | 51 | 49 |
ONEOK, Inc. 7.15% 2051 | 56 | 68 |
Pemex Project Funding Master Trust, Series 13, 6.625% 2035 | 150 | 122 |
Petrobras Global Finance Co. 5.60% 2031 | 150 | 151 |
Petróleos Mexicanos 7.69% 20505 | 75 | 62 |
Plains All American Pipeline, LP 3.80% 2030 | 11 | 11 |
Sabine Pass Liquefaction, LLC 4.50% 20305 | 215 | 238 |
Shell International Finance BV 2.00% 2024 | 420 | 439 |
Total Capital International 2.434% 2025 | 175 | 187 |
Total Capital International 3.127% 2050 | 253 | 259 |
TransCanada PipeLines Ltd. 4.10% 2030 | 205 | 234 |
TransCanada PipeLines Ltd. 5.10% 2049 | 425 | 543 |
Williams Companies, Inc. 3.50% 2030 | 216 | 228 |
7,129 | ||
Consumer discretionary 0.68% | ||
Amazon.com, Inc. 2.50% 2050 | 75 | 76 |
Amazon.com, Inc. 2.70% 2060 | 30 | 31 |
Bayerische Motoren Werke AG 4.15% 20305 | 290 | 335 |
Carnival Corp. 11.50% 20235 | 775 | 839 |
Ford Motor Co. 9.625% 2030 | 50 | 59 |
General Motors Co. 5.95% 2049 | 90 | 94 |
General Motors Financial Co. 3.55% 2022 | 140 | 144 |
Home Depot, Inc. 3.35% 2050 | 350 | 401 |
Lowe’s Companies, Inc. 5.125% 2050 | 125 | 173 |
PetSmart, Inc. 7.125% 20235 | 125 | 123 |
Royal Caribbean Cruises Ltd. 10.875% 20235 | 600 | 617 |
Royal Caribbean Cruises Ltd. 11.50% 20255 | 1,125 | 1,174 |
Toyota Motor Credit Corp. 2.15% 2022 | 505 | 522 |
Toyota Motor Credit Corp. 2.60% 2022 | 856 | 883 |
Toyota Motor Credit Corp. 3.00% 2025 | 1,010 | 1,099 |
6,570 | ||
Consumer staples 0.50% | ||
Altria Group, Inc. 5.95% 2049 | 327 | 429 |
Anheuser-Busch Company / InBev Worldwide 4.90% 2046 | 420 | 515 |
British American Tobacco PLC 3.215% 2026 | 250 | 269 |
British American Tobacco PLC 3.557% 2027 | 660 | 715 |
British American Tobacco PLC 4.906% 2030 | 350 | 412 |
British American Tobacco PLC 4.54% 2047 | 150 | 164 |
British American Tobacco PLC 4.758% 2049 | 130 | 145 |
Conagra Brands, Inc. 5.30% 2038 | 18 | 24 |
Conagra Brands, Inc. 5.40% 2048 | 52 | 72 |
Constellation Brands, Inc. 3.15% 2029 | 190 | 204 |
Constellation Brands, Inc. 2.875% 2030 | 210 | 223 |
Keurig Dr Pepper Inc. 3.20% 2030 | 25 | 28 |
Keurig Dr Pepper Inc. 5.085% 2048 | 64 | 85 |
Keurig Dr Pepper Inc. 3.80% 2050 | 51 | 58 |
Kimberly-Clark Corp. 3.10% 2030 | 56 | 64 |
Kraft Heinz Co. 3.00% 2026 | 100 | 101 |
Molson Coors Brewing Co. 4.20% 2046 | 65 | 63 |
PepsiCo, Inc. 3.625% 2050 | 240 | 293 |
American Funds Insurance Series — Capital Income Builder — Page 70 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Consumer staples (continued) | Principal amount (000) | Value (000) |
Philip Morris International Inc. 3.375% 2029 | $450 | $512 |
Procter & Gamble Co. 3.60% 2050 | 118 | 147 |
Wal-Mart Stores, Inc. 2.85% 2024 | 210 | 228 |
4,751 | ||
Industrials 0.47% | ||
Boeing Co. 2.70% 2022 | 300 | 304 |
Boeing Co. 3.10% 2026 | 88 | 90 |
Boeing Co. 3.60% 2034 | 90 | 85 |
Boeing Co. 3.25% 2035 | 140 | 128 |
Boeing Co. 5.93% 2060 | 100 | 119 |
Carrier Global Corp. 2.242% 20255 | 102 | 105 |
Carrier Global Corp. 2.493% 20275 | 84 | 86 |
Carrier Global Corp. 2.722% 20305 | 74 | 74 |
CSX Corp. 4.75% 2048 | 50 | 67 |
CSX Corp. 3.35% 2049 | 310 | 342 |
General Electric Co. 3.45% 2027 | 50 | 51 |
General Electric Co. 4.25% 2040 | 75 | 74 |
General Electric Co. 4.35% 2050 | 50 | 50 |
Honeywell International Inc. 2.15% 2022 | 305 | 316 |
Honeywell International Inc. 2.30% 2024 | 175 | 187 |
Honeywell International Inc. 2.70% 2029 | 70 | 78 |
Honeywell International Inc. 2.80% 2050 | 75 | 80 |
Lockheed Martin Corp. 2.80% 2050 | 25 | 26 |
Norfolk Southern Corp. 3.00% 2022 | 224 | 233 |
Northrop Grumman Corp. 5.15% 2040 | 150 | 200 |
Northrop Grumman Corp. 5.25% 2050 | 143 | 207 |
Raytheon Technologies Corp. 3.125% 2050 | 125 | 134 |
TransDigm Inc. 6.50% 2024 | 375 | 362 |
TransDigm Inc. 6.25% 20265 | 350 | 350 |
Union Pacific Corp. 3.70% 2029 | 430 | 503 |
Union Pacific Corp. 4.30% 2049 | 110 | 141 |
Union Pacific Corp. 3.25% 2050 | 53 | 58 |
Union Pacific Corp. 3.95% 2059 | 45 | 54 |
Westinghouse Air Brake Technologies Corp. 4.40% 202411 | 39 | 41 |
4,545 | ||
Information technology 0.40% | ||
Adobe Inc. 2.30% 2030 | 720 | 778 |
Apple Inc. 2.65% 2050 | 73 | 76 |
Broadcom Corp. 3.875% 2027 | 370 | 400 |
Broadcom Inc. 5.00% 20305 | 805 | 927 |
Fiserv, Inc. 3.50% 2029 | 870 | 979 |
Intuit Inc. 0.95% 2025 | 50 | 50 |
Intuit Inc. 1.65% 2030 | 35 | 35 |
Lenovo Group Ltd. 5.875% 2025 | 400 | 419 |
Oracle Corp. 3.60% 2050 | 150 | 170 |
3,834 | ||
Materials 0.16% | ||
Anglo American Capital PLC 5.625% 20305 | 240 | 290 |
ArcelorMittal 3.60% 2024 | 45 | 45 |
Braskem SA 4.50% 20305 | 200 | 183 |
Dow Chemical Co. 4.80% 2049 | 67 | 80 |
American Funds Insurance Series — Capital Income Builder — Page 71 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Materials (continued) | Principal amount (000) | Value (000) |
First Quantum Minerals Ltd. 7.25% 20225 | $875 | $859 |
LYB International Finance III, LLC 4.20% 2050 | 75 | 81 |
1,538 | ||
Real estate 0.14% | ||
American Campus Communities, Inc. 3.30% 2026 | 318 | 327 |
American Campus Communities, Inc. 3.875% 2031 | 21 | 22 |
Equinix, Inc. 2.90% 2026 | 266 | 287 |
Equinix, Inc. 3.20% 2029 | 288 | 313 |
Equinix, Inc. 3.00% 2050 | 18 | 18 |
Essex Portfolio LP 3.25% 2023 | 325 | 343 |
Westfield Corp. Ltd. 3.50% 20295 | 54 | 52 |
1,362 | ||
Total corporate bonds & notes | 67,077 | |
Asset-backed obligations 0.98% | ||
CarMaxAuto Owner Trust, Series 2020-1, Class A2, 1.87% 20238 | 1,444 | 1,461 |
Drive Auto Receivables Trust, Series 2020-1, Class A2, 1.99% 20228 | 408 | 410 |
Drivetime Auto Owner Trust, Series 2019-3, Class A, 2.55% 20225,8 | 159 | 160 |
Drivetime Auto Owner Trust, Series 2020-1, Class A, 1.94% 20235,8 | 354 | 356 |
Exeter Automobile Receivables Trust, Series 2020-1A, Class A, 2.05% 20235,8 | 701 | 705 |
Exeter Automobile Receivables Trust, Series 2019-4A, Class A, 2.18% 20235,8 | 389 | 391 |
Ford Credit Floorplan Master Owner Trust, Series 2019-3, Class A1, 2.23% 20248 | 2,729 | 2,773 |
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 20395,8 | 182 | 179 |
GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A2B, 1.245% 20238,9 | 143 | 144 |
GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A3, 1.49% 20248 | 63 | 65 |
Hyundai Auto Lease Securitization Trust, Series 2020-A, Class A2, 1.90% 20225,8 | 625 | 631 |
OSW Structured Asset Trust, Series 2020-RPL1, Class A1, 3.072% 20605,8,9 | 238 | 243 |
Toyota Auto Loan Extended Note Trust, Series 2020-1, Class A, 1.35% 20335,8 | 300 | 305 |
Westlake Automobile Receivables Trust, Series 2018-3A, Class A2A, 2.98% 20225,8 | 39 | 39 |
Westlake Automobile Receivables Trust, Series 2019-3A, Class A2, 2.15% 20235,8 | 1,515 | 1,527 |
9,389 | ||
Bonds & notes of governments & government agencies outside the U.S. 0.14% | ||
Portuguese Republic 5.125% 2024 | 18 | 21 |
Qatar (State of) 4.50% 2028 | 200 | 236 |
Saudi Arabia (Kingdom of) 3.625% 2028 | 200 | 220 |
United Mexican States 3.25% 2030 | 200 | 199 |
United Mexican States, Series M, 6.50% 2021 | MXN15,000 | 663 |
1,339 | ||
Municipals 0.06% South Carolina 0.04% | ||
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2016-C, 5.00% 2035 | $350 | 409 |
Illinois 0.02% | ||
G.O. Bonds, Pension Funding, Series 2003, 5.10% 2033 | 225 | 229 |
Total municipals | 638 | |
Total bonds, notes & other debt instruments (cost: $225,620,000) | 234,017 |
American Funds Insurance Series — Capital Income Builder — Page 72 of 207
unaudited
Short-term securities 5.56% Money market investments 5.56% | Shares | Value (000) |
Capital Group Central Cash Fund 0.18%13 | 500,631 | $50,070 |
Goldman Sachs Financial Square Government Fund 0.15%13,14 | 3,395,926 | 3,396 |
Total short-term securities (cost: $53,463,000) | 53,466 | |
Total investment securities 101.41% (cost: $905,907,000) | 974,871 | |
Other assets less liabilities (1.41)% | (13,570) | |
Net assets 100.00% | $961,301 |
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount15 (000) | Value at 6/30/202016 (000) | Unrealized (depreciation) appreciation at 6/30/2020 (000) |
90 Day Euro Dollar Futures | Short | 130 | September 2020 | $(32,500) | $(32,414) | $(12) |
90 Day Euro Dollar Futures | Short | 80 | March 2021 | (20,000) | (19,960) | (7) |
90 Day Euro Dollar Futures | Short | 168 | March 2022 | (42,000) | (41,924) | (15) |
2 Year U.S. Treasury Note Futures | Long | 15 | October 2020 | 3,000 | 3,312 | 1 |
5 Year U.S. Treasury Note Futures | Long | 91 | October 2020 | 9,100 | 11,442 | 30 |
10 Year U.S. Treasury Note Futures | Short | 23 | September 2020 | (2,300) | (3,201) | (12) |
10 Year Ultra U.S. Treasury Note Futures | Short | 31 | September 2020 | (3,100) | (4,882) | (24) |
20 Year U.S. Treasury Bond Futures | Long | 7 | September 2020 | 700 | 1,250 | 18 |
30 Year Ultra U.S. Treasury Bond Futures | Long | 56 | September 2020 | 5,600 | 12,217 | 114 |
$93 |
Forward currency contracts
Contract amount | Counterparty | Settlement date | Unrealized depreciation at 6/30/2020 (000) | |
Purchases (000) | Sales (000) | |||
MXN2,100 | USD95 | Goldman Sachs | 7/20/2020 | $(4) |
Swap contracts
Interest rate swaps
Receive | Pay | Expiration date | Notional (000) | Value at 6/30/2020 (000) | Upfront premium paid (000) | Unrealized (depreciation) appreciation at 6/30/2020 (000) |
U.S. EFFR | 0.11% | 5/18/2024 | $6,200 | $—4 | $— | $—4 |
3-month USD-LIBOR | 0.337% | 5/18/2025 | 21,500 | (19) | — | (19) |
U.S. EFFR | 0.1275% | 6/25/2025 | 2,700 | (6) | — | (6) |
U.S. EFFR | 0.0975% | 6/30/2025 | 1,460 | (1) | — | (1) |
U.S. EFFR | 0.106% | 6/30/2025 | 1,190 | (1) | — | (1) |
U.S. EFFR | 0.105% | 6/30/2025 | 2,700 | (2) | — | (2) |
3-month USD-LIBOR | 0.5935% | 5/18/2030 | 7,200 | 26 | — | 26 |
3-month USD-LIBOR | 0.807% | 5/18/2050 | 1,800 | 55 | — | 55 |
$— | $52 |
American Funds Insurance Series — Capital Income Builder — Page 73 of 207
unaudited
Swap contracts (continued)
Credit default swaps
Centrally cleared credit default swaps on credit indices — sell protection
Receive/ Payment frequency | Pay | Expiration date | Notional (000) | Value at 6/30/2020 (000) | Upfront receipts (000) | Unrealized appreciation at 6/30/2020 (000) |
5.00%/Quarterly | CDX.NA.HY.25 | 6/20/2025 | $3,444 | $(24) | $(251) | $227 |
1 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $273,388,000, which represented 28.44% of the net assets of the fund. This entire amount relates to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. |
2 | Security did not produce income during the last 12 months. |
3 | All or a portion of this security was on loan. The total value of all such securities was $3,593,000, which represented .37% of the net assets of the fund. |
4 | Amount less than one thousand. |
5 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $22,007,000, which represented 2.29% of the net assets of the fund. |
6 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $2,514,000, which represented .26% of the net assets of the fund. |
7 | Index-linked bond whose principal amount moves with a government price index. |
8 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
9 | Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. |
10 | Purchased on a TBA basis. |
11 | Step bond; coupon rate may change at a later date. |
12 | Scheduled interest and/or principal payment was not received. |
13 | Rate represents the seven-day yield at 6/30/2020. |
14 | Security purchased with cash collateral from securities on loan. |
15 | Notional amount is calculated based on the number of contracts and notional contract size. |
16 | Value is calculated based on the notional amount and current market price. |
Key to abbreviations and symbol |
ADR = American Depositary Receipts |
Auth. = Authority |
CAD = Canadian dollars |
CDI = CREST Depository Interest |
EFFR = Effective Federal Funds Rate |
G.O. = General Obligation |
LIBOR = London Interbank Offered Rate |
MXN = Mexican pesos |
Ref. = Refunding |
Rev. = Revenue |
SOFR = Secured Overnight Financing Rate |
TBA = To-be-announced |
USD/$ = U.S. dollars |
American Funds Insurance Series — Capital Income Builder — Page 74 of 207
Asset Allocation Fund
Investment portfolio
June 30, 2020
unaudited
Common stocks 59.62% Information technology 14.52% | Shares | Value (000) |
Microsoft Corp. | 5,441,900 | $1,107,481 |
Broadcom Inc. | 1,490,000 | 470,259 |
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 6,056,700 | 343,839 |
ASML Holding NV (New York registered) (ADR) | 795,900 | 292,915 |
ASML Holding NV1 | 70,000 | 25,661 |
MKS Instruments, Inc. | 2,200,000 | 249,128 |
VeriSign, Inc.2 | 1,100,000 | 227,513 |
Dell Technologies Inc., Class C2 | 3,250,000 | 178,555 |
Flex Ltd.2 | 11,000,000 | 112,750 |
Twilio Inc.2 | 486,000 | 106,638 |
ServiceNow, Inc.2 | 260,600 | 105,559 |
Shopify Inc., Class A, subordinate voting shares2 | 109,900 | 104,317 |
RingCentral, Inc., Class A2 | 361,700 | 103,088 |
Visa Inc., Class A | 488,000 | 94,267 |
Intel Corp. | 1,500,000 | 89,745 |
Mastercard Inc., Class A | 296,100 | 87,557 |
MongoDB, Inc., Class A2 | 282,003 | 63,828 |
PayPal Holdings, Inc.2 | 316,300 | 55,109 |
Smartsheet Inc., Class A2 | 311,910 | 15,882 |
3,834,091 | ||
Health care 11.48% | ||
Johnson & Johnson | 3,885,000 | 546,348 |
UnitedHealth Group Inc. | 1,322,300 | 390,012 |
Humana Inc. | 965,000 | 374,179 |
Gilead Sciences, Inc. | 3,647,800 | 280,662 |
Cigna Corp. | 1,275,000 | 239,254 |
Abbott Laboratories | 2,200,000 | 201,146 |
Thermo Fisher Scientific Inc. | 507,000 | 183,706 |
Vertex Pharmaceuticals Inc.2 | 550,000 | 159,670 |
Merck & Co., Inc. | 1,570,300 | 121,431 |
Daiichi Sankyo Company, Ltd.1 | 1,291,300 | 105,456 |
Zoetis Inc., Class A | 434,700 | 59,571 |
Pfizer Inc. | 1,815,000 | 59,351 |
Boston Scientific Corp.2 | 1,618,100 | 56,811 |
Cortexyme, Inc.2,3 | 1,218,038 | 56,395 |
Regeneron Pharmaceuticals, Inc.2 | 75,000 | 46,774 |
Centene Corp.2 | 562,770 | 35,764 |
IDEXX Laboratories, Inc.2 | 94,102 | 31,069 |
Bluebird Bio, Inc.2 | 378,900 | 23,128 |
Allakos Inc.2 | 293,700 | 21,105 |
Sarepta Therapeutics, Inc.2 | 115,700 | 18,551 |
NuCana PLC (ADR)2,3,4 | 1,932,153 | 10,434 |
Rotech Healthcare Inc.1,2,5,6 | 184,138 | 8,839 |
American Funds Insurance Series — Asset Allocation Fund — Page 75 of 207
unaudited
Common stocks (continued) Health care (continued) | Shares | Value (000) |
Advanz Pharma Corp. Ltd.2,6 | 175,310 | $535 |
Advanz Pharma Corp. Ltd.2 | 41,657 | 127 |
3,030,318 | ||
Financials 9.23% | ||
Chubb Ltd. | 2,200,000 | 278,564 |
First Republic Bank | 1,980,000 | 209,860 |
CME Group Inc., Class A | 977,200 | 158,834 |
Apollo Global Management, Inc., Class A | 2,769,732 | 138,265 |
Bank of America Corp. | 5,750,000 | 136,563 |
JPMorgan Chase & Co. | 1,400,000 | 131,684 |
Capital One Financial Corp. | 2,000,000 | 125,180 |
The Blackstone Group Inc., Class A | 2,190,950 | 124,139 |
Aon PLC, Class A | 620,000 | 119,412 |
Citigroup Inc. | 2,250,000 | 114,975 |
Sberbank of Russia PJSC (ADR)1,2 | 9,788,000 | 111,200 |
Nasdaq, Inc. | 844,100 | 100,845 |
Synchrony Financial | 4,500,000 | 99,720 |
Arch Capital Group Ltd.2 | 3,234,000 | 92,654 |
Truist Financial Corp. | 2,175,000 | 81,671 |
Intercontinental Exchange, Inc. | 840,000 | 76,944 |
MSCI Inc. | 225,200 | 75,176 |
RenaissanceRe Holdings Ltd. | 357,000 | 61,058 |
PNC Financial Services Group, Inc. | 500,000 | 52,605 |
Kotak Mahindra Bank Ltd.1 | 2,713,240 | 48,963 |
Ares Management Corp., Class A | 1,015,403 | 40,312 |
S&P Global Inc. | 102,000 | 33,607 |
Berkshire Hathaway Inc., Class A2 | 61 | 16,305 |
Tradeweb Markets Inc., Class A | 156,400 | 9,093 |
2,437,629 | ||
Consumer discretionary 5.26% | ||
Amazon.com, Inc.2 | 171,400 | 472,862 |
Home Depot, Inc. | 1,113,000 | 278,818 |
Aramark | 8,000,000 | 180,560 |
General Motors Company | 4,100,000 | 103,730 |
MercadoLibre, Inc.2 | 91,300 | 90,001 |
LVMH Moët Hennessy-Louis Vuitton SE1,3 | 184,896 | 80,984 |
Kontoor Brands, Inc.4 | 3,700,000 | 65,897 |
VF Corp. | 1,000,000 | 60,940 |
NIKE, Inc., Class B | 357,000 | 35,004 |
Booking Holdings Inc.2 | 12,750 | 20,302 |
1,389,098 | ||
Consumer staples 4.83% | ||
Philip Morris International Inc. | 7,343,000 | 514,451 |
Nestlé SA1 | 3,130,000 | 345,787 |
Nestlé SA (ADR) | 900,000 | 99,396 |
Altria Group, Inc. | 3,300,000 | 129,525 |
British American Tobacco PLC (ADR)3 | 1,669,800 | 64,821 |
British American Tobacco PLC1 | 1,060,000 | 40,727 |
Colgate-Palmolive Company | 677,300 | 49,619 |
Avenue Supermarts Ltd.1,2 | 970,539 | 29,551 |
1,273,877 |
American Funds Insurance Series — Asset Allocation Fund — Page 76 of 207
unaudited
Common stocks (continued) Industrials 4.16% | Shares | Value (000) |
Northrop Grumman Corp. | 1,249,400 | $384,115 |
Lockheed Martin Corp. | 663,000 | 241,942 |
CSX Corp. | 2,038,000 | 142,130 |
L3Harris Technologies, Inc. | 791,100 | 134,226 |
Boeing Company | 583,000 | 106,864 |
Airbus SE, non-registered shares1,2 | 490,000 | 34,868 |
Waste Management, Inc. | 214,000 | 22,665 |
Honeywell International Inc. | 152,000 | 21,978 |
Cintas Corp. | 34,000 | 9,056 |
1,097,844 | ||
Communication services 3.72% | ||
Charter Communications, Inc., Class A2 | 727,126 | 370,863 |
Facebook, Inc., Class A2 | 952,100 | 216,194 |
Alphabet Inc., Class C2 | 78,600 | 111,110 |
Alphabet Inc., Class A2 | 52,800 | 74,873 |
Netflix, Inc.2 | 226,700 | 103,158 |
Verizon Communications Inc. | 810,000 | 44,655 |
Activision Blizzard, Inc. | 519,500 | 39,430 |
Comcast Corp., Class A | 550,000 | 21,439 |
981,722 | ||
Materials 2.86% | ||
Dow Inc. | 4,800,000 | 195,648 |
LyondellBasell Industries NV | 2,368,100 | 155,631 |
Franco-Nevada Corp. (CAD denominated) | 838,031 | 117,069 |
Royal Gold, Inc. | 695,000 | 86,402 |
Rio Tinto PLC1 | 1,250,000 | 70,337 |
Nucor Corp. | 1,000,000 | 41,410 |
Barrick Gold Corp. | 1,455,000 | 39,198 |
Allegheny Technologies Inc.2 | 2,738,427 | 27,905 |
First Quantum Minerals Ltd. | 2,775,000 | 22,117 |
755,717 | ||
Utilities 1.48% | ||
Enel SpA1 | 24,000,000 | 206,764 |
CMS Energy Corp. | 2,284,700 | 133,472 |
Xcel Energy Inc. | 400,000 | 25,000 |
DTE Energy Company | 226,000 | 24,295 |
389,531 | ||
Energy 1.28% | ||
Noble Energy, Inc. | 11,500,000 | 103,040 |
EOG Resources, Inc. | 1,352,400 | 68,513 |
Suncor Energy Inc. | 4,000,000 | 67,443 |
Chevron Corp. | 600,000 | 53,538 |
Rosneft Oil Company PJSC (GDR)1 | 3,730,353 | 18,712 |
ConocoPhillips | 335,000 | 14,077 |
Euronav NV | 750,000 | 6,113 |
Scorpio Tankers Inc.3 | 345,000 | 4,419 |
Tribune Resources, LLC1,2,5 | 926,514 | 593 |
Weatherford International2 | 289,547 | 570 |
American Funds Insurance Series — Asset Allocation Fund — Page 77 of 207
unaudited
Common stocks (continued) Energy (continued) | Shares | Value (000) |
McDermott International, Inc.1,5 | 40,219 | $113 |
Sable Permian Resources, LLC, units1,2,5 | 24,001,604 | —7 |
337,131 | ||
Real estate 0.80% | ||
Crown Castle International Corp. REIT | 755,000 | 126,349 |
American Tower Corp. REIT | 328,100 | 84,827 |
211,176 | ||
Total common stocks (cost: $10,640,057,000) | 15,738,134 | |
Rights & warrants 0.00% Energy 0.00% | ||
McDermott International, Inc., warrants, expire 20271,5 | 169,983 | 133 |
Tribune Resources, LLC, Class A, warrants, expire 20231,2,5 | 311,755 | —7 |
Tribune Resources, LLC, Class B, warrants, expire 20231,2,5 | 242,476 | —7 |
Tribune Resources, LLC, Class C, warrants, expire 20231,2,5 | 227,540 | —7 |
133 | ||
Industrials 0.00% | ||
Associated Materials, LLC, warrants, expire 20231,2,5 | 71,030 | —7 |
Total rights & warrants (cost: $181,000) | 133 | |
Convertible stocks 0.63% Information technology 0.25% | ||
Broadcom Inc., Series A, cumulative convertible preferred shares, 8.00% 2022 | 60,000 | 66,861 |
Real estate 0.18% | ||
Crown Castle International Corp. REIT, Series A, convertible preferred shares, 6.875% 2020 | 31,500 | 46,787 |
Financials 0.15% | ||
2020 Cash Mandatory Exchangeable Trust, convertible preferred shares, 5.25% 20238 | 37,778 | 38,630 |
Health care 0.05% | ||
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 2023 | 13,300 | 14,279 |
Industrials 0.00% | ||
Associated Materials, LLC, convertible preferred shares, 14.00% 20201,5 | 5,000 | 566 |
Total convertible stocks (cost: $154,257,000) | 167,123 | |
Convertible bonds & notes 0.00% Communication services 0.00% | Principal amount (000) | |
Gogo Inc., convertible notes, 6.00% 2022 | $ 101 | 71 |
Total convertible bonds & notes (cost: $101,000) | 71 |
American Funds Insurance Series — Asset Allocation Fund — Page 78 of 207
unaudited
Bonds, notes & other debt instruments 33.05% Corporate bonds & notes 13.30% Financials 2.36% | Principal amount (000) | Value (000) |
ACE INA Holdings Inc. 2.30% 2020 | $1,345 | $1,351 |
ACE INA Holdings Inc. 2.875% 2022 | 3,880 | 4,082 |
ACE INA Holdings Inc. 3.35% 2026 | 1,380 | 1,575 |
ACE INA Holdings Inc. 4.35% 2045 | 800 | 1,045 |
Advisor Group Holdings, LLC 6.25% 20288 | 1,125 | 1,049 |
AG Merger Sub II, Inc. 10.75% 20278 | 2,484 | 2,442 |
Allstate Corp. 3.85% 2049 | 950 | 1,148 |
Ally Financial Inc. 8.00% 2031 | 3,000 | 3,815 |
American Express Co. 2.20% 2020 | 6,000 | 6,028 |
American International Group, Inc. 2.50% 2025 | 15,800 | 16,737 |
American International Group, Inc. 4.20% 2028 | 565 | 644 |
American International Group, Inc. 3.40% 2030 | 4,540 | 4,928 |
American International Group, Inc. 4.375% 2050 | 1,770 | 2,037 |
AON Corp. 2.20% 2022 | 2,236 | 2,323 |
Bank of America Corp. 3.55% 2024 (3-month USD-LIBOR + 0.78% on 3/5/2023)9 | 6,000 | 6,414 |
Bank of America Corp. 3.458% 2025 (3-month USD-LIBOR + 0.97% on 3/15/2024)9 | 1,432 | 1,554 |
Bank of America Corp. 1.319% 2026 (USD-SOFR + 1.15% on 6/19/2025)9 | 20,770 | 20,844 |
Bank of America Corp. 3.419% 2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)9 | 2,345 | 2,613 |
Bank of America Corp. 2.592% 2031 (USD-SOFR + 2.15% on 4/29/2030)9 | 9,801 | 10,390 |
Bank of America Corp. 4.083% 2051 (3-month USD-LIBOR + 3.15% on 3/20/2050)9 | 1,540 | 1,931 |
Bank of Nova Scotia 1.625% 2023 | 5,000 | 5,120 |
BB&T Corp. 2.625% 2022 | 2,500 | 2,579 |
BB&T Corp. 2.75% 2022 | 762 | 790 |
Berkshire Hathaway Finance Corp. 4.20% 2048 | 6,570 | 8,350 |
Berkshire Hathaway Finance Corp. 4.25% 2049 | 1,125 | 1,444 |
Berkshire Hathaway Inc. 2.20% 2021 | 500 | 506 |
Berkshire Hathaway Inc. 2.75% 2023 | 1,615 | 1,711 |
Berkshire Hathaway Inc. 3.125% 2026 | 500 | 561 |
BNP Paribas 3.375% 20258 | 3,225 | 3,490 |
CIT Group Inc. 3.929% 2024 (USD-SOFR + 3.827% on 6/19/2023)9 | 1,375 | 1,346 |
CIT Group Inc. 5.25% 2025 | 315 | 327 |
Citigroup Inc. 2.312% 2022 (USD-SOFR + 0.867% on 11/4/2021)9 | 9,000 | 9,194 |
Citigroup Inc. 2.976% 2030 (USD-SOFR + 1.422% on 11/5/2029)9 | 3,254 | 3,465 |
Citigroup Inc. 2.572% 2031 (USD-SOFR + 2.107% on 6/3/2030)9 | 18,389 | 19,030 |
CME Group Inc. 3.75% 2028 | 3,425 | 4,117 |
Commonwealth Bank of Australia 3.35% 2024 | 1,225 | 1,344 |
Commonwealth Bank of Australia 3.35% 20248 | 1,000 | 1,098 |
Compass Diversified Holdings 8.00% 20268 | 3,245 | 3,311 |
Crédit Agricole SA 4.375% 20258 | 850 | 941 |
Credit Suisse AG (New York Branch) 2.95% 2025 | 2,700 | 2,931 |
Credit Suisse Group AG 3.80% 2023 | 1,625 | 1,751 |
Credit Suisse Group AG 3.869% 2029 (3-month USD-LIBOR + 1.41% on 1/12/2028)8,9 | 800 | 884 |
Credit Suisse Group AG 4.194% 20318,9 | 11,625 | 13,293 |
Danske Bank AS 2.70% 20228 | 1,000 | 1,033 |
Deutsche Bank AG (3-month USD-LIBOR + 0.97%) 2.281% 202010 | 872 | 872 |
DNB Bank ASA 2.375% 20218 | 2,000 | 2,037 |
FS Energy and Power Fund 7.50% 20238 | 2,995 | 2,561 |
Goldman Sachs Group, Inc. 3.691% 2028 (3-month USD-LIBOR + 1.51% on 6/5/2027)9 | 2,000 | 2,241 |
Goldman Sachs Group, Inc. 3.814% 2029 (3-month USD-LIBOR + 1.158% on 4/23/2028)9 | 390 | 441 |
Goldman Sachs Group, Inc. 2.60% 2030 | 4,000 | 4,181 |
Goldman Sachs Group, Inc. 3.80% 2030 | 15,760 | 18,014 |
Groupe BPCE SA 2.75% 20238 | 600 | 629 |
Groupe BPCE SA 5.70% 20238 | 3,460 | 3,873 |
Groupe BPCE SA 5.15% 20248 | 2,500 | 2,793 |
American Funds Insurance Series — Asset Allocation Fund — Page 79 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Financials (continued) | Principal amount (000) | Value (000) |
Hartford Financial Services Group, Inc. 2.80% 2029 | $3,480 | $3,691 |
Hartford Financial Services Group, Inc. 3.60% 2049 | 1,000 | 1,064 |
HSBC Holdings PLC 3.262% 2023 (3-month USD-LIBOR + 1.055% on 3/13/2022)9 | 1,500 | 1,554 |
HSBC Holdings PLC 4.25% 2024 | 3,000 | 3,230 |
HSBC Holdings PLC 2.633% 2025 (3-month USD-LIBOR + 1.14% on 11/7/2024)9 | 625 | 648 |
HSBC Holdings PLC 2.099% 2026 (USD-SOFR + 1.929% on 6/4/2025)9 | 12,000 | 12,133 |
HSBC Holdings PLC 4.583% 2029 (3-month USD-LIBOR + 1.535% on 6/19/2028)9 | 3,750 | 4,335 |
HSBC Holdings PLC 3.973% 2030 (3-month USD-LIBOR + 1.61% on 5/22/2029)9 | 9,675 | 10,746 |
HSBC Holdings PLC 2.848% 20319 | 10,725 | 10,991 |
Icahn Enterprises Finance Corp. 6.25% 2022 | 5,675 | 5,702 |
Icahn Enterprises Finance Corp. 5.25% 2027 | 2,060 | 1,994 |
Intesa Sanpaolo SpA 3.375% 20238 | 750 | 772 |
Intesa Sanpaolo SpA 3.25% 20248 | 750 | 767 |
Intesa Sanpaolo SpA 5.017% 20248 | 1,730 | 1,774 |
Intesa Sanpaolo SpA 3.875% 20278 | 300 | 310 |
JPMorgan Chase & Co. 2.55% 2020 | 5,000 | 5,026 |
JPMorgan Chase & Co. 3.559% 2024 (3-month USD-LIBOR + 0.73% on 4/23/2023)9 | 4,725 | 5,068 |
JPMorgan Chase & Co. 2.522% 2031 (USD-SOFR + 2.04% on 4/22/2030)9 | 14,575 | 15,426 |
JPMorgan Chase & Co. 3.109% 2051 (USD-SOFR + 3.109% on 4/22/2050)9 | 3,236 | 3,500 |
JPMorgan Chase & Co., Series Z, junior subordinated, 4.487% (3-month USD-LIBOR + 3.80% on 8/1/2020)9 | 500 | 474 |
Ladder Capital Corp. 4.25% 20278 | 2,722 | 2,184 |
Lloyds Banking Group PLC 2.907% 2023 (3-month USD-LIBOR + 0.81% on 11/7/2022)9 | 750 | 781 |
Lloyds Banking Group PLC 4.05% 2023 | 2,000 | 2,177 |
Lloyds Banking Group PLC 3.87% 2025 (UST Yield Curve Rate T Note Constant Maturity 1-year + 3.50% on 7/9/2024)9 | 6,340 | 6,905 |
Lloyds Banking Group PLC 4.45% 2025 | 800 | 908 |
Lloyds Banking Group PLC 4.375% 2028 | 2,150 | 2,496 |
LPL Financial Holdings Inc. 4.625% 20278 | 2,200 | 2,179 |
Marsh & McLennan Companies, Inc. 3.875% 2024 | 820 | 908 |
Marsh & McLennan Companies, Inc. 4.375% 2029 | 1,705 | 2,057 |
Marsh & McLennan Companies, Inc. 4.90% 2049 | 1,539 | 2,097 |
MetLife, Inc. 4.55% 2030 | 3,770 | 4,685 |
Metropolitan Life Global Funding I 2.50% 20208 | 7,000 | 7,063 |
Metropolitan Life Global Funding I 1.95% 20218 | 1,875 | 1,907 |
Metropolitan Life Global Funding I 1.95% 20238 | 7,800 | 8,076 |
Metropolitan Life Global Funding I 0.95% 20258 | 18,767 | 18,810 |
Mitsubishi UFJ Financial Group, Inc. 2.623% 2022 | 1,610 | 1,672 |
Mitsubishi UFJ Financial Group, Inc. 2.801% 2024 | 1,610 | 1,726 |
Mitsubishi UFJ Financial Group, Inc. 3.195% 2029 | 5,000 | 5,471 |
Morgan Stanley 2.50% 2021 | 3,000 | 3,050 |
Morgan Stanley 3.70% 2024 | 2,410 | 2,675 |
Morgan Stanley 3.737% 2024 (3-month USD-LIBOR + 0.847% on 4/24/2023)9 | 300 | 324 |
Morgan Stanley 3.125% 2026 | 325 | 359 |
Morgan Stanley 2.699% 2031 (USD-SOFR + 1.143% on 1/22/2030)9 | 10,000 | 10,635 |
Morgan Stanley 5.597% 2051 (USD-SOFR + 4.84% on 3/24/2051)9 | 541 | 822 |
National Rural Utilities Cooperative Finance Corp. 3.70% 2029 | 2,640 | 3,038 |
Navient Corp. 6.50% 2022 | 3,675 | 3,622 |
Navient Corp. 5.50% 2023 | 9,110 | 8,763 |
Navient Corp. 7.25% 2023 | 725 | 711 |
Navient Corp. 6.125% 2024 | 7,530 | 7,177 |
New York Life Global Funding 1.70% 20218 | 1,125 | 1,143 |
New York Life Global Funding 2.30% 20228 | 250 | 259 |
New York Life Global Funding 0.95% 20258 | 8,537 | 8,565 |
New York Life Global Funding 2.35% 20268 | 890 | 956 |
American Funds Insurance Series — Asset Allocation Fund — Page 80 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Financials (continued) | Principal amount (000) | Value (000) |
New York Life Insurance Company 3.75% 20508 | $527 | $595 |
Nordea Bank AB 2.50% 20208 | 2,450 | 2,461 |
Owl Rock Capital Corp. 4.625% 20248 | 2,150 | 2,124 |
Owl Rock Capital Corp. 3.75% 2025 | 2,670 | 2,615 |
PNC Bank 2.55% 2021 | 4,000 | 4,117 |
PNC Financial Services Group, Inc. 2.854% 20229 | 1,445 | 1,523 |
PNC Financial Services Group, Inc. 3.50% 2024 | 3,850 | 4,210 |
PNC Financial Services Group, Inc. 3.90% 2024 | 2,000 | 2,209 |
PNC Financial Services Group, Inc. 2.55% 2030 | 2,000 | 2,155 |
Progressive Corp. 3.20% 2030 | 1,380 | 1,570 |
Prudential Financial, Inc. 3.878% 2028 | 500 | 578 |
Prudential Financial, Inc. 4.35% 2050 | 7,000 | 8,416 |
Rabobank Nederland 2.75% 2022 | 2,250 | 2,330 |
Rabobank Nederland 4.375% 2025 | 4,500 | 5,081 |
Royal Bank of Canada 3.20% 2021 | 12,000 | 12,287 |
Royal Bank of Canada 1.15% 2025 | 11,711 | 11,735 |
Skandinaviska Enskilda Banken AB 1.875% 2021 | 1,675 | 1,703 |
Skandinaviska Enskilda Banken AB 2.625% 2021 | 250 | 254 |
Skandinaviska Enskilda Banken AB 2.80% 2022 | 700 | 728 |
Springleaf Finance Corp. 6.125% 2024 | 5,825 | 5,932 |
Starwood Property Trust, Inc. 3.625% 2021 | 1,355 | 1,336 |
Starwood Property Trust, Inc. 5.00% 2021 | 5,625 | 5,472 |
Swiss Re Finance (Luxembourg) SA 5.00% 2049 (UST Yield Curve Rate T Note Constant Maturity 5-year + 3.582% on 4/2/2029)8,9 | 2,800 | 3,151 |
Toronto-Dominion Bank 2.65% 2024 | 3,100 | 3,319 |
Toronto-Dominion Bank 1.15% 2025 | 22,000 | 22,284 |
Travelers Companies, Inc. 4.00% 2047 | 860 | 1,060 |
Travelers Companies, Inc. 4.10% 2049 | 910 | 1,146 |
Travelers Companies, Inc. 2.55% 2050 | 172 | 170 |
Travelport Finance Luxembourg SARL, Term Loan, (3-month USD-LIBOR + 5.00%) 6.072% 202610,11 | 3,060 | 2,031 |
U.S. Bancorp 2.625% 2022 | 1,805 | 1,865 |
U.S. Bancorp 2.40% 2024 | 2,000 | 2,130 |
U.S. Bancorp 3.70% 2024 | 5,000 | 5,525 |
U.S. Bancorp 2.375% 2026 | 4,000 | 4,343 |
U.S. Bank NA 3.40% 2023 | 5,675 | 6,141 |
UBS Group AG 4.125% 20258 | 2,750 | 3,121 |
UniCredit SpA 3.75% 20228 | 7,175 | 7,364 |
UniCredit SpA 6.572% 20228 | 475 | 502 |
UniCredit SpA 4.625% 20278 | 625 | 674 |
UniCredit SpA 5.861% 2032 (5-year USD-ICE Swap + 3.703% on 6/19/2027)8,9 | 2,400 | 2,525 |
Wells Fargo & Company 2.164% 2026 (3-month USD-LIBOR + 0.75% on 2/11/2025)9 | 8,000 | 8,262 |
Wells Fargo & Company 2.188% 2026 (USD-SOFR + 2.00% on 4/30/2025)9 | 1,604 | 1,660 |
Wells Fargo & Company 3.196% 2027 (3-month USD-LIBOR + 1.17% on 4/17/2027)9 | 1,988 | 2,157 |
Wells Fargo & Company 3.584% 2028 (3-month USD-LIBOR + 1.31% on 5/15/2027)9 | 217 | 241 |
Wells Fargo & Company 2.879% 2030 (3-month USD-LIBOR + 1.17% on 10/30/2029)9 | 15,404 | 16,476 |
Wells Fargo & Company 2.572% 2031 (3-month USD-LIBOR + 1.00% on 2/11/2030)9 | 1,383 | 1,449 |
Wells Fargo & Company 3.068% 2041 (USD-SOFR + 2.53% on 4/30/2040)9 | 3,076 | 3,213 |
Westpac Banking Corp. 2.75% 2023 | 1,750 | 1,845 |
Westpac Banking Corp. 2.894% 2030 (UST Yield Curve Rate T Note Constant Maturity 5-year + 1.35% on 2/4/2025)9 | 8,500 | 8,650 |
623,349 |
American Funds Insurance Series — Asset Allocation Fund — Page 81 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Health care 1.99% | Principal amount (000) | Value (000) |
Abbott Laboratories 3.40% 2023 | $185 | $202 |
Abbott Laboratories 3.75% 2026 | 5,012 | 5,836 |
Abbott Laboratories 4.75% 2036 | 460 | 620 |
Abbott Laboratories 4.90% 2046 | 500 | 719 |
AbbVie Inc. 3.45% 20228 | 3,250 | 3,378 |
AbbVie Inc. 2.60% 20248 | 3,000 | 3,197 |
AbbVie Inc. 3.60% 2025 | 10,000 | 11,111 |
AbbVie Inc. 3.80% 20258 | 206 | 230 |
AbbVie Inc. 2.95% 20268 | 8,076 | 8,845 |
AbbVie Inc. 4.25% 20498 | 411 | 495 |
Amgen Inc. 2.20% 2027 | 2,429 | 2,565 |
Amgen Inc. 3.375% 2050 | 1,340 | 1,474 |
Anthem, Inc. 2.375% 2025 | 818 | 867 |
AstraZeneca PLC 2.375% 2022 | 4,072 | 4,218 |
AstraZeneca PLC 3.375% 2025 | 13,790 | 15,509 |
Bausch Health Companies Inc. 5.00% 20288 | 735 | 693 |
Bayer US Finance II LLC 3.875% 20238 | 1,685 | 1,850 |
Bayer US Finance II LLC 4.25% 20258 | 425 | 489 |
Bayer US Finance II LLC 4.375% 20288 | 312 | 365 |
Bayer US Finance II LLC 4.20% 20348 | 460 | 540 |
Becton, Dickinson and Company 2.894% 2022 | 10,577 | 10,948 |
Becton, Dickinson and Company 3.363% 2024 | 647 | 698 |
Becton, Dickinson and Company 3.70% 2027 | 19,246 | 21,545 |
Becton, Dickinson and Company 2.823% 2030 | 1,271 | 1,349 |
Boston Scientific Corp. 3.45% 2024 | 3,100 | 3,362 |
Boston Scientific Corp. 1.90% 2025 | 5,856 | 6,069 |
Boston Scientific Corp. 3.85% 2025 | 2,289 | 2,577 |
Boston Scientific Corp. 3.75% 2026 | 2,595 | 2,949 |
Boston Scientific Corp. 4.00% 2029 | 1,550 | 1,775 |
Boston Scientific Corp. 2.65% 2030 | 4,030 | 4,191 |
Boston Scientific Corp. 4.70% 2049 | 515 | 658 |
Bristol-Myers Squibb Co. 2.90% 20248 | 830 | 899 |
Bristol-Myers Squibb Co. 3.875% 20258 | 1,530 | 1,742 |
Bristol-Myers Squibb Co. 3.20% 20268 | 470 | 528 |
Bristol-Myers Squibb Co. 3.40% 20298 | 4,150 | 4,841 |
Bristol-Myers Squibb Co. 4.25% 20498 | 1,293 | 1,725 |
Centene Corp. 4.75% 2022 | 7,445 | 7,564 |
Centene Corp. 4.75% 2025 | 4,000 | 4,100 |
Centene Corp. 4.25% 2027 | 565 | 584 |
Centene Corp. 4.625% 2029 | 9,665 | 10,257 |
Centene Corp. 3.375% 2030 | 3,397 | 3,435 |
Cigna Corp. 3.40% 2021 | 1,350 | 1,396 |
Cigna Corp. 3.75% 2023 | 1,836 | 1,994 |
Cigna Corp. 4.125% 2025 | 2,000 | 2,300 |
Cigna Corp. 4.375% 2028 | 1,075 | 1,273 |
Cigna Corp. 4.80% 2038 | 5,015 | 6,365 |
CVS Health Corp. 3.35% 2021 | 194 | 198 |
CVS Health Corp. 3.70% 2023 | 505 | 543 |
CVS Health Corp. 4.10% 2025 | 10,000 | 11,311 |
CVS Health Corp. 4.30% 2028 | 2,722 | 3,184 |
DaVita HealthCare Partners Inc. 5.00% 2025 | 2,100 | 2,149 |
Eli Lilly and Co. 3.375% 2029 | 3,330 | 3,855 |
Encompass Health Corp. 4.50% 2028 | 1,449 | 1,392 |
Encompass Health Corp. 4.75% 2030 | 775 | 741 |
American Funds Insurance Series — Asset Allocation Fund — Page 82 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Health care (continued) | Principal amount (000) | Value (000) |
Endo Dac / Endo Finance LLC / Endo Finco 9.50% 20278 | $4,517 | $4,800 |
Endo Dac / Endo Finance LLC / Endo Finco 6.00% 20288 | 6,903 | 4,487 |
Endo International PLC 5.75% 20228 | 7,340 | 6,753 |
GlaxoSmithKline PLC 3.00% 2024 | 1,290 | 1,395 |
GlaxoSmithKline PLC 3.625% 2025 | 4,585 | 5,178 |
GlaxoSmithKline PLC 3.875% 2028 | 266 | 313 |
GlaxoSmithKline PLC 3.375% 2029 | 2,734 | 3,148 |
HCA Inc. 5.875% 2023 | 2,125 | 2,304 |
HCA Inc. 5.375% 2025 | 515 | 553 |
HCA Inc. 4.125% 2029 | 2,250 | 2,484 |
HealthSouth Corp. 5.75% 2024 | 4,596 | 4,608 |
HealthSouth Corp. 5.75% 2025 | 2,685 | 2,769 |
Mallinckrodt PLC 5.75% 20228 | 1,715 | 433 |
Mallinckrodt PLC 10.00% 20258 | 20,045 | 16,988 |
Medtronic, Inc. 3.50% 2025 | 1,002 | 1,130 |
Molina Healthcare, Inc. 5.375% 2022 | 9,260 | 9,466 |
Molina Healthcare, Inc. 4.875% 20258 | 5,242 | 5,287 |
Novartis Capital Corp. 1.75% 2025 | 4,731 | 4,951 |
Novartis Capital Corp. 2.00% 2027 | 4,336 | 4,599 |
Owens & Minor, Inc. 3.875% 2021 | 9,360 | 9,300 |
Owens & Minor, Inc. 4.375% 2024 | 3,150 | 2,713 |
Owens & Minor, Inc., Term Loan B, (3-month USD-LIBOR + 4.50%) 4.673% 202510,11 | 1,877 | 1,681 |
Par Pharmaceutical Inc. 7.50% 20278 | 7,028 | 7,236 |
Partners HealthCare System, Inc. 3.192% 2049 | 1,920 | 2,048 |
Pfizer Inc. 2.80% 2022 | 3,000 | 3,125 |
Pfizer Inc. 2.95% 2024 | 3,825 | 4,141 |
Pfizer Inc. 3.45% 2029 | 8,000 | 9,353 |
Pfizer Inc. 2.625% 2030 | 2,449 | 2,698 |
Rotech Healthcare Inc., Term Loan, (3-month USD-LIBOR + 11.00%) 13.00% 2023 (100% PIK)1,5,10,11,12 | 6,405 | 6,469 |
Shire PLC 2.40% 2021 | 4,498 | 4,589 |
Shire PLC 2.875% 2023 | 3,413 | 3,617 |
Shire PLC 3.20% 2026 | 14,821 | 16,453 |
Takeda Pharmaceutical Company, Ltd. 4.40% 2023 | 20,938 | 23,296 |
Takeda Pharmaceutical Company, Ltd. 5.00% 2028 | 280 | 346 |
Takeda Pharmaceutical Company, Ltd. 2.05% 2030 | 12,346 | 12,247 |
Takeda Pharmaceutical Company, Ltd. 3.025% 2040 | 4,046 | 4,092 |
Takeda Pharmaceutical Company, Ltd. 3.175% 2050 | 2,478 | 2,500 |
Team Health Holdings, Inc. 6.375% 20258 | 11,090 | 6,473 |
Team Health Holdings, Inc., Term Loan B, 3.75% 202410,11 | 2,188 | 1,698 |
Tenet Healthcare Corp. 4.625% 2024 | 1,953 | 1,916 |
Tenet Healthcare Corp. 4.875% 20268 | 16,225 | 15,916 |
Teva Pharmaceutical Finance Co. BV 2.80% 2023 | 12,560 | 11,904 |
Teva Pharmaceutical Finance Co. BV 6.00% 2024 | 12,016 | 12,374 |
Teva Pharmaceutical Finance Co. BV 7.125% 20258 | 1,935 | 2,064 |
Teva Pharmaceutical Finance Co. BV 3.15% 2026 | 27,148 | 24,342 |
Teva Pharmaceutical Finance Co. BV 4.10% 2046 | 3,550 | 2,994 |
Thermo Fisher Scientific Inc. 4.497% 2030 | 883 | 1,094 |
UnitedHealth Group Inc. 2.375% 2024 | 590 | 628 |
UnitedHealth Group Inc. 3.50% 2024 | 4,500 | 4,955 |
UnitedHealth Group Inc. 3.375% 2027 | 245 | 280 |
UnitedHealth Group Inc. 3.875% 2028 | 2,500 | 2,997 |
UnitedHealth Group Inc. 2.875% 2029 | 1,050 | 1,173 |
UnitedHealth Group Inc. 4.45% 2048 | 5,315 | 6,974 |
American Funds Insurance Series — Asset Allocation Fund — Page 83 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Health care (continued) | Principal amount (000) | Value (000) |
Upjohn Inc. 2.30% 20278 | $2,447 | $2,530 |
Upjohn Inc. 2.70% 20308 | 7,341 | 7,558 |
Upjohn Inc. 3.85% 20408 | 3,531 | 3,800 |
Upjohn Inc. 4.00% 20508 | 3,722 | 4,001 |
Valeant Pharmaceuticals International, Inc. 6.125% 20258 | 14,550 | 14,778 |
Zimmer Holdings, Inc. 3.15% 2022 | 7,070 | 7,342 |
527,041 | ||
Utilities 1.78% | ||
AEP Transmission Co. LLC 3.75% 2047 | 2,390 | 2,751 |
AEP Transmission Co. LLC 4.25% 2048 | 1,524 | 1,898 |
AEP Transmission Co. LLC 3.65% 2050 | 1,200 | 1,392 |
AES Corp. 5.50% 2025 | 2,448 | 2,520 |
Ameren Corp. 2.50% 2024 | 969 | 1,028 |
Ameren Corp. 3.50% 2031 | 7,689 | 8,614 |
Ameren Corp. 4.50% 2049 | 425 | 557 |
Ameren Corp. 3.25% 2050 | 750 | 831 |
American Electric Power Co., Inc. 2.95% 2022 | 3,020 | 3,176 |
American Electric Power Co., Inc. 3.20% 2027 | 1,275 | 1,401 |
American Electric Power Co., Inc. 2.30% 2030 | 4,500 | 4,559 |
Berkshire Hathaway Energy Co. 4.05% 20258 | 2,175 | 2,480 |
Berkshire Hathaway Energy Co. 3.70% 20308 | 5,980 | 7,021 |
Berkshire Hathaway Energy Co. 4.25% 20508 | 75 | 94 |
Centerpoint Energy, Inc. 2.50% 2022 | 900 | 932 |
CenterPoint Energy, Inc. 3.85% 2024 | 6,077 | 6,652 |
CenterPoint Energy, Inc. 2.95% 2030 | 2,000 | 2,128 |
CenterPoint Energy, Inc. 3.70% 2049 | 2,775 | 3,032 |
CenterPoint Energy, Inc. 2.90% 2050 | 625 | 653 |
Comisión Federal de Electricidad 4.75% 20278 | 645 | 680 |
Commonwealth Edison Co. 4.35% 2045 | 1,585 | 2,020 |
Commonwealth Edison Co. 4.00% 2048 | 2,600 | 3,214 |
Connecticut Light and Power Co. 3.20% 2027 | 1,525 | 1,682 |
Consolidated Edison Company of New York, Inc. 3.95% 2050 | 450 | 538 |
Consolidated Edison Company of New York, Inc. 4.50% 2058 | 6,100 | 7,696 |
Consumers Energy Co. 3.25% 2046 | 465 | 522 |
Consumers Energy Co. 4.05% 2048 | 3,882 | 4,894 |
Consumers Energy Co. 3.10% 2050 | 1,525 | 1,703 |
Consumers Energy Co. 3.75% 2050 | 1,193 | 1,457 |
Dominion Resources, Inc. 2.00% 2021 | 665 | 675 |
Dominion Resources, Inc. 2.75% 2022 | 800 | 820 |
Dominion Resources, Inc. 2.85% 2026 | 1,500 | 1,612 |
Dominion Resources, Inc., junior subordinated, 2.579% 20209 | 713 | 713 |
Dominion Resources, Inc., junior subordinated, 3.071% 20249 | 1,775 | 1,908 |
DPL Inc. 4.125% 20258 | 460 | 461 |
DTE Energy Co. 3.95% 2049 | 1,800 | 2,195 |
Duke Energy Carolinas, LLC 3.95% 2028 | 1,250 | 1,488 |
Duke Energy Corp. 2.45% 2030 | 2,000 | 2,112 |
Duke Energy Florida, LLC 3.20% 2027 | 1,445 | 1,617 |
Duke Energy Florida, LLC 2.50% 2029 | 4,299 | 4,656 |
Duke Energy Florida, LLC 1.75% 2030 | 5,000 | 5,058 |
Duke Energy Indiana, Inc. 3.25% 2049 | 1,225 | 1,360 |
Duke Energy Ohio, Inc. 2.125% 2030 | 850 | 881 |
Duke Energy Progress, LLC 3.375% 2023 | 2,040 | 2,198 |
Duke Energy Progress, LLC 4.15% 2044 | 2,020 | 2,474 |
American Funds Insurance Series — Asset Allocation Fund — Page 84 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Utilities (continued) | Principal amount (000) | Value (000) |
Duke Energy Progress, LLC 3.70% 2046 | $3,975 | $4,659 |
Edison International 3.55% 2024 | 4,763 | 5,035 |
Edison International 4.95% 2025 | 250 | 275 |
Edison International 5.75% 2027 | 5,436 | 6,250 |
Edison International 4.125% 2028 | 5,904 | 6,247 |
EDP Finance BV 3.625% 20248 | 6,425 | 6,931 |
Electricité de France SA 2.35% 20208 | 650 | 652 |
Electricité de France SA 4.75% 20358 | 1,250 | 1,512 |
Electricité de France SA 4.875% 20388 | 2,750 | 3,252 |
Electricité de France SA 5.60% 2040 | 525 | 674 |
Emera Inc. 6.75% 2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)9 | 1,000 | 1,083 |
Emera US Finance LP 3.55% 2026 | 320 | 359 |
Enel Finance International SA 4.25% 20238 | 4,339 | 4,725 |
Enel Finance International SA 3.50% 20288 | 3,085 | 3,322 |
Enersis Américas SA 4.00% 2026 | 245 | 261 |
Entergy Corp. 2.95% 2026 | 872 | 963 |
Entergy Corp. 2.80% 2030 | 4,700 | 4,960 |
Entergy Corp. 3.75% 2050 | 850 | 947 |
Entergy Louisiana, LLC 4.20% 2048 | 4,200 | 5,364 |
Evergy Metro, Inc. 2.25% 2030 | 1,525 | 1,599 |
Eversource Energy 3.80% 2023 | 2,730 | 2,991 |
Exelon Corp. 3.95% 2025 | 4,005 | 4,504 |
Exelon Corp. 3.40% 2026 | 100 | 111 |
Exelon Corp. 4.70% 2050 | 500 | 638 |
Exelon Corp., junior subordinated, 3.497% 20229 | 1,075 | 1,123 |
FirstEnergy Corp. 2.05% 2025 | 1,000 | 1,034 |
FirstEnergy Corp. 1.60% 2026 | 3,325 | 3,359 |
FirstEnergy Corp. 2.25% 2030 | 13,262 | 13,318 |
FirstEnergy Corp. 2.65% 2030 | 8,631 | 9,025 |
FirstEnergy Corp. 4.85% 2047 | 2,000 | 2,538 |
Florida Power & Light Company 2.85% 2025 | 2,616 | 2,866 |
Florida Power & Light Company 3.70% 20478 | 1,036 | 1,246 |
Florida Power & Light Company 3.15% 2049 | 1,975 | 2,249 |
Gulf Power Co. 3.30% 2027 | 4,500 | 4,997 |
Interstate Power and Light Co. 2.30% 2030 | 825 | 844 |
Jersey Central Power & Light Co. 4.30% 20268 | 1,790 | 2,073 |
MidAmerican Energy Holdings Co. 3.10% 2027 | 2,000 | 2,250 |
Mississippi Power Co. 3.95% 2028 | 2,814 | 3,200 |
National Grid PLC 3.15% 20278 | 275 | 301 |
National Rural Utilities Cooperative Finance Corp. 3.05% 2027 | 4,000 | 4,377 |
NextEra Energy Capital Holdings, Inc. 2.25% 2030 | 14,290 | 14,712 |
NiSource Finance Corp. 2.65% 2022 | 325 | 340 |
Northern States Power Co. 4.125% 2044 | 6,000 | 7,581 |
Northern States Power Co. 2.90% 2050 | 1,700 | 1,866 |
Northern States Power Co. 2.60% 2051 | 359 | 363 |
Oncor Electric Delivery Company LLC 2.75% 2024 | 1,525 | 1,651 |
Pacific Gas and Electric Co. 3.50% 202013 | 1,675 | 1,828 |
Pacific Gas and Electric Co. 1.75% 2022 | 1,575 | 1,581 |
Pacific Gas and Electric Co. 4.25% 2023 | 7,445 | 8,495 |
Pacific Gas and Electric Co. 3.50% 2025 | 50 | 55 |
Pacific Gas and Electric Co. 2.95% 2026 | 462 | 499 |
Pacific Gas and Electric Co. 2.10% 2027 | 15,535 | 15,381 |
Pacific Gas and Electric Co. 3.30% 2027 | 5,650 | 6,127 |
Pacific Gas and Electric Co. 4.65% 2028 | 750 | 895 |
American Funds Insurance Series — Asset Allocation Fund — Page 85 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Utilities (continued) | Principal amount (000) | Value (000) |
Pacific Gas and Electric Co. 2.50% 2031 | $16,125 | $15,804 |
Pacific Gas and Electric Co. 6.35% 203813 | 94 | 113 |
Pacific Gas and Electric Co. 3.30% 2040 | 600 | 585 |
Pacific Gas and Electric Co. 5.40% 2040 | 3,182 | 3,805 |
Pacific Gas and Electric Co. 3.75% 2042 | 1,888 | 1,962 |
Pacific Gas and Electric Co. 3.50% 2050 | 10,125 | 9,800 |
PacifiCorp. 3.30% 2051 | 1,600 | 1,771 |
PacifiCorp., First Mortgage Bonds, 3.60% 2024 | 5,695 | 6,239 |
PacifiCorp., First Mortgage Bonds, 2.70% 2030 | 1,525 | 1,668 |
PacifiCorp., First Mortgage Bonds, 4.125% 2049 | 5,500 | 6,817 |
Peco Energy Co. 2.80% 2050 | 975 | 1,009 |
PG&E Corp. 5.00% 2028 | 1,625 | 1,623 |
Public Service Company of Colorado 2.25% 2022 | 2,000 | 2,055 |
Public Service Company of Colorado 1.90% 2031 | 2,500 | 2,553 |
Public Service Company of Colorado 3.80% 2047 | 1,903 | 2,300 |
Public Service Company of Colorado 2.70% 2051 | 795 | 816 |
Public Service Electric and Gas Co. 3.65% 2028 | 1,700 | 1,966 |
Public Service Electric and Gas Co. 3.20% 2029 | 2,333 | 2,652 |
Public Service Electric and Gas Co. 2.45% 2030 | 4,374 | 4,717 |
Public Service Electric and Gas Co. 3.60% 2047 | 548 | 637 |
Public Service Electric and Gas Co. 3.15% 2050 | 4,150 | 4,584 |
Public Service Enterprise Group Inc. 2.65% 2022 | 1,900 | 1,984 |
Public Service Enterprise Group Inc. 2.25% 2026 | 345 | 369 |
Puget Energy, Inc. 6.00% 2021 | 1,823 | 1,924 |
Puget Energy, Inc. 5.625% 2022 | 1,965 | 2,096 |
Puget Sound Energy, Inc. 3.25% 2049 | 3,000 | 3,226 |
San Diego Gas & Electric Co. 6.125% 2037 | 1,450 | 1,965 |
San Diego Gas & Electric Co. 3.75% 2047 | 331 | 383 |
San Diego Gas & Electric Co. 4.10% 2049 | 1,607 | 1,975 |
San Diego Gas & Electric Co. 3.32% 2050 | 4,166 | 4,547 |
Southern California Edison Co. 3.40% 2023 | 150 | 161 |
Southern California Edison Co. 3.50% 2023 | 700 | 752 |
Southern California Edison Co. 3.70% 2025 | 611 | 676 |
Southern California Edison Co. 2.85% 2029 | 4,450 | 4,720 |
Southern California Edison Co. 2.25% 2030 | 8,694 | 8,847 |
Southern California Edison Co. 6.00% 2034 | 2,500 | 3,361 |
Southern California Edison Co. 5.35% 2035 | 3,000 | 3,930 |
Southern California Edison Co. 5.75% 2035 | 675 | 918 |
Southern California Edison Co. 4.00% 2047 | 1,606 | 1,837 |
Southern California Edison Co. 4.125% 2048 | 2,902 | 3,400 |
Southern California Edison Co. 4.875% 2049 | 3,745 | 4,851 |
Southern California Edison Co. 3.65% 2050 | 840 | 927 |
Southern California Edison Co., Series C, 3.60% 2045 | 3,840 | 4,184 |
Southern California Gas Company 2.55% 2030 | 4,650 | 5,016 |
Southern California Gas Company 3.95% 2050 | 4,250 | 5,174 |
Talen Energy Supply, LLC 10.50% 20268 | 885 | 702 |
Talen Energy Supply, LLC 7.25% 20278 | 3,430 | 3,419 |
Talen Energy Supply, LLC 7.625% 20288 | 1,575 | 1,578 |
Virginia Electric and Power Co. 3.80% 2028 | 2,000 | 2,322 |
Virginia Electric and Power Co. 4.00% 2043 | 969 | 1,160 |
Virginia Electric and Power Co. 4.00% 2046 | 1,737 | 2,095 |
Virginia Electric and Power Co. 4.60% 2048 | 2,650 | 3,498 |
Virginia Electric and Power Co. 3.30% 2049 | 3,575 | 3,985 |
Virginia Electric and Power Co., Series B, 3.80% 2047 | 1,000 | 1,173 |
American Funds Insurance Series — Asset Allocation Fund — Page 86 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Utilities (continued) | Principal amount (000) | Value (000) |
Xcel Energy Inc. 3.35% 2026 | $4,756 | $5,338 |
Xcel Energy Inc. 2.60% 2029 | 4,288 | 4,618 |
Xcel Energy Inc. 6.50% 2036 | 2,000 | 2,912 |
Xcel Energy Inc. 3.50% 2049 | 6,276 | 7,030 |
470,370 | ||
Communication services 1.39% | ||
Alphabet Inc. 1.998% 2026 | 3,000 | 3,225 |
AT&T Inc. 2.30% 2027 | 875 | 905 |
AT&T Inc. 3.80% 2027 | 305 | 344 |
AT&T Inc. 2.75% 2031 | 12,042 | 12,486 |
AT&T Inc. 3.50% 2041 | 17,000 | 17,919 |
AT&T Inc. 4.30% 2042 | 100 | 112 |
AT&T Inc. 4.35% 2045 | 1,005 | 1,132 |
AT&T Inc. 3.65% 2051 | 4,000 | 4,192 |
Cablevision Systems Corp. 6.75% 2021 | 7,400 | 7,789 |
CCO Holdings LLC and CCO Holdings Capital Corp. 4.908% 2025 | 500 | 574 |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 20268 | 5,050 | 5,235 |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.05% 2029 | 1,150 | 1,358 |
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 20308 | 3,500 | 3,585 |
CCO Holdings LLC and CCO Holdings Capital Corp. 4.75% 20308 | 2,500 | 2,562 |
CCO Holdings LLC and CCO Holdings Capital Corp. 2.80% 2031 | 12,814 | 13,019 |
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 20328 | 2,710 | 2,747 |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.125% 2049 | 570 | 659 |
CCO Holdings LLC and CCO Holdings Capital Corp. 4.80% 2050 | 800 | 910 |
CCO Holdings LLC and CCO Holdings Capital Corp. 3.70% 2051 | 3,000 | 2,934 |
CenturyLink, Inc. 6.75% 2023 | 5,725 | 6,168 |
CenturyLink, Inc. 7.50% 2024 | 1,500 | 1,651 |
CenturyLink, Inc. 5.125% 20268 | 2,050 | 2,048 |
CenturyLink, Inc. 4.00% 20278 | 700 | 679 |
CenturyLink, Inc., Series T, 5.80% 2022 | 1,625 | 1,673 |
Comcast Corp. 3.00% 2024 | 500 | 538 |
Comcast Corp. 3.70% 2024 | 2,245 | 2,493 |
Comcast Corp. 3.95% 2025 | 6,960 | 7,981 |
Comcast Corp. 2.35% 2027 | 4,000 | 4,278 |
Comcast Corp. 4.15% 2028 | 2,608 | 3,140 |
Comcast Corp. 1.95% 2031 | 9,236 | 9,429 |
Comcast Corp. 3.20% 2036 | 750 | 836 |
Comcast Corp. 3.90% 2038 | 1,000 | 1,189 |
Comcast Corp. 4.60% 2038 | 2,000 | 2,550 |
Comcast Corp. 3.75% 2040 | 594 | 701 |
Comcast Corp. 4.00% 2048 | 250 | 308 |
Comcast Corp. 2.80% 2051 | 1,791 | 1,840 |
Deutsche Telekom AG 3.625% 20508 | 1,755 | 1,950 |
Deutsche Telekom International Finance BV 9.25% 2032 | 3,570 | 5,940 |
Discovery Communications, Inc. 3.625% 2030 | 6,557 | 7,186 |
Discovery Communications, Inc. 4.65% 2050 | 990 | 1,127 |
Embarq Corp. 7.995% 2036 | 3,075 | 3,460 |
Fox Corp. 4.03% 2024 | 1,120 | 1,242 |
Fox Corp. 3.50% 2030 | 7,732 | 8,650 |
France Télécom 4.125% 2021 | 2,500 | 2,613 |
Frontier Communications Corp. 11.00% 202513 | 11,855 | 4,137 |
Frontier Communications Corp. 8.00% 20278 | 2,760 | 2,806 |
Gogo Inc. 9.875% 20248 | 18,695 | 15,846 |
American Funds Insurance Series — Asset Allocation Fund — Page 87 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Communication services (continued) | Principal amount (000) | Value (000) |
iHeartCommunications, Inc. 5.25% 20278 | $2,493 | $2,391 |
Intelsat Jackson Holding Co. 8.00% 20248 | 7,275 | 7,390 |
Intelsat Jackson Holding Co. 8.50% 20248,13 | 7,650 | 4,624 |
Intelsat Jackson Holding Co., Term Loan, (3-month USD-LIBOR + 5.50%) 5.837% 202210,11 | 1,036 | 1,054 |
Intelsat Jackson Holding Co., Term Loan, 6.625% 202411 | 1,400 | 1,406 |
Liberty Global PLC 5.50% 20288 | 2,075 | 2,005 |
MDC Partners Inc. 6.50% 20248 | 3,225 | 3,009 |
NBCUniversal Enterprise, Inc., junior subordinated, 5.25% 20498 | 4,630 | 4,642 |
Orange SA 5.50% 2044 | 1,500 | 2,188 |
Sirius XM Radio Inc. 3.875% 20228 | 3,450 | 3,475 |
Sirius XM Radio Inc. 4.625% 20248 | 3,345 | 3,440 |
Sprint Corp. 7.625% 2026 | 4,125 | 4,879 |
Sprint Corp. 6.875% 2028 | 6,900 | 8,428 |
T-Mobile US, Inc. 1.50% 20268 | 3,000 | 3,007 |
T-Mobile US, Inc. 2.05% 20288 | 9,250 | 9,277 |
T-Mobile US, Inc. 3.875% 20308 | 17,703 | 19,764 |
T-Mobile US, Inc. 2.55% 20318 | 10,149 | 10,210 |
T-Mobile US, Inc. 4.375% 20408 | 1,336 | 1,551 |
T-Mobile US, Inc. 4.50% 20508 | 13,058 | 15,414 |
Trilogy International Partners, LLC 8.875% 20228 | 12,800 | 11,373 |
Univision Communications Inc. 5.125% 20238 | 7,950 | 8,047 |
Univision Communications Inc. 6.625% 20278 | 4,800 | 4,602 |
Verizon Communications Inc. 3.00% 2027 | 2,200 | 2,444 |
Verizon Communications Inc. 4.329% 2028 | 5,785 | 6,969 |
Verizon Communications Inc. 3.875% 2029 | 250 | 296 |
Verizon Communications Inc. 4.016% 2029 | 1,902 | 2,278 |
Verizon Communications Inc. 3.15% 2030 | 3,050 | 3,455 |
Verizon Communications Inc. 4.50% 2033 | 2,000 | 2,493 |
Verizon Communications Inc. 4.125% 2046 | 333 | 417 |
Verizon Communications Inc. 4.00% 2050 | 350 | 443 |
Vodafone Group PLC 3.75% 2024 | 3,788 | 4,140 |
Vodafone Group PLC 4.125% 2025 | 2,500 | 2,841 |
Vodafone Group PLC 4.375% 2028 | 350 | 416 |
Vodafone Group PLC 5.25% 2048 | 500 | 659 |
Vodafone Group PLC 4.25% 2050 | 8,000 | 9,415 |
Walt Disney Company 2.65% 2031 | 7,190 | 7,637 |
Ziggo Bond Co. BV 5.125% 20308 | 1,775 | 1,764 |
Ziggo Bond Finance BV 5.50% 20278 | 5,238 | 5,333 |
367,322 | ||
Energy 1.20% | ||
American Energy-Permian Basin, LLC / AEPB Finance Corp. 12.00% 20241,5,8,13 | 2,935 | 352 |
Antero Resources Corp. 5.75% 20288 | 411 | 326 |
Baker Hughes, a GE Co. 4.486% 2030 | 1,596 | 1,839 |
BP Capital Markets America Inc. 3.633% 2030 | 1,190 | 1,347 |
Canadian Natural Resources Ltd. 2.95% 2023 | 1,935 | 1,997 |
Canadian Natural Resources Ltd. 2.05% 2025 | 5,814 | 5,832 |
Canadian Natural Resources Ltd. 3.85% 2027 | 4,448 | 4,760 |
Canadian Natural Resources Ltd. 2.95% 2030 | 8,244 | 8,197 |
Canadian Natural Resources Ltd. 4.95% 2047 | 1,559 | 1,709 |
Cenovus Energy Inc. 3.80% 2023 | 3,970 | 3,735 |
Cenovus Energy Inc. 4.25% 2027 | 5,690 | 5,168 |
Cenovus Energy Inc. 5.25% 2037 | 600 | 519 |
Cheniere Energy, Inc. 3.70% 20298 | 6,082 | 6,239 |
American Funds Insurance Series — Asset Allocation Fund — Page 88 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Energy (continued) | Principal amount (000) | Value (000) |
Chesapeake Energy Corp. 4.875% 2022 | $7,225 | $253 |
Chesapeake Energy Corp. 11.50% 20258 | 5,122 | 555 |
Chesapeake Energy Corp., Term Loan, (3-month USD-LIBOR + 8.00%) 9.00% 202410,11 | 6,132 | 3,557 |
Chevron Corp. 1.995% 2027 | 2,631 | 2,757 |
Chevron Corp. 2.236% 2030 | 1,862 | 1,952 |
Chevron Corp. 2.978% 2040 | 424 | 454 |
Chevron Corp. 3.078% 2050 | 446 | 475 |
Comstock Resources, Inc. 9.75% 2026 | 1,361 | 1,277 |
Concho Resources Inc. 4.30% 2028 | 9,615 | 10,568 |
Concho Resources Inc. 4.85% 2048 | 750 | 848 |
CONSOL Energy Inc. 5.875% 2022 | 9,249 | 9,116 |
Constellation Oil Services Holding SA 10.00% 2024 (100% PIK)8,12 | 1,032 | 310 |
Convey Park Energy LLC 7.50% 20258 | 1,100 | 1,005 |
DCP Midstream Operating LP 4.95% 2022 | 3,440 | 3,471 |
Diamond Offshore Drilling, Inc. 4.875% 204313 | 5,610 | 663 |
Enbridge Energy Partners, LP 5.875% 2025 | 3,200 | 3,824 |
Enbridge Energy Partners, LP 7.375% 2045 | 544 | 779 |
Enbridge Energy Partners, LP, Series B, 7.50% 2038 | 2,000 | 2,752 |
Enbridge Inc. 4.00% 2023 | 1,678 | 1,821 |
Enbridge Inc. 2.50% 2025 | 1,700 | 1,768 |
Enbridge Inc. 3.70% 2027 | 162 | 179 |
Energy Transfer Operating, LP 2.90% 2025 | 1,601 | 1,641 |
Energy Transfer Operating, LP 5.00% 2050 | 3,899 | 3,698 |
Energy Transfer Partners, LP 4.50% 2024 | 1,210 | 1,313 |
Energy Transfer Partners, LP 4.75% 2026 | 2,494 | 2,726 |
Energy Transfer Partners, LP 5.25% 2029 | 5,757 | 6,287 |
Energy Transfer Partners, LP 6.00% 2048 | 774 | 804 |
Energy Transfer Partners, LP 6.25% 2049 | 6,257 | 6,640 |
Enterprise Products Operating LLC 4.90% 2046 | 500 | 581 |
EQM Midstream Partners, LP 4.125% 2026 | 631 | 575 |
EQM Midstream Partners, LP 6.50% 20278 | 1,640 | 1,684 |
EQM Midstream Partners, LP 5.50% 2028 | 1,819 | 1,737 |
EQT Corp. 7.00% 2030 | 870 | 897 |
Equinor ASA 1.75% 2026 | 4,064 | 4,166 |
Equinor ASA 3.625% 2028 | 3,685 | 4,243 |
Equinor ASA 3.25% 2049 | 6,066 | 6,456 |
Extraction Oil & Gas, Inc. 5.625% 20268 | 4,125 | 809 |
Exxon Mobil Corp. 2.222% 2021 | 3,070 | 3,105 |
Exxon Mobil Corp. 2.019% 2024 | 643 | 672 |
Exxon Mobil Corp. 2.992% 2025 | 2,000 | 2,178 |
Exxon Mobil Corp. 2.44% 2029 | 1,963 | 2,085 |
Exxon Mobil Corp. 3.452% 2051 | 729 | 813 |
Genesis Energy, LP 6.50% 2025 | 2,725 | 2,338 |
Halliburton Company 3.80% 2025 | 16 | 17 |
Hess Midstream Partners LP 5.125% 20288 | 1,305 | 1,257 |
Jonah Energy LLC 7.25% 20258 | 1,825 | 242 |
Kinder Morgan, Inc. 4.30% 2028 | 4,359 | 4,946 |
Marathon Oil Corp. 4.40% 2027 | 1,005 | 987 |
MPLX LP 4.125% 2027 | 500 | 534 |
MPLX LP 4.50% 2038 | 750 | 751 |
MPLX LP 5.50% 2049 | 4,491 | 5,103 |
Murphy Oil Corp. 5.875% 2027 | 371 | 327 |
NGL Energy Partners LP 7.50% 2023 | 1,610 | 1,341 |
NGL Energy Partners LP 6.125% 2025 | 7,750 | 5,879 |
American Funds Insurance Series — Asset Allocation Fund — Page 89 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Energy (continued) | Principal amount (000) | Value (000) |
Noble Energy, Inc. 3.85% 2028 | $3,000 | $2,900 |
Noble Energy, Inc. 3.25% 2029 | 6,505 | 5,886 |
Noble Energy, Inc. 4.95% 2047 | 375 | 335 |
Noble Energy, Inc. 4.20% 2049 | 588 | 489 |
NuStar Logistics, LP 4.80% 2020 | 155 | 156 |
NuStar Logistics, LP 6.75% 20218 | 215 | 214 |
Oasis Petroleum Inc. 6.875% 2022 | 7,150 | 1,202 |
Occidental Petroleum Corp. 2.60% 2021 | 630 | 617 |
Occidental Petroleum Corp. 4.85% 2021 | 2,751 | 2,742 |
Occidental Petroleum Corp. 2.90% 2024 | 743 | 637 |
ONEOK, Inc. 2.20% 2025 | 527 | 518 |
ONEOK, Inc. 5.85% 2026 | 11,698 | 13,374 |
ONEOK, Inc. 3.10% 2030 | 919 | 881 |
ONEOK, Inc. 6.35% 2031 | 1,380 | 1,618 |
ONEOK, Inc. 7.15% 2051 | 231 | 281 |
Parsley Energy, Inc. 5.25% 20258 | 370 | 357 |
Peabody Energy Corp. 6.00% 20228 | 2,150 | 1,404 |
Petrobras Global Finance Co. 6.75% 2050 | 2,240 | 2,309 |
Petróleos Mexicanos 6.50% 2027 | 3,000 | 2,712 |
Petróleos Mexicanos 5.35% 2028 | 1,870 | 1,575 |
Phillips 66 3.90% 2028 | 2,107 | 2,383 |
Phillips 66 Partners LP 3.55% 2026 | 160 | 174 |
Phillips 66 Partners LP 4.68% 2045 | 400 | 431 |
Phillips 66 Partners LP 4.90% 2046 | 275 | 298 |
Plains All American Pipeline, LP 3.80% 2030 | 830 | 819 |
Rockies Express Pipeline LLC 4.95% 20298 | 2,475 | 2,315 |
Sabine Pass Liquefaction, LLC 5.875% 2026 | 923 | 1,085 |
Sabine Pass Liquefaction, LLC 4.20% 2028 | 1,307 | 1,403 |
Sabine Pass Liquefaction, LLC 4.50% 20308 | 11,548 | 12,776 |
Schlumberger BV 3.75% 20248 | 495 | 534 |
Schlumberger BV 4.00% 20258 | 70 | 77 |
Shell International Finance BV 2.25% 2020 | 1,965 | 1,979 |
Shell International Finance BV 3.875% 2028 | 2,787 | 3,242 |
Southwestern Energy Co. 6.20% 2025 (6.45% on 7/23/2020)9 | 825 | 709 |
Statoil ASA 2.75% 2021 | 1,925 | 1,976 |
Statoil ASA 3.25% 2024 | 2,850 | 3,167 |
Statoil ASA 4.25% 2041 | 2,000 | 2,381 |
Suncor Energy Inc. 3.10% 2025 | 3,687 | 3,942 |
Sunoco Logistics Operating Partners, LP 5.40% 2047 | 650 | 640 |
Targa Resources Partners LP 5.875% 2026 | 1,350 | 1,340 |
Targa Resources Partners LP 5.50% 20308 | 2,260 | 2,184 |
Teekay Corp. 9.25% 20228 | 4,825 | 4,649 |
Teekay Offshore Partners LP 8.50% 20238 | 3,550 | 3,133 |
Total Capital International 3.127% 2050 | 895 | 916 |
TOTAL SA 2.986% 2041 | 11,607 | 11,857 |
TransCanada PipeLines Ltd. 4.25% 2028 | 1,090 | 1,255 |
TransCanada PipeLines Ltd. 4.10% 2030 | 7,951 | 9,071 |
TransCanada PipeLines Ltd. 4.75% 2038 | 3,000 | 3,530 |
TransCanada PipeLines Ltd. 4.875% 2048 | 700 | 866 |
Valero Energy Corp. 4.00% 2029 | 4,000 | 4,454 |
Vine Oil & Gas LP 8.75% 20238 | 2,500 | 1,525 |
Weatherford International PLC 11.00% 20248 | 9,277 | 6,494 |
Western Gas Partners LP 4.50% 2028 | 3,700 | 3,496 |
Western Midstream Operating, LP 5.25% 2050 | 1,685 | 1,468 |
American Funds Insurance Series — Asset Allocation Fund — Page 90 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Energy (continued) | Principal amount (000) | Value (000) |
Williams Companies, Inc. 3.50% 2030 | $9,450 | $9,962 |
Williams Partners LP 4.30% 2024 | 85 | 92 |
Woodside Finance Ltd. 4.60% 20218 | 1,965 | 2,001 |
316,067 | ||
Industrials 1.04% | ||
ADT Corp. 3.50% 2022 | 5,465 | 5,449 |
Allison Transmission Holdings, Inc. 5.00% 20248 | 3,205 | 3,207 |
Associated Materials, LLC 9.00% 20248 | 10,036 | 8,641 |
Avis Budget Group, Inc. 5.50% 2023 | 908 | 752 |
Avis Budget Group, Inc. 5.25% 20258 | 1,275 | 1,026 |
Avis Budget Group, Inc. 10.50% 20258 | 2,719 | 3,030 |
Avolon Holdings Funding Ltd. 3.625% 20228 | 1,254 | 1,183 |
Avolon Holdings Funding Ltd. 3.95% 20248 | 1,587 | 1,390 |
Avolon Holdings Funding Ltd. 4.375% 20268 | 1,975 | 1,663 |
Boeing Co. 2.70% 2022 | 4,400 | 4,462 |
Boeing Co. 2.80% 2024 | 796 | 808 |
Boeing Co. 4.875% 2025 | 13,797 | 15,039 |
Boeing Co. 3.10% 2026 | 1,508 | 1,538 |
Boeing Co. 2.70% 2027 | 511 | 499 |
Boeing Co. 5.04% 2027 | 3,000 | 3,313 |
Boeing Co. 5.15% 2030 | 5,711 | 6,384 |
Boeing Co. 3.60% 2034 | 7,500 | 7,106 |
Boeing Co. 3.25% 2035 | 334 | 305 |
Burlington Northern Santa Fe LLC 3.05% 2051 | 2,445 | 2,667 |
Burlington Northern Santa Fe, LLC 4.40% 2042 | 5,000 | 6,278 |
Canadian National Railway Co. 3.20% 2046 | 1,320 | 1,463 |
Carrier Global Corp. 2.242% 20258 | 1,560 | 1,601 |
Carrier Global Corp. 2.493% 20278 | 762 | 777 |
Carrier Global Corp. 2.722% 20308 | 687 | 690 |
CSX Corp. 3.80% 2028 | 4,060 | 4,690 |
CSX Corp. 4.25% 2029 | 3,062 | 3,667 |
CSX Corp. 4.30% 2048 | 1,125 | 1,405 |
CSX Corp. 3.35% 2049 | 563 | 622 |
Delta Air Lines, Inc. 7.00% 20258 | 1,525 | 1,576 |
Dun & Bradstreet Corp. 6.875% 20268 | 1,780 | 1,891 |
Euramax International, Inc. 12.00% 20208 | 4,740 | 3,904 |
GE Capital International Funding Co. 4.418% 2035 | 1,200 | 1,220 |
General Dynamics Corp. 3.375% 2023 | 2,550 | 2,760 |
General Dynamics Corp. 3.50% 2025 | 4,804 | 5,393 |
General Dynamics Corp. 4.25% 2050 | 397 | 518 |
General Electric Co. 3.45% 2027 | 2,150 | 2,207 |
General Electric Co. 3.625% 2030 | 800 | 802 |
General Electric Co. 4.25% 2040 | 550 | 542 |
General Electric Co. 4.35% 2050 | 1,075 | 1,067 |
Hardwoods Acquisition Inc. 7.50% 20218 | 2,328 | 850 |
Honeywell International Inc. 2.15% 2022 | 4,400 | 4,561 |
Honeywell International Inc. 2.30% 2024 | 6,925 | 7,388 |
Honeywell International Inc. 1.35% 2025 | 5,947 | 6,111 |
Honeywell International Inc. 2.70% 2029 | 4,330 | 4,798 |
Honeywell International Inc. 1.95% 2030 | 2,000 | 2,092 |
Howmet Aerospace Inc. 6.875% 2025 | 1,885 | 2,049 |
Icahn Enterprises Finance Corp. 4.75% 2024 | 3,590 | 3,398 |
Lockheed Martin Corp. 3.10% 2023 | 455 | 484 |
American Funds Insurance Series — Asset Allocation Fund — Page 91 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Industrials (continued) | Principal amount (000) | Value (000) |
Lockheed Martin Corp. 3.55% 2026 | $3,295 | $3,783 |
Lockheed Martin Corp. 1.85% 2030 | 425 | 436 |
Lockheed Martin Corp. 2.80% 2050 | 550 | 582 |
LSC Communications, Inc. 8.75% 20238,13 | 4,530 | 453 |
Nielsen Finance LLC and Nielsen Finance Co. 5.00% 20258 | 2,175 | 2,171 |
Norfolk Southern Corp. 3.00% 2022 | 2,056 | 2,138 |
Norfolk Southern Corp. 3.05% 2050 | 4,151 | 4,293 |
Northrop Grumman Corp. 2.55% 2022 | 5,400 | 5,637 |
Northrop Grumman Corp. 2.93% 2025 | 1,820 | 1,967 |
Northrop Grumman Corp. 3.25% 2028 | 3,495 | 3,907 |
Northrop Grumman Corp. 5.15% 2040 | 1,410 | 1,883 |
Northrop Grumman Corp. 5.25% 2050 | 1,329 | 1,919 |
Otis Worldwide Corp. 2.293% 20278 | 2,135 | 2,233 |
Otis Worldwide Corp. 2.565% 20308 | 3,000 | 3,152 |
Pisces Parent LLC 8.00% 20268 | 2,085 | 2,107 |
R.R. Donnelley & Sons Co. 6.50% 2023 | 2,635 | 2,415 |
Raytheon Technologies Corp. 2.80% 20228 | 3,745 | 3,865 |
Roper Technologies, Inc. 2.80% 2021 | 988 | 1,017 |
Roper Technologies, Inc. 3.80% 2026 | 235 | 269 |
Siemens AG 2.70% 20228 | 2,685 | 2,788 |
Spirit AeroSystems, Inc. 7.50% 20258 | 1,350 | 1,337 |
The Brink’s Co. 4.625% 20278 | 2,385 | 2,297 |
TransDigm Inc. 6.50% 2024 | 32,342 | 31,207 |
TransDigm Inc. 6.25% 20268 | 451 | 451 |
Uber Technologies, Inc. 8.00% 20268 | 2,725 | 2,777 |
Union Pacific Corp. 3.15% 2024 | 1,287 | 1,398 |
Union Pacific Corp. 3.75% 2025 | 4,643 | 5,263 |
Union Pacific Corp. 2.15% 2027 | 2,318 | 2,454 |
Union Pacific Corp. 3.95% 2028 | 1,875 | 2,229 |
Union Pacific Corp. 3.70% 2029 | 6,500 | 7,601 |
Union Pacific Corp. 2.40% 2030 | 2,414 | 2,586 |
Union Pacific Corp. 4.30% 2049 | 2,690 | 3,450 |
Union Pacific Corp. 3.25% 2050 | 371 | 408 |
Union Pacific Corp. 3.95% 2059 | 1,365 | 1,641 |
Union Pacific Corp. 3.75% 2070 | 1,091 | 1,222 |
United Technologies Corp. 3.65% 2023 | 52 | 56 |
United Technologies Corp. 3.95% 2025 | 5,155 | 5,890 |
United Technologies Corp. 4.125% 2028 | 1,960 | 2,311 |
Vertical US Newco Inc. 5.25% 20278 | 1,825 | 1,852 |
Vinci SA 3.75% 20298 | 2,237 | 2,582 |
Wesco Aircraft Holdings, Inc. 9.00% 20268 | 2,275 | 1,501 |
WESCO Distribution, Inc. 7.125% 20258 | 1,210 | 1,279 |
WESCO Distribution, Inc. 7.25% 20288 | 1,320 | 1,395 |
XPO Logistics, Inc. 6.25% 20258 | 660 | 693 |
274,161 | ||
Consumer discretionary 0.92% | ||
Adient US LLC 9.00% 20258 | 521 | 563 |
Amazon.com, Inc. 2.40% 2023 | 565 | 594 |
Amazon.com, Inc. 2.80% 2024 | 515 | 560 |
Amazon.com, Inc. 1.50% 2030 | 2,000 | 2,033 |
Amazon.com, Inc. 2.50% 2050 | 3,990 | 4,056 |
Amazon.com, Inc. 2.70% 2060 | 4,485 | 4,580 |
American Honda Finance Corp. 3.50% 2028 | 750 | 850 |
American Funds Insurance Series — Asset Allocation Fund — Page 92 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Consumer discretionary (continued) | Principal amount (000) | Value (000) |
Bayerische Motoren Werke AG 2.25% 20238 | $300 | $311 |
Bayerische Motoren Werke AG 3.45% 20238 | 1,870 | 1,982 |
Bayerische Motoren Werke AG 3.15% 20248 | 8,510 | 9,114 |
Carnival Corp. 11.50% 20238 | 3,065 | 3,318 |
Colt Merger Sub, Inc. 6.25% 20258 | 1,815 | 1,805 |
Ford Motor Co. 9.00% 2025 | 3,649 | 3,952 |
Ford Motor Credit Co. 2.343% 2020 | 4,635 | 4,615 |
Ford Motor Credit Co. 3.157% 2020 | 500 | 499 |
Ford Motor Credit Co. 3.20% 2021 | 2,250 | 2,222 |
Ford Motor Credit Co. 3.087% 2023 | 405 | 386 |
Ford Motor Credit Co. 3.664% 2024 | 455 | 431 |
Ford Motor Credit Co. 3.81% 2024 | 1,070 | 1,031 |
Ford Motor Credit Co. 5.584% 2024 | 423 | 428 |
Ford Motor Credit Co. 5.125% 2025 | 1,930 | 1,939 |
General Motors Co. 5.40% 2023 | 382 | 414 |
General Motors Co. 6.125% 2025 | 10,157 | 11,427 |
General Motors Co. 6.60% 2036 | 8 | 9 |
General Motors Co. 6.25% 2043 | 992 | 1,055 |
General Motors Co. 5.40% 2048 | 1,398 | 1,384 |
General Motors Co. 5.95% 2049 | 1,817 | 1,908 |
General Motors Financial Co. 3.70% 2020 | 6,355 | 6,389 |
General Motors Financial Co. 3.45% 2022 | 2,000 | 2,033 |
General Motors Financial Co. 3.55% 2022 | 4,245 | 4,354 |
General Motors Financial Co. 5.20% 2023 | 7,768 | 8,317 |
General Motors Financial Co. 3.50% 2024 | 5,008 | 5,081 |
General Motors Financial Co. 2.75% 2025 | 5,000 | 4,933 |
General Motors Financial Co. 4.30% 2025 | 400 | 417 |
General Motors Financial Co. 4.35% 2027 | 500 | 518 |
General Motors Financial Co. 3.60% 2030 | 4,000 | 3,892 |
Hanesbrands Inc. 4.625% 20248 | 860 | 858 |
Hanesbrands Inc. 5.375% 20258 | 706 | 715 |
Hanesbrands Inc. 4.875% 20268 | 2,700 | 2,726 |
Home Depot, Inc. 3.90% 2028 | 825 | 990 |
Home Depot, Inc. 2.95% 2029 | 9,301 | 10,452 |
Home Depot, Inc. 2.70% 2030 | 2,180 | 2,398 |
Home Depot, Inc. 4.25% 2046 | 3,500 | 4,447 |
Home Depot, Inc. 4.50% 2048 | 428 | 570 |
Home Depot, Inc. 3.35% 2050 | 3,060 | 3,507 |
Hyundai Capital America 3.25% 20228 | 480 | 493 |
International Game Technology PLC 6.25% 20228 | 687 | 695 |
International Game Technology PLC 6.50% 20258 | 2,145 | 2,200 |
Lowe’s Companies, Inc. 3.65% 2029 | 3,574 | 4,101 |
Lowe’s Companies, Inc. 4.55% 2049 | 385 | 488 |
Macy’s, Inc. 8.375% 20258 | 1,390 | 1,386 |
Magna International Inc. 2.45% 2030 | 6,875 | 7,045 |
Mattel, Inc. 6.75% 20258 | 3,225 | 3,351 |
MGM Resorts International 7.75% 2022 | 1,700 | 1,733 |
NCL Corp. Ltd. 3.625% 20248 | 3,290 | 2,023 |
Panther BF Aggregator 2, LP 6.25% 20268 | 556 | 576 |
PetSmart, Inc. 5.875% 20258 | 2,420 | 2,434 |
PetSmart, Inc. 8.875% 20258 | 21,015 | 21,041 |
PetSmart, Inc., Term Loan, (3-month USD-LIBOR + 3.00%) 4.00% 202210,11 | 5,901 | 5,780 |
Royal Caribbean Cruises Ltd. 10.875% 20238 | 1,815 | 1,866 |
Sally Holdings LLC and Sally Capital Inc. 5.50% 2023 | 340 | 332 |
American Funds Insurance Series — Asset Allocation Fund — Page 93 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Consumer discretionary (continued) | Principal amount (000) | Value (000) |
Sally Holdings LLC and Sally Capital Inc. 5.625% 2025 | $5,255 | $5,120 |
Sally Holdings LLC and Sally Capital Inc. 8.75% 20258 | 2,347 | 2,551 |
Scientific Games Corp. 5.00% 20258 | 2,571 | 2,383 |
Scientific Games Corp. 8.625% 20258 | 1,260 | 1,181 |
Scientific Games Corp. 8.25% 20268 | 6,905 | 6,140 |
Scientific Games Corp. 7.00% 20288 | 950 | 762 |
Scientific Games Corp. 7.25% 20298 | 1,615 | 1,295 |
Staples, Inc. 7.50% 20268 | 8,830 | 6,957 |
Station Casinos LLC 4.50% 20288 | 1,820 | 1,534 |
Toyota Motor Credit Corp. 2.15% 2022 | 545 | 564 |
Toyota Motor Credit Corp. 2.60% 2022 | 924 | 953 |
Toyota Motor Credit Corp. 3.05% 2028 | 2,430 | 2,722 |
Toyota Motor Credit Corp. 3.375% 2030 | 2,225 | 2,560 |
VICI Properties LP 4.625% 20298 | 995 | 972 |
VICI Properties LP / VICI Note Co. Inc. 3.50% 20258 | 1,025 | 966 |
Volkswagen Group of America Finance, LLC 4.00% 20218 | 4,988 | 5,195 |
Volkswagen Group of America Finance, LLC 4.25% 20238 | 5,320 | 5,828 |
Volkswagen Group of America Finance, LLC 3.35% 20258 | 2,578 | 2,771 |
Volkswagen Group of America Finance, LLC 4.625% 20258 | 3,845 | 4,377 |
Volkswagen Group of America Finance, LLC 3.20% 20268 | 3,201 | 3,430 |
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 20238 | 4,918 | 4,638 |
Wynn Resorts Ltd. 7.75% 20258 | 1,080 | 1,092 |
243,598 | ||
Consumer staples 0.82% | ||
Altria Group, Inc. 3.80% 2024 | 2,630 | 2,877 |
Altria Group, Inc. 4.40% 2026 | 445 | 512 |
Altria Group, Inc. 4.80% 2029 | 2,508 | 2,926 |
Altria Group, Inc. 3.40% 2030 | 909 | 980 |
Altria Group, Inc. 5.80% 2039 | 5,960 | 7,440 |
Altria Group, Inc. 4.50% 2043 | 3,000 | 3,232 |
Altria Group, Inc. 5.95% 2049 | 3,824 | 5,021 |
Altria Group, Inc. 4.45% 2050 | 3,500 | 3,843 |
Anheuser-Busch InBev NV 4.15% 2025 | 8,000 | 9,083 |
Anheuser-Busch InBev NV 4.00% 2028 | 4,345 | 5,017 |
Anheuser-Busch InBev NV 4.75% 2029 | 886 | 1,071 |
Anheuser-Busch InBev NV 5.45% 2039 | 7,900 | 9,991 |
Anheuser-Busch InBev NV 5.55% 2049 | 2,500 | 3,352 |
Anheuser-Busch InBev NV 4.50% 2050 | 2,150 | 2,575 |
B&G Foods, Inc. 5.25% 2025 | 2,175 | 2,193 |
British American Tobacco International Finance PLC 3.95% 20258 | 4,250 | 4,691 |
British American Tobacco PLC 2.789% 2024 | 4,000 | 4,220 |
British American Tobacco PLC 3.222% 2024 | 2,826 | 3,030 |
British American Tobacco PLC 3.215% 2026 | 5,143 | 5,530 |
British American Tobacco PLC 3.557% 2027 | 1,000 | 1,083 |
British American Tobacco PLC 3.462% 2029 | 2,000 | 2,132 |
British American Tobacco PLC 4.906% 2030 | 8,220 | 9,671 |
British American Tobacco PLC 4.39% 2037 | 5,500 | 6,007 |
British American Tobacco PLC 4.54% 2047 | 4,820 | 5,255 |
British American Tobacco PLC 5.282% 2050 | 1,000 | 1,213 |
Conagra Brands, Inc. 4.30% 2024 | 4,685 | 5,184 |
Conagra Brands, Inc. 4.60% 2025 | 4,700 | 5,424 |
Conagra Brands, Inc. 5.30% 2038 | 220 | 288 |
Conagra Brands, Inc. 5.40% 2048 | 1,018 | 1,407 |
American Funds Insurance Series — Asset Allocation Fund — Page 94 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Consumer staples (continued) | Principal amount (000) | Value (000) |
Constellation Brands, Inc. 2.65% 2022 | $7,846 | $8,187 |
Constellation Brands, Inc. 2.70% 2022 | 195 | 202 |
Constellation Brands, Inc. 3.20% 2023 | 1,340 | 1,423 |
Constellation Brands, Inc. 3.60% 2028 | 938 | 1,040 |
Constellation Brands, Inc. 2.875% 2030 | 2,259 | 2,399 |
Constellation Brands, Inc. 4.50% 2047 | 220 | 262 |
Constellation Brands, Inc. 3.75% 2050 | 351 | 383 |
Costco Wholesale Corp. 2.75% 2024 | 10,000 | 10,858 |
Costco Wholesale Corp. 1.60% 2030 | 5,000 | 5,063 |
H.J. Heinz Co. 3.875% 20278 | 2,475 | 2,590 |
Imperial Tobacco Finance PLC 3.50% 20238 | 4,000 | 4,153 |
Keurig Dr Pepper Inc. 4.057% 2023 | 2,000 | 2,183 |
Keurig Dr Pepper Inc. 4.597% 2028 | 2,000 | 2,402 |
Keurig Dr Pepper Inc. 3.20% 2030 | 3,771 | 4,180 |
Keurig Dr Pepper Inc. 4.985% 2038 | 4,001 | 5,149 |
Keurig Dr Pepper Inc. 5.085% 2048 | 75 | 100 |
Keurig Dr Pepper Inc. 3.80% 2050 | 2,552 | 2,925 |
Kimberly-Clark Corp. 3.10% 2030 | 844 | 962 |
Kraft Heinz Co. 3.95% 2025 | 2,195 | 2,347 |
Molson Coors Brewing Co. 4.20% 2046 | 2,695 | 2,626 |
Nestlé Holdings, Inc. 3.35% 20238 | 750 | 816 |
PepsiCo, Inc. 3.625% 2050 | 2,180 | 2,659 |
Philip Morris International Inc. 1.875% 2021 | 1,500 | 1,512 |
Philip Morris International Inc. 2.375% 2022 | 1,960 | 2,037 |
Philip Morris International Inc. 2.625% 2022 | 1,670 | 1,723 |
Philip Morris International Inc. 2.875% 2024 | 788 | 847 |
Philip Morris International Inc. 3.25% 2024 | 2,000 | 2,215 |
Philip Morris International Inc. 3.375% 2029 | 3,268 | 3,718 |
Philip Morris International Inc. 2.10% 2030 | 2,477 | 2,555 |
Post Holdings, Inc. 4.625% 20308 | 1,666 | 1,638 |
Procter & Gamble Co. 1.70% 2021 | 400 | 407 |
Procter & Gamble Co. 3.60% 2050 | 1,099 | 1,372 |
Reckitt Benckiser Group PLC 2.375% 20228 | 1,125 | 1,159 |
Reynolds American Inc. 4.45% 2025 | 2,850 | 3,213 |
Reynolds American Inc. 5.85% 2045 | 2,030 | 2,546 |
Wal-Mart Stores, Inc. 2.35% 2022 | 1,000 | 1,047 |
Wal-Mart Stores, Inc. 3.40% 2023 | 5,665 | 6,156 |
Wal-Mart Stores, Inc. 2.85% 2024 | 1,805 | 1,964 |
Wal-Mart Stores, Inc. 3.05% 2026 | 2,060 | 2,326 |
Wal-Mart Stores, Inc. 3.70% 2028 | 687 | 815 |
WM. Wrigley Jr. Co. 3.375% 20208 | 250 | 252 |
215,659 | ||
Information technology 0.80% | ||
Adobe Inc. 1.90% 2025 | 2,216 | 2,342 |
Adobe Inc. 2.30% 2030 | 11,832 | 12,792 |
Almonde Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 8.25% 202510,11 | 5,150 | 4,495 |
Apple Inc. 3.00% 2024 | 625 | 677 |
Apple Inc. 1.125% 2025 | 1,866 | 1,902 |
Apple Inc. 3.35% 2027 | 40 | 45 |
Apple Inc. 2.65% 2050 | 1,362 | 1,411 |
Applied Systems, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.00% 202510,11 | 600 | 602 |
BMC Software, Inc. 7.125% 20258 | 545 | 573 |
BMC Software, Inc. 9.125% 20268 | 450 | 468 |
American Funds Insurance Series — Asset Allocation Fund — Page 95 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Information technology (continued) | Principal amount (000) | Value (000) |
Broadcom Corp. 3.875% 2027 | $3,060 | $3,311 |
Broadcom Inc. 3.125% 20228 | 1,575 | 1,642 |
Broadcom Inc. 3.625% 20248 | 1,575 | 1,713 |
Broadcom Inc. 4.70% 20258 | 7,208 | 8,124 |
Broadcom Inc. 4.25% 20268 | 7,508 | 8,366 |
Broadcom Inc. 4.75% 20298 | 11,520 | 13,083 |
Broadcom Inc. 4.15% 20308 | 5,000 | 5,452 |
Broadcom Inc. 5.00% 20308 | 11,391 | 13,115 |
Broadcom Ltd. 3.625% 2024 | 937 | 1,008 |
Broadcom Ltd. 3.50% 2028 | 1,250 | 1,321 |
CommScope Finance LLC 6.00% 20268 | 2,425 | 2,492 |
Diebold Nixdorf AG, Term Loan B, (3-month USD-LIBOR + 2.75%) 2.938% 202310,11 | 1,350 | 1,284 |
Diebold, Inc. 8.50% 2024 | 3,100 | 2,468 |
Fiserv, Inc. 2.75% 2024 | 1,600 | 1,707 |
Fiserv, Inc. 3.20% 2026 | 7,455 | 8,258 |
Fiserv, Inc. 2.25% 2027 | 1,030 | 1,079 |
Fiserv, Inc. 3.50% 2029 | 10,430 | 11,734 |
Fiserv, Inc. 2.65% 2030 | 12,611 | 13,332 |
Fiserv, Inc. 4.40% 2049 | 1,800 | 2,199 |
Gartner, Inc. 4.50% 20288 | 650 | 659 |
Genesys Telecommunications Laboratories, Inc. 10.00% 20248 | 875 | 912 |
Global Payments Inc. 2.90% 2030 | 3,528 | 3,694 |
International Business Machines Corp. 1.70% 2027 | 6,738 | 6,893 |
International Business Machines Corp. 1.95% 2030 | 5,000 | 5,124 |
Intuit Inc. 0.95% 2025 | 1,530 | 1,533 |
Intuit Inc. 1.35% 2027 | 3,565 | 3,587 |
Intuit Inc. 1.65% 2030 | 4,870 | 4,863 |
Kronos Inc., Term Loan B, (3-month USD-LIBOR + 8.25%) 9.25% 202410,11 | 4,375 | 4,377 |
McAfee, LLC, Term Loan, (3-month USD-LIBOR + 3.75%) 3.934% 202410,11 | 2,902 | 2,830 |
Microsoft Corp. 3.30% 2027 | 4,000 | 4,577 |
Microsoft Corp. 4.20% 2035 | 6,000 | 7,825 |
Microsoft Corp. 4.10% 2037 | 628 | 812 |
Microsoft Corp. 2.525% 2050 | 622 | 647 |
Oracle Corp. 3.60% 2050 | 6,730 | 7,620 |
PayPal Holdings, Inc. 2.65% 2026 | 2,364 | 2,571 |
PayPal Holdings, Inc. 2.85% 2029 | 2,770 | 3,037 |
PayPal Holdings, Inc. 2.30% 2030 | 3,303 | 3,440 |
PayPal Holdings, Inc. 3.25% 2050 | 932 | 1,020 |
Sabre Holdings Corp. 5.25% 20238 | 325 | 300 |
Sabre Holdings Corp. 5.375% 20238 | 2,629 | 2,461 |
Sabre Holdings Corp. 9.25% 20258 | 1,025 | 1,085 |
Veritas Holdings Ltd. 7.50% 20238 | 3,350 | 3,312 |
Veritas Holdings Ltd. 10.50% 20248 | 1,285 | 1,155 |
Veritas US Inc., Term Loan B, (3-month USD-LIBOR + 4.50%) 5.50% 202310,11 | 1,437 | 1,333 |
ViaSat, Inc. 5.625% 20278 | 555 | 570 |
Visa Inc. 2.80% 2022 | 2,000 | 2,112 |
Visa Inc. 3.15% 2025 | 5,500 | 6,140 |
Xerox Corp. 4.125% 2023 | 906 | 908 |
212,392 | ||
Materials 0.58% | ||
Air Liquide SA 2.25% 20298 | 1,381 | 1,428 |
Air Products and Chemicals, Inc. 1.85% 2027 | 1,300 | 1,363 |
Air Products and Chemicals, Inc. 2.05% 2030 | 2,904 | 3,056 |
American Funds Insurance Series — Asset Allocation Fund — Page 96 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Materials (continued) | Principal amount (000) | Value (000) |
Anglo American Capital PLC 5.625% 20308 | $1,510 | $1,827 |
Ardagh Packaging Finance 5.25% 20258 | 833 | 856 |
Braskem SA 4.50% 20308 | 1,255 | 1,151 |
Chemours Co. 6.625% 2023 | 4,085 | 3,932 |
Chevron Phillips Chemical Co. LLC 3.30% 20238 | 595 | 622 |
Cleveland-Cliffs Inc. 4.875% 20248 | 3,975 | 3,751 |
Cleveland-Cliffs Inc. 5.75% 2025 | 9,456 | 8,079 |
Cleveland-Cliffs Inc. 9.875% 20258 | 925 | 972 |
Cleveland-Cliffs Inc. 6.75% 20268 | 2,035 | 1,969 |
Cleveland-Cliffs Inc. 5.875% 2027 | 10,500 | 8,693 |
CVR Partners, LP 9.25% 20238 | 1,750 | 1,720 |
Dow Chemical Co. 3.15% 2024 | 1,565 | 1,672 |
Dow Chemical Co. 4.55% 2025 | 1,405 | 1,604 |
Dow Chemical Co. 3.625% 2026 | 1,884 | 2,078 |
Dow Chemical Co. 4.80% 2049 | 627 | 749 |
First Quantum Minerals Ltd. 7.25% 20228 | 7,175 | 7,040 |
First Quantum Minerals Ltd. 7.25% 20238 | 1,200 | 1,154 |
First Quantum Minerals Ltd. 6.50% 20248 | 4,704 | 4,446 |
First Quantum Minerals Ltd. 7.50% 20258 | 15,400 | 14,770 |
First Quantum Minerals Ltd. 6.875% 20268 | 11,375 | 10,804 |
Freeport-McMoRan Inc. 3.875% 2023 | 825 | 828 |
Freeport-McMoRan Inc. 4.25% 2030 | 2,550 | 2,476 |
FXI Holdings, Inc. 7.875% 20248 | 2,226 | 1,921 |
FXI Holdings, Inc. 12.25% 20268 | 4,392 | 4,273 |
Glencore Funding LLC 4.125% 20248 | 945 | 1,014 |
Hexion Inc. 7.875% 20278 | 2,045 | 1,866 |
Holcim Ltd. 5.15% 20238 | 2,395 | 2,628 |
International Paper Co. 7.30% 2039 | 2,005 | 2,821 |
LSB Industries, Inc. 9.625% 20238 | 5,170 | 4,996 |
Mosaic Co. 3.25% 2022 | 1,788 | 1,831 |
Mosaic Co. 4.05% 2027 | 1,587 | 1,688 |
Newcrest Finance Pty Ltd. 3.25% 20308 | 1,329 | 1,422 |
Newcrest Finance Pty Ltd. 4.20% 20508 | 371 | 416 |
Nova Chemicals Corp. 5.25% 20278 | 2,560 | 2,253 |
Nutrien Ltd. 1.90% 2023 | 5,316 | 5,490 |
Nutrien Ltd. 2.95% 2030 | 670 | 711 |
Olin Corp. 9.50% 20258 | 1,055 | 1,178 |
Ryerson Inc. 11.00% 20228 | 4,840 | 4,958 |
Sherwin-Williams Co. 2.75% 2022 | 29 | 30 |
Sherwin-Williams Co. 3.125% 2024 | 275 | 296 |
Sherwin-Williams Co. 2.95% 2029 | 4,000 | 4,308 |
Sherwin-Williams Co. 3.80% 2049 | 5,208 | 5,701 |
Teck Resources Ltd. 3.90% 20308 | 764 | 764 |
Tronox Ltd. 6.50% 20268 | 1,980 | 1,856 |
Valvoline Inc. 4.375% 20258 | 670 | 676 |
Venator Materials Corp. 5.75% 20258 | 5,845 | 4,175 |
Venator Materials Corp. 9.50% 20258 | 1,495 | 1,525 |
Warrior Met Coal, Inc. 8.00% 20248 | 4,519 | 4,410 |
Westlake Chemical Corp. 4.375% 2047 | 500 | 495 |
Yara International ASA 3.148% 20308 | 1,420 | 1,479 |
152,221 |
American Funds Insurance Series — Asset Allocation Fund — Page 97 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Real estate 0.42% | Principal amount (000) | Value (000) |
Alexandria Real Estate Equities, Inc. 3.80% 2026 | $315 | $354 |
Alexandria Real Estate Equities, Inc. 3.95% 2028 | 1,220 | 1,393 |
Alexandria Real Estate Equities, Inc. 2.75% 2029 | 2,910 | 3,109 |
Alexandria Real Estate Equities, Inc. 3.375% 2031 | 2,375 | 2,651 |
Alexandria Real Estate Equities, Inc. 4.85% 2049 | 410 | 539 |
American Campus Communities, Inc. 3.75% 2023 | 3,055 | 3,139 |
American Campus Communities, Inc. 4.125% 2024 | 2,075 | 2,183 |
American Campus Communities, Inc. 3.30% 2026 | 1,698 | 1,744 |
American Campus Communities, Inc. 3.625% 2027 | 9,850 | 10,130 |
American Campus Communities, Inc. 2.85% 2030 | 3,125 | 3,021 |
American Campus Communities, Inc. 3.875% 2031 | 744 | 781 |
American Tower Corp. 3.55% 2027 | 1,425 | 1,591 |
American Tower Corp. 3.60% 2028 | 1,000 | 1,118 |
Brandywine Operating Partnership, LP 3.95% 2023 | 1,070 | 1,103 |
Brookfield Property REIT Inc. 5.75% 20268 | 6,050 | 5,126 |
Communications Sales & Leasing, Inc. 6.00% 20238 | 1,800 | 1,761 |
Corporate Office Properties LP 3.60% 2023 | 390 | 397 |
Corporate Office Properties LP 5.25% 2024 | 3,595 | 3,854 |
Equinix, Inc. 2.625% 2024 | 501 | 534 |
Equinix, Inc. 2.90% 2026 | 6,087 | 6,576 |
Equinix, Inc. 1.80% 2027 | 1,295 | 1,303 |
Equinix, Inc. 3.20% 2029 | 6,170 | 6,708 |
Equinix, Inc. 2.15% 2030 | 2,969 | 2,944 |
Equinix, Inc. 3.00% 2050 | 2,095 | 2,049 |
Essex Portfolio LP 3.875% 2024 | 1,000 | 1,089 |
Essex Portfolio LP 3.50% 2025 | 6,825 | 7,452 |
Essex Portfolio LP 4.00% 2029 | 1,800 | 2,095 |
Gaming and Leisure Properties, Inc. 3.35% 2024 | 1,263 | 1,267 |
Hospitality Properties Trust 4.50% 2023 | 1,945 | 1,863 |
Hospitality Properties Trust 4.50% 2025 | 150 | 134 |
Hospitality Properties Trust 4.95% 2027 | 500 | 439 |
Hospitality Properties Trust 3.95% 2028 | 1,950 | 1,572 |
Host Hotels & Resorts LP 4.50% 2026 | 355 | 368 |
Iron Mountain Inc. 5.25% 20308 | 2,245 | 2,205 |
Public Storage 2.37% 2022 | 565 | 586 |
Realogy Corp. 5.25% 20218 | 1,750 | 1,775 |
Realogy Corp. 4.875% 20238 | 4,375 | 4,104 |
Realogy Corp. 9.375% 20278 | 2,195 | 2,054 |
Realogy Group LLC 7.625% 20258 | 425 | 425 |
Scentre Group 3.25% 20258 | 1,000 | 1,029 |
Scentre Group 3.50% 20258 | 3,075 | 3,207 |
Scentre Group 3.75% 20278 | 2,430 | 2,517 |
UDR, Inc. 2.95% 2026 | 760 | 806 |
WEA Finance LLC 3.25% 20208 | 5,055 | 5,062 |
Welltower Inc. 3.95% 2023 | 1,325 | 1,428 |
Westfield Corp. Ltd. 3.15% 20228 | 4,290 | 4,355 |
Westfield Corp. Ltd. 3.50% 20298 | 443 | 430 |
110,370 | ||
Total corporate bonds & notes | 3,512,550 |
American Funds Insurance Series — Asset Allocation Fund — Page 98 of 207
unaudited
Bonds, notes & other debt instruments (continued) U.S. Treasury bonds & notes 10.32% U.S. Treasury 8.67% | Principal amount (000) | Value (000) |
U.S. Treasury 1.625% 2020 | $103,000 | $103,129 |
U.S. Treasury 1.375% 2021 | 34,410 | 34,655 |
U.S. Treasury 1.50% 2021 | 3,777 | 3,836 |
U.S. Treasury 1.625% 2021 | 3,704 | 3,758 |
U.S. Treasury 1.625% 2021 | 98 | 100 |
U.S. Treasury 1.75% 2021 | 425 | 435 |
U.S. Treasury 2.25% 202114 | 95,000 | 96,647 |
U.S. Treasury 2.50% 2021 | 200,000 | 202,718 |
U.S. Treasury 2.75% 2021 | 19,232 | 19,832 |
U.S. Treasury 0.125% 2022 | 33,226 | 33,205 |
U.S. Treasury 0.125% 2022 | 30,000 | 29,983 |
U.S. Treasury 0.125% 2022 | 953 | 952 |
U.S. Treasury 1.125% 2022 | 5,303 | 5,388 |
U.S. Treasury 1.375% 2022 | 5,000 | 5,096 |
U.S. Treasury 1.375% 2022 | 280 | 288 |
U.S. Treasury 1.50% 2022 | 9,407 | 9,686 |
U.S. Treasury 1.625% 2022 | 94 | 97 |
U.S. Treasury 1.875% 2022 | 80,000 | 82,278 |
U.S. Treasury 1.875% 2022 | 5,000 | 5,179 |
U.S. Treasury 1.875% 2022 | 4,000 | 4,154 |
U.S. Treasury 2.125% 2022 | 37,000 | 38,810 |
U.S. Treasury 0.25% 2023 | 30,000 | 30,067 |
U.S. Treasury 1.375% 2023 | 5,309 | 5,477 |
U.S. Treasury 1.625% 2023 | 18,000 | 18,739 |
U.S. Treasury 2.25% 2023 | 5,000 | 5,358 |
U.S. Treasury 2.375% 2023 | 5,000 | 5,285 |
U.S. Treasury 2.75% 2023 | 15,000 | 16,092 |
U.S. Treasury 1.50% 2024 | 22,500 | 23,713 |
U.S. Treasury 1.50% 2024 | 907 | 955 |
U.S. Treasury 2.125% 2024 | 5,000 | 5,357 |
U.S. Treasury 2.25% 2024 | 5,000 | 5,366 |
U.S. Treasury 2.375% 2024 | 70,000 | 76,150 |
U.S. Treasury 2.50% 2024 | 225,000 | 243,475 |
U.S. Treasury 2.50% 2024 | 700 | 762 |
U.S. Treasury 0.25% 2025 | 84,812 | 84,702 |
U.S. Treasury 0.25% 2025 | 13,050 | 13,026 |
U.S. Treasury 0.375% 2025 | 2,705 | 2,717 |
U.S. Treasury 1.375% 2025 | 131,900 | 138,562 |
U.S. Treasury 2.50% 2025 | 3,500 | 3,856 |
U.S. Treasury 2.75% 2025 | 3,229 | 3,622 |
U.S. Treasury 1.50% 2026 | 500 | 533 |
U.S. Treasury 1.625% 2026 | 60,000 | 64,477 |
U.S. Treasury 1.625% 2026 | 27,000 | 29,003 |
U.S. Treasury 1.625% 2026 | 7,000 | 7,488 |
U.S. Treasury 1.625% 2026 | 1,500 | 1,607 |
U.S. Treasury 0.50% 2027 | 46,770 | 46,806 |
U.S. Treasury 1.125% 2027 | 762 | 795 |
U.S. Treasury 1.50% 2027 | 50,150 | 53,530 |
U.S. Treasury 2.25% 2027 | 78,250 | 87,389 |
U.S. Treasury 2.375% 2027 | 880 | 993 |
U.S. Treasury 2.875% 2028 | 5,217 | 6,156 |
U.S. Treasury 0.625% 2030 | 174,477 | 173,945 |
U.S. Treasury 1.50% 2030 | 61,651 | 66,628 |
U.S. Treasury 1.125% 2040 | 42,500 | 42,101 |
American Funds Insurance Series — Asset Allocation Fund — Page 99 of 207
unaudited
Bonds, notes & other debt instruments (continued) U.S. Treasury bonds & notes (continued) U.S. Treasury (continued) | Principal amount (000) | Value (000) |
U.S. Treasury 2.50% 2046 | $3,755 | $4,651 |
U.S. Treasury 3.00% 2047 | 9,355 | 12,752 |
U.S. Treasury 3.00% 2048 | 336 | 460 |
U.S. Treasury 2.25% 204914 | 40,000 | 48,088 |
U.S. Treasury 2.375% 204914 | 103,700 | 128,014 |
U.S. Treasury 2.00% 205014 | 131,548 | 150,590 |
2,289,513 | ||
U.S. Treasury inflation-protected securities 1.65% | ||
U.S. Treasury Inflation-Protected Security 0.125% 202415 | 84,961 | 89,036 |
U.S. Treasury Inflation-Protected Security 0.625% 202415 | 86,156 | 90,767 |
U.S. Treasury Inflation-Protected Security 0.125% 202515 | 22,835 | 23,959 |
U.S. Treasury Inflation-Protected Security 0.75% 202815 | 17,878 | 20,177 |
U.S. Treasury Inflation-Protected Security 0.875% 202915 | 20,155 | 23,005 |
U.S. Treasury Inflation-Protected Security 0.125% 203015 | 23,133 | 25,012 |
U.S. Treasury Inflation-Protected Security 1.00% 204615 | 5,412 | 7,023 |
U.S. Treasury Inflation-Protected Security 0.875% 204715 | 7,968 | 10,182 |
U.S. Treasury Inflation-Protected Security 1.00% 204914,15 | 100,974 | 135,026 |
U.S. Treasury Inflation-Protected Security 0.25% 205014,15 | 10,146 | 11,404 |
435,591 | ||
Total U.S. Treasury bonds & notes | 2,725,104 | |
Mortgage-backed obligations 8.55% Federal agency mortgage-backed obligations 8.24% | ||
Fannie Mae 7.00% 204716 | 12 | 14 |
Fannie Mae 7.00% 204716 | 2 | 2 |
Fannie Mae Pool #885290 6.00% 202116 | 4 | 4 |
Fannie Mae Pool #AE0375 4.00% 202516 | 638 | 676 |
Fannie Mae Pool #AD7072 4.00% 202516 | 7 | 7 |
Fannie Mae Pool #AE3069 4.00% 202516 | 3 | 3 |
Fannie Mae Pool #AE2321 4.00% 202516 | 2 | 2 |
Fannie Mae Pool #AD8204 4.00% 202516 | 2 | 2 |
Fannie Mae Pool #890297 4.00% 202616 | 659 | 698 |
Fannie Mae Pool #AH9695 4.00% 202616 | 640 | 678 |
Fannie Mae Pool #AL5448 4.00% 202616 | 637 | 674 |
Fannie Mae Pool #AH6431 4.00% 202616 | 569 | 604 |
Fannie Mae Pool #890329 4.00% 202616 | 87 | 93 |
Fannie Mae Pool #AJ3010 4.00% 202616 | 46 | 48 |
Fannie Mae Pool #AH8174 4.00% 202616 | 6 | 6 |
Fannie Mae Pool #AL3908 4.00% 202616 | 4 | 5 |
Fannie Mae Pool #AH5618 4.00% 202616 | 5 | 5 |
Fannie Mae Pool #AH8275 4.00% 202616 | 3 | 4 |
Fannie Mae Pool #AH0829 4.00% 202616 | 4 | 4 |
Fannie Mae Pool #888204 6.00% 202616 | 164 | 182 |
Fannie Mae Pool #AL7299 4.00% 202716 | 321 | 340 |
Fannie Mae Pool #MA1109 4.00% 202716 | 6 | 7 |
Fannie Mae Pool #MA3653 3.00% 202916 | 60 | 63 |
Fannie Mae Pool #AL8347 4.00% 202916 | 656 | 695 |
Fannie Mae Pool #MA3547 3.00% 203316 | 16 | 17 |
Fannie Mae Pool #254767 5.50% 203316 | 369 | 422 |
Fannie Mae Pool #555956 5.50% 203316 | 244 | 280 |
Fannie Mae Pool #BN1085 4.00% 203416 | 1,101 | 1,165 |
Fannie Mae Pool #BN3172 4.00% 203416 | 440 | 466 |
American Funds Insurance Series — Asset Allocation Fund — Page 100 of 207
unaudited
Bonds, notes & other debt instruments (continued) Mortgage-backed obligations (continued) Federal agency mortgage-backed obligations (continued) | Principal amount (000) | Value (000) |
Fannie Mae Pool #MA3955 2.50% 203516 | $29,388 | $30,799 |
Fannie Mae Pool #AS8554 3.00% 203616 | 15,676 | 16,606 |
Fannie Mae Pool #929185 5.50% 203616 | 571 | 655 |
Fannie Mae Pool #893641 6.00% 203616 | 1,126 | 1,285 |
Fannie Mae Pool #893688 6.00% 203616 | 350 | 407 |
Fannie Mae Pool #907239 6.00% 203616 | 76 | 88 |
Fannie Mae Pool #AD0249 5.50% 203716 | 202 | 230 |
Fannie Mae Pool #190379 5.50% 203716 | 107 | 123 |
Fannie Mae Pool #924952 6.00% 203716 | 1,431 | 1,667 |
Fannie Mae Pool #888292 6.00% 203716 | 1,058 | 1,235 |
Fannie Mae Pool #928031 6.00% 203716 | 152 | 177 |
Fannie Mae Pool #888637 6.00% 203716 | 18 | 21 |
Fannie Mae Pool #AD0119 6.00% 203816 | 1,696 | 1,975 |
Fannie Mae Pool #AD0095 6.00% 203816 | 1,277 | 1,491 |
Fannie Mae Pool #995674 6.00% 203816 | 631 | 736 |
Fannie Mae Pool #AE0021 6.00% 203816 | 531 | 620 |
Fannie Mae Pool #AB0538 6.00% 203816 | 353 | 412 |
Fannie Mae Pool #AL7164 6.00% 203816 | 305 | 348 |
Fannie Mae Pool #995391 6.00% 203816 | 38 | 45 |
Fannie Mae Pool #889983 6.00% 203816 | 34 | 39 |
Fannie Mae Pool #995224 6.00% 203816 | 19 | 22 |
Fannie Mae Pool #AD0833 6.00% 203916 | 1 | 1 |
Fannie Mae Pool #AL0013 6.00% 204016 | 341 | 399 |
Fannie Mae Pool #AL0309 6.00% 204016 | 110 | 128 |
Fannie Mae Pool #AB4536 6.00% 204116 | 617 | 716 |
Fannie Mae Pool #AL7228 6.00% 204116 | 444 | 515 |
Fannie Mae Pool #AP2131 3.50% 204216 | 7,577 | 8,204 |
Fannie Mae Pool #AU8813 4.00% 204316 | 3,310 | 3,746 |
Fannie Mae Pool #AU9348 4.00% 204316 | 1,911 | 2,163 |
Fannie Mae Pool #AU9350 4.00% 204316 | 1,714 | 1,911 |
Fannie Mae Pool #AL8773 3.50% 204516 | 11,903 | 12,887 |
Fannie Mae Pool #AL8354 3.50% 204516 | 2,878 | 3,148 |
Fannie Mae Pool #BC4764 3.00% 204616 | 27,962 | 29,612 |
Fannie Mae Pool #AL8522 3.50% 204616 | 5,760 | 6,300 |
Fannie Mae Pool #BD9699 3.50% 204616 | 2,611 | 2,809 |
Fannie Mae Pool #BD9307 4.00% 204616 | 1,750 | 1,902 |
Fannie Mae Pool #BC7611 4.00% 204616 | 628 | 687 |
Fannie Mae Pool #BH4084 3.50% 204716 | 28,323 | 30,015 |
Fannie Mae Pool #BE1290 3.50% 204716 | 4,582 | 4,927 |
Fannie Mae Pool #CA0770 3.50% 204716 | 4,585 | 4,865 |
Fannie Mae Pool #MA3211 4.00% 204716 | 9,361 | 9,984 |
Fannie Mae Pool #BJ3775 3.50% 204816 | 19,297 | 20,438 |
Fannie Mae Pool #BK7655 3.919% 204810,16 | 1,094 | 1,156 |
Fannie Mae Pool #BK0920 4.00% 204816 | 4,651 | 4,926 |
Fannie Mae Pool #BJ9256 4.00% 204816 | 4,596 | 4,877 |
Fannie Mae Pool #BK4764 4.00% 204816 | 2,196 | 2,325 |
Fannie Mae Pool #BJ9252 4.00% 204816 | 1,340 | 1,420 |
Fannie Mae Pool #BK0915 4.00% 204816 | 424 | 449 |
Fannie Mae Pool #BK6971 4.00% 204816 | 374 | 397 |
Fannie Mae Pool #MA3277 4.00% 204816 | 39 | 41 |
Fannie Mae Pool #BK5255 4.00% 204816 | 33 | 35 |
Fannie Mae Pool #CA2493 4.50% 204816 | 2,657 | 2,857 |
Fannie Mae Pool #MA3496 4.50% 204816 | 166 | 178 |
Fannie Mae Pool #CA4756 3.00% 204916 | 11,068 | 11,833 |
American Funds Insurance Series — Asset Allocation Fund — Page 101 of 207
unaudited
Bonds, notes & other debt instruments (continued) Mortgage-backed obligations (continued) Federal agency mortgage-backed obligations (continued) | Principal amount (000) | Value (000) |
Fannie Mae Pool #BN6006 4.50% 204916 | $10,703 | $11,503 |
Fannie Mae, Series 2001-T10, Class A1, 7.00% 204116 | 132 | 157 |
Fannie Mae, Series 2002-W3, Class A5, 7.50% 204116 | 33 | 41 |
Fannie Mae, Series 2012-M14, Class A2, Multi Family, 2.301% 202210,16 | 1,332 | 1,367 |
Fannie Mae, Series 2012-M9, Class A2, Multi Family, 2.482% 202216 | 2,438 | 2,490 |
Fannie Mae, Series 2012-M5, Class A2, Multi Family, 2.715% 202216 | 2,205 | 2,260 |
Fannie Mae, Series 2014-M1, Class A2, Multi Family, 3.328% 202310,16 | 6,673 | 7,089 |
Fannie Mae, Series 2013-M14, Class A2, Multi Family, 3.329% 202310,16 | 5,745 | 6,141 |
Fannie Mae, Series 2014-M2, Class A2, Multi Family, 3.513% 202310,16 | 5,027 | 5,408 |
Fannie Mae, Series 2014-M9, Class A2, Multi Family, 3.103% 202410,16 | 6,052 | 6,583 |
Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 202410,16 | 5,060 | 5,495 |
Fannie Mae, Series 2017-M3, Class A2, Multi Family, 2.565% 202610,16 | 9,665 | 10,523 |
Fannie Mae, Series 2017-M7, Class A2, Multi Family, 2.961% 202710,16 | 2,891 | 3,216 |
Fannie Mae, Series 2006-43, Class JO, principal only, 0% 203616 | 73 | 69 |
Freddie Mac 3.00% 203716 | 24,236 | 25,680 |
Freddie Mac 4.00% 204216 | 3,438 | 3,778 |
Freddie Mac 4.00% 204516 | 11,314 | 12,522 |
Freddie Mac 3.00% 204616 | 7,105 | 7,724 |
Freddie Mac 4.50% 204616 | 1,122 | 1,216 |
Freddie Mac 4.50% 204616 | 787 | 853 |
Freddie Mac 3.50% 204716 | 30,579 | 32,318 |
Freddie Mac 3.50% 204716 | 18,648 | 19,775 |
Freddie Mac 3.50% 204716 | 3,103 | 3,332 |
Freddie Mac 3.50% 204816 | 1,341 | 1,410 |
Freddie Mac Pool #ZK7598 3.00% 202716 | 12,894 | 13,557 |
Freddie Mac Pool #ZK7580 3.00% 202716 | 5,320 | 5,629 |
Freddie Mac Pool #ZS8710 3.00% 203316 | 3,092 | 3,250 |
Freddie Mac Pool #SB0023 3.00% 203316 | 1,923 | 2,022 |
Freddie Mac Pool #QN1174 2.50% 203416 | 899 | 942 |
Freddie Mac Pool #G03978 5.00% 203816 | 807 | 926 |
Freddie Mac Pool #G04553 6.50% 203816 | 94 | 106 |
Freddie Mac Pool #G08347 4.50% 203916 | 149 | 166 |
Freddie Mac Pool #C03518 5.00% 204016 | 1,426 | 1,628 |
Freddie Mac Pool #Q23185 4.00% 204316 | 2,138 | 2,420 |
Freddie Mac Pool #Q23190 4.00% 204316 | 1,714 | 1,911 |
Freddie Mac Pool #760014 3.48% 204510,16 | 628 | 652 |
Freddie Mac Pool #G60344 4.00% 204516 | 10,390 | 11,470 |
Freddie Mac Pool #760015 3.184% 204710,16 | 1,313 | 1,350 |
Freddie Mac Pool #Q52157 3.50% 204716 | 4,086 | 4,328 |
Freddie Mac Pool #SI2002 4.00% 204816 | 8,803 | 9,341 |
Freddie Mac Pool #SD7507 3.00% 204916 | 36,814 | 39,498 |
Freddie Mac Pool #RA2020 3.00% 205016 | 15,936 | 16,930 |
Freddie Mac, Series T041, Class 3A, 5.317% 203210,16 | 251 | 285 |
Freddie Mac, Series K723, Class A2, Multi Family, 2.454% 202316 | 3,025 | 3,179 |
Freddie Mac, Series K725, Class A2, Multi Family, 3.002% 202416 | 5,555 | 5,977 |
Freddie Mac, Series K044, Class A2, Multi Family, 2.811% 202516 | 4,265 | 4,654 |
Freddie Mac, Series K047, Class A2, Multi Family, 3.329% 202516 | 4,000 | 4,477 |
Freddie Mac, Series K733, Class A2, Multi Family, 3.75% 202510,16 | 9,778 | 11,058 |
Freddie Mac, Series K055, Class A2, Multi Family, 2.673% 202616 | 10,050 | 11,020 |
Freddie Mac, Series K734, Class A2, Multi Family, 3.208% 202616 | 7,370 | 8,263 |
Freddie Mac, Series K066, Class A2, Multi Family, 3.117% 202716 | 4,755 | 5,419 |
Freddie Mac, Series K067, Class A2, Multi Family, 3.194% 202716 | 5,770 | 6,624 |
Freddie Mac, Series K063, Class A2, Multi Family, 3.43% 202716 | 4,375 | 5,041 |
Freddie Mac, Series K076, Class A2, Multi Family, 3.90% 202816 | 3,237 | 3,894 |
American Funds Insurance Series — Asset Allocation Fund — Page 102 of 207
unaudited
Bonds, notes & other debt instruments (continued) Mortgage-backed obligations (continued) Federal agency mortgage-backed obligations (continued) | Principal amount (000) | Value (000) |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 2.939% 205610,16 | $9,354 | $9,971 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 205616 | 9,187 | 9,844 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 205610,16 | 4,997 | 5,328 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 205610,16 | 2,107 | 2,268 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 205710,16 | 1,561 | 1,717 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 205716 | 3,766 | 4,083 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 205716 | 3,147 | 3,560 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 205716 | 1,268 | 1,431 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 205816 | 16,985 | 18,519 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 205916 | 9,598 | 10,221 |
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 202816 | 3,706 | 4,046 |
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 202916 | 4,705 | 4,969 |
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 202916 | 7,614 | 8,295 |
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A2, 3.50% 202916 | 2,455 | 2,738 |
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, 3.485% 202710,16 | 1,453 | 1,487 |
Government National Mortgage Assn. 4.00% 204816 | 1,347 | 1,447 |
Government National Mortgage Assn. 4.50% 204916 | 39,747 | 42,470 |
Government National Mortgage Assn. 2.50% 205016,17 | 127,582 | 133,981 |
Government National Mortgage Assn. 3.00% 205016,17 | 103,534 | 109,455 |
Government National Mortgage Assn. 3.50% 205016,17 | 16,903 | 17,838 |
Government National Mortgage Assn. 4.00% 205016,17 | 21,780 | 23,092 |
Government National Mortgage Assn. 4.00% 205016 | 4,019 | 4,267 |
Government National Mortgage Assn. 4.50% 205016,17 | 10,000 | 10,677 |
Government National Mortgage Assn. Pool #MA5263 3.50% 204816 | 5,278 | 5,620 |
Government National Mortgage Assn. Pool #MA6339 3.50% 204916 | 80,913 | 85,514 |
Government National Mortgage Assn. Pool #MA5876 4.00% 204916 | 24,495 | 25,976 |
Government National Mortgage Assn. Pool #MA5986 4.00% 204916 | 14,038 | 14,899 |
Government National Mortgage Assn. Pool #MA6040 4.00% 204916 | 202 | 214 |
Government National Mortgage Assn. Pool #MA6092 4.50% 204916 | 9,403 | 10,042 |
Government National Mortgage Assn. Pool #MA5877 4.50% 204916 | 5,709 | 6,102 |
Uniform Mortgage-Backed Security 2.00% 203516,17 | 112,655 | 116,342 |
Uniform Mortgage-Backed Security 2.50% 203516,17 | 109,638 | 114,589 |
Uniform Mortgage-Backed Security 3.00% 203516,17 | 22,972 | 24,141 |
Uniform Mortgage-Backed Security 2.00% 205016,17 | 10,000 | 10,207 |
Uniform Mortgage-Backed Security 2.50% 205016,17 | 213,217 | 221,323 |
Uniform Mortgage-Backed Security 2.50% 205016,17 | —7 | —7 |
Uniform Mortgage-Backed Security 3.00% 205016,17 | 203,153 | 213,613 |
Uniform Mortgage-Backed Security 3.50% 205016,17 | 147,711 | 155,364 |
Uniform Mortgage-Backed Security 4.00% 205016,17 | 98,492 | 104,367 |
Uniform Mortgage-Backed Security 4.50% 205016,17 | 32,598 | 35,030 |
2,174,012 | ||
Collateralized mortgage-backed obligations (privately originated) 0.21% | ||
Arroyo Mortgage Trust, Series 2018-1, Class A1, 3.763% 20488,10,16 | 1,981 | 2,043 |
Bellemeade Re Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 1.785% 20298,10,16 | 3,810 | 3,729 |
Cascade Funding Mortgage Trust, Series 2018-RM2, Class A, 4.00% 20688,10,16 | 2,385 | 2,494 |
CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 203416 | 252 | 263 |
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 20698,16 | 11,332 | 12,135 |
Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 20698,16 | 3,965 | 4,276 |
JPMorgan Mortgage Trust, Series 2019-INV3, Class A13, 3.50% 20508,10,16 | 1,434 | 1,469 |
JPMorgan Mortgage Trust, Series 2019-INV3, Class A3, 3.50% 20508,10,16 | 1,369 | 1,401 |
Legacy Mortgage Asset Trust, Series 2019-GS5, Class A1, 3.20% 20598,10,16 | 5,780 | 5,767 |
Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 3.25% 20598,10,16 | 1,449 | 1,436 |
Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, 3.75% 20598,10,16 | 852 | 852 |
American Funds Insurance Series — Asset Allocation Fund — Page 103 of 207
unaudited
Bonds, notes & other debt instruments (continued) Mortgage-backed obligations (continued) Collateralized mortgage-backed obligations (privately originated) (continued) | Principal amount (000) | Value (000) |
MASTR Alternative Loan Trust, Series 2004-2, Class 2A1, 6.00% 203416 | $573 | $601 |
Mello Warehouse Securitization Trust, Series 2018-W1, Class A, (1-month USD-LIBOR + 0.85%) 1.035% 20518,10,16 | 1,127 | 1,127 |
Mello Warehouse Securitization Trust, Series 2019-2, Class A, (1-month USD-LIBOR + 0.75%) 0.935% 20528,10,16 | 3,001 | 2,994 |
Mortgage Repurchase Agreement Financing Trust, Series 2020-2, Class A1, (1-month USD-LIBOR + 1.75%) 1.924% 20228,10,16 | 3,375 | 3,384 |
Mortgage Repurchase Agreement Financing Trust, Series 2020-1, Class A1, (1-month USD-LIBOR + 2.00%) 2.177% 20228,10,16 | 1,625 | 1,632 |
Onslow Bay Financial LLC, Series 2020-INV1, Class A5, 3.50% 20498,10,16 | 3,191 | 3,309 |
RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75% 20638,10,16 | 1,112 | 1,107 |
Sequoia Mortgage Trust, Series 2018-CH1, Class A1, 4.00% 20488,10,16 | 2,527 | 2,595 |
Station Place Securitization Trust, Series 2020-WL1, Class A, (1-month USD-LIBOR + 1.15%) 1.32% 20511,8,10,16 | 2,500 | 2,500 |
Towd Point Mortgage Trust, Series 2019-SJ1, Class A1, 3.75% 20588,10,16 | 1,281 | 1,296 |
56,410 | ||
Commercial mortgage-backed securities 0.10% | ||
Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 206316 | 2,909 | 3,107 |
Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 205116 | 1,000 | 1,138 |
Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 205316 | 2,960 | 3,122 |
Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class AAB, 2.984% 204816 | 1,143 | 1,183 |
Commercial Mortgage Trust, Series 2015-PC1, Class A5, 3.902% 205016 | 4,735 | 5,228 |
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class ASB, 3.617% 204816 | 1,400 | 1,488 |
GS Mortgage Securities Corp. II, Series 2020-GC47, Class A5, 2.377% 205316 | 5,602 | 5,943 |
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27, Class ASB, 3.557% 204716 | 1,000 | 1,058 |
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class ASB, 3.04% 204816 | 1,145 | 1,187 |
Morgan Stanley Capital I Trust, Series 2014-CPT, Class A, 3.35% 20298,16 | 2,650 | 2,702 |
26,156 | ||
Total mortgage-backed obligations | 2,256,578 | |
Asset-backed obligations 0.59% | ||
Aesop Funding LLC, Series 2017-2A, Class A, 2.97% 20248,16 | 1,920 | 1,930 |
Aesop Funding LLC, Series 2018-1A, Class A, 3.70% 20248,16 | 1,114 | 1,124 |
CarMaxAuto Owner Trust, Series 2020-1, Class A2, 1.87% 202316 | 1,431 | 1,447 |
Cloud Pass-Through Trust, Series 2019-1A, Class CLOU, 3.554% 20228,10,16 | 1,560 | 1,585 |
Credit Acceptance Auto Loan Trust, Series 2020-1A, Class A, 2.01% 20298,16 | 2,964 | 3,016 |
Drive Auto Receivables Trust, Series 2020-1, Class A2, 1.99% 202216 | 506 | 508 |
Drive Auto Receivables Trust, Series 2019-3, Class A3, 2.49% 202316 | 3,330 | 3,358 |
Drive Auto Receivables Trust, Series 2019-3, Class B, 2.65% 202416 | 595 | 600 |
Drive Auto Receivables Trust, Series 2019-3, Class C, 2.90% 202516 | 820 | 833 |
Drive Auto Receivables Trust, Series 2020-1, Class C, 2.36% 202616 | 2,262 | 2,280 |
Drivetime Auto Owner Trust, Series 2019-3, Class A, 2.55% 20228,16 | 159 | 160 |
Drivetime Auto Owner Trust, Series 2019-2A, Class A, 2.85% 20228,16 | 249 | 250 |
Drivetime Auto Owner Trust, Series 2019-3, Class B, 2.60% 20238,16 | 285 | 288 |
Drivetime Auto Owner Trust, Series 2019-3, Class C, 2.74% 20258,16 | 110 | 111 |
Enterprise Fleet Financing LLC, Series 2017-1, Class A3, 2.60% 20228,16 | 441 | 442 |
Exeter Automobile Receivables Trust, Series 2019-2A, Class A, 2.93% 20228,16 | 493 | 494 |
Exeter Automobile Receivables Trust, Series 2018-1A, Class C, 3.03% 20238,16 | 2,031 | 2,046 |
Ford Credit Auto Owner Trust, Series 2016-2, Class A, 2.03% 20278,16 | 3,900 | 3,946 |
Ford Credit Auto Owner Trust, Series 2017-1, Class A, 2.62% 20288,16 | 4,330 | 4,454 |
Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 20308,16 | 13,095 | 13,875 |
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.52% 20308,16 | 12,000 | 12,853 |
American Funds Insurance Series — Asset Allocation Fund — Page 104 of 207
unaudited
Bonds, notes & other debt instruments (continued) Asset-backed obligations (continued) | Principal amount (000) | Value (000) |
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 20318,16 | $8,861 | $9,019 |
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 20318,16 | 11,965 | 12,833 |
Global SC Finance II SRL, Series 2013-1A, Class A, 2.98% 20288,16 | 71 | 71 |
Global SC Finance II SRL, Series 2014-1A, Class A1, 3.19% 20298,16 | 182 | 181 |
Global SC Finance II SRL, Series 2017-1A, Class A, 3.85% 20378,16 | 1,400 | 1,390 |
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 20398,16 | 3,329 | 3,275 |
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2017-2A, Class A, 3.29% 20238,16 | 1,708 | 1,695 |
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2018-1A, Class A, 3.29% 20248,16 | 2,640 | 2,620 |
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2018-3A, Class A, 4.03% 20248,16 | 990 | 982 |
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2019-3A, Class A, 2.67% 20258,16 | 2,632 | 2,612 |
Honda Auto Receivables Owner Trust, Series 2019-2, Class A3, 2.52% 202316 | 2,815 | 2,900 |
Santander Drive Auto Receivables Trust, Series 2017-1, Class C, 2.58% 202216 | 34 | 34 |
Santander Drive Auto Receivables Trust, Series 2020-1, Class A2A, 2.07% 202316 | 733 | 739 |
Santander Drive Auto Receivables Trust, Series 2020-1, Class A3, 2.03% 202416 | 444 | 452 |
Santander Drive Auto Receivables Trust, Series 2020-1, Class B, 3.03% 202416 | 345 | 357 |
Santander Drive Auto Receivables Trust, Series 2020-1, Class C, 4.11% 202516 | 1,000 | 1,064 |
Symphony Ltd., CLO, Series 2013-12A, Class AR, (3-month USD-LIBOR + 1.03%) 2.249% 20258,10,16 | 4,315 | 4,300 |
Synchrony Credit Card Master Note Trust, Series 2018-A1, Class A1, 3.38% 202416 | 3,310 | 3,410 |
Synchrony Credit Card Master Note Trust, Series 2019-1, Class A, 2.95% 202516 | 5,400 | 5,598 |
TAL Advantage V LLC, Series 2013-2A, Class A, 3.55% 20388,16 | 895 | 903 |
TAL Advantage V LLC, Series 2014-1A, Class A, 3.51% 20398,16 | 843 | 839 |
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 20318,16 | 3,250 | 3,464 |
Toyota Auto Loan Extended Note Trust, Series 2020-1, Class A, 1.35% 20338,16 | 5,796 | 5,893 |
Triton Container Finance LLC, Series 2017-1A, Class A, 3.52% 20428,16 | 1,714 | 1,713 |
Triton Container Finance LLC, Series 2017-2A, Class A, 3.62% 20428,16 | 1,506 | 1,500 |
Verizon Owner Trust, Series 2017-2A, Class A, 1.92% 20218,16 | 418 | 418 |
Westlake Automobile Receivables Trust, Series 2019-2A, Class A2, 2.57% 20238,16 | 2,104 | 2,119 |
Westlake Automobile Receivables Trust, Series 2019-2A, Class B, 2.62% 20248,16 | 870 | 882 |
Westlake Automobile Receivables Trust, Series 2019-2A, Class C, 2.84% 20248,16 | 1,390 | 1,410 |
World Financial Network Credit Card Master Note Trust, Series 2018-A, Class A, 3.07% 202416 | 7,000 | 7,093 |
World Financial Network Credit Card Master Note Trust, Series 2019-A, Class A, 3.14% 202516 | 5,375 | 5,552 |
World Financial Network Credit Card Master Note Trust, Series 2018-B, Class A, 3.46% 202516 | 8,275 | 8,525 |
World Financial Network Credit Card Master Note Trust, Series 2019-C, Class A, 2.21% 202616 | 6,000 | 6,125 |
155,568 | ||
Bonds & notes of governments & government agencies outside the U.S. 0.17% | ||
CPPIB Capital Inc. 2.375% 20218 | 6,000 | 6,073 |
CPPIB Capital Inc. 2.25% 20228 | 4,286 | 4,418 |
CPPIB Capital Inc. 2.75% 20278 | 6,600 | 7,533 |
KfW 2.125% 2022 | 375 | 387 |
Manitoba (Province of) 3.05% 2024 | 2,600 | 2,845 |
Qatar (State of) 3.375% 20248 | 2,315 | 2,484 |
Qatar (State of) 4.00% 20298 | 745 | 859 |
Qatar (State of) 4.817% 20498 | 750 | 989 |
Quebec (Province of) 2.375% 2022 | 5,057 | 5,218 |
Quebec (Province of) 2.75% 2027 | 9,000 | 10,169 |
Saudi Arabia (Kingdom of) 3.25% 20308 | 1,750 | 1,882 |
Saudi Arabia (Kingdom of) 5.25% 20508 | 1,000 | 1,288 |
44,145 | ||
Municipals 0.07% South Carolina 0.05% | ||
Housing Fin. Auth., Mortgage Rev. Ref. Bonds, Series 2014, AMT, 4.00% 2041 | 25 | 26 |
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2013-E, 5.00% 2048 | 20 | 22 |
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2014-A, 5.50% 2054 | 1,350 | 1,501 |
American Funds Insurance Series — Asset Allocation Fund — Page 105 of 207
unaudited
Bonds, notes & other debt instruments (continued) Municipals (continued) South Carolina (continued) | Principal amount (000) | Value (000) |
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2015-A, 5.00% 2050 | $1,390 | $1,556 |
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2015-A, 5.00% 2055 | 2,955 | 3,300 |
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2015-E, 5.25% 2055 | 3,020 | 3,444 |
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2016-B, 5.00% 2035 | 410 | 480 |
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2016-B, 5.00% 2036 | 1,685 | 1,966 |
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2016-C, 5.00% 2035 | 650 | 761 |
13,056 | ||
Illinois 0.02% | ||
G.O. Bonds, Pension Funding, Series 2003, Assured Guaranty Municipal insured, 5.10% 2033 | 4,125 | 4,647 |
Minnesota 0.00% | ||
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-A, 4.00% 2038 | 100 | 106 |
Connecticut 0.00% | ||
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-A-1, 4.00% 2044 | 30 | 31 |
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-C-1, 4.00% 2044 | 45 | 47 |
78 | ||
Maryland 0.00% | ||
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Ref. Bonds, Series 2014-E, 2.857% 2040 | 45 | 46 |
Tennessee 0.00% | ||
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2013-2-A, AMT, 4.00% 2043 | 20 | 21 |
Nebraska 0.00% | ||
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2013-A, 3.00% 2043 | 15 | 15 |
South Dakota 0.00% | ||
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2014-F, 4.00% 2034 | 10 | 10 |
Total municipals | 17,979 | |
Federal agency bonds & notes 0.05% | ||
Fannie Mae 1.875% 2026 | 13,000 | 14,005 |
Total bonds, notes & other debt instruments (cost: $8,377,384,000) | 8,725,929 | |
Short-term securities 11.51% Money market investments 11.51% | Shares | |
Capital Group Central Cash Fund 0.18%18 | 29,928,879 | 2,993,187 |
Goldman Sachs Financial Square Government Fund 0.15%18,19 | 45,304,569 | 45,304 |
Total short-term securities (cost: $3,038,192,000) | 3,038,491 | |
Total investment securities 104.81% (cost: $22,210,172,000) | 27,669,881 | |
Other assets less liabilities (4.81)% | (1,271,034) | |
Net assets 100.00% | $26,398,847 |
American Funds Insurance Series — Asset Allocation Fund — Page 106 of 207
unaudited
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount20 (000) | Value at 6/30/202021 (000) | Unrealized appreciation (depreciation) at 6/30/2020 (000) |
2 Year U.S. Treasury Note Futures | Long | 3,513 | October 2020 | $702,600 | $775,769 | $121 |
5 Year U.S. Treasury Note Futures | Long | 1,746 | October 2020 | 174,600 | 219,546 | 568 |
10 Year U.S. Treasury Note Futures | Long | 35 | September 2020 | 3,500 | 4,871 | 19 |
10 Year Ultra U.S. Treasury Note Futures | Short | 1,117 | September 2020 | (111,700) | (175,910) | (726) |
20 Year U.S. Treasury Bond Futures | Long | 911 | September 2020 | 91,100 | 162,670 | 709 |
30 Year Ultra U.S. Treasury Bond Futures | Long | 280 | September 2020 | 28,000 | 61,084 | 57 |
$748 |
Swap contracts
Credit default swaps
Centrally cleared credit default swaps on credit indices — sell protection
Receive/ Payment frequency | Pay | Expiration date | Notional (000) | Value at 6/30/2020 (000) | Upfront receipts (000) | Unrealized appreciation at 6/30/2020 (000) |
1.00%/Quarterly | CDX.NA.IG.34 | 6/20/2025 | $100 | $1 | $1 | $—7 |
1 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $1,138,575,000, which represented 4.31% of the net assets of the fund. This amount includes $1,119,010,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. |
2 | Security did not produce income during the last 12 months. |
3 | All or a portion of this security was on loan. The total value of all such securities was $47,984,000, which represented .18% of the net assets of the fund. |
4 | Represents an affiliated company as defined under the Investment Company Act of 1940. |
5 | Value determined using significant unobservable inputs. |
6 | Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below. |
7 | Amount less than one thousand. |
8 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,109,444,000, which represented 4.20% of the net assets of the fund. |
9 | Step bond; coupon rate may change at a later date. |
10 | 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. |
11 | Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $38,597,000, which represented .15% of the net assets of the fund. |
12 | Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Most recent payment was 100% cash unless otherwise noted. |
13 | Scheduled interest and/or principal payment was not received. |
14 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $9,317,000, which represented .04% of the net assets of the fund. |
15 | Index-linked bond whose principal amount moves with a government price index. |
16 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
17 | Purchased on a TBA basis. |
18 | Rate represents the seven-day yield at 6/30/2020. |
19 | Security purchased with cash collateral from securities on loan. |
20 | Notional amount is calculated based on the number of contracts and notional contract size. |
21 | Value is calculated based on the notional amount and current market price. |
Private placement securities | Acquisition date(s) | Cost (000) | Value (000) | Percent of net assets |
Rotech Healthcare Inc. | 9/26/2013 | $6,949 | $8,839 | .04% |
Advanz Pharma Corp. Ltd. | 8/31/2018-9/4/2018 | 2,219 | 535 | .00 |
Total private placement securities | $9,168 | $9,374 | .04% |
American Funds Insurance Series — Asset Allocation Fund — Page 107 of 207
unaudited
Key to abbreviations and symbol | |
ADR = American Depositary Receipts | |
Agcy. = Agency | |
AMT = Alternative Minimum Tax | |
Auth. = Authority | |
CAD = Canadian dollars | |
CLO = Collateralized Loan Obligations | |
Dept. = Department | |
Dev. = Development | |
Fin. = Finance | |
G.O. = General Obligation | |
GDR = Global Depositary Receipts | |
ICE = Intercontinental Exchange, Inc. | |
LIBOR = London Interbank Offered Rate | |
Ref. = Refunding | |
Rev. = Revenue | |
SOFR = Secured Overnight Financing Rate | |
TBA = To-be-announced | |
USD/$ = U.S. dollars |
American Funds Insurance Series — Asset Allocation Fund — Page 108 of 207
Global Balanced Fund
Investment portfolio
June 30, 2020
unaudited
Common stocks 58.88% Information technology 13.45% | Shares | Value (000) |
ASML Holding NV1 | 32,700 | $11,986 |
Taiwan Semiconductor Manufacturing Company, Ltd.1 | 860,000 | 9,101 |
Broadcom Inc. | 26,895 | 8,488 |
Microsoft Corp. | 40,420 | 8,226 |
PagSeguro Digital Ltd., Class A2 | 154,528 | 5,461 |
Tokyo Electron Ltd.1 | 11,800 | 2,896 |
Visa Inc., Class A | 14,600 | 2,820 |
Keyence Corp.1 | 5,800 | 2,422 |
Mastercard Inc., Class A | 7,600 | 2,247 |
Murata Manufacturing Co., Ltd.1 | 23,200 | 1,359 |
Atea ASA1 | 60,500 | 583 |
55,589 | ||
Health care 11.13% | ||
AstraZeneca PLC1 | 102,050 | 10,638 |
Merck & Co., Inc. | 116,325 | 8,995 |
Humana Inc. | 14,800 | 5,739 |
Coloplast A/S, Class B1 | 23,150 | 3,589 |
Fisher & Paykel Healthcare Corp. Ltd.1 | 134,000 | 3,099 |
Pfizer Inc. | 78,500 | 2,567 |
UnitedHealth Group Inc. | 8,045 | 2,373 |
GlaxoSmithKline PLC1 | 93,300 | 1,891 |
Cigna Corp. | 9,500 | 1,783 |
Carl Zeiss Meditec AG, non-registered shares1,2 | 14,700 | 1,432 |
Gilead Sciences, Inc. | 17,500 | 1,347 |
Koninklijke Philips NV (EUR denominated)1,2 | 23,500 | 1,094 |
Novartis AG1 | 10,500 | 912 |
CVS Health Corp. | 8,500 | 552 |
46,011 | ||
Consumer staples 8.31% | ||
Philip Morris International Inc. | 110,300 | 7,728 |
Nestlé SA1 | 59,100 | 6,529 |
British American Tobacco PLC1 | 156,300 | 6,005 |
Altria Group, Inc. | 131,700 | 5,169 |
Keurig Dr Pepper Inc. | 106,000 | 3,010 |
Coca-Cola Company | 27,000 | 1,206 |
Coca-Cola European Partners PLC | 30,000 | 1,133 |
Budweiser Brewing Co. APAC Ltd.1 | 336,000 | 976 |
Procter & Gamble Company | 8,000 | 957 |
Walgreens Boots Alliance, Inc. | 22,500 | 954 |
Coca-Cola FEMSA, SAB de CV, units | 150,000 | 657 |
34,324 |
American Funds Insurance Series — Global Balanced Fund — Page 109 of 207
unaudited
Common stocks (continued) Financials 7.35% | Shares | Value (000) |
Zurich Insurance Group AG1 | 13,940 | $4,909 |
Berkshire Hathaway Inc., Class A2 | 16 | 4,277 |
JPMorgan Chase & Co. | 43,800 | 4,120 |
B3 SA - Brasil, Bolsa, Balcao | 376,000 | 3,809 |
BlackRock, Inc. | 5,730 | 3,118 |
S&P Global Inc. | 8,000 | 2,636 |
Sberbank of Russia PJSC (ADR)1,2 | 203,000 | 2,306 |
AIA Group Ltd.1 | 210,000 | 1,954 |
FinecoBank SpA1,2 | 125,000 | 1,684 |
Bank Central Asia Tbk PT1 | 782,000 | 1,560 |
30,373 | ||
Industrials 5.82% | ||
Lockheed Martin Corp. | 7,300 | 2,664 |
SMC Corp.1 | 5,000 | 2,552 |
Boeing Company | 12,700 | 2,328 |
Spirax-Sarco Engineering PLC1 | 17,700 | 2,185 |
AB Volvo, Class B1,2 | 137,800 | 2,154 |
CSX Corp. | 30,000 | 2,092 |
Watsco, Inc. | 9,680 | 1,720 |
Rational AG1 | 2,800 | 1,566 |
MTU Aero Engines AG1,2 | 9,000 | 1,555 |
Nidec Corp.1 | 21,800 | 1,456 |
BAE Systems PLC1 | 210,000 | 1,256 |
Airbus SE, non-registered shares1,2 | 16,400 | 1,167 |
United Parcel Service, Inc., Class B | 9,300 | 1,034 |
International Consolidated Airlines Group SA (CDI)1 | 120,000 | 330 |
24,059 | ||
Consumer discretionary 4.40% | ||
Home Depot, Inc. | 20,475 | 5,129 |
Amazon.com, Inc.2 | 1,375 | 3,793 |
Alibaba Group Holding Ltd.1,2 | 109,600 | 2,962 |
Ocado Group PLC1,2 | 109,500 | 2,749 |
LVMH Moët Hennessy-Louis Vuitton SE1 | 5,765 | 2,525 |
General Motors Company | 40,000 | 1,012 |
18,170 | ||
Real estate 2.90% | ||
Crown Castle International Corp. REIT | 23,940 | 4,006 |
Equinix, Inc. REIT | 3,755 | 2,637 |
American Tower Corp. REIT | 9,800 | 2,534 |
Gaming and Leisure Properties, Inc. REIT | 60,451 | 2,092 |
Shimao Group Holdings Ltd.1 | 169,500 | 718 |
11,987 | ||
Materials 2.57% | ||
Givaudan SA1 | 815 | 3,031 |
Croda International PLC1 | 32,288 | 2,101 |
Koninklijke DSM NV1 | 12,000 | 1,659 |
Akzo Nobel NV1 | 16,000 | 1,431 |
Rio Tinto PLC1 | 18,000 | 1,013 |
American Funds Insurance Series — Global Balanced Fund — Page 110 of 207
unaudited
Common stocks (continued) Materials (continued) | Shares | Value (000) |
LyondellBasell Industries NV | 12,000 | $789 |
Vale SA, ordinary nominative | 60,000 | 617 |
10,641 | ||
Communication services 2.24% | ||
Alphabet Inc., Class C2 | 2,160 | 3,053 |
Verizon Communications Inc. | 49,500 | 2,729 |
Nintendo Co., Ltd.1 | 5,700 | 2,536 |
SoftBank Corp.1 | 75,000 | 955 |
9,273 | ||
Utilities 0.40% | ||
Brookfield Infrastructure Partners LP | 21,400 | 881 |
Enel SpA1 | 88,100 | 759 |
1,640 | ||
Energy 0.31% | ||
ConocoPhillips | 22,000 | 924 |
Petróleo Brasileiro SA (Petrobras), ordinary nominative (ADR) | 42,800 | 354 |
1,278 | ||
Total common stocks (cost: $183,353,000) | 243,345 | |
Bonds, notes & other debt instruments 36.11% U.S. Treasury bonds & notes 14.20% U.S. Treasury 12.41% | Principal amount (000) | |
U.S. Treasury 0.375% 2022 | $9,765 | 9,802 |
U.S. Treasury 1.875% 2022 | 700 | 719 |
U.S. Treasury 1.875% 2022 | 600 | 621 |
U.S. Treasury 2.625% 2023 | 800 | 852 |
U.S. Treasury 0.50% 2025 | 9,785 | 9,888 |
U.S. Treasury 2.25% 2027 | 1,000 | 1,126 |
U.S. Treasury 2.25% 2027 | 700 | 782 |
U.S. Treasury 2.25% 2027 | 300 | 337 |
U.S. Treasury 2.875% 20283 | 1,275 | 1,504 |
U.S. Treasury 2.875% 2028 | 700 | 829 |
U.S. Treasury 1.50% 20303 | 14,168 | 15,312 |
U.S. Treasury 2.875% 2046 | 400 | 532 |
U.S. Treasury 2.375% 20493 | 6,898 | 8,515 |
U.S. Treasury 2.00% 2050 | 425 | 487 |
51,306 | ||
U.S. Treasury inflation-protected securities 1.79% | ||
U.S. Treasury Inflation-Protected Security 0.25% 20294 | 902 | 988 |
U.S. Treasury Inflation-Protected Security 0.875% 20294 | 3,352 | 3,825 |
U.S. Treasury Inflation-Protected Security 1.375% 20443,4 | 275 | 376 |
U.S. Treasury Inflation-Protected Security 1.00% 20493,4 | 1,641 | 2,194 |
7,383 | ||
Total U.S. Treasury bonds & notes | 58,689 |
American Funds Insurance Series — Global Balanced Fund — Page 111 of 207
unaudited
Bonds, notes & other debt instruments (continued) Bonds & notes of governments & government agencies outside the U.S. 14.14% | Principal amount (000) | Value (000) |
Abu Dhabi (Emirate of) 2.50% 20225 | $200 | $207 |
Abu Dhabi (Emirate of) 3.125% 20275 | 200 | 219 |
Belgium (Kingdom of) 0% 2027 | €1,125 | 1,292 |
Belgium (Kingdom of) 0.80% 2027 | 595 | 722 |
Belgium (Kingdom of), Series 85, 0.80% 2028 | 330 | 403 |
Brazil (Federative Republic of) 0% 2020 | BRL900 | 165 |
Brazil (Federative Republic of) 0% 2021 | 3,000 | 539 |
Canada 2.25% 2025 | C$1,400 | 1,128 |
Canada 2.25% 2029 | 1,515 | 1,289 |
Chile (Republic of) 4.50% 2026 | CLP180,000 | 257 |
China (People’s Republic of), Series 1916, 3.12% 2026 | CNY4,400 | 633 |
China (People’s Republic of), Series 1906, 3.29% 2029 | 5,500 | 800 |
China (People’s Republic of), Series 1910, 3.86% 2049 | 7,310 | 1,080 |
China Development Bank Corp., Series 1805, 4.04% 2028 | 5,000 | 740 |
China Development Bank Corp., Series 1905, 3.48% 2029 | 10,280 | 1,459 |
Colombia (Republic of) 3.125% 2031 | $200 | 199 |
Estonia (Republic of) 0.125% 2030 | €80 | 90 |
French Republic O.A.T. 3.25% 2045 | 160 | 297 |
Germany (Federal Republic of) 0.00% 2025 | 885 | 1,028 |
Germany (Federal Republic of) 0.10% 20264 | 296 | 355 |
Germany (Federal Republic of) 0.25% 2029 | 200 | 241 |
Germany (Federal Republic of) 0% 2030 | 870 | 1,026 |
Germany (Federal Republic of) 0.50% 20304 | 398 | 523 |
Germany (Federal Republic of) 0% 2050 | 990 | 1,116 |
Greece (Hellenic Republic of) 3.375% 2025 | 300 | 379 |
Greece (Hellenic Republic of) 1.875% 2026 | 130 | 156 |
Greece (Hellenic Republic of) 3.75% 2028 | 280 | 377 |
Greece (Hellenic Republic of) 3.875% 2029 | 638 | 878 |
Greece (Hellenic Republic of) 1.50% 2030 | 385 | 445 |
Hungary 1.625% 2032 | 110 | 124 |
Indonesia (Republic of) 3.75% 2022 | $410 | 427 |
Indonesia (Republic of) 3.85% 20275 | 400 | 434 |
Indonesia (Republic of), Series 78, 8.25% 2029 | IDR2,085,000 | 156 |
Israel (State of) 1.50% 2027 | €100 | 120 |
Israel (State of) 2.00% 2027 | ILS2,600 | 829 |
Israel (State of) 5.50% 2042 | 700 | 360 |
Italy (Republic of) 0.10% 20234 | €1,860 | 2,134 |
Japan, Series 395, 0.10% 2020 | ¥15,000 | 139 |
Japan, Series 134, 0.10% 2022 | 31,900 | 297 |
Japan, Series 17, 0.10% 20234 | 10,490 | 97 |
Japan, Series 142, 0.10% 2024 | 85,050 | 795 |
Japan, Series 19, 0.10% 20244 | 30,450 | 281 |
Japan, Series 18, 0.10% 20244 | 20,860 | 193 |
Japan, Series 340, 0.40% 2025 | 20,000 | 190 |
Japan, Series 21, 0.10% 20264 | 40,635 | 375 |
Japan, Series 346, 0.10% 2027 | 304,250 | 2,856 |
Japan, Series 22, 0.10% 20274 | 25,471 | 235 |
Japan, Series 23, 0.10% 20284 | 168,524 | 1,556 |
Japan, Series 24, 0.10% 20294 | 214,089 | 1,983 |
Japan, Series 356, 0.10% 2029 | 112,800 | 1,054 |
Japan, Series 358, 0.10% 2030 | 488,100 | 4,555 |
Japan, Series 152, 1.20% 2035 | 119,000 | 1,254 |
Japan, Series 42, 1.70% 2044 | 94,100 | 1,108 |
Kuwait (State of) 2.75% 20225 | $200 | 207 |
Lithuania (Republic of) 0.75% 2030 | €120 | 144 |
American Funds Insurance Series — Global Balanced Fund — Page 112 of 207
unaudited
Bonds, notes & other debt instruments (continued) Bonds & notes of governments & government agencies outside the U.S. (continued) | Principal amount (000) | Value (000) |
Malaysia (Federation of), Series 0119, 3.906% 2026 | MYR1,380 | $344 |
Malaysia (Federation of), Series 0418, 4.893% 2038 | 3,083 | 840 |
Malaysia (Federation of), Series 0219, 4.467% 2039 | 14 | 4 |
Malaysia (Federation of), Series 0519, 3.757% 2040 | 1,750 | 416 |
Malaysia (Federation of), Series 0713, 4.935% 2043 | 25 | 7 |
Malaysia (Federation of), Series 0216, 4.736% 2046 | 609 | 158 |
Malaysia (Federation of), Series 0518, 4.921% 2048 | 219 | 59 |
Morocco (Kingdom of) 4.25% 2022 | $200 | 211 |
Morocco (Kingdom of) 3.50% 2024 | €100 | 123 |
Morocco (Kingdom of) 1.50% 2031 | 125 | 131 |
Morocco (Kingdom of) 1.50% 2031 | 100 | 105 |
National Highways Authority of India 7.17% 2021 | INR30,000 | 414 |
Netherlands (Kingdom of the) 5.50% 2028 | €100 | 164 |
Nova Scotia (Province of) 3.15% 2051 | C$170 | 158 |
Panama (Republic of) 3.16% 2030 | $265 | 286 |
Peru (Republic of) 2.392% 2026 | 90 | 94 |
Peru (Republic of) 5.625% 2050 | 20 | 32 |
Portuguese Republic 0.70% 2027 | €220 | 256 |
Qatar (State of) 3.40% 20255 | $200 | 218 |
Qatar (State of) 4.50% 20285 | 500 | 591 |
Romania 3.624% 2030 | €692 | 841 |
Romania 2.00% 2032 | 100 | 105 |
Romania 3.50% 2034 | 65 | 77 |
Romania 3.875% 2035 | 170 | 207 |
Romania 3.375% 2038 | 250 | 287 |
Romania 4.125% 2039 | 100 | 124 |
Romania 4.625% 2049 | 575 | 741 |
Romania 4.625% 2049 | 100 | 129 |
Russian Federation 7.00% 2023 | RUB16,600 | 249 |
Russian Federation 2.875% 2025 | €200 | 248 |
Russian Federation 2.875% 2025 | 100 | 124 |
Russian Federation 4.25% 2027 | $200 | 224 |
Russian Federation 6.90% 2029 | RUB19,250 | 293 |
Russian Federation 7.65% 2030 | 6,000 | 96 |
Russian Federation 8.50% 2031 | 5,530 | 94 |
Russian Federation 7.70% 2033 | 23,030 | 371 |
Russian Federation 7.25% 2034 | 8,140 | 127 |
Saudi Arabia (Kingdom of) 2.894% 20225 | $200 | 206 |
Saudi Arabia (Kingdom of) 3.625% 20285 | 200 | 220 |
Serbia (Republic of) 3.125% 2027 | €440 | 518 |
Singapore (Republic of) 2.625% 2028 | S$255 | 208 |
Singapore (Republic of) 2.875% 2029 | 155 | 130 |
Singapore (Republic of) 2.875% 2030 | 165 | 140 |
South Africa (Republic of), Series R-214, 6.50% 2041 | ZAR2,200 | 81 |
South Africa (Republic of), Series R-2048, 8.75% 2048 | 6,300 | 286 |
South Korea (Republic of), Series 2209, 2.00% 2022 | KRW560,000 | 478 |
South Korea (Republic of), Series 2503, 1.50% 2025 | 742,000 | 628 |
Sri Lanka (Democratic Socialist Republic of) 6.25% 2021 | $250 | 217 |
Thailand (Kingdom of) 2.125% 2026 | THB16,450 | 571 |
Turkey (Republic of) 7.625% 2029 | $200 | 211 |
Ukraine 6.75% 2026 | €150 | 172 |
United Kingdom 1.75% 2022 | £280 | 361 |
United Kingdom 2.75% 2024 | 50 | 69 |
United Kingdom 4.75% 2030 | 510 | 931 |
United Kingdom 4.25% 2032 | 280 | 509 |
American Funds Insurance Series — Global Balanced Fund — Page 113 of 207
unaudited
Bonds, notes & other debt instruments (continued) Bonds & notes of governments & government agencies outside the U.S. (continued) | Principal amount (000) | Value (000) |
United Kingdom 3.25% 2044 | £250 | $486 |
United Mexican States 0.70% 2021 | ¥100,000 | 924 |
United Mexican States 3.25% 2030 | $200 | 198 |
United Mexican States, Series M, 7.50% 2027 | MXN13,920 | 675 |
United Mexican States, Series M20, 8.50% 2029 | 16,700 | 861 |
United Mexican States, Series M, 8.00% 2047 | 6,900 | 337 |
Uruguay (Oriental Republic of) 9.875% 2022 | UYU1,050 | 25 |
Uruguay (Oriental Republic of) 8.50% 2028 | 5,238 | 114 |
58,450 | ||
Corporate bonds & notes 6.06% Financials 1.47% | ||
ACE INA Holdings Inc. 2.875% 2022 | $10 | 10 |
ACE INA Holdings Inc. 3.35% 2026 | 10 | 11 |
ACE INA Holdings Inc. 4.35% 2045 | 20 | 26 |
Allianz SE 4.75% (3-month EUR-EURIBOR + 3.60% on 10/24/2023)6 | €100 | 124 |
Banco del Estado de Chile 2.668% 20215 | $500 | 504 |
Bank of America Corp. 3.55% 2024 (3-month USD-LIBOR + 0.78% on 3/5/2023)6 | 100 | 107 |
Bank of America Corp. 1.319% 2026 (USD-SOFR + 1.15% on 6/19/2025)6 | 500 | 502 |
Bank of America Corp. 3.419% 2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)6 | 236 | 263 |
Bank of America Corp. 2.496% 2031 (3-month USD-LIBOR + 0.99% on 2/13/2030)6 | 20 | 21 |
Bank of America Corp. 4.083% 2051 (3-month USD-LIBOR + 3.15% on 3/20/2050)6 | 95 | 119 |
CaixaBank, SA 3.50% 2027 (5-year EUR Mid-Swap + 3.35% on 2/15/2022)6 | €100 | 115 |
China Construction Bank Corp. 2.45% 2030 (UST Yield Curve Rate T Note Constant Maturity 5-year + 2.15% on 6/24/2025)6 | $300 | 300 |
Citigroup Inc. 3.106% 2026 (USD-SOFR + 2.842% on 3/8/2026)6 | 175 | 188 |
Citigroup Inc. 2.572% 2031 (USD-SOFR + 2.107% on 6/3/2030)6 | 250 | 259 |
Credit Suisse Group AG 2.125% 20256 | £100 | 126 |
Goldman Sachs Group, Inc. 2.905% 2023 (3-month USD-LIBOR + 0.99% on 7/24/2022)6 | $130 | 135 |
Goldman Sachs Group, Inc. 3.50% 2025 | 210 | 229 |
Goldman Sachs Group, Inc. 2.60% 2030 | 100 | 104 |
Goldman Sachs Group, Inc. 4.75% 2045 | 70 | 92 |
Groupe BPCE SA 5.70% 20235 | 200 | 224 |
Groupe BPCE SA 1.00% 2025 | €200 | 228 |
HSBC Holdings PLC 4.292% 2026 (3-month USD-LIBOR + 1.348% on 9/12/2025)6 | $200 | 223 |
JPMorgan Chase & Co. 2.55% 2021 | 76 | 77 |
JPMorgan Chase & Co. 3.25% 2022 | 28 | 30 |
JPMorgan Chase & Co. 2.70% 2023 | 150 | 158 |
JPMorgan Chase & Co. 4.493% 2031 (USD-SOFR + 3.79% on 3/24/2030)6 | 230 | 282 |
Mizuho Financial Group, Ltd. 2.721% 2023 (3-month USD-LIBOR on 7/16/2022)6 | 271 | 280 |
Morgan Stanley 3.125% 2026 | 110 | 121 |
Morgan Stanley 2.699% 2031 (USD-SOFR + 1.143% on 1/22/2030)6 | 72 | 77 |
New York Life Insurance Company 3.75% 20505 | 23 | 26 |
PNC Financial Services Group, Inc. 2.854% 20226 | 100 | 105 |
Rabobank Nederland 3.875% 2023 | €100 | 124 |
Skandinaviska Enskilda Banken AB 2.80% 2022 | $250 | 260 |
UniCredit SpA 5.75% 20256 | €100 | 114 |
VEB Finance Ltd. 6.902% 20205 | $100 | 100 |
Wells Fargo & Company 2.393% 2028 (USD-SOFR + 2.10% on 6/2/2027)6 | 400 | 414 |
6,078 | ||
Utilities 1.31% | ||
Abu Dhabi National Energy Company PJSC (TAQA) 3.625% 20235 | 200 | 211 |
American Electric Power Co., Inc. 2.15% 2020 | 215 | 216 |
Berkshire Hathaway Energy Co. 3.70% 20305 | 25 | 29 |
American Funds Insurance Series — Global Balanced Fund — Page 114 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Utilities (continued) | Principal amount (000) | Value (000) |
CMS Energy Corp. 3.00% 2026 | $150 | $163 |
Duke Energy Carolinas, LLC 3.05% 2023 | 280 | 298 |
Duke Energy Corp. 3.75% 2024 | 110 | 121 |
Duke Energy Corp. 2.45% 2030 | 700 | 739 |
Duke Energy Progress, LLC 3.70% 2028 | 75 | 87 |
Edison International 4.125% 2028 | 160 | 169 |
Enel Finance International SA 2.75% 20235 | 200 | 208 |
Enel Finance International SA 3.625% 20275 | 200 | 219 |
Enel Finance International SA 3.50% 20285 | 400 | 431 |
Enersis Américas SA 4.00% 2026 | 110 | 117 |
Exelon Corp. 3.40% 2026 | 150 | 167 |
Exelon Corp., junior subordinated, 3.497% 20226 | 25 | 26 |
FirstEnergy Corp. 3.90% 2027 | 120 | 136 |
FirstEnergy Corp. 3.50% 20285 | 35 | 38 |
Interstate Power and Light Co. 2.30% 2030 | 50 | 51 |
Niagara Mohawk Power Corp. 3.508% 20245 | 85 | 94 |
Pacific Gas and Electric Co. 2.95% 2026 | 25 | 27 |
Pacific Gas and Electric Co. 2.10% 2027 | 100 | 99 |
Pacific Gas and Electric Co. 4.65% 2028 | 114 | 136 |
Pacific Gas and Electric Co. 2.50% 2031 | 600 | 588 |
Pacific Gas and Electric Co. 6.35% 20387 | 62 | 74 |
Pacific Gas and Electric Co. 3.50% 2050 | 100 | 97 |
State Grid Overseas Investment Ltd. 1.25% 2022 | €100 | 114 |
State Grid Overseas Investment Ltd. 3.50% 20275 | $450 | 498 |
Xcel Energy Inc. 3.35% 2026 | 216 | 243 |
5,396 | ||
Health care 0.79% | ||
Abbott Laboratories 3.75% 2026 | 51 | 59 |
AbbVie Inc. 3.20% 2026 | 73 | 81 |
AbbVie Inc. 4.50% 2035 | 15 | 18 |
AbbVie Inc. 4.75% 20455 | 3 | 4 |
Aetna Inc. 2.80% 2023 | 10 | 11 |
Amgen Inc. 1.90% 2025 | 40 | 42 |
Amgen Inc. 2.20% 2027 | 30 | 32 |
AstraZeneca PLC 3.50% 2023 | 150 | 162 |
Bayer US Finance II LLC 3.875% 20235 | 200 | 220 |
Becton, Dickinson and Company 2.894% 2022 | 55 | 57 |
Becton, Dickinson and Company 3.734% 2024 | 35 | 39 |
Becton, Dickinson and Company 3.70% 2027 | 43 | 48 |
Becton, Dickinson and Company 2.823% 2030 | 28 | 30 |
Bristol-Myers Squibb Co. 2.90% 20245 | 178 | 193 |
Cigna Corp. 4.125% 2025 | 80 | 92 |
EMD Finance LLC 3.25% 20255 | 250 | 273 |
Medtronic, Inc. 3.50% 2025 | 45 | 51 |
Novartis Capital Corp. 1.75% 2025 | 31 | 32 |
Novartis Capital Corp. 2.00% 2027 | 34 | 36 |
Novartis Capital Corp. 2.20% 2030 | 73 | 77 |
Shire PLC 2.40% 2021 | 153 | 156 |
Shire PLC 2.875% 2023 | 69 | 73 |
Shire PLC 3.20% 2026 | 25 | 28 |
Stryker Corp. 0.75% 2029 | €210 | 233 |
Takeda Pharmaceutical Company, Ltd. 4.40% 2023 | $400 | 445 |
Takeda Pharmaceutical Company, Ltd. 2.25% 2026 | €200 | 246 |
American Funds Insurance Series — Global Balanced Fund — Page 115 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Health care (continued) | Principal amount (000) | Value (000) |
Takeda Pharmaceutical Company, Ltd. 1.375% 2032 | €224 | $254 |
Thermo Fisher Scientific Inc. 4.133% 2025 | $84 | 96 |
Thermo Fisher Scientific Inc. 4.497% 2030 | 37 | 46 |
Upjohn Inc. 2.70% 20305 | 142 | 146 |
3,280 | ||
Consumer discretionary 0.57% | ||
Amazon.com, Inc. 2.80% 2024 | 170 | 185 |
Amazon.com, Inc. 3.15% 2027 | 50 | 57 |
Amazon.com, Inc. 2.50% 2050 | 305 | 310 |
Bayerische Motoren Werke AG 2.95% 20225 | 250 | 259 |
Bayerische Motoren Werke AG 3.90% 20255 | 70 | 78 |
Bayerische Motoren Werke AG 4.15% 20305 | 70 | 81 |
Carnival Corp. 11.50% 20235 | 160 | 173 |
DaimlerChrysler North America Holding Corp. 2.00% 20215 | 200 | 202 |
Hyundai Capital America 3.25% 20225 | 65 | 67 |
Hyundai Capital Services Inc. 3.75% 20235 | 250 | 262 |
Toyota Motor Credit Corp. 2.90% 2023 | 100 | 106 |
Toyota Motor Credit Corp. 3.00% 2025 | 100 | 109 |
Toyota Motor Credit Corp. 3.375% 2030 | 33 | 38 |
Volkswagen Group of America Finance, LLC 4.25% 20235 | 380 | 416 |
2,343 | ||
Communication services 0.54% | ||
AT&T Inc. 4.10% 2028 | 55 | 63 |
AT&T Inc. 2.75% 2031 | 375 | 389 |
Comcast Corp. 3.95% 2025 | 80 | 92 |
Comcast Corp. 1.95% 2031 | 46 | 47 |
Comcast Corp. 2.80% 2051 | 100 | 103 |
Deutsche Telekom International Finance BV 9.25% 2032 | 45 | 75 |
France Télécom 9.00% 20316 | 65 | 106 |
KT Corp. 0.30% 2020 | ¥100,000 | 925 |
T-Mobile US, Inc. 2.05% 20285 | $200 | 200 |
Walt Disney Company 2.65% 2031 | 240 | 255 |
2,255 | ||
Consumer staples 0.45% | ||
Altria Group, Inc. 1.00% 2023 | €110 | 125 |
Altria Group, Inc. 2.20% 2027 | 270 | 320 |
Anheuser-Busch InBev NV 4.00% 2028 | $100 | 115 |
Anheuser-Busch InBev NV 4.75% 2029 | 220 | 266 |
British American Tobacco PLC 3.215% 2026 | 62 | 67 |
British American Tobacco PLC 3.557% 2027 | 105 | 114 |
British American Tobacco PLC 3.462% 2029 | 75 | 80 |
British American Tobacco PLC 4.39% 2037 | 80 | 87 |
British American Tobacco PLC 4.758% 2049 | 58 | 65 |
Conagra Brands, Inc. 4.30% 2024 | 210 | 232 |
Keurig Dr Pepper Inc. 4.597% 2028 | 175 | 210 |
Pernod Ricard SA 4.45% 20225 | 150 | 158 |
Reynolds American Inc. 4.00% 2022 | 15 | 16 |
1,855 |
American Funds Insurance Series — Global Balanced Fund — Page 116 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Energy 0.34% | Principal amount (000) | Value (000) |
Canadian Natural Resources Ltd. 2.95% 2030 | $161 | $160 |
Enbridge Inc. 4.25% 2026 | 70 | 80 |
Enbridge Inc. 3.70% 2027 | 45 | 50 |
Equinor ASA 1.75% 2026 | 35 | 36 |
Equinor ASA 2.375% 2030 | 70 | 73 |
Exxon Mobil Corp. 2.992% 2025 | 170 | 185 |
Exxon Mobil Corp. 3.482% 2030 | 170 | 194 |
Halliburton Company 3.80% 2025 | 3 | 3 |
Petróleos Mexicanos 7.19% 2024 | MXN535 | 20 |
Petróleos Mexicanos 7.47% 2026 | 5,270 | 180 |
Shell International Finance BV 3.50% 2023 | $330 | 359 |
Statoil ASA 3.70% 2024 | 50 | 55 |
1,395 | ||
Industrials 0.23% | ||
Boeing Co. 5.805% 2050 | 190 | 225 |
Carrier Global Corp. 2.242% 20255 | 36 | 37 |
Carrier Global Corp. 2.493% 20275 | 30 | 31 |
CCCI Treasure Ltd. 3.425% (UST Yield Curve Rate T Note Constant Maturity 5-year + 1.998% on 2/21/2025)6 | 200 | 199 |
CSX Corp. 3.80% 2050 | 6 | 7 |
Lima Metro Line 2 Finance Ltd. 5.875% 20345 | 200 | 236 |
United Technologies Corp. 4.125% 2028 | 170 | 200 |
935 | ||
Real estate 0.20% | ||
American Campus Communities, Inc. 3.75% 2023 | 100 | 103 |
American Campus Communities, Inc. 4.125% 2024 | 90 | 95 |
Corporate Office Properties LP 3.60% 2023 | 65 | 66 |
Equinix, Inc. 2.15% 2030 | 197 | 195 |
Essex Portfolio LP 3.50% 2025 | 120 | 131 |
Essex Portfolio LP 3.375% 2026 | 40 | 43 |
WEA Finance LLC 3.75% 20245 | 200 | 207 |
840 | ||
Information technology 0.16% | ||
Apple Inc. 2.50% 2022 | 75 | 78 |
Broadcom Inc. 3.15% 20255 | 70 | 75 |
Broadcom Inc. 4.15% 20305 | 70 | 76 |
Microsoft Corp. 2.40% 2026 | 187 | 204 |
Oracle Corp. 2.65% 2026 | 216 | 233 |
666 | ||
Total corporate bonds & notes | 25,043 | |
Mortgage-backed obligations 1.64% | ||
Freddie Mac Pool #2B7343 3.744% 20498,9 | 219 | 230 |
Government National Mortgage Assn. Pool #MA5986 4.00% 20498 | 114 | 121 |
Korea Housing Finance Corp. 2.50% 20205,8 | 250 | 253 |
Korea Housing Finance Corp. 2.00% 20215,8 | 250 | 254 |
Nykredit Realkredit AS, Series 01E, 1.50% 20378 | DKr944 | 147 |
Nykredit Realkredit AS, Series 01E, 0.50% 20408 | 6,927 | 1,029 |
Nykredit Realkredit AS, Series 01E, 1.50% 20408 | 2,487 | 386 |
Nykredit Realkredit AS, Series 01E, 0.50% 20508 | 1,490 | 216 |
Uniform Mortgage-Backed Security 2.50% 20508,10 | $2,653 | 2,754 |
American Funds Insurance Series — Global Balanced Fund — Page 117 of 207
unaudited
Bonds, notes & other debt instruments (continued) Mortgage-backed obligations (continued) | Principal amount (000) | Value (000) |
Uniform Mortgage-Backed Security 3.50% 20508,10 | $619 | $651 |
Uniform Mortgage-Backed Security 4.00% 20508,10 | 702 | 744 |
6,785 | ||
Municipals 0.05% Ohio 0.03% | ||
Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, 3.216% 2048 | 100 | 104 |
Texas 0.02% | ||
Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 2052 | 80 | 83 |
187 | ||
Asset-backed obligations 0.02% | ||
OSW Structured Asset Trust, Series 2020-RPL1, Class A1, 3.072% 20605,8,9 | 97 | 100 |
Total bonds, notes & other debt instruments (cost: $145,164,000) | 149,254 | |
Short-term securities 5.67% Money market investments 5.67% | Shares | |
Capital Group Central Cash Fund 0.18%11 | 234,095 | 23,412 |
Total short-term securities (cost: $23,409,000) | 23,412 | |
Total investment securities 100.66% (cost: $351,926,000) | 416,011 | |
Other assets less liabilities (0.66)% | (2,723) | |
Net assets 100.00% | $413,288 |
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount12 (000) | Value at 6/30/202013 (000) | Unrealized appreciation (depreciation) at 6/30/2020 (000) |
5 Year U.S. Treasury Note Futures | Long | 15 | October 2020 | $1,500 | $1,886 | $6 |
10 Year Ultra U.S. Treasury Note Futures | Short | 6 | September 2020 | (600) | (945) | (5) |
$1 |
Forward currency contracts
Contract amount | Counterparty | Settlement date | Unrealized appreciation (depreciation) at 6/30/2020 (000) | |
Purchases (000) | Sales (000) | |||
CZK12,000 | EUR445 | JPMorgan Chase | 7/2/2020 | $6 |
EUR451 | CZK12,000 | JPMorgan Chase | 7/2/2020 | —14 |
JPY72,000 | USD663 | Goldman Sachs | 7/6/2020 | 4 |
GBP30 | USD37 | Barclays Bank PLC | 7/6/2020 | —14 |
GBP205 | USD258 | HSBC Bank | 7/6/2020 | (4) |
CAD1,400 | USD1,037 | Morgan Stanley | 7/6/2020 | (5) |
American Funds Insurance Series — Global Balanced Fund — Page 118 of 207
unaudited
Forward currency contracts (continued)
Contract amount | Counterparty | Settlement date | Unrealized appreciation (depreciation) at 6/30/2020 (000) | |
Purchases (000) | Sales (000) | |||
JPY66,000 | USD619 | Bank of America | 7/6/2020 | $(7) |
USD500 | CZK11,700 | Standard Chartered Bank | 7/9/2020 | 7 |
JPY107,900 | USD994 | Barclays Bank PLC | 7/9/2020 | 6 |
EUR900 | USD1,008 | Bank of New York Mellon | 7/9/2020 | 4 |
CZK11,700 | EUR440 | Standard Chartered Bank | 7/9/2020 | (1) |
CZK5,450 | USD232 | HSBC Bank | 7/9/2020 | (2) |
EUR217 | USD246 | HSBC Bank | 7/9/2020 | (2) |
USD510 | CAD700 | Citibank | 7/9/2020 | (6) |
USD957 | CNH6,860 | UBS AG | 7/9/2020 | (12) |
USD490 | ILS1,700 | Bank of America | 7/10/2020 | (1) |
USD245 | MXN5,500 | Citibank | 7/13/2020 | 6 |
USD11 | ZAR180 | Standard Chartered Bank | 7/13/2020 | —14 |
ILS2,000 | USD579 | Standard Chartered Bank | 7/13/2020 | (2) |
EUR400 | USD452 | Citibank | 7/13/2020 | (3) |
EUR1,241 | USD1,403 | JPMorgan Chase | 7/13/2020 | (9) |
MXN8,300 | USD382 | Citibank | 7/13/2020 | (22) |
USD513 | JPY55,000 | Goldman Sachs | 7/14/2020 | 4 |
EUR1,594 | USD1,811 | Barclays Bank PLC | 7/14/2020 | (20) |
USD522 | ILS1,800 | JPMorgan Chase | 7/15/2020 | 2 |
USD118 | JPY12,600 | Citibank | 7/15/2020 | 1 |
EUR400 | USD456 | Morgan Stanley | 7/15/2020 | (6) |
CAD2,335 | USD1,731 | HSBC Bank | 7/15/2020 | (11) |
NOK10,850 | USD1,148 | HSBC Bank | 7/15/2020 | (21) |
KRW341,300 | USD283 | Standard Chartered Bank | 7/16/2020 | 1 |
GBP200 | EUR222 | Goldman Sachs | 7/16/2020 | (2) |
USD280 | KRW341,285 | JPMorgan Chase | 7/16/2020 | (3) |
GBP726 | USD910 | Citibank | 7/16/2020 | (10) |
ILS2,600 | USD745 | HSBC Bank | 7/17/2020 | 6 |
AUD775 | USD530 | UBS AG | 7/17/2020 | 5 |
USD245 | MXN5,550 | JPMorgan Chase | 7/17/2020 | 4 |
CAD10 | USD7 | Standard Chartered Bank | 7/17/2020 | —14 |
EUR460 | USD519 | Morgan Stanley | 7/17/2020 | (2) |
GBP200 | USD251 | Bank of New York Mellon | 7/17/2020 | (3) |
PLN1,400 | USD357 | Citibank | 7/17/2020 | (3) |
USD708 | MXN15,615 | Goldman Sachs | 7/20/2020 | 31 |
USD152 | CNH1,080 | Standard Chartered Bank | 7/20/2020 | —14 |
EUR615 | USD693 | Bank of New York Mellon | 7/20/2020 | (2) |
USD61 | BRL300 | JPMorgan Chase | 7/21/2020 | 6 |
BRL48 | USD9 | Standard Chartered Bank | 7/21/2020 | —14 |
USD859 | ILS2,960 | Standard Chartered Bank | 7/22/2020 | 4 |
USD233 | MYR1,000 | Standard Chartered Bank | 7/22/2020 | —14 |
MYR1,000 | USD234 | Standard Chartered Bank | 7/22/2020 | (1) |
USD217 | ZAR3,800 | HSBC Bank | 7/22/2020 | (1) |
USD476 | BRL2,536 | JPMorgan Chase | 7/23/2020 | 10 |
USD337 | EUR300 | Morgan Stanley | 7/23/2020 | (1) |
USD352 | PLN1,400 | Bank of America | 7/23/2020 | (2) |
USD397 | MYR1,700 | Standard Chartered Bank | 7/27/2020 | 1 |
CZK12,000 | EUR450 | JPMorgan Chase | 8/7/2020 | —14 |
USD165 | BRL900 | JPMorgan Chase | 8/7/2020 | (1) |
$(57) |
American Funds Insurance Series — Global Balanced Fund — Page 119 of 207
unaudited
Swap contracts
Interest rate swaps
Receive | Pay | Expiration date | Notional (000) | Value at 6/30/2020 (000) | Upfront premium paid (000) | Unrealized (depreciation) appreciation at 6/30/2020 (000) |
0.525% | 6-month HUF-BUBOR | 1/29/2022 | HUF1,141,000 | $(5) | $— | $(5) |
1.01% | 6-month HUF-BUBOR | 2/25/2022 | 600,000 | 12 | — | 12 |
0.965% | 6-month HUF-BUBOR | 2/26/2022 | 895,000 | 16 | — | 16 |
(0.0955)% | 6-month EURIBOR | 7/22/2024 | €2,200 | 13 | — | 13 |
6-month HUF-BUBOR | 1.39% | 11/11/2029 | HUF161,000 | (5) | — | (5) |
6-month HUF-BUBOR | 1.80% | 1/22/2030 | 95,000 | (14) | — | (14) |
6-month PLN-WIBOR | 2.155% | 1/22/2030 | PLN2,400 | (73) | — | (73) |
6-month HUF-BUBOR | 1.845% | 2/25/2030 | HUF136,500 | (22) | — | (22) |
6-month HUF-BUBOR | 1.79% | 2/26/2030 | 136,500 | (20) | — | (20) |
$— | $(98) |
1 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $113,585,000, which represented 27.48% of the net assets of the fund. This entire amount relates to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. |
2 | Security did not produce income during the last 12 months. |
3 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $114,000, which represented .03% of the net assets of the fund. |
4 | Index-linked bond whose principal amount moves with a government price index. |
5 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $8,885,000, which represented 2.15% of the net assets of the fund. |
6 | Step bond; coupon rate may change at a later date. |
7 | Scheduled interest and/or principal payment was not received. |
8 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
9 | Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. |
10 | Purchased on a TBA basis. |
11 | Rate represents the seven-day yield at 6/30/2020. |
12 | Notional amount is calculated based on the number of contracts and notional contract size. |
13 | Value is calculated based on the notional amount and current market price. |
14 | Amount less than one thousand. |
Key to abbreviations and symbols | |
ADR = American Depositary Receipts | KRW = South Korean won |
AUD = Australian dollars | LIBOR = London Interbank Offered Rate |
BRL = Brazilian reais | MXN = Mexican pesos |
BUBOR = Budapest Interbank Offered Rate | MYR = Malaysian ringgits |
CAD/C$ = Canadian dollars | NOK = Norwegian kroner |
CDI = CREST Depository Interest | PLN = Polish zloty |
CLP = Chilean pesos | Ref. = Refunding |
CNH/CNY = Chinese yuan renminbi | Rev. = Revenue |
CZK = Czech korunas | RUB = Russian rubles |
DKr = Danish kroner | S$ = Singapore dollars |
EUR/€ = Euros | SOFR = Secured Overnight Financing Rate |
EURIBOR = Euro Interbank Offered Rate | TBA = To-be-announced |
GBP/£ = British pounds | THB = Thai baht |
HUF = Hungarian forints | USD/$ = U.S. dollars |
IDR = Indonesian rupiah | UYU = Uruguayan pesos |
ILS = Israeli shekels | WIBOR = Warsaw Interbank Offer Rate |
INR = Indian rupees | ZAR = South African rand |
JPY/¥ = Japanese yen |
American Funds Insurance Series — Global Balanced Fund — Page 120 of 207
Bond Fund
Investment portfolio
June 30, 2020
unaudited
Bonds, notes & other debt instruments 97.67% Corporate bonds & notes 38.25% Financials 9.60% | Principal amount (000) | Value (000) |
ACE INA Holdings Inc. 2.30% 2020 | $2,005 | $2,015 |
ACE INA Holdings Inc. 2.875% 2022 | 3,625 | 3,813 |
ACE INA Holdings Inc. 3.35% 2026 | 2,025 | 2,311 |
ACE INA Holdings Inc. 4.35% 2045 | 2,220 | 2,900 |
AerCap Holdings NV 6.50% 2025 | 1,798 | 1,886 |
Ally Financial Inc. 8.00% 2031 | 7,979 | 10,146 |
Ally Financial Inc. 8.00% 2031 | 3,070 | 3,968 |
American Express Co. 2.20% 2020 | 14,400 | 14,467 |
American International Group, Inc. 4.20% 2028 | 9,875 | 11,250 |
American International Group, Inc. 3.40% 2030 | 5,000 | 5,427 |
American International Group, Inc. 4.375% 2050 | 4,243 | 4,883 |
Assicurazioni Generali SpA 7.75% 2042 (3-month EUR-EURIBOR + 7.113% on 12/12/2022)1 | €3,100 | 4,035 |
Assicurazioni Generali SpA 10.125% 2042 (3-month EUR-EURIBOR + 9.181% on 7/10/2022)1 | 3,800 | 5,012 |
AXA Equitable Holdings, Inc. 5.00% 2048 | $7,740 | 8,828 |
Banco Do Brasil, SA 4.75% 20242 | 10,000 | 10,387 |
Bank of America Corp. 3.55% 2024 (3-month USD-LIBOR + 0.78% on 3/5/2023)1 | 3,096 | 3,309 |
Bank of America Corp. 4.20% 2024 | 1,075 | 1,194 |
Bank of America Corp. 2.456% 2025 (3-month USD-LIBOR + 0.87% on 10/22/2024)1 | 2,966 | 3,122 |
Bank of America Corp. 1.319% 2026 (USD-SOFR + 1.15% on 6/19/2025)1 | 18,559 | 18,625 |
Bank of America Corp. 3.419% 2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)1 | 17,551 | 19,558 |
Bank of America Corp. 2.496% 2031 (3-month USD-LIBOR + 0.99% on 2/13/2030)1 | 3,018 | 3,167 |
Bank of America Corp. 2.592% 2031 (USD-SOFR + 2.15% on 4/29/2030)1 | 22,733 | 24,098 |
Berkshire Hathaway Finance Corp. 4.20% 2048 | 8,720 | 11,082 |
BNP Paribas 3.80% 20242 | 24,000 | 26,013 |
BNP Paribas 2.819% 2025 (3-month USD-LIBOR + 1.111% on 11/19/2024)1,2 | 2,875 | 3,013 |
BNP Paribas 3.375% 20252 | 2,375 | 2,570 |
BNP Paribas 2.219% 2026 (USD-SOFR + 2.074% on 6/9/2025)1,2 | 12,000 | 12,274 |
CIT Group Inc. 3.929% 2024 (USD-SOFR + 3.827% on 6/19/2023)1 | 2,410 | 2,359 |
Citigroup Inc. 3.106% 2026 (USD-SOFR + 2.842% on 3/8/2026)1 | 11,563 | 12,419 |
Citigroup Inc. 4.60% 2026 | 1,800 | 2,057 |
Citigroup Inc. 3.668% 20281 | 1,000 | 1,115 |
Citigroup Inc. 2.976% 2030 (USD-SOFR + 1.422% on 11/5/2029)1 | 3,281 | 3,494 |
Citigroup Inc. 2.572% 2031 (USD-SOFR + 2.107% on 6/3/2030)1 | 17,536 | 18,147 |
Citigroup Inc. 4.412% 2031 (USD-SOFR + 3.914% on 3/31/2030)1 | 22,895 | 27,111 |
Crédit Agricole SA 1.907% 2026 (USD-SOFR + 1.676% on 6/16/2025)1,2 | 4,450 | 4,516 |
Credit Suisse AG (New York Branch) 1.00% 2023 | 7,650 | 7,695 |
Credit Suisse AG (New York Branch) 2.95% 2025 | 2,200 | 2,388 |
Credit Suisse Group AG 2.997% 2023 (3-month USD-LIBOR + 1.20% on 12/14/2022)1,2 | 12,000 | 12,501 |
Credit Suisse Group AG 3.80% 2023 | 12,925 | 13,929 |
Credit Suisse Group AG 4.207% 2024 (3-month USD-LIBOR + 1.24% on 6/12/2023)1,2 | 500 | 538 |
Credit Suisse Group AG 2.593% 2025 (USD-SOFR + 1.56% on 9/11/2024)1,2 | 850 | 880 |
Credit Suisse Group AG 2.193% 2026 (USD-SOFR + 2.044% on 6/5/2025)1,2 | 5,750 | 5,829 |
Credit Suisse Group AG 4.194% 20311,2 | 3,096 | 3,540 |
Deutsche Bank AG 3.15% 2021 | 27,607 | 27,743 |
Deutsche Bank AG 3.375% 2021 | 1,300 | 1,312 |
American Funds Insurance Series — Bond Fund — Page 121 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Financials (continued) | Principal amount (000) | Value (000) |
Deutsche Bank AG 4.25% 2021 | $27,043 | $27,351 |
Deutsche Bank AG 4.25% 2021 | 525 | 539 |
Deutsche Bank AG 3.30% 2022 | 2,495 | 2,554 |
Deutsche Bank AG 5.00% 2022 | 2,675 | 2,794 |
Deutsche Bank AG 3.95% 2023 | 7,875 | 8,184 |
Deutsche Bank AG 3.70% 2024 | 4,950 | 5,165 |
Deutsche Bank AG 3.70% 2024 | 3,725 | 3,898 |
Deutsche Bank AG 3.961% 2025 (USD-SOFR + 2.581% on 11/26/2024)1 | 10,175 | 10,685 |
Deutsche Bank AG 4.10% 2026 | 7,305 | 7,737 |
Fifth Third Bancorp 1.625% 2023 | 450 | 462 |
Fifth Third Bancorp 2.55% 2027 | 3,475 | 3,721 |
GE Capital Funding, LLC 4.05% 20272 | 4,176 | 4,412 |
GE Capital Funding, LLC 4.40% 20302 | 10,000 | 10,410 |
Goldman Sachs Group, Inc. 5.75% 2022 | 4,800 | 5,180 |
Goldman Sachs Group, Inc. 3.272% 2025 (3-month USD-LIBOR + 1.201% on 9/29/2024)1 | 1,548 | 1,670 |
Goldman Sachs Group, Inc. 3.814% 2029 (3-month USD-LIBOR + 1.158% on 4/23/2028)1 | 9,600 | 10,858 |
Goldman Sachs Group, Inc. 2.60% 2030 | 3,725 | 3,894 |
Goldman Sachs Group, Inc. 3.80% 2030 | 2,613 | 2,987 |
Goldman Sachs Group, Inc., junior subordinated, 5.30% (3-month USD-LIBOR + 3.834% on 11/10/2026)1 | 1,750 | 1,765 |
Groupe BPCE SA 2.75% 20232 | 6,875 | 7,211 |
Groupe BPCE SA 5.70% 20232 | 28,166 | 31,527 |
Groupe BPCE SA 5.15% 20242 | 4,711 | 5,263 |
HSBC Holdings PLC 4.583% 2029 (3-month USD-LIBOR + 1.535% on 6/19/2028)1 | 12,000 | 13,871 |
Intesa Sanpaolo SpA 3.375% 20232 | 9,055 | 9,320 |
Intesa Sanpaolo SpA 5.017% 20242 | 67,843 | 69,554 |
Intesa Sanpaolo SpA 5.71% 20262 | 15,700 | 16,651 |
Intesa Sanpaolo SpA 3.875% 20272 | 6,250 | 6,454 |
Intesa Sanpaolo SpA 3.875% 20282 | 1,986 | 2,052 |
JPMorgan Chase & Co. 1.514% 2024 (USD-SOFR + 1.455% on 6/1/2023)1 | 5,000 | 5,083 |
JPMorgan Chase & Co. 3.875% 2024 | 200 | 222 |
JPMorgan Chase & Co. 2.301% 2025 (USD-SOFR + 1.16% on 10/15/2024)1 | 3,625 | 3,800 |
JPMorgan Chase & Co. 2.005% 2026 (USD-SOFR + 1.585% on 3/13/2025)1 | 32,657 | 33,859 |
JPMorgan Chase & Co. 2.083% 2026 (USD-SOFR + 1.85% on 4/22/2025)1 | 1,921 | 1,995 |
JPMorgan Chase & Co. 2.182% 2028 (USD-SOFR + 1.89% on 6/1/2027)1 | 5,475 | 5,671 |
JPMorgan Chase & Co. 3.54% 2028 (3-month USD-LIBOR + 1.38% on 5/1/2027)1 | 458 | 512 |
JPMorgan Chase & Co. 3.509% 2029 (3-month USD-LIBOR + 0.945% on 1/23/2028)1 | 9,600 | 10,732 |
JPMorgan Chase & Co. 4.203% 2029 (3-month USD-LIBOR + 1.26% on 7/23/2028)1 | 11,980 | 14,058 |
JPMorgan Chase & Co. 2.739% 2030 (USD-SOFR + 1.51% on 10/15/2029)1 | 1,166 | 1,252 |
JPMorgan Chase & Co. 2.522% 2031 (USD-SOFR + 2.04% on 4/22/2030)1 | 13,805 | 14,611 |
Lloyds Banking Group PLC 2.438% 2026 (UST Yield Curve Rate T Note Constant Maturity 1-year + 1.00% on 2/5/2025)1 | 2,675 | 2,765 |
Lloyds Banking Group PLC 4.375% 2028 | 8,825 | 10,246 |
MetLife Capital Trust IV, junior subordinated, 7.875% 2067 (3-month USD-LIBOR + 3.96% on 12/1/2037)1,2 | 1,405 | 1,782 |
MetLife, Inc. 3.60% 2025 | 3,490 | 3,971 |
Morgan Stanley 2.50% 2021 | 19,200 | 19,523 |
Morgan Stanley 3.70% 2024 | 375 | 416 |
Morgan Stanley 2.72% 2025 (USD-SOFR + 1.152% on 7/22/2024)1 | 2,300 | 2,444 |
Morgan Stanley 2.188% 2026 (USD-SOFR + 1.99% on 4/28/2025)1 | 4,080 | 4,248 |
Morgan Stanley 2.699% 2031 (USD-SOFR + 1.143% on 1/22/2030)1 | 8,337 | 8,866 |
Morgan Stanley 3.622% 2031 (USD-SOFR + 3.12% on 4/1/2030)1 | 5,229 | 5,985 |
New York Life Insurance Company 3.75% 20502 | 5,749 | 6,497 |
Nordea Bank AB 2.50% 20202 | 7,125 | 7,157 |
Northern Trust Corp. 1.95% 2030 | 5,000 | 5,151 |
American Funds Insurance Series — Bond Fund — Page 122 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Financials (continued) | Principal amount (000) | Value (000) |
PNC Financial Services Group, Inc. 2.854% 20221 | $5,850 | $6,164 |
PNC Funding Corp. 3.30% 2022 | 8,700 | 9,085 |
Rede D’Or Finance SARL 4.50% 20302 | 3,000 | 2,652 |
Royal Bank of Canada 1.15% 2025 | 2,945 | 2,951 |
Santander Holdings USA, Inc. 3.50% 2024 | 8,325 | 8,761 |
State Street Corp. 2.901% 2026 (USD-SOFR + 2.70% on 3/30/2025)1,2 | 1,950 | 2,117 |
State Street Corp. 3.152% 2031 (USD-SOFR + 2.65% on 3/30/2025)1,2 | 1,175 | 1,321 |
Synchrony Financial 2.85% 2022 | 5,400 | 5,495 |
Synchrony Financial 4.375% 2024 | 3,640 | 3,815 |
Travelers Companies, Inc. 2.55% 2050 | 768 | 761 |
UniCredit SpA 3.75% 20222 | 1,175 | 1,206 |
UniCredit SpA 6.572% 20222 | 9,735 | 10,288 |
UniCredit SpA 4.625% 20272 | 625 | 674 |
UniCredit SpA 5.861% 2032 (5-year USD-ICE Swap + 3.703% on 6/19/2027)1,2 | 12,800 | 13,467 |
UniCredit SpA 7.296% 2034 (5-year USD-ICE Swap + 4.914% on 4/2/2029)1,2 | 10,846 | 12,244 |
Wells Fargo & Company 2.10% 2021 | 16,800 | 17,103 |
Wells Fargo & Company 1.654% 2024 (USD-SOFR + 1.60% on 6/2/2023)1 | 8,125 | 8,260 |
Wells Fargo & Company 2.406% 2025 (3-month USD-LIBOR + 0.82% on 10/30/2024)1 | 20,305 | 21,151 |
Wells Fargo & Company 2.164% 2026 (3-month USD-LIBOR + 0.75% on 2/11/2025)1 | 11,094 | 11,458 |
Wells Fargo & Company 2.188% 2026 (USD-SOFR + 2.00% on 4/30/2025)1 | 13,709 | 14,191 |
Wells Fargo & Company 2.393% 2028 (USD-SOFR + 2.10% on 6/2/2027)1 | 4,875 | 5,041 |
Wells Fargo & Company 2.879% 2030 (3-month USD-LIBOR + 1.17% on 10/30/2029)1 | 1,490 | 1,594 |
Wells Fargo & Company 2.572% 2031 (3-month USD-LIBOR + 1.00% on 2/11/2030)1 | 11,344 | 11,882 |
Wells Fargo & Company 5.013% 2051 (3-month USD-LIBOR + 4.24% on 4/4/2050)1 | 7,220 | 10,015 |
995,637 | ||
Energy 5.63% | ||
Apache Corp. 4.25% 2030 | 2,465 | 2,134 |
Apache Corp. 4.75% 2043 | 12,100 | 9,757 |
Apache Corp. 4.25% 2044 | 2,100 | 1,584 |
Apache Corp. 5.35% 2049 | 800 | 639 |
Baker Hughes, a GE Co. 4.486% 2030 | 2,040 | 2,351 |
Boardwalk Pipeline Partners, LP 3.375% 2023 | 1,900 | 1,908 |
BP Capital Markets PLC 3.00% 2050 | 10,355 | 10,226 |
Canadian Natural Resources Ltd. 2.05% 2025 | 3,849 | 3,861 |
Canadian Natural Resources Ltd. 2.95% 2030 | 1,473 | 1,465 |
Cenovus Energy Inc. 3.80% 2023 | 1,120 | 1,054 |
Cenovus Energy Inc. 4.25% 2027 | 10,985 | 9,978 |
Cenovus Energy Inc. 5.40% 2047 | 13,075 | 11,236 |
Cheniere Energy, Inc. 7.00% 2024 | 410 | 467 |
Cheniere Energy, Inc. 5.125% 2027 | 16,000 | 17,580 |
Cheniere Energy, Inc. 3.70% 20292 | 7,369 | 7,560 |
Chevron Corp. 2.355% 2022 | 4,800 | 4,996 |
Chevron Corp. 2.236% 2030 | 1,862 | 1,952 |
Chevron Corp. 3.078% 2050 | 1,114 | 1,185 |
Columbia Pipeline Partners LP 5.80% 2045 | 1,410 | 1,723 |
Concho Resources Inc. 4.30% 2028 | 6,095 | 6,699 |
Concho Resources Inc. 4.85% 2048 | 5,000 | 5,651 |
DCP Midstream Operating LP 4.95% 2022 | 500 | 504 |
Enbridge Energy Partners, LP 4.20% 2021 | 6,325 | 6,541 |
Enbridge Energy Partners, LP 5.875% 2025 | 7,700 | 9,200 |
Enbridge Energy Partners, LP 7.375% 2045 | 18,154 | 26,003 |
Enbridge Inc. 4.00% 2023 | 1,500 | 1,627 |
Energy Transfer Operating, LP 5.875% 2024 | 294 | 329 |
American Funds Insurance Series — Bond Fund — Page 123 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Energy (continued) | Principal amount (000) | Value (000) |
Energy Transfer Operating, LP 2.90% 2025 | $4,402 | $4,513 |
Energy Transfer Operating, LP 3.75% 2030 | 7,707 | 7,631 |
Energy Transfer Operating, LP 5.00% 2050 | 12,010 | 11,390 |
Energy Transfer Partners, LP 4.20% 2023 | 2,860 | 3,042 |
Energy Transfer Partners, LP 4.50% 2024 | 4,915 | 5,335 |
Energy Transfer Partners, LP 4.75% 2026 | 1,506 | 1,646 |
Energy Transfer Partners, LP 4.20% 2027 | 45 | 47 |
Energy Transfer Partners, LP 4.95% 2028 | 4,559 | 4,898 |
Energy Transfer Partners, LP 5.25% 2029 | 1,275 | 1,392 |
Energy Transfer Partners, LP 6.125% 2045 | 11,780 | 12,281 |
Energy Transfer Partners, LP 5.30% 2047 | 10,459 | 10,129 |
Energy Transfer Partners, LP 6.00% 2048 | 1,868 | 1,940 |
Energy Transfer Partners, LP 6.25% 2049 | 1,775 | 1,884 |
Energy Transfer Partners, LP, junior subordinated, 6.25% (3-month USD-LIBOR + 4.028% on 2/15/2023)1 | 7,850 | 6,039 |
Energy Transfer Partners, LP, junior subordinated, 6.625% (3-month USD-LIBOR + 4.155% on 2/15/2028)1 | 500 | 383 |
EOG Resources, Inc. 4.375% 2030 | 1,198 | 1,429 |
EOG Resources, Inc. 4.95% 2050 | 5,835 | 7,623 |
EQT Corp. 3.00% 2022 | 6,700 | 6,252 |
EQT Corp. 6.125% 2025 | 4,787 | 4,779 |
EQT Corp. 7.00% 2030 | 7,500 | 7,735 |
Equinor ASA 3.625% 2028 | 4,928 | 5,674 |
Equinor ASA 3.125% 2030 | 20,000 | 22,101 |
Equinor ASA 3.25% 2049 | 5,687 | 6,053 |
Exxon Mobil Corp. 3.043% 2026 | 4,625 | 5,087 |
Exxon Mobil Corp. 2.61% 2030 | 3,000 | 3,205 |
Exxon Mobil Corp. 3.452% 2051 | 10,456 | 11,659 |
Kinder Morgan Energy Partners, LP 6.50% 2037 | 900 | 1,121 |
Kinder Morgan Energy Partners, LP 5.50% 2044 | 700 | 823 |
Kinder Morgan, Inc. 5.30% 2034 | 760 | 885 |
MPLX LP 4.00% 2028 | 4,665 | 4,918 |
MPLX LP 5.50% 2049 | 4,741 | 5,387 |
Noble Corp. PLC 7.95% 20251 | 735 | 25 |
Noble Corp. PLC 8.95% 20451 | 845 | 17 |
Noble Energy, Inc. 5.05% 2044 | 928 | 844 |
Noble Energy, Inc. 4.95% 2047 | 739 | 660 |
Noble Energy, Inc. 4.20% 2049 | 5,108 | 4,245 |
Occidental Petroleum Corp. 2.90% 2024 | 4,336 | 3,716 |
Odebrecht Drilling Norbe 7.35% 2026 (74.03% PIK)2,3 | 36 | 11 |
Odebrecht Drilling Norbe 0%2 | 1,150 | 4 |
ONEOK, Inc. 2.20% 2025 | 193 | 190 |
ONEOK, Inc. 5.85% 2026 | 896 | 1,024 |
ONEOK, Inc. 3.10% 2030 | 540 | 518 |
ONEOK, Inc. 6.35% 2031 | 2,301 | 2,698 |
ONEOK, Inc. 5.20% 2048 | 5,132 | 5,118 |
ONEOK, Inc. 7.15% 2051 | 2,432 | 2,964 |
Petrobras Global Finance Co. 5.093% 20302 | 5,000 | 4,990 |
Petrobras Global Finance Co. 6.90% 2049 | 4,000 | 4,222 |
Petróleos Mexicanos 6.875% 2026 | 43,810 | 41,495 |
Petróleos Mexicanos 6.50% 2027 | 29,533 | 26,698 |
Plains All American Pipeline, LP 3.80% 2030 | 590 | 582 |
QEP Resources, Inc. 5.25% 2023 | 3,420 | 2,268 |
Ras Laffan Liquefied Natural Gas II 5.298% 2020 | 62 | 63 |
Sabine Pass Liquefaction, LLC 6.25% 2022 | 2,300 | 2,452 |
Sabine Pass Liquefaction, LLC 5.625% 20231 | 1,000 | 1,094 |
American Funds Insurance Series — Bond Fund — Page 124 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Energy (continued) | Principal amount (000) | Value (000) |
Sabine Pass Liquefaction, LLC 5.75% 2024 | $8,000 | $9,014 |
Sabine Pass Liquefaction, LLC 5.625% 2025 | 10,000 | 11,436 |
Sabine Pass Liquefaction, LLC 5.875% 2026 | 15,700 | 18,461 |
Sabine Pass Liquefaction, LLC 4.50% 20302 | 1,797 | 1,988 |
Saudi Arabian Oil Co. 2.875% 20242 | 4,885 | 5,084 |
Saudi Arabian Oil Co. 3.50% 20292 | 24,298 | 26,245 |
Schlumberger BV 4.00% 20252 | 7,915 | 8,710 |
Shell International Finance BV 3.875% 2028 | 9,410 | 10,948 |
Southwestern Energy Co. 6.20% 2025 (6.45% on 7/23/2020)1 | 920 | 791 |
Sunoco Logistics Operating Partners, LP 5.40% 2047 | 6,190 | 6,098 |
Targa Resources Partners LP 5.125% 2025 | 175 | 169 |
Targa Resources Partners LP 5.375% 2027 | 175 | 169 |
TC PipeLines, LP 4.375% 2025 | 405 | 434 |
Total Capital Canada Ltd. 2.75% 2023 | 2,140 | 2,291 |
Total Capital International 3.127% 2050 | 10,100 | 10,339 |
TOTAL SA 2.986% 2041 | 3,818 | 3,900 |
TOTAL SA 3.386% 2060 | 5,200 | 5,370 |
TransCanada PipeLines Ltd. 4.25% 2028 | 11,275 | 12,978 |
TransCanada PipeLines Ltd. 4.10% 2030 | 7,164 | 8,173 |
Transcontinental Gas Pipe Line Company, LLC 3.95% 20502 | 1,948 | 2,094 |
Transocean Inc. 5.80% 20221 | 2,195 | 1,196 |
Western Midstream Operating, LP 3.10% 2025 | 2,782 | 2,642 |
Western Midstream Operating, LP 4.05% 2030 | 2,202 | 2,128 |
Western Midstream Operating, LP 5.25% 2050 | 3,079 | 2,683 |
Williams Companies, Inc. 3.50% 2030 | 1,163 | 1,226 |
Williams Partners LP 4.50% 2023 | 500 | 548 |
Williams Partners LP 4.30% 2024 | 595 | 647 |
WPX Energy, Inc. 4.50% 2030 | 7,995 | 7,080 |
584,231 | ||
Utilities 5.08% | ||
Abu Dhabi National Energy Company PJSC (TAQA) 4.375% 20252 | 10,500 | 11,733 |
Abu Dhabi National Energy Company PJSC (TAQA) 4.375% 20262 | 300 | 341 |
AEP Transmission Co. LLC 3.65% 2050 | 725 | 841 |
Alliant Energy Finance LLC 4.25% 20282 | 500 | 582 |
Ameren Corp. 3.50% 2031 | 800 | 896 |
Ameren Corp. 4.50% 2049 | 2,875 | 3,768 |
American Electric Power Co., Inc. 2.30% 2030 | 1,825 | 1,849 |
American Water Cap Corp. 2.80% 2030 | 1,675 | 1,828 |
Berkshire Hathaway Energy Co. 4.05% 20252 | 2,450 | 2,794 |
Berkshire Hathaway Energy Co. 3.70% 20302 | 3,200 | 3,757 |
Berkshire Hathaway Energy Co. 4.50% 2045 | 5,895 | 7,478 |
Berkshire Hathaway Energy Co. 4.25% 20502 | 850 | 1,069 |
CMS Energy Corp. 5.05% 2022 | 2,569 | 2,710 |
Consolidated Edison Company of New York, Inc. 3.875% 2047 | 9,200 | 10,646 |
Consolidated Edison Company of New York, Inc. 3.95% 2050 | 1,425 | 1,704 |
Consumers Energy Co. 4.05% 2048 | 8,270 | 10,425 |
Consumers Energy Co. 3.75% 2050 | 5,625 | 6,870 |
Consumers Energy Co. 3.50% 2051 | 1,250 | 1,479 |
Dominion Resources, Inc. 3.375% 2030 | 2,325 | 2,577 |
Duke Energy Corp. 3.75% 2024 | 3,826 | 4,191 |
Duke Energy Florida, LLC 3.40% 2046 | 6,445 | 7,286 |
Duke Energy Progress, LLC 3.70% 2028 | 3,750 | 4,364 |
Edison International 3.125% 2022 | 2,900 | 2,989 |
American Funds Insurance Series — Bond Fund — Page 125 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Utilities (continued) | Principal amount (000) | Value (000) |
Edison International 3.55% 2024 | $6,850 | $7,241 |
Edison International 4.95% 2025 | 175 | 193 |
Edison International 5.75% 2027 | 3,181 | 3,657 |
Edison International 4.125% 2028 | 3,644 | 3,856 |
EDP Finance BV 3.625% 20242 | 12,300 | 13,269 |
Emera Inc. 6.75% 2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)1 | 1,950 | 2,112 |
Enel Finance International SA 4.875% 20292 | 10,180 | 12,040 |
Enel Società per Azioni 8.75% 2073 (USD Semi Annual 30/360 (vs. 3-month USD-LIBOR) + 5.88% on 9/24/2023)1,2 | 1,000 | 1,139 |
Entergy Louisiana, LLC 4.20% 2048 | 6,325 | 8,078 |
Eversource Energy 2.75% 2022 | 527 | 546 |
Eversource Energy 3.80% 2023 | 5,000 | 5,478 |
Exelon Corp. 3.40% 2026 | 1,570 | 1,750 |
Exelon Corp. 4.05% 2030 | 1,250 | 1,446 |
Exelon Corp. 4.70% 2050 | 250 | 319 |
FirstEnergy Corp. 3.90% 2027 | 10,153 | 11,501 |
FirstEnergy Corp. 3.50% 20282 | 2,400 | 2,632 |
FirstEnergy Corp. 2.25% 2030 | 634 | 637 |
FirstEnergy Corp. 2.65% 2030 | 2,528 | 2,644 |
FirstEnergy Corp. 7.375% 2031 | 5,150 | 7,529 |
FirstEnergy Corp. 4.85% 2047 | 638 | 810 |
FirstEnergy Corp. 3.40% 2050 | 2,947 | 3,163 |
Georgia Power Co. 2.65% 2029 | 575 | 604 |
Georgia Power Co. 3.70% 2050 | 1,938 | 2,161 |
IPALCO Enterprises, Inc. 3.70% 2024 | 200 | 214 |
Mississippi Power Co. 4.25% 2042 | 11,247 | 13,269 |
NextEra Energy Capital Holdings, Inc. 2.25% 2030 | 7,500 | 7,721 |
Niagara Mohawk Power Corp. 3.508% 20242 | 7,575 | 8,326 |
Niagara Mohawk Power Corp. 4.278% 20342 | 1,000 | 1,198 |
NV Energy, Inc. 6.25% 2020 | 2,850 | 2,912 |
Pacific Gas and Electric Co. 3.50% 20204 | 2,356 | 2,571 |
Pacific Gas and Electric Co. 3.25% 2021 | 574 | 628 |
Pacific Gas and Electric Co. 4.25% 2021 | 1,725 | 1,887 |
Pacific Gas and Electric Co. 1.75% 2022 | 13,000 | 13,053 |
Pacific Gas and Electric Co. 2.45% 20224 | 8,920 | 9,754 |
Pacific Gas and Electric Co. 3.25% 2023 | 5,615 | 6,113 |
Pacific Gas and Electric Co. 3.40% 2024 | 850 | 938 |
Pacific Gas and Electric Co. 3.50% 2025 | 500 | 553 |
Pacific Gas and Electric Co. 2.95% 2026 | 5,200 | 5,618 |
Pacific Gas and Electric Co. 2.10% 2027 | 975 | 965 |
Pacific Gas and Electric Co. 3.30% 2027 | 9,125 | 9,895 |
Pacific Gas and Electric Co. 3.30% 2027 | 3,750 | 4,081 |
Pacific Gas and Electric Co. 4.65% 2028 | 7,900 | 9,425 |
Pacific Gas and Electric Co. 2.50% 2031 | 18,475 | 18,107 |
Pacific Gas and Electric Co. 6.35% 20384 | 98 | 118 |
Pacific Gas and Electric Co. 3.30% 2040 | 7,925 | 7,731 |
Pacific Gas and Electric Co. 5.40% 2040 | 3,252 | 3,889 |
Pacific Gas and Electric Co. 3.75% 2042 | 4,025 | 4,183 |
Pacific Gas and Electric Co. 4.75% 2044 | 336 | 397 |
Pacific Gas and Electric Co. 3.95% 2047 | 8,875 | 9,312 |
Pacific Gas and Electric Co. 3.50% 2050 | 6,400 | 6,194 |
PacifiCorp. 3.30% 2051 | 1,750 | 1,937 |
PacifiCorp., First Mortgage Bonds, 2.70% 2030 | 950 | 1,039 |
Progress Energy, Inc. 7.75% 2031 | 1,820 | 2,652 |
American Funds Insurance Series — Bond Fund — Page 126 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Utilities (continued) | Principal amount (000) | Value (000) |
Public Service Electric and Gas Co. 3.20% 2029 | $6,000 | $6,819 |
Puget Energy, Inc. 6.00% 2021 | 3,135 | 3,308 |
Puget Energy, Inc. 5.625% 2022 | 8,004 | 8,536 |
Puget Energy, Inc. 3.65% 2025 | 3,000 | 3,209 |
San Diego Gas & Electric Co. 3.32% 2050 | 1,700 | 1,855 |
Southern California Edison Co. 2.90% 2021 | 6,872 | 6,983 |
Southern California Edison Co. 3.40% 2023 | 1,650 | 1,767 |
Southern California Edison Co. 3.50% 2023 | 11,400 | 12,253 |
Southern California Edison Co. 3.70% 2025 | 1,275 | 1,411 |
Southern California Edison Co. 2.85% 2029 | 7,500 | 7,955 |
Southern California Edison Co. 4.20% 2029 | 11,700 | 13,662 |
Southern California Edison Co. 5.35% 2035 | 6,450 | 8,449 |
Southern California Edison Co. 5.75% 2035 | 4,550 | 6,186 |
Southern California Edison Co. 5.625% 2036 | 7,050 | 8,983 |
Southern California Edison Co. 5.55% 2037 | 2,725 | 3,466 |
Southern California Edison Co. 5.95% 2038 | 5,700 | 7,559 |
Southern California Edison Co. 4.50% 2040 | 8,620 | 10,162 |
Southern California Edison Co. 5.50% 2040 | 607 | 798 |
Southern California Edison Co. 4.00% 2047 | 9,486 | 10,850 |
Southern California Edison Co. 4.125% 2048 | 9,027 | 10,576 |
Southern California Edison Co. 4.875% 2049 | 5,034 | 6,520 |
Southern California Edison Co. 3.65% 2050 | 4,402 | 4,858 |
Southern California Edison Co., Series C, 3.60% 2045 | 2,717 | 2,960 |
Southern California Gas Company 2.55% 2030 | 800 | 863 |
Southern Co. 3.70% 2030 | 5,450 | 6,243 |
Southern Co. 4.25% 2036 | 1,725 | 1,969 |
Southern Co. 4.40% 2046 | 2,748 | 3,265 |
Tampa Electric Co. 2.60% 2022 | 4,350 | 4,435 |
Virginia Electric and Power Co. 4.45% 2044 | 7,995 | 9,990 |
Wisconsin Power and Light Co. 3.65% 2050 | 1,625 | 1,906 |
Xcel Energy Inc. 3.30% 2025 | 5,650 | 6,250 |
Xcel Energy Inc. 2.60% 2029 | 2,925 | 3,150 |
526,858 | ||
Health care 4.73% | ||
Abbott Laboratories 3.40% 2023 | 910 | 993 |
Abbott Laboratories 3.75% 2026 | 2,244 | 2,613 |
Abbott Laboratories 4.75% 2036 | 4,565 | 6,148 |
AbbVie Inc. 5.00% 20212 | 7,221 | 7,582 |
AbbVie Inc. 3.20% 2022 | 9,600 | 10,087 |
AbbVie Inc. 3.45% 20222 | 4,691 | 4,875 |
AbbVie Inc. 3.20% 20292 | 23,754 | 26,523 |
Amgen Inc. 2.45% 2030 | 10,000 | 10,593 |
Anthem, Inc. 2.375% 2025 | 1,534 | 1,627 |
AstraZeneca PLC 4.00% 2029 | 5,920 | 7,256 |
Bayer US Finance II LLC 3.875% 20232 | 15,658 | 17,189 |
Bayer US Finance II LLC 4.25% 20252 | 17,570 | 20,201 |
Becton, Dickinson and Company 3.734% 2024 | 903 | 995 |
Becton, Dickinson and Company 4.669% 2047 | 3,395 | 4,209 |
Boston Scientific Corp. 3.375% 2022 | 700 | 732 |
Boston Scientific Corp. 3.85% 2025 | 255 | 287 |
Bristol-Myers Squibb Co. 4.25% 20492 | 14,242 | 18,997 |
Centene Corp. 4.75% 2022 | 200 | 203 |
Centene Corp. 4.75% 2025 | 325 | 333 |
American Funds Insurance Series — Bond Fund — Page 127 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Health care (continued) | Principal amount (000) | Value (000) |
Centene Corp. 4.25% 2027 | $14,860 | $15,369 |
Centene Corp. 4.625% 2029 | 14,945 | 15,861 |
Centene Corp. 3.375% 2030 | 15,718 | 15,895 |
Cigna Corp. 4.375% 2028 | 7,090 | 8,396 |
EMD Finance LLC 2.95% 20222 | 2,100 | 2,168 |
GlaxoSmithKline PLC 3.375% 2023 | 16,800 | 18,122 |
Laboratory Corp. of America Holdings 4.70% 2045 | 4,160 | 5,074 |
Novartis Capital Corp. 1.75% 2025 | 2,361 | 2,471 |
Novartis Capital Corp. 2.20% 2030 | 5,446 | 5,769 |
Shire PLC 3.20% 2026 | 15,100 | 16,763 |
Takeda Pharmaceutical Company, Ltd. 2.05% 2030 | 2,129 | 2,112 |
Teva Pharmaceutical Finance Co. BV 2.20% 2021 | 5,236 | 5,141 |
Teva Pharmaceutical Finance Co. BV 2.80% 2023 | 56,064 | 53,136 |
Teva Pharmaceutical Finance Co. BV 6.00% 2024 | 14,067 | 14,486 |
Teva Pharmaceutical Finance Co. BV 7.125% 20252 | 33,000 | 35,193 |
Teva Pharmaceutical Finance Co. BV 3.15% 2026 | 41,528 | 37,235 |
Teva Pharmaceutical Finance Co. BV 6.75% 2028 | 26,824 | 28,399 |
Teva Pharmaceutical Finance Co. BV 4.10% 2046 | 46,666 | 39,351 |
UnitedHealth Group Inc. 3.35% 2022 | 4,385 | 4,657 |
UnitedHealth Group Inc. 3.75% 2025 | 5,410 | 6,171 |
Upjohn Inc. 1.125% 20222 | 2,404 | 2,418 |
Upjohn Inc. 1.65% 20252 | 908 | 927 |
Upjohn Inc. 2.30% 20272 | 612 | 633 |
Upjohn Inc. 2.70% 20302 | 2,372 | 2,442 |
Upjohn Inc. 3.85% 20402 | 642 | 691 |
Upjohn Inc. 4.00% 20502 | 1,757 | 1,889 |
Zimmer Holdings, Inc. 3.15% 2022 | 7,845 | 8,147 |
490,359 | ||
Consumer discretionary 4.06% | ||
Carnival Corp. 11.50% 20232 | 9,140 | 9,894 |
DaimlerChrysler North America Holding Corp. 3.00% 20212 | 500 | 506 |
DaimlerChrysler North America Holding Corp. 2.85% 20222 | 500 | 511 |
DaimlerChrysler North America Holding Corp. 1.75% 20232 | 8,000 | 8,061 |
DaimlerChrysler North America Holding Corp. 3.35% 20232 | 2,000 | 2,096 |
Ford Motor Credit Co. 2.343% 2020 | 3,000 | 2,987 |
Ford Motor Credit Co. 3.157% 2020 | 3,188 | 3,179 |
Ford Motor Credit Co. 3.087% 2023 | 21,250 | 20,247 |
Ford Motor Credit Co. 4.375% 2023 | 20,000 | 19,698 |
Ford Motor Credit Co. 3.81% 2024 | 1,200 | 1,157 |
Ford Motor Credit Co. 4.063% 2024 | 20,000 | 19,111 |
Ford Motor Credit Co. 4.271% 2027 | 11,000 | 10,323 |
General Motors Co. 5.40% 2023 | 421 | 456 |
General Motors Co. 4.35% 2025 | 11,358 | 12,002 |
General Motors Co. 6.125% 2025 | 3,807 | 4,283 |
General Motors Co. 5.00% 2035 | 5,000 | 5,001 |
General Motors Co. 6.25% 2043 | 6,544 | 6,961 |
General Motors Co. 5.20% 2045 | 911 | 882 |
General Motors Co. 6.75% 2046 | 3,273 | 3,572 |
General Motors Co. 5.40% 2048 | 7,428 | 7,352 |
General Motors Co. 5.95% 2049 | 6,913 | 7,260 |
General Motors Financial Co. 3.70% 2020 | 15,295 | 15,377 |
General Motors Financial Co. 3.15% 2022 | 25 | 25 |
General Motors Financial Co. 3.45% 2022 | 200 | 203 |
American Funds Insurance Series — Bond Fund — Page 128 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Consumer discretionary (continued) | Principal amount (000) | Value (000) |
General Motors Financial Co. 3.55% 2022 | $3,703 | $3,798 |
General Motors Financial Co. 3.25% 2023 | 964 | 985 |
General Motors Financial Co. 3.70% 2023 | 1,406 | 1,449 |
General Motors Financial Co. 5.20% 2023 | 4,371 | 4,680 |
General Motors Financial Co. 3.50% 2024 | 9,945 | 10,090 |
General Motors Financial Co. 3.95% 2024 | 6,269 | 6,489 |
General Motors Financial Co. 5.10% 2024 | 1,081 | 1,156 |
General Motors Financial Co. 2.75% 2025 | 2,879 | 2,840 |
General Motors Financial Co. 4.00% 2025 | 587 | 614 |
General Motors Financial Co. 5.25% 2026 | 995 | 1,085 |
Home Depot, Inc. 4.40% 2021 | 7,200 | 7,347 |
Home Depot, Inc. 2.95% 2029 | 6,081 | 6,833 |
Home Depot, Inc. 4.50% 2048 | 1,915 | 2,549 |
Hyundai Capital America 2.75% 20202 | 3,321 | 3,328 |
Hyundai Capital America 3.75% 20212 | 8,500 | 8,663 |
Hyundai Capital America 2.85% 20222 | 4,118 | 4,205 |
Hyundai Capital America 3.00% 20222 | 4,500 | 4,587 |
Hyundai Capital America 3.25% 20222 | 1,521 | 1,564 |
Hyundai Capital America 3.95% 20222 | 8,000 | 8,233 |
Hyundai Capital America 2.375% 20232 | 9,977 | 10,090 |
Hyundai Capital America 3.40% 20242 | 8,180 | 8,448 |
Hyundai Capital America 2.65% 20252 | 13,054 | 13,137 |
Hyundai Capital America 3.00% 20272 | 10,408 | 10,309 |
McDonald’s Corp. 2.125% 2030 | 2,482 | 2,550 |
McDonald’s Corp. 4.45% 2047 | 3,535 | 4,307 |
McDonald’s Corp. 3.625% 2049 | 2,938 | 3,271 |
MGM Resorts International 7.75% 2022 | 2,000 | 2,039 |
Newell Rubbermaid Inc. 4.35% 2023 | 13,669 | 14,145 |
Newell Rubbermaid Inc. 4.70% 2026 | 17,294 | 18,165 |
NIKE, Inc. 2.75% 2027 | 1,105 | 1,214 |
NIKE, Inc. 2.85% 2030 | 4,906 | 5,471 |
NIKE, Inc. 3.25% 2040 | 8,879 | 10,025 |
NIKE, Inc. 3.875% 2045 | 1,560 | 1,884 |
NIKE, Inc. 3.375% 2050 | 2,095 | 2,409 |
Nissan Motor Co., Ltd. 2.60% 20222 | 1,415 | 1,385 |
Sally Holdings LLC and Sally Capital Inc. 5.625% 2025 | 300 | 292 |
Starbucks Corp. 3.75% 2047 | 3,785 | 4,083 |
Starbucks Corp. 4.50% 2048 | 7,680 | 9,064 |
Starbucks Corp. 3.50% 2050 | 3,000 | 3,167 |
Toyota Motor Credit Corp. 3.375% 2030 | 7,330 | 8,433 |
Volkswagen Group of America Finance, LLC 4.00% 20212 | 5,426 | 5,651 |
Volkswagen Group of America Finance, LLC 2.70% 20222 | 6,573 | 6,795 |
Volkswagen Group of America Finance, LLC 2.90% 20222 | 2,030 | 2,097 |
Volkswagen Group of America Finance, LLC 3.125% 20232 | 2,459 | 2,588 |
Volkswagen Group of America Finance, LLC 4.25% 20232 | 15,953 | 17,477 |
Volkswagen Group of America Finance, LLC 2.85% 20242 | 2,996 | 3,156 |
Volkswagen Group of America Finance, LLC 3.35% 20252 | 2,636 | 2,833 |
Volkswagen Group of America Finance, LLC 4.625% 20252 | 1,177 | 1,340 |
Volkswagen International Finance NV 4.00% 20202 | 4,000 | 4,012 |
421,476 |
American Funds Insurance Series — Bond Fund — Page 129 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Consumer staples 2.58% | Principal amount (000) | Value (000) |
Albertsons Companies LLC 3.50% 20232 | $1,743 | $1,767 |
Altria Group, Inc. 2.85% 2022 | 4,800 | 5,003 |
Altria Group, Inc. 4.40% 2026 | 13,583 | 15,635 |
Altria Group, Inc. 3.40% 2030 | 873 | 941 |
Altria Group, Inc. 4.50% 2043 | 1,585 | 1,708 |
Altria Group, Inc. 5.95% 2049 | 9,039 | 11,869 |
Altria Group, Inc. 4.45% 2050 | 590 | 648 |
Anheuser-Busch InBev NV 4.75% 2029 | 7,500 | 9,067 |
Anheuser-Busch InBev NV 3.50% 2030 | 825 | 929 |
Anheuser-Busch InBev NV 5.55% 2049 | 11,149 | 14,947 |
Anheuser-Busch InBev NV 4.50% 2050 | 5,000 | 5,988 |
British American Tobacco International Finance PLC 3.95% 20252 | 16,879 | 18,629 |
British American Tobacco PLC 3.557% 2027 | 10,320 | 11,173 |
British American Tobacco PLC 4.39% 2037 | 1,500 | 1,638 |
British American Tobacco PLC 4.54% 2047 | 12,786 | 13,940 |
British American Tobacco PLC 4.758% 2049 | 23,659 | 26,346 |
Conagra Brands, Inc. 5.30% 2038 | 1,716 | 2,243 |
Conagra Brands, Inc. 5.40% 2048 | 967 | 1,337 |
Constellation Brands, Inc. 3.50% 2027 | 7,500 | 8,310 |
Constellation Brands, Inc. 2.875% 2030 | 943 | 1,002 |
General Mills, Inc. (3-month USD-LIBOR + 0.54%) 1.716% 20215 | 10,620 | 10,643 |
General Mills, Inc. 3.20% 2021 | 2,170 | 2,218 |
Imperial Tobacco Finance PLC 3.50% 20232 | 2,335 | 2,424 |
JBS Investments GmbH II 7.00% 20262 | 3,868 | 4,068 |
JBS Investments GmbH II 7.00% 2026 | 1,665 | 1,751 |
Keurig Dr Pepper Inc. 4.057% 2023 | 6,190 | 6,756 |
Keurig Dr Pepper Inc. 4.597% 2028 | 10,752 | 12,915 |
Molson Coors Brewing Co. 2.10% 2021 | 2,415 | 2,445 |
Molson Coors Brewing Co. 4.20% 2046 | 11,830 | 11,526 |
Philip Morris International Inc. 4.25% 2044 | 9,550 | 11,564 |
Reynolds American Inc. 3.25% 2022 | 1,477 | 1,521 |
Reynolds American Inc. 4.45% 2025 | 14,570 | 16,425 |
Reynolds American Inc. 5.85% 2045 | 1,970 | 2,471 |
Wal-Mart Stores, Inc. 2.85% 2024 | 6,765 | 7,362 |
Wal-Mart Stores, Inc. 3.05% 2026 | 7,720 | 8,717 |
WM. Wrigley Jr. Co. 3.375% 20202 | 11,255 | 11,330 |
267,256 | ||
Communication services 2.20% | ||
AT&T Inc. 2.30% 2027 | 6,975 | 7,213 |
AT&T Inc. 3.80% 2027 | 4,335 | 4,886 |
AT&T Inc. 2.75% 2031 | 6,000 | 6,221 |
AT&T Inc. 4.30% 2042 | 200 | 224 |
AT&T Inc. 4.35% 2045 | 2,448 | 2,758 |
AT&T Inc. 4.50% 2048 | 7,552 | 8,877 |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.125% 20272 | 4,800 | 4,973 |
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 20302 | 1,425 | 1,459 |
CCO Holdings LLC and CCO Holdings Capital Corp. 2.80% 2031 | 5,642 | 5,732 |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 2048 | 5,000 | 6,231 |
CenturyLink, Inc. 4.00% 20272 | 16,374 | 15,886 |
CenturyLink, Inc. 7.65% 2042 | 5,000 | 5,384 |
Comcast Corp. 3.15% 2028 | 7,200 | 8,044 |
Comcast Corp. 2.65% 2030 | 7,500 | 8,162 |
Comcast Corp. 4.00% 2048 | 5,000 | 6,150 |
American Funds Insurance Series — Bond Fund — Page 130 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Communication services (continued) | Principal amount (000) | Value (000) |
Deutsche Telekom AG 3.625% 20502 | $3,980 | $4,421 |
NBCUniversal Enterprise, Inc., junior subordinated, 5.25% 20492 | 5,170 | 5,184 |
SoftBank Group Corp. 3.36% 20232 | 3,625 | 3,675 |
Tencent Holdings Ltd. 2.39% 20302 | 10,000 | 10,023 |
T-Mobile US, Inc. 3.50% 20252 | 8,250 | 9,008 |
T-Mobile US, Inc. 3.75% 20272 | 12,600 | 13,995 |
T-Mobile US, Inc. 2.05% 20282 | 3,200 | 3,210 |
T-Mobile US, Inc. 3.875% 20302 | 10,800 | 12,058 |
T-Mobile US, Inc. 4.375% 20402 | 7,100 | 8,244 |
T-Mobile US, Inc. 4.50% 20502 | 15,300 | 18,061 |
Verizon Communications Inc. 4.40% 2034 | 5,080 | 6,319 |
Verizon Communications Inc. 4.00% 2050 | 1,700 | 2,150 |
Vodafone Group PLC 4.375% 2028 | 10,000 | 11,899 |
Vodafone Group PLC 4.25% 2050 | 3,050 | 3,590 |
Walt Disney Company 2.65% 2031 | 20,000 | 21,244 |
Walt Disney Company 3.60% 2051 | 2,213 | 2,472 |
227,753 | ||
Industrials 1.97% | ||
Airbus Group SE 2.70% 20232 | 2,120 | 2,199 |
Avolon Holdings Funding Ltd. 3.625% 20222 | 2,810 | 2,650 |
Avolon Holdings Funding Ltd. 3.95% 20242 | 12,514 | 10,958 |
Avolon Holdings Funding Ltd. 3.25% 20272 | 8,000 | 6,479 |
BNSF Funding Trust I, junior subordinated, 6.613% 2055 (3-month USD-LIBOR + 2.35% on 1/15/2026)1 | 1,680 | 1,844 |
Boeing Co. 4.508% 2023 | 10,000 | 10,566 |
Boeing Co. 4.875% 2025 | 16,469 | 17,951 |
Boeing Co. 3.10% 2026 | 69 | 70 |
Boeing Co. 2.70% 2027 | 12,322 | 12,045 |
Boeing Co. 5.04% 2027 | 589 | 650 |
Boeing Co. 3.20% 2029 | 784 | 776 |
Boeing Co. 2.95% 2030 | 2,580 | 2,522 |
Bohai Financial Investment Holding Co., Ltd. 5.25% 20222 | 2,485 | 2,334 |
Carrier Global Corp. 2.722% 20302 | 2,453 | 2,464 |
Carrier Global Corp. 3.377% 20402 | 15,000 | 14,640 |
Carrier Global Corp. 3.577% 20502 | 5,718 | 5,604 |
Continental Airlines, Inc., Series 2001-1, Class A1, 6.703% 2022 | 50 | 48 |
Continental Airlines, Inc., Series 2000-2, Class A1, 7.707% 2022 | 180 | 173 |
Continental Airlines, Inc., Series 2000-1, Class A1, 8.048% 2022 | —6 | —6 |
GE Capital International Funding Co. 4.418% 2035 | 20,075 | 20,404 |
General Electric Capital Corp. 3.10% 2023 | 1,750 | 1,832 |
General Electric Capital Corp. 3.373% 2025 | 4,615 | 4,846 |
General Electric Capital Corp. 6.15% 2037 | 1,425 | 1,654 |
General Electric Co. 3.45% 2027 | 1,250 | 1,283 |
General Electric Co. 3.625% 2030 | 675 | 677 |
General Electric Co. 4.25% 2040 | 5,500 | 5,419 |
General Electric Co. 4.35% 2050 | 6,575 | 6,527 |
Harris Corp. 3.832% 2025 | 945 | 1,056 |
Lockheed Martin Corp. 3.10% 2023 | 960 | 1,021 |
Lockheed Martin Corp. 3.55% 2026 | 1,880 | 2,159 |
Mexico City Airport Trust 5.50% 2046 | 1,751 | 1,547 |
Mexico City Airport Trust 5.50% 2047 | 3,034 | 2,679 |
Mexico City Airport Trust 5.50% 20472 | 215 | 190 |
Northrop Grumman Corp. 3.25% 2028 | 10,845 | 12,125 |
NXP BV and NXP Funding LLC 4.125% 20212 | 2,000 | 2,060 |
American Funds Insurance Series — Bond Fund — Page 131 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Industrials (continued) | Principal amount (000) | Value (000) |
Union Pacific Corp. 2.15% 2027 | $2,213 | $2,343 |
Union Pacific Corp. 2.40% 2030 | 4,454 | 4,771 |
Union Pacific Corp. 3.25% 2050 | 7,000 | 7,692 |
United Rentals, Inc. 5.50% 2027 | 5,000 | 5,170 |
United Technologies Corp. 3.125% 2027 | 9,525 | 10,565 |
Vinci SA 3.75% 20292 | 12,456 | 14,379 |
204,372 | ||
Information technology 1.80% | ||
Apple Inc. 1.55% 2021 | 11,630 | 11,807 |
Broadcom Corp. 3.875% 2027 | 14,860 | 16,078 |
Broadcom Inc. 3.625% 20242 | 3,000 | 3,262 |
Broadcom Inc. 3.15% 20252 | 5,000 | 5,315 |
Broadcom Inc. 4.25% 20262 | 41,375 | 46,105 |
Broadcom Inc. 4.75% 20292 | 61,009 | 69,289 |
Financial & Risk US Holdings, Inc. 6.25% 20262 | 3,325 | 3,532 |
International Business Machines Corp. 1.95% 2030 | 6,925 | 7,097 |
Microsoft Corp. 2.525% 2050 | 10,000 | 10,401 |
PayPal Holdings, Inc. 1.65% 2025 | 6,989 | 7,243 |
Visa Inc. 1.90% 2027 | 3,331 | 3,487 |
Visa Inc. 2.70% 2040 | 1,007 | 1,082 |
Xerox Corp. 3.50% 2020 | 1,500 | 1,507 |
186,205 | ||
Real estate 0.46% | ||
Alexandria Real Estate Equities, Inc. 3.95% 2028 | 1,425 | 1,627 |
Alexandria Real Estate Equities, Inc. 4.50% 2029 | 150 | 180 |
American Campus Communities, Inc. 3.75% 2023 | 2,900 | 2,980 |
American Campus Communities, Inc. 3.875% 2031 | 1,033 | 1,085 |
Corporate Office Properties LP 5.25% 2024 | 10 | 11 |
Equinix, Inc. 2.90% 2026 | 3,287 | 3,551 |
Equinix, Inc. 3.20% 2029 | 3,846 | 4,181 |
Essex Portfolio LP 3.25% 2023 | 335 | 353 |
Essex Portfolio LP 3.875% 2024 | 1,000 | 1,089 |
Hospitality Properties Trust 4.25% 2021 | 257 | 257 |
Hospitality Properties Trust 5.00% 2022 | 1,270 | 1,248 |
Hospitality Properties Trust 4.50% 2025 | 855 | 766 |
Hospitality Properties Trust 3.95% 2028 | 1,710 | 1,379 |
Iron Mountain Inc. 4.875% 20272 | 1,605 | 1,568 |
Iron Mountain Inc. 5.25% 20282 | 3,500 | 3,491 |
Iron Mountain Inc. 4.875% 20292 | 2,770 | 2,697 |
Kimco Realty Corp. 3.40% 2022 | 1,045 | 1,088 |
Omega Healthcare Investors, Inc. 4.375% 2023 | 900 | 935 |
Piedmont Operating Partnership LP 4.45% 2024 | 1,000 | 1,026 |
Scentre Group 2.375% 20212 | 175 | 176 |
Scentre Group 3.50% 20252 | 4,565 | 4,760 |
WEA Finance LLC 3.25% 20202 | 13,375 | 13,392 |
47,840 |
American Funds Insurance Series — Bond Fund — Page 132 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Materials 0.14% | Principal amount (000) | Value (000) |
Air Products and Chemicals, Inc. 2.70% 2040 | $5,736 | $6,106 |
BHP Billiton Finance Ltd. 6.25% 2075 (USD Semi Annual 30/360 (vs. 3-month USD-LIBOR) 5-year + 4.971% on 10/19/2020)1,2 | 4,765 | 4,797 |
Braskem SA 4.50% 20302 | 2,500 | 2,292 |
Holcim Ltd. 5.15% 20232 | 1,110 | 1,218 |
14,413 | ||
Total corporate bonds & notes | 3,966,400 | |
Mortgage-backed obligations 28.50% Federal agency mortgage-backed obligations 27.63% | ||
Fannie Mae 6.00% 20377 | 71 | 82 |
Fannie Mae Pool #976945 5.50% 20237 | 147 | 151 |
Fannie Mae Pool #AB1068 4.50% 20257 | 164 | 174 |
Fannie Mae Pool #AB4088 3.00% 20267 | 794 | 836 |
Fannie Mae Pool #AJ9156 3.00% 20267 | 378 | 398 |
Fannie Mae Pool #AS6695 3.00% 20267 | 375 | 394 |
Fannie Mae Pool #AJ6967 3.00% 20267 | 186 | 196 |
Fannie Mae Pool #AJ5522 3.00% 20267 | 5 | 5 |
Fannie Mae Pool #256133 4.50% 20267 | 177 | 189 |
Fannie Mae Pool #AK5394 3.00% 20277 | 900 | 948 |
Fannie Mae Pool #AL5603 3.00% 20277 | 840 | 885 |
Fannie Mae Pool #AL4641 3.00% 20277 | 378 | 398 |
Fannie Mae Pool #AX3597 3.00% 20277 | 376 | 396 |
Fannie Mae Pool #AB4281 3.00% 20277 | 164 | 172 |
Fannie Mae Pool #AJ9355 3.00% 20277 | 107 | 112 |
Fannie Mae Pool #AB4486 3.00% 20277 | 86 | 90 |
Fannie Mae Pool #MA3131 3.00% 20277 | 73 | 77 |
Fannie Mae Pool #AB5236 3.00% 20277 | 34 | 35 |
Fannie Mae Pool #AO0800 3.00% 20277 | 28 | 30 |
Fannie Mae Pool #AK0971 3.00% 20277 | 15 | 15 |
Fannie Mae Pool #AL3802 3.00% 20287 | 1,149 | 1,210 |
Fannie Mae Pool #MA3286 3.00% 20287 | 726 | 766 |
Fannie Mae Pool #AR3058 3.00% 20287 | 114 | 120 |
Fannie Mae Pool #MA3407 3.00% 20287 | 68 | 72 |
Fannie Mae Pool #AL8241 3.00% 20297 | 1,079 | 1,136 |
Fannie Mae Pool #BM4299 3.00% 20307 | 3,296 | 3,466 |
Fannie Mae Pool #AL9573 3.00% 20317 | 130 | 137 |
Fannie Mae Pool #AS8018 3.00% 20317 | 91 | 97 |
Fannie Mae Pool #BO0119 3.00% 20327 | 6,069 | 6,396 |
Fannie Mae Pool #BM4741 3.00% 20327 | 81 | 86 |
Fannie Mae Pool #MA3409 3.00% 20337 | 1,041 | 1,094 |
Fannie Mae Pool #BK9262 3.00% 20337 | 728 | 766 |
Fannie Mae Pool #BK9015 3.00% 20337 | 428 | 450 |
Fannie Mae Pool #MA3516 3.00% 20337 | 74 | 78 |
Fannie Mae Pool #MA3461 3.00% 20337 | 64 | 68 |
Fannie Mae Pool #924866 3.265% 20375,7 | 743 | 756 |
Fannie Mae Pool #945680 6.00% 20377 | 812 | 945 |
Fannie Mae Pool #889982 5.50% 20387 | 1,728 | 1,985 |
Fannie Mae Pool #988588 5.50% 20387 | 310 | 355 |
Fannie Mae Pool #AB1297 5.00% 20407 | 356 | 410 |
Fannie Mae Pool #AH8144 5.00% 20417 | 2,191 | 2,520 |
Fannie Mae Pool #AH9479 5.00% 20417 | 2,066 | 2,377 |
Fannie Mae Pool #AI1862 5.00% 20417 | 1,681 | 1,939 |
American Funds Insurance Series — Bond Fund — Page 133 of 207
unaudited
Bonds, notes & other debt instruments (continued) Mortgage-backed obligations (continued) Federal agency mortgage-backed obligations (continued) | Principal amount (000) | Value (000) |
Fannie Mae Pool #AI3510 5.00% 20417 | $1,057 | $1,220 |
Fannie Mae Pool #AJ0704 5.00% 20417 | 871 | 1,005 |
Fannie Mae Pool #AJ5391 5.00% 20417 | 512 | 579 |
Fannie Mae Pool #BM6240 3.688% 20445,7 | 3,791 | 3,978 |
Fannie Mae Pool #AS4536 3.50% 20457 | 114 | 122 |
Fannie Mae Pool #AS6127 3.50% 20457 | 105 | 112 |
Fannie Mae Pool #AZ3904 4.00% 20457 | 111 | 120 |
Fannie Mae Pool #AL8522 3.50% 20467 | 1,839 | 2,011 |
Fannie Mae Pool #AS6467 3.50% 20467 | 77 | 82 |
Fannie Mae Pool #BD1968 4.00% 20467 | 2,668 | 2,900 |
Fannie Mae Pool #BE0592 4.00% 20467 | 1,014 | 1,078 |
Fannie Mae Pool #BD5477 4.00% 20467 | 522 | 568 |
Fannie Mae Pool #CA0858 3.50% 20477 | 47,482 | 50,189 |
Fannie Mae Pool #CA0770 3.50% 20477 | 14,143 | 15,008 |
Fannie Mae Pool #BJ2524 3.50% 20477 | 9,410 | 9,948 |
Fannie Mae Pool #BJ1910 3.50% 20477 | 6,208 | 6,557 |
Fannie Mae Pool #CA0487 3.50% 20477 | 180 | 191 |
Fannie Mae Pool #CA0706 4.00% 20477 | 393 | 417 |
Fannie Mae Pool #MA3058 4.00% 20477 | 162 | 172 |
Fannie Mae Pool #BM4413 4.50% 20477 | 9,105 | 9,820 |
Fannie Mae Pool #BF0293 3.00% 20487 | 15,456 | 16,504 |
Fannie Mae Pool #BF0318 3.50% 20487 | 15,398 | 16,492 |
Fannie Mae Pool #CA1189 3.50% 20487 | 4,232 | 4,485 |
Fannie Mae Pool #BJ3790 3.50% 20487 | 2,105 | 2,225 |
Fannie Mae Pool #BK4764 4.00% 20487 | 4,615 | 4,888 |
Fannie Mae Pool #MA3384 4.00% 20487 | 2,735 | 2,896 |
Fannie Mae Pool #BK0920 4.00% 20487 | 2,498 | 2,646 |
Fannie Mae Pool #BJ9252 4.00% 20487 | 760 | 805 |
Fannie Mae Pool #BJ9256 4.00% 20487 | 574 | 610 |
Fannie Mae Pool #BJ0639 4.00% 20487 | 299 | 319 |
Fannie Mae Pool #BJ9169 4.00% 20487 | 280 | 298 |
Fannie Mae Pool #BK0915 4.00% 20487 | 240 | 255 |
Fannie Mae Pool #BJ5749 4.00% 20487 | 36 | 40 |
Fannie Mae Pool #BM4676 4.00% 20487 | 30 | 33 |
Fannie Mae Pool #BK9758 4.00% 20487 | 22 | 23 |
Fannie Mae Pool #CA2493 4.50% 20487 | 2,489 | 2,676 |
Fannie Mae Pool #CA2056 4.50% 20487 | 1,242 | 1,336 |
Fannie Mae Pool #MA3496 4.50% 20487 | 306 | 329 |
Fannie Mae Pool #CA4534 3.00% 20497 | 18,241 | 19,501 |
Fannie Mae Pool #CA3807 3.00% 20497 | 2,637 | 2,851 |
Fannie Mae Pool #CA3806 3.00% 20497 | 1,370 | 1,487 |
Fannie Mae Pool #FM0007 3.50% 20497 | 40,442 | 43,476 |
Fannie Mae Pool #CA4802 3.50% 20497 | 34,429 | 37,625 |
Fannie Mae Pool #FM1954 3.50% 20497 | 18,022 | 19,202 |
Fannie Mae Pool #FM1589 3.50% 20497 | 11,825 | 12,609 |
Fannie Mae Pool #FM2092 3.50% 20497 | 9,761 | 10,608 |
Fannie Mae Pool #CA3084 4.00% 20497 | 30,333 | 32,154 |
Fannie Mae Pool #CA2963 4.50% 20497 | 490 | 527 |
Fannie Mae Pool #BN6006 4.50% 20497 | 385 | 414 |
Fannie Mae Pool #CA5912 2.50% 20507 | 124,753 | 130,884 |
Fannie Mae Pool #CA5701 2.50% 20507 | 114,562 | 120,452 |
Fannie Mae Pool #BF0264 3.50% 20587 | 15,620 | 17,006 |
Fannie Mae Pool #BF0332 3.00% 20597 | 33,069 | 35,455 |
Fannie Mae, Series 2001-4, Class GA, 9.117% 20255,7 | — 6 | —6 |
American Funds Insurance Series — Bond Fund — Page 134 of 207
unaudited
Bonds, notes & other debt instruments (continued) Mortgage-backed obligations (continued) Federal agency mortgage-backed obligations (continued) | Principal amount (000) | Value (000) |
Fannie Mae, Series 2001-50, Class BA, 7.00% 20417 | $11 | $13 |
Fannie Mae, Series 2002-W3, Class A5, 7.50% 20417 | 24 | 30 |
Fannie Mae, Series 2002-W1, Class 2A, 5.552% 20425,7 | 32 | 36 |
Freddie Mac 3.50% 20457 | 26,940 | 29,741 |
Freddie Mac 3.00% 20467 | 33,156 | 36,047 |
Freddie Mac 3.50% 20477 | 44,237 | 46,752 |
Freddie Mac 3.50% 20477 | 43,947 | 46,528 |
Freddie Mac 3.50% 20487 | 27,787 | 30,376 |
Freddie Mac 3.50% 20487 | 27,727 | 29,792 |
Freddie Mac 3.50% 20487 | 842 | 915 |
Freddie Mac 4.00% 20487 | 3,697 | 3,922 |
Freddie Mac Pool #ZA2657 3.00% 20267 | 571 | 601 |
Freddie Mac Pool #ZK3537 3.00% 20267 | 113 | 119 |
Freddie Mac Pool #ZK4277 3.00% 20277 | 703 | 739 |
Freddie Mac Pool #ZK3836 3.00% 20277 | 241 | 254 |
Freddie Mac Pool #ZK3970 3.00% 20277 | 222 | 234 |
Freddie Mac Pool #ZS6521 3.00% 20277 | 142 | 149 |
Freddie Mac Pool #ZK3893 3.00% 20277 | 72 | 76 |
Freddie Mac Pool #ZK4162 3.00% 20277 | 54 | 57 |
Freddie Mac Pool #ZS8452 3.00% 20277 | 18 | 19 |
Freddie Mac Pool #ZS8463 3.00% 20277 | 7 | 8 |
Freddie Mac Pool #ZK4039 3.00% 20277 | 8 | 8 |
Freddie Mac Pool #ZS8507 3.00% 20287 | 271 | 285 |
Freddie Mac Pool #ZK7590 3.00% 20297 | 5,333 | 5,615 |
Freddie Mac Pool #ZK7593 3.00% 20297 | 275 | 290 |
Freddie Mac Pool #ZS8710 3.00% 20337 | 8,905 | 9,359 |
Freddie Mac Pool #ZT1344 3.00% 20337 | 893 | 939 |
Freddie Mac Pool #ZK9250 3.00% 20337 | 406 | 427 |
Freddie Mac Pool #ZT1931 3.00% 20337 | 371 | 390 |
Freddie Mac Pool #SB0023 3.00% 20337 | 30 | 32 |
Freddie Mac Pool #A15120 5.50% 20337 | 67 | 74 |
Freddie Mac Pool #QN1073 3.00% 20347 | 189 | 200 |
Freddie Mac Pool #G05196 5.50% 20387 | 95 | 110 |
Freddie Mac Pool #G05267 5.50% 20387 | 73 | 84 |
Freddie Mac Pool #G06020 5.50% 20397 | 141 | 162 |
Freddie Mac Pool #A93948 4.50% 20407 | 322 | 359 |
Freddie Mac Pool #G05860 5.50% 20407 | 519 | 595 |
Freddie Mac Pool #G06868 4.50% 20417 | 372 | 413 |
Freddie Mac Pool #G06841 5.50% 20417 | 770 | 885 |
Freddie Mac Pool #841039 3.701% 20435,7 | 4,074 | 4,249 |
Freddie Mac Pool #G61733 3.00% 20477 | 8,492 | 9,181 |
Freddie Mac Pool #Q52157 3.50% 20477 | 5,937 | 6,288 |
Freddie Mac Pool #G08789 4.00% 20477 | 2,319 | 2,473 |
Freddie Mac Pool #SI2002 4.00% 20487 | 4,736 | 5,026 |
Freddie Mac Pool #SD7509 3.00% 20497 | 57,549 | 61,310 |
Freddie Mac Pool #QA4673 3.00% 20497 | 46,062 | 49,460 |
Freddie Mac Pool #SD7507 3.00% 20497 | 31,558 | 33,859 |
Freddie Mac Pool #QA5125 3.50% 20497 | 31,381 | 34,294 |
Freddie Mac Pool #SD7508 3.50% 20497 | 23,244 | 25,402 |
Freddie Mac Pool #RA1369 3.50% 20497 | 5,873 | 6,313 |
Freddie Mac Pool #ZN4842 3.50% 20497 | 2,093 | 2,250 |
Freddie Mac Pool #ZA7009 4.50% 20497 | 1,065 | 1,145 |
Freddie Mac Pool #ZA6269 4.50% 20497 | 180 | 194 |
Freddie Mac Pool #RA2020 3.00% 20507 | 3,842 | 4,081 |
American Funds Insurance Series — Bond Fund — Page 135 of 207
unaudited
Bonds, notes & other debt instruments (continued) Mortgage-backed obligations (continued) Federal agency mortgage-backed obligations (continued) | Principal amount (000) | Value (000) |
Freddie Mac Pool #SD7514 3.50% 20507 | $47,392 | $50,886 |
Freddie Mac, Series 3061, Class PN, 5.50% 20357 | 102 | 119 |
Freddie Mac, Series 3318, Class JT, 5.50% 20377 | 254 | 290 |
Freddie Mac, Series K716, Class A2, Multi Family, 3.13% 20217 | 6,509 | 6,616 |
Freddie Mac, Series K020, Class A2, Multi Family, 2.373% 20227 | 4,300 | 4,430 |
Freddie Mac, Series K718, Class A2, Multi Family, 2.791% 20227 | 9,240 | 9,514 |
Freddie Mac, Series 3146, Class PO, principal only, 0% 20367 | 221 | 206 |
Freddie Mac, Series 3156, Class PO, principal only, 0% 20367 | 205 | 195 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 20577 | 17,275 | 18,728 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 20587 | 3,450 | 3,762 |
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, 3.485% 20275,7 | 2,518 | 2,578 |
Government National Mortgage Assn. 4.50% 20497 | 2,673 | 2,856 |
Government National Mortgage Assn. 2.50% 20507,8 | 173,100 | 181,782 |
Government National Mortgage Assn. 4.00% 20507 | 1,328 | 1,410 |
Government National Mortgage Assn. Pool #MA5817 4.00% 20497 | 55,134 | 58,510 |
Government National Mortgage Assn. Pool #MA5876 4.00% 20497 | 8,095 | 8,585 |
Government National Mortgage Assn. Pool #MA6040 4.00% 20497 | 418 | 443 |
Government National Mortgage Assn. Pool #MA6221 4.50% 20497 | 26,909 | 28,730 |
Government National Mortgage Assn. Pool #MA5878 5.00% 20497 | 60,402 | 65,661 |
Government National Mortgage Assn. Pool #MA6042 5.00% 20497 | 168 | 182 |
Uniform Mortgage-Backed Security 2.00% 20357,8 | 297,150 | 306,877 |
Uniform Mortgage-Backed Security 2.50% 20357,8 | 334,518 | 349,622 |
Uniform Mortgage-Backed Security 3.00% 20357,8 | 6,050 | 6,358 |
Uniform Mortgage-Backed Security 2.50% 20507,8 | 192,804 | 200,135 |
Uniform Mortgage-Backed Security 3.00% 20507,8 | 100,000 | 105,149 |
Uniform Mortgage-Backed Security 3.50% 20507,8 | 12,040 | 12,664 |
Uniform Mortgage-Backed Security 4.00% 20507,8 | 183,583 | 194,533 |
Uniform Mortgage-Backed Security 4.50% 20507,8 | 66,937 | 71,931 |
2,864,912 | ||
Collateralized mortgage-backed obligations (privately originated) 0.58% | ||
Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.622% 20552,7 | 468 | 469 |
Bellemeade Re Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 1.785% 20292,5,7 | 3,175 | 3,108 |
BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 20592,5,7 | 1,840 | 1,903 |
Bunker Hill Loan Depositary Trust, Series 2019-1, Class A1, 3.613% 20482,5,7 | 1,237 | 1,274 |
Bunker Hill Loan Depositary Trust, Series 2019-1, Class A3, 3.919% 20482,5,7 | 1,843 | 1,868 |
Cascade Funding Mortgage Trust, Series 2019-HB1, Class M1, 2.572% 20292,5,7 | 1,950 | 1,970 |
Cascade Funding Mortgage Trust, Series 2019-HB1, Class M2, 2.863% 20292,5,7 | 475 | 481 |
Cascade Funding Mortgage Trust, Series 2019-HB1, Class M3, 3.257% 20292,5,7 | 243 | 240 |
Citigroup Mortgage Loan Trust Inc., Series 2020-EXP1, Class A1A, 1.804% 20602,5,7 | 1,962 | 1,977 |
Finance of America HECM Buyout, Series 2019-HB1, Class M1, 2.105% 20302,5,7 | 1,400 | 1,410 |
Finance of America HECM Buyout, Series 2020-HB1, Class M2, 2.389% 20302,5,7 | 500 | 490 |
Finance of America HECM Buyout, Series 2020-HB1, Class M3, 2.723% 20302,5,7 | 253 | 243 |
Finance of America HECM Buyout, Series 2019-AB1, Class A, 2.656% 20492,7 | 734 | 733 |
Finance of America HECM Buyout, Series 2019-AB1, Class M1, 3.50% 20492,7,9 | 1,717 | 1,674 |
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 20692,7 | 4,722 | 5,056 |
Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 20692,7 | 3,965 | 4,276 |
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 20507 | 240 | 268 |
JPMorgan Mortgage Trust, Series 2020-INV1, Class A3, 3.50% 20502,5,7 | 5,728 | 5,980 |
Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, 3.75% 20592,5,7 | 1,705 | 1,704 |
Mortgage Repurchase Agreement Financing Trust, Series 2020-2, Class A1, (1-month USD-LIBOR + 1.75%) 1.924% 20222,5,7 | 13,444 | 13,479 |
Mortgage Repurchase Agreement Financing Trust, Series 2020-1, Class A1, (1-month USD-LIBOR + 2.00%) 2.177% 20222,5,7 | 6,556 | 6,583 |
American Funds Insurance Series — Bond Fund — Page 136 of 207
unaudited
Bonds, notes & other debt instruments (continued) Mortgage-backed obligations (continued) Collateralized mortgage-backed obligations (privately originated) (continued) | Principal amount (000) | Value (000) |
Onslow Bay Financial LLC, Series 2020-INV1, Class A5, 3.50% 20492,5,7 | $2,786 | $2,889 |
Starwood Mortgage Residential Trust, Series 2019-IMC1, Class A1, 3.468% 20492,5,7 | 2,327 | 2,389 |
60,464 | ||
Commercial mortgage-backed securities 0.29% | ||
Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 20527 | 100 | 116 |
Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 20527 | 770 | 908 |
Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 20617 | 1,018 | 1,147 |
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 20617 | 130 | 146 |
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A5, 3.688% 20617 | 205 | 234 |
Bank Commercial Mortgage Trust, Series 2018-BN12, Class A4, 4.255% 20615,7 | 2,444 | 2,893 |
Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 20637 | 295 | 315 |
Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 20527 | 2,541 | 3,033 |
Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 20535,7 | 781 | 948 |
Citigroup Commercial Mortgage Trust, Series 2016-C1, Class AS, 3.514% 20497 | 250 | 272 |
Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 20497 | 610 | 675 |
Commercial Mortgage Trust, Series 2012-CR3, Class B, 3.922% 20452,7 | 430 | 433 |
Commercial Mortgage Trust, Series 2013-LC13, Class B, 5.009% 20462,5,7 | 312 | 297 |
Commercial Mortgage Trust, Series 2014-LC15, Class AM, 4.198% 20477 | 350 | 373 |
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class C, 4.732% 20485,7 | 204 | 189 |
CSAIL Commercial Mortgage Trust, Series 2015-C1, Class B, 4.044% 20505,7 | 300 | 296 |
Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 20497 | 200 | 211 |
GS Mortgage Securities Corp. II, Series 2011-GC5, Class B, 5.555% 20442,5,7 | 530 | 519 |
GS Mortgage Securities Corp. II, Series 2017-GS7, Class A4, 3.43% 20507 | 400 | 448 |
GS Mortgage Securities Corp. II, Series 2020-GC47, Class A5, 2.377% 20537 | 1,536 | 1,630 |
GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 20527 | 100 | 117 |
JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class A5, 4.079% 20477 | 730 | 793 |
JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 20507 | 640 | 722 |
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-BCON, Class A, 3.735% 20312,7 | 785 | 821 |
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% 20495,7 | 2,040 | 2,287 |
L.A. Arena Funding, LLC, Series 1, Class A, 7.656% 20262,7 | 292 | 286 |
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A-4, 3.306% 20487 | 410 | 439 |
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A-4, 3.72% 20497 | 245 | 275 |
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class AS, 4.114% 20487 | 730 | 791 |
Morgan Stanley Capital I Trust, Series 2016-UBS9, Class C, 4.698% 20495,7 | 208 | 192 |
Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class A-4, 3.789% 20487 | 2,445 | 2,664 |
Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class C, 4.24% 20485,7 | 220 | 205 |
Wells Fargo Commercial Mortgage Trust, Series 2016-BNK1, Class B, 2.967% 20497 | 350 | 333 |
Wells Fargo Commercial Mortgage Trust, Series 2016-C34, Class AS, 3.484% 20497 | 130 | 136 |
Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 20497 | 2,550 | 2,885 |
Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 20527 | 1,019 | 1,140 |
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class AS, 3.988% 20597 | 250 | 269 |
Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 20607 | 205 | 229 |
29,667 | ||
Total mortgage-backed obligations | 2,955,043 | |
U.S. Treasury bonds & notes 22.97% U.S. Treasury 19.66% | ||
U.S. Treasury 8.75% 2020 | 38,500 | 38,906 |
U.S. Treasury 2.625% 2023 | 70,000 | 75,928 |
U.S. Treasury 2.75% 2023 | 173,600 | 186,240 |
U.S. Treasury 2.125% 2024 | 72,100 | 77,834 |
U.S. Treasury 2.125% 202410 | 72,100 | 77,643 |
American Funds Insurance Series — Bond Fund — Page 137 of 207
unaudited
Bonds, notes & other debt instruments (continued) U.S. Treasury bonds & notes (continued) U.S. Treasury (continued) | Principal amount (000) | Value (000) |
U.S. Treasury 0.25% 2025 | $140,050 | $139,869 |
U.S. Treasury 0.25% 2025 | 81,433 | 81,283 |
U.S. Treasury 0.375% 2025 | 70,600 | 70,917 |
U.S. Treasury 2.875% 202510 | 96,200 | 108,665 |
U.S. Treasury 2.875% 2025 | 72,100 | 81,065 |
U.S. Treasury 1.375% 202610 | 75,000 | 79,349 |
U.S. Treasury 1.625% 2026 | 50,000 | 53,681 |
U.S. Treasury 1.75% 2026 | 40,800 | 44,188 |
U.S. Treasury 0.50% 202710 | 212,200 | 212,476 |
U.S. Treasury 2.25% 202710 | 120,200 | 135,338 |
U.S. Treasury 2.25% 202710 | 72,100 | 80,521 |
U.S. Treasury 6.125% 2027 | 24,000 | 33,840 |
U.S. Treasury 2.875% 2028 | 72,100 | 85,376 |
U.S. Treasury 1.125% 2040 | 88,288 | 87,460 |
U.S. Treasury 2.25% 204910 | 51,052 | 61,375 |
U.S. Treasury 3.00% 204910 | 150,000 | 207,033 |
U.S. Treasury 1.25% 205010 | 13,000 | 12,483 |
U.S. Treasury 2.00% 2050 | 6,281 | 7,190 |
2,038,660 | ||
U.S. Treasury inflation-protected securities 3.31% | ||
U.S. Treasury Inflation-Protected Security 0.375% 202710,11 | 78,626 | 85,537 |
U.S. Treasury Inflation-Protected Security 0.50% 202810,11 | 77,974 | 85,561 |
U.S. Treasury Inflation-Protected Security 1.00% 204910,11 | 106,447 | 142,344 |
U.S. Treasury Inflation-Protected Security 0.25% 205011 | 26,433 | 29,712 |
343,154 | ||
Total U.S. Treasury bonds & notes | 2,381,814 | |
Bonds & notes of governments & government agencies outside the U.S. 3.32% | ||
Abu Dhabi (Emirate of) 2.50% 20252 | 10,000 | 10,558 |
Abu Dhabi (Emirate of) 3.125% 20302 | 7,775 | 8,586 |
Abu Dhabi (Emirate of) 3.875% 20502 | 5,560 | 6,593 |
Dominican Republic 5.95% 20272 | 8,100 | 8,178 |
Italy (Republic of) 0.95% 2023 | €45,000 | 51,552 |
Italy (Republic of) 1.50% 2025 | 33,327 | 38,974 |
Japan, Series 20, 0.10% 202511 | ¥11,441,250 | 105,411 |
Portuguese Republic 5.125% 2024 | $24,775 | 28,867 |
Portuguese Republic 5.65% 2024 | €20,000 | 27,369 |
PT Indonesia Asahan Aluminium Tbk 5.23% 20212 | $1,862 | 1,946 |
PT Indonesia Asahan Aluminium Tbk 5.71% 20232 | 1,020 | 1,109 |
PT Indonesia Asahan Aluminium Tbk 4.75% 20252 | 1,270 | 1,360 |
PT Indonesia Asahan Aluminium Tbk 5.45% 20302 | 340 | 380 |
PT Indonesia Asahan Aluminium Tbk 5.80% 20502 | 1,150 | 1,291 |
Qatar (State of) 4.50% 20282 | 5,100 | 6,024 |
Qatar (State of) 5.103% 20482 | 3,400 | 4,634 |
Saudi Arabia (Kingdom of) 3.628% 20272 | 5,000 | 5,481 |
Saudi Arabia (Kingdom of) 3.625% 20282 | 11,435 | 12,594 |
United Mexican States, Series M, 5.75% 2026 | MXN527,500 | 23,581 |
344,488 |
American Funds Insurance Series — Bond Fund — Page 138 of 207
unaudited
Bonds, notes & other debt instruments (continued) Asset-backed obligations 2.26% | Principal amount (000) | Value (000) |
Aesop Funding LLC, Series 2020-1A, Class A, 2.33% 20262,7 | $7,689 | $7,462 |
AmeriCredit Automobile Receivables Trust, Series 2017-1, Class C, 2.71% 20227 | 5,970 | 6,036 |
CarMaxAuto Owner Trust, Series 2019-2, Class C, 3.16% 20257 | 400 | 406 |
CPS Auto Receivables Trust, Series 2017-B, Class C, 2.92% 20222,7 | 980 | 981 |
CPS Auto Receivables Trust, Series 2019-B, Class C, 3.35% 20242,7 | 835 | 851 |
CPS Auto Receivables Trust, Series 2019-C, Class C, 2.84% 20252,7 | 743 | 751 |
CPS Auto Receivables Trust, Series 2019-C, Class D, 3.17% 20252,7 | 1,125 | 1,130 |
CPS Auto Receivables Trust, Series 2019-B, Class D, 3.69% 20252,7 | 3,045 | 3,100 |
Credit Acceptance Auto Loan Trust, Series 2020-1A, Class A, 2.01% 20292,7 | 7,411 | 7,541 |
Drive Auto Receivables Trust, Series 2019-2, Class B, 3.17% 20237 | 2,480 | 2,508 |
Drive Auto Receivables Trust, Series 2019-3, Class C, 2.90% 20257 | 4,910 | 4,989 |
Drive Auto Receivables Trust, Series 2019-2, Class C, 3.42% 20257 | 4,665 | 4,747 |
Drive Auto Receivables Trust, Series 2019-3, Class D, 3.18% 20267 | 4,020 | 4,085 |
Drivetime Auto Owner Trust, Series 2019-3, Class C, 2.74% 20252,7 | 880 | 891 |
Drivetime Auto Owner Trust, Series 2019-3, Class D, 2.96% 20252,7 | 1,915 | 1,926 |
Drivetime Auto Owner Trust, Series 2019-2A, Class C, 3.18% 20252,7 | 2,565 | 2,603 |
Drivetime Auto Owner Trust, Series 2019-2A, Class D, 3.48% 20252,7 | 4,250 | 4,316 |
Exeter Automobile Receivables Trust, Series 2017-3A, Class B, 2.81% 20222,7 | 3,558 | 3,571 |
Exeter Automobile Receivables Trust, Series 2019-2A, Class B, 3.06% 20232,7 | 3,140 | 3,167 |
Exeter Automobile Receivables Trust, Series 2019-3A, Class C, 2.79% 20242,7 | 5,000 | 5,081 |
Exeter Automobile Receivables Trust, Series 2019-2A, Class C, 3.30% 20242,7 | 2,500 | 2,542 |
Exeter Automobile Receivables Trust, Series 2019-1A, Class C, 3.82% 20242,7 | 4,145 | 4,235 |
Exeter Automobile Receivables Trust, Series 2019-3A, Class D, 3.11% 20252,7 | 5,000 | 5,049 |
Exeter Automobile Receivables Trust, Series 2019-2A, Class D, 3.71% 20252,7 | 6,000 | 6,137 |
Ford Credit Auto Owner Trust, Series 2016-2, Class A, 2.03% 20272,7 | 26,755 | 27,074 |
Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 20302,7 | 17,675 | 18,727 |
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.52% 20302,7 | 1,500 | 1,607 |
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 20312,7 | 7,582 | 7,717 |
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 20312,7 | 31,410 | 33,688 |
Ford Credit Floorplan Master Owner Trust, Series 2019-3, Class A1, 2.23% 20247 | 2,625 | 2,668 |
GM Financial Automobile Leasing Trust, Series 2020-2, Class B, 1.56% 20247 | 360 | 361 |
GM Financial Automobile Leasing Trust, Series 2020-2, Class C, 2.56% 20247 | 301 | 302 |
GM Financial Automobile Leasing Trust, Series 2020-2, Class D, 3.21% 20247 | 425 | 427 |
GM Financial Consumer Automobile Receivables Trust, Series 2018-1, Class B, 2.57% 20237 | 520 | 531 |
GM Financial Consumer Automobile Receivables Trust, Series 2018-1, Class C, 2.77% 20237 | 360 | 367 |
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2016-4A, Class A, 2.65% 20222,7 | 3,220 | 3,175 |
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2019-3A, Class A, 2.67% 20252,7 | 6,828 | 6,776 |
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2019-2A, Class A, 3.42% 20252,7 | 3,627 | 3,593 |
Home Equity Mortgage Trust, Series 2006-6, Class 2A1, (1-month USD-LIBOR + 0.10%) 0.385% 20375,7 | 1,326 | 61 |
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70% 20242,7 | 2,190 | 2,221 |
Prestige Auto Receivables Trust, Series 2019-1A, Class D, 3.01% 20252,7 | 1,355 | 1,366 |
Santander Drive Auto Receivables Trust, Series 2016-3, Class C, 2.46% 20227 | 63 | 63 |
Santander Drive Auto Receivables Trust, Series 2017-1, Class C, 2.58% 20227 | 230 | 230 |
Santander Drive Auto Receivables Trust, Series 2017-3, Class C, 2.76% 20227 | 2,051 | 2,060 |
Santander Drive Auto Receivables Trust, Series 2019-2, Class D, 3.22% 20257 | 3,110 | 3,194 |
Social Professional Loan Program LLC, Series 2015-C, Class A2, 2.51% 20332,7 | 866 | 874 |
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 20312,7 | 6,000 | 6,395 |
Toyota Auto Loan Extended Note Trust, Series 2020-1, Class A, 1.35% 20332,7 | 2,312 | 2,351 |
Verizon Owner Trust, Series 2017-1A, Class B, 2.45% 20212,7 | 681 | 681 |
Verizon Owner Trust, Series 2017-1A, Class C, 2.65% 20212,7 | 2,000 | 2,001 |
Verizon Owner Trust, Series 2017-3A, Class A1A, 2.06% 20222,7 | 1,331 | 1,337 |
Verizon Owner Trust, Series 2017-3A, Class B, 2.38% 20222,7 | 2,450 | 2,473 |
American Funds Insurance Series — Bond Fund — Page 139 of 207
unaudited
Bonds, notes & other debt instruments (continued) Asset-backed obligations (continued) | Principal amount (000) | Value (000) |
Voya Ltd., CLO, Series 2014-3A, Class A1R, (3-month USD-LIBOR + 0.72%) 1.711% 20262,5,7 | $1,783 | $1,773 |
World Financial Network Credit Card Master Note Trust, Series 2019-C, Class A, 2.21% 20267 | 16,000 | 16,334 |
234,532 | ||
Municipals 2.25% Illinois 2.00% | ||
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2009-E, 6.138% 2039 | 30,835 | 31,510 |
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-C, 6.319% 2029 | 65 | 67 |
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-D, 6.519% 2040 | 8,945 | 9,193 |
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2011-A, 5.50% 2039 | 410 | 417 |
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2015-C, 5.25% 2039 | 1,190 | 1,236 |
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2026 | 1,100 | 1,193 |
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2030 | 2,205 | 2,395 |
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2034 | 490 | 523 |
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-D, 5.00% 2031 | 980 | 1,060 |
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-G, 5.00% 2044 | 1,350 | 1,416 |
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-H, 5.00% 2036 | 980 | 1,040 |
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-H, 5.00% 2046 | 2,770 | 2,902 |
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2026 | 730 | 792 |
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2028 | 855 | 1,007 |
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2029 | 430 | 504 |
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2029 | 245 | 269 |
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2030 | 245 | 285 |
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2030 | 245 | 269 |
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2031 | 490 | 567 |
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2032 | 490 | 564 |
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2033 | 245 | 281 |
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2034 | 280 | 301 |
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-C, Assured Guaranty Municipal insured, 5.00% 2028 | 1,090 | 1,283 |
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-C, Assured Guaranty Municipal insured, 5.00% 2029 | 730 | 855 |
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Capital Appreciation Bonds, Series 1998-B-1, National insured, 0% 2031 | 490 | 327 |
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 2011-A, 5.00% 2041 | 665 | 671 |
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 2012-A, 5.00% 2042 | 1,875 | 1,903 |
American Funds Insurance Series — Bond Fund — Page 140 of 207
unaudited
Bonds, notes & other debt instruments (continued) Municipals (continued) Illinois (continued) | Principal amount (000) | Value (000) |
G.O. Bonds, Pension Funding, Series 2003, 4.95% 2023 | $22,553 | $22,791 |
G.O. Bonds, Pension Funding, Series 2003, 5.10% 2033 | 107,310 | 109,019 |
G.O. Bonds, Series 2013-B, 4.11% 2022 | 750 | 743 |
G.O. Bonds, Series 2013-B, 4.31% 2023 | 2,125 | 2,104 |
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.85% 2022 | 2,370 | 2,441 |
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.95% 2023 | 3,210 | 3,361 |
G.O. Bonds, Taxable Build America Bonds, Series 2010-5, 6.20% 2021 | 3,892 | 3,926 |
207,215 | ||
Florida 0.14% | ||
Hurricane Catastrophe Fund Fin. Corp., Rev. Bonds, Series 2013-A, 2.995% 2020 | 14,400 | 14,400 |
California 0.07% | ||
G.O. Bonds, Series 2009, 7.50% 2034 | 2,100 | 3,431 |
High-Speed Passenger Train G.O. Rev. Ref. Bonds, Series 2017-A, 2.367% 2022 | 3,775 | 3,891 |
7,322 | ||
Texas 0.04% | ||
Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 2052 | 4,075 | 4,253 |
Total municipals | 233,190 | |
Federal agency bonds & notes 0.12% | ||
Fannie Mae 2.125% 2026 | 11,910 | 12,984 |
Total bonds, notes & other debt instruments (cost: $9,593,431,000) | 10,128,451 | |
Common stocks 0.00% Energy 0.00% | Shares | |
Tribune Resources, LLC9,12,13 | 83,079 | 53 |
Communication services 0.00% | ||
Adelphia Recovery Trust, Series ACC-19,12,13 | 2,409,545 | 2 |
Total common stocks (cost: $605,000) | 55 | |
Rights & warrants 0.00% Energy 0.00% | ||
Ultra Petroleum Corp., warrants, expire 202513 | 8,750 | —6 |
Tribune Resources, LLC, Class A, warrants, expire 20239,12,13 | 112,665 | —6 |
Tribune Resources, LLC, Class B, warrants, expire 20239,12,13 | 87,629 | —6 |
Tribune Resources, LLC, Class C, warrants, expire 20239,12,13 | 17,050 | —6 |
Total rights & warrants (cost: $18,000) | —6 |
American Funds Insurance Series — Bond Fund — Page 141 of 207
unaudited
Short-term securities 15.05% Money market investments 15.05% | Shares | Value (000) |
Capital Group Central Cash Fund 0.18%14 | 15,608,123 | $1,560,968 |
Total short-term securities (cost: $1,561,082,000) | 1,560,968 | |
Total investment securities 112.72% (cost: $11,155,136,000) | 11,689,474 | |
Other assets less liabilities (12.72)% | (1,319,171) | |
Net assets 100.00% | $10,370,303 |
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount15 (000) | Value at 6/30/202016 (000) | Unrealized (depreciation) appreciation at 6/30/2020 (000) |
90 Day Euro Dollar Futures | Short | 8,002 | March 2022 | $(2,000,500) | $(1,996,899) | $(1,117) |
2 Year U.S. Treasury Note Futures | Long | 4,554 | October 2020 | 910,800 | 1,005,651 | 158 |
5 Year Euro-Bobl Futures | Short | 1,473 | September 2020 | €(147,300) | (223,380) | (1,060) |
5 Year U.S. Treasury Note Futures | Long | 18,481 | October 2020 | $1,848,100 | 2,323,841 | 6,308 |
10 Year Euro-Bund Futures | Short | 496 | September 2020 | €(49,600) | (98,367) | (1,054) |
10 Year U.S. Treasury Note Futures | Short | 1,329 | September 2020 | $(132,900) | (184,959) | (1,365) |
10 Year Ultra U.S. Treasury Note Futures | Short | 3,029 | September 2020 | (302,900) | (477,020) | (2,235) |
30 Year Euro-Buxl Futures | Long | 245 | September 2020 | €24,500 | 60,546 | 1,423 |
30 Year Ultra U.S. Treasury Bond Futures | Long | 90 | September 2020 | $9,000 | 19,634 | 172 |
$1,230 |
Forward currency contracts
Contract amount | Counterparty | Settlement date | Unrealized appreciation (depreciation) at 6/30/2020 (000) | |
Purchases (000) | Sales (000) | |||
USD34,862 | MXN755,000 | Goldman Sachs | 7/6/2020 | $2,038 |
USD122,735 | EUR109,250 | Citibank | 7/6/2020 | (22) |
USD98,493 | JPY10,730,000 | Standard Chartered Bank | 7/9/2020 | (892) |
USD13,461 | JPY1,445,000 | Morgan Stanley | 7/16/2020 | 76 |
USD51,859 | EUR46,000 | Bank of New York Mellon | 7/20/2020 | 155 |
KRW37,816,057 | USD31,778 | JPMorgan Chase | 7/24/2020 | (338) |
KRW112,842,000 | USD93,109 | Morgan Stanley | 7/27/2020 | 710 |
$1,727 |
Swap contracts
Interest rate swaps
Receive | Pay | Expiration date | Notional (000) | Value at 6/30/2020 (000) | Upfront premium paid (000) | Unrealized (depreciation) appreciation at 6/30/2020 (000) |
3-month USD-LIBOR | 2.18075% | 3/29/2024 | $31,600 | $(2,280) | $— | $(2,280) |
3-month USD-LIBOR | 2.194% | 3/29/2024 | 31,900 | (2,317) | — | (2,317) |
3-month USD-LIBOR | 2.21875% | 3/29/2024 | 33,500 | (2,464) | — | (2,464) |
American Funds Insurance Series — Bond Fund — Page 142 of 207
unaudited
Swap contracts (continued)
Interest rate swaps (continued)
Receive | Pay | Expiration date | Notional (000) | Value at 6/30/2020 (000) | Upfront premium paid (000) | Unrealized (depreciation) appreciation at 6/30/2020 (000) |
3-month USD-LIBOR | 2.3105% | 5/3/2024 | $275,590 | $(21,654) | $— | $(21,654) |
6-month EURIBOR | 0.9852% | 10/17/2024 | €25,000 | (1,655) | — | (1,655) |
6-month JPY-LIBOR | 0.0875% | 3/10/2026 | ¥11,100,000 | (652) | — | (652) |
6-month JPY-LIBOR | 0.58295% | 3/23/2046 | 2,000,000 | (1,380) | — | (1,380) |
0.64355% | 6-month JPY-LIBOR | 4/27/2046 | 2,000,000 | 1,663 | — | 1,663 |
$— | $(30,739) |
1 | Step bond; coupon rate may change at a later date. |
2 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,393,295,000, which represented 13.44% of the net assets of the fund. |
3 | Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Most recent payment was 100% cash unless otherwise noted. |
4 | Scheduled interest and/or principal payment was not received. |
5 | Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. |
6 | Amount less than one thousand. |
7 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
8 | Purchased on a TBA basis. |
9 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $1,729,000, which represented .02% 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 $19,605,000, which represented .19% of the net assets of the fund. |
11 | Index-linked bond whose principal amount moves with a government price index. |
12 | Value determined using significant unobservable inputs. |
13 | Security did not produce income during the last 12 months. |
14 | Rate represents the seven-day yield at 6/30/2020. |
15 | Notional amount is calculated based on the number of contracts and notional contract size. |
16 | Value is calculated based on the notional amount and current market price. |
Key to abbreviations and symbols | |
CLO = Collateralized Loan Obligations | Ref. = Refunding |
EUR/€ = Euros | Rev. = Revenue |
EURIBOR = Euro Interbank Offered Rate | SOFR = Secured Overnight Financing Rate |
Fin. = Finance | TBA = To-be-announced |
G.O. = General Obligation | USD/$ = U.S. dollars |
ICE = Intercontinental Exchange, Inc. | |
JPY/¥ = Japanese yen | |
KRW = South Korean won | |
LIBOR = London Interbank Offered Rate | |
MXN = Mexican pesos |
American Funds Insurance Series — Bond Fund — Page 143 of 207
Capital World Bond Fund®
Investment portfolio
June 30, 2020
unaudited
Bonds, notes & other debt instruments 96.43% Euros 18.52% | Principal amount (000) | Value (000) |
Allianz SE 4.75% (3-month EUR-EURIBOR + 3.60% on 10/24/2023)1 | €4,200 | $5,193 |
Altria Group, Inc. 1.00% 2023 | 1,020 | 1,157 |
Altria Group, Inc. 1.70% 2025 | 1,600 | 1,850 |
Altria Group, Inc. 2.20% 2027 | 2,900 | 3,433 |
American Honda Finance Corp. 1.60% 2022 | 620 | 711 |
American Honda Finance Corp. 1.95% 2024 | 560 | 664 |
AT&T Inc. 1.60% 2028 | 2,350 | 2,708 |
Bank of America Corp. 3.684% 2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028)1,2 | 5,000 | 6,731 |
Barclays Bank PLC 6.00% 2021 | 1,000 | 1,155 |
Barclays Bank PLC 6.625% 2022 | 1,070 | 1,313 |
Belgium (Kingdom of) 0% 2027 | 9,160 | 10,518 |
Belgium (Kingdom of) 0.80% 2027 | 4,485 | 5,443 |
Belgium (Kingdom of), Series 85, 0.80% 2028 | 5,325 | 6,505 |
CaixaBank, SA 3.50% 2027 (5-year EUR Mid-Swap + 3.35% on 2/15/2022)1 | 1,500 | 1,722 |
CaixaBank, SA 2.25% 2030 (EUR Annual (vs. 6-month EURIBOR) 5-year + 1.68% on 4/17/2025)1 | 2,400 | 2,659 |
Comcast Corp. 0.25% 2027 | 1,250 | 1,381 |
Cote d’Ivoire (Republic of) 5.25% 2030 | 900 | 945 |
Cote d’Ivoire (Republic of) 5.875% 2031 | 840 | 889 |
Deutsche Telekom International Finance BV 7.50% 2033 | 200 | 390 |
Dow Chemical Co. 0.50% 2027 | 1,110 | 1,182 |
Dow Chemical Co. 1.125% 2032 | 1,010 | 1,040 |
Egypt (Arab Republic of) 5.625% 2030 | 745 | 758 |
Estonia (Republic of) 0.125% 2030 | 980 | 1,108 |
European Financial Stability Facility 0.40% 2025 | 6,000 | 7,029 |
Germany (Federal Republic of) 0.10% 20263 | 3,815 | 4,584 |
Germany (Federal Republic of) 0% 2030 | 9,000 | 10,609 |
Germany (Federal Republic of) 0.50% 20303 | 4,847 | 6,387 |
Germany (Federal Republic of) 0% 2050 | 3,220 | 3,631 |
Goldman Sachs Group, Inc. 3.375% 20252 | 5,000 | 6,271 |
Greece (Hellenic Republic of) 3.45% 2024 | 9,595 | 11,968 |
Greece (Hellenic Republic of) 3.375% 2025 | 10,805 | 13,660 |
Greece (Hellenic Republic of) 3.75% 2028 | 9,564 | 12,885 |
Greece (Hellenic Republic of) 3.875% 2029 | 10,824 | 14,904 |
Greece (Hellenic Republic of) 1.50% 2030 | 10,670 | 12,324 |
Groupe BPCE SA 4.625% 2023 | 1,200 | 1,499 |
Groupe BPCE SA 1.00% 2025 | 2,900 | 3,306 |
Honeywell International Inc. 0.75% 2032 | 370 | 408 |
Hungary 1.625% 2032 | 1,390 | 1,571 |
Intesa Sanpaolo SpA 6.625% 2023 | 510 | 653 |
Ireland (Republic of) 0.20% 2030 | 900 | 1,033 |
Israel (State of) 1.50% 2027 | 775 | 930 |
Israel (State of) 1.50% 2029 | 725 | 874 |
Italy (Republic of) 0.05% 2023 | 5,310 | 5,947 |
Italy (Republic of) 0.10% 20233 | 25,258 | 28,969 |
Italy (Republic of) 1.85% 2025 | 11,220 | 13,307 |
Italy (Republic of) 2.80% 2028 | 22,918 | 29,258 |
American Funds Insurance Series — Capital World Bond Fund — Page 144 of 207
unaudited
Bonds, notes & other debt instruments (continued) Euros (continued) | Principal amount (000) | Value (000) |
Italy (Republic of) 1.35% 2030 | €1,657 | $1,885 |
Italy (Republic of) 1.65% 2030 | 8,102 | 9,398 |
JPMorgan Chase & Co. 0.389% 2028 (3-month EURIBOR + 0.65% on 2/24/2027)1,2 | 3,208 | 3,522 |
Lithuania (Republic of) 0.75% 2030 | 1,520 | 1,818 |
Lloyds Banking Group PLC 1.75% 20281 | 2,400 | 2,692 |
Morocco (Kingdom of) 3.50% 2024 | 1,400 | 1,723 |
Morocco (Kingdom of) 1.50% 2031 | 4,100 | 4,303 |
Morocco (Kingdom of) 1.50% 2031 | 1,700 | 1,784 |
Philippines (Republic of) 0.70% 2029 | 940 | 1,005 |
Portuguese Republic 0.70% 2027 | 2,750 | 3,206 |
Portuguese Republic 0.475% 2030 | 1,610 | 1,810 |
Rabobank Nederland 2.50% 2026 (5-year EUR Mid-Swap + 1.40% on 5/26/2021)1 | 2,400 | 2,727 |
Romania 3.624% 2030 | 4,600 | 5,590 |
Romania 2.00% 2032 | 2,665 | 2,804 |
Romania 3.50% 2034 | 835 | 984 |
Romania 3.875% 2035 | 2,810 | 3,415 |
Romania 3.375% 2038 | 4,170 | 4,786 |
Romania 4.625% 2049 | 11,045 | 14,243 |
Romania 4.625% 2049 | 80 | 103 |
Russian Federation 2.875% 2025 | 3,000 | 3,720 |
Russian Federation 2.875% 2025 | 1,500 | 1,860 |
Serbia (Republic of) 3.125% 2027 | 13,987 | 16,481 |
Serbia (Republic of) 1.50% 2029 | 4,943 | 5,219 |
Spain (Kingdom of) 0.80% 2027 | 2,280 | 2,679 |
Spain (Kingdom of) 1.45% 2029 | 1,890 | 2,334 |
Spain (Kingdom of) 1.25% 2030 | 5,250 | 6,364 |
Spain (Kingdom of) 2.70% 2048 | 850 | 1,291 |
State Grid Europe Development (2014) PLC 1.50% 2022 | 194 | 221 |
State Grid Overseas Investment Ltd. 1.25% 2022 | 765 | 869 |
State Grid Overseas Investment Ltd. 1.375% 2025 | 441 | 506 |
State Grid Overseas Investment Ltd. 2.125% 2030 | 200 | 243 |
Stryker Corp. 0.25% 2024 | 480 | 534 |
Stryker Corp. 0.75% 2029 | 980 | 1,086 |
Stryker Corp. 1.00% 2031 | 450 | 501 |
Takeda Pharmaceutical Company, Ltd. 2.25% 2026 | 2,275 | 2,803 |
Takeda Pharmaceutical Company, Ltd. 0.75% 2027 | 2,103 | 2,381 |
Takeda Pharmaceutical Company, Ltd. 1.00% 2029 | 2,943 | 3,303 |
Tunisia (Republic of) 6.75% 2023 | 1,250 | 1,337 |
Tunisia (Republic of) 6.375% 2026 | 3,800 | 3,853 |
Ukraine 6.75% 2026 | 3,119 | 3,572 |
Ukraine 6.75% 2026 | 1,225 | 1,403 |
Ukraine 4.375% 2030 | 2,705 | 2,620 |
UniCredit SpA 5.75% 20251 | 900 | 1,024 |
385,464 | ||
Japanese yen 9.37% | ||
Export-Import Bank of India 0.59% 2022 | ¥400,000 | 3,686 |
Goldman Sachs Group, Inc. 1.00% 20212 | 28,000 | 261 |
Goldman Sachs Group, Inc. 2.80% 20222 | 100,000 | 961 |
Indonesia (Republic of) 0.67% 2021 | 200,000 | 1,845 |
Indonesia (Republic of) 0.54% 2022 | 100,000 | 916 |
Japan, Series 19, 0.10% 20243 | 1,846,386 | 17,054 |
Japan, Series 18, 0.10% 20243 | 1,025,165 | 9,507 |
Japan, Series 20, 0.10% 20253 | 681,390 | 6,278 |
Japan, Series 21, 0.10% 20263 | 990,483 | 9,130 |
American Funds Insurance Series — Capital World Bond Fund — Page 145 of 207
unaudited
Bonds, notes & other debt instruments (continued) Japanese yen (continued) | Principal amount (000) | Value (000) |
Japan, Series 346, 0.10% 2027 | ¥1,040,000 | $9,764 |
Japan, Series 23, 0.10% 20283 | 1,995,731 | 18,424 |
Japan, Series 356, 0.10% 2029 | 3,529,000 | 32,987 |
Japan, Series 24, 0.10% 20293 | 1,610,533 | 14,920 |
Japan, Series 116, 2.20% 2030 | 576,100 | 6,462 |
Japan, Series 145, 1.70% 2033 | 2,210,000 | 24,471 |
Japan, Series 152, 1.20% 2035 | 511,000 | 5,384 |
Japan, Series 21, 2.30% 2035 | 720,000 | 8,709 |
Japan, Series 42, 1.70% 2044 | 641,900 | 7,558 |
Japan, Series 59, 0.70% 2048 | 260,500 | 2,500 |
Japan, Series 12, 0.50% 2059 | 138,850 | 1,234 |
KT Corp. 0.30% 2020 | 600,000 | 5,553 |
KT Corp. 0.31% 2020 | 100,000 | 926 |
United Mexican States 0.70% 2021 | 600,000 | 5,545 |
United Mexican States 0.62% 2022 | 100,000 | 917 |
194,992 | ||
Chinese yuan renminbi 4.68% | ||
China (People’s Republic of), Series 1916, 3.12% 2026 | CNY50,200 | 7,216 |
China (People’s Republic of), Series 1906, 3.29% 2029 | 73,800 | 10,733 |
China (People’s Republic of), Series 1910, 3.86% 2049 | 259,860 | 38,385 |
China Development Bank Corp., Series 1814, 4.15% 2025 | 20,900 | 3,096 |
China Development Bank Corp., Series 1909, 3.50% 2026 | 10,400 | 1,488 |
China Development Bank Corp., Series 2004, 3.43% 2027 | 73,800 | 10,524 |
China Development Bank Corp., Series 1805, 4.04% 2028 | 51,800 | 7,665 |
China Development Bank Corp., Series 1905, 3.48% 2029 | 128,200 | 18,199 |
97,306 | ||
British pounds 3.04% | ||
France Télécom 5.375% 2050 | £300 | 648 |
Lloyds Banking Group PLC 7.625% 2025 | 655 | 1,006 |
United Kingdom 2.75% 2024 | 1,210 | 1,677 |
United Kingdom 1.25% 2027 | 570 | 768 |
United Kingdom 4.25% 2027 | 2,800 | 4,560 |
United Kingdom 0.375% 2030 | 4,970 | 6,262 |
United Kingdom 4.75% 2030 | 14,360 | 26,226 |
United Kingdom 4.25% 2032 | 3,414 | 6,200 |
United Kingdom 3.25% 2044 | 4,440 | 8,639 |
United Kingdom 0.625% 2050 | 5,900 | 7,291 |
63,277 | ||
Canadian dollars 1.90% | ||
Canada 1.00% 2022 | C$1,050 | 785 |
Canada 2.25% 2025 | 15,900 | 12,814 |
Canada 2.25% 2029 | 26,105 | 22,208 |
Canada 2.75% 2048 | 3,500 | 3,701 |
39,508 | ||
Danish kroner 1.88% | ||
Nykredit Realkredit AS, Series 01E, 1.50% 20374 | DKr32,030 | 5,008 |
Nykredit Realkredit AS, Series 01E, 2.00% 20374 | 9,964 | 1,556 |
Nykredit Realkredit AS, Series 01E, 0.50% 20404 | 108,121 | 16,060 |
American Funds Insurance Series — Capital World Bond Fund — Page 146 of 207
unaudited
Bonds, notes & other debt instruments (continued) Danish kroner (continued) | Principal amount (000) | Value (000) |
Nykredit Realkredit AS, Series 01E, 1.50% 20404 | DKr103,266 | $16,029 |
Nykredit Realkredit AS, Series 01E, 2.50% 20474 | 3,666 | 582 |
39,235 | ||
Mexican pesos 1.52% | ||
Petróleos Mexicanos 7.19% 2024 | MXN7,073 | 262 |
Petróleos Mexicanos 7.47% 2026 | 91,927 | 3,141 |
United Mexican States, Series M, 7.50% 2027 | 279,920 | 13,577 |
United Mexican States, Series M20, 8.50% 2029 | 178,400 | 9,195 |
United Mexican States, Series M30, 8.50% 2038 | 21,100 | 1,090 |
United Mexican States, Series M, 8.00% 2047 | 89,500 | 4,367 |
31,632 | ||
Malaysian ringgits 1.48% | ||
Malaysia (Federation of), Series 0310, 4.498% 2030 | MYR8,420 | 2,200 |
Malaysia (Federation of), Series 0418, 4.893% 2038 | 64,732 | 17,627 |
Malaysia (Federation of), Series 0219, 4.467% 2039 | 9,167 | 2,357 |
Malaysia (Federation of), Series 0519, 3.757% 2040 | 21,733 | 5,162 |
Malaysia (Federation of), Series 0713, 4.935% 2043 | 313 | 84 |
Malaysia (Federation of), Series 0216, 4.736% 2046 | 7,559 | 1,958 |
Malaysia (Federation of), Series 0518, 4.921% 2048 | 5,722 | 1,537 |
30,925 | ||
Israeli shekels 1.16% | ||
Israel (State of) 2.00% 2027 | ILS42,900 | 13,686 |
Israel (State of) 5.50% 2042 | 20,200 | 10,393 |
24,079 | ||
Russian rubles 1.14% | ||
Russian Federation 7.00% 2023 | RUB430,300 | 6,444 |
Russian Federation 6.90% 2029 | 248,750 | 3,785 |
Russian Federation 7.65% 2030 | 342,000 | 5,449 |
Russian Federation 8.50% 2031 | 82,440 | 1,401 |
Russian Federation 7.70% 2033 | 295,840 | 4,762 |
Russian Federation 7.25% 2034 | 121,920 | 1,903 |
23,744 | ||
South Korean won 0.92% | ||
South Korea (Republic of), Series 2503, 1.50% 2025 | KRW13,411,000 | 11,353 |
South Korea (Republic of), Series 2712, 2.375% 2027 | 8,658,930 | 7,747 |
19,100 | ||
Brazilian reais 0.81% | ||
Brazil (Federative Republic of) 0% 2020 | BRL91,700 | 16,861 |
South African rand 0.68% | ||
South Africa (Republic of), Series R-214, 6.50% 2041 | ZAR152,050 | 5,588 |
South Africa (Republic of), Series R-2044, 8.75% 2044 | 46,725 | 2,127 |
South Africa (Republic of), Series R-2048, 8.75% 2048 | 140,650 | 6,393 |
14,108 | ||
Thai baht 0.43% | ||
Thailand (Kingdom of) 2.125% 2026 | THB257,750 | 8,940 |
American Funds Insurance Series — Capital World Bond Fund — Page 147 of 207
unaudited
Bonds, notes & other debt instruments (continued) Ukrainian hryvnia 0.33% | Principal amount (000) | Value (000) |
Ukraine 16.06% 2022 | UAH86,536 | $3,572 |
Ukraine 17.00% 2022 | 60,180 | 2,495 |
Ukraine 17.25% 2022 | 19,484 | 794 |
6,861 | ||
Singapore dollars 0.29% | ||
Singapore (Republic of) 2.625% 2028 | S$3,307 | 2,699 |
Singapore (Republic of) 2.875% 2029 | 1,906 | 1,602 |
Singapore (Republic of) 2.875% 2030 | 2,037 | 1,733 |
6,034 | ||
Indonesian rupiah 0.21% | ||
Indonesia (Republic of), Series 78, 8.25% 2029 | IDR30,605,000 | 2,288 |
Indonesia (Republic of), Series 68, 8.375% 2034 | 27,353,000 | 2,020 |
4,308 | ||
Indian rupees 0.18% | ||
National Highways Authority of India 7.17% 2021 | INR220,000 | 3,032 |
National Highways Authority of India 7.27% 2022 | 50,000 | 697 |
3,729 | ||
Chilean pesos 0.16% | ||
Chile (Republic of) 4.50% 2026 | CLP2,295,000 | 3,277 |
Argentine pesos 0.14% | ||
Argentine Republic 2.50% 20213 | ARS179,383 | 1,679 |
Argentine Republic 4.00% 20233 | 19,619 | 169 |
Argentine Republic 1.40% 20233 | 126,301 | 1,006 |
Buenos Aires (City of) (Badlar Private Banks ARS Index + 3.75%) 29.672% 20285 | 13,568 | 106 |
2,960 | ||
Uruguayan pesos 0.10% | ||
Uruguay (Oriental Republic of) 8.50% 2028 | UYU95,641 | 2,079 |
Dominican pesos 0.07% | ||
Dominican Republic 9.75% 2026 | DOP90,700 | 1,400 |
Polish zloty 0.07% | ||
Poland (Republic of), Series 1029, 2.75% 2029 | PLN4,900 | 1,395 |
Romanian leu 0.06% | ||
Romania 4.75% 2025 | RON5,000 | 1,217 |
U.S. dollars 47.29% | ||
Abbott Laboratories 3.40% 2023 | $137 | 150 |
Abbott Laboratories 3.75% 2026 | 793 | 923 |
AbbVie Inc. 2.90% 2022 | 1,170 | 1,228 |
AbbVie Inc. 3.20% 2022 | 200 | 210 |
AbbVie Inc. 3.20% 2026 | 2,007 | 2,234 |
AbbVie Inc. 4.50% 2035 | 410 | 506 |
American Funds Insurance Series — Capital World Bond Fund — Page 148 of 207
unaudited
Bonds, notes & other debt instruments (continued) U.S. dollars (continued) | Principal amount (000) | Value (000) |
AbbVie Inc. 4.75% 20452 | $130 | $162 |
Abu Dhabi (Emirate of) 2.50% 20252 | 2,195 | 2,318 |
ACE INA Holdings Inc. 2.30% 2020 | 180 | 181 |
ACE INA Holdings Inc. 2.875% 2022 | 195 | 205 |
ACE INA Holdings Inc. 3.35% 2026 | 195 | 223 |
ACE INA Holdings Inc. 4.35% 2045 | 425 | 555 |
Adient US LLC 9.00% 20252 | 212 | 229 |
Adobe Inc. 2.15% 2027 | 1,062 | 1,141 |
ADT Corp. 3.50% 2022 | 595 | 593 |
Advisor Group Holdings, LLC 6.25% 20282 | 295 | 275 |
AES Corp. 5.50% 2025 | 550 | 566 |
Aetna Inc. 2.80% 2023 | 340 | 358 |
AG Merger Sub II, Inc. 10.75% 20272 | 264 | 259 |
Allison Transmission Holdings, Inc. 5.00% 20242 | 455 | 455 |
Almonde Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 8.25% 20255,6 | 650 | 567 |
Altice NV 7.50% 20262 | 50 | 53 |
Altria Group, Inc. 4.50% 2043 | 2,121 | 2,285 |
Altria Group, Inc. 5.95% 2049 | 131 | 172 |
Amazon.com, Inc. 2.80% 2024 | 1,010 | 1,098 |
Amazon.com, Inc. 1.50% 2030 | 2,040 | 2,073 |
Amazon.com, Inc. 2.50% 2050 | 2,500 | 2,542 |
American Campus Communities, Inc. 3.75% 2023 | 1,810 | 1,860 |
American Campus Communities, Inc. 4.125% 2024 | 1,195 | 1,257 |
American Campus Communities, Inc. 3.875% 2031 | 514 | 540 |
American Energy-Permian Basin, LLC / AEPB Finance Corp. 12.00% 20242,7,8,9 | 355 | 43 |
Amgen Inc. 1.90% 2025 | 580 | 606 |
Amgen Inc. 2.20% 2027 | 445 | 470 |
Angola (Republic of) 8.25% 2028 | 2,200 | 1,821 |
Anheuser-Busch Company / InBev Worldwide 4.70% 2036 | 1,780 | 2,101 |
Anheuser-Busch InBev NV 4.15% 2025 | 2,230 | 2,532 |
Anheuser-Busch InBev NV 4.00% 2028 | 1,050 | 1,212 |
Anheuser-Busch InBev NV 4.75% 2029 | 2,535 | 3,065 |
Anheuser-Busch InBev NV 4.50% 2050 | 2,250 | 2,695 |
Antero Resources Corp. 5.75% 20282 | 50 | 40 |
Apple Inc. 2.50% 2022 | 1,200 | 1,241 |
Apple Inc. 3.35% 2027 | 1,075 | 1,220 |
Applied Systems, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.00% 20255,6 | 80 | 80 |
Argentine Republic 6.875% 20217 | 3,575 | 1,509 |
Argentine Republic 7.50% 20267 | 2,200 | 901 |
Argentine Republic 6.875% 2048 | 1,695 | 667 |
Associated Materials, LLC 9.00% 20242 | 1,069 | 920 |
AstraZeneca PLC 3.50% 2023 | 2,700 | 2,923 |
AT&T Inc. 4.25% 2027 | 3,775 | 4,314 |
AT&T Inc. 2.75% 2031 | 6,250 | 6,480 |
AT&T Inc. 3.65% 2051 | 2,020 | 2,117 |
Autoridad del Canal de Panama 4.95% 20352 | 1,000 | 1,144 |
Avis Budget Group, Inc. 5.50% 2023 | 110 | 91 |
Avis Budget Group, Inc. 5.25% 20252 | 350 | 282 |
Avis Budget Group, Inc. 10.50% 20252 | 202 | 225 |
B&G Foods, Inc. 5.25% 2025 | 250 | 252 |
Baidu Inc. 3.425% 2030 | 675 | 735 |
Baker Hughes, a GE Co. 4.486% 2030 | 68 | 78 |
Bank of America Corp. 3.55% 2024 (3-month USD-LIBOR + 0.78% on 3/5/2023)1 | 1,400 | 1,497 |
Bank of America Corp. 2.496% 2031 (3-month USD-LIBOR + 0.99% on 2/13/2030)1 | 1,830 | 1,921 |
Bank of America Corp. 2.592% 2031 (USD-SOFR + 2.15% on 4/29/2030)1 | 2,980 | 3,159 |
American Funds Insurance Series — Capital World Bond Fund — Page 149 of 207
unaudited
Bonds, notes & other debt instruments (continued) U.S. dollars (continued) | Principal amount (000) | Value (000) |
Bank of America Corp. 4.083% 2051 (3-month USD-LIBOR + 3.15% on 3/20/2050)1 | $3,030 | $3,798 |
Bausch Health Companies Inc. 9.25% 20262 | 795 | 864 |
Bausch Health Companies Inc. 5.00% 20282 | 315 | 297 |
Bayer AG 3.375% 20242 | 840 | 917 |
Bayer US Finance II LLC 3.875% 20232 | 900 | 988 |
Bayer US Finance II LLC 4.25% 20252 | 203 | 233 |
Bayerische Motoren Werke AG 2.95% 20222 | 3,675 | 3,810 |
Bayerische Motoren Werke AG 3.15% 20242 | 5,000 | 5,355 |
Bayerische Motoren Werke AG 3.90% 20252 | 900 | 1,001 |
Bayerische Motoren Werke AG 4.15% 20302 | 900 | 1,039 |
Becton, Dickinson and Company 3.70% 2027 | 933 | 1,044 |
Becton, Dickinson and Company 2.823% 2030 | 3,312 | 3,515 |
Berkshire Hathaway Energy Co. 3.70% 20302 | 725 | 851 |
Berkshire Hathaway Energy Co. 4.25% 20502 | 300 | 377 |
BMC Software, Inc. 7.125% 20252 | 70 | 74 |
BMC Software, Inc. 9.125% 20262 | 60 | 62 |
Boeing Co. 5.15% 2030 | 4,000 | 4,471 |
Boeing Co. 5.805% 2050 | 2,905 | 3,435 |
Brandywine Operating Partnership, LP 3.95% 2023 | 190 | 196 |
Braskem SA 4.50% 20302 | 745 | 683 |
Brazil (Federative Republic of) 3.875% 2030 | 2,080 | 2,009 |
Bristol-Myers Squibb Co. 2.90% 20242 | 2,756 | 2,985 |
British American Tobacco International Finance PLC 3.50% 20222 | 385 | 404 |
British American Tobacco PLC 2.789% 2024 | 1,150 | 1,213 |
British American Tobacco PLC 3.215% 2026 | 955 | 1,027 |
British American Tobacco PLC 3.557% 2027 | 1,545 | 1,673 |
British American Tobacco PLC 3.462% 2029 | 1,150 | 1,226 |
British American Tobacco PLC 4.39% 2037 | 3,230 | 3,528 |
British American Tobacco PLC 4.758% 2049 | 894 | 996 |
Broadcom Inc. 3.15% 20252 | 910 | 967 |
Broadcom Inc. 4.15% 20302 | 2,810 | 3,064 |
Brookfield Property REIT Inc. 5.75% 20262 | 650 | 551 |
Cablevision Systems Corp. 6.75% 2021 | 950 | 1,000 |
Canadian Natural Resources Ltd. 2.95% 2030 | 2,343 | 2,330 |
Carnival Corp. 11.50% 20232 | 2,630 | 2,847 |
Carrier Global Corp. 2.242% 20252 | 530 | 544 |
Carrier Global Corp. 2.493% 20272 | 438 | 447 |
CCCI Treasure Ltd. 3.425% (UST Yield Curve Rate T Note Constant Maturity 5-year + 1.998% on 2/21/2025)1 | 2,680 | 2,661 |
CCCI Treasure Ltd. 3.65% (UST Yield Curve Rate T Note Constant Maturity 5-year + 3.00% on 2/21/2027)1 | 510 | 506 |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 20262 | 475 | 492 |
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 20302 | 1,125 | 1,152 |
CCO Holdings LLC and CCO Holdings Capital Corp. 4.75% 20302 | 275 | 282 |
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 20322 | 165 | 167 |
CCO Holdings LLC and CCO Holdings Capital Corp. 3.75% 2028 | 2,650 | 2,893 |
Centene Corp. 4.75% 2022 | 540 | 549 |
Centene Corp. 4.75% 2025 | 350 | 359 |
Centene Corp. 4.625% 2029 | 405 | 430 |
CenturyLink, Inc. 6.75% 2023 | 800 | 862 |
CenturyLink, Inc. 7.50% 2024 | 250 | 275 |
CenturyLink, Inc. 5.125% 20262 | 225 | 225 |
CenturyLink, Inc. 4.00% 20272 | 75 | 73 |
CenturyLink, Inc., Series T, 5.80% 2022 | 325 | 335 |
Chemours Co. 6.625% 2023 | 540 | 520 |
Chesapeake Energy Corp. 4.875% 2022 | 915 | 32 |
Chesapeake Energy Corp. 11.50% 20252 | 636 | 69 |
American Funds Insurance Series — Capital World Bond Fund — Page 150 of 207
unaudited
Bonds, notes & other debt instruments (continued) U.S. dollars (continued) | Principal amount (000) | Value (000) |
Chesapeake Energy Corp., Term Loan, (3-month USD-LIBOR + 8.00%) 9.00% 20245,6 | $756 | $439 |
Cigna Corp. 3.40% 2021 | 750 | 776 |
Cigna Corp. 4.125% 2025 | 830 | 955 |
CIT Group Inc. 3.929% 2024 (USD-SOFR + 3.827% on 6/19/2023)1 | 200 | 196 |
CIT Group Inc. 5.25% 2025 | 38 | 39 |
Citigroup Inc. 2.35% 2021 | 1,500 | 1,529 |
Citigroup Inc. 3.106% 2026 (USD-SOFR + 2.842% on 3/8/2026)1 | 4,500 | 4,833 |
Citigroup Inc. 2.976% 2030 (USD-SOFR + 1.422% on 11/5/2029)1 | 425 | 453 |
Citigroup Inc. 2.572% 2031 (USD-SOFR + 2.107% on 6/3/2030)1 | 8,060 | 8,341 |
Citigroup Inc. 4.412% 2031 (USD-SOFR + 3.914% on 3/31/2030)1 | 1,600 | 1,895 |
Cleveland-Cliffs Inc. 4.875% 20242 | 950 | 896 |
Cleveland-Cliffs Inc. 5.75% 2025 | 772 | 660 |
Cleveland-Cliffs Inc. 9.875% 20252 | 425 | 447 |
Cleveland-Cliffs Inc. 6.75% 20262 | 315 | 305 |
Cleveland-Cliffs Inc. 5.875% 2027 | 1,100 | 911 |
CMS Energy Corp. 5.05% 2022 | 392 | 413 |
CMS Energy Corp. 3.875% 2024 | 100 | 107 |
CMS Energy Corp. 3.00% 2026 | 1,200 | 1,304 |
Colombia (Republic of) 3.875% 2027 | 350 | 371 |
Colombia (Republic of) 4.50% 2029 | 1,165 | 1,282 |
Colombia (Republic of) 3.125% 2031 | 1,560 | 1,549 |
Colombia (Republic of) 5.20% 2049 | 2,420 | 2,846 |
Colt Merger Sub, Inc. 6.25% 20252 | 235 | 234 |
Comcast Corp. 3.95% 2025 | 2,610 | 2,993 |
Comcast Corp. 1.95% 2031 | 1,838 | 1,876 |
Comcast Corp. 2.80% 2051 | 2,010 | 2,065 |
CommScope Finance LLC 6.00% 20262 | 400 | 411 |
Communications Sales & Leasing, Inc. 6.00% 20232 | 350 | 342 |
Compass Diversified Holdings 8.00% 20262 | 475 | 485 |
Comstock Resources, Inc. 9.75% 2026 | 295 | 277 |
Conagra Brands, Inc. 4.30% 2024 | 2,380 | 2,633 |
CONSOL Energy Inc. 5.875% 2022 | 991 | 977 |
Constellation Oil Services Holding SA 10.00% 2024 (100% PIK)2,10 | 2,611 | 783 |
Consumers Energy Co. 3.375% 2023 | 345 | 372 |
Continental Airlines, Inc., Series 2000-2, Class A1, 7.707% 2022 | 4 | 4 |
Continental Airlines, Inc., Series 2000-1, Class A1, 8.048% 2022 | —11 | —11 |
Convey Park Energy LLC 7.50% 20252 | 125 | 114 |
Costa Rica (Republic of) 6.125% 20312 | 640 | 555 |
Crédit Agricole SA 4.375% 20252 | 1,100 | 1,218 |
Crédit Agricole SA 1.907% 2026 (USD-SOFR + 1.676% on 6/16/2025)1,2 | 2,675 | 2,715 |
Credit Suisse AG (New York Branch) 2.95% 2025 | 875 | 950 |
CSX Corp. 3.80% 2050 | 75 | 89 |
CVR Partners, LP 9.25% 20232 | 200 | 197 |
CVS Health Corp. 2.80% 2020 | 430 | 430 |
CVS Health Corp. 3.35% 2021 | 277 | 283 |
CVS Health Corp. 3.50% 2022 | 430 | 453 |
CVS Health Corp. 3.70% 2023 | 710 | 763 |
DaimlerChrysler North America Holding Corp. 2.00% 20212 | 2,100 | 2,117 |
DaimlerChrysler North America Holding Corp. 2.875% 20212 | 2,275 | 2,299 |
DaimlerChrysler North America Holding Corp. 3.00% 20212 | 6,425 | 6,503 |
Danske Bank AS 2.70% 20222 | 1,400 | 1,446 |
Danske Bank AS 3.875% 20232 | 1,675 | 1,778 |
DaVita HealthCare Partners Inc. 5.00% 2025 | 230 | 235 |
DCP Midstream Operating LP 4.95% 2022 | 405 | 409 |
Delta Air Lines, Inc. 7.00% 20252 | 285 | 294 |
American Funds Insurance Series — Capital World Bond Fund — Page 151 of 207
unaudited
Bonds, notes & other debt instruments (continued) U.S. dollars (continued) | Principal amount (000) | Value (000) |
Deutsche Telekom International Finance BV 1.95% 20212 | $575 | $582 |
Deutsche Telekom International Finance BV 2.82% 20222 | 1,675 | 1,719 |
Deutsche Telekom International Finance BV 4.375% 20282 | 890 | 1,056 |
Deutsche Telekom International Finance BV 9.25% 2032 | 930 | 1,547 |
Diamond Offshore Drilling, Inc. 4.875% 20437 | 825 | 98 |
Diebold Nixdorf AG, Term Loan A1, (3-month USD-LIBOR + 9.25%) 9.438% 20225,6 | 497 | 498 |
Diebold Nixdorf AG, Term Loan B, (3-month USD-LIBOR + 2.75%) 2.938% 20235,6 | 109 | 104 |
Diebold, Inc. 8.50% 2024 | 150 | 119 |
Discovery Communications, Inc. 3.625% 2030 | 468 | 513 |
Dominican Republic 7.50% 20212 | 667 | 689 |
Dominican Republic 5.50% 20252 | 1,375 | 1,396 |
Dominican Republic 5.95% 2027 | 624 | 630 |
Dominican Republic 8.625% 20272 | 225 | 250 |
Dominican Republic 4.50% 20302 | 1,400 | 1,273 |
Dominican Republic 6.40% 20492 | 1,613 | 1,484 |
Dominican Republic 5.875% 20602 | 1,075 | 928 |
DP World Crescent 4.848% 20282 | 550 | 581 |
DPL Inc. 4.125% 20252 | 40 | 40 |
Duke Energy Corp. 3.75% 2024 | 550 | 603 |
Duke Energy Progress, LLC 3.70% 2028 | 1,225 | 1,426 |
Dun & Bradstreet Corp. 6.875% 20262 | 205 | 218 |
Edison International 5.75% 2027 | 370 | 425 |
Edison International 4.125% 2028 | 2,390 | 2,529 |
Egypt (Arab Republic of) 7.50% 20272 | 2,200 | 2,314 |
Electricité de France SA 4.875% 20382 | 795 | 940 |
Embarq Corp. 7.995% 2036 | 530 | 596 |
EMD Finance LLC 2.95% 20222 | 225 | 232 |
EMD Finance LLC 3.25% 20252 | 2,950 | 3,220 |
Empresas Publicas de Medellin ESP 4.25% 20292 | 1,030 | 1,036 |
Enbridge Inc. 4.00% 2023 | 600 | 651 |
Enbridge Inc. 2.50% 2025 | 900 | 936 |
Enbridge Inc. 4.25% 2026 | 655 | 746 |
Enbridge Inc. 3.70% 2027 | 754 | 833 |
Encompass Health Corp. 4.50% 2028 | 171 | 164 |
Encompass Health Corp. 4.75% 2030 | 305 | 292 |
Endo Dac / Endo Finance LLC / Endo Finco 9.50% 20272 | 551 | 586 |
Endo Dac / Endo Finance LLC / Endo Finco 6.00% 20282 | 842 | 547 |
Endo International PLC 5.75% 20222 | 1,155 | 1,063 |
Enel Finance International SA 2.75% 20232 | 5,000 | 5,193 |
Enel Finance International SA 3.625% 20272 | 2,375 | 2,597 |
Enel Finance International SA 3.50% 20282 | 1,800 | 1,938 |
Energy Transfer Operating, LP 5.00% 2050 | 562 | 533 |
Energy Transfer Partners, LP 4.20% 2027 | 110 | 115 |
Energy Transfer Partners, LP 6.00% 2048 | 70 | 73 |
Energy Transfer Partners, LP 6.25% 2049 | 910 | 966 |
Enersis Américas SA 4.00% 2026 | 650 | 691 |
Engie Energia Chile SA 3.40% 20302 | 1,097 | 1,144 |
EQM Midstream Partners, LP 4.125% 2026 | 77 | 70 |
EQM Midstream Partners, LP 6.50% 20272 | 205 | 211 |
EQM Midstream Partners, LP 5.50% 2028 | 223 | 213 |
EQT Corp. 7.00% 2030 | 105 | 108 |
Equinix, Inc. 1.80% 2027 | 1,145 | 1,152 |
Equinix, Inc. 2.15% 2030 | 9,390 | 9,311 |
Equinor ASA 1.75% 2026 | 462 | 474 |
Equinor ASA 2.375% 2030 | 928 | 966 |
American Funds Insurance Series — Capital World Bond Fund — Page 152 of 207
unaudited
Bonds, notes & other debt instruments (continued) U.S. dollars (continued) | Principal amount (000) | Value (000) |
Equinor ASA 3.70% 2050 | $1,441 | $1,664 |
Essex Portfolio LP 3.50% 2025 | 2,835 | 3,096 |
Essex Portfolio LP 3.375% 2026 | 885 | 962 |
Ethiopia (Federal Democratic Republic of) 6.625% 2024 | 800 | 804 |
Euramax International, Inc. 12.00% 20202 | 680 | 560 |
European Investment Bank 2.25% 2022 | 700 | 724 |
Exelon Corp. 3.40% 2026 | 1,465 | 1,633 |
Exelon Corp., junior subordinated, 3.497% 20221 | 525 | 548 |
Export-Import Bank of India 3.875% 2028 | 1,671 | 1,738 |
Export-Import Bank of India 3.25% 2030 | 3,489 | 3,459 |
Extraction Oil & Gas, Inc. 5.625% 20262 | 425 | 83 |
Exxon Mobil Corp. 3.482% 2030 | 4,170 | 4,758 |
Fannie Mae Pool #MA2754 3.00% 20264 | 189 | 198 |
Fannie Mae Pool #AB4281 3.00% 20274 | 28 | 29 |
Fannie Mae Pool #AP7888 3.50% 20424 | 578 | 632 |
Fannie Mae Pool #AO4151 3.50% 20424 | 260 | 281 |
Fannie Mae Pool #AQ0770 3.50% 20424 | 186 | 205 |
Fannie Mae Pool #BK0920 4.00% 20484 | 57 | 60 |
Fannie Mae Pool #BJ9252 4.00% 20484 | 14 | 15 |
Fannie Mae Pool #BK0915 4.00% 20484 | 14 | 15 |
Fannie Mae Pool #BK4764 4.00% 20484 | 13 | 14 |
Fannie Mae Pool #FM3217 3.50% 20504 | 4,810 | 5,133 |
Fannie Mae, Series 2012-M17, Class A2, Multi Family, 2.184% 20224 | 1,326 | 1,361 |
First Quantum Minerals Ltd. 7.25% 20232 | 875 | 841 |
First Quantum Minerals Ltd. 7.50% 20252 | 2,075 | 1,990 |
First Quantum Minerals Ltd. 6.875% 20262 | 325 | 309 |
FirstEnergy Corp. 3.90% 2027 | 1,800 | 2,039 |
FirstEnergy Corp. 4.85% 2047 | 380 | 482 |
Ford Motor Co. 9.00% 2025 | 609 | 660 |
Ford Motor Credit Co. 3.81% 2024 | 800 | 771 |
France Télécom 9.00% 20311 | 2,434 | 3,973 |
Freddie Mac 3.50% 20484 | 465 | 489 |
Freddie Mac Pool #ZS8588 3.00% 20304 | 112 | 118 |
Freddie Mac Pool #SI2002 4.00% 20484 | 4,447 | 4,720 |
Freddie Mac Pool #2B7343 3.744% 20494,5 | 3,321 | 3,488 |
Freddie Mac, Series 3213, Class OG, principal only, 0% 20364 | 8 | 8 |
Freddie Mac, Series 3292, Class BO, principal only, 0% 20374 | 37 | 35 |
Freeport-McMoRan Inc. 3.55% 2022 | 170 | 170 |
Freeport-McMoRan Inc. 3.875% 2023 | 75 | 75 |
Freeport-McMoRan Inc. 4.25% 2030 | 275 | 267 |
Frontier Communications Corp. 11.00% 20257 | 1,515 | 529 |
Frontier Communications Corp. 8.00% 20272 | 505 | 513 |
FS Energy and Power Fund 7.50% 20232 | 525 | 449 |
FXI Holdings, Inc. 7.875% 20242 | 246 | 212 |
FXI Holdings, Inc. 12.25% 20262 | 462 | 450 |
General Mills, Inc. 3.20% 2021 | 455 | 465 |
General Motors Co. 6.125% 2025 | 117 | 132 |
General Motors Financial Co. 5.20% 2023 | 1,190 | 1,274 |
Genesis Energy, LP 6.50% 2025 | 350 | 300 |
Genesys Telecommunications Laboratories, Inc. 10.00% 20242 | 100 | 104 |
Global Payments Inc. 2.90% 2030 | 683 | 715 |
Gogo Inc. 9.875% 20242 | 2,065 | 1,750 |
Goldman Sachs Group, Inc. 2.905% 2023 (3-month USD-LIBOR + 0.99% on 7/24/2022)1 | 1,200 | 1,248 |
Goldman Sachs Group, Inc. 3.20% 2023 | 2,152 | 2,285 |
Goldman Sachs Group, Inc. 3.50% 2025 | 5,190 | 5,657 |
American Funds Insurance Series — Capital World Bond Fund — Page 153 of 207
unaudited
Bonds, notes & other debt instruments (continued) U.S. dollars (continued) | Principal amount (000) | Value (000) |
Goldman Sachs Group, Inc. 3.80% 2030 | $1,690 | $1,932 |
Goldman Sachs Group, Inc. 4.75% 2045 | 1,805 | 2,370 |
Groupe BPCE SA 5.70% 20232 | 1,800 | 2,015 |
Grupo Energia Bogota SA ESP 4.875% 20302 | 660 | 694 |
H.J. Heinz Co. 3.875% 20272 | 300 | 314 |
Halliburton Company 3.80% 2025 | 54 | 59 |
Hanesbrands Inc. 4.625% 20242 | 85 | 85 |
Hanesbrands Inc. 5.375% 20252 | 86 | 87 |
Hanesbrands Inc. 4.875% 20262 | 350 | 353 |
Hardwoods Acquisition Inc. 7.50% 20212 | 228 | 83 |
HCA Inc. 5.875% 2023 | 250 | 271 |
HCA Inc. 5.375% 2025 | 55 | 59 |
HealthSouth Corp. 5.75% 2024 | 125 | 125 |
HealthSouth Corp. 5.75% 2025 | 620 | 639 |
Hess Midstream Partners LP 5.125% 20282 | 140 | 135 |
Hexion Inc. 7.875% 20272 | 370 | 338 |
Holcim Ltd. 5.15% 20232 | 1,290 | 1,416 |
Honduras (Republic of) 8.75% 2020 | 1,555 | 1,587 |
Howmet Aerospace Inc. 6.875% 2025 | 190 | 207 |
HSBC Holdings PLC 3.033% 2023 (3-month USD-LIBOR + 0.923% on 11/12/2022)1 | 430 | 449 |
HSBC Holdings PLC 2.633% 2025 (3-month USD-LIBOR + 1.14% on 11/7/2024)1 | 305 | 316 |
HSBC Holdings PLC 4.292% 2026 (3-month USD-LIBOR + 1.348% on 9/12/2025)1 | 4,172 | 4,646 |
HSBC Holdings PLC 4.95% 2030 | 950 | 1,140 |
HSBC Holdings PLC 2.848% 20311 | 6,000 | 6,149 |
Humana Inc. 3.85% 2024 | 1,000 | 1,099 |
Hyundai Capital America 3.25% 20222 | 250 | 257 |
Hyundai Capital Services Inc. 2.625% 20202 | 500 | 501 |
Hyundai Capital Services Inc. 3.75% 20232 | 2,450 | 2,571 |
Icahn Enterprises Finance Corp. 6.25% 2022 | 575 | 578 |
Icahn Enterprises Finance Corp. 4.75% 2024 | 690 | 653 |
Icahn Enterprises Finance Corp. 5.25% 2027 | 225 | 218 |
iHeartCommunications, Inc. 5.25% 20272 | 425 | 408 |
Imperial Tobacco Finance PLC 3.50% 20232 | 2,000 | 2,077 |
Indonesia (Republic of) 3.75% 2022 | 1,110 | 1,155 |
Indonesia (Republic of) 4.75% 2026 | 3,500 | 3,949 |
Indonesia (Republic of) 3.85% 2030 | 315 | 351 |
Intelsat Jackson Holding Co. 8.00% 20242 | 1,350 | 1,371 |
Intelsat Jackson Holding Co. 8.50% 20242,7 | 800 | 484 |
International Game Technology PLC 6.50% 20252 | 500 | 513 |
International Paper Co. 7.30% 2039 | 600 | 844 |
Interstate Power and Light Co. 2.30% 2030 | 1,275 | 1,305 |
Intesa Sanpaolo SpA 5.017% 20242 | 3,270 | 3,352 |
Intuit Inc. 1.35% 2027 | 700 | 704 |
Iraq (Republic of) 6.752% 20232 | 545 | 504 |
Iron Mountain Inc. 5.25% 20302 | 290 | 285 |
Israel (State of) 2.50% 2030 | 3,850 | 4,168 |
Israel (State of) 2.75% 2030 | 1,135 | 1,254 |
Israel (State of) 3.375% 2050 | 1,470 | 1,616 |
Israel (State of) 3.875% 2050 | 1,265 | 1,507 |
Jonah Energy LLC 7.25% 20252 | 200 | 27 |
Jordan (Hashemite Kingdom of) 5.75% 20272 | 1,035 | 1,077 |
JPMorgan Chase & Co. 2.182% 2028 (USD-SOFR + 1.89% on 6/1/2027)1 | 7,110 | 7,364 |
JPMorgan Chase & Co. 4.493% 2031 (USD-SOFR + 3.79% on 3/24/2030)1 | 4,930 | 6,035 |
KB Home 6.875% 2027 | 875 | 957 |
Keurig Dr Pepper Inc. 4.597% 2028 | 2,740 | 3,291 |
American Funds Insurance Series — Capital World Bond Fund — Page 154 of 207
unaudited
Bonds, notes & other debt instruments (continued) U.S. dollars (continued) | Principal amount (000) | Value (000) |
Keurig Dr Pepper Inc. 3.20% 2030 | $146 | $162 |
Keurig Dr Pepper Inc. 5.085% 2048 | 1,075 | 1,429 |
Kimberly-Clark Corp. 3.10% 2030 | 110 | 125 |
Kraft Heinz Co. 3.95% 2025 | 235 | 251 |
Kraft Heinz Co. 4.375% 2046 | 825 | 812 |
Kronos Inc., Term Loan B, (3-month USD-LIBOR + 8.25%) 9.25% 20245,6 | 650 | 650 |
Kuwait (State of) 2.75% 20222 | 3,550 | 3,667 |
Ladder Capital Corp. 4.25% 20272 | 290 | 233 |
Liberty Global PLC 5.50% 20282 | 250 | 242 |
Lima Metro Line 2 Finance Ltd. 5.875% 20342 | 2,000 | 1,477 |
Lima Metro Line 2 Finance Ltd. 5.875% 2034 | 738 | 871 |
Lima Metro Line 2 Finance Ltd. 4.35% 20362 | 630 | 674 |
Lloyds Banking Group PLC 1.326% 2023 (UST Yield Curve Rate T Note Constant Maturity 1-year on 6/15/2022)1 | 1,825 | 1,836 |
Lockheed Martin Corp. 2.50% 2020 | 82 | 83 |
LPL Financial Holdings Inc. 4.625% 20272 | 395 | 391 |
LSB Industries, Inc. 9.625% 20232 | 760 | 734 |
LSC Communications, Inc. 8.75% 20232,7 | 480 | 48 |
Macy’s, Inc. 8.375% 20252 | 115 | 115 |
Magna International Inc. 2.45% 2030 | 725 | 743 |
Mallinckrodt PLC 5.75% 20222 | 1,270 | 321 |
Mallinckrodt PLC 10.00% 20252 | 2,110 | 1,788 |
Mattel, Inc. 6.75% 20252 | 350 | 364 |
McAfee, LLC, Term Loan, (3-month USD-LIBOR + 3.75%) 3.934% 20245,6 | 386 | 376 |
MDC Partners Inc. 6.50% 20242 | 470 | 439 |
Medtronic, Inc. 3.50% 2025 | 1,558 | 1,758 |
Mexico City Airport Trust 5.50% 2047 | 432 | 381 |
MGM Resorts International 7.75% 2022 | 200 | 204 |
Microsoft Corp. 2.40% 2026 | 2,688 | 2,937 |
Molina Healthcare, Inc. 5.375% 2022 | 1,200 | 1,227 |
Molina Healthcare, Inc. 4.875% 20252 | 482 | 486 |
Morgan Stanley 2.699% 2031 (USD-SOFR + 1.143% on 1/22/2030)1 | 1,510 | 1,606 |
Morgan Stanley 3.622% 2031 (USD-SOFR + 3.12% on 4/1/2030)1 | 1,370 | 1,568 |
Morgan Stanley 5.597% 2051 (USD-SOFR + 4.84% on 3/24/2051)1 | 1,070 | 1,625 |
Morocco (Kingdom of) 5.50% 2042 | 3,100 | 3,797 |
Murphy Oil Corp. 5.875% 2027 | 41 | 36 |
Navient Corp. 5.50% 2023 | 2,170 | 2,087 |
Navient Corp. 5.875% 2024 | 600 | 566 |
Navient Corp. 6.125% 2024 | 175 | 167 |
NCL Corp. Ltd. 3.625% 20242 | 345 | 212 |
New York Life Insurance Company 3.75% 20502 | 413 | 467 |
Newcrest Finance Pty Ltd. 3.25% 20302 | 909 | 973 |
NGL Energy Partners LP 7.50% 2023 | 175 | 146 |
NGL Energy Partners LP 6.125% 2025 | 795 | 603 |
Niagara Mohawk Power Corp. 3.508% 20242 | 180 | 198 |
Nielsen Finance LLC and Nielsen Finance Co. 5.00% 20252 | 225 | 225 |
NIKE, Inc. 3.375% 2050 | 602 | 692 |
Noble Energy, Inc. 4.95% 2047 | 2,191 | 1,956 |
Noble Energy, Inc. 4.20% 2049 | 240 | 199 |
Nova Chemicals Corp. 5.25% 20272 | 300 | 264 |
Novartis Capital Corp. 1.75% 2025 | 460 | 481 |
Novartis Capital Corp. 2.00% 2027 | 501 | 531 |
Novartis Capital Corp. 2.20% 2030 | 1,060 | 1,123 |
NuStar Logistics, LP 4.80% 2020 | 15 | 15 |
NuStar Logistics, LP 6.75% 20212 | 25 | 25 |
American Funds Insurance Series — Capital World Bond Fund — Page 155 of 207
unaudited
Bonds, notes & other debt instruments (continued) U.S. dollars (continued) | Principal amount (000) | Value (000) |
Oasis Petroleum Inc. 6.875% 2022 | $790 | $133 |
Occidental Petroleum Corp. 2.60% 2021 | 42 | 41 |
Odebrecht Drilling Norbe 7.72% 2026 (87.05% PIK)2,10 | 13 | 1 |
State of Ohio, Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, 3.216% 2048 | 1,410 | 1,462 |
Olin Corp. 9.50% 20252 | 140 | 156 |
ONEOK, Inc. 6.35% 2031 | 31 | 36 |
ONEOK, Inc. 4.95% 2047 | 111 | 107 |
ONEOK, Inc. 7.15% 2051 | 44 | 54 |
Oracle Corp. 2.65% 2026 | 2,327 | 2,513 |
Oracle Corp. 3.25% 2027 | 1,880 | 2,110 |
OSW Structured Asset Trust, Series 2020-RPL1, Class A1, 3.072% 20602,4,5 | 655 | 669 |
Owens & Minor, Inc. 3.875% 2021 | 800 | 795 |
Owens & Minor, Inc. 4.375% 2024 | 640 | 551 |
Owens & Minor, Inc., Term Loan B, (3-month USD-LIBOR + 4.50%) 4.673% 20255,6 | 354 | 317 |
Owl Rock Capital Corp. 4.625% 20242 | 225 | 222 |
Owl Rock Capital Corp. 3.75% 2025 | 280 | 274 |
Owl Rock Capital Corp. 4.00% 2025 | 150 | 148 |
Pacific Gas and Electric Co. 2.95% 2026 | 590 | 637 |
Pacific Gas and Electric Co. 2.10% 2027 | 9,935 | 9,836 |
Pacific Gas and Electric Co. 3.30% 2027 | 659 | 717 |
Pacific Gas and Electric Co. 4.65% 2028 | 542 | 647 |
Pacific Gas and Electric Co. 6.35% 20387 | 1,566 | 1,878 |
Pacific Gas and Electric Co. 3.30% 2040 | 6,850 | 6,683 |
Pakistan (Islamic Republic of) 5.50% 20212 | 3,535 | 3,462 |
Pakistan (Islamic Republic of) 8.25% 2024 | 2,240 | 2,343 |
Panama (Republic of) 3.75% 20262 | 1,440 | 1,509 |
Panama (Republic of) 3.16% 2030 | 3,730 | 4,022 |
Panama (Republic of) 4.50% 2050 | 1,230 | 1,514 |
Panama (Republic of) 4.50% 2056 | 1,465 | 1,803 |
Panther BF Aggregator 2, LP 6.25% 20262 | 55 | 57 |
Par Pharmaceutical Inc. 7.50% 20272 | 876 | 902 |
Paraguay (Republic of) 4.625% 2023 | 947 | 997 |
Paraguay (Republic of) 5.00% 2026 | 235 | 261 |
Paraguay (Republic of) 4.70% 20272 | 350 | 384 |
Paraguay (Republic of) 5.60% 20482 | 2,340 | 2,742 |
Paraguay (Republic of) 5.40% 20502 | 1,510 | 1,754 |
Parsley Energy, Inc. 5.25% 20252 | 45 | 43 |
PayPal Holdings, Inc. 2.30% 2030 | 541 | 563 |
Peabody Energy Corp. 6.00% 20222 | 225 | 147 |
Pernod Ricard SA 4.45% 20222 | 730 | 771 |
Peru (Republic of) 2.392% 2026 | 500 | 520 |
Peru (Republic of) 5.625% 2050 | 280 | 443 |
Petrobras Global Finance Co. 6.75% 2050 | 1,370 | 1,412 |
Petróleos Mexicanos 6.35% 2048 | 723 | 538 |
Petróleos Mexicanos 6.95% 20602 | 201 | 155 |
PETRONAS Capital Ltd. 3.50% 20302 | 605 | 674 |
PETRONAS Capital Ltd. 4.55% 20502 | 960 | 1,222 |
PetSmart, Inc. 5.875% 20252 | 790 | 794 |
PetSmart, Inc. 8.875% 20252 | 1,765 | 1,767 |
PetSmart, Inc., Term Loan, (3-month USD-LIBOR + 3.00%) 4.00% 20225,6 | 710 | 695 |
PG&E Corp. 5.25% 2030 | 125 | 126 |
Philip Morris International Inc. 2.10% 2030 | 634 | 654 |
Pisces Parent LLC 8.00% 20262 | 225 | 227 |
Plains All American Pipeline, LP 3.80% 2030 | 352 | 347 |
American Funds Insurance Series — Capital World Bond Fund — Page 156 of 207
unaudited
Bonds, notes & other debt instruments (continued) U.S. dollars (continued) | Principal amount (000) | Value (000) |
Poland (Republic of) 3.25% 2026 | $3,090 | $3,473 |
Post Holdings, Inc. 4.625% 20302 | 379 | 373 |
Procter & Gamble Co. 3.00% 2030 | 338 | 388 |
Procter & Gamble Co. 3.55% 2040 | 670 | 810 |
Procter & Gamble Co. 3.60% 2050 | 282 | 352 |
Progress Energy, Inc. 7.75% 2031 | 150 | 219 |
Prologis, Inc. 4.25% 2023 | 2,075 | 2,298 |
PT Indonesia Asahan Aluminium Tbk 5.23% 20212 | 555 | 580 |
PT Indonesia Asahan Aluminium Tbk 5.45% 20302 | 500 | 559 |
PTT Exploration and Production PCL 2.587% 20272 | 200 | 205 |
Puget Energy, Inc. 6.00% 2021 | 1,023 | 1,080 |
Puget Energy, Inc. 5.625% 2022 | 480 | 512 |
Qatar (State of) 3.875% 20232 | 475 | 511 |
Qatar (State of) 3.40% 20252 | 4,805 | 5,237 |
Qatar (State of) 4.50% 20282 | 3,205 | 3,785 |
Qatar (State of) 5.103% 20482 | 530 | 722 |
R.R. Donnelley & Sons Co. 6.50% 2023 | 200 | 183 |
Rabobank Nederland 4.625% 2023 | 2,180 | 2,407 |
Realogy Corp. 5.25% 20212 | 175 | 177 |
Realogy Corp. 4.875% 20232 | 705 | 661 |
Reynolds American Inc. 4.00% 2022 | 455 | 481 |
Reynolds American Inc. 4.45% 2025 | 2,115 | 2,384 |
Reynolds American Inc. 5.85% 2045 | 2,910 | 3,649 |
Rockies Express Pipeline LLC 4.95% 20292 | 300 | 281 |
Royal Caribbean Cruises Ltd. 10.875% 20232 | 245 | 252 |
Russian Federation 4.25% 2027 | 1,400 | 1,568 |
Ryerson Inc. 11.00% 20222 | 485 | 497 |
Sabine Pass Liquefaction, LLC 4.50% 20302 | 88 | 97 |
Sabre Holdings Corp. 5.25% 20232 | 50 | 46 |
Sabre Holdings Corp. 5.375% 20232 | 450 | 421 |
Sabre Holdings Corp. 9.25% 20252 | 125 | 132 |
Sally Holdings LLC and Sally Capital Inc. 5.625% 2025 | 900 | 877 |
Sally Holdings LLC and Sally Capital Inc. 8.75% 20252 | 283 | 308 |
Santander Holdings USA, Inc. 3.244% 2026 | 3,750 | 3,901 |
Saudi Arabia (Kingdom of) 2.894% 20222 | 1,900 | 1,958 |
Saudi Arabia (Kingdom of) 3.628% 20272 | 1,900 | 2,083 |
Saudi Arabia (Kingdom of) 3.625% 20282 | 3,840 | 4,229 |
Scentre Group 3.50% 20252 | 210 | 219 |
Scentre Group 3.75% 20272 | 110 | 114 |
Schlumberger BV 4.00% 20252 | 935 | 1,029 |
Scientific Games Corp. 5.00% 20252 | 539 | 500 |
Scientific Games Corp. 8.25% 20262 | 655 | 582 |
Scientific Games Corp. 7.00% 20282 | 100 | 80 |
Scientific Games Corp. 7.25% 20292 | 160 | 128 |
Shire PLC 2.40% 2021 | 3,930 | 4,009 |
Shire PLC 2.875% 2023 | 818 | 867 |
Shire PLC 3.20% 2026 | 405 | 450 |
Sirius XM Radio Inc. 3.875% 20222 | 550 | 554 |
Sirius XM Radio Inc. 4.625% 20242 | 360 | 370 |
Skandinaviska Enskilda Banken AB 2.625% 2021 | 2,250 | 2,283 |
Skandinaviska Enskilda Banken AB 2.80% 2022 | 2,100 | 2,183 |
Southern California Edison Co. 2.85% 2029 | 200 | 212 |
Southwestern Energy Co. 6.20% 2025 (6.45% on 7/23/2020)1 | 200 | 172 |
Spirit AeroSystems, Inc. 7.50% 20252 | 160 | 159 |
Springleaf Finance Corp. 6.125% 2024 | 650 | 662 |
American Funds Insurance Series — Capital World Bond Fund — Page 157 of 207
unaudited
Bonds, notes & other debt instruments (continued) U.S. dollars (continued) | Principal amount (000) | Value (000) |
Sprint Corp. 7.625% 2026 | $450 | $532 |
Sprint Corp. 6.875% 2028 | 725 | 886 |
Sri Lanka (Democratic Socialist Republic of) 6.25% 2020 | 1,900 | 1,817 |
Sri Lanka (Democratic Socialist Republic of) 6.25% 2021 | 3,892 | 3,386 |
Sri Lanka (Democratic Socialist Republic of) 5.75% 2022 | 1,600 | 1,280 |
Sri Lanka (Democratic Socialist Republic of) 5.75% 2023 | 1,698 | 1,206 |
Staples, Inc. 7.50% 20262 | 1,345 | 1,060 |
Starwood Property Trust, Inc. 3.625% 2021 | 575 | 567 |
Starwood Property Trust, Inc. 5.00% 2021 | 590 | 574 |
State Grid Overseas Investment Ltd. 3.50% 20272 | 5,600 | 6,201 |
Station Casinos LLC 4.50% 20282 | 200 | 169 |
Statoil ASA 3.70% 2024 | 1,950 | 2,165 |
Statoil ASA 4.25% 2041 | 1,000 | 1,191 |
Sunoco Logistics Operating Partners, LP 4.00% 2027 | 1,490 | 1,527 |
Swiss Re Finance (Luxembourg) SA 5.00% 2049 (UST Yield Curve Rate T Note Constant Maturity 5-year + 3.582% on 4/2/2029)1,2 | 800 | 900 |
Takeda Pharmaceutical Company, Ltd. 4.40% 2023 | 2,075 | 2,309 |
Takeda Pharmaceutical Company, Ltd. 3.025% 2040 | 1,677 | 1,696 |
Talen Energy Supply, LLC 10.50% 20262 | 105 | 83 |
Talen Energy Supply, LLC 7.25% 20272 | 510 | 508 |
Talen Energy Supply, LLC 7.625% 20282 | 70 | 70 |
Targa Resources Partners LP 5.875% 2026 | 125 | 124 |
Targa Resources Partners LP 5.50% 20302 | 230 | 222 |
Team Health Holdings, Inc. 6.375% 20252 | 1,185 | 692 |
Team Health Holdings, Inc., Term Loan B, 3.75% 20245,6 | 1,017 | 789 |
Teck Resources Ltd. 3.90% 20302 | 417 | 417 |
Teekay Corp. 9.25% 20222 | 520 | 501 |
Teekay Offshore Partners LP 8.50% 20232 | 550 | 485 |
Tencent Holdings Ltd. 3.24% 20502 | 7,950 | 7,989 |
Tenet Healthcare Corp. 4.625% 2024 | 396 | 389 |
Tenet Healthcare Corp. 4.875% 20262 | 2,150 | 2,109 |
Teva Pharmaceutical Finance Co. BV 2.20% 2021 | 71 | 70 |
Teva Pharmaceutical Finance Co. BV 2.80% 2023 | 4,361 | 4,133 |
Teva Pharmaceutical Finance Co. BV 6.00% 2024 | 5,430 | 5,592 |
Teva Pharmaceutical Finance Co. BV 7.125% 20252 | 3,910 | 4,170 |
Teva Pharmaceutical Finance Co. BV 3.15% 2026 | 2,670 | 2,394 |
State of Texas, Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 2052 | 1,780 | 1,858 |
The Brink’s Co. 4.625% 20272 | 405 | 390 |
Thermo Fisher Scientific Inc. 4.133% 2025 | 1,170 | 1,337 |
Thermo Fisher Scientific Inc. 4.497% 2030 | 515 | 638 |
T-Mobile US, Inc. 3.875% 20302 | 2,925 | 3,266 |
T-Mobile US, Inc. 2.55% 20312 | 9,390 | 9,447 |
Toronto-Dominion Bank 1.15% 2025 | 7,000 | 7,090 |
Total Capital International 3.127% 2050 | 3,637 | 3,723 |
Toyota Motor Credit Corp. 2.90% 2023 | 1,360 | 1,443 |
Toyota Motor Credit Corp. 1.80% 2025 | 8,000 | 8,298 |
Toyota Motor Credit Corp. 3.00% 2025 | 1,360 | 1,480 |
Toyota Motor Credit Corp. 3.375% 2030 | 453 | 521 |
TransCanada PipeLines Ltd. 4.10% 2030 | 1,342 | 1,531 |
TransDigm Inc. 6.50% 2024 | 25 | 24 |
TransDigm Inc. 6.25% 20262 | 44 | 44 |
Travelport Finance Luxembourg SARL, Term Loan, (3-month USD-LIBOR + 5.00%) 6.072% 20265,6 | 124 | 83 |
Trilogy International Partners, LLC 8.875% 20222 | 1,585 | 1,408 |
Tronox Ltd. 6.50% 20262 | 375 | 352 |
American Funds Insurance Series — Capital World Bond Fund — Page 158 of 207
unaudited
Bonds, notes & other debt instruments (continued) U.S. dollars (continued) | Principal amount (000) | Value (000) |
Turkey (Republic of) 6.25% 2022 | $1,880 | $1,909 |
Turkey (Republic of) 5.75% 2024 | 2,500 | 2,488 |
Turkey (Republic of) 7.625% 2029 | 750 | 792 |
U.S. Treasury 2.625% 2023 | 6,900 | 7,351 |
U.S. Treasury 1.875% 202412 | 4,515 | 4,822 |
U.S. Treasury 2.75% 2025 | 10,140 | 11,374 |
U.S. Treasury 2.875% 2025 | 5,400 | 6,134 |
U.S. Treasury 1.125% 204012 | 5,530 | 5,478 |
U.S. Treasury 2.75% 204712 | 1,625 | 2,125 |
U.S. Treasury 3.00% 204812 | 5,045 | 6,935 |
U.S. Treasury 2.00% 2050 | 8,100 | 9,272 |
U.S. Treasury Inflation-Protected Security 0.25% 20293,12 | 13,735 | 15,035 |
U.S. Treasury Inflation-Protected Security 0.875% 20293,12 | 19,576 | 22,344 |
U.S. Treasury Inflation-Protected Security 0.125% 20303 | 20,613 | 22,288 |
U.S. Treasury Inflation-Protected Security 0.75% 20423 | 709 | 851 |
U.S. Treasury Inflation-Protected Security 0.697% 20433 | 1,339 | 1,580 |
U.S. Treasury Inflation-Protected Security 1.375% 20443,12 | 5,832 | 7,975 |
U.S. Treasury Inflation-Protected Security 1.00% 20493,12 | 17,570 | 23,495 |
U.S. Treasury Inflation-Protected Security 0.25% 20503,12 | 5,586 | 6,279 |
Uber Technologies, Inc. 8.00% 20262 | 300 | 306 |
UniCredit SpA 3.75% 20222 | 1,750 | 1,796 |
UniCredit SpA 4.625% 20272 | 6,805 | 7,340 |
UniCredit SpA 5.459% 2035 (5-year USD-ICE Swap + 4.75% on 6/30/2030)1,2 | 6,560 | 6,624 |
Uniform Mortgage-Backed Security 2.00% 20354,13 | 15,050 | 15,543 |
Uniform Mortgage-Backed Security 2.50% 20354,13 | 5,000 | 5,226 |
Uniform Mortgage-Backed Security 2.00% 20504,13 | 10,000 | 10,207 |
Uniform Mortgage-Backed Security 2.50% 20504,13 | 28,025 | 29,091 |
Uniform Mortgage-Backed Security 3.50% 20504,13 | 7,000 | 7,363 |
United Mexican States 3.90% 2025 | 1,080 | 1,159 |
United Mexican States 3.25% 2030 | 2,685 | 2,663 |
United Mexican States 4.75% 2032 | 950 | 1,050 |
United Mexican States 5.00% 2051 | 890 | 962 |
United Technologies Corp. 4.125% 2028 | 1,900 | 2,241 |
UnitedHealth Group Inc. 2.70% 2020 | 520 | 520 |
Univision Communications Inc. 5.125% 20232 | 1,150 | 1,164 |
Univision Communications Inc. 6.625% 20272 | 700 | 671 |
Upjohn Inc. 2.30% 20272 | 794 | 821 |
Upjohn Inc. 3.85% 20402 | 970 | 1,044 |
Uruguay (Oriental Republic of) 4.375% 2031 | 600 | 703 |
Valeant Pharmaceuticals International, Inc. 6.125% 20252 | 800 | 813 |
Valvoline Inc. 4.375% 20252 | 90 | 91 |
Venator Materials Corp. 5.75% 20252 | 620 | 443 |
Venator Materials Corp. 9.50% 20252 | 300 | 306 |
Veritas Holdings Ltd. 7.50% 20232 | 600 | 593 |
Veritas Holdings Ltd. 10.50% 20242 | 200 | 180 |
Veritas US Inc., Term Loan B, (3-month USD-LIBOR + 4.50%) 5.50% 20235,6 | 200 | 185 |
Verizon Communications Inc. 3.15% 2030 | 575 | 651 |
Vertical US Newco Inc. 5.25% 20272 | 225 | 228 |
ViaSat, Inc. 5.625% 20272 | 120 | 123 |
VICI Properties LP 4.625% 20292 | 45 | 44 |
VICI Properties LP / VICI Note Co. Inc. 3.50% 20252 | 110 | 104 |
VICI Properties LP / VICI Note Co. Inc. 4.125% 20302 | 250 | 239 |
Vine Oil & Gas LP 8.75% 20232 | 175 | 107 |
Volkswagen Group of America Finance, LLC 3.875% 20202 | 1,900 | 1,918 |
Volkswagen Group of America Finance, LLC 4.00% 20212 | 1,900 | 1,979 |
American Funds Insurance Series — Capital World Bond Fund — Page 159 of 207
unaudited
Bonds, notes & other debt instruments (continued) U.S. dollars (continued) | Principal amount (000) | Value (000) |
Volkswagen Group of America Finance, LLC 3.125% 20232 | $2,434 | $2,562 |
Volkswagen Group of America Finance, LLC 4.25% 20232 | 1,700 | 1,862 |
Volkswagen Group of America Finance, LLC 4.625% 20252 | 1,280 | 1,457 |
Walt Disney Company 2.65% 2031 | 5,520 | 5,863 |
Warrior Met Coal, Inc. 8.00% 20242 | 649 | 633 |
WEA Finance LLC 3.25% 20202 | 530 | 531 |
WEA Finance LLC 3.75% 20242 | 535 | 553 |
Weatherford International PLC 11.00% 20242 | 955 | 669 |
Wells Fargo & Company 2.393% 2028 (USD-SOFR + 2.10% on 6/2/2027)1 | 11,775 | 12,176 |
Wells Fargo & Company 5.013% 2051 (3-month USD-LIBOR + 4.24% on 4/4/2050)1 | 1,610 | 2,233 |
Wesco Aircraft Holdings, Inc. 9.00% 20262 | 250 | 165 |
WESCO Distribution, Inc. 7.125% 20252 | 195 | 206 |
WESCO Distribution, Inc. 7.25% 20282 | 215 | 227 |
Western Gas Partners LP 4.50% 2028 | 450 | 425 |
Westfield Corp. Ltd. 3.15% 20222 | 245 | 249 |
Westpac Banking Corp. 2.894% 2030 (UST Yield Curve Rate T Note Constant Maturity 5-year + 1.35% on 2/4/2025)1 | 2,900 | 2,951 |
Williams Companies, Inc. 3.50% 2030 | 1,024 | 1,079 |
Williams Partners LP 4.125% 2020 | 375 | 376 |
Williams Partners LP 4.30% 2024 | 820 | 892 |
WM. Wrigley Jr. Co. 3.375% 20202 | 515 | 518 |
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 20232 | 868 | 819 |
Wynn Resorts Ltd. 7.75% 20252 | 180 | 182 |
Xcel Energy Inc. 3.35% 2026 | 2,581 | 2,897 |
Xerox Corp. 4.125% 2023 | 97 | 97 |
Ziggo Bond Co. BV 5.125% 20302 | 200 | 199 |
Ziggo Bond Finance BV 5.50% 20272 | 562 | 572 |
Zimmer Holdings, Inc. 3.15% 2022 | 790 | 820 |
984,026 | ||
Total bonds, notes & other debt instruments (cost: $1,943,661,000) | 2,006,457 | |
Convertible bonds & notes 0.00% U.S. dollars 0.00% | ||
Gogo Inc., convertible notes, 6.00% 2022 | 8 | 6 |
Total convertible bonds & notes (cost: $8,000) | 6 | |
Convertible stocks 0.00% U.S. dollars 0.00% | Shares | |
Associated Materials, LLC, convertible preferred shares, 14.00% 20208,9 | 850 | 96 |
Total convertible stocks (cost: $816,000) | 96 | |
Common stocks 0.01% U.S. dollars 0.01% | ||
Tribune Resources, LLC8,9,14 | 158,988 | 102 |
Weatherford International14 | 29,931 | 59 |
Advanz Pharma Corp. Ltd.14,15 | 9,130 | 28 |
Advanz Pharma Corp. Ltd.14 | 6,028 | 18 |
American Funds Insurance Series — Capital World Bond Fund — Page 160 of 207
unaudited
Common stocks (continued) U.S. dollars (continued) | Shares | Value (000) |
McDermott International, Inc.8 | 4,287 | $12 |
Sable Permian Resources, LLC, units8,9,14 | 2,905,980 | —11 |
Total common stocks (cost: $2,936,000) | 219 | |
Rights & warrants 0.00% U.S. dollars 0.00% | ||
McDermott International, Inc., warrants, expire 20278 | 18,122 | 14 |
Tribune Resources, LLC, Class A, warrants, expire 20238,9,14 | 53,128 | —11 |
Tribune Resources, LLC, Class B, warrants, expire 20238,9,14 | 41,322 | —11 |
Tribune Resources, LLC, Class C, warrants, expire 20238,9,14 | 39,060 | —11 |
Associated Materials, LLC, warrants, expire 20238,9,14 | 12,075 | —11 |
Total rights & warrants (cost: $22,000) | 14 | |
Short-term securities 6.28% Money market investments 6.28% | ||
Capital Group Central Cash Fund 0.18%16 | 1,305,640 | 130,577 |
Total short-term securities (cost: $130,578,000) | 130,577 | |
Total investment securities 102.72% (cost: $2,078,021,000) | 2,137,369 | |
Other assets less liabilities (2.72)% | (56,568) | |
Net assets 100.00% | $2,080,801 |
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount17 (000) | Value at 6/30/202018 (000) | Unrealized (depreciation) appreciation at 6/30/2020 (000) |
5 Year Euro-Bobl Futures | Short | 59 | September 2020 | €(5,900) | $(8,947) | $(42) |
5 Year U.S. Treasury Note Futures | Short | 72 | October 2020 | $(7,200) | (9,053) | (63) |
10 Year Euro-Bund Futures | Long | 121 | September 2020 | €12,100 | 23,997 | 261 |
10 Year U.S. Treasury Note Futures | Short | 201 | September 2020 | $(20,100) | (27,974) | (157) |
10 Year Ultra U.S. Treasury Note Futures | Short | 225 | September 2020 | (22,500) | (35,434) | (174) |
20 Year U.S. Treasury Bond Futures | Long | 11 | September 2020 | 1,100 | 1,964 | 9 |
30 Year Euro-Buxl Futures | Long | 50 | September 2020 | €5,000 | 12,356 | 290 |
$124 |
Forward currency contracts
Contract amount | Counterparty | Settlement date | Unrealized appreciation (depreciation) at 6/30/2020 (000) | |
Purchases (000) | Sales (000) | |||
USD4,101 | MXN91,990 | Standard Chartered Bank | 7/6/2020 | $102 |
CAD9,500 | USD6,787 | UBS AG | 7/8/2020 | 210 |
USD6,833 | CAD9,500 | UBS AG | 7/8/2020 | (165) |
USD3,130 | DKK20,600 | Standard Chartered Bank | 7/9/2020 | 24 |
USD2,118 | CNH15,000 | Bank of New York Mellon | 7/10/2020 | (3) |
American Funds Insurance Series — Capital World Bond Fund — Page 161 of 207
unaudited
Forward currency contracts (continued)
Contract amount | Counterparty | Settlement date | Unrealized appreciation (depreciation) at 6/30/2020 (000) | |
Purchases (000) | Sales (000) | |||
USD6,210 | CNH44,100 | JPMorgan Chase | 7/10/2020 | $(24) |
USD2,912 | JPY311,200 | Bank of New York Mellon | 7/14/2020 | 29 |
USD2,078 | JPY223,000 | Bank of New York Mellon | 7/14/2020 | 12 |
JPY222,000 | USD2,077 | Bank of New York Mellon | 7/14/2020 | (21) |
JPY447,000 | USD4,187 | UBS AG | 7/14/2020 | (46) |
USD2,273 | GBP1,830 | UBS AG | 7/21/2020 | 5 |
USD19,540 | CNH138,600 | Bank of America | 7/21/2020 | (40) |
USD16,421 | ILS56,300 | JPMorgan Chase | 7/27/2020 | 157 |
USD6,281 | MXN142,000 | Citibank | 7/27/2020 | 127 |
CZK306,030 | EUR11,465 | JPMorgan Chase | 7/27/2020 | 14 |
USD2,851 | THB88,000 | JPMorgan Chase | 7/27/2020 | 4 |
CHF800 | USD845 | JPMorgan Chase | 7/27/2020 | —11 |
USD2,067 | EUR1,840 | Barclays Bank PLC | 7/27/2020 | (1) |
EUR10,102 | DKK75,300 | JPMorgan Chase | 7/27/2020 | (3) |
EUR1,639 | RON7,960 | Citibank | 7/27/2020 | (3) |
SEK23,400 | USD2,515 | Citibank | 7/27/2020 | (3) |
AUD12,000 | USD8,289 | JPMorgan Chase | 7/27/2020 | (7) |
PLN12,600 | USD3,194 | Citibank | 7/27/2020 | (9) |
USD7,408 | ZAR129,100 | JPMorgan Chase | 7/27/2020 | (9) |
CZK133,600 | USD5,645 | JPMorgan Chase | 7/27/2020 | (13) |
USD4,134 | CZK98,590 | Bank of America | 7/27/2020 | (23) |
CAD49,400 | USD36,420 | JPMorgan Chase | 7/27/2020 | (29) |
GBP5,330 | USD6,657 | JPMorgan Chase | 7/27/2020 | (51) |
NOK144,985 | USD15,204 | Citibank | 7/27/2020 | (139) |
EUR56,180 | USD63,365 | JPMorgan Chase | 7/27/2020 | (207) |
JPY9,971,500 | USD93,462 | JPMorgan Chase | 7/27/2020 | (1,079) |
KRW6,785,200 | USD5,622 | Goldman Sachs | 7/28/2020 | 19 |
COP14,642,500 | USD3,936 | Standard Chartered Bank | 7/28/2020 | (49) |
USD12,392 | MYR53,000 | Standard Chartered Bank | 7/29/2020 | 39 |
USD14,848 | BRL81,200 | JPMorgan Chase | 8/7/2020 | (55) |
$(1,237) |
Swap contracts
Interest rate swaps
Receive | Pay | Expiration date | Notional (000) | Value at 6/30/2020 (000) | Upfront premium (received) paid (000) | Unrealized appreciation (depreciation) at 6/30/2020 (000) |
0.525% | 6-month HUF-BUBOR | 1/29/2022 | HUF16,744,000 | $(76) | $(297) | $221 |
1.01% | 6-month HUF-BUBOR | 2/25/2022 | 9,100,000 | 182 | 66 | 116 |
0.965% | 6-month HUF-BUBOR | 2/26/2022 | 13,039,000 | 232 | 63 | 169 |
6-month HUF-BUBOR | 1.39% | 11/11/2029 | 2,335,000 | (72) | 53 | (125) |
6-month PLN-WIBOR | 2.155% | 1/22/2030 | PLN35,000 | (1,073) | (1,122) | 49 |
6-month HUF-BUBOR | 1.80% | 1/22/2030 | HUF1,418,000 | (212) | (137) | (75) |
6-month HUF-BUBOR | 1.845% | 2/25/2030 | 2,024,500 | (325) | (217) | (108) |
6-month HUF-BUBOR | 1.79% | 2/26/2030 | 2,024,500 | (292) | (184) | (108) |
0.0079% | 6-month JPY-LIBOR | 4/8/2030 | ¥1,620,000 | (56) | 30 | (86) |
$(1,745) | $53 |
American Funds Insurance Series — Capital World Bond Fund — Page 162 of 207
unaudited
1 | Step bond; coupon rate may change at a later date. |
2 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $273,114,000, which represented 13.13% of the net assets of the fund. |
3 | Index-linked bond whose principal amount moves with a government price index. |
4 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
5 | Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. |
6 | Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $4,783,000, which represented .23% of the net assets of the fund. |
7 | Scheduled interest and/or principal payment was not received. |
8 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $267,000, which represented .01% of the net assets of the fund. |
9 | Value determined using significant unobservable inputs. |
10 | Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Most recent payment was 100% cash unless otherwise noted. |
11 | Amount less than one thousand. |
12 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $8,973,000, which represented .43% of the net assets of the fund. |
13 | Purchased on a TBA basis. |
14 | Security did not produce income during the last 12 months. |
15 | Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on this holding appear below. |
16 | Rate represents the seven-day yield at 6/30/2020. |
17 | Notional amount is calculated based on the number of contracts and notional contract size. |
18 | Value is calculated based on the notional amount and current market price. |
Private placement security | Acquisition date | Cost (000) | Value (000) | Percent of net assets |
Advanz Pharma Corp. Ltd. | 8/31/2018 | $116 | $28 | .00% |
Key to abbreviations and symbols | |
ARS = Argentine pesos | KRW = South Korean won |
AUD = Australian dollars | LIBOR = London Interbank Offered Rate |
BRL = Brazilian reais | MXN = Mexican pesos |
BUBOR = Budapest Interbank Offered Rate | MYR = Malaysian ringgits |
CAD/C$ = Canadian dollars | NOK = Norwegian kroner |
CHF = Swiss francs | PLN = Polish zloty |
CLP = Chilean pesos | Ref. = Refunding |
CNH/CNY = Chinese yuan renminbi | Rev. = Revenue |
COP = Colombian pesos | RON = Romanian leu |
CZK = Czech korunas | RUB = Russian rubles |
DKK/DKr = Danish kroner | S$ = Singapore dollars |
DOP = Dominican pesos | SEK = Swedish kronor |
EUR/€ = Euros | SOFR = Secured Overnight Financing Rate |
EURIBOR = Euro Interbank Offered Rate | TBA = To-be-announced |
GBP/£ = British pounds | THB = Thai baht |
HUF = Hungarian forints | UAH = Ukrainian hryvnia |
ICE = Intercontinental Exchange, Inc. | USD/$ = U.S. dollars |
IDR = Indonesian rupiah | UYU = Uruguayan pesos |
ILS = Israeli shekels | WIBOR = Warsaw Interbank Offer Rate |
INR = Indian rupees | ZAR = South African rand |
JPY/¥ = Japanese yen |
American Funds Insurance Series — Capital World Bond Fund — Page 163 of 207
High-Income Bond Fund
Investment portfolio
June 30, 2020
unaudited
Bonds, notes & other debt instruments 92.29% Corporate bonds & notes 92.27% Communication services 13.84% | Principal amount (000) | Value (000) |
Allen Media, LLC, Term Loan B, (3-month USD-LIBOR + 5.50%) 5.808% 20271,2,3 | $85 | $81 |
Banijay Enteraintment 5.375% 20254 | 580 | 569 |
Cablevision Systems Corp. 6.75% 2021 | 3,513 | 3,698 |
Cablevision Systems Corp. 5.75% 20304 | 480 | 502 |
CBS Corp. 7.25% 20244 | 231 | 202 |
CCO Holdings LLC and CCO Holdings Capital Corp. 4.00% 20234 | 1,155 | 1,162 |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.875% 20244 | 231 | 238 |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.375% 20254 | 148 | 152 |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.50% 20264 | 263 | 273 |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 20264 | 3,182 | 3,298 |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.00% 20284 | 96 | 99 |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.375% 20294 | 24 | 25 |
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 20304 | 429 | 439 |
CCO Holdings LLC and CCO Holdings Capital Corp. 4.75% 20304 | 787 | 807 |
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 20324 | 134 | 136 |
CenturyLink, Inc. 6.75% 2023 | 2,760 | 2,974 |
CenturyLink, Inc. 7.50% 2024 | 583 | 642 |
CenturyLink, Inc. 5.125% 20264 | 2,069 | 2,067 |
CenturyLink, Inc. 4.00% 20274 | 134 | 130 |
CenturyLink, Inc., Series T, 5.80% 2022 | 132 | 136 |
Cinemark USA, Inc. 4.875% 2023 | 363 | 308 |
Clear Channel Worldwide Holdings, Inc. 9.25% 2024 | 1,151 | 1,071 |
CSC Holdings, LLC 5.375% 20234 | 400 | 406 |
Cumulus Media New Holdings Inc. 6.75% 20264 | 1,135 | 1,050 |
Diamond Sports Group LLC 5.375% 20264 | 993 | 725 |
Diamond Sports Group LLC 6.625% 20274 | 1,155 | 622 |
Discovery Communications, Inc. 4.65% 2050 | 475 | 541 |
Embarq Corp. 7.995% 2036 | 727 | 818 |
Entercom Media Corp. 6.50% 20274 | 247 | 223 |
Front Range BidCo, Inc. 6.125% 20284 | 1,927 | 1,877 |
Frontier Communications Corp. 10.50% 20225 | 5,080 | 1,771 |
Frontier Communications Corp. 11.00% 20255 | 6,795 | 2,371 |
Frontier Communications Corp. 8.50% 20264 | 1,065 | 1,008 |
Frontier Communications Corp. 8.00% 20274 | 2,179 | 2,215 |
Globo Comunicação e Participações SA 4.875% 20304 | 486 | 440 |
Gogo Inc. 9.875% 20244 | 11,114 | 9,420 |
Gray Television, Inc. 7.00% 20274 | 808 | 830 |
iHeartCommunications, Inc. 5.25% 20274 | 1,951 | 1,871 |
iHeartCommunications, Inc. 8.375% 2027 | 544 | 500 |
Inmarsat PLC 6.75% 20264 | 2,675 | 2,533 |
Intelsat Jackson Holding Co. 5.50% 2023 | 1,075 | 615 |
Intelsat Jackson Holding Co. 8.00% 20244 | 1,675 | 1,702 |
Intelsat Jackson Holding Co. 8.50% 20244,5 | 3,850 | 2,327 |
Intelsat Jackson Holding Co., Term Loan, (3-month USD-LIBOR + 5.50%) 5.837% 20222,3 | 606 | 617 |
Intelsat Jackson Holding Co., Term Loan, 6.625% 20242 | 3,900 | 3,917 |
American Funds Insurance Series — High-Income Bond Fund — Page 164 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Communication services (continued) | Principal amount (000) | Value (000) |
Lamar Media Corp. 5.75% 2026 | $462 | $478 |
Lamar Media Corp. 3.75% 20284 | 79 | 75 |
Lamar Media Corp. 4.875% 20294 | 300 | 303 |
Liberty Global PLC 5.50% 20284 | 656 | 634 |
Live Nation Entertainment, Inc. 5.625% 20264 | 280 | 256 |
Live Nation Entertainment, Inc. 4.75% 20274 | 445 | 384 |
Match Group, Inc. 4.625% 20284 | 1,100 | 1,117 |
MDC Partners Inc. 6.50% 20244 | 5,170 | 4,824 |
Meredith Corp. 6.875% 2026 | 3,439 | 2,863 |
Netflix, Inc. 4.875% 2028 | 360 | 386 |
Netflix, Inc. 5.375% 20294 | 405 | 445 |
Netflix, Inc. 4.875% 20304 | 274 | 294 |
Nexstar Broadcasting, Inc. 5.625% 20244 | 759 | 767 |
Nexstar Escrow Corp. 5.625% 20274 | 289 | 290 |
Numericable Group SA 7.375% 20264 | 1,584 | 1,655 |
OUTFRONT Media Cap LLC 5.00% 20274 | 597 | 538 |
Qwest Capital Funding, Inc. 6.875% 2028 | 660 | 641 |
Sinclair Television Group, Inc. 5.125% 20274 | 345 | 315 |
Sirius XM Radio Inc. 3.875% 20224 | 1,118 | 1,126 |
Sirius XM Radio Inc. 4.625% 20234 | 594 | 599 |
Sirius XM Radio Inc. 4.625% 20244 | 74 | 76 |
Sprint Corp. 11.50% 2021 | 987 | 1,095 |
Sprint Corp. 7.875% 2023 | 398 | 449 |
Sprint Corp. 7.625% 2026 | 2,000 | 2,365 |
Sprint Corp. 6.875% 2028 | 4,171 | 5,095 |
Sprint Corp. 8.75% 2032 | 2,165 | 3,097 |
TEGNA Inc. 4.625% 20284 | 535 | 495 |
TEGNA Inc. 5.00% 20294 | 716 | 675 |
Terrier Media Buyer, Inc. 8.875% 20274 | 515 | 495 |
T-Mobile US, Inc. 6.375% 2025 | 218 | 224 |
T-Mobile US, Inc. 6.50% 2026 | 444 | 465 |
T-Mobile US, Inc. 3.875% 20304 | 292 | 326 |
T-Mobile US, Inc. 4.50% 20504 | 379 | 447 |
Trilogy International Partners, LLC 8.875% 20224 | 4,500 | 3,998 |
Twitter, Inc. 3.875% 20274 | 290 | 291 |
Univision Communications Inc. 5.125% 20234 | 3,308 | 3,348 |
Univision Communications Inc. 5.125% 20254 | 3,195 | 3,019 |
Univision Communications Inc. 6.625% 20274 | 3,050 | 2,924 |
Vodafone Group PLC 7.00% 2079 (5-year USD Swap + 4.873% on 4/4/2029)6 | 105 | 123 |
VTR Comunicaciones SpA 5.125% 20284 | 500 | 513 |
Warner Music Group 5.50% 20264 | 296 | 307 |
Warner Music Group 3.875% 20304 | 850 | 861 |
Ziggo Bond Co. BV 5.125% 20304 | 619 | 615 |
Ziggo Bond Finance BV 5.50% 20274 | 1,791 | 1,824 |
108,525 | ||
Health care 12.90% | ||
Auris Luxembourg III SARL, Term Loan, (3-month USD-LIBOR + 3.75%) 3.928% 20261,2,3 | 849 | 747 |
Bausch Health Companies Inc. 9.25% 20264 | 2,644 | 2,872 |
Bausch Health Companies Inc. 5.00% 20284 | 962 | 907 |
Bausch Health Companies Inc. 7.00% 20284 | 1,153 | 1,190 |
Bausch Health Companies Inc. 6.25% 20294 | 1,300 | 1,309 |
Bausch Health Companies Inc. 5.25% 20304 | 574 | 545 |
Catalent Pharma Solutions Inc. 5.00% 20274 | 53 | 55 |
American Funds Insurance Series — High-Income Bond Fund — Page 165 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Health care (continued) | Principal amount (000) | Value (000) |
Centene Corp. 4.75% 2022 | $2,217 | $2,252 |
Centene Corp. 5.375% 20264 | 330 | 345 |
Centene Corp. 5.375% 20264 | 50 | 52 |
Centene Corp. 4.25% 2027 | 909 | 940 |
Centene Corp. 4.625% 2029 | 305 | 324 |
Centene Corp. 3.375% 2030 | 494 | 500 |
Charles River Laboratories International, Inc. 5.50% 20264 | 584 | 609 |
Charles River Laboratories International, Inc. 4.25% 20284 | 241 | 241 |
Concordia International Corp. 8.00% 2024 | 34 | 31 |
Concordia International Corp., Term Loan, (3-month USD-LIBOR + 5.50%) 6.568% 20242,3 | 60 | 56 |
DaVita HealthCare Partners Inc. 5.125% 2024 | 660 | 672 |
DaVita HealthCare Partners Inc. 5.00% 2025 | 804 | 823 |
Encompass Health Corp. 4.50% 2028 | 1,376 | 1,322 |
Encompass Health Corp. 4.75% 2030 | 1,225 | 1,172 |
Endo Dac / Endo Finance LLC / Endo Finco 9.50% 20274 | 2,644 | 2,810 |
Endo Dac / Endo Finance LLC / Endo Finco 6.00% 20284 | 3,833 | 2,491 |
Endo International PLC 5.75% 20224 | 2,937 | 2,702 |
Endo International PLC 5.875% 20244 | 900 | 874 |
HCA Inc. 5.875% 2023 | 894 | 969 |
HCA Inc. 5.375% 2025 | 175 | 188 |
HCA Inc. 5.875% 2026 | 321 | 353 |
HCA Inc. 4.50% 2027 | 173 | 193 |
HCA Inc. 5.625% 2028 | 625 | 699 |
HCA Inc. 3.50% 2030 | 325 | 313 |
HCA Inc. 5.50% 2047 | 128 | 156 |
HealthSouth Corp. 5.75% 2024 | 828 | 830 |
HealthSouth Corp. 5.75% 2025 | 942 | 972 |
IMS Health Holdings, Inc. 5.00% 20264 | 1,818 | 1,879 |
Iqvia Inc. 5.00% 20274 | 165 | 169 |
Jaguar Holding Co. II 4.625% 20254 | 350 | 357 |
Jaguar Holding Co. II 5.00% 20284 | 375 | 385 |
Mallinckrodt International Finance SA 5.50% 20254 | 1,495 | 251 |
Mallinckrodt PLC 5.75% 20224 | 1,115 | 282 |
Mallinckrodt PLC 10.00% 20254 | 8,538 | 7,236 |
Molina Healthcare, Inc. 5.375% 2022 | 5,264 | 5,381 |
Molina Healthcare, Inc. 4.875% 20254 | 1,453 | 1,466 |
Molina Healthcare, Inc. 4.375% 20284 | 1,245 | 1,250 |
Ortho-Clinical Diagnostics Inc. 7.375% 20254 | 550 | 560 |
Ortho-Clinical Diagnostics Inc. 7.25% 20284 | 345 | 352 |
Owens & Minor, Inc. 3.875% 2021 | 2,515 | 2,499 |
Owens & Minor, Inc. 4.375% 2024 | 1,100 | 947 |
Owens & Minor, Inc., Term Loan B, (3-month USD-LIBOR + 4.50%) 4.673% 20252,3 | 1,467 | 1,315 |
Par Pharmaceutical Inc. 7.50% 20274 | 4,672 | 4,810 |
PAREXEL International Corp. 6.375% 20254 | 2,035 | 1,975 |
Radiology Partners, Inc. 9.25% 20284 | 1,293 | 1,222 |
Rotech Healthcare Inc., Term Loan, (3-month USD-LIBOR + 11.00%) 13.00% 2023 (100% PIK)1,2,3,7,8 | 6,046 | 6,106 |
Select Medical Holdings Corp. 6.25% 20264 | 554 | 561 |
Sotera Health Holdings LLC, Term Loan, (3-months USD-LIBOR + 4.50%) 5.50% 20262,3 | 684 | 670 |
Surgery Center Holdings 10.00% 20274 | 696 | 698 |
Team Health Holdings, Inc. 6.375% 20254 | 4,196 | 2,449 |
Team Health Holdings, Inc., Term Loan B, 3.75% 20242,3 | 922 | 715 |
Teleflex Inc. 4.25% 20284 | 475 | 488 |
Tenet Healthcare Corp. 8.125% 2022 | 995 | 1,047 |
American Funds Insurance Series — High-Income Bond Fund — Page 166 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Health care (continued) | Principal amount (000) | Value (000) |
Tenet Healthcare Corp. 6.75% 2023 | $600 | $596 |
Tenet Healthcare Corp. 4.625% 2024 | 705 | 692 |
Tenet Healthcare Corp. 4.875% 20264 | 6,380 | 6,259 |
Tenet Healthcare Corp. 5.125% 20274 | 935 | 925 |
Teva Pharmaceutical Finance Co. BV 2.20% 2021 | 443 | 435 |
Teva Pharmaceutical Finance Co. BV 2.80% 2023 | 3,915 | 3,711 |
Teva Pharmaceutical Finance Co. BV 6.00% 2024 | 4,779 | 4,921 |
Teva Pharmaceutical Finance Co. BV 7.125% 20254 | 1,309 | 1,396 |
Teva Pharmaceutical Finance Co. BV 3.15% 2026 | 1,134 | 1,017 |
Teva Pharmaceutical Finance Co. BV 6.75% 2028 | 1,488 | 1,575 |
U.S. Renal Care, Inc. 10.625% 20274 | 459 | 474 |
Valeant Pharmaceuticals International, Inc. 5.875% 20234 | 241 | 241 |
Valeant Pharmaceuticals International, Inc. 7.00% 20244 | 31 | 32 |
Valeant Pharmaceuticals International, Inc. 6.125% 20254 | 1,859 | 1,888 |
Valeant Pharmaceuticals International, Inc. 9.00% 20254 | 581 | 627 |
Valeant Pharmaceuticals International, Inc. 8.50% 20274 | 608 | 646 |
Vizient Inc. 6.25% 20274 | 158 | 166 |
101,185 | ||
Consumer discretionary 12.57% | ||
Adient US LLC 9.00% 20254 | 205 | 222 |
Allied Universal Holdco LLC 6.625% 20264 | 722 | 760 |
Allied Universal Holdco LLC 9.75% 20274 | 1,408 | 1,486 |
AutoNation, Inc. 4.75% 2030 | 330 | 358 |
Boyd Gaming Corp. 8.625% 20254 | 120 | 126 |
Boyd Gaming Corp. 4.75% 20274 | 861 | 741 |
Carnival Corp. 11.50% 20234 | 1,542 | 1,669 |
Cedar Fair, LP 5.25% 20294 | 271 | 246 |
Churchill Downs Inc. 4.75% 20284 | 1,221 | 1,181 |
Cirsa Gaming Corp. SA 7.875% 20234 | 2,077 | 1,926 |
Clarios Global LP 6.75% 20254 | 625 | 652 |
Colt Merger Sub, Inc. 5.75% 20254 | 895 | 902 |
Colt Merger Sub, Inc. 6.25% 20254 | 1,615 | 1,606 |
Colt Merger Sub, Inc. 8.125% 20274 | 500 | 488 |
Dana Inc. 5.625% 2028 | 675 | 672 |
Fertitta Entertainment, Inc. 6.75% 20244 | 572 | 412 |
Ford Motor Co. 8.50% 2023 | 1,787 | 1,893 |
Ford Motor Co. 9.00% 2025 | 1,507 | 1,632 |
Ford Motor Co. 4.346% 2026 | 300 | 281 |
Ford Motor Co. 9.625% 2030 | 225 | 267 |
Ford Motor Credit Co. 3.20% 2021 | 210 | 207 |
Ford Motor Credit Co. 3.087% 2023 | 605 | 576 |
Ford Motor Credit Co. 3.664% 2024 | 200 | 189 |
Ford Motor Credit Co. 3.81% 2024 | 887 | 855 |
Ford Motor Credit Co. 5.584% 2024 | 350 | 354 |
Ford Motor Credit Co. 5.125% 2025 | 3,485 | 3,502 |
General Motors Co. 6.125% 2025 | 137 | 154 |
General Motors Co. 6.80% 2027 | 737 | 860 |
General Motors Co. 5.20% 2045 | 460 | 445 |
General Motors Co. 5.40% 2048 | 88 | 87 |
Hanesbrands Inc. 4.625% 20244 | 445 | 444 |
Hanesbrands Inc. 5.375% 20254 | 432 | 438 |
Hanesbrands Inc. 4.875% 20264 | 274 | 277 |
Hilton Worldwide Holdings Inc. 4.875% 2030 | 508 | 502 |
American Funds Insurance Series — High-Income Bond Fund — Page 167 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Consumer discretionary (continued) | Principal amount (000) | Value (000) |
International Game Technology PLC 6.25% 20224 | $403 | $408 |
International Game Technology PLC 6.50% 20254 | 833 | 854 |
International Game Technology PLC 5.25% 20294 | 1,135 | 1,109 |
KB Home 6.875% 2027 | 330 | 361 |
Landry’s Finance Acquisition Co., Term Loan B, (3-month USD-LIBOR + 12.00%) 13.311% 20231,2,3 | 230 | 253 |
Lennar Corp. 4.50% 2024 | 40 | 42 |
Levi Strauss & Co. 5.00% 2025 | 452 | 455 |
Limited Brands, Inc. 6.625% 2021 | 495 | 512 |
Limited Brands, Inc. 6.875% 20254 | 245 | 254 |
Limited Brands, Inc. 6.875% 2035 | 346 | 289 |
Limited Brands, Inc. 6.75% 2036 | 495 | 408 |
M.D.C. Holdings, Inc. 6.00% 2043 | 373 | 393 |
Macy’s, Inc. 8.375% 20254 | 820 | 817 |
Mattel, Inc. 6.75% 20254 | 1,104 | 1,147 |
McGraw-Hill Global Education Holdings, LLC, Term Loan B, (3-month USD-LIBOR + 4.00%) 5.00% 20222,3 | 1,231 | 1,053 |
Merlin Entertainment 5.75% 20264 | 792 | 766 |
MGM Growth Properties LLC 5.625% 2024 | 307 | 320 |
MGM Growth Properties LLC 4.625% 20254 | 605 | 595 |
MGM Resorts International 7.75% 2022 | 740 | 754 |
MGM Resorts International 6.00% 2023 | 541 | 548 |
MGM Resorts International 5.75% 2025 | 1,490 | 1,478 |
MGM Resorts International 6.75% 2025 | 280 | 278 |
MGM Resorts International 5.50% 2027 | 541 | 524 |
NCL Corp. Ltd. 3.625% 20244 | 1,975 | 1,215 |
NCL Corp. Ltd. 12.25% 20244 | 140 | 147 |
Neiman Marcus Group Ltd. LLC 8.00% 20244,5 | 3,510 | 176 |
Neiman Marcus Group Ltd. LLC 8.75% 20244,5 | 2,578 | 129 |
Neiman Marcus Group Ltd. LLC 14.00% 2024 (42.86% PIK)4,5,8 | 4,954 | 1,486 |
Neiman Marcus Group Ltd. LLC, Term Loan, (1-month USD-LIBOR + 12.75%) 14.00% 20201,2,3,7 | 919 | 919 |
Neiman Marcus Group Ltd. LLC, Term Loan B, (3-month USD-LIBOR + 6.00%) 8.00% 2023 (12.50% PIK)2,3,5,8 | 2,474 | 609 |
Newell Rubbermaid Inc. 4.875% 2025 | 445 | 467 |
NMG Finco PLC 5.75% 20224 | 1,175 | 831 |
Panther BF Aggregator 2, LP 6.25% 20264 | 155 | 161 |
Panther BF Aggregator 2, LP 8.50% 20274 | 990 | 997 |
Party City Holdings Inc. 6.625% 20264 | 500 | 113 |
PetSmart, Inc. 7.125% 20234 | 7,039 | 6,955 |
PetSmart, Inc. 5.875% 20254 | 4,091 | 4,114 |
PetSmart, Inc. 8.875% 20254 | 3,941 | 3,946 |
PetSmart, Inc., Term Loan B2, (3-month USD-LIBOR + 4.00%) 5.00% 20222,3 | 1,200 | 1,188 |
PetSmart, Inc., Term Loan, (3-month USD-LIBOR + 3.00%) 4.00% 20222,3 | 2,569 | 2,516 |
Royal Caribbean Cruises Ltd. 5.25% 2022 | 500 | 389 |
Royal Caribbean Cruises Ltd. 9.125% 20234 | 405 | 402 |
Royal Caribbean Cruises Ltd. 10.875% 20234 | 1,075 | 1,105 |
Royal Caribbean Cruises Ltd. 11.50% 20254 | 550 | 574 |
Sally Holdings LLC and Sally Capital Inc. 5.50% 2023 | 400 | 390 |
Sally Holdings LLC and Sally Capital Inc. 5.625% 2025 | 2,825 | 2,752 |
Sally Holdings LLC and Sally Capital Inc. 8.75% 20254 | 1,469 | 1,597 |
Sands China Ltd. 4.375% 20304 | 450 | 470 |
Scientific Games Corp. 6.625% 2021 | 115 | 116 |
Scientific Games Corp. 5.00% 20254 | 721 | 668 |
Scientific Games Corp. 8.625% 20254 | 2,275 | 2,132 |
Scientific Games Corp. 8.25% 20264 | 5,279 | 4,694 |
Scientific Games Corp. 7.00% 20284 | 153 | 123 |
Scientific Games Corp. 7.25% 20294 | 845 | 677 |
American Funds Insurance Series — High-Income Bond Fund — Page 168 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Consumer discretionary (continued) | Principal amount (000) | Value (000) |
ServiceMaster Global Holdings, Inc. 5.125% 20244 | $858 | $872 |
Six Flags Entertainment Corp. 4.875% 20244 | 2,277 | 2,042 |
Six Flags Theme Parks Inc. 7.00% 20254 | 140 | 145 |
Staples, Inc. 7.50% 20264 | 3,870 | 3,049 |
Staples, Inc. 10.75% 20274 | 1,000 | 612 |
Stars Group Holdings BV 7.00% 20264 | 750 | 792 |
Station Casinos LLC 4.50% 20284 | 615 | 519 |
The William Carter Company 5.50% 20254 | 167 | 173 |
Vail Resorts, Inc. 6.25% 20254 | 700 | 735 |
VICI Properties LP 4.25% 20264 | 627 | 603 |
VICI Properties LP 4.625% 20294 | 135 | 132 |
VICI Properties LP / VICI Note Co. Inc. 3.50% 20254 | 447 | 421 |
VICI Properties LP / VICI Note Co. Inc. 3.75% 20274 | 229 | 216 |
VICI Properties LP / VICI Note Co. Inc. 4.125% 20304 | 264 | 252 |
Viking Cruises Ltd. 6.25% 20254 | 140 | 80 |
Viking Cruises Ltd. 13.00% 20254 | 505 | 535 |
William Carter Co. 5.625% 20274 | 294 | 304 |
Wyndham Worldwide Corp. 5.375% 20264 | 660 | 637 |
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 20234 | 2,071 | 1,953 |
Wynn Las Vegas, LLC and Wynn Capital Corp. 5.25% 20274 | 373 | 323 |
Wynn Macau, Ltd. 5.125% 20294 | 200 | 195 |
Wynn Resorts Ltd. 7.75% 20254 | 1,132 | 1,145 |
Wynn Resorts Ltd. 5.125% 20294 | 534 | 478 |
YUM! Brands, Inc. 7.75% 20254 | 278 | 300 |
98,599 | ||
Materials 11.51% | ||
Anglo American Capital PLC 5.625% 20304 | 310 | 375 |
Arconic Corp. 6.00% 20254 | 810 | 835 |
Ardagh Group SA 6.50% 20274,8 | 939 | 931 |
Ardagh Packaging Finance 5.25% 20254 | 495 | 509 |
Ardagh Packaging Finance 6.00% 20254 | 533 | 546 |
Ardagh Packaging Finance 5.25% 20274 | 425 | 418 |
Axalta Coating Systems LLC 4.875% 20244 | 470 | 477 |
Axalta Coating Systems LLC 4.75% 20274 | 460 | 464 |
Berry Plastics Corp. 5.50% 2022 | 122 | 123 |
Blue Cube Spinco Inc. 10.00% 2025 | 660 | 688 |
BWAY Parent Co., Inc. 5.50% 20244 | 1,619 | 1,594 |
Carlyle Group LP 8.75% 20234,8 | 297 | 297 |
Cascades Inc. 5.125% 20264 | 495 | 504 |
Chemours Co. 6.625% 2023 | 2,158 | 2,077 |
Cleveland-Cliffs Inc. 4.875% 20244 | 3,097 | 2,922 |
Cleveland-Cliffs Inc. 5.75% 2025 | 3,789 | 3,237 |
Cleveland-Cliffs Inc. 9.875% 20254 | 522 | 549 |
Cleveland-Cliffs Inc. 6.75% 20264 | 1,167 | 1,129 |
Cleveland-Cliffs Inc. 5.875% 2027 | 6,060 | 5,017 |
Cleveland-Cliffs Inc. 7.00% 20274 | 297 | 226 |
Consolidated Energy Finance SA 6.50% 20264 | 1,250 | 1,067 |
CVR Partners, LP 9.25% 20234 | 583 | 573 |
First Quantum Minerals Ltd. 7.25% 20224 | 3,229 | 3,168 |
First Quantum Minerals Ltd. 7.25% 20234 | 3,072 | 2,953 |
First Quantum Minerals Ltd. 6.50% 20244 | 611 | 577 |
First Quantum Minerals Ltd. 7.50% 20254 | 8,243 | 7,906 |
First Quantum Minerals Ltd. 6.875% 20264 | 3,076 | 2,922 |
American Funds Insurance Series — High-Income Bond Fund — Page 169 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Materials (continued) | Principal amount (000) | Value (000) |
Freeport-McMoRan Inc. 3.875% 2023 | $480 | $482 |
Freeport-McMoRan Inc. 4.25% 2030 | 925 | 898 |
Freeport-McMoRan Inc. 5.45% 2043 | 148 | 146 |
FXI Holdings, Inc. 7.875% 20244 | 3,530 | 3,047 |
FXI Holdings, Inc. 12.25% 20264 | 3,976 | 3,868 |
Greif, Inc. 6.50% 20274 | 478 | 488 |
Hexion Inc. 7.875% 20274 | 2,194 | 2,002 |
INEOS Group Holdings SA 5.625% 20244 | 772 | 749 |
LSB Industries, Inc. 9.625% 20234 | 3,638 | 3,516 |
Neon Holdings, Inc. 10.125% 20264 | 2,060 | 2,055 |
Newcrest Finance Pty Ltd. 4.20% 20504 | 550 | 616 |
Nova Chemicals Corp. 4.875% 20244 | 495 | 463 |
Nova Chemicals Corp. 5.25% 20274 | 1,558 | 1,371 |
Novelis Corp. 5.875% 20264 | 950 | 951 |
Novelis Corp. 4.75% 20304 | 990 | 948 |
OCI NV 5.25% 20244 | 278 | 268 |
Olin Corp. 9.50% 20254 | 965 | 1,078 |
Olin Corp. 5.00% 2030 | 280 | 248 |
Owens-Illinois, Inc. 5.00% 20224 | 60 | 60 |
Owens-Illinois, Inc. 5.875% 20234 | 1,670 | 1,729 |
Owens-Illinois, Inc. 6.375% 20254 | 465 | 493 |
Plastipak Holdings, Inc. 6.25% 20254 | 200 | 195 |
Platform Specialty Products Corp. 5.875% 20254 | 680 | 689 |
Ryerson Inc. 11.00% 20224 | 3,113 | 3,189 |
Scotts Miracle-Gro Co. 4.50% 2029 | 779 | 804 |
Sealed Air Corp. 4.875% 20224 | 660 | 680 |
Sealed Air Corp. 5.25% 20234 | 267 | 280 |
Sealed Air Corp. 4.00% 20274 | 316 | 317 |
Silgan Holdings Inc. 4.125% 20284 | 377 | 375 |
Starfruit US Holdco LLC 8.00% 20264 | 931 | 956 |
Summit Materials, Inc. 6.125% 2023 | 1,621 | 1,616 |
Summit Materials, Inc. 6.50% 20274 | 360 | 369 |
Teck Resources Ltd. 3.90% 20304 | 85 | 85 |
TPC Group Inc. 10.50% 20244 | 678 | 608 |
Trivium Packaging BV 5.50% 20264 | 530 | 537 |
Trivium Packaging BV 8.50% 20274 | 770 | 825 |
Tronox Ltd. 5.75% 20254 | 700 | 650 |
Tronox Ltd. 6.50% 20264 | 1,208 | 1,132 |
Valvoline Inc. 4.375% 20254 | 555 | 560 |
Valvoline Inc. 4.25% 20304 | 353 | 348 |
Venator Materials Corp. 5.75% 20254 | 5,426 | 3,876 |
Venator Materials Corp. 9.50% 20254 | 1,850 | 1,887 |
W. R. Grace & Co. 4.875% 20274 | 1,350 | 1,374 |
Warrior Met Coal, Inc. 8.00% 20244 | 1,400 | 1,366 |
90,278 | ||
Industrials 10.51% | ||
ADT Corp. 3.50% 2022 | 3,465 | 3,455 |
Advanced Disposal Services, Inc. 5.625% 20244 | 1,023 | 1,065 |
Aerovias de Mexico, SA de CV 7.00% 20254 | 267 | 63 |
Alaska Air Group, Inc. 4.80% 20274 | 850 | 865 |
Allison Transmission Holdings, Inc. 5.00% 20244 | 1,573 | 1,574 |
ASGN Inc. 4.625% 20284 | 402 | 393 |
Ashtead Group PLC 4.25% 20294 | 488 | 489 |
American Funds Insurance Series — High-Income Bond Fund — Page 170 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Industrials (continued) | Principal amount (000) | Value (000) |
Associated Materials, LLC 9.00% 20244 | $5,773 | $4,970 |
Avis Budget Group, Inc. 5.50% 2023 | 531 | 440 |
Avis Budget Group, Inc. 6.375% 20244 | 1,100 | 907 |
Avis Budget Group, Inc. 5.25% 20254 | 437 | 352 |
Avis Budget Group, Inc. 10.50% 20254 | 800 | 891 |
Avolon Holdings Funding Ltd. 5.25% 20244 | 660 | 603 |
Beacon Roofing Supply, Inc. 4.875% 20254 | 685 | 613 |
Boeing Co. 4.875% 2025 | 1,719 | 1,874 |
Boeing Co. 5.93% 2060 | 1,525 | 1,810 |
Bohai Financial Investment Holding Co., Ltd. 5.25% 20224 | 1,600 | 1,503 |
Bohai Financial Investment Holding Co., Ltd. 4.50% 20234 | 1,072 | 979 |
Bohai Financial Investment Holding Co., Ltd. 5.125% 20234 | 660 | 611 |
Bohai Financial Investment Holding Co., Ltd. 5.50% 20244 | 600 | 549 |
Bombardier Inc. 7.50% 20244 | 95 | 62 |
Bombardier Inc. 7.50% 20254 | 1,191 | 781 |
Bombardier Inc. 7.875% 20274 | 448 | 294 |
BWX Technologies, Inc. 4.125% 20284 | 845 | 846 |
Cargo Aircraft Management, Inc. 4.75% 20284 | 518 | 515 |
Clean Harbors, Inc. 4.875% 20274 | 766 | 788 |
Continental Airlines, Inc., Series 2000-1, Class B, 8.388% 2022 | —9 | —9 |
Covanta Holding Corp. 5.875% 2024 | 792 | 802 |
Covanta Holding Corp. 5.875% 2025 | 858 | 872 |
Delta Air Lines, Inc. 7.00% 20254 | 3,195 | 3,301 |
Dun & Bradstreet Corp. 6.875% 20264 | 444 | 472 |
Dun & Bradstreet Corp. 10.25% 20274 | 3,497 | 3,890 |
Euramax International, Inc. 12.00% 20204 | 1,602 | 1,319 |
F-Brasile SpA 7.375% 20264 | 1,563 | 1,207 |
GW B-CR Security Corp. 9.50% 20274 | 295 | 312 |
Hardwoods Acquisition Inc. 7.50% 20214 | 967 | 353 |
Harsco Corp. 5.75% 20274 | 650 | 653 |
Hillenbrand Inc. 5.75% 2025 | 125 | 130 |
Howmet Aerospace Inc. 6.875% 2025 | 1,662 | 1,807 |
Icahn Enterprises Finance Corp. 4.75% 2024 | 1,080 | 1,022 |
JELD-WEN Holding, Inc. 4.875% 20274 | 1,033 | 998 |
JetBlue Airways Corp., Term Loan B, (3-month USD-LIBOR + 5.25%) 5.571% 20242,3 | 205 | 201 |
Kratos Defense & Security Solutions, Inc. 6.50% 20254 | 1,710 | 1,780 |
LABL Escrow Issuer, LLC 10.50% 20274 | 690 | 735 |
LSC Communications, Inc. 8.75% 20234,5 | 9,960 | 996 |
LSC Communications, Inc., Term Loan B, (3-month USD-LIBOR + 5.50%) 6.25% 20222,3,5 | 334 | 33 |
Moog Inc. 4.25% 20274 | 125 | 122 |
Navistar International Corp. 9.50% 20254 | 647 | 696 |
Nielsen Finance LLC and Nielsen Finance Co. 5.00% 20254 | 750 | 749 |
Pisces Parent LLC 8.00% 20264 | 1,744 | 1,763 |
Prime Security Services Borrower, LLC 6.25% 20284 | 768 | 726 |
R.R. Donnelley & Sons Co. 6.50% 2023 | 1,100 | 1,008 |
R.R. Donnelley & Sons Co., Term Loan B, (3-month USD-LIBOR + 5.00%) 5.178% 20242,3 | 1,330 | 1,246 |
Rexnord Corp. 4.875% 20254 | 1,723 | 1,737 |
Sensata Technologies Holding BV 4.875% 20234 | 125 | 130 |
Southwest Airlines Co. 4.75% 2023 | 750 | 775 |
Southwest Airlines Co. 5.25% 2025 | 1,075 | 1,135 |
Spirit AeroSystems, Inc. 7.50% 20254 | 1,053 | 1,043 |
Stericycle, Inc. 5.375% 20244 | 1,476 | 1,517 |
The Brink’s Co. 5.50% 20254 | 600 | 613 |
The Brink’s Co. 4.625% 20274 | 719 | 692 |
American Funds Insurance Series — High-Income Bond Fund — Page 171 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Industrials (continued) | Principal amount (000) | Value (000) |
Thyssenkrupp Elevator Technology, Term Loan B, (1-month USD LIBOR + 425%) 4.412% 20272,3 | $500 | $490 |
TransDigm Inc. 6.50% 2024 | 79 | 76 |
TransDigm Inc. 8.00% 20254 | 658 | 694 |
TransDigm Inc. 6.25% 20264 | 158 | 158 |
Uber Technologies, Inc. 7.50% 20234 | 360 | 365 |
Uber Technologies, Inc. 8.00% 20264 | 1,660 | 1,692 |
United Airlines Holdings, Inc. 6.50% 20274 | 4,375 | 4,397 |
United Rentals (North America), Inc. 3.875% 2027 | 129 | 129 |
United Rentals, Inc. 4.625% 2025 | 898 | 904 |
United Rentals, Inc. 5.875% 2026 | 53 | 56 |
United Rentals, Inc. 6.50% 2026 | 205 | 216 |
United Rentals, Inc. 5.25% 2030 | 443 | 458 |
Vertical Holdco GMBH 7.625% 20284 | 450 | 461 |
Vertical US Newco Inc. 5.25% 20274 | 2,350 | 2,385 |
Virgin Australia Holdings Ltd. 7.875% 20214 | 800 | 139 |
Wesco Aircraft Holdings, Inc. 8.50% 20244 | 895 | 600 |
Wesco Aircraft Holdings, Inc. 9.00% 20264 | 1,319 | 871 |
WESCO Distribution, Inc. 7.125% 20254 | 2,040 | 2,157 |
WESCO Distribution, Inc. 7.25% 20284 | 1,945 | 2,056 |
Williams Scotsman International, Inc. 6.125% 20254 | 112 | 114 |
XPO Logistics, Inc. 6.75% 20244 | 198 | 208 |
XPO Logistics, Inc. 6.25% 20254 | 1,575 | 1,653 |
82,406 | ||
Energy 9.60% | ||
American Energy-Permian Basin, LLC / AEPB Finance Corp. 12.00% 20241,4,5,7 | 1,934 | 232 |
Antero Resources Corp. 5.375% 2024 | 875 | 748 |
Antero Resources Corp. 5.75% 20284 | 166 | 132 |
Ascent Resources - Utica LLC 10.00% 20224 | 338 | 289 |
Ascent Resources - Utica LLC 7.00% 20264 | 765 | 492 |
Blue Racer Midstream LLC and Blue Racer Finance Corp. 6.125% 20224 | 1,300 | 1,296 |
California Resources Corp., Term Loan B, (3-month USD-LIBOR + 4.75%) 5.75% 20222,3 | 950 | 355 |
Carrizo Oil & Gas Inc. 6.25% 2023 | 750 | 286 |
Cenovus Energy Inc. 3.00% 2022 | 42 | 40 |
Cenovus Energy Inc. 3.80% 2023 | 47 | 44 |
Cenovus Energy Inc. 4.25% 2027 | 180 | 163 |
Centennial Resource Production, LLC 6.875% 20274 | 465 | 248 |
Cheniere Energy Partners, LP 5.625% 2026 | 396 | 393 |
Cheniere Energy Partners, LP 4.50% 20294 | 583 | 570 |
Cheniere Energy, Inc. 7.00% 2024 | 503 | 573 |
Cheniere Energy, Inc. 5.875% 2025 | 495 | 556 |
Cheniere Energy, Inc. 3.70% 20294 | 220 | 226 |
Chesapeake Energy Corp. 4.875% 2022 | 4,300 | 150 |
Chesapeake Energy Corp. 11.50% 20254 | 2,824 | 306 |
Chesapeake Energy Corp., Term Loan, (3-month USD-LIBOR + 8.00%) 9.00% 20242,3 | 2,627 | 1,524 |
CITGO Petroleum Corp 7.00% 20254 | 500 | 502 |
Comstock Resources, Inc. 9.75% 2026 | 963 | 904 |
CONSOL Energy Inc. 5.875% 2022 | 3,120 | 3,075 |
Constellation Oil Services Holding SA 10.00% 2024 (100% PIK)4,8 | 7,414 | 2,224 |
Convey Park Energy LLC 7.50% 20254 | 792 | 724 |
CVR Energy, Inc. 5.25% 20254 | 555 | 512 |
DCP Midstream LP 7.375% 2049 (3-month USD-LIBOR + 5.148% on 12/15/2022)6 | 155 | 108 |
DCP Midstream Operating LP 4.95% 2022 | 1,187 | 1,198 |
DCP Midstream Operating LP 5.375% 2025 | 350 | 348 |
American Funds Insurance Series — High-Income Bond Fund — Page 172 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Energy (continued) | Principal amount (000) | Value (000) |
Denbury Resources Inc. 9.00% 20214 | $1,346 | $525 |
Denbury Resources Inc. 7.75% 20244 | 100 | 38 |
Diamond Offshore Drilling, Inc. 7.875% 2025 | 508 | 54 |
Diamond Offshore Drilling, Inc. 4.875% 20435 | 1,362 | 161 |
Endeavor Energy Resources, LP 6.625% 20254 | 850 | 859 |
Energy Transfer Operating, LP 5.00% 2050 | 1,018 | 965 |
Enviva Partners LP 6.50% 20264 | 475 | 495 |
EQM Midstream Partners, LP 4.75% 2023 | 400 | 404 |
EQM Midstream Partners, LP 4.125% 2026 | 127 | 116 |
EQM Midstream Partners, LP 6.50% 20274 | 2,285 | 2,346 |
EQM Midstream Partners, LP 5.50% 2028 | 1,171 | 1,118 |
EQT Corp. 7.00% 2030 | 350 | 361 |
Extraction Oil & Gas, Inc. 5.625% 20264 | 1,575 | 309 |
Genesis Energy, LP 6.50% 2025 | 2,075 | 1,781 |
Hess Midstream Partners LP 5.625% 20264 | 391 | 388 |
Hess Midstream Partners LP 5.125% 20284 | 687 | 662 |
Illuminate Buyer LLC / Illuminate Holdings IV Inc. 9.00% 20284 | 500 | 522 |
Jonah Energy LLC 7.25% 20254 | 2,200 | 291 |
Lealand Finance Company BV, Term Loan, (3-month USD-LIBOR + 3.00%) 4.30% 20241,2,3,7 | 450 | 449 |
Matador Resources Co. 5.875% 2026 | 315 | 234 |
MPLX LP 5.50% 2049 | 417 | 474 |
Murphy Oil Corp. 6.875% 2024 | 1,000 | 938 |
Murphy Oil Corp. 5.875% 2027 | 219 | 193 |
Nabors Industries Inc. 5.75% 2025 | 355 | 145 |
Nabors Industries Ltd. 7.25% 20264 | 405 | 250 |
NGL Energy Partners LP 7.50% 2023 | 767 | 639 |
NGL Energy Partners LP 6.125% 2025 | 3,179 | 2,412 |
NuStar Logistics, LP 4.80% 2020 | 44 | 44 |
NuStar Logistics, LP 6.75% 20214 | 109 | 109 |
NuStar Logistics, LP 6.00% 2026 | 686 | 673 |
Oasis Petroleum Inc. 6.875% 2022 | 2,587 | 435 |
Oasis Petroleum Inc. 6.25% 20264 | 759 | 128 |
Occidental Petroleum Corp. 2.60% 2021 | 263 | 258 |
Occidental Petroleum Corp. 4.10% 2021 | 31 | 31 |
Occidental Petroleum Corp. 2.70% 2022 | 912 | 851 |
Occidental Petroleum Corp. 3.125% 2022 | 84 | 81 |
Occidental Petroleum Corp. 2.70% 2023 | 569 | 521 |
Occidental Petroleum Corp. 2.90% 2024 | 1,243 | 1,065 |
Occidental Petroleum Corp. 8.00% 2025 | 1,160 | 1,167 |
Occidental Petroleum Corp. 4.20% 2048 | 165 | 112 |
ONEOK, Inc. 5.85% 2026 | 273 | 312 |
ONEOK, Inc. 4.95% 2047 | 23 | 22 |
ONEOK, Inc. 5.20% 2048 | 282 | 281 |
ONEOK, Inc. 7.15% 2051 | 83 | 101 |
Parsley Energy, Inc. 5.25% 20254 | 150 | 145 |
PBF Holding Company LLC 9.25% 20254 | 600 | 642 |
PBF Holding Company LLC 6.00% 20284 | 371 | 309 |
PDC Energy Inc. 5.75% 2026 | 1,100 | 1,004 |
Peabody Energy Corp. 6.00% 20224 | 1,588 | 1,037 |
Peabody Energy Corp. 6.375% 20254 | 100 | 53 |
Petrobras Global Finance Co. 5.299% 2025 | 307 | 320 |
Petrobras Global Finance Co. 5.60% 2031 | 250 | 251 |
Petrobras Global Finance Co. 6.90% 2049 | 375 | 396 |
Petrobras Global Finance Co. 6.75% 2050 | 850 | 876 |
American Funds Insurance Series — High-Income Bond Fund — Page 173 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Energy (continued) | Principal amount (000) | Value (000) |
Petróleos Mexicanos 6.49% 20274 | $120 | $110 |
Petróleos Mexicanos 5.35% 2028 | 449 | 378 |
Petróleos Mexicanos 6.375% 2045 | 210 | 157 |
Petróleos Mexicanos 6.35% 2048 | 108 | 80 |
Petróleos Mexicanos 7.69% 20504 | 251 | 209 |
Plains All American Pipeline, LP 3.80% 2030 | 60 | 59 |
QEP Resources, Inc. 5.25% 2023 | 110 | 73 |
QEP Resources, Inc. 5.625% 2026 | 760 | 485 |
Range Resources Corp. 4.875% 2025 | 472 | 356 |
Rockies Express Pipeline LLC 4.95% 20294 | 1,000 | 935 |
Sabine Pass Liquefaction, LLC 4.50% 20304 | 726 | 803 |
Sanchez Energy Corp. 7.25% 20234 | 739 | 13 |
SM Energy Co. 6.125% 2022 | 245 | 180 |
SM Energy Co. 5.00% 2024 | 250 | 136 |
SM Energy Co. 5.625% 2025 | 676 | 361 |
SM Energy Co. 6.625% 2027 | 290 | 143 |
Southwestern Energy Co. 6.20% 2025 (6.45% on 7/23/2020)6 | 745 | 640 |
Southwestern Energy Co. 7.50% 2026 | 253 | 222 |
Southwestern Energy Co. 7.75% 2027 | 72 | 63 |
Sunoco LP 4.875% 2023 | 2,063 | 2,040 |
Sunoco LP 5.50% 2026 | 263 | 256 |
Sunoco LP 6.00% 2027 | 256 | 254 |
Tallgrass Energy Partners, LP 5.50% 20244 | 1,000 | 906 |
Tapstone Energy, Term Loan, (3-month USD-LIBOR + 4.00%) 4.741% 20241,2,3,7 | 11 | 6 |
Targa Resources Partners LP 6.75% 2024 | 247 | 247 |
Targa Resources Partners LP 5.875% 2026 | 321 | 319 |
Targa Resources Partners LP 6.50% 2027 | 133 | 134 |
Targa Resources Partners LP 6.875% 2029 | 332 | 349 |
Targa Resources Partners LP 5.50% 20304 | 477 | 461 |
Teekay Corp. 9.25% 20224 | 3,108 | 2,995 |
Teekay Offshore Partners LP 8.50% 20234 | 2,009 | 1,773 |
Transocean Guardian Ltd. 5.875% 20244 | 923 | 816 |
Transocean Inc. 8.375% 20216 | 1,592 | 1,130 |
Transocean Inc. 6.125% 20254 | 2,008 | 1,767 |
Transocean Poseidon Ltd. 6.875% 20274 | 655 | 567 |
Transocean Sentry Ltd. 5.375% 20234 | 846 | 728 |
USA Compression Partners, LP 6.875% 2026 | 264 | 256 |
USA Compression Partners, LP 6.875% 2027 | 247 | 235 |
Valaris PLC 7.75% 2026 | 1,000 | 78 |
Vine Oil & Gas LP 8.75% 20234 | 2,042 | 1,246 |
Viper Energy Partners LP 5.375% 20274 | 770 | 757 |
Weatherford International PLC 11.00% 20244 | 4,211 | 2,948 |
Western Gas Partners LP 4.50% 2028 | 993 | 938 |
Western Midstream Operating, LP 5.25% 2050 | 500 | 436 |
Whiting Petroleum Corp. 6.625% 2026 | 775 | 139 |
WPX Energy, Inc. 5.75% 2026 | 297 | 289 |
WPX Energy, Inc. 5.875% 2028 | 620 | 595 |
WPX Energy, Inc. 4.50% 2030 | 759 | 672 |
75,311 | ||
Financials 6.60% | ||
Advisor Group Holdings, LLC 6.25% 20284 | 1,041 | 971 |
AerCap Holdings NV 4.50% 2023 | 675 | 676 |
AG Merger Sub II, Inc. 10.75% 20274 | 1,862 | 1,830 |
American Funds Insurance Series — High-Income Bond Fund — Page 174 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Financials (continued) | Principal amount (000) | Value (000) |
Alliant Holdings Intermediate, LLC 6.75% 20274 | $1,153 | $1,151 |
Ally Financial Inc. 8.00% 2031 | 642 | 830 |
Ally Financial Inc. 8.00% 2031 | 63 | 80 |
American International Group, Inc. 4.375% 2050 | 300 | 345 |
AmWINS Group, Inc. 7.75% 20264 | 261 | 275 |
AssuredPartners, Inc. 7.00% 20254 | 498 | 500 |
AssuredPartners, Inc. 8.00% 20274 | 1,128 | 1,165 |
Athene Holding Ltd. 6.15% 2030 | 300 | 346 |
CIT Group Inc. 4.125% 2021 | 950 | 954 |
CIT Group Inc. 3.929% 2024 (USD-SOFR + 3.827% on 6/19/2023)6 | 635 | 622 |
CIT Group Inc. 5.25% 2025 | 105 | 109 |
Compass Diversified Holdings 8.00% 20264 | 3,394 | 3,464 |
Credit Acceptance Corp. 5.125% 20244 | 765 | 741 |
Fairstone Financial Inc. 7.875% 20244 | 1,508 | 1,482 |
FS Energy and Power Fund 7.50% 20234 | 3,999 | 3,420 |
General Motors Acceptance Corp. 7.50% 2020 | 750 | 757 |
goeasy Ltd. 5.375% 20244 | 168 | 163 |
HUB International Ltd. 7.00% 20264 | 2,625 | 2,628 |
Icahn Enterprises Finance Corp. 6.25% 2022 | 2,334 | 2,345 |
Icahn Enterprises Finance Corp. 5.25% 2027 | 452 | 438 |
Iris Merger Sub 2019 Inc. 9.375% 20284 | 874 | 859 |
Ladder Capital Corp. 4.25% 20274 | 1,104 | 886 |
LPL Financial Holdings Inc. 4.625% 20274 | 1,209 | 1,198 |
MSCI Inc. 5.375% 20274 | 320 | 341 |
MSCI Inc. 4.00% 20294 | 447 | 457 |
MSCI Inc. 3.625% 20304 | 66 | 66 |
MSCI Inc. 3.875% 20314 | 2,750 | 2,810 |
Navient Corp. 6.50% 2022 | 3,533 | 3,482 |
Navient Corp. 5.50% 2023 | 2,696 | 2,593 |
Navient Corp. 5.875% 2024 | 500 | 471 |
Navient Corp. 6.125% 2024 | 417 | 397 |
Navient Corp. 5.00% 2027 | 2,523 | 2,125 |
Navient Corp. 5.625% 2033 | 228 | 176 |
NMI Holdings Inc. 7.375% 20254 | 440 | 461 |
OneMain Holdings, Inc. 7.125% 2026 | 685 | 710 |
Owl Rock Capital Corp. 4.625% 20244 | 750 | 741 |
Owl Rock Capital Corp. 3.75% 2025 | 900 | 881 |
Rede D’Or Finance SARL 4.50% 20304 | 502 | 444 |
Springleaf Finance Corp. 8.25% 2020 | 450 | 465 |
Springleaf Finance Corp. 6.125% 2024 | 2,042 | 2,079 |
Springleaf Finance Corp. 6.625% 2028 | 190 | 188 |
Springleaf Finance Corp. 5.375% 2029 | 183 | 173 |
Starwood Property Trust, Inc. 3.625% 2021 | 325 | 320 |
Starwood Property Trust, Inc. 5.00% 2021 | 2,371 | 2,307 |
Travelport Finance Luxembourg SARL, Term Loan, (3-month USD-LIBOR + 5.00%) 6.072% 20262,3 | 1,876 | 1,244 |
Travelport Finance Luxembourg SARL, Term Loan, (3-month USD-LIBOR + 9.00%) 10.072% 20272,3 | 512 | 151 |
UniCredit SpA 5.459% 2035 (5-year USD-ICE Swap + 4.75% on 6/30/2030)4,6 | 425 | 429 |
51,746 | ||
Information technology 6.11% | ||
Alcatel-Lucent USA Inc. 6.45% 2029 | 1,080 | 1,112 |
Almonde Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 8.25% 20252,3 | 3,924 | 3,425 |
Applied Systems, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.00% 20252,3 | 1,158 | 1,161 |
Banff Merger Sub Inc. 9.75% 20264 | 1,829 | 1,845 |
American Funds Insurance Series — High-Income Bond Fund — Page 175 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Information technology (continued) | Principal amount (000) | Value (000) |
BMC Software, Inc. 7.125% 20254 | $860 | $905 |
BMC Software, Inc. 9.125% 20264 | 595 | 618 |
BMC Software, Inc., Term Loan, (3-month USD-LIBOR + 4.25%) 4.428% 20252,3 | 374 | 355 |
Broadcom Inc. 4.75% 20294 | 66 | 75 |
Broadcom Inc. 5.00% 20304 | 326 | 375 |
CDW Corp. 5.00% 2025 | 1,150 | 1,186 |
CommScope Finance LLC 5.50% 20244 | 245 | 248 |
CommScope Finance LLC 6.00% 20264 | 833 | 856 |
CommScope Technologies LLC 5.50% 20244 | 200 | 204 |
Diebold Nixdorf AG, Term Loan A1, (3-month USD-LIBOR + 9.25%) 9.438% 20222,3 | 1,900 | 1,908 |
Diebold Nixdorf AG, Term Loan B, (3-month USD-LIBOR + 2.75%) 2.938% 20232,3 | 650 | 619 |
Diebold, Inc. 8.50% 2024 | 1,777 | 1,415 |
Financial & Risk US Holdings, Inc. 6.25% 20264 | 602 | 640 |
Financial & Risk US Holdings, Inc. 8.25% 20264 | 601 | 651 |
Gartner, Inc. 4.50% 20284 | 2,000 | 2,028 |
Genesys Telecommunications Laboratories, Inc. 10.00% 20244 | 3,341 | 3,483 |
GoDaddy Operating Co. 5.25% 20274 | 242 | 247 |
Informatica Corp., Term Loan, 7.50% 20252 | 288 | 289 |
Internet Brands, Inc., Term Loan, (3-month USD-LIBOR + 7.50%) 8.572% 20252,3 | 448 | 429 |
Kronos Inc., Term Loan B, (3-month USD-LIBOR + 8.25%) 9.25% 20242,3 | 6,753 | 6,757 |
McAfee, LLC, Term Loan, (3-month USD-LIBOR + 3.75%) 3.934% 20242,3 | 1,154 | 1,125 |
McAfee, LLC, Term Loan, (3-month USD-LIBOR + 8.50%) 9.50% 20252,3 | 490 | 488 |
Mitchell International, Inc., Term Loan B, (3-month USD-LIBOR + 7.25%) 7.428% 20252,3 | 736 | 662 |
MoneyGram International Inc., Term Loan B, (3-month USD-LIBOR + 6.00%) 7.00% 20232,3 | 1,223 | 1,140 |
Open Text Corp. 3.875% 20284 | 396 | 382 |
Open Text Corp. 4.125% 20304 | 445 | 438 |
Presidio Holdings Inc. 8.25% 20284 | 360 | 361 |
PTC Inc. 3.625% 20254 | 705 | 701 |
Sabre Holdings Corp. 5.25% 20234 | 83 | 77 |
Sabre Holdings Corp. 5.375% 20234 | 983 | 920 |
Sabre Holdings Corp. 9.25% 20254 | 521 | 551 |
Solera Holdings, Inc. 10.50% 20244 | 726 | 742 |
Tempo Acquisition LLC 6.75% 20254 | 1,072 | 1,089 |
Ultimate Software Group Inc., Term Loan, (3-month USD-LIBOR + 4.00%) 4.305% 20262,3 | 575 | 569 |
Ultimate Software Group Inc., Term Loan, (3-month USD-LIBOR + 6.75%) 7.055% 20272,3 | 1,325 | 1,351 |
VeriSign, Inc. 4.625% 2023 | 429 | 433 |
VeriSign, Inc. 5.25% 2025 | 132 | 147 |
Veritas Holdings Ltd. 7.50% 20234 | 2,368 | 2,341 |
Veritas Holdings Ltd. 10.50% 20244 | 1,425 | 1,281 |
Veritas US Inc., Term Loan B, (3-month USD-LIBOR + 4.50%) 5.50% 20232,3 | 896 | 831 |
Vertafore Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 7.428% 20262,3 | 960 | 953 |
ViaSat, Inc. 5.625% 20274 | 175 | 180 |
Xerox Corp. 4.125% 2023 | 314 | 315 |
47,908 | ||
Real estate 3.32% | ||
Brookfield Property REIT Inc. 5.75% 20264 | 2,789 | 2,363 |
Communications Sales & Leasing, Inc. 6.00% 20234 | 625 | 611 |
Diversified Healthcare Trust 4.75% 2024 | 275 | 248 |
Diversified Healthcare Trust 9.75% 2025 | 1,125 | 1,210 |
Equinix, Inc. 5.875% 2026 | 379 | 400 |
Hospitality Properties Trust 7.50% 2025 | 153 | 161 |
Howard Hughes Corp. 5.375% 20254 | 2,368 | 2,211 |
American Funds Insurance Series — High-Income Bond Fund — Page 176 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Real estate (continued) | Principal amount (000) | Value (000) |
Iron Mountain Inc. 5.75% 2024 | $3,027 | $3,065 |
Iron Mountain Inc. 4.875% 20274 | 1,211 | 1,183 |
Iron Mountain Inc. 5.00% 20284 | 617 | 604 |
Iron Mountain Inc. 5.25% 20284 | 1,214 | 1,211 |
Iron Mountain Inc. 5.25% 20304 | 2,955 | 2,903 |
Medical Properties Trust, Inc. 5.00% 2027 | 1,333 | 1,374 |
Park Hotels & Resorts Inc. 7.50% 20254 | 875 | 899 |
Realogy Corp. 5.25% 20214 | 2,004 | 2,032 |
Realogy Corp. 4.875% 20234 | 1,972 | 1,850 |
Realogy Corp. 9.375% 20274 | 1,860 | 1,741 |
Realogy Group LLC 7.625% 20254 | 690 | 690 |
SBA Communications Corp. 4.00% 2022 | 667 | 676 |
SBA Communications Corp. 3.875% 20274 | 598 | 596 |
26,028 | ||
Utilities 2.87% | ||
AES Corp. 5.50% 2025 | 1,248 | 1,285 |
AES Corp. 6.00% 2026 | 793 | 831 |
AES Corp. 3.95% 20304 | 1,075 | 1,102 |
AmeriGas Partners, LP 5.50% 2025 | 369 | 381 |
AmeriGas Partners, LP 5.75% 2027 | 297 | 315 |
Calpine Corp. 5.75% 2025 | 198 | 201 |
Calpine Corp. 5.25% 20264 | 143 | 145 |
Calpine Corp. 5.125% 20284 | 518 | 507 |
Clearway Energy Operating LLC 4.75% 20284 | 350 | 357 |
DPL Inc. 4.125% 20254 | 980 | 983 |
DPL Inc. 4.35% 2029 | 575 | 583 |
Emera Inc. 6.75% 2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)6 | 1,155 | 1,251 |
Enel Società per Azioni 8.75% 2073 (USD Semi Annual 30/360 (vs. 3-month USD-LIBOR) + 5.88% on 9/24/2023)4,6 | 1,050 | 1,196 |
NextEra Energy Partners, LP 4.25% 20244 | 122 | 124 |
NextEra Energy Partners, LP 3.875% 20264 | 92 | 92 |
NGL Energy Partners LP 7.50% 2026 | 1,492 | 1,137 |
NRG Energy, Inc. 7.25% 2026 | 328 | 347 |
Pacific Gas and Electric Co. 2.45% 20225 | 405 | 443 |
Pacific Gas and Electric Co. 3.25% 2023 | 270 | 294 |
Pacific Gas and Electric Co. 2.50% 2031 | 575 | 564 |
Pacific Gas and Electric Co. 6.05% 20345 | 945 | 1,128 |
Pacific Gas and Electric Co. 3.50% 2050 | 575 | 557 |
PG&E Corp. 5.00% 2028 | 1,230 | 1,228 |
PG&E Corp. 5.25% 2030 | 675 | 680 |
PG&E Corp., Term Loan B, (3-month USD-LIBOR + 4.50%) 4.806% 20252,3 | 510 | 504 |
Talen Energy Supply, LLC 10.50% 20264 | 3,248 | 2,575 |
Talen Energy Supply, LLC 7.25% 20274 | 2,123 | 2,116 |
Talen Energy Supply, LLC 7.625% 20284 | 1,340 | 1,342 |
Vistra Operations Co. LLC 3.55% 20244 | 231 | 239 |
22,507 | ||
Consumer staples 2.44% | ||
Albertsons Companies LLC 3.50% 20234 | 500 | 507 |
Albertsons Companies LLC 6.625% 2024 | 79 | 81 |
B&G Foods, Inc. 5.25% 2025 | 612 | 617 |
B&G Foods, Inc. 5.25% 2027 | 228 | 229 |
American Funds Insurance Series — High-Income Bond Fund — Page 177 of 207
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Consumer staples (continued) | Principal amount (000) | Value (000) |
CD&R Smokey Buyer, Inc. 6.75% 20254 | $145 | $151 |
Darling Ingredients Inc. 5.25% 20274 | 122 | 126 |
Edgewell Personal Care Co. 5.50% 20284 | 995 | 1,025 |
Energizer Holdings, Inc. 6.375% 20264 | 1,308 | 1,356 |
Energizer Holdings, Inc. 7.75% 20274 | 286 | 306 |
Energizer SpinCo, Inc. 5.50% 20254 | 412 | 420 |
H.J. Heinz Co. 3.875% 20274 | 725 | 759 |
H.J. Heinz Co. 4.25% 20314 | 771 | 819 |
H.J. Heinz Co. 5.50% 20504 | 971 | 1,039 |
Herbalife Nutrition Ltd. 7.875% 20254 | 365 | 377 |
Kraft Heinz Co. 3.95% 2025 | 580 | 620 |
Kraft Heinz Co. 4.375% 2046 | 781 | 769 |
Lamb Weston Holdings, Inc. 4.625% 20244 | 561 | 583 |
Nestle Skin Health SA, Term Loan B1, (3-month USD-LIBOR + 4.25%) 5.322% 20262,3 | 2,701 | 2,591 |
Post Holdings, Inc. 5.00% 20264 | 1,958 | 1,969 |
Post Holdings, Inc. 5.625% 20284 | 569 | 590 |
Post Holdings, Inc. 5.50% 20294 | 166 | 172 |
Post Holdings, Inc. 4.625% 20304 | 1,925 | 1,893 |
Prestige Brands International Inc. 6.375% 20244 | 260 | 268 |
Prestige Brands International Inc. 5.125% 20284 | 103 | 102 |
Spectrum Brands Inc. 5.75% 2025 | 528 | 543 |
TreeHouse Foods, Inc. 6.00% 20244 | 1,188 | 1,215 |
19,127 | ||
Total corporate bonds & notes | 723,620 | |
Bonds & notes of governments & government agencies outside the U.S. 0.02% | ||
Honduras (Republic of) 5.625% 20304 | 190 | 194 |
Municipals 0.00% Puerto Rico 0.00% | ||
Aqueduct and Sewer Auth., Rev. Bonds, Series 2012-B, 5.35% 2027 | 5 | 5 |
Total bonds, notes & other debt instruments (cost: $783,720,000) | 723,819 | |
Convertible bonds & notes 0.63% Consumer discretionary 0.21% | ||
Burlington Stores, Inc., convertible notes, 2.25% 20254 | 390 | 445 |
Dick’s Sporting Goods Inc., convertible notes, 3.25% 20254 | 355 | 493 |
Penn National Gaming, Inc., convertibles notes, 2.75% 2026 | 240 | 361 |
Royal Caribbean Cruises Ltd., convertible notes, 4.25% 20234 | 350 | 327 |
1,626 | ||
Communication services 0.20% | ||
DISH DBS Corp., convertible notes, 3.375% 2026 | 635 | 585 |
Gogo Inc., convertible notes, 6.00% 2022 | 422 | 297 |
Live Nation Entertainment, Inc., convertible notes, 2.50% 2023 | 325 | 330 |
Live Nation Entertainment, Inc., convertible notes, 2.125% 20254 | 430 | 370 |
1,582 |
American Funds Insurance Series — High-Income Bond Fund — Page 178 of 207
unaudited
Convertible bonds & notes (continued) Energy 0.08% | Principal amount (000) | Value (000) |
CNX Resources Corp., convertibles notes, 2.25% 20264 | $240 | $222 |
EQT Corp., convertible notes, 1.75% 20264 | 380 | 395 |
617 | ||
Industrials 0.08% | ||
Southwest Airlines Co., convertibles notes, 1.25% 2025 | 500 | 603 |
Information technology 0.06% | ||
Sabre Holdings Corp., convertible notes, 4.00% 20254 | 390 | 499 |
Total convertible bonds & notes (cost: $4,765,000) | 4,927 | |
Convertible stocks 0.50% Utilities 0.15% | Shares | |
Essential Utilities, Inc., convertible preferred units, 6.00% 2022 | 8,600 | 486 |
American Electric Power Co., Inc., convertible preferred shares, 6.125% 2022 | 8,000 | 387 |
PG&E Corp., convertible preferred units, 5.50% 202310 | 3,350 | 322 |
1,195 | ||
Real estate 0.10% | ||
Crown Castle International Corp. REIT, Series A, convertible preferred shares, 6.875% 2020 | 500 | 743 |
Industrials 0.07% | ||
Associated Materials, LLC, convertible preferred shares, 14.00% 20201,7 | 4,850 | 549 |
Information technology 0.07% | ||
Broadcom Inc., Series A, cumulative convertible preferred shares, 8.00% 2022 | 450 | 502 |
Health care 0.06% | ||
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 2023 | 291 | 313 |
Becton, Dickinson and Co., Series B, convertible preferred shares, 6.00% 2023 | 3,200 | 170 |
483 | ||
Financials 0.05% | ||
2020 Cash Mandatory Exchangeable Trust, convertible preferred shares, 5.25% 20234 | 411 | 420 |
Total convertible stocks (cost: $7,788,000) | 3,892 | |
Preferred securities 0.23% Consumer discretionary 0.23% | ||
Neiman Marcus Group Ltd. LLC, preferred shares4,10 | 2,470,906 | 1,789 |
Total preferred securities (cost: $1,655,000) | 1,789 |
American Funds Insurance Series — High-Income Bond Fund — Page 179 of 207
unaudited
Common stocks 1.88% Health care 1.28% | Shares | Value (000) |
Rotech Healthcare Inc.1,7,10,11 | 201,793 | $9,686 |
Advanz Pharma Corp. Ltd.10,11 | 80,350 | 245 |
Advanz Pharma Corp. Ltd.10 | 29,584 | 90 |
10,021 | ||
Energy 0.32% | ||
Ascent Resources - Utica, LLC, Class A1,7,10,11 | 6,297,894 | 1,260 |
Tribune Resources, LLC1,7,10 | 1,006,339 | 644 |
Weatherford International10 | 156,870 | 309 |
McDermott International, Inc.1,7 | 107,876 | 303 |
McDermott International, Inc.10 | 3,370 | —9 |
Mesquite Energy, Inc.1,7 | 3,557 | 27 |
Tapstone Energy, LLC1,4,7,10 | 14,603 | —9 |
Sable Permian Resources, LLC, units1,7,10 | 15,816,020 | —9 |
2,543 | ||
Materials 0.11% | ||
Hexion Holdings Corp., Class B10 | 74,701 | 504 |
First Quantum Minerals Ltd. | 44,800 | 357 |
861 | ||
Information technology 0.08% | ||
MoneyGram International, Inc.10 | 145,000 | 465 |
Diebold Nixdorf, Inc.10 | 32,000 | 194 |
659 | ||
Consumer discretionary 0.07% | ||
Chewy, Inc., Class A10 | 11,600 | 519 |
Communication services 0.02% | ||
iHeartMedia, Inc., Class A10 | 22,639 | 189 |
Adelphia Recovery Trust, Series Arahova1,7,10 | 388,601 | 2 |
Adelphia Recovery Trust, Series ACC-11,7,10 | 449,306 | —9 |
191 | ||
Total common stocks (cost: $21,518,000) | 14,794 | |
Rights & warrants 0.02% Energy 0.02% | ||
McDermott International, Inc., warrants, expire 20271,7 | 183,977 | 144 |
Ultra Petroleum Corp., warrants, expire 202510 | 80,710 | 3 |
Tribune Resources, LLC, Class A, warrants, expire 20231,7,10 | 336,564 | —9 |
Tribune Resources, LLC, Class B, warrants, expire 20231,7,10 | 261,772 | —9 |
Tribune Resources, LLC, Class C, warrants, expire 20231,7,10 | 247,225 | —9 |
147 | ||
Industrials 0.00% | ||
Associated Materials, LLC, warrants, expire 20231,7,10 | 68,899 | —9 |
Total rights & warrants (cost: $216,000) | 147 |
American Funds Insurance Series — High-Income Bond Fund — Page 180 of 207
unaudited
Short-term securities 4.84% Money market investments 4.84% | Shares | Value (000) |
Capital Group Central Cash Fund 0.18%12 | 379,651 | $37,969 |
Total short-term securities (cost: $37,962,000) | 37,969 | |
Total investment securities 100.39% (cost: $857,624,000) | 787,337 | |
Other assets less liabilities (0.39)% | (3,086) | |
Net assets 100.00% | $784,251 |
Swap contracts
Credit default swaps
Centrally cleared credit default swaps on credit indices — buy protection
Receive | Pay/ Payment frequency | Expiration date | Notional (000) | Value at 6/30/2020 (000) | Upfront premium received (000) | Unrealized appreciation at 6/30/2020 (000) |
CDX.NA.HY.25 | 5.00%/Quarterly | 6/20/2025 | $12,160 | $84 | $(235) | $319 |
1 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $21,408,000, which represented 2.73% of the net assets of the fund. |
2 | Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $51,618,000, which represented 6.58% 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 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $464,508,000, which represented 59.23% of the net assets of the fund. |
5 | Scheduled interest and/or principal payment was not received. |
6 | Step bond; coupon rate may change at a later date. |
7 | Value determined using significant unobservable inputs. |
8 | Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Most recent payment was 100% cash unless otherwise noted. |
9 | Amount less than one thousand. |
10 | Security did not produce income during the last 12 months. |
11 | Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below. |
12 | Rate represents the seven-day yield at 6/30/2020. |
Private placement securities | Acquisition date | Cost (000) | Value (000) | Percent of net assets |
Rotech Healthcare Inc. | 9/26/2013 | $4,331 | $9,686 | 1.24% |
Ascent Resources - Utica, LLC, Class A | 11/15/2016 | 302 | 1,260 | .16 |
Advanz Pharma Corp. Ltd. | 8/31/2018 | 1,017 | 245 | .03 |
Total private placement securities | $ 5,650 | $ 11,191 | 1.43 % |
Key to abbreviations and symbol |
Auth. = Authority |
ICE = Intercontinental Exchange, Inc. |
LIBOR = London Interbank Offered Rate |
Rev. = Revenue |
SOFR = Secured Overnight Financing Rate |
USD/$ = U.S. dollars |
American Funds Insurance Series — High-Income Bond Fund — Page 181 of 207
American Funds Mortgage Fund®
Investment portfolio
June 30, 2020
unaudited
Bonds, notes & other debt instruments 96.81% Mortgage-backed obligations 91.85% Federal agency mortgage-backed obligations 87.49% | Principal amount (000) | Value (000) |
Fannie Mae Pool #AS7638 2.50% 20311 | $1,344 | $1,410 |
Fannie Mae Pool #695412 5.00% 20331 | —2 | —2 |
Fannie Mae Pool #AD3566 5.00% 20351 | 2 | 2 |
Fannie Mae Pool #MA2856 4.00% 20361 | 370 | 398 |
Fannie Mae Pool #256583 5.00% 20361,3 | 36 | 38 |
Fannie Mae Pool #889101 3.26% 20381,4 | 39 | 41 |
Fannie Mae Pool #964279 4.094% 20381,4 | 33 | 33 |
Fannie Mae Pool #964708 4.64% 20381,4 | 4 | 4 |
Fannie Mae Pool #AC0794 5.00% 20391 | 10 | 11 |
Fannie Mae Pool #931768 5.00% 20391 | 2 | 2 |
Fannie Mae Pool #AL9335 3.872% 20401,4 | 1,629 | 1,711 |
Fannie Mae Pool #932606 5.00% 20401 | 5 | 6 |
Fannie Mae Pool #AL9327 3.406% 20411,4 | 1,450 | 1,526 |
Fannie Mae Pool #AL9326 3.743% 20411,4 | 2,055 | 2,163 |
Fannie Mae Pool #AJ1873 4.00% 20411 | 9 | 9 |
Fannie Mae Pool #AE1248 5.00% 20411 | 13 | 14 |
Fannie Mae Pool #AE1274 5.00% 20411 | 10 | 11 |
Fannie Mae Pool #AE1277 5.00% 20411 | 5 | 6 |
Fannie Mae Pool #AE1283 5.00% 20411 | 3 | 4 |
Fannie Mae Pool #AP7553 3.00% 20421 | 534 | 572 |
Fannie Mae Pool #AE1290 5.00% 20421 | 8 | 9 |
Fannie Mae Pool #AL3829 3.50% 20431 | 75 | 82 |
Fannie Mae Pool #AT7161 3.50% 20431 | 35 | 38 |
Fannie Mae Pool #AR1512 3.50% 20431 | 15 | 17 |
Fannie Mae Pool #AT0412 3.50% 20431 | 8 | 9 |
Fannie Mae Pool #AT3954 3.50% 20431 | 5 | 5 |
Fannie Mae Pool #AT0300 3.50% 20431 | 3 | 3 |
Fannie Mae Pool #AX8521 3.50% 20441 | 7 | 8 |
Fannie Mae Pool #AY1829 3.50% 20441 | 5 | 6 |
Fannie Mae Pool #AW8240 3.50% 20441 | 1 | 1 |
Fannie Mae Pool #BE5017 3.50% 20451 | 43 | 46 |
Fannie Mae Pool #BE5009 3.50% 20451 | 40 | 43 |
Fannie Mae Pool #BE8740 3.50% 20471 | 39 | 42 |
Fannie Mae Pool #BE8742 3.50% 20471 | 11 | 12 |
Fannie Mae Pool #BH2848 3.50% 20471 | 7 | 7 |
Fannie Mae Pool #BH2847 3.50% 20471 | 5 | 6 |
Fannie Mae Pool #BH2846 3.50% 20471 | 5 | 6 |
Fannie Mae Pool #BJ5015 4.00% 20471 | 99 | 109 |
Fannie Mae Pool #BH3122 4.00% 20471 | 3 | 3 |
Fannie Mae Pool #BM4488 3.411% 20481,4 | 1,332 | 1,389 |
Fannie Mae Pool #BJ4901 3.50% 20481 | 23 | 25 |
Fannie Mae Pool #CA2850 4.00% 20481 | 109 | 122 |
Fannie Mae Pool #BK6840 4.00% 20481 | 65 | 71 |
Fannie Mae Pool #BK5232 4.00% 20481 | 45 | 49 |
Fannie Mae Pool #BK9743 4.00% 20481 | 18 | 20 |
American Funds Insurance Series — American Funds Mortgage Fund — Page 182 of 207
unaudited
Bonds, notes & other debt instruments (continued) Mortgage-backed obligations (continued) Federal agency mortgage-backed obligations (continued) | Principal amount (000) | Value (000) |
Fannie Mae Pool #CA2804 4.50% 20481 | $2,992 | $3,216 |
Fannie Mae Pool #BK7665 4.50% 20481 | 438 | 487 |
Fannie Mae Pool #BK0951 4.50% 20481 | 322 | 359 |
Fannie Mae Pool #BK9761 4.50% 20481 | 24 | 27 |
Fannie Mae Pool #CA4867 3.00% 20491,3 | 4,891 | 5,271 |
Fannie Mae Pool #CA4151 3.50% 20491 | 351 | 387 |
Fannie Mae Pool #FM1062 3.50% 20491 | 338 | 370 |
Fannie Mae Pool #FM1443 3.50% 20491 | 284 | 310 |
Fannie Mae Pool #BJ8411 3.50% 20491 | 81 | 88 |
Fannie Mae Pool #BJ8402 3.55% 20491,4 | 226 | 237 |
Fannie Mae Pool #CA5496 3.00% 20501 | 9,932 | 10,744 |
Freddie Mac Pool #A18781 5.00% 20341,3 | 1,004 | 1,151 |
Freddie Mac Pool #C91883 4.00% 20361 | 3,627 | 3,908 |
Freddie Mac Pool #840222 4.048% 20401,4 | 387 | 408 |
Freddie Mac Pool #Q18236 3.50% 20431 | 33 | 36 |
Freddie Mac Pool #Q19133 3.50% 20431 | 20 | 22 |
Freddie Mac Pool #Q17696 3.50% 20431 | 19 | 20 |
Freddie Mac Pool #Q15874 4.00% 20431 | 2 | 2 |
Freddie Mac Pool #Q28558 3.50% 20441 | 106 | 116 |
Freddie Mac Pool #760012 3.104% 20451,4 | 122 | 128 |
Freddie Mac Pool #760013 3.189% 20451,4 | 80 | 83 |
Freddie Mac Pool #760014 3.48% 20451,4 | 1,177 | 1,223 |
Freddie Mac Pool #760015 3.184% 20471,4 | 187 | 193 |
Freddie Mac Pool #Q52069 3.50% 20471 | 59 | 64 |
Freddie Mac Pool #Q51622 3.50% 20471 | 45 | 49 |
Freddie Mac Pool #Q47615 3.50% 20471 | 38 | 41 |
Freddie Mac Pool #Q55056 3.50% 20481 | 74 | 79 |
Freddie Mac Pool #Q54709 3.50% 20481 | 40 | 44 |
Freddie Mac Pool #Q54701 3.50% 20481 | 38 | 42 |
Freddie Mac Pool #Q54782 3.50% 20481 | 36 | 39 |
Freddie Mac Pool #Q54781 3.50% 20481 | 33 | 36 |
Freddie Mac Pool #Q56591 3.50% 20481 | 29 | 31 |
Freddie Mac Pool #Q54700 3.50% 20481 | 29 | 31 |
Freddie Mac Pool #Q55060 3.50% 20481 | 23 | 25 |
Freddie Mac Pool #Q56590 3.50% 20481 | 21 | 23 |
Freddie Mac Pool #Q56589 3.50% 20481 | 18 | 20 |
Freddie Mac Pool #Q54698 3.50% 20481 | 16 | 17 |
Freddie Mac Pool #Q54699 3.50% 20481 | 14 | 16 |
Freddie Mac Pool #Q54831 3.50% 20481 | 11 | 12 |
Freddie Mac Pool #G67711 4.00% 20481 | 528 | 584 |
Freddie Mac Pool #Q56599 4.00% 20481 | 72 | 80 |
Freddie Mac Pool #Q56175 4.00% 20481 | 47 | 52 |
Freddie Mac Pool #Q55971 4.00% 20481 | 43 | 48 |
Freddie Mac Pool #Q55970 4.00% 20481 | 21 | 23 |
Freddie Mac Pool #Q58411 4.50% 20481 | 146 | 163 |
Freddie Mac Pool #Q58436 4.50% 20481 | 58 | 66 |
Freddie Mac Pool #Q58378 4.50% 20481 | 57 | 62 |
Freddie Mac Pool #Q57242 4.50% 20481 | 43 | 46 |
Freddie Mac Pool #RA1339 3.00% 20491 | 3,720 | 3,952 |
Freddie Mac Pool #RA1580 3.50% 20491 | 240 | 264 |
Freddie Mac Pool #RA1463 3.50% 20491 | 237 | 261 |
Freddie Mac Pool #QA0284 3.50% 20491 | 161 | 176 |
Freddie Mac Pool #QA2748 3.50% 20491 | 32 | 35 |
Freddie Mac Pool #QA8936 3.00% 20501 | 7,973 | 8,494 |
American Funds Insurance Series — American Funds Mortgage Fund — Page 183 of 207
unaudited
Bonds, notes & other debt instruments (continued) Mortgage-backed obligations (continued) Federal agency mortgage-backed obligations (continued) | Principal amount (000) | Value (000) |
Freddie Mac Pool #SD7514 3.50% 20501,3 | $12,796 | $13,739 |
Freddie Mac, Series K030, Class A2, Multi Family, 3.25% 20231 | 1,746 | 1,861 |
Freddie Mac, Series K031, Class A2, Multi Family, 3.30% 20231 | 4,722 | 5,060 |
Freddie Mac, Series K083, Class A2, Multi Family, 4.05% 20281,4 | 900 | 1,099 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 2.939% 20561,4 | 1,387 | 1,479 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 20561 | 1,362 | 1,460 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 20561,4 | 1,159 | 1,236 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 20561 | 147 | 164 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 20571 | 772 | 850 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 20571,4 | 5,099 | 5,608 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 20571 | 3,008 | 3,261 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 20571 | 2,256 | 2,547 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 20571 | 1,210 | 1,369 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 20581 | 45 | 51 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 20581 | 30 | 34 |
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 20281 | 6,352 | 6,935 |
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 20281 | 1,762 | 1,910 |
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 20291 | 1,891 | 1,997 |
Government National Mortgage Assn. 3.75% 20341 | 1,074 | 1,148 |
Government National Mortgage Assn. 3.75% 20381 | 675 | 724 |
Government National Mortgage Assn. 3.75% 20391 | 776 | 832 |
Government National Mortgage Assn. 4.50% 20411 | 29 | 31 |
Government National Mortgage Assn. 3.50% 20421 | 145 | 153 |
Government National Mortgage Assn. 3.50% 20431 | 97 | 103 |
Government National Mortgage Assn. 4.25% 20441 | 1,551 | 1,718 |
Government National Mortgage Assn. 4.00% 20461 | 580 | 607 |
Government National Mortgage Assn. 2.50% 20501,5 | 5,000 | 5,251 |
Government National Mortgage Assn. 2.50% 20501,5 | 3,500 | 3,668 |
Government National Mortgage Assn. 4.50% 20501,5 | 926 | 989 |
Government National Mortgage Assn. Pool #004410 4.00% 20391 | 315 | 325 |
Government National Mortgage Assn. Pool #783690 6.00% 20391 | 157 | 179 |
Government National Mortgage Assn. Pool #004823 4.00% 20401 | 365 | 377 |
Government National Mortgage Assn. Pool #005104 5.00% 20411 | 560 | 613 |
Government National Mortgage Assn. Pool #005165 6.50% 20411 | 147 | 169 |
Government National Mortgage Assn. Pool #AA5326 3.50% 20421 | 248 | 256 |
Government National Mortgage Assn. Pool #MA0366 3.50% 20421 | 213 | 219 |
Government National Mortgage Assn. Pool #AA7301 3.50% 20431 | 1,515 | 1,624 |
Government National Mortgage Assn. Pool #AD7278 3.50% 20431 | 1,196 | 1,282 |
Government National Mortgage Assn. Pool #AF0398 3.50% 20431 | 868 | 930 |
Government National Mortgage Assn. Pool #AF0140 3.50% 20431 | 698 | 746 |
Government National Mortgage Assn. Pool #MA1411 3.50% 20431 | 240 | 247 |
Government National Mortgage Assn. Pool #AH5882 3.75% 20441 | 539 | 575 |
Government National Mortgage Assn. Pool #MA6040 4.00% 20491 | 69 | 73 |
Government National Mortgage Assn. Pool #MA5877 4.50% 20491 | 1,073 | 1,147 |
Government National Mortgage Assn. Pool #MA6092 4.50% 20491 | 462 | 493 |
Government National Mortgage Assn. Pool #MA6542 3.50% 20501 | 40 | 42 |
Government National Mortgage Assn. Pool #AO0409 4.516% 20651 | 256 | 277 |
Government National Mortgage Assn. Pool #AO0461 4.527% 20651 | 137 | 149 |
Government National Mortgage Assn. Pool #AN1825 4.537% 20651 | 444 | 481 |
Government National Mortgage Assn. Pool #AO0385 4.496% 20661 | 886 | 980 |
Government National Mortgage Assn. Pool #725897 5.20% 20661 | 6 | 6 |
Uniform Mortgage-Backed Security 2.00% 20351,5 | 41,500 | 42,858 |
Uniform Mortgage-Backed Security 2.50% 20351,5 | 11,500 | 12,019 |
Uniform Mortgage-Backed Security 3.00% 20351,5 | 41,432 | 43,543 |
American Funds Insurance Series — American Funds Mortgage Fund — Page 184 of 207
unaudited
Bonds, notes & other debt instruments (continued) Mortgage-backed obligations (continued) Federal agency mortgage-backed obligations (continued) | Principal amount (000) | Value (000) |
Uniform Mortgage-Backed Security 2.50% 20501,5 | $1,000 | $1,038 |
Uniform Mortgage-Backed Security 3.00% 20501,5 | 1,406 | 1,480 |
Uniform Mortgage-Backed Security 3.50% 20501,5 | 12,585 | 13,237 |
Uniform Mortgage-Backed Security 4.00% 20501,5 | 88 | 93 |
Uniform Mortgage-Backed Security 4.50% 20501,5 | 5,250 | 5,642 |
Vendee Mortgage Trust, Series 2010-1, Class DA, 4.25% 20351 | 212 | 218 |
250,952 | ||
Collateralized mortgage-backed obligations (privately originated) 4.36% | ||
Arroyo Mortgage Trust, Series 2018-1, Class A1, 3.763% 20481,4,6 | 566 | 584 |
Cascade Funding Mortgage Trust, Series 2019-HB1, Class A, 2.386% 20291,4,6 | 266 | 267 |
Cascade Funding Mortgage Trust, Series 2020-HB3, Class A, 2.812% 20301,4,6 | 999 | 1,008 |
Cascade Funding Mortgage Trust, Series 2020-HBA, Class A, 3.405% 20301,4,6 | 243 | 246 |
Finance of America HECM Buyout, Series 2020-HB1, Class A, 2.012% 20301,4,6 | 574 | 579 |
Finance of America HECM Buyout, Series 2019-AB1, Class A, 2.656% 20491,6 | 334 | 333 |
Finance of America Structured Securities Trust, Series 2019-HB1, Class A, 3.279% 20291,4,6 | 586 | 589 |
JPMorgan Mortgage Trust, Series 2019-INV3, Class A3, 3.50% 20501,4,6 | 684 | 700 |
Mello Warehouse Securitization Trust, Series 2019-2, Class A, (1-month USD-LIBOR + 0.75%) 0.935% 20521,4,6 | 750 | 748 |
Mill City Mortgage Trust, Series 2018-1, Class A1, 3.25% 20621,4,6 | 67 | 70 |
Mortgage Repurchase Agreement Financing Trust, Series 2020-2, Class A1, (1-month USD-LIBOR + 1.75%) 1.924% 20221,4,6 | 1,300 | 1,303 |
Mortgage Repurchase Agreement Financing Trust, Series 2020-1, Class A1, (1-month USD-LIBOR + 2.00%) 2.177% 20221,4,6 | 500 | 502 |
Nationstar HECM Loan Trust, Series 2018-2, Class A, 3.188% 20281,4,6 | 114 | 115 |
Nationstar HECM Loan Trust, Series 2018-3A, Class A, 3.555% 20281,4,6 | 201 | 201 |
Nationstar HECM Loan Trust, Series 2019-2A, Class A, 2.575% 20291,4,6 | 335 | 337 |
Nationstar HECM Loan Trust, Series 2019-1A, Class A, 2.651% 20291,4,6 | 483 | 486 |
Onslow Bay Financial LLC, Series 2020-INV1, Class A5, 3.50% 20491,4,6 | 413 | 429 |
Reverse Mortgage Investment Trust, Series 2018-1, Class A, 3.436% 20281,4,6 | 91 | 91 |
RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75% 20631,4,6 | 913 | 909 |
Starwood Mortgage Residential Trust, Series 2020-2, Class A1, 2.718% 20601,4,6 | 515 | 516 |
Station Place Securitization Trust, Series 2020-WL1, Class A, (1-month USD-LIBOR + 1.15%) 1.32% 20511,4,6,7 | 750 | 750 |
Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 20561,4,6 | 532 | 543 |
Towd Point Mortgage Trust, Series 2017-5, Class A1, 0.785% 20571,4,6 | 39 | 39 |
Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 20571,4,6 | 204 | 212 |
Towd Point Mortgage Trust, Series 2017-4, Class A1, 2.75% 20571,4,6 | 138 | 142 |
Towd Point Mortgage Trust, Series 2017-3, Class A1, 2.75% 20571,4,6 | 106 | 109 |
Towd Point Mortgage Trust, Series 2015-2, Class 2A11, 3.00% 20571,4,6 | 460 | 463 |
Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 20581,4,6 | 215 | 227 |
12,498 | ||
Total mortgage-backed obligations | 263,450 | |
U.S. Treasury bonds & notes 4.07% U.S. Treasury 2.95% | ||
U.S. Treasury 0.125% 2023 | 3,500 | 3,496 |
U.S. Treasury 1.25% 2050 | 5,155 | 4,950 |
8,446 |
American Funds Insurance Series — American Funds Mortgage Fund — Page 185 of 207
unaudited
Bonds, notes & other debt instruments (continued) U.S. Treasury bonds & notes (continued) U.S. Treasury inflation-protected securities 1.12% | Principal amount (000) | Value (000) |
U.S. Treasury Inflation-Protected Security 2.125% 20418 | $129 | $192 |
U.S. Treasury Inflation-Protected Security 0.75% 20423,8 | 2,523 | 3,029 |
3,221 | ||
Total U.S. Treasury bonds & notes | 11,667 | |
Asset-backed obligations 0.89% | ||
American Express Credit Account Master Trust, Series 2018-3, Class A, 0.505% 20251,4 | 210 | 211 |
Drivetime Auto Owner Trust, Series 2019-3, Class A, 2.55% 20221,6 | 119 | 120 |
Ford Credit Floorplan Master Owner Trust, Series 2019-3, Class A1, 2.23% 20241 | 1,000 | 1,016 |
GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A2B, 1.245% 20231,4 | 167 | 168 |
GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A3, 1.49% 20241 | 74 | 76 |
OSW Structured Asset Trust, Series 2020-RPL1, Class A1, 3.072% 20601,4,6 | 135 | 137 |
Palmer Square Loan Funding, CLO, Series 2019-2, Class A1, (3-month USD-LIBOR + 0.97%) 2.105% 20271,4,6 | 663 | 657 |
Symphony Ltd., CLO, Series 2013-12A, Class AR, (3-month USD-LIBOR + 1.03%) 2.249% 20251,4,6 | 177 | 176 |
2,561 | ||
Total bonds, notes & other debt instruments (cost: $271,718,000) | 277,678 | |
Short-term securities 47.13% Commercial paper 24.85% | ||
Apple Inc. 0.12% due 7/8/20206 | 8,000 | 8,000 |
Simon Property Group, LP 0.15% due 7/23/20206 | 8,000 | 8,000 |
Merck & Co. Inc. 0.20% due 8/27/20206 | 8,000 | 7,998 |
Emerson Electric Co. 0.10%-0.15% due 7/6/2020-8/11/20206 | 8,000 | 7,997 |
Chariot Funding, LLC 0.25% due 9/25/20206 | 7,000 | 6,998 |
Eli Lilly and Co. 0.12% due 8/4/20206 | 7,000 | 6,996 |
Coca-Cola Co. 0.18% due 11/20/20206 | 6,850 | 6,845 |
National Rural Utilities Cooperative Finance Corp. 0.09% due 7/1/2020 | 5,000 | 5,000 |
Pfizer Inc. 0.21% due 10/16/20206 | 5,000 | 4,997 |
ExxonMobil Corp. 0.26% due 9/25/2020 | 3,450 | 3,449 |
Nordea Bank AB 0.05% due 7/1/20206 | 3,000 | 3,000 |
Paccar Financial Corp. 0.12% due 7/9/2020 | 2,000 | 2,000 |
71,280 | ||
Federal agency discount notes 16.00% | ||
Federal Home Loan Bank 0.11%-0.12% due 7/20/2020-8/21/2020 | 20,800 | 20,797 |
Federal Farm Credit Banks 0.12%-0.20% due 7/10/2020-11/6/2020 | 15,000 | 14,995 |
Tennessee Valley Authority 0.11% due 7/15/2020 | 10,100 | 10,099 |
45,891 | ||
U.S. Treasury bills 6.28% | ||
U.S. Treasury Bills 0.08%-0.10% due 7/2/2020-7/21/2020 | 18,000 | 17,999 |
Total short-term securities (cost: $135,172,000) | 135,170 | |
Total investment securities 143.94% (cost: $406,890,000) | 412,848 | |
Other assets less liabilities (43.94)% | (126,023) | |
Net assets 100.00% | $286,825 |
American Funds Insurance Series — American Funds Mortgage Fund — Page 186 of 207
unaudited
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount9 (000) | Value at 6/30/202010 (000) | Unrealized (depreciation) appreciation at 6/30/2020 (000) |
90 Day Euro Dollar Futures | Short | 207 | September 2020 | $(51,750) | $(51,613) | $(18) |
90 Day Euro Dollar Futures | Short | 123 | March 2021 | (30,750) | (30,689) | (6) |
5 Year U.S. Treasury Note Futures | Long | 226 | October 2020 | 22,600 | 28,418 | 66 |
10 Year U.S. Treasury Note Futures | Long | 1 | September 2020 | 100 | 139 | 1 |
10 Year Ultra U.S. Treasury Note Futures | Short | 62 | September 2020 | (6,200) | (9,764) | (50) |
20 Year U.S. Treasury Bond Futures | Long | 14 | September 2020 | 1,400 | 2,500 | 11 |
30 Year Ultra U.S. Treasury Bond Futures | Long | 19 | September 2020 | 1,900 | 4,145 | 30 |
$34 |
Swap contracts
Interest rate swaps
Receive | Pay | Expiration date | Notional (000) | Value at 6/30/2020 (000) | Upfront premium paid (000) | Unrealized depreciation at 6/30/2020 (000) |
3-month USD-LIBOR | 2.322% | 5/2/2024 | $10,100 | $(797) | $— | $(797) |
3-month USD-LIBOR | 2.325% | 5/2/2024 | 23,300 | (1,843) | — | (1,843) |
U.S. EFFR | 0.11% | 5/18/2024 | 9,400 | —2 | — | —2 |
U.S. EFFR | 0.1275% | 6/25/2025 | 4,400 | (9) | — | (9) |
U.S. EFFR | 0.0975% | 6/30/2025 | 2,387 | (1) | — | (1) |
U.S. EFFR | 0.106% | 6/30/2025 | 1,913 | (2) | — | (2) |
U.S. EFFR | 0.105% | 6/30/2025 | 4,300 | (3) | — | (3) |
3-month USD-LIBOR | 3.238% | 8/8/2044 | 2,000 | (1,054) | — | (1,054) |
3-month USD-LIBOR | 3.2265% | 9/25/2044 | 3,000 | (1,581) | — | (1,581) |
3-month USD-LIBOR | 1.961% | 1/9/2050 | 2,400 | (677) | — | (677) |
$— | $(5,967) |
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 $2,618,000, which represented .91% 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. |
5 | Purchased on a TBA basis. |
6 | Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $74,419,000, which represented 25.95% of the net assets of the fund. |
7 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of the security was $750,000, which represented .26% of the net assets of the fund. |
8 | Index-linked bond whose principal amount moves with a government price index. |
9 | Notional amount is calculated based on the number of contracts and notional contract size. |
10 | Value is calculated based on the notional amount and current market price. |
Key to abbreviations and symbol |
CLO = Collateralized Loan Obligations |
EFFR = Effective Federal Funds Rate |
LIBOR = London Interbank Offered Rate |
TBA = To-be-announced |
USD/$ = U.S. dollars |
American Funds Insurance Series — American Funds Mortgage Fund — Page 187 of 207
Ultra-Short Bond Fund
Investment portfolio
June 30, 2020
unaudited
Short-term securities 99.93% Commercial paper 68.21% | Principal amount (000) | Value (000) |
Amazon.com, Inc. 0.14% due 7/20/20201 | $10,000 | $9,999 |
Caisse d’Amortissement de la Dette Sociale 0.15% due 7/8/2020 | 10,000 | 10,000 |
Chariot Funding, LLC 0.15% due 7/29/20201 | 4,700 | 4,699 |
CRC Funding, LLC 0.23% due 9/17/20201 | 10,000 | 9,995 |
Credit Agricole North America, Inc. 0.20% due 8/13/2020 | 4,400 | 4,399 |
DBS Bank Ltd. 0.21% due 8/21/20201 | 6,500 | 6,499 |
Eli Lilly and Co. 0.15% due 7/28/20201 | 10,000 | 9,996 |
Emerson Electric Co. 0.85% due 7/1/20201 | 10,000 | 10,000 |
ExxonMobil Corp. 0.23% due 10/6/2020 | 10,000 | 9,995 |
Henkel of America, Inc. 0.30% due 8/6/20201 | 7,600 | 7,599 |
Inova Health System Foundation 0.22% due 9/17/2020 | 7,900 | 7,897 |
Kaiser Foundation Hospitals 0.25% due 8/5/2020 | 8,700 | 8,697 |
Liberty Street Funding LLC 0.25% due 8/4/20201 | 10,000 | 9,998 |
L’Oréal USA, Inc. 0.25% due 7/28/20201 | 10,000 | 9,999 |
LVMH Moët Hennessy Louis Vuitton Inc. 0.18%–0.25% due 7/16/2020–8/19/20201 | 10,800 | 10,799 |
Merck & Co. Inc. 0.25% due 8/13/20201 | 6,800 | 6,799 |
Mizuho Bank, Ltd. 0.24% due 8/20/20201 | 10,000 | 9,997 |
Nederlandse Waterschapsbank NV 0.19% due 8/25/20201 | 5,800 | 5,799 |
Novartis Finance Corp. 0.20% due 7/20/20201 | 10,000 | 9,999 |
OMERS Finance Trust 0.14% due 7/3/2020 | 10,000 | 10,000 |
Oversea-Chinese Banking Corp. Ltd. 0.21% due 8/27/20201 | 800 | 800 |
Pfizer Inc. 0.22% due 10/30/20201 | 10,900 | 10,892 |
Siemens Capital Co. LLC 0.11% due 7/6/20201 | 10,500 | 10,500 |
Simon Property Group, LP 0.20% due 7/27/20201 | 8,400 | 8,399 |
Société Générale 0.26% due 8/14/20201 | 5,000 | 4,999 |
Starbird Funding Corp. 0.07% due 7/1/20201 | 8,000 | 8,000 |
Sumitomo Mitsui Banking Corp. 0.25% due 8/5/20201 | 10,000 | 9,999 |
Victory Receivables Corp. 0.23% due 8/24/20201 | 8,000 | 7,996 |
234,750 | ||
Bills & notes of governments & government agencies outside the U.S. 17.95% | ||
Alberta (Province of) 0.18%–0.20% due 8/20/2020–9/14/20201 | 10,500 | 10,497 |
British Columbia (Province of) 0.07% due 7/13/2020 | 5,000 | 5,000 |
Canada Bill 0.16% due 8/12/2020 | 9,400 | 9,399 |
Denmark (Kingdom of) 0.15%–0.24% due 7/8/2020–7/31/2020 | 11,300 | 11,300 |
KFW 0.18% due 8/10/20201 | 10,000 | 9,999 |
Oesterreich Kontrollbank 0.22% due 10/22/2020 | 5,600 | 5,597 |
Québec (Province of) 0.16% due 8/17/20201 | 10,000 | 9,999 |
61,791 | ||
Federal agency discount notes 7.00% | ||
Fannie Mae 0.20% due 10/16/2020 | 5,700 | 5,697 |
Federal Home Loan Bank 0.13% due 7/27/2020–8/19/2020 | 13,400 | 13,398 |
Freddie Mac 0.13% due 8/19/2020 | 5,000 | 4,999 |
24,094 |
American Funds Insurance Series — Ultra-Short Bond Fund — Page 188 of 207
unaudited
Short-term securities (continued) U.S. Treasury bills 6.77% | Principal amount (000) | Value (000) |
U.S. Treasury Bills 0.08%–0.15% due 7/2/2020–10/13/2020 | $23,300 | $23,296 |
Total short-term securities (cost: $343,921,000) | 343,931 | |
Total investment securities 99.93% (cost: $343,921,000) | 343,931 | |
Other assets less liabilities 0.07% | 255 | |
Net assets 100.00% | $344,186 |
1 | Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $214,257,000, which represented 62.25% of the net assets of the fund. |
American Funds Insurance Series — Ultra-Short Bond Fund — Page 189 of 207
U.S. Government/AAA-Rated Securities Fund
Investment portfolio
June 30, 2020
unaudited
Bonds, notes & other debt instruments 93.58% Mortgage-backed obligations 57.56% Federal agency mortgage-backed obligations 57.56% | Principal amount (000) | Value (000) |
Fannie Mae Pool #257104 6.50% 20281 | $113 | $126 |
Fannie Mae Pool #695412 5.00% 20331 | 1 | 1 |
Fannie Mae Pool #AD3566 5.00% 20351 | 8 | 9 |
Fannie Mae Pool #MA2746 4.00% 20361 | 2,760 | 2,973 |
Fannie Mae Pool #MA2588 4.00% 20361 | 1,505 | 1,620 |
Fannie Mae Pool #256860 6.50% 20371 | 22 | 25 |
Fannie Mae Pool #888698 7.00% 20371 | 46 | 53 |
Fannie Mae Pool #256828 7.00% 20371 | 4 | 5 |
Fannie Mae Pool #970343 6.00% 20381 | 16 | 16 |
Fannie Mae Pool #AC0794 5.00% 20391 | 39 | 45 |
Fannie Mae Pool #931768 5.00% 20391 | 7 | 8 |
Fannie Mae Pool #932606 5.00% 20401 | 21 | 24 |
Fannie Mae Pool #AJ1873 4.00% 20411 | 34 | 38 |
Fannie Mae Pool #AI1862 5.00% 20411 | 657 | 758 |
Fannie Mae Pool #AI3510 5.00% 20411 | 413 | 477 |
Fannie Mae Pool #AJ0704 5.00% 20411 | 340 | 392 |
Fannie Mae Pool #AJ5391 5.00% 20411 | 200 | 226 |
Fannie Mae Pool #AE1248 5.00% 20411 | 50 | 57 |
Fannie Mae Pool #AE1274 5.00% 20411 | 39 | 44 |
Fannie Mae Pool #AE1277 5.00% 20411 | 21 | 24 |
Fannie Mae Pool #AE1283 5.00% 20411 | 13 | 15 |
Fannie Mae Pool #AP7553 3.00% 20421 | 22,474 | 24,088 |
Fannie Mae Pool #AE1290 5.00% 20421 | 31 | 35 |
Fannie Mae Pool #AL3829 3.50% 20431 | 299 | 328 |
Fannie Mae Pool #AT7161 3.50% 20431 | 140 | 152 |
Fannie Mae Pool #AR1512 3.50% 20431 | 62 | 67 |
Fannie Mae Pool #AT0412 3.50% 20431 | 32 | 36 |
Fannie Mae Pool #AT3954 3.50% 20431 | 19 | 21 |
Fannie Mae Pool #AT0300 3.50% 20431 | 12 | 13 |
Fannie Mae Pool #AX8521 3.50% 20441 | 28 | 31 |
Fannie Mae Pool #AY1829 3.50% 20441 | 21 | 23 |
Fannie Mae Pool #AW8240 3.50% 20441 | 4 | 4 |
Fannie Mae Pool #BM6240 3.688% 20441,2 | 989 | 1,038 |
Fannie Mae Pool #BE5017 3.50% 20451 | 171 | 185 |
Fannie Mae Pool #BE5009 3.50% 20451 | 160 | 172 |
Fannie Mae Pool #BE8740 3.50% 20471 | 156 | 169 |
Fannie Mae Pool #BE8742 3.50% 20471 | 44 | 49 |
Fannie Mae Pool #BH2848 3.50% 20471 | 27 | 29 |
Fannie Mae Pool #BH2847 3.50% 20471 | 21 | 23 |
Fannie Mae Pool #BH2846 3.50% 20471 | 20 | 22 |
Fannie Mae Pool #BJ5015 4.00% 20471 | 395 | 437 |
Fannie Mae Pool #BH2597 4.00% 20471 | 15 | 16 |
Fannie Mae Pool #BH3122 4.00% 20471 | 13 | 14 |
Fannie Mae Pool #BM3788 3.50% 20481 | 10,087 | 11,024 |
Fannie Mae Pool #BJ4901 3.50% 20481 | 92 | 100 |
American Funds Insurance Series — U.S. Government/AAA-Rated Securities Fund — Page 190 of 207
unaudited
Bonds, notes & other debt instruments (continued) Mortgage-backed obligations (continued) Federal agency mortgage-backed obligations (continued) | Principal amount (000) | Value (000) |
Fannie Mae Pool #CA2850 4.00% 20481 | $436 | $489 |
Fannie Mae Pool #BK6840 4.00% 20481 | 258 | 286 |
Fannie Mae Pool #BK5232 4.00% 20481 | 179 | 197 |
Fannie Mae Pool #BK9743 4.00% 20481 | 72 | 80 |
Fannie Mae Pool #BK7665 4.50% 20481 | 1,752 | 1,946 |
Fannie Mae Pool #BK0951 4.50% 20481 | 1,289 | 1,437 |
Fannie Mae Pool #BK9761 4.50% 20481 | 95 | 107 |
Fannie Mae Pool #CA4151 3.50% 20491 | 1,405 | 1,549 |
Fannie Mae Pool #FM1062 3.50% 20491 | 1,351 | 1,482 |
Fannie Mae Pool #FM1443 3.50% 20491 | 1,135 | 1,240 |
Fannie Mae Pool #BJ8411 3.50% 20491 | 323 | 353 |
Fannie Mae Pool #CA5229 3.00% 20501 | 30,248 | 32,616 |
Fannie Mae Pool #FM2179 3.00% 20501 | 11,827 | 12,650 |
Fannie Mae, Series 2001-4, Class NA, 9.014% 20251,2 | —3 | —3 |
Fannie Mae, Series 2001-4, Class GA, 9.117% 20251,2 | —3 | —3 |
Fannie Mae, Series 2012-M2, Class A2, Multi Family, 2.717% 20221 | 658 | 674 |
Fannie Mae, Series 2012-M3, Class 1A2, Multi Family, 3.044% 20221 | 481 | 495 |
Fannie Mae, Series 2014-M1, Class A2, Multi Family, 3.328% 20231,2 | 750 | 796 |
Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 20241,2 | 1,392 | 1,511 |
Freddie Mac Pool #1H1354 4.217% 20361,2 | 158 | 167 |
Freddie Mac Pool #C03518 5.00% 20401 | 695 | 793 |
Freddie Mac Pool #G06459 5.00% 20411 | 1,373 | 1,585 |
Freddie Mac Pool #Q18236 3.50% 20431 | 131 | 142 |
Freddie Mac Pool #Q19133 3.50% 20431 | 82 | 89 |
Freddie Mac Pool #Q17696 3.50% 20431 | 75 | 82 |
Freddie Mac Pool #841039 3.701% 20431,2 | 1,108 | 1,156 |
Freddie Mac Pool #Q23190 4.00% 20431 | 328 | 366 |
Freddie Mac Pool #Q15874 4.00% 20431 | 7 | 7 |
Freddie Mac Pool #Q28558 3.50% 20441 | 423 | 462 |
Freddie Mac Pool #760014 3.48% 20451,2 | 941 | 978 |
Freddie Mac Pool #Q52069 3.50% 20471 | 234 | 255 |
Freddie Mac Pool #Q51622 3.50% 20471 | 180 | 197 |
Freddie Mac Pool #Q47615 3.50% 20471 | 151 | 165 |
Freddie Mac Pool #ZM4352 3.50% 20471 | 37 | 39 |
Freddie Mac Pool #Q55056 3.50% 20481 | 296 | 318 |
Freddie Mac Pool #Q54709 3.50% 20481 | 161 | 175 |
Freddie Mac Pool #Q54701 3.50% 20481 | 153 | 167 |
Freddie Mac Pool #Q54782 3.50% 20481 | 143 | 156 |
Freddie Mac Pool #Q54781 3.50% 20481 | 132 | 144 |
Freddie Mac Pool #Q54700 3.50% 20481 | 114 | 125 |
Freddie Mac Pool #Q56591 3.50% 20481 | 114 | 123 |
Freddie Mac Pool #Q55060 3.50% 20481 | 93 | 100 |
Freddie Mac Pool #Q56590 3.50% 20481 | 84 | 91 |
Freddie Mac Pool #Q56589 3.50% 20481 | 73 | 79 |
Freddie Mac Pool #Q54698 3.50% 20481 | 62 | 69 |
Freddie Mac Pool #Q54699 3.50% 20481 | 57 | 63 |
Freddie Mac Pool #Q54831 3.50% 20481 | 43 | 47 |
Freddie Mac Pool #G67711 4.00% 20481 | 3,170 | 3,505 |
Freddie Mac Pool #Q56599 4.00% 20481 | 288 | 319 |
Freddie Mac Pool #Q56576 4.00% 20481 | 208 | 220 |
Freddie Mac Pool #Q56175 4.00% 20481 | 188 | 208 |
Freddie Mac Pool #Q55971 4.00% 20481 | 173 | 191 |
Freddie Mac Pool #Q55970 4.00% 20481 | 83 | 92 |
Freddie Mac Pool #Q58411 4.50% 20481 | 583 | 653 |
American Funds Insurance Series — U.S. Government/AAA-Rated Securities Fund — Page 191 of 207
unaudited
Bonds, notes & other debt instruments (continued) Mortgage-backed obligations (continued) Federal agency mortgage-backed obligations (continued) | Principal amount (000) | Value (000) |
Freddie Mac Pool #Q58436 4.50% 20481 | $234 | $264 |
Freddie Mac Pool #Q58378 4.50% 20481 | 227 | 249 |
Freddie Mac Pool #Q57242 4.50% 20481 | 170 | 186 |
Freddie Mac Pool #SD7507 3.00% 20491 | 4,751 | 5,097 |
Freddie Mac Pool #RA1580 3.50% 20491 | 959 | 1,057 |
Freddie Mac Pool #RA1463 3.50% 20491 | 946 | 1,043 |
Freddie Mac Pool #QA0284 3.50% 20491 | 643 | 703 |
Freddie Mac Pool #QA2748 3.50% 20491 | 128 | 140 |
Freddie Mac Pool #QA8801 3.00% 20501 | 49,691 | 52,815 |
Freddie Mac, Series 1567, Class A, (1-month USD-LIBOR + 0.40%) 0.585% 20231,2 | 8 | 8 |
Freddie Mac, Series K031, Class A1, Multi Family, 2.778% 20221 | 258 | 264 |
Freddie Mac, Series KS01, Class A2, Multi Family, 2.522% 20231 | 842 | 873 |
Freddie Mac, Series K029, Class A2, Multi Family, 3.32% 20231 | 200 | 213 |
Freddie Mac, Series K035, Class A2, Multi Family, 3.458% 20231,2 | 2,565 | 2,777 |
Freddie Mac, Series K034, Class A2, Multi Family, 3.531% 20231 | 2,745 | 2,975 |
Freddie Mac, Series K040, Class A2, Multi Family, 3.241% 20241 | 2,000 | 2,206 |
Freddie Mac, Series K038, Class A2, Multi Family, 3.389% 20241 | 6,895 | 7,553 |
Freddie Mac, Series K063, Class A2, Multi Family, 3.43% 20271 | 1,080 | 1,245 |
Freddie Mac, Series K095, Class A1, Multi Family, 2.631% 20281 | 521 | 573 |
Freddie Mac, Series K081, Class A2, Multi Family, 3.90% 20281,2 | 4,200 | 5,062 |
Freddie Mac, Series K082, Class A2, Multi Family, 3.92% 20281,2 | 3,300 | 3,985 |
Freddie Mac, Series K083, Class A2, Multi Family, 4.05% 20281,2 | 3,500 | 4,274 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 2.939% 20561,2 | 8,356 | 8,907 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 20561 | 9,064 | 9,713 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 20561,2 | 8,907 | 9,498 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class MT, 3.00% 20561 | 2,474 | 2,717 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 20561 | 483 | 537 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 20571 | 2,529 | 2,787 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 20571,2 | 4,883 | 5,370 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 20571 | 8,165 | 9,236 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 20571 | 6,460 | 7,004 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 20571 | 3,041 | 3,434 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 20581 | 2,927 | 3,313 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 20581 | 1,575 | 1,715 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 20581 | 1,074 | 1,214 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 20581 | 642 | 727 |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 20591 | 5,877 | 6,258 |
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 20281 | 36,532 | 39,879 |
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 20281 | 8,628 | 9,352 |
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 20291 | 10,399 | 10,981 |
Government National Mortgage Assn. 5.50% 20381 | 256 | 299 |
Government National Mortgage Assn. 5.50% 20381 | 119 | 131 |
Government National Mortgage Assn. 5.50% 20381 | 40 | 47 |
Government National Mortgage Assn. 6.00% 20381 | 176 | 210 |
Government National Mortgage Assn. 5.00% 20391 | 448 | 512 |
Government National Mortgage Assn. 4.50% 20491 | 14,125 | 15,092 |
Government National Mortgage Assn. 2.50% 20501,4 | 46,800 | 49,147 |
Government National Mortgage Assn. 3.50% 20501,4 | 15,413 | 16,265 |
Government National Mortgage Assn. Pool #699537 5.50% 20381 | 129 | 148 |
Government National Mortgage Assn. Pool #004269 6.50% 20381 | 307 | 361 |
Government National Mortgage Assn. Pool #783690 6.00% 20391 | 157 | 179 |
Government National Mortgage Assn. Pool #783689 5.50% 20401 | 4,875 | 5,578 |
Government National Mortgage Assn. Pool #783687 4.50% 20411 | 1,000 | 1,080 |
Government National Mortgage Assn. Pool #783688 5.00% 20411 | 1,824 | 2,049 |
American Funds Insurance Series — U.S. Government/AAA-Rated Securities Fund — Page 192 of 207
unaudited
Bonds, notes & other debt instruments (continued) Mortgage-backed obligations (continued) Federal agency mortgage-backed obligations (continued) | Principal amount (000) | Value (000) |
Government National Mortgage Assn. Pool #MA0533 3.00% 20421 | $40 | $43 |
Government National Mortgage Assn. Pool #MA1012 3.50% 20431 | 1,372 | 1,494 |
Government National Mortgage Assn. Pool #MA6040 4.00% 20491 | 2 | 2 |
Government National Mortgage Assn. Pool #MA5877 4.50% 20491 | 6,205 | 6,632 |
Government National Mortgage Assn. Pool #MA6092 4.50% 20491 | 1,058 | 1,129 |
Government National Mortgage Assn. Pool #756692 4.14% 20611 | —3 | —3 |
Government National Mortgage Assn. Pool #710079 4.70% 20611 | —3 | —3 |
Government National Mortgage Assn. Pool #721640 4.81% 20611 | —3 | —3 |
Uniform Mortgage-Backed Security 2.00% 20351,4 | 217,355 | 224,470 |
Uniform Mortgage-Backed Security 2.00% 20351,4 | 121,790 | 125,568 |
Uniform Mortgage-Backed Security 2.50% 20351,4 | 60,000 | 62,709 |
Uniform Mortgage-Backed Security 3.00% 20351,4 | 11,662 | 12,248 |
Uniform Mortgage-Backed Security 2.00% 20501,4 | 15,966 | 16,297 |
Uniform Mortgage-Backed Security 2.00% 20501,4 | 3,373 | 3,451 |
Uniform Mortgage-Backed Security 3.00% 20501,4 | 59,000 | 62,038 |
Uniform Mortgage-Backed Security 3.00% 20501,4 | 2 | 2 |
Uniform Mortgage-Backed Security 3.50% 20501,4 | 83,539 | 87,867 |
Uniform Mortgage-Backed Security 3.50% 20501,4 | 70,084 | 73,709 |
Uniform Mortgage-Backed Security 4.00% 20501,4 | 3 | 3 |
Uniform Mortgage-Backed Security 4.50% 20501,4 | 15,431 | 16,582 |
Vendee Mortgage Trust, Series 2011-2, Class DA, 3.75% 20331 | 446 | 446 |
Vendee Mortgage Trust, Series 2010-1, Class DA, 4.25% 20351 | 2,394 | 2,458 |
Total mortgage-backed obligations | 1,130,698 | |
Federal agency bonds & notes 19.03% | ||
Export-Import Bank of the United States-Guaranteed, Ethiopian Leasing 2012 LLC 2.646% 2026 | 526 | 553 |
Fannie Mae 1.25% 2021 | 2,900 | 2,935 |
Fannie Mae 2.875% 2023 | 36,000 | 39,014 |
Fannie Mae 0.625% 2025 | 10,000 | 10,082 |
Fannie Mae 7.125% 2030 | 2,000 | 3,112 |
Federal Home Loan Bank 3.375% 2023 | 16,715 | 18,357 |
Federal Home Loan Bank 3.25% 2028 | 6,500 | 7,736 |
Federal Home Loan Bank 5.50% 2036 | 300 | 469 |
Freddie Mac 2.375% 2021 | 40,000 | 40,541 |
Private Export Funding Corp. 3.266% 20215 | 34,000 | 35,291 |
Private Export Funding Corp. 3.55% 2024 | 3,190 | 3,535 |
Small Business Administration, Series 2001-20F, 6.44% 2021 | 14 | 14 |
Tennessee Valley Authority 0.75% 2025 | 1,800 | 1,823 |
Tennessee Valley Authority 2.875% 2027 | 5,000 | 5,635 |
Tennessee Valley Authority 4.65% 2035 | 1,780 | 2,473 |
Tennessee Valley Authority 5.88% 2036 | 875 | 1,363 |
Tennessee Valley Authority, Series A, 3.875% 2021 | 32,975 | 33,727 |
Tennessee Valley Authority, Series A, 4.625% 2060 | 250 | 392 |
TVA Southaven 3.846% 2033 | 1,165 | 1,288 |
U.S. Agency for International Development, Iraq (State of) 2.149% 2022 | 3,370 | 3,455 |
U.S. Agency for International Development, Jordan (Kingdom of) 2.503% 2020 | 2,500 | 2,524 |
U.S. Agency for International Development, Jordan (Kingdom of) 2.578% 2022 | 41,500 | 43,356 |
U.S. Agency for International Development, Jordan (Kingdom of) 3.00% 2025 | 42,625 | 47,465 |
U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 2026 | 2,843 | 3,469 |
U.S. Agency for International Development, Tunisia (Kingdom of) 1.416% 2021 | 1,500 | 1,523 |
U.S. Agency for International Development, Ukraine 1.471% 2021 | 2,210 | 2,249 |
U.S. Department of Housing and Urban Development, Series 2015-A-6, 1.98% 2020 | 8,710 | 8,723 |
U.S. Department of Housing and Urban Development, Series 2015-A-7, 2.35% 2021 | 3,750 | 3,833 |
U.S. Department of Housing and Urban Development, Series 2015-A-8, 2.45% 2022 | 6,000 | 6,261 |
American Funds Insurance Series — U.S. Government/AAA-Rated Securities Fund — Page 193 of 207
unaudited
Bonds, notes & other debt instruments (continued) Federal agency bonds & notes (continued) | Principal amount (000) | Value (000) |
U.S. Department of Housing and Urban Development, Series 2015-A-9, 2.80% 2023 | $1,500 | $1,610 |
U.S. Department of Housing and Urban Development, Series 2015-A-10, 2.85% 2024 | 2,250 | 2,469 |
U.S. Department of Housing and Urban Development, Series 2015-A-11, 2.95% 2025 | 2,640 | 2,908 |
U.S. Department of Housing and Urban Development, Series 2015-A-12, 3.10% 2026 | 2,625 | 2,903 |
U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 2027 | 11,482 | 12,700 |
U.S. Department of Housing and Urban Development, Series 2015-A-14, 3.25% 2028 | 3,856 | 4,274 |
U.S. Department of Housing and Urban Development, Series 2015-A-15, 3.35% 2029 | 2,650 | 2,943 |
U.S. Department of Housing and Urban Development, Series 2015-A-16, 3.50% 2030 | 2,482 | 2,711 |
U.S. Department of Housing and Urban Development, Series 2015-A-17, 3.55% 2031 | 2,475 | 2,707 |
U.S. Department of Housing and Urban Development, Series 2015-A-18, 3.60% 2032 | 2,377 | 2,593 |
U.S. Department of Housing and Urban Development, Series 2015-A-19, 3.65% 2033 | 2,059 | 2,291 |
U.S. Department of Housing and Urban Development, Series 2015-A-20, 3.70% 2034 | 651 | 713 |
U.S. Government-Guaranteed Certificates of Participation, Overseas Private Investment Corp., 3.82% 2032 | 852 | 999 |
U.S. Government-Guaranteed Certificates of Participation, Overseas Private Investment Corp., 3.938% 2032 | 697 | 819 |
373,838 | ||
U.S. Treasury bonds & notes 16.99% U.S. Treasury 14.85% | ||
U.S. Treasury 1.375% 2022 | 3,100 | 3,160 |
U.S. Treasury 1.75% 2022 | 45,700 | 47,085 |
U.S. Treasury 2.125% 2023 | —3 | —3 |
U.S. Treasury 2.50% 2024 | 4,000 | 4,352 |
U.S. Treasury 1.625% 2026 | 50,000 | 53,731 |
U.S. Treasury 0.625% 2030 | 7,000 | 6,979 |
U.S. Treasury 1.125% 2040 | 7,000 | 6,934 |
U.S. Treasury 2.50% 2046 | 5,400 | 6,699 |
U.S. Treasury 2.50% 2046 | 3,900 | 4,831 |
U.S. Treasury 2.875% 2046 | 2,700 | 3,590 |
U.S. Treasury 2.25% 20496 | 25,700 | 30,896 |
U.S. Treasury 2.375% 20496 | 13,000 | 16,048 |
U.S. Treasury 2.875% 20496 | 26,000 | 35,164 |
U.S. Treasury 3.00% 20496 | 22,500 | 31,055 |
U.S. Treasury 1.25% 20506 | 42,800 | 41,098 |
291,622 | ||
U.S. Treasury inflation-protected securities 2.14% | ||
U.S. Treasury Inflation-Protected Security 0.125% 20227 | 6,005 | 6,089 |
U.S. Treasury Inflation-Protected Security 0.125% 20307 | 6,128 | 6,626 |
U.S. Treasury Inflation-Protected Security 2.125% 20417 | 363 | 543 |
U.S. Treasury Inflation-Protected Security 0.75% 20426,7 | 14,970 | 17,968 |
U.S. Treasury Inflation-Protected Security 1.00% 20496,7 | 8,153 | 10,902 |
42,128 | ||
Total U.S. Treasury bonds & notes | 333,750 | |
Total bonds, notes & other debt instruments (cost: $1,770,195,000) | 1,838,286 | |
Short-term securities 42.61% Commercial paper 22.09% | ||
Pfizer Inc. 0.21%-0.23% due 10/16/2020-10/28/20205 | 50,000 | 49,966 |
Paccar Financial Corp. 0.10%-0.12% due 7/2/2020-7/9/2020 | 49,000 | 49,000 |
Apple Inc. 0.14% due 9/2/20205 | 45,000 | 44,989 |
Johnson & Johnson 0.11%-0.15% due 8/3/2020-9/8/20205 | 38,225 | 38,217 |
ExxonMobil Corp. 0.18%-0.19% due 8/24/2020-9/3/2020 | 34,300 | 34,290 |
American Funds Insurance Series — U.S. Government/AAA-Rated Securities Fund — Page 194 of 207
unaudited
Short-term securities (continued) Commercial paper (continued) | Principal amount (000) | Value (000) |
Simon Property Group, LP 0.15% due 7/20/2020-7/23/20205 | $30,500 | $30,498 |
Chariot Funding, LLC 0.15%-0.25% due 8/3/2020-9/25/20205 | 30,000 | 29,994 |
CAFCO, LLC 0.16% due 7/20/20205 | 25,000 | 24,999 |
Merck & Co. Inc. 0.25% due 8/13/20205 | 25,000 | 24,997 |
OMERS Finance Trust 0.14% due 7/13/20205 | 20,000 | 19,999 |
Eli Lilly and Co. 0.15% due 7/28/20205 | 20,000 | 19,992 |
CRC Funding, LLC 0.23% due 9/21/20205 | 15,000 | 14,991 |
Emerson Electric Co. 0.15% due 8/13/20205 | 13,500 | 13,488 |
Procter & Gamble Co. 0.17% due 9/22/20205 | 12,000 | 11,996 |
CHARTA, LLC 0.23% due 9/17/20205 | 9,600 | 9,595 |
Nordea Bank AB 0.05% due 7/1/20205 | 7,000 | 7,000 |
National Rural Utilities Cooperative Finance Corp. 0.09% due 7/1/2020 | 5,000 | 5,000 |
Coca-Cola Co. 0.18% due 11/20/20205 | 5,000 | 4,996 |
434,007 | ||
Federal agency discount notes 18.23% | ||
Federal Home Loan Bank 0.03%-0.27% due 7/1/2020-9/15/2020 | 233,700 | 233,663 |
Federal Farm Credit Banks 0.12%-0.22% due 8/7/2020-11/6/2020 | 110,700 | 110,658 |
Tennessee Valley Authority 0.11% due 7/15/2020 | 13,700 | 13,699 |
358,020 | ||
U.S. Treasury bills 2.29% | ||
U.S. Treasury Bills 0.10%-0.11% due 7/21/2020-7/23/2020 | 45,000 | 44,996 |
Total short-term securities (cost: $837,023,000) | 837,023 | |
Total investment securities 136.19% (cost: $2,607,218,000) | 2,675,309 | |
Other assets less liabilities (36.19)% | (710,931) | |
Net assets 100.00% | $1,964,378 |
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount8 (000) | Value at 6/30/20209 (000) | Unrealized (depreciation) appreciation at 6/30/2020 (000) |
30 Day Federal Funds Futures | Short | 1,028 | October 2020 | $(428,368) | $(428,175) | $(90) |
30 Day Federal Funds Futures | Short | 759 | January 2021 | (316,275) | (316,196) | (1) |
90 Day Euro Dollar Futures | Short | 4,418 | September 2020 | (1,104,500) | (1,101,573) | (251) |
90 Day Euro Dollar Futures | Short | 841 | March 2021 | (210,250) | (209,830) | (38) |
2 Year U.S. Treasury Note Futures | Short | 255 | October 2020 | (51,000) | (56,311) | (2) |
5 Year U.S. Treasury Note Futures | Long | 2,405 | October 2020 | 240,500 | 302,410 | 838 |
10 Year U.S. Treasury Note Futures | Short | 445 | September 2020 | (44,500) | (61,932) | (167) |
10 Year Ultra U.S. Treasury Note Futures | Short | 628 | September 2020 | (62,800) | (98,900) | (1,408) |
20 Year U.S. Treasury Bond Futures | Long | 225 | September 2020 | 22,500 | 40,177 | 253 |
30 Year Ultra U.S. Treasury Bond Futures | Long | 1,159 | September 2020 | 115,900 | 252,843 | 1,085 |
$219 |
American Funds Insurance Series — U.S. Government/AAA-Rated Securities Fund — Page 195 of 207
unaudited
Swap contracts
Interest rate swaps
Receive | Pay | Expiration date | Notional (000) | Value at 6/30/2020 (000) | Upfront premium paid (000) | Unrealized appreciation (depreciation) at 6/30/2020 (000) |
1.309% | U.S. EFFR | 12/16/2020 | $356,850 | $1,141 | $— | $1,141 |
1.33075% | U.S. EFFR | 12/16/2020 | 236,600 | 769 | — | 769 |
2.5775% | U.S. EFFR | 7/16/2022 | 181,639 | 4,836 | — | 4,836 |
1.2525% | U.S. EFFR | 2/14/2023 | 156,941 | 5,141 | — | 5,141 |
U.S. EFFR | 0.11% | 5/18/2024 | 163,600 | (4) | — | (4) |
U.S. EFFR | 0.126% | 6/25/2025 | 20,100 | (38) | — | (38) |
U.S. EFFR | 0.1275% | 6/25/2025 | 20,100 | (40) | — | (40) |
U.S. EFFR | 0.1275% | 6/25/2025 | 28,500 | (56) | — | (56) |
U.S. EFFR | 0.0975% | 6/30/2025 | 15,429 | (7) | — | (7) |
U.S. EFFR | 0.105% | 6/30/2025 | 28,500 | (23) | — | (23) |
U.S. EFFR | 0.106% | 6/30/2025 | 35,063 | (30) | — | (30) |
U.S. EFFR | 0.093% | 7/2/2025 | 25,600 | (5) | — | (5) |
U.S. EFFR | 0.096% | 7/2/2025 | 25,500 | (8) | — | (8) |
3-month USD-LIBOR | 1.867% | 7/11/2025 | 49,400 | (2,174) | — | (2,174) |
2.91% | 3-month USD-LIBOR | 2/1/2028 | 16,000 | 1,795 | — | 1,795 |
2.908% | 3-month USD-LIBOR | 2/1/2028 | 16,000 | 1,793 | — | 1,793 |
2.925% | 3-month USD-LIBOR | 2/1/2028 | 12,800 | 1,445 | — | 1,445 |
2.92% | 3-month USD-LIBOR | 2/2/2028 | 12,200 | 1,374 | — | 1,374 |
U.S. EFFR | 0.5385% | 3/26/2030 | 49,000 | (755) | — | (755) |
0.913% | 3-month USD-LIBOR | 6/9/2030 | 31,000 | 854 | — | 854 |
3-month USD-LIBOR | 2.986% | 2/1/2038 | 7,800 | (1,356) | — | (1,356) |
3-month USD-LIBOR | 2.9625% | 2/1/2038 | 9,800 | (1,682) | — | (1,682) |
3-month USD-LIBOR | 2.963% | 2/1/2038 | 9,800 | (1,682) | — | (1,682) |
0.833% | 3-month USD-LIBOR | 4/3/2040 | 15,800 | (131) | — | (131) |
3-month USD-LIBOR | 3.34% | 6/27/2044 | 10,000 | (5,477) | — | (5,477) |
3-month USD-LIBOR | 3.206% | 7/31/2044 | 16,000 | (8,307) | — | (8,307) |
3-month USD-LIBOR | 3.238% | 8/8/2044 | 16,000 | (8,429) | — | (8,429) |
3-month USD-LIBOR | 2.7045% | 1/2/2045 | 12,000 | (4,947) | — | (4,947) |
3-month USD-LIBOR | 2.4945% | 1/9/2045 | 2,000 | (728) | — | (728) |
3-month USD-LIBOR | 2.5055% | 1/9/2045 | 11,000 | (4,034) | — | (4,034) |
3-month USD-LIBOR | 2.52822% | 11/23/2045 | 4,390 | (1,683) | — | (1,683) |
3-month USD-LIBOR | 1.934% | 12/12/2049 | 15,000 | (4,117) | — | (4,117) |
3-month USD-LIBOR | 1.935% | 12/17/2049 | 17,280 | (4,750) | — | (4,750) |
3-month USD-LIBOR | 2.007% | 12/19/2049 | 16,300 | (4,798) | — | (4,798) |
3-month USD-LIBOR | 2.045% | 12/27/2049 | 15,100 | (4,604) | — | (4,604) |
3-month USD-LIBOR | 2.0375% | 1/6/2050 | 8,480 | (2,568) | — | (2,568) |
3-month USD-LIBOR | 1.961% | 1/9/2050 | 17,700 | (4,995) | — | (4,995) |
3-month USD-LIBOR | 1.678% | 2/21/2050 | 15,865 | (3,274) | — | (3,274) |
0.8235% | 3-month USD-LIBOR | 4/24/2050 | 5,300 | (139) | — | (139) |
$— | $(51,693) |
American Funds Insurance Series — U.S. Government/AAA-Rated Securities Fund — Page 196 of 207
unaudited
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
1 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
2 | Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. |
3 | Amount less than one thousand. |
4 | Purchased on a TBA basis. |
5 | Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $381,008,000, which represented 19.40% of the net assets of the fund. |
6 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $47,020,000, which represented 2.39% of the net assets of the fund. |
7 | Index-linked bond whose principal amount moves with a government price index. |
8 | Notional amount is calculated based on the number of contracts and notional contract size. |
9 | Value is calculated based on the notional amount and current market price. |
Key to abbreviations and symbol |
EFFR = Effective Federal Funds Rate |
LIBOR = London Interbank Offered Rate |
TBA = To-be-announced |
USD/$ = U.S. dollars |
American Funds Insurance Series — U.S. Government/AAA-Rated Securities Fund — Page 197 of 207
Managed Risk Growth Fund
Investment portfolio
June 30, 2020
unaudited
Growth funds 80.77% | Shares | Value (000) |
American Funds Insurance Series – Growth Fund, Class 1 | 4,337,694 | $384,320 |
Total growth funds (cost: $325,521,000) | 384,320 | |
Fixed income funds 11.85% | ||
American Funds Insurance Series – Bond Fund, Class 1 | 4,800,568 | 56,359 |
Total fixed income funds (cost: $55,586,000) | 56,359 | |
Short-term securities 4.36% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.12%1 | 20,768,279 | 20,768 |
Total short-term securities (cost: $20,768,000) | 20,768 | |
Total investment securities 96.98% (cost: $401,875,000) | 461,447 | |
Other assets less liabilities 3.02% | 14,347 | |
Net assets 100.00% | $475,794 |
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount2 (000) | Value at 6/30/20203 (000) | Unrealized appreciation (depreciation) at 6/30/2020 (000) |
5 Year U.S. Treasury Note Futures | Long | 1,830 | September 2020 | $183,000 | $230,108 | $521 |
Euro Stoxx 50 Index Contracts | Short | 115 | September 2020 | €(1) | (4,176) | (58) |
FTSE 100 Index Contracts | Short | 88 | September 2020 | £(1) | (6,693) | 28 |
S&P Mid 400 E-mini Index Contracts | Short | 16 | September 2020 | $(2) | (2,847) | (31) |
Mini MSCI Emerging Market Index Contracts | Short | 81 | September 2020 | (4) | (3,992) | (57) |
Nikkei 225 Index Contracts | Short | 4 | September 2020 | ¥(4) | (829) | 20 |
Russell 2000 Mini Index Contracts | Short | 74 | September 2020 | $(4) | (5,319) | (142) |
S&P 500 E-mini Index Contracts | Short | 934 | September 2020 | (47) | (144,312) | (1,226) |
Euro Currency Contracts | Short | 33 | September 2020 | €(4,125) | (4,642) | 47 |
British Pound Currency Contracts | Short | 95 | September 2020 | £(5,937) | (7,361) | 147 |
Japanese Yen Currency Contracts | Short | 7 | September 2020 | ¥(87,500) | (811) | 3 |
$(748) |
1 | Rate represents the seven-day yield at 6/30/2020. |
2 | Notional amount is calculated based on the number of contracts and notional contract size. |
3 | Value is calculated based on the notional amount and current market price. |
American Funds Insurance Series — Managed Risk Growth Fund — Page 198 of 207
unaudited
Key to symbols |
£ = British pounds |
€ = Euros |
¥ = Japanese yen |
$ = U.S. dollars |
American Funds Insurance Series — Managed Risk Growth Fund — Page 199 of 207
Managed Risk International Fund
Investment portfolio
June 30, 2020
unaudited
Growth funds 80.16% | Shares | Value (000) |
American Funds Insurance Series – International Fund, Class 1 | 6,722,659 | $124,235 |
Total growth funds (cost: $123,593,000) | 124,235 | |
Fixed income funds 10.54% | ||
American Funds Insurance Series – Bond Fund, Class 1 | 1,391,875 | 16,340 |
Total fixed income funds (cost: $16,266,000) | 16,340 | |
Short-term securities 5.51% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.12%1 | 8,534,973 | 8,535 |
Total short-term securities (cost: $8,535,000) | 8,535 | |
Total investment securities 96.21% (cost: $148,394,000) | 149,110 | |
Other assets less liabilities 3.79% | 5,881 | |
Net assets 100.00% | $154,991 |
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount2 (000) | Value at 6/30/20203 (000) | Unrealized appreciation (depreciation) at 6/30/2020 (000) |
5 Year U.S. Treasury Note Futures | Long | 591 | September 2020 | $59,100 | $74,314 | $169 |
Russell 2000 Mini Index Contracts | Short | 4 | September 2020 | —4 | (288) | (6) |
FTSE 100 Index Contracts | Short | 53 | September 2020 | £(1) | (4,031) | 27 |
S&P 500 E-mini Index Contracts | Short | 18 | September 2020 | $(1) | (2,781) | (11) |
Euro Stoxx 50 Index Contracts | Short | 398 | September 2020 | €(4) | (14,452) | (201) |
Mini MSCI Emerging Market Index Contracts | Short | 430 | September 2020 | $(21) | (21,193) | (335) |
Nikkei 225 Index Contracts | Short | 46 | September 2020 | ¥(46) | (9,531) | 168 |
British Pound Currency Contracts | Short | 58 | September 2020 | £(3,625) | (4,494) | 124 |
Euro Currency Contracts | Short | 113 | September 2020 | €(14,125) | (15,896) | 176 |
Japanese Yen Currency Contracts | Short | 87 | September 2020 | ¥(1,087,500) | (10,082) | 35 |
$146 |
1 | Rate represents the seven-day yield at 6/30/2020. |
2 | Notional amount is calculated based on the number of contracts and notional contract size. |
3 | Value is calculated based on the notional amount and current market price. |
4 | Amount less than one thousand. |
American Funds Insurance Series — Managed Risk International Fund — Page 200 of 207
unaudited
Key to symbols |
£ = British pounds |
€ = Euros |
¥ = Japanese yen |
$ = U.S. dollars |
American Funds Insurance Series — Managed Risk International Fund — Page 201 of 207
Managed Risk Blue Chip
Income and Growth Fund
Investment portfolio
June 30, 2020
unaudited
Growth-and-income funds 80.69% | Shares | Value (000) |
American Funds Insurance Series – Blue Chip Income and Growth Fund, Class 1 | 22,665,236 | $277,422 |
Total growth-and-income funds (cost: $256,393,000) | 277,422 | |
Fixed income funds 11.98% | ||
American Funds Insurance Series – U.S. Government/AAA-Rated Securities Fund, Class 1 | 3,150,130 | 41,204 |
Total fixed income funds (cost: $41,869,000) | 41,204 | |
Short-term securities 4.16% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.12%1 | 14,294,614 | 14,295 |
Total short-term securities (cost: $14,295,000) | 14,295 | |
Total investment securities 96.83% (cost: $312,557,000) | 332,921 | |
Other assets less liabilities 3.17% | 10,910 | |
Net assets 100.00% | $343,831 |
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount2 (000) | Value at 6/30/20203 (000) | Unrealized appreciation (depreciation) at 6/30/2020 (000) |
5 Year U.S. Treasury Note Futures | Long | 1,326 | September 2020 | $132,600 | $166,734 | $358 |
Euro Stoxx 50 Index Contracts | Short | 27 | September 2020 | €—4 | (980) | (15) |
FTSE 100 Index Contracts | Short | 19 | September 2020 | £—4 | (1,445) | 7 |
S&P Mid 400 E-mini Index Contracts | Short | 4 | September 2020 | $—4 | (712) | 5 |
Russell 2000 Mini Index Contracts | Short | 24 | September 2020 | (1) | (1,725) | (46) |
Nikkei 225 Index Contracts | Short | 3 | September 2020 | ¥(3) | (622) | 13 |
S&P 500 E-mini Index Contracts | Short | 843 | September 2020 | $(42) | (130,252) | (1,128) |
Euro Currency Contracts | Short | 8 | September 2020 | €(1,000) | (1,125) | 12 |
British Pound Currency Contracts | Short | 20 | September 2020 | £(1,250) | (1,550) | 21 |
Japanese Yen Currency Contracts | Short | 6 | September 2020 | ¥(75,000) | (695) | 2 |
$(771) |
1 | Rate represents the seven-day yield at 6/30/2020. |
2 | Notional amount is calculated based on the number of contracts and notional contract size. |
3 | Value is calculated based on the notional amount and current market price. |
4 | Amount less than one thousand. |
American Funds Insurance Series — Managed Risk Blue Chip Income and Growth Fund — Page 202 of 207
unaudited
Key to symbols |
£ = British pounds |
€ = Euros |
¥ = Japanese yen |
$ = U.S. dollars |
American Funds Insurance Series — Managed Risk Blue Chip Income and Growth Fund — Page 203 of 207
Managed Risk Growth-Income Fund
Investment portfolio
June 30, 2020
unaudited
Growth-and-income funds 79.81% | Shares | Value (000) |
American Funds Insurance Series – Growth-Income Fund, Class 1 | 37,428,324 | $1,774,103 |
Total growth-and-income funds (cost: $1,699,817,000) | 1,774,103 | |
Fixed income funds 14.34% | ||
American Funds Insurance Series – Bond Fund, Class 1 | 27,153,850 | 318,786 |
Total fixed income funds (cost: $301,353,000) | 318,786 | |
Short-term securities 3.45% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.12%1 | 76,700,100 | 76,700 |
Total short-term securities (cost: $76,700,000) | 76,700 | |
Options purchased 0.91% | ||
Options purchased* | 20,156 | |
Total options purchased (cost: $14,491,000) | 20,156 | |
Total investment securities 98.51% (cost: $2,092,361,000) | 2,189,745 | |
Other assets less liabilities 1.49% | 33,195 | |
Net assets 100.00% | $2,222,940 |
*Options purchased
Put
Description | Number of contracts | Notional amount (000) | Exercise price | Expiration date | Value at 6/30/2020 (000) |
S&P 500 Index | 15 | $47 | $2,325.00 | 9/18/2020 | $26 |
S&P 500 Index | 205 | 636 | 2,375.00 | 9/18/2020 | 414 |
S&P 500 Index | 130 | 403 | 2,400.00 | 9/18/2020 | 283 |
S&P 500 Index | 140 | 434 | 2,425.00 | 9/18/2020 | 330 |
S&P 500 Index | 390 | 1,209 | 2,450.00 | 9/18/2020 | 996 |
S&P 500 Index | 150 | 465 | 2,475.00 | 9/18/2020 | 412 |
S&P 500 Index | 85 | 264 | 2,500.00 | 9/18/2020 | 238 |
S&P 500 Index | 2,845 | 8,820 | 2,525.00 | 9/18/2020 | 9,047 |
S&P 500 Index | 500 | 1,550 | 1,775.00 | 12/18/2020 | 722 |
S&P 500 Index | 805 | 2,496 | 1,950.00 | 12/18/2020 | 1,707 |
S&P 500 Index | 250 | 775 | 2,025.00 | 12/18/2020 | 700 |
S&P 500 Index | 1,205 | 3,736 | 2,050.00 | 12/18/2020 | 3,446 |
S&P 500 Index | 570 | 1,767 | 2,075.00 | 12/18/2020 | 1,835 |
$20,156 |
American Funds Insurance Series — Managed Risk Growth-Income Fund — Page 204 of 207
unaudited
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount2 (000) | Value at 6/30/20203 (000) | Unrealized appreciation (depreciation) at 6/30/2020 (000) |
5 Year U.S. Treasury Note Futures | Long | 6,944 | September 2020 | $694,400 | $873,154 | $1,869 |
FTSE 100 Index Contracts | Short | 472 | September 2020 | £(5) | (35,898) | 125 |
Russell 2000 Mini Index Contracts | Short | 115 | September 2020 | $(6) | (8,266) | (252) |
Euro Stoxx 50 Index Contracts | Short | 653 | September 2020 | €(7) | (23,712) | (336) |
S&P Mid 400 E-mini Index Contracts | Short | 93 | September 2020 | $(9) | (16,546) | (86) |
Mini MSCI Emerging Market Index Contracts | Short | 196 | September 2020 | (10) | (9,660) | (124) |
Nikkei 225 Index Contracts | Short | 21 | September 2020 | ¥(21) | (4,351) | 10 |
S&P 500 E-mini Index Contracts | Short | 2,188 | September 2020 | $(109) | (338,068) | (647) |
Euro Currency Contracts | Short | 192 | September 2020 | €(24,000) | (27,009) | 191 |
British Pound Currency Contracts | Short | 514 | September 2020 | £(32,125) | (39,825) | 664 |
Japanese Yen Currency Contracts | Short | 42 | September 2020 | ¥(525,000) | (4,867) | 28 |
$1,442 |
1 | Rate represents the seven-day yield at 6/30/2020. |
2 | Notional amount is calculated based on the number of contracts and notional contract size. |
3 | Value is calculated based on the notional amount and current market price. |
Key to symbols |
£ = British pounds |
€ = Euros |
¥ = Japanese yen |
$ = U.S. dollars |
American Funds Insurance Series — Managed Risk Growth-Income Fund — Page 205 of 207
Managed Risk Asset Allocation Fund
Investment portfolio
June 30, 2020
unaudited
Asset allocation funds 94.87% | Shares | Value (000) |
American Funds Insurance Series – Asset Allocation Fund, Class 1 | 106,445,576 | $2,499,342 |
Total asset allocation funds (cost: $2,371,532,000) | 2,499,342 | |
Short-term securities 3.36% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.12%1 | 88,533,146 | 88,533 |
Total short-term securities (cost: $88,533,000) | 88,533 | |
Total investment securities 98.23% (cost: $2,460,065,000) | 2,587,875 | |
Other assets less liabilities 1.77% | 46,716 | |
Net assets 100.00% | $2,634,591 |
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount2 (000) | Value at 6/30/20203 (000) | Unrealized appreciation (depreciation) at 6/30/2020 (000) |
5 Year U.S. Treasury Note Futures | Long | 6,187 | September 2020 | $618,700 | $777,967 | $1,825 |
FTSE 100 Index Contracts | Short | 155 | September 2020 | £(2) | (11,789) | 57 |
Euro Stoxx 50 Index Contracts | Short | 744 | September 2020 | €(7) | (27,016) | (415) |
S&P Mid 400 E-mini Index Contracts | Short | 74 | September 2020 | $(7) | (13,165) | (72) |
Russell 2000 Mini Index Contracts | Short | 182 | September 2020 | (9) | (13,082) | (386) |
Nikkei 225 Index Contracts | Short | 18 | September 2020 | ¥(18) | (3,730) | 33 |
Mini MSCI Emerging Market Index Contracts | Short | 380 | September 2020 | $(19) | (18,728) | (230) |
S&P 500 E-mini Index Contracts | Short | 2,871 | September 2020 | (144) | (443,598) | (5,339) |
British Pound Currency Contracts | Short | 171 | September 2020 | £(10,688) | (13,249) | 243 |
Euro Currency Contracts | Short | 213 | September 2020 | €(26,625) | (29,962) | 216 |
Japanese Yen Currency Contracts | Short | 34 | September 2020 | ¥(425,000) | (3,940) | 17 |
$(4,051) |
1 | Rate represents the seven-day yield at 6/30/2020. |
2 | Notional amount is calculated based on the number of contracts and notional contract size. |
3 | Value is calculated based on the notional amount and current market price. |
American Funds Insurance Series — Managed Risk Asset Allocation Fund — Page 206 of 207
unaudited
Key to symbols |
£ = British pounds |
€ = Euros |
¥ = Japanese yen |
$ = U.S. dollars |
Additional financial disclosures are included in the fund’s current shareholder report and should be read in conjunction with this report.
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectus and summary prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the American Funds website at capitalgroup.com. Fund shares offered through American Funds Distributors, Inc.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
American Funds Distributors, Inc., member FINRA.
© 2020 Capital Group. All rights reserved.
INGEFP2-998-0820O-S78096 | American Funds Insurance Series — Managed Risk Asset Allocation Fund — Page 207 of 207 |
ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 10 – Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.
ITEM 11 – Controls and Procedures
(a) | The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule. |
(b) | There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
|
ITEM 12 – Exhibits
(a)(1) | Not applicable for filing of semi-annual reports to shareholders. |
(a)(2) | The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
AMERICAN FUNDS INSURANCE SERIES | |
By __/s/ Maria Manotok____________________ | |
Maria Manotok, Executive Vice President and Principal Executive Officer | |
Date: August 31, 2020 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By __/s/ Maria Manotok_________________ |
Maria Manotok, Executive Vice President and Principal Executive Officer |
Date: August 31, 2020 |
By ___/s/ Gregory F. Niland __________ |
Gregory F. Niland, Treasurer and Principal Financial Officer |
Date: August 31, 2020 |