# EDGAR Filing Document

**Accession Number:** 0000067160
**File Stem:** 0001133228-26-003098
**Filing Date:** 2026-3
**Character Count:** 2951265
**Document Hash:** 4004bc810542e046ad5228826847db55
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-003098.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001133228-26-003098

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 227

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MML SERIES INVESTMENT FUND
- **CENTRAL INDEX KEY:** 0000067160

**ORGANIZATION NAME:**
- **EIN:** 042476032
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02224
- **FILM NUMBER:** 26726241

**BUSINESS ADDRESS:**
- **STREET 1:** 1295 STATE STREET
- **CITY:** SPRINGFIELD
- **STATE:** MA
- **ZIP:** 01111
- **BUSINESS PHONE:** 413-744-1000

**MAIL ADDRESS:**
- **STREET 1:** 1295 STATE STREET
- **CITY:** SPRINGFIELD
- **STATE:** MA
- **ZIP:** 01111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MML EQUITY INVESTMENT CO INC
- **DATE OF NAME CHANGE:** 19850227

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MML INVESTMENT CO INC
- **DATE OF NAME CHANGE:** 19811109

## Series and Classes Contracts Data

### MML Equity Index Fund (Series ID: S000003823)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010665 | Class I         |  |
| C000010672 | Class II        |  |
| C000010673 | Class III       |  |
| C000067760 | Service Class I |  |

### MML Managed Volatility Fund (Series ID: S000003825)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000010667 | Initial Class |  |
| C000067762 | Service Class |  |

### MML Small Cap Growth Equity Fund (Series ID: S000003827)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000010669 | Initial Class |  |
| C000067764 | Service Class |  |

### MML Small/Mid Cap Value Fund (Series ID: S000011478)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000031708 | Initial Class |  |
| C000067766 | Service Class |  |

### MML Global Fund (Series ID: S000011480)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000031710 | Class I         |  |
| C000034569 | Class II        |  |
| C000067768 | Service Class I |  |

### MML Foreign Fund (Series ID: S000011481)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000031711 | Initial Class |  |
| C000067769 | Service Class |  |

### MML Equity Income Fund (Series ID: S000011482)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000031712 | Initial Class |  |
| C000067770 | Service Class |  |

### MML Income & Growth Fund (Series ID: S000011483)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000031713 | Initial Class |  |
| C000067771 | Service Class |  |

### MML Sustainable Equity Fund (Series ID: S000011484)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000031714 | Initial Class |  |
| C000067772 | Service Class |  |

### MML Blue Chip Growth Fund (Series ID: S000011485)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000031715 | Initial Class |  |
| C000067773 | Service Class |  |

### MML VIP Loomis Sayles Large Cap Growth Fund (Series ID: S000011486)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000031716 | Initial Class |  |
| C000067774 | Service Class |  |

### MML VIP American Century Mid Cap Value Fund (Series ID: S000011488)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000031718 | Initial Class |  |
| C000067776 | Service Class |  |

### MML Mid Cap Growth Fund (Series ID: S000011489)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000031719 | Initial Class |  |
| C000067777 | Service Class |  |

### MML Conservative Allocation Fund (Series ID: S000018539)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000051435 | Initial Class |  |
| C000067778 | Service Class |  |

### MML Balanced Allocation Fund (Series ID: S000018540)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000051436 | Initial Class |  |
| C000067779 | Service Class |  |

### MML Moderate Allocation Fund (Series ID: S000018541)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000051437 | Initial Class |  |
| C000067780 | Service Class |  |

### MML Growth Allocation Fund (Series ID: S000018542)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000051438 | Initial Class |  |
| C000067781 | Service Class |  |

### MML Aggressive Allocation Fund (Series ID: S000018543)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000051439 | Initial Class |  |
| C000067782 | Service Class |  |

### MML American Funds Growth Fund (Series ID: S000023208)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000067574 | Service Class I |  |

### MML American Funds Core Allocation Fund (Series ID: S000023210)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000067576 | Service Class I |  |

### MML VIP American Century Small Company Value Fund (Series ID: S000025079)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000074589 | Class II        |  |
| C000074590 | Service Class I |  |

### MML VIP Fidelity Institutional AM Core Plus Bond Fund (Series ID: S000029642)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000091024 | Class II        |  |
| C000091025 | Service Class I |  |

### MML Focused Equity Fund (Series ID: S000034945)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000107473 | Class II        |  |
| C000107474 | Service Class I |  |

### MML Fundamental Equity Fund (Series ID: S000034946)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000107475 | Class II        |  |
| C000107476 | Service Class I |  |

### MML VIP MFS International Equity Fund (Series ID: S000043749)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000135666 | Class II        |  |
| C000135667 | Service Class I |  |

?xml version='1.0' encoding='ASCII'? 2026-01-12IZDO_MMLConservativeAllocationFund_InitialClass_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Investment Company Act file number | &nbsp;&nbsp;811-02224 |
| **MML Series Investment Fund** | **MML Series Investment Fund** |
| (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) |

---

<u>1295 State Street, Springfield, MA</u> <u>01111</u> <br> (Address of principal executive offices) (Zip code) <br>

---

| | |
|:---|:---|
| Douglas Steele | Douglas Steele |
| 1295 State Street, Springfield, MA 01111 | 1295 State Street, Springfield, MA 01111 |
| (Name and address of agent for service) | (Name and address of agent for service) |
| Registrant's telephone number, including area code: | (413) 744-1000 |

---

Date of fiscal year end: <u>12/31/2025</u> <br>Date of reporting period: <u>12/31/2025</u>

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Reports to Stockholders are attached herewith.

---

| | |
|:---|:---|
| **MML Conservative Allocation Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Conservative Allocation Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $15 | 0.14% |

---

**HOW DID THE FUND PERFORM?**

Global equity and fixed income markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness. Meanwhile, both the European Central Bank and Bank of England lowered their respective policy rates during the period, due to lower inflation and slowing economic growth. The Bank of Japan continued its policy normalization with two rate increases.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Within global bond markets, the yield to maturity of the Bloomberg Global Aggregate Bond Index experienced a modest decline, with small gains from narrowing credit spreads. Non-U.S. dollar debt made a significant contribution to overall results, with the U.S. Aggregate and Pan-European Aggregate indices among the strongest contributors.

In the U.S. fixed income markets, agency mortgage-backed securities led the way generating the highest excess returns, followed closely by corporate bonds (excess returns referring to return relative to comparable duration U.S. treasury bonds). Developed markets displayed strong performance, and emerging market debt saw even greater total returns driven by attractive yields and favorable local currency performance. Overall, despite a complex macroeconomic environment, fixed income markets proved resilient, with broad-based strength across sectors and regions.

Top contributors to the Fund's performance relative to the Custom MML Conservative Allocation Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Manager selection within fixed income, in particular to the MML Managed Bond Fund.

• Style selection within U.S. large cap equity.

• The MML Blue Chip Growth Fund contributed to returns.

Top detractors to the Fund's performance relative to the Custom MML Conservative Allocation Index:

&nbsp;&nbsp;&nbsp;&nbsp;• The MML Focused Equity Fund detracted from returns.

• The MML Equity Income Fund underperformed and detracted from returns.

• The MML VIP MFS® International Equity Fund detracted from returns.

MM202912-309770 PAGE 1 TSR-AR-IZDOF

------

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5949img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Initial Class - without sales charge**  | 10.29% | 3.98% | 5.59% |
| **Bloomberg U.S. Aggregate Bond Index**  | 7.30% | -0.36% | 2.01% |
| **Custom MML Conservative Allocation Index**  | 12.75% | 4.55% | 6.54% |

---

The Custom MML Conservative Allocation Index is a hypothetical custom index which comprises the Bloomberg U.S. Aggregate Bond Index, Russell 3000® Index, and MSCI ACWI ex USA. The weightings of each index are 60%, 30%, and 10%, respectively.

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $207.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Total Advisory Fees Paid During the Reporting Period** | $224063 |
| **Portfolio Turnover Rate** | 31% |

---

MM202912-309770 PAGE 2 TSR-AR-IZDOF

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 59.3% |
|  Equity Funds  | 40.7% |

---

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IZDOF

------

---

| | |
|:---|:---|
| **MML Conservative Allocation Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Conservative Allocation Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $41 | 0.39% |

---

**HOW DID THE FUND PERFORM?**

Global equity and fixed income markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness. Meanwhile, both the European Central Bank and Bank of England lowered their respective policy rates during the period, due to lower inflation and slowing economic growth. The Bank of Japan continued its policy normalization with two rate increases.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Within global bond markets, the yield to maturity of the Bloomberg Global Aggregate Bond Index experienced a modest decline, with small gains from narrowing credit spreads. Non-U.S. dollar debt made a significant contribution to overall results, with the U.S. Aggregate and Pan-European Aggregate indices among the strongest contributors.

In the U.S. fixed income markets, agency mortgage-backed securities led the way generating the highest excess returns, followed closely by corporate bonds (excess returns referring to return relative to comparable duration U.S. treasury bonds). Developed markets displayed strong performance, and emerging market debt saw even greater total returns driven by attractive yields and favorable local currency performance. Overall, despite a complex macroeconomic environment, fixed income markets proved resilient, with broad-based strength across sectors and regions.

Top contributors to the Fund's performance relative to the Custom MML Conservative Allocation Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Manager selection within fixed income, in particular to the MML Managed Bond Fund.

• Style selection within U.S. large cap equity.

• The MML Blue Chip Growth Fund contributed to returns.

Top detractors to the Fund's performance relative to the Custom MML Conservative Allocation Index:

&nbsp;&nbsp;&nbsp;&nbsp;• The MML Focused Equity Fund detracted from returns.

• The MML Equity Income Fund underperformed and detracted from returns.

• The MML VIP MFS® International Equity Fund detracted from returns.

MM202912-309770 PAGE 1 TSR-AR-IZDOG

------

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5950img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 9.98% | 3.73% | 5.33% |
| **Bloomberg U.S. Aggregate Bond Index**  | 7.30% | -0.36% | 2.01% |
| **Custom MML Conservative Allocation Index**  | 12.75% | 4.55% | 6.54% |

---

The Custom MML Conservative Allocation Index is a hypothetical custom index which comprises the Bloomberg U.S. Aggregate Bond Index, Russell 3000® Index, and MSCI ACWI ex USA. The weightings of each index are 60%, 30%, and 10%, respectively.

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $207.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Total Advisory Fees Paid During the Reporting Period** | $224063 |
| **Portfolio Turnover Rate** | 31% |

---

MM202912-309770 PAGE 2 TSR-AR-IZDOG

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 59.3% |
|  Equity Funds  | 40.7% |

---

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IZDOG

------

---

| | |
|:---|:---|
| **MML Balanced Allocation Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Balanced Allocation Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $15 | 0.14% |

---

**HOW DID THE FUND PERFORM?**

Global equity and fixed income markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness. Meanwhile, both the European Central Bank and Bank of England lowered their respective policy rates during the period, due to lower inflation and slowing economic growth. The Bank of Japan continued its policy normalization with two rate increases.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Within global bond markets, the yield to maturity of the Bloomberg Global Aggregate Bond Index experienced a modest decline, with small gains from narrowing credit spreads. Non-U.S. dollar debt made a significant contribution to overall results, with the U.S. Aggregate and Pan-European Aggregate indices among the strongest contributors.

In the U.S. fixed income markets, agency mortgage-backed securities led the way generating the highest excess returns, followed closely by corporate bonds (excess returns referring to return relative to comparable duration U.S. treasury bonds). Developed markets displayed strong performance, and emerging market debt saw even greater total returns driven by attractive yields and favorable local currency performance. Overall, despite a complex macroeconomic environment, fixed income markets proved resilient, with broad-based strength across sectors and regions.

Top contributors to the Fund's performance relative to the Custom MML Balanced Allocation Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Style selection within U.S. large cap equity.

• The MML Blue Chip Growth Fund contributed to returns.

• Manager selection within fixed income, in particular to the MML Managed Bond Fund.

Top detractors to the Fund's performance relative to the Custom MML Balanced Allocation Index:

&nbsp;&nbsp;&nbsp;&nbsp;• The MML Focused Equity Fund detracted from returns.

• The MML Equity Income Fund underperformed and detracted from returns.

• The MML VIP MFS® International Equity Fund detracted from returns.

MM202912-309770 PAGE 1 TSR-AR-IZDPF

------

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5951img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Initial Class - without sales charge**  | 11.10% | 4.76% | 6.33% |
| **MSCI ACWI**  | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index**  | 7.30% | -0.36% | 2.01% |
| **Custom MML Balanced Allocation Index**  | 14.11% | 5.78% | 7.64% |

---

The Custom MML Balanced Allocation Index is a hypothetical custom index which comprises the Bloomberg U.S. Aggregate Bond Index, Russell 3000® Index, and MSCI ACWI ex USA. The weightings of each index are 50%, 37.5%, and 12.5%, respectively.

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $273.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Total Advisory Fees Paid During the Reporting Period** | $281078 |
| **Portfolio Turnover Rate** | 29% |

---

MM202912-309770 PAGE 2 TSR-AR-IZDPF

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 50.8% |
|  Fixed Income Funds  | 49.2% |

---

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IZDPF

------

---

| | |
|:---|:---|
| **MML Balanced Allocation Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Balanced Allocation Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $41 | 0.39% |

---

**HOW DID THE FUND PERFORM?**

Global equity and fixed income markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness. Meanwhile, both the European Central Bank and Bank of England lowered their respective policy rates during the period, due to lower inflation and slowing economic growth. The Bank of Japan continued its policy normalization with two rate increases.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Within global bond markets, the yield to maturity of the Bloomberg Global Aggregate Bond Index experienced a modest decline, with small gains from narrowing credit spreads. Non-U.S. dollar debt made a significant contribution to overall results, with the U.S. Aggregate and Pan-European Aggregate indices among the strongest contributors.

In the U.S. fixed income markets, agency mortgage-backed securities led the way generating the highest excess returns, followed closely by corporate bonds (excess returns referring to return relative to comparable duration U.S. treasury bonds). Developed markets displayed strong performance, and emerging market debt saw even greater total returns driven by attractive yields and favorable local currency performance. Overall, despite a complex macroeconomic environment, fixed income markets proved resilient, with broad-based strength across sectors and regions.

Top contributors to the Fund's performance relative to the Custom MML Balanced Allocation Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Style selection within U.S. large cap equity.

• The MML Blue Chip Growth Fund contributed to returns.

• Manager selection within fixed income, in particular to the MML Managed Bond Fund.

Top detractors to the Fund's performance relative to the Custom MML Balanced Allocation Index:

&nbsp;&nbsp;&nbsp;&nbsp;• The MML Focused Equity Fund detracted from returns.

• The MML Equity Income Fund underperformed and detracted from returns.

• The MML VIP MFS® International Equity Fund detracted from returns.

MM202912-309770 PAGE 1 TSR-AR-IZDPG

------

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5952img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 10.80% | 4.49% | 6.06% |
| **MSCI ACWI**  | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index**  | 7.30% | -0.36% | 2.01% |
| **Custom MML Balanced Allocation Index**  | 14.11% | 5.78% | 7.64% |

---

The Custom MML Balanced Allocation Index is a hypothetical custom index which comprises the Bloomberg U.S. Aggregate Bond Index, Russell 3000® Index, and MSCI ACWI ex USA. The weightings of each index are 50%, 37.5%, and 12.5%, respectively.

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $273.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Total Advisory Fees Paid During the Reporting Period** | $281078 |
| **Portfolio Turnover Rate** | 29% |

---

MM202912-309770 PAGE 2 TSR-AR-IZDPG

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 50.8% |
|  Fixed Income Funds  | 49.2% |

---

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IZDPG

------

---

| | |
|:---|:---|
| **MML Moderate Allocation Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Moderate Allocation Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $13 | 0.12% |

---

**HOW DID THE FUND PERFORM?**

Global equity and fixed income markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness. Meanwhile, both the European Central Bank and Bank of England lowered their respective policy rates during the period, due to lower inflation and slowing economic growth. The Bank of Japan continued its policy normalization with two rate increases.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Within global bond markets, the yield to maturity of the Bloomberg Global Aggregate Bond Index experienced a modest decline, with small gains from narrowing credit spreads. Non-U.S. dollar debt made a significant contribution to overall results, with the U.S. Aggregate and Pan-European Aggregate indices among the strongest contributors.

In the U.S. fixed income markets, agency mortgage-backed securities led the way generating the highest excess returns, followed closely by corporate bonds (excess returns referring to return relative to comparable duration U.S. treasury bonds). Developed markets displayed strong performance, and emerging market debt saw even greater total returns driven by attractive yields and favorable local currency performance. Overall, despite a complex macroeconomic environment, fixed income markets proved resilient, with broad-based strength across sectors and regions.

Top contributors to the Fund's performance relative to the Custom MML Moderate Allocation Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Style selection within U.S. large cap equity.

• The MML Blue Chip Growth Fund contributed to returns.

• Manager selection within fixed income, in particular to the MML Managed Bond Fund.

Top detractors to the Fund's performance relative to the Custom MML Moderate Allocation Index:

&nbsp;&nbsp;&nbsp;&nbsp;• The MML Focused Equity Fund detracted from returns.

• The MML Equity Income Fund underperformed and detracted from returns.

• The MML VIP MFS® International Equity Fund detracted from returns.

MM202912-309770 PAGE 1 TSR-AR-IZDQF

------

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5953img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Initial Class - without sales charge**  | 11.83% | 5.72% | 7.08% |
| **MSCI ACWI**  | 22.34% | 11.19% | 11.72% |
| **Custom MML Moderate Allocation Index**  | 15.47% | 7.01% | 8.72% |

---

The Custom MML Moderate Allocation Index is a hypothetical custom index which comprises the Bloomberg U.S. Aggregate Bond Index, Russell 3000® Index, and MSCI ACWI ex USA. The weightings of each index are 40%, 45%, and 15%, respectively.

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $898.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Total Advisory Fees Paid During the Reporting Period** | $949006 |
| **Portfolio Turnover Rate** | 27% |

---

MM202912-309770 PAGE 2 TSR-AR-IZDQF

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 60.7% |
|  Fixed Income Funds  | 39.3% |

---

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IZDQF

------

---

| | |
|:---|:---|
| **MML Moderate Allocation Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Moderate Allocation Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $39 | 0.37% |

---

**HOW DID THE FUND PERFORM?**

Global equity and fixed income markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness. Meanwhile, both the European Central Bank and Bank of England lowered their respective policy rates during the period, due to lower inflation and slowing economic growth. The Bank of Japan continued its policy normalization with two rate increases.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Within global bond markets, the yield to maturity of the Bloomberg Global Aggregate Bond Index experienced a modest decline, with small gains from narrowing credit spreads. Non-U.S. dollar debt made a significant contribution to overall results, with the U.S. Aggregate and Pan-European Aggregate indices among the strongest contributors.

In the U.S. fixed income markets, agency mortgage-backed securities led the way generating the highest excess returns, followed closely by corporate bonds (excess returns referring to return relative to comparable duration U.S. treasury bonds). Developed markets displayed strong performance, and emerging market debt saw even greater total returns driven by attractive yields and favorable local currency performance. Overall, despite a complex macroeconomic environment, fixed income markets proved resilient, with broad-based strength across sectors and regions.

Top contributors to the Fund's performance relative to the Custom MML Moderate Allocation Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Style selection within U.S. large cap equity.

• The MML Blue Chip Growth Fund contributed to returns.

• Manager selection within fixed income, in particular to the MML Managed Bond Fund.

Top detractors to the Fund's performance relative to the Custom MML Moderate Allocation Index:

&nbsp;&nbsp;&nbsp;&nbsp;• The MML Focused Equity Fund detracted from returns.

• The MML Equity Income Fund underperformed and detracted from returns.

• The MML VIP MFS® International Equity Fund detracted from returns.

MM202912-309770 PAGE 1 TSR-AR-IZDQG

------

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5954img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 11.57% | 5.46% | 6.81% |
| **MSCI ACWI**  | 22.34% | 11.19% | 11.72% |
| **Custom MML Moderate Allocation Index**  | 15.47% | 7.01% | 8.72% |

---

The Custom MML Moderate Allocation Index is a hypothetical custom index which comprises the Bloomberg U.S. Aggregate Bond Index, Russell 3000® Index, and MSCI ACWI ex USA. The weightings of each index are 40%, 45%, and 15%, respectively.

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $898.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Total Advisory Fees Paid During the Reporting Period** | $949006 |
| **Portfolio Turnover Rate** | 27% |

---

MM202912-309770 PAGE 2 TSR-AR-IZDQG

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 60.7% |
|  Fixed Income Funds  | 39.3% |

---

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IZDQG

------

---

| | |
|:---|:---|
| **MML Growth Allocation Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Growth Allocation Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $13 | 0.12% |

---

**HOW DID THE FUND PERFORM?**

Global equity and fixed income markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness. Meanwhile, both the European Central Bank and Bank of England lowered their respective policy rates during the period, due to lower inflation and slowing economic growth. The Bank of Japan continued its policy normalization with two rate increases.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Within global bond markets, the yield to maturity of the Bloomberg Global Aggregate Bond Index experienced a modest decline, with small gains from narrowing credit spreads. Non-U.S. dollar debt made a significant contribution to overall results, with the U.S. Aggregate and Pan-European Aggregate indices among the strongest contributors.

In the U.S. fixed income markets, agency mortgage-backed securities led the way generating the highest excess returns, followed closely by corporate bonds (excess returns referring to return relative to comparable duration U.S. treasury bonds). Developed markets displayed strong performance, and emerging market debt saw even greater total returns driven by attractive yields and favorable local currency performance. Overall, despite a complex macroeconomic environment, fixed income markets proved resilient, with broad-based strength across sectors and regions.

Top contributors to the Fund's performance relative to the Custom MML Growth Allocation Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Style selection within U.S. large cap equity.

• The MML Blue Chip Growth Fund contributed to returns.

• Manager selection within fixed income, in particular to the MML Managed Bond Fund.

Top detractors to the Fund's performance relative to the Custom MML Growth Allocation Index:

&nbsp;&nbsp;&nbsp;&nbsp;• The MML Focused Equity Fund detracted from returns.

• The MML Equity Income Fund underperformed and detracted from returns.

• The MML VIP MFS® International Equity Fund detracted from returns.

MM202912-309770 PAGE 1 TSR-AR-IZDRF

------

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5955img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Initial Class - without sales charge**  | 12.99% | 7.08% | 8.38% |
| **MSCI ACWI**  | 22.34% | 11.19% | 11.72% |
| **Custom MML Growth Allocation Index**  | 17.51% | 8.85% | 10.31% |

---

The Custom MML Growth Allocation Index is a hypothetical custom index which comprises the Bloomberg U.S. Aggregate Bond Index, Russell 3000® Index, and MSCI ACWI ex USA. The weightings of each index are 25%, 56.25%, and 18.75%, respectively.

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $892.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Total Advisory Fees Paid During the Reporting Period** | $896636 |
| **Portfolio Turnover Rate** | 26% |

---

MM202912-309770 PAGE 2 TSR-AR-IZDRF

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 75.8% |
|  Fixed Income Funds  | 24.2% |

---

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IZDRF

------

---

| | |
|:---|:---|
| **MML Growth Allocation Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Growth Allocation Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $39 | 0.37% |

---

**HOW DID THE FUND PERFORM?**

Global equity and fixed income markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness. Meanwhile, both the European Central Bank and Bank of England lowered their respective policy rates during the period, due to lower inflation and slowing economic growth. The Bank of Japan continued its policy normalization with two rate increases.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Within global bond markets, the yield to maturity of the Bloomberg Global Aggregate Bond Index experienced a modest decline, with small gains from narrowing credit spreads. Non-U.S. dollar debt made a significant contribution to overall results, with the U.S. Aggregate and Pan-European Aggregate indices among the strongest contributors.

In the U.S. fixed income markets, agency mortgage-backed securities led the way generating the highest excess returns, followed closely by corporate bonds (excess returns referring to return relative to comparable duration U.S. treasury bonds). Developed markets displayed strong performance, and emerging market debt saw even greater total returns driven by attractive yields and favorable local currency performance. Overall, despite a complex macroeconomic environment, fixed income markets proved resilient, with broad-based strength across sectors and regions.

Top contributors to the Fund's performance relative to the Custom MML Growth Allocation Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Style selection within U.S. large cap equity.

• The MML Blue Chip Growth Fund contributed to returns.

• Manager selection within fixed income, in particular to the MML Managed Bond Fund.

Top detractors to the Fund's performance relative to the Custom MML Growth Allocation Index:

&nbsp;&nbsp;&nbsp;&nbsp;• The MML Focused Equity Fund detracted from returns.

• The MML Equity Income Fund underperformed and detracted from returns.

• The MML VIP MFS® International Equity Fund detracted from returns.

MM202912-309770 PAGE 1 TSR-AR-IZDRG

------

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5956img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 12.60% | 6.78% | 8.10% |
| **MSCI ACWI**  | 22.34% | 11.19% | 11.72% |
| **Custom MML Growth Allocation Index**  | 17.51% | 8.85% | 10.31% |

---

The Custom MML Growth Allocation Index is a hypothetical custom index which comprises the Bloomberg U.S. Aggregate Bond Index, Russell 3000® Index, and MSCI ACWI ex USA. The weightings of each index are 25%, 56.25%, and 18.75%, respectively.

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $892.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Total Advisory Fees Paid During the Reporting Period** | $896636 |
| **Portfolio Turnover Rate** | 26% |

---

MM202912-309770 PAGE 2 TSR-AR-IZDRG

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 75.8% |
|  Fixed Income Funds  | 24.2% |

---

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IZDRG

------

---

| | |
|:---|:---|
| **MML Aggressive Allocation Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Aggressive Allocation Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $17 | 0.16% |

---

**HOW DID THE FUND PERFORM?**

Global equity and fixed income markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness. Meanwhile, both the European Central Bank and Bank of England lowered their respective policy rates during the period, due to lower inflation and slowing economic growth. The Bank of Japan continued its policy normalization with two rate increases.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Within global bond markets, the yield to maturity of the Bloomberg Global Aggregate Bond Index experienced a modest decline, with small gains from narrowing credit spreads. Non-U.S. dollar debt made a significant contribution to overall results, with the U.S. Aggregate and Pan-European Aggregate indices among the strongest contributors.

In the U.S. fixed income markets, agency mortgage-backed securities led the way generating the highest excess returns, followed closely by corporate bonds (excess returns referring to return relative to comparable duration U.S. treasury bonds). Developed markets displayed strong performance, and emerging market debt saw even greater total returns driven by attractive yields and favorable local currency performance. Overall, despite a complex macroeconomic environment, fixed income markets proved resilient, with broad-based strength across sectors and regions.

Top contributors to the Fund's performance relative to the Custom MML Aggressive Allocation Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Style selection within U.S. large cap equity.

• The MML Blue Chip Growth Fund contributed to returns.

• Manager selection within fixed income, in particular to the MML Managed Bond Fund.

Top detractors to the Fund's performance relative to the Custom MML Aggressive Allocation Index:

&nbsp;&nbsp;&nbsp;&nbsp;• The MML Focused Equity Fund detracted from returns.

• The MML Equity Income Fund underperformed and detracted from returns.

• The MML VIP MFS® International Equity Fund detracted from returns.

MM202912-309770 PAGE 1 TSR-AR-IZDSF

------

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts6009img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Initial Class - without sales charge**  | 14.17% | 8.36% | 9.53% |
| **MSCI ACWI**  | 22.34% | 11.19% | 11.72% |
| **Custom MML Aggressive Allocation Index**  | 19.55% | 10.69% | 11.85% |

---

The Custom MML Aggressive Allocation Index is a hypothetical custom index which comprises the Bloomberg U.S. Aggregate Bond Index, Russell 3000® Index, and MSCI ACWI ex USA. The weightings of each index are 10%, 67.5%, and 22.5%, respectively.

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $124.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Total Advisory Fees Paid During the Reporting Period** | $123055 |
| **Portfolio Turnover Rate** | 28% |

---

MM202912-309770 PAGE 2 TSR-AR-IZDSF

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 90.1% |
|  Fixed Income Funds  | 9.9% |

---

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IZDSF

------

---

| | |
|:---|:---|
| **MML Aggressive Allocation Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Aggressive Allocation Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $44 | 0.41% |

---

**HOW DID THE FUND PERFORM?**

Global equity and fixed income markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness. Meanwhile, both the European Central Bank and Bank of England lowered their respective policy rates during the period, due to lower inflation and slowing economic growth. The Bank of Japan continued its policy normalization with two rate increases.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Within global bond markets, the yield to maturity of the Bloomberg Global Aggregate Bond Index experienced a modest decline, with small gains from narrowing credit spreads. Non-U.S. dollar debt made a significant contribution to overall results, with the U.S. Aggregate and Pan-European Aggregate indices among the strongest contributors.

In the U.S. fixed income markets, agency mortgage-backed securities led the way generating the highest excess returns, followed closely by corporate bonds (excess returns referring to return relative to comparable duration U.S. treasury bonds). Developed markets displayed strong performance, and emerging market debt saw even greater total returns driven by attractive yields and favorable local currency performance. Overall, despite a complex macroeconomic environment, fixed income markets proved resilient, with broad-based strength across sectors and regions.

Top contributors to the Fund's performance relative to the Custom MML Aggressive Allocation Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Style selection within U.S. large cap equity.

• The MML Blue Chip Growth Fund contributed to returns.

• Manager selection within fixed income, in particular to the MML Managed Bond Fund.

Top detractors to the Fund's performance relative to the Custom MML Aggressive Allocation Index:

&nbsp;&nbsp;&nbsp;&nbsp;• The MML Focused Equity Fund detracted from returns.

• The MML Equity Income Fund underperformed and detracted from returns.

• The MML VIP MFS® International Equity Fund detracted from returns.

MM202912-309770 PAGE 1 TSR-AR-IZDSG

------

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts6010img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 13.91% | 8.11% | 9.26% |
| **MSCI ACWI**  | 22.34% | 11.19% | 11.72% |
| **Custom MML Aggressive Allocation Index**  | 19.55% | 10.69% | 11.85% |

---

The Custom MML Aggressive Allocation Index is a hypothetical custom index which comprises the Bloomberg U.S. Aggregate Bond Index, Russell 3000® Index, and MSCI ACWI ex USA. The weightings of each index are 10%, 67.5%, and 22.5%, respectively.

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $124.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Total Advisory Fees Paid During the Reporting Period** | $123055 |
| **Portfolio Turnover Rate** | 28% |

---

MM202912-309770 PAGE 2 TSR-AR-IZDSG

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 90.1% |
|  Fixed Income Funds  | 9.9% |

---

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IZDSG

------

---

| | |
|:---|:---|
| **MML American Funds Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class I  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML American Funds Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment<sup>1</sup>**  | **Costs paid as a percentage of** **a $10,000 investment<sup>1</sup>**  |
| Service Class I | $113 | 1.03% |

---

1 The Fund is a feeder fund. The expenses shown in this table reflect the aggregate expenses of both the feeder fund and the master fund.

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the information technology sector.

• An overweight allocation to the communication services sector contributed positively to relative performance.

• Stock selection within the materials sector.

Top detractors to the Fund's performance relative to the Russell 1000 Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the communication services sector.

• An overweight allocation to the consumer discretionary sector detracted from relative performance.

• An underweight allocation to the information technology sector detracted from relative performance.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-TIM2A

------

![image](ts5958img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class I - without sales charge**  | 19.66% | 12.89% | 17.47% |
| **S&P 500 Index**  | 17.88% | 14.42% | 14.82% |
| **Russell 1000 Growth Index**  | 18.56% | 15.32% | 18.13% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $345.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 1 |
| **Total Advisory Fees Paid During the Reporting Period** | $465986 |
| **Portfolio Turnover Rate** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 100.0% |

---

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 2 TSR-AR-TIM2A

------

---

| | |
|:---|:---|
| **MML American Funds Core Allocation Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class I  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML American Funds Core Allocation Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class I | $78 | 0.73% |

---

**HOW DID THE FUND PERFORM?**

Global equity and fixed income markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness. Meanwhile, both the European Central Bank and Bank of England lowered their respective policy rates during the period, due to lower inflation and slowing economic growth. The Bank of Japan continued its policy normalization with two rate increases.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Within global bond markets, the yield to maturity of the Bloomberg Global Aggregate Bond Index experienced a modest decline, with small gains from narrowing credit spreads. Non-U.S. dollar debt made a significant contribution to overall results, with the U.S. Aggregate and Pan-European Aggregate indices among the strongest contributors.

In the U.S. fixed income markets, agency mortgage-backed securities led the way generating the highest excess returns, followed closely by corporate bonds (excess returns referring to return relative to comparable duration U.S. treasury bonds). Developed markets displayed strong performance, and emerging market debt saw even greater total returns driven by attractive yields and favorable local currency performance. Overall, despite a complex macroeconomic environment, fixed income markets proved resilient, with broad-based strength across sectors and regions.

Top contributors to the Fund's performance relative to the Custom MML Core Allocation Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Manager selection contributed to performance.

• The American Funds® Insurance Series - Growth - Income Fund contributed positively to performance.

Top detractors to the Fund's performance relative to the Custom MML Core Allocation Index:

&nbsp;&nbsp;&nbsp;&nbsp;• The American Funds Insurance Series - Washington Mutual Investors Fund underperformed and detracted from performance.

• The American Fund Insurance Series - International Fund detracted from performance.

MM202912-309770 PAGE 1 TSR-AR-TIM4A

------

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5957img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class I - without sales charge**  | 14.54% | 7.37% | 8.39% |
| **MSCI ACWI**  | 22.34% | 11.19% | 11.72% |
| **Custom MML Core Allocation Index**  | 15.64% | 8.61% | 9.87% |

---

The Custom MML Core Allocation Index is a hypothetical custom index which comprises the S&P 500® Index, Bloomberg U.S. Aggregate Bond Index, and MSCI ACWI ex USA. The weightings of each index are 55%, 35%, and 10%, respectively.

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $548.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 5 |
| **Total Advisory Fees Paid During the Reporting Period** | $1125325 |
| **Portfolio Turnover Rate** | 49% |

---

MM202912-309770 PAGE 2 TSR-AR-TIM4A

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 65.5% |
|  Fixed Income Funds  | 34.5% |

---

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-TIM4A

------

---

| | |
|:---|:---|
| **MML Blue Chip Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Blue Chip Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $85 | 0.78% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection was positive within the consumer discretionary sector.

• Stock selection was positive within the industrials sector.

• Stock selection was positive within the financials sector.

Top detractors to the Fund's performance relative to the Russell 1000 Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection was negative within the information technology sector.

• Stock selection was negative within the health care sector.

• An overweight allocation to the consumer discretionary sector detracted from relative performance.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITIOF

------

![image](ts5959img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Initial Class - without sales charge**  | 18.47% | 11.08% | 15.25% |
| **Russell 3000 Index**  | 17.15% | 13.15% | 14.29% |
| **Russell 1000 Growth Index**  | 18.56% | 15.32% | 18.13% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $476.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 64 |
| **Total Advisory Fees Paid During the Reporting Period** | $3520743 |
| **Portfolio Turnover Rate** | 18% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 14.2% |
|  Microsoft Corp.  | 11.9% |
|  Apple, Inc.  | 9.0% |
|  Amazon.com, Inc.  | 6.5% |
|  Alphabet, Inc. Class C  | 5.7% |
|  Broadcom, Inc.  | 4.9% |
|  Meta Platforms, Inc. Class A  | 4.9% |
|  Carvana Co.  | 4.1% |
|  Eli Lilly & Co.  | 3.2% |
|  Tesla, Inc.  | 2.9% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 47.9% |
|  Consumer Discretionary  | 16.7% |
|  Communication Services  | 14.9% |
|  Financials  | 8.0% |
|  Health Care  | 7.0% |
|  Industrials  | 3.2% |
|  Consumer Staples  | 0.7% |
|  Materials  | 0.6% |
|  Utilities  | 0.5% |
|  Retail  | 0.2% |

---

MM202912-309770 PAGE 2 TSR-AR-ITIOF

------

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITIOF

------

---

| | |
|:---|:---|
| **MML Blue Chip Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Blue Chip Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $112 | 1.03% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection was positive within the consumer discretionary sector.

• Stock selection was positive within the industrials sector.

• Stock selection was positive within the financials sector.

Top detractors to the Fund's performance relative to the Russell 1000 Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection was negative within the information technology sector.

• Stock selection was negative within the health care sector.

• An overweight allocation to the consumer discretionary sector detracted from relative performance.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITIOG

------

![image](ts5960img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 18.19% | 10.81% | 14.97% |
| **Russell 3000 Index**  | 17.15% | 13.15% | 14.29% |
| **Russell 1000 Growth Index**  | 18.56% | 15.32% | 18.13% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $476.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 64 |
| **Total Advisory Fees Paid During the Reporting Period** | $3520743 |
| **Portfolio Turnover Rate** | 18% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 14.2% |
|  Microsoft Corp.  | 11.9% |
|  Apple, Inc.  | 9.0% |
|  Amazon.com, Inc.  | 6.5% |
|  Alphabet, Inc. Class C  | 5.7% |
|  Broadcom, Inc.  | 4.9% |
|  Meta Platforms, Inc. Class A  | 4.9% |
|  Carvana Co.  | 4.1% |
|  Eli Lilly & Co.  | 3.2% |
|  Tesla, Inc.  | 2.9% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 47.9% |
|  Consumer Discretionary  | 16.7% |
|  Communication Services  | 14.9% |
|  Financials  | 8.0% |
|  Health Care  | 7.0% |
|  Industrials  | 3.2% |
|  Consumer Staples  | 0.7% |
|  Materials  | 0.6% |
|  Utilities  | 0.5% |
|  Retail  | 0.2% |

---

MM202912-309770 PAGE 2 TSR-AR-ITIOG

------

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITIOG

------

---

| | |
|:---|:---|
| **MML Equity Income Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Equity Income Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $85 | 0.79% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection was positive within the industrials sector.

• Stock selection was positive within the energy sector.

• Stock selection was positive within the financials sector.

Top detractors to the Fund's performance relative to the Russell 1000 Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Sector allocation was the primary detractor from relative performance.

• Stock selection was weak within the materials sector.

• Stock selection was weak within the real estate sector.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITIJF

------

![image](ts6011img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Initial Class - without sales charge**  | 14.45% | 11.14% | 10.52% |
| **Russell 3000 Index**  | 17.15% | 13.15% | 14.29% |
| **Russell 1000 Value Index**  | 15.91% | 11.33% | 10.53% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $459.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 128 |
| **Total Advisory Fees Paid During the Reporting Period** | $3113439 |
| **Portfolio Turnover Rate** | 37% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  QUALCOMM, Inc.  | 2.1% |
|  MetLife, Inc.  | 2.1% |
|  Citigroup, Inc.  | 2.1% |
|  Alphabet, Inc. Class A  | 2.0% |
|  Southern Co.  | 2.0% |
|  JP Morgan Chase & Co.  | 1.9% |
|  Charles Schwab Corp.  | 1.9% |
|  Bank of America Corp.  | 1.7% |
|  Elevance Health, Inc.  | 1.6% |
|  Samsung Electronics Co. Ltd.  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 22.8% |
|  Industrials  | 14.3% |
|  Health Care  | 13.5% |
|  Information Technology  | 10.2% |
|  Energy  | 8.4% |
|  Consumer Staples  | 6.9% |
|  Communication Services  | 6.7% |
|  Utilities  | 6.1% |
|  Consumer Discretionary  | 4.1% |
|  Real Estate  | 3.4% |
|  Materials  | 2.9% |

---

MM202912-309770 PAGE 2 TSR-AR-ITIJF

------

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective April 25, 2025, MML Investment Advisers, LLC agreed to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through April 30, 2027, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.80% and 1.05% for Initial Class and Service Class shares, respectively.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITIJF

------

---

| | |
|:---|:---|
| **MML Equity Income Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Equity Income Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $111 | 1.04% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection was positive within the industrials sector.

• Stock selection was positive within the energy sector.

• Stock selection was positive within the financials sector.

Top detractors to the Fund's performance relative to the Russell 1000 Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Sector allocation was the primary detractor from relative performance.

• Stock selection was weak within the materials sector.

• Stock selection was weak within the real estate sector.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITIJG

------

![image](ts6012img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 14.10% | 10.83% | 10.24% |
| **Russell 3000 Index**  | 17.15% | 13.15% | 14.29% |
| **Russell 1000 Value Index**  | 15.91% | 11.33% | 10.53% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $459.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 128 |
| **Total Advisory Fees Paid During the Reporting Period** | $3113439 |
| **Portfolio Turnover Rate** | 37% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  QUALCOMM, Inc.  | 2.1% |
|  MetLife, Inc.  | 2.1% |
|  Citigroup, Inc.  | 2.1% |
|  Alphabet, Inc. Class A  | 2.0% |
|  Southern Co.  | 2.0% |
|  JP Morgan Chase & Co.  | 1.9% |
|  Charles Schwab Corp.  | 1.9% |
|  Bank of America Corp.  | 1.7% |
|  Elevance Health, Inc.  | 1.6% |
|  Samsung Electronics Co. Ltd.  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 22.8% |
|  Industrials  | 14.3% |
|  Health Care  | 13.5% |
|  Information Technology  | 10.2% |
|  Energy  | 8.4% |
|  Consumer Staples  | 6.9% |
|  Communication Services  | 6.7% |
|  Utilities  | 6.1% |
|  Consumer Discretionary  | 4.1% |
|  Real Estate  | 3.4% |
|  Materials  | 2.9% |

---

MM202912-309770 PAGE 2 TSR-AR-ITIJG

------

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective April 25, 2025, MML Investment Advisers, LLC agreed to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through April 30, 2027, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.80% and 1.05% for Initial Class and Service Class shares, respectively.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITIJG

------

---

| | |
|:---|:---|
| **MML Equity Index Fund**  | ![image](img35205_202407090944511.jpg) |
| Class I  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Equity Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $48 | 0.44% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the S&P 500® Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Allocation to the information technology sector was the primary and leading contributor to returns.

• The positions in NVIDIA Corp., Alphabet, Inc., Broadcom, Inc., Microsoft Corp., and Apple, Inc. were the top contributors.

• Allocation to the communication services sector, financials, and industrials sectors.

Top detractors to the Fund's performance relative to the S&P 500 Index:

&nbsp;&nbsp;&nbsp;&nbsp;• The real estate, materials, and consumer staples sectors were relative detractors.

• Positions in UnitedHealth Group, Inc., Fiserv, Inc., and Salesforce, Inc. were detractors to returns.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITI97

------

![image](ts5963img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I - without sales charge**  | 17.36% | 13.92% | 14.33% |
| **S&P 500 Index**  | 17.88% | 14.42% | 14.82% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $682.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 507 |
| **Total Advisory Fees Paid During the Reporting Period** | $614214 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 7.7% |
|  Apple, Inc.  | 6.8% |
|  Microsoft Corp.  | 6.1% |
|  Amazon.com, Inc.  | 3.8% |
|  Alphabet, Inc. Class A  | 3.1% |
|  Broadcom, Inc.  | 2.8% |
|  Alphabet, Inc. Class C  | 2.5% |
|  Meta Platforms, Inc. Class A  | 2.4% |
|  Tesla, Inc.  | 2.1% |
|  Berkshire Hathaway, Inc. Class B  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 34.1% |
|  Financials  | 13.3% |
|  Communication Services  | 10.5% |
|  Consumer Discretionary  | 10.3% |
|  Health Care  | 9.5% |
|  Industrials  | 8.1% |
|  Consumer Staples  | 4.7% |
|  Energy  | 2.8% |
|  Utilities  | 2.2% |
|  Materials  | 1.8% |
|  Real Estate  | 1.8% |
|  Exchange - Traded Funds  | 0.2% |

---

MM202912-309770 PAGE 2 TSR-AR-ITI97

------

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective April 25, 2025, BlackRock Investment Management, LLC replaced Northern Trust Investments, Inc. as subadviser of the Fund. At the same time, the Fund's investment objective was updated as follows: The Fund seeks to provide investment results that correspond to the total return performance of publicly traded common stocks in the aggregate as represented by the S&P 500 Index.

On December 19, 2025, the Fund provided notice to shareholders that it was updating its Principal Investment Strategies to reflect that the Fund intends to be diversified in approximately the same proportion as the Fund's underlying index, the S&P 500 Index, is diversified, and that in seeking to track the S&P 500 Index, the Fund may become "non-diversified," as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the S&P 500 Index. Additionally, Non-Diversification Risk was added as a Principal Risk.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITI97

------

---

| | |
|:---|:---|
| **MML Equity Index Fund**  | ![image](img35205_202407090944511.jpg) |
| Class II  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Equity Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class II | $32 | 0.29% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the S&P 500® Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Allocation to the information technology sector was the primary and leading contributor to returns.

• The positions in NVIDIA Corp., Alphabet, Inc., Broadcom, Inc., Microsoft Corp., and Apple, Inc. were the top contributors.

• Allocation to the communication services sector, financials, and industrials sectors.

Top detractors to the Fund's performance relative to the S&P 500 Index:

&nbsp;&nbsp;&nbsp;&nbsp;• The real estate, materials, and consumer staples sectors were relative detractors.

• Positions in UnitedHealth Group, Inc., Fiserv, Inc., and Salesforce, Inc. were detractors to returns.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITI98

------

![image](ts5962img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class II - without sales charge**  | 17.57% | 14.10% | 14.50% |
| **S&P 500 Index**  | 17.88% | 14.42% | 14.82% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $682.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 507 |
| **Total Advisory Fees Paid During the Reporting Period** | $614214 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 7.7% |
|  Apple, Inc.  | 6.8% |
|  Microsoft Corp.  | 6.1% |
|  Amazon.com, Inc.  | 3.8% |
|  Alphabet, Inc. Class A  | 3.1% |
|  Broadcom, Inc.  | 2.8% |
|  Alphabet, Inc. Class C  | 2.5% |
|  Meta Platforms, Inc. Class A  | 2.4% |
|  Tesla, Inc.  | 2.1% |
|  Berkshire Hathaway, Inc. Class B  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 34.1% |
|  Financials  | 13.3% |
|  Communication Services  | 10.5% |
|  Consumer Discretionary  | 10.3% |
|  Health Care  | 9.5% |
|  Industrials  | 8.1% |
|  Consumer Staples  | 4.7% |
|  Energy  | 2.8% |
|  Utilities  | 2.2% |
|  Materials  | 1.8% |
|  Real Estate  | 1.8% |
|  Exchange - Traded Funds  | 0.2% |

---

MM202912-309770 PAGE 2 TSR-AR-ITI98

------

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective April 25, 2025, BlackRock Investment Management, LLC replaced Northern Trust Investments, Inc. as subadviser of the Fund. At the same time, the Fund's investment objective was updated as follows: The Fund seeks to provide investment results that correspond to the total return performance of publicly traded common stocks in the aggregate as represented by the S&P 500 Index.

On December 19, 2025, the Fund provided notice to shareholders that it was updating its Principal Investment Strategies to reflect that the Fund intends to be diversified in approximately the same proportion as the Fund's underlying index, the S&P 500 Index, is diversified, and that in seeking to track the S&P 500 Index, the Fund may become "non-diversified," as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the S&P 500 Index. Additionally, Non-Diversification Risk was added as a Principal Risk.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITI98

------

---

| | |
|:---|:---|
| **MML Equity Index Fund**  | ![image](img35205_202407090944511.jpg) |
| Class III  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Equity Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class III | $15 | 0.14% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the S&P 500® Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Allocation to the information technology sector was the primary and leading contributor to returns.

• The positions in NVIDIA Corp., Alphabet, Inc., Broadcom, Inc., Microsoft Corp., and Apple, Inc. were the top contributors.

• Allocation to the communication services sector, financials, and industrials sectors.

Top detractors to the Fund's performance relative to the S&P 500 Index:

&nbsp;&nbsp;&nbsp;&nbsp;• The real estate, materials, and consumer staples sectors were relative detractors.

• Positions in UnitedHealth Group, Inc., Fiserv, Inc., and Salesforce, Inc. were detractors to returns.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITI99

------

![image](ts5961img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class III - without sales charge**  | 17.71% | 14.26% | 14.66% |
| **S&P 500 Index**  | 17.88% | 14.42% | 14.82% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $682.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 507 |
| **Total Advisory Fees Paid During the Reporting Period** | $614214 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 7.7% |
|  Apple, Inc.  | 6.8% |
|  Microsoft Corp.  | 6.1% |
|  Amazon.com, Inc.  | 3.8% |
|  Alphabet, Inc. Class A  | 3.1% |
|  Broadcom, Inc.  | 2.8% |
|  Alphabet, Inc. Class C  | 2.5% |
|  Meta Platforms, Inc. Class A  | 2.4% |
|  Tesla, Inc.  | 2.1% |
|  Berkshire Hathaway, Inc. Class B  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 34.1% |
|  Financials  | 13.3% |
|  Communication Services  | 10.5% |
|  Consumer Discretionary  | 10.3% |
|  Health Care  | 9.5% |
|  Industrials  | 8.1% |
|  Consumer Staples  | 4.7% |
|  Energy  | 2.8% |
|  Utilities  | 2.2% |
|  Materials  | 1.8% |
|  Real Estate  | 1.8% |
|  Exchange - Traded Funds  | 0.2% |

---

MM202912-309770 PAGE 2 TSR-AR-ITI99

------

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective April 25, 2025, BlackRock Investment Management, LLC replaced Northern Trust Investments, Inc. as subadviser of the Fund. At the same time, the Fund's investment objective was updated as follows: The Fund seeks to provide investment results that correspond to the total return performance of publicly traded common stocks in the aggregate as represented by the S&P 500 Index.

On December 19, 2025, the Fund provided notice to shareholders that it was updating its Principal Investment Strategies to reflect that the Fund intends to be diversified in approximately the same proportion as the Fund's underlying index, the S&P 500 Index, is diversified, and that in seeking to track the S&P 500 Index, the Fund may become "non-diversified," as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the S&P 500 Index. Additionally, Non-Diversification Risk was added as a Principal Risk.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITI99

------

---

| | |
|:---|:---|
| **MML Equity Index Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class I  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Equity Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class I | $75 | 0.69% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the S&P 500® Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Allocation to the information technology sector was the primary and leading contributor to returns.

• The positions in NVIDIA Corp., Alphabet, Inc., Broadcom, Inc., Microsoft Corp., and Apple, Inc. were the top contributors.

• Allocation to the communication services sector, financials, and industrials sectors.

Top detractors to the Fund's performance relative to the S&P 500 Index:

&nbsp;&nbsp;&nbsp;&nbsp;• The real estate, materials, and consumer staples sectors were relative detractors.

• Positions in UnitedHealth Group, Inc., Fiserv, Inc., and Salesforce, Inc. were detractors to returns.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITI9G

------

![image](ts5964img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class I - without sales charge**  | 17.07% | 13.63% | 14.05% |
| **S&P 500 Index**  | 17.88% | 14.42% | 14.82% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $682.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 507 |
| **Total Advisory Fees Paid During the Reporting Period** | $614214 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 7.7% |
|  Apple, Inc.  | 6.8% |
|  Microsoft Corp.  | 6.1% |
|  Amazon.com, Inc.  | 3.8% |
|  Alphabet, Inc. Class A  | 3.1% |
|  Broadcom, Inc.  | 2.8% |
|  Alphabet, Inc. Class C  | 2.5% |
|  Meta Platforms, Inc. Class A  | 2.4% |
|  Tesla, Inc.  | 2.1% |
|  Berkshire Hathaway, Inc. Class B  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 34.1% |
|  Financials  | 13.3% |
|  Communication Services  | 10.5% |
|  Consumer Discretionary  | 10.3% |
|  Health Care  | 9.5% |
|  Industrials  | 8.1% |
|  Consumer Staples  | 4.7% |
|  Energy  | 2.8% |
|  Utilities  | 2.2% |
|  Materials  | 1.8% |
|  Real Estate  | 1.8% |
|  Exchange - Traded Funds  | 0.2% |

---

MM202912-309770 PAGE 2 TSR-AR-ITI9G

------

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective April 25, 2025, BlackRock Investment Management, LLC replaced Northern Trust Investments, Inc. as subadviser of the Fund. At the same time, the Fund's investment objective was updated as follows: The Fund seeks to provide investment results that correspond to the total return performance of publicly traded common stocks in the aggregate as represented by the S&P 500 Index.

On December 19, 2025, the Fund provided notice to shareholders that it was updating its Principal Investment Strategies to reflect that the Fund intends to be diversified in approximately the same proportion as the Fund's underlying index, the S&P 500 Index, is diversified, and that in seeking to track the S&P 500 Index, the Fund may become "non-diversified," as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the S&P 500 Index. Additionally, Non-Diversification Risk was added as a Principal Risk.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITI9G

------

---

| | |
|:---|:---|
| **MML Focused Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Class II  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Focused Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class II | $94 | 0.90% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the communication services sector.

• An underweight allocation to the real estate sector.

• Stock selection within the consumer discretionary sector.

Top detractors to the Fund's performance relative to the Russell 1000 Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the information technology sector.

• Stock selection within the health care sector.

• An underweight allocation to the communication services sector.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-IYFS8

------

![image](ts6013img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class II - without sales charge**  | 7.90% | 8.75% | 12.51% |
| **S&P 500 Index**  | 17.88% | 14.42% | 14.82% |
| **Russell 1000 Index**  | 17.37% | 13.59% | 14.59% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $228.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 31 |
| **Total Advisory Fees Paid During the Reporting Period** | $1689403 |
| **Portfolio Turnover Rate** | 40% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Broadcom, Inc.  | 5.8% |
|  Eli Lilly & Co.  | 5.2% |
|  Alphabet, Inc. Class A  | 4.8% |
|  Microsoft Corp.  | 4.5% |
|  Mastercard, Inc. Class A  | 4.4% |
|  American Express Co.  | 4.2% |
|  Chubb Ltd.  | 4.1% |
|  S&P Global, Inc.  | 4.1% |
|  Linde PLC (LIN US)  | 3.9% |
|  TJX Cos., Inc.  | 3.9% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 25.5% |
|  Financials  | 23.7% |
|  Health Care  | 13.9% |
|  Consumer Discretionary  | 13.0% |
|  Industrials  | 7.9% |
|  Consumer Staples  | 5.8% |
|  Communication Services  | 4.8% |
|  Materials  | 3.9% |

---

MM202912-309770 PAGE 2 TSR-AR-IYFS8

------

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IYFS8

------

---

| | |
|:---|:---|
| **MML Focused Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class I  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Focused Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class I | $119 | 1.15% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the communication services sector.

• An underweight allocation to the real estate sector.

• Stock selection within the consumer discretionary sector.

Top detractors to the Fund's performance relative to the Russell 1000 Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the information technology sector.

• Stock selection within the health care sector.

• An underweight allocation to the communication services sector.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-IYFSG

------

![image](ts6014img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class I - without sales charge**  | 7.75% | 8.48% | 12.23% |
| **S&P 500 Index**  | 17.88% | 14.42% | 14.82% |
| **Russell 1000 Index**  | 17.37% | 13.59% | 14.59% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $228.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 31 |
| **Total Advisory Fees Paid During the Reporting Period** | $1689403 |
| **Portfolio Turnover Rate** | 40% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Broadcom, Inc.  | 5.8% |
|  Eli Lilly & Co.  | 5.2% |
|  Alphabet, Inc. Class A  | 4.8% |
|  Microsoft Corp.  | 4.5% |
|  Mastercard, Inc. Class A  | 4.4% |
|  American Express Co.  | 4.2% |
|  Chubb Ltd.  | 4.1% |
|  S&P Global, Inc.  | 4.1% |
|  Linde PLC (LIN US)  | 3.9% |
|  TJX Cos., Inc.  | 3.9% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 25.5% |
|  Financials  | 23.7% |
|  Health Care  | 13.9% |
|  Consumer Discretionary  | 13.0% |
|  Industrials  | 7.9% |
|  Consumer Staples  | 5.8% |
|  Communication Services  | 4.8% |
|  Materials  | 3.9% |

---

MM202912-309770 PAGE 2 TSR-AR-IYFSG

------

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IYFSG

------

---

| | |
|:---|:---|
| **MML Foreign Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Foreign Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $107 | 0.92% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the MSCI EAFE Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the information technology sector.

• Stock selection within the materials sector.

• Stock selection within the financials sector, where Societe Generale SA was the leading contributor.

• An underweight allocation to the health care sector.

Top detractors to the Fund's performance relative to the MSCI EAFE Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the industrials sector.

• Stock selection and an overweight allocation to the utilities sector.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITIQF

------

![image](ts5966img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Initial Class - without sales charge**  | 32.60% | 9.01% | 6.72% |
| **MSCI EAFE Index**  | 31.22% | 8.92% | 8.18% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $170.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 111 |
| **Total Advisory Fees Paid During the Reporting Period** | $1450436 |
| **Portfolio Turnover Rate** | 12% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Roche Holding AG  | 2.3% |
|  ASML Holding NV  | 2.2% |
|  Societe Generale SA  | 2.2% |
|  Sony Group Corp.  | 2.1% |
|  Hitachi Ltd.  | 2.1% |
|  Sumitomo Mitsui Financial Group, Inc.  | 2.0% |
|  Lloyds Banking Group PLC  | 1.9% |
|  Samsung Electronics Co. Ltd.  | 1.9% |
|  Veolia Environnement SA  | 1.9% |
|  ORIX Corp.  | 1.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 26.9% |
|  Industrials  | 14.9% |
|  Information Technology  | 12.7% |
|  Consumer Discretionary  | 11.0% |
|  Health Care  | 9.9% |
|  Consumer Staples  | 7.9% |
|  Materials  | 6.0% |
|  Energy  | 5.8% |
|  Utilities  | 1.9% |
|  Communication Services  | 1.3% |
|  Real Estate  | 0.7% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  Japan  | 20.4% |
|  United Kingdom  | 13.1% |
|  Germany  | 12.3% |
|  United States  | 11.2% |
|  France  | 11.0% |
|  Netherlands  | 4.2% |
|  Australia  | 3.6% |
|  Ireland  | 3.1% |
|  Sweden  | 2.5% |
|  Norway  | 2.4% |

---

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 2 TSR-AR-ITIQF

------

---

| | |
|:---|:---|
| **MML Foreign Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Foreign Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $136 | 1.17% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the MSCI EAFE Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the information technology sector.

• Stock selection within the materials sector.

• Stock selection within the financials sector, where Societe Generale SA was the leading contributor.

• An underweight allocation to the health care sector.

Top detractors to the Fund's performance relative to the MSCI EAFE Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the industrials sector.

• Stock selection and an overweight allocation to the utilities sector.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITIQG

------

![image](ts5965img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 32.36% | 8.76% | 6.46% |
| **MSCI EAFE Index**  | 31.22% | 8.92% | 8.18% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $170.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 111 |
| **Total Advisory Fees Paid During the Reporting Period** | $1450436 |
| **Portfolio Turnover Rate** | 12% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Roche Holding AG  | 2.3% |
|  ASML Holding NV  | 2.2% |
|  Societe Generale SA  | 2.2% |
|  Sony Group Corp.  | 2.1% |
|  Hitachi Ltd.  | 2.1% |
|  Sumitomo Mitsui Financial Group, Inc.  | 2.0% |
|  Lloyds Banking Group PLC  | 1.9% |
|  Samsung Electronics Co. Ltd.  | 1.9% |
|  Veolia Environnement SA  | 1.9% |
|  ORIX Corp.  | 1.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 26.9% |
|  Industrials  | 14.9% |
|  Information Technology  | 12.7% |
|  Consumer Discretionary  | 11.0% |
|  Health Care  | 9.9% |
|  Consumer Staples  | 7.9% |
|  Materials  | 6.0% |
|  Energy  | 5.8% |
|  Utilities  | 1.9% |
|  Communication Services  | 1.3% |
|  Real Estate  | 0.7% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  Japan  | 20.4% |
|  United Kingdom  | 13.1% |
|  Germany  | 12.3% |
|  United States  | 11.2% |
|  France  | 11.0% |
|  Netherlands  | 4.2% |
|  Australia  | 3.6% |
|  Ireland  | 3.1% |
|  Sweden  | 2.5% |
|  Norway  | 2.4% |

---

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 2 TSR-AR-ITIQG

------

---

| | |
|:---|:---|
| **MML Fundamental Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Class II  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Fundamental Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class II | $86 | 0.80% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the S&P 500® Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the consumer staples sector.

• Stock selection within the communication services sector.

• Stock selection within the materials sector.

Top detractors to the Fund's performance relative to the S&P 500 Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the information technology sector.

• Stock selection within the financials sector.

• Exposure to a normal cash position given relative strength of equities.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-IYFU8

------

![image](ts5967img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class II - without sales charge**  | 16.15% | 12.47% | 14.45% |
| **S&P 500 Index**  | 17.88% | 14.42% | 14.82% |

---

*The Fund's name, investment objective, and investment strategy changed on March 2, 2020. The performance results shown above would not necessarily have been achieved had the Fund's current investment strategy been in effect for the entire period for which performance results are presented.*

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $370.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 68 |
| **Total Advisory Fees Paid During the Reporting Period** | $984036 |
| **Portfolio Turnover Rate** | 63% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 8.6% |
|  Microsoft Corp.  | 7.7% |
|  Alphabet, Inc. Class A  | 6.9% |
|  Apple, Inc.  | 6.4% |
|  Amazon.com, Inc.  | 4.6% |
|  Meta Platforms, Inc. Class A  | 4.1% |
|  Broadcom, Inc.  | 3.3% |
|  JP Morgan Chase & Co.  | 3.0% |
|  Philip Morris International, Inc.  | 2.1% |
|  Eli Lilly & Co.  | 2.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 31.1% |
|  Communication Services  | 12.4% |
|  Financials  | 12.3% |
|  Health Care  | 10.2% |
|  Consumer Discretionary  | 8.5% |
|  Industrials  | 8.4% |
|  Consumer Staples  | 6.2% |
|  Utilities  | 3.1% |
|  Materials  | 2.6% |
|  Energy  | 2.5% |
|  Real Estate  | 2.0% |

---

MM202912-309770 PAGE 2 TSR-AR-IYFU8

------

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective April 25, 2025, the Fund's investment objective was updated as follows: This Fund seeks capital appreciation. Additionally, Issuer Focus Risk was added as a Principal Risk and references to the Fund investing in foreign securities were removed from the Fund's Principal Investment Strategies and Principal Risks.

Effective, November 14, 2025, MML Investment Advisers, LLC agreed to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through April 30, 2028, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.80% and 1.05%, for Class II and Service Class I shares, respectively.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IYFU8

------

---

| | |
|:---|:---|
| **MML Fundamental Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class I  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Fundamental Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class I | $113 | 1.05% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the S&P 500® Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the consumer staples sector.

• Stock selection within the communication services sector.

• Stock selection within the materials sector.

Top detractors to the Fund's performance relative to the S&P 500 Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the information technology sector.

• Stock selection within the financials sector.

• Exposure to a normal cash position given relative strength of equities.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-IYFUG

------

![image](ts5968img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class I - without sales charge**  | 15.90% | 12.21% | 14.17% |
| **S&P 500 Index**  | 17.88% | 14.42% | 14.82% |

---

*The Fund's name, investment objective, and investment strategy changed on March 2, 2020. The performance results shown above would not necessarily have been achieved had the Fund's current investment strategy been in effect for the entire period for which performance results are presented.*

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $370.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 68 |
| **Total Advisory Fees Paid During the Reporting Period** | $984036 |
| **Portfolio Turnover Rate** | 63% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 8.6% |
|  Microsoft Corp.  | 7.7% |
|  Alphabet, Inc. Class A  | 6.9% |
|  Apple, Inc.  | 6.4% |
|  Amazon.com, Inc.  | 4.6% |
|  Meta Platforms, Inc. Class A  | 4.1% |
|  Broadcom, Inc.  | 3.3% |
|  JP Morgan Chase & Co.  | 3.0% |
|  Philip Morris International, Inc.  | 2.1% |
|  Eli Lilly & Co.  | 2.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 31.1% |
|  Communication Services  | 12.4% |
|  Financials  | 12.3% |
|  Health Care  | 10.2% |
|  Consumer Discretionary  | 8.5% |
|  Industrials  | 8.4% |
|  Consumer Staples  | 6.2% |
|  Utilities  | 3.1% |
|  Materials  | 2.6% |
|  Energy  | 2.5% |
|  Real Estate  | 2.0% |

---

MM202912-309770 PAGE 2 TSR-AR-IYFUG

------

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective April 25, 2025, the Fund's investment objective was updated as follows: This Fund seeks capital appreciation. Additionally, Issuer Focus Risk was added as a Principal Risk and references to the Fund investing in foreign securities were removed from the Fund's Principal Investment Strategies and Principal Risks.

Effective, November 14, 2025, MML Investment Advisers, LLC agreed to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through April 30, 2028, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.80% and 1.05%, for Class II and Service Class I shares, respectively.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IYFUG

------

---

| | |
|:---|:---|
| **MML Global Fund**  | ![image](img35205_202407090944511.jpg) |
| Class I  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Global Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $90 | 0.81% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

On April 25, 2025, the Fund replaced Massachusetts Financial Services Company with Invesco Advisers, Inc. During the transition period, the Fund reallocated portions of the portfolio to align with the new sub-adviser's investment approach. These adjustments modestly affected performance in the second half of the reporting period.

Top contributors to the Fund's performance relative to the MSCI ACWI:

&nbsp;&nbsp;&nbsp;&nbsp;• An underweight allocation to the consumer staples sector.

• An overweight allocation to the information technology sector in the second half of the reporting period.

• Stock selection within the communication services sector, led by Alphabet, Inc., which was impactful.

Top detractors to the Fund's performance relative to the MSCI ACWI:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the financials sector.

• Stock selection within the information technology sector.

• An underweight allocation to the utilities sector.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable,

MM202912-309770 PAGE 1 TSR-AR-ITJK7

------

one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5969img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I - without sales charge**  | 23.00% | 7.49% | 9.95% |
| **MSCI ACWI**  | 22.34% | 11.19% | 11.72% |

---

*The Fund's investment strategy changed on April 25, 2025. The performance results shown above would not necessarily have been achieved had the Fund's current investment strategy been in effect for the entire period for which performance results are presented.*

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $538.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 62 |
| **Total Advisory Fees Paid During the Reporting Period** | $1858382 |
| **Portfolio Turnover Rate** | 71% |

---

MM202912-309770 PAGE 2 TSR-AR-ITJK7

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Alphabet, Inc. Class A  | 11.7% |
|  Meta Platforms, Inc. Class A  | 6.1% |
|  NVIDIA Corp.  | 5.4% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 4.9% |
|  S&P Global, Inc.  | 4.0% |
|  Lam Research Corp.  | 3.5% |
|  Eli Lilly & Co.  | 3.2% |
|  Visa, Inc. Class A  | 3.2% |
|  Broadcom, Inc.  | 3.2% |
|  Microsoft Corp.  | 3.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 33.6% |
|  Communication Services  | 21.8% |
|  Health Care  | 12.9% |
|  Financials  | 12.6% |
|  Consumer Discretionary  | 10.6% |
|  Industrials  | 5.0% |
|  Materials  | 0.9% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 67.5% |
|  France  | 5.8% |
|  Taiwan  | 4.9% |
|  Canada  | 2.4% |
|  Netherlands  | 2.4% |
|  Germany  | 2.4% |
|  China  | 2.3% |
|  India  | 2.1% |
|  Switzerland  | 2.0% |
|  Japan  | 1.9% |

---

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective April 25, 2025, Invesco Advisers, Inc. replaced Massachusetts Financial Services Company as subadviser of the Fund. At the same time, the Fund's Principal Investment Strategies were updated to reflect that the Fund invests mainly in common stock of U.S. and foreign companies, with a current emphasis on investments in the United States and other developed markets in Europe. Additionally, Derivatives Risk, Hedging Risk, and Issuer Focus Risk were added as Principal Risks, and Convertible Securities Risk and Value Company Risk were removed as Principal Risks.

Effective April 25, 2025, MML Investment Advisers, LLC agreed to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through April 30, 2028, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.81%, 0.81%, and 1.06% for Class I, Class II, and Service Class I shares, respectively.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITJK7

------

---

| | |
|:---|:---|
| **MML Global Fund**  | ![image](img35205_202407090944511.jpg) |
| Class II  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Global Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class II | $90 | 0.81% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

On April 25, 2025, the Fund replaced Massachusetts Financial Services Company with Invesco Advisers, Inc. During the transition period, the Fund reallocated portions of the portfolio to align with the new sub-adviser's investment approach. These adjustments modestly affected performance in the second half of the reporting period.

Top contributors to the Fund's performance relative to the MSCI ACWI:

&nbsp;&nbsp;&nbsp;&nbsp;• An underweight allocation to the consumer staples sector.

• An overweight allocation to the information technology sector in the second half of the reporting period.

• Stock selection within the communication services sector, led by Alphabet, Inc., which was impactful.

Top detractors to the Fund's performance relative to the MSCI ACWI:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the financials sector.

• Stock selection within the information technology sector.

• An underweight allocation to the utilities sector.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable,

MM202912-309770 PAGE 1 TSR-AR-ITJK8

------

one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5971img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class II - without sales charge**  | 23.11% | 7.51% | 9.96% |
| **MSCI ACWI**  | 22.34% | 11.19% | 11.72% |

---

*The Fund's investment strategy changed on April 25, 2025. The performance results shown above would not necessarily have been achieved had the Fund's current investment strategy been in effect for the entire period for which performance results are presented.*

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $538.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 62 |
| **Total Advisory Fees Paid During the Reporting Period** | $1858382 |
| **Portfolio Turnover Rate** | 71% |

---

MM202912-309770 PAGE 2 TSR-AR-ITJK8

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Alphabet, Inc. Class A  | 11.7% |
|  Meta Platforms, Inc. Class A  | 6.1% |
|  NVIDIA Corp.  | 5.4% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 4.9% |
|  S&P Global, Inc.  | 4.0% |
|  Lam Research Corp.  | 3.5% |
|  Eli Lilly & Co.  | 3.2% |
|  Visa, Inc. Class A  | 3.2% |
|  Broadcom, Inc.  | 3.2% |
|  Microsoft Corp.  | 3.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 33.6% |
|  Communication Services  | 21.8% |
|  Health Care  | 12.9% |
|  Financials  | 12.6% |
|  Consumer Discretionary  | 10.6% |
|  Industrials  | 5.0% |
|  Materials  | 0.9% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 67.5% |
|  France  | 5.8% |
|  Taiwan  | 4.9% |
|  Canada  | 2.4% |
|  Netherlands  | 2.4% |
|  Germany  | 2.4% |
|  China  | 2.3% |
|  India  | 2.1% |
|  Switzerland  | 2.0% |
|  Japan  | 1.9% |

---

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective April 25, 2025, Invesco Advisers, Inc. replaced Massachusetts Financial Services Company as subadviser of the Fund. At the same time, the Fund's Principal Investment Strategies were updated to reflect that the Fund invests mainly in common stock of U.S. and foreign companies, with a current emphasis on investments in the United States and other developed markets in Europe. Additionally, Derivatives Risk, Hedging Risk, and Issuer Focus Risk were added as Principal Risks, and Convertible Securities Risk and Value Company Risk were removed as Principal Risks.

Effective April 25, 2025, MML Investment Advisers, LLC agreed to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through April 30, 2028, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.81%, 0.81%, and 1.06% for Class I, Class II, and Service Class I shares, respectively.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITJK8

------

---

| | |
|:---|:---|
| **MML Global Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class I  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Global Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class I | $118 | 1.06% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

On April 25, 2025, the Fund replaced Massachusetts Financial Services Company with Invesco Advisers, Inc. During the transition period, the Fund reallocated portions of the portfolio to align with the new sub-adviser's investment approach. These adjustments modestly affected performance in the second half of the reporting period.

Top contributors to the Fund's performance relative to the MSCI ACWI:

&nbsp;&nbsp;&nbsp;&nbsp;• An underweight allocation to the consumer staples sector.

• An overweight allocation to the information technology sector in the second half of the reporting period.

• Stock selection within the communication services sector, led by Alphabet, Inc., which was impactful.

Top detractors to the Fund's performance relative to the MSCI ACWI:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the financials sector.

• Stock selection within the information technology sector.

• An underweight allocation to the utilities sector.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable,

MM202912-309770 PAGE 1 TSR-AR-ITJKG

------

one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5970img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class I - without sales charge**  | 22.69% | 7.24% | 9.68% |
| **MSCI ACWI**  | 22.34% | 11.19% | 11.72% |

---

*The Fund's investment strategy changed on April 25, 2025. The performance results shown above would not necessarily have been achieved had the Fund's current investment strategy been in effect for the entire period for which performance results are presented.*

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $538.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 62 |
| **Total Advisory Fees Paid During the Reporting Period** | $1858382 |
| **Portfolio Turnover Rate** | 71% |

---

MM202912-309770 PAGE 2 TSR-AR-ITJKG

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Alphabet, Inc. Class A  | 11.7% |
|  Meta Platforms, Inc. Class A  | 6.1% |
|  NVIDIA Corp.  | 5.4% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 4.9% |
|  S&P Global, Inc.  | 4.0% |
|  Lam Research Corp.  | 3.5% |
|  Eli Lilly & Co.  | 3.2% |
|  Visa, Inc. Class A  | 3.2% |
|  Broadcom, Inc.  | 3.2% |
|  Microsoft Corp.  | 3.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 33.6% |
|  Communication Services  | 21.8% |
|  Health Care  | 12.9% |
|  Financials  | 12.6% |
|  Consumer Discretionary  | 10.6% |
|  Industrials  | 5.0% |
|  Materials  | 0.9% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 67.5% |
|  France  | 5.8% |
|  Taiwan  | 4.9% |
|  Canada  | 2.4% |
|  Netherlands  | 2.4% |
|  Germany  | 2.4% |
|  China  | 2.3% |
|  India  | 2.1% |
|  Switzerland  | 2.0% |
|  Japan  | 1.9% |

---

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective April 25, 2025, Invesco Advisers, Inc. replaced Massachusetts Financial Services Company as subadviser of the Fund. At the same time, the Fund's Principal Investment Strategies were updated to reflect that the Fund invests mainly in common stock of U.S. and foreign companies, with a current emphasis on investments in the United States and other developed markets in Europe. Additionally, Derivatives Risk, Hedging Risk, and Issuer Focus Risk were added as Principal Risks, and Convertible Securities Risk and Value Company Risk were removed as Principal Risks.

Effective April 25, 2025, MML Investment Advisers, LLC agreed to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through April 30, 2028, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.81%, 0.81%, and 1.06% for Class I, Class II, and Service Class I shares, respectively.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITJKG

------

---

| | |
|:---|:---|
| **MML Income & Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Income & Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $77 | 0.72% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the industrials sector.

• Stock selection within the health care sector.

• Stock selection within the energy sector.

Top detractors to the Fund's performance relative to the Russell 1000 Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the materials sector.

• Stock selection within the information technology sector.

• Stock selection within the communication services sector.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-IYEKF

------

![image](ts5972img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Initial Class - without sales charge**  | 13.34% | 12.35% | 10.73% |
| **Russell 3000 Index**  | 17.15% | 13.15% | 14.29% |
| **Russell 1000 Value Index**  | 15.91% | 11.33% | 10.53% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $131.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 89 |
| **Total Advisory Fees Paid During the Reporting Period** | $860447 |
| **Portfolio Turnover Rate** | 33% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Merck & Co., Inc.  | 3.1% |
|  Wells Fargo & Co.  | 2.5% |
|  Chevron Corp.  | 2.4% |
|  Medtronic PLC  | 2.3% |
|  Prologis, Inc.  | 2.3% |
|  Xcel Energy, Inc.  | 2.3% |
|  Pinnacle West Capital Corp.  | 2.2% |
|  Entergy Corp.  | 2.1% |
|  Sanofi SA ADR  | 2.1% |
|  Air Products & Chemicals, Inc.  | 2.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 20.4% |
|  Health Care  | 13.6% |
|  Industrials  | 9.5% |
|  Energy  | 9.0% |
|  Utilities  | 9.0% |
|  Information Technology  | 8.8% |
|  Consumer Staples  | 7.7% |
|  Materials  | 6.5% |
|  Real Estate  | 6.2% |
|  Communication Services  | 4.2% |
|  Consumer Discretionary  | 3.3% |

---

MM202912-309770 PAGE 2 TSR-AR-IYEKF

------

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IYEKF

------

---

| | |
|:---|:---|
| **MML Income & Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Income & Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $103 | 0.97% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the industrials sector.

• Stock selection within the health care sector.

• Stock selection within the energy sector.

Top detractors to the Fund's performance relative to the Russell 1000 Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the materials sector.

• Stock selection within the information technology sector.

• Stock selection within the communication services sector.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-IYEKG

------

![image](ts5973img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 13.11% | 12.07% | 10.45% |
| **Russell 3000 Index**  | 17.15% | 13.15% | 14.29% |
| **Russell 1000 Value Index**  | 15.91% | 11.33% | 10.53% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $131.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 89 |
| **Total Advisory Fees Paid During the Reporting Period** | $860447 |
| **Portfolio Turnover Rate** | 33% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Merck & Co., Inc.  | 3.1% |
|  Wells Fargo & Co.  | 2.5% |
|  Chevron Corp.  | 2.4% |
|  Medtronic PLC  | 2.3% |
|  Prologis, Inc.  | 2.3% |
|  Xcel Energy, Inc.  | 2.3% |
|  Pinnacle West Capital Corp.  | 2.2% |
|  Entergy Corp.  | 2.1% |
|  Sanofi SA ADR  | 2.1% |
|  Air Products & Chemicals, Inc.  | 2.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 20.4% |
|  Health Care  | 13.6% |
|  Industrials  | 9.5% |
|  Energy  | 9.0% |
|  Utilities  | 9.0% |
|  Information Technology  | 8.8% |
|  Consumer Staples  | 7.7% |
|  Materials  | 6.5% |
|  Real Estate  | 6.2% |
|  Communication Services  | 4.2% |
|  Consumer Discretionary  | 3.3% |

---

MM202912-309770 PAGE 2 TSR-AR-IYEKG

------

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IYEKG

------

---

| | |
|:---|:---|
| **MML Managed Volatility Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Managed Volatility Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $87 | 0.83% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the S&P 500® Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Allocation to the S&P 500 Index component was the largest contributor to returns.

• An underweight allocation to the health care sector.

Top detractors to the Fund's performance relative to the S&P 500 Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Net effect of written call options in a rising equity market environment.

• Net effect of long put options in a rising equity market environment.

• An underweight allocation to the information technology sector.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and an additional index that provides a comparison to the returns of fixed income investments. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITIAF

------

![image](ts5978img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Initial Class - without sales charge**  | 10.65% | 7.07% | 6.11% |
| **S&P 500 Index**  | 17.88% | 14.42% | 14.82% |
| **Bloomberg U.S. Aggregate Bond Index**  | 7.30% | -0.36% | 2.01% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $93.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 523 |
| **Total Advisory Fees Paid During the Reporting Period** | $707066 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 7.7% |
|  Apple, Inc.  | 6.8% |
|  Microsoft Corp.  | 6.1% |
|  Amazon.com, Inc.  | 3.8% |
|  Alphabet, Inc. Class A  | 3.1% |
|  Broadcom, Inc.  | 2.8% |
|  Alphabet, Inc. Class C  | 2.5% |
|  Meta Platforms, Inc. Class A  | 2.4% |
|  Tesla, Inc.  | 2.1% |
|  Berkshire Hathaway, Inc. Class B  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 34.2% |
|  Financials  | 13.3% |
|  Communication Services  | 10.5% |
|  Consumer Discretionary  | 10.3% |
|  Health Care  | 9.5% |
|  Industrials  | 8.1% |
|  Consumer Staples  | 4.7% |
|  Energy  | 2.8% |
|  Utilities  | 2.2% |
|  Materials  | 1.8% |
|  Real Estate  | 1.8% |

---

MM202912-309770 PAGE 2 TSR-AR-ITIAF

------

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITIAF

------

---

| | |
|:---|:---|
| **MML Managed Volatility Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Managed Volatility Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $114 | 1.08% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the S&P 500® Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Allocation to the S&P 500 Index component was the largest contributor to returns.

• An underweight allocation to the health care sector.

Top detractors to the Fund's performance relative to the S&P 500 Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Net effect of written call options in a rising equity market environment.

• Net effect of long put options in a rising equity market environment.

• An underweight allocation to the information technology sector.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and an additional index that provides a comparison to the returns of fixed income investments. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITIAG

------

![image](ts5979img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 10.37% | 6.80% | 5.85% |
| **S&P 500 Index**  | 17.88% | 14.42% | 14.82% |
| **Bloomberg U.S. Aggregate Bond Index**  | 7.30% | -0.36% | 2.01% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $93.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 523 |
| **Total Advisory Fees Paid During the Reporting Period** | $707066 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 7.7% |
|  Apple, Inc.  | 6.8% |
|  Microsoft Corp.  | 6.1% |
|  Amazon.com, Inc.  | 3.8% |
|  Alphabet, Inc. Class A  | 3.1% |
|  Broadcom, Inc.  | 2.8% |
|  Alphabet, Inc. Class C  | 2.5% |
|  Meta Platforms, Inc. Class A  | 2.4% |
|  Tesla, Inc.  | 2.1% |
|  Berkshire Hathaway, Inc. Class B  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 34.2% |
|  Financials  | 13.3% |
|  Communication Services  | 10.5% |
|  Consumer Discretionary  | 10.3% |
|  Health Care  | 9.5% |
|  Industrials  | 8.1% |
|  Consumer Staples  | 4.7% |
|  Energy  | 2.8% |
|  Utilities  | 2.2% |
|  Materials  | 1.8% |
|  Real Estate  | 1.8% |

---

MM202912-309770 PAGE 2 TSR-AR-ITIAG

------

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITIAG

------

---

| | |
|:---|:---|
| **MML Mid Cap Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $84 | 0.82% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell Midcap® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection was positive within the consumer staples sector.

• Stock selection was positive within the energy sector.

• An overweight allocation to the health care sector contributed positively to relative results.

Top detractors to the Fund's performance relative to the Russell Midcap Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection was negative within the health care sector, particularly due to an out-of-benchmark position in Teleflex, Inc.

• Stock selection was negative within the industrials sector.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITMCF

------

![image](ts5980img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Initial Class - without sales charge**  | 4.35% | 3.82% | 9.94% |
| **Russell 3000 Index**  | 17.15% | 13.15% | 14.29% |
| **Russell Midcap Growth Index**  | 8.66% | 6.65% | 12.49% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $379.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 127 |
| **Total Advisory Fees Paid During the Reporting Period** | $2383734 |
| **Portfolio Turnover Rate** | 72% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Hilton Worldwide Holdings, Inc.  | 2.4% |
|  Agilent Technologies, Inc.  | 2.1% |
|  PTC, Inc.  | 2.0% |
|  Lattice Semiconductor Corp.  | 1.9% |
|  Yum! Brands, Inc.  | 1.9% |
|  Mettler-Toledo International, Inc.  | 1.8% |
|  Viking Holdings Ltd.  | 1.7% |
|  Assurant, Inc.  | 1.7% |
|  Tyler Technologies, Inc.  | 1.6% |
|  Liberty Media Corp.-Liberty Formula One Class C  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Health Care  | 21.0% |
|  Information Technology  | 19.0% |
|  Consumer Discretionary  | 18.4% |
|  Industrials  | 14.7% |
|  Financials  | 8.2% |
|  Communication Services  | 4.7% |
|  Energy  | 4.1% |
|  Consumer Staples  | 3.2% |
|  Materials  | 2.7% |
|  Real Estate  | 0.4% |

---

MM202912-309770 PAGE 2 TSR-AR-ITMCF

------

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective April 25, 2025, Wellington Management Company LLP was removed as a subadviser of the Fund. The Fund's Principal Investment Strategies were updated to reflect the removal of Wellington Management.

Effective November 14, 2025, MML Investment Advisers, LLC agreed to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through April 30, 2028, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.83% and 1.08% for Initial Class and Service Class shares, respectively.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITMCF

------

---

| | |
|:---|:---|
| **MML Mid Cap Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $109 | 1.07% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell Midcap® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection was positive within the consumer staples sector.

• Stock selection was positive within the energy sector.

• An overweight allocation to the health care sector contributed positively to relative results.

Top detractors to the Fund's performance relative to the Russell Midcap Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection was negative within the health care sector, particularly due to an out-of-benchmark position in Teleflex, Inc.

• Stock selection was negative within the industrials sector.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITMCG

------

![image](ts5981img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 4.10% | 3.56% | 9.66% |
| **Russell 3000 Index**  | 17.15% | 13.15% | 14.29% |
| **Russell Midcap Growth Index**  | 8.66% | 6.65% | 12.49% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $379.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 127 |
| **Total Advisory Fees Paid During the Reporting Period** | $2383734 |
| **Portfolio Turnover Rate** | 72% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Hilton Worldwide Holdings, Inc.  | 2.4% |
|  Agilent Technologies, Inc.  | 2.1% |
|  PTC, Inc.  | 2.0% |
|  Lattice Semiconductor Corp.  | 1.9% |
|  Yum! Brands, Inc.  | 1.9% |
|  Mettler-Toledo International, Inc.  | 1.8% |
|  Viking Holdings Ltd.  | 1.7% |
|  Assurant, Inc.  | 1.7% |
|  Tyler Technologies, Inc.  | 1.6% |
|  Liberty Media Corp.-Liberty Formula One Class C  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Health Care  | 21.0% |
|  Information Technology  | 19.0% |
|  Consumer Discretionary  | 18.4% |
|  Industrials  | 14.7% |
|  Financials  | 8.2% |
|  Communication Services  | 4.7% |
|  Energy  | 4.1% |
|  Consumer Staples  | 3.2% |
|  Materials  | 2.7% |
|  Real Estate  | 0.4% |

---

MM202912-309770 PAGE 2 TSR-AR-ITMCG

------

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective April 25, 2025, Wellington Management Company LLP was removed as a subadviser of the Fund. The Fund's Principal Investment Strategies were updated to reflect the removal of Wellington Management.

Effective November 14, 2025, MML Investment Advisers, LLC agreed to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through April 30, 2028, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.83% and 1.08% for Initial Class and Service Class shares, respectively.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITMCG

------

---

| | |
|:---|:---|
| **MML Small Cap Growth Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Small Cap Growth Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $112 | 1.08% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 2000® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the health care sector, with Hims & Hers Health, Inc. as the top contributor.

• Stock selection and an underweight allocation to the information technology sector.

Top detractors to the Fund's performance relative to the Russell 2000 Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Weak stock selection within the industrials sector.

• Weak stock selection within the materials sector.

• An overweight allocation to the consumer discretionary sector, which underperformed the benchmark.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITJCF

------

![image](ts5984img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Initial Class - without sales charge**  | 7.34% | 2.67% | 10.59% |
| **Russell 3000 Index**  | 17.15% | 13.15% | 14.29% |
| **Russell 2000 Growth Index**  | 13.01% | 3.18% | 9.57% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $137.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 176 |
| **Total Advisory Fees Paid During the Reporting Period** | $1397889 |
| **Portfolio Turnover Rate** | 67% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  American Healthcare REIT, Inc.  | 1.6% |
|  Verra Mobility Corp.  | 1.6% |
|  SiTime Corp.  | 1.5% |
|  Seacoast Banking Corp. of Florida  | 1.5% |
|  Champion Homes, Inc.  | 1.4% |
|  Alignment Healthcare, Inc.  | 1.3% |
|  Phillips Edison & Co., Inc.  | 1.3% |
|  Modine Manufacturing Co.  | 1.3% |
|  Cargurus, Inc.  | 1.2% |
|  HA Sustainable Infrastructure Capital, Inc.  | 1.2% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Health Care  | 23.9% |
|  Industrials  | 22.6% |
|  Information Technology  | 16.3% |
|  Financials  | 11.6% |
|  Consumer Discretionary  | 9.1% |
|  Real Estate  | 4.4% |
|  Energy  | 3.2% |
|  Consumer Staples  | 2.2% |
|  Materials  | 1.9% |
|  Communication Services  | 1.6% |
|  Utilities  | 1.3% |
|  Exchange-Traded Funds  | 0.4% |

---

MM202912-309770 PAGE 2 TSR-AR-ITJCF

------

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITJCF

------

---

| | |
|:---|:---|
| **MML Small Cap Growth Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Small Cap Growth Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $138 | 1.33% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 2000® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the health care sector, with Hims & Hers Health, Inc. as the top contributor.

• Stock selection and an underweight allocation to the information technology sector.

Top detractors to the Fund's performance relative to the Russell 2000 Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Weak stock selection within the industrials sector.

• Weak stock selection within the materials sector.

• An overweight allocation to the consumer discretionary sector, which underperformed the benchmark.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITJCG

------

![image](ts5985img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 7.07% | 2.41% | 10.32% |
| **Russell 3000 Index**  | 17.15% | 13.15% | 14.29% |
| **Russell 2000 Growth Index**  | 13.01% | 3.18% | 9.57% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $137.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 176 |
| **Total Advisory Fees Paid During the Reporting Period** | $1397889 |
| **Portfolio Turnover Rate** | 67% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  American Healthcare REIT, Inc.  | 1.6% |
|  Verra Mobility Corp.  | 1.6% |
|  SiTime Corp.  | 1.5% |
|  Seacoast Banking Corp. of Florida  | 1.5% |
|  Champion Homes, Inc.  | 1.4% |
|  Alignment Healthcare, Inc.  | 1.3% |
|  Phillips Edison & Co., Inc.  | 1.3% |
|  Modine Manufacturing Co.  | 1.3% |
|  Cargurus, Inc.  | 1.2% |
|  HA Sustainable Infrastructure Capital, Inc.  | 1.2% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Health Care  | 23.9% |
|  Industrials  | 22.6% |
|  Information Technology  | 16.3% |
|  Financials  | 11.6% |
|  Consumer Discretionary  | 9.1% |
|  Real Estate  | 4.4% |
|  Energy  | 3.2% |
|  Consumer Staples  | 2.2% |
|  Materials  | 1.9% |
|  Communication Services  | 1.6% |
|  Utilities  | 1.3% |
|  Exchange-Traded Funds  | 0.4% |

---

MM202912-309770 PAGE 2 TSR-AR-ITJCG

------

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITJCG

------

---

| | |
|:---|:---|
| **MML Small/Mid Cap Value Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Small/Mid Cap Value Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $83 | 0.82% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 2500™ Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the real estate sector.

• Stock selection within the consumer staples sector.

• Stock selection within the information technology sector, where a position in Lumentum Holdings, Inc. outperformed.

Top detractors to the Fund's performance relative to the Russell 2500 Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the materials, consumer discretionary, and communication services sectors.

• Positions in Bath & Body Works, Inc., Graphic Packaging Holding Co., and Criteo SA detracted from returns.

• Stock selection within the financials sector, where no allocation to Robinhood Markets Inc. was particularly impactful.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-IZDEF

------

![image](ts5989img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Initial Class - without sales charge**  | 2.40% | 8.68% | 8.70% |
| **Russell 3000 Index**  | 17.15% | 13.15% | 14.29% |
| **Russell 2500 Value Index**  | 12.73% | 10.02% | 9.72% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $119.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 94 |
| **Total Advisory Fees Paid During the Reporting Period** | $909065 |
| **Portfolio Turnover Rate** | 65% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Jones Lang LaSalle, Inc.  | 1.7% |
|  TechnipFMC PLC  | 1.7% |
|  Reliance, Inc.  | 1.7% |
|  Tenet Healthcare Corp.  | 1.7% |
|  IDACORP, Inc.  | 1.6% |
|  First Citizens BancShares, Inc. Class A  | 1.6% |
|  Hanover Insurance Group, Inc.  | 1.6% |
|  BJ's Wholesale Club Holdings, Inc.  | 1.6% |
|  Globus Medical, Inc. Class A  | 1.6% |
|  C.H. Robinson Worldwide, Inc.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 23.4% |
|  Financials  | 19.4% |
|  Information Technology  | 9.5% |
|  Health Care  | 9.4% |
|  Consumer Discretionary  | 9.3% |
|  Real Estate  | 7.6% |
|  Materials  | 6.3% |
|  Energy  | 4.9% |
|  Consumer Staples  | 4.8% |
|  Utilities  | 3.6% |
|  Communication Services  | 1.4% |

---

MM202912-309770 PAGE 2 TSR-AR-IZDEF

------

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IZDEF

------

---

| | |
|:---|:---|
| **MML Small/Mid Cap Value Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Small/Mid Cap Value Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $108 | 1.07% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 2500™ Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the real estate sector.

• Stock selection within the consumer staples sector.

• Stock selection within the information technology sector, where a position in Lumentum Holdings, Inc. outperformed.

Top detractors to the Fund's performance relative to the Russell 2500 Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the materials, consumer discretionary, and communication services sectors.

• Positions in Bath & Body Works, Inc., Graphic Packaging Holding Co., and Criteo SA detracted from returns.

• Stock selection within the financials sector, where no allocation to Robinhood Markets Inc. was particularly impactful.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-IZDEG

------

![image](ts5988img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 2.17% | 8.41% | 8.42% |
| **Russell 3000 Index**  | 17.15% | 13.15% | 14.29% |
| **Russell 2500 Value Index**  | 12.73% | 10.02% | 9.72% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $119.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 94 |
| **Total Advisory Fees Paid During the Reporting Period** | $909065 |
| **Portfolio Turnover Rate** | 65% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Jones Lang LaSalle, Inc.  | 1.7% |
|  TechnipFMC PLC  | 1.7% |
|  Reliance, Inc.  | 1.7% |
|  Tenet Healthcare Corp.  | 1.7% |
|  IDACORP, Inc.  | 1.6% |
|  First Citizens BancShares, Inc. Class A  | 1.6% |
|  Hanover Insurance Group, Inc.  | 1.6% |
|  BJ's Wholesale Club Holdings, Inc.  | 1.6% |
|  Globus Medical, Inc. Class A  | 1.6% |
|  C.H. Robinson Worldwide, Inc.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 23.4% |
|  Financials  | 19.4% |
|  Information Technology  | 9.5% |
|  Health Care  | 9.4% |
|  Consumer Discretionary  | 9.3% |
|  Real Estate  | 7.6% |
|  Materials  | 6.3% |
|  Energy  | 4.9% |
|  Consumer Staples  | 4.8% |
|  Utilities  | 3.6% |
|  Communication Services  | 1.4% |

---

MM202912-309770 PAGE 2 TSR-AR-IZDEG

------

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IZDEG

------

---

| | |
|:---|:---|
| **MML Sustainable Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Sustainable Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $59 | 0.56% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the S&P 500® Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection was positive within the industrials sector.

• An overweight allocation to the communication services sector contributed to relative returns.

• An overweight allocation to the financials sector contributed positively to relative returns.

Top detractors to the Fund's performance relative to the S&P 500 Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection was negative within the information technology sector.

• Stock selection was negative within the financials sector.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITJRF

------

![image](ts5991img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Initial Class - without sales charge**  | 11.50% | 11.93% | 12.98% |
| **S&P 500 Index**  | 17.88% | 14.42% | 14.82% |

---

*The Fund's name and investment strategy changed on April 29, 2022. The performance results shown above would not necessarily have been achieved had the Fund's current investment strategy been in effect for the entire period for which performance results are presented.*

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $137.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 103 |
| **Total Advisory Fees Paid During the Reporting Period** | $685616 |
| **Portfolio Turnover Rate** | 30% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 8.4% |
|  Microsoft Corp.  | 7.6% |
|  Alphabet, Inc. Class A  | 6.0% |
|  Apple, Inc.  | 5.0% |
|  Amazon.com, Inc.  | 3.6% |
|  Broadcom, Inc.  | 3.3% |
|  Meta Platforms, Inc. Class A  | 2.3% |
|  Mastercard, Inc. Class A  | 1.8% |
|  Tesla, Inc.  | 1.7% |
|  JP Morgan Chase & Co.  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 34.4% |
|  Financials  | 14.5% |
|  Consumer Discretionary  | 10.2% |
|  Health Care  | 10.2% |
|  Communication Services  | 9.6% |
|  Industrials  | 9.0% |
|  Consumer Staples  | 3.7% |
|  Real Estate  | 2.5% |
|  Energy  | 2.1% |
|  Materials  | 1.9% |
|  Utilities  | 1.5% |
|  Exchange-Traded Funds  | 0.2% |

---

MM202912-309770 PAGE 2 TSR-AR-ITJRF

------

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITJRF

------

---

| | |
|:---|:---|
| **MML Sustainable Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML Sustainable Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $86 | 0.81% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the S&P 500® Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection was positive within the industrials sector.

• An overweight allocation to the communication services sector contributed to relative returns.

• An overweight allocation to the financials sector contributed positively to relative returns.

Top detractors to the Fund's performance relative to the S&P 500 Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection was negative within the information technology sector.

• Stock selection was negative within the financials sector.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITJRG

------

![image](ts5990img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 11.32% | 11.66% | 12.71% |
| **S&P 500 Index**  | 17.88% | 14.42% | 14.82% |

---

*The Fund's name and investment strategy changed on April 29, 2022. The performance results shown above would not necessarily have been achieved had the Fund's current investment strategy been in effect for the entire period for which performance results are presented.*

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $137.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 103 |
| **Total Advisory Fees Paid During the Reporting Period** | $685616 |
| **Portfolio Turnover Rate** | 30% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 8.4% |
|  Microsoft Corp.  | 7.6% |
|  Alphabet, Inc. Class A  | 6.0% |
|  Apple, Inc.  | 5.0% |
|  Amazon.com, Inc.  | 3.6% |
|  Broadcom, Inc.  | 3.3% |
|  Meta Platforms, Inc. Class A  | 2.3% |
|  Mastercard, Inc. Class A  | 1.8% |
|  Tesla, Inc.  | 1.7% |
|  JP Morgan Chase & Co.  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 34.4% |
|  Financials  | 14.5% |
|  Consumer Discretionary  | 10.2% |
|  Health Care  | 10.2% |
|  Communication Services  | 9.6% |
|  Industrials  | 9.0% |
|  Consumer Staples  | 3.7% |
|  Real Estate  | 2.5% |
|  Energy  | 2.1% |
|  Materials  | 1.9% |
|  Utilities  | 1.5% |
|  Exchange-Traded Funds  | 0.2% |

---

MM202912-309770 PAGE 2 TSR-AR-ITJRG

------

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITJRG

------

---

| | |
|:---|:---|
| **MML VIP American Century Mid Cap Value Fund** *(formerly known as MML Mid Cap Value Fund)*  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML VIP American Century Mid Cap Value Fund\* (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $93 | 0.89% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell Midcap® Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and sector allocation within the industrials sector.

• Stock selection within the real estate sector.

• Sector allocation within the consumer discretionary sector.

Top detractors to the Fund's performance relative to the Russell Midcap Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the materials sector.

• Stock selection and sector allocation within the information technology sector.

• Stock selection within the financials sector, where no allocation to Robinhood Markets Inc. was particularly impactful.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the

MM202912-309770 PAGE 1 TSR-AR-ITIMF

------

Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5982img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Initial Class - without sales charge**  | 8.97% | 8.80% | 9.14% |
| **Russell 3000 Index**  | 17.15% | 13.15% | 14.29% |
| **Russell Midcap Value Index**  | 11.05% | 9.83% | 9.78% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $234.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 122 |
| **Total Advisory Fees Paid During the Reporting Period** | $2019608 |
| **Portfolio Turnover Rate** | 67% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Zimmer Biomet Holdings, Inc.  | 2.5% |
|  Henry Schein, Inc.  | 1.9% |
|  Commerce Bancshares, Inc.  | 1.7% |
|  Baker Hughes Co.  | 1.7% |
|  Willis Towers Watson PLC  | 1.6% |
|  Reinsurance Group of America, Inc.  | 1.6% |
|  US Bancorp  | 1.6% |
|  Labcorp Holdings, Inc.  | 1.6% |
|  Becton Dickinson & Co.  | 1.6% |
|  Kenvue, Inc.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 16.8% |
|  Financials  | 14.8% |
|  Health Care  | 14.5% |
|  Consumer Staples  | 10.2% |
|  Utilities  | 8.5% |
|  Real Estate  | 8.4% |
|  Information Technology  | 7.1% |
|  Energy  | 6.4% |
|  Materials  | 5.5% |
|  Consumer Discretionary  | 3.7% |
|  Communication Services  | 1.3% |

---

MM202912-309770 PAGE 2 TSR-AR-ITIMF

------

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective November 14, 2025, the Fund's name changed from the MML Mid Cap Value Fund to the MML VIP American Century Mid Cap Value Fund.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

*\* The "American Century" name is the property of American Century Proprietary Holdings, Inc. and is being used by the Fund with the permission of American Century.*

MM202912-309770 PAGE 3 TSR-AR-ITIMF

------

---

| | |
|:---|:---|
| **MML VIP American Century Mid Cap Value Fund** *(formerly known as MML Mid Cap Value Fund)*  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML VIP American Century Mid Cap Value Fund\* (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $119 | 1.14% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell Midcap® Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and sector allocation within the industrials sector.

• Stock selection within the real estate sector.

• Sector allocation within the consumer discretionary sector.

Top detractors to the Fund's performance relative to the Russell Midcap Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the materials sector.

• Stock selection and sector allocation within the information technology sector.

• Stock selection within the financials sector, where no allocation to Robinhood Markets Inc. was particularly impactful.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the

MM202912-309770 PAGE 1 TSR-AR-ITIMG

------

Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5983img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 8.62% | 8.51% | 8.86% |
| **Russell 3000 Index**  | 17.15% | 13.15% | 14.29% |
| **Russell Midcap Value Index**  | 11.05% | 9.83% | 9.78% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $234.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 122 |
| **Total Advisory Fees Paid During the Reporting Period** | $2019608 |
| **Portfolio Turnover Rate** | 67% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Zimmer Biomet Holdings, Inc.  | 2.5% |
|  Henry Schein, Inc.  | 1.9% |
|  Commerce Bancshares, Inc.  | 1.7% |
|  Baker Hughes Co.  | 1.7% |
|  Willis Towers Watson PLC  | 1.6% |
|  Reinsurance Group of America, Inc.  | 1.6% |
|  US Bancorp  | 1.6% |
|  Labcorp Holdings, Inc.  | 1.6% |
|  Becton Dickinson & Co.  | 1.6% |
|  Kenvue, Inc.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 16.8% |
|  Financials  | 14.8% |
|  Health Care  | 14.5% |
|  Consumer Staples  | 10.2% |
|  Utilities  | 8.5% |
|  Real Estate  | 8.4% |
|  Information Technology  | 7.1% |
|  Energy  | 6.4% |
|  Materials  | 5.5% |
|  Consumer Discretionary  | 3.7% |
|  Communication Services  | 1.3% |

---

MM202912-309770 PAGE 2 TSR-AR-ITIMG

------

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective November 14, 2025, the Fund's name changed from the MML Mid Cap Value Fund to the MML VIP American Century Mid Cap Value Fund.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

*\* The "American Century" name is the property of American Century Proprietary Holdings, Inc. and is being used by the Fund with the permission of American Century.*

MM202912-309770 PAGE 3 TSR-AR-ITIMG

------

---

| | |
|:---|:---|
| **MML VIP American Century Small Company Value** **Fund** *(formerly known as MML Small Company Value Fund)*  | ![image](img35205_202407090944511.jpg) |
| Class II  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML VIP American Century Small Company Value Fund\* (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class II | $97 | 0.99% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 2000® Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the information technology sector.

• Sector allocation within the real estate and materials sectors.

• Stock selection in the financials sector, where positions in Axis Capital Holdings Ltd. and Brink's Co. were particularly impactful.

Top detractors to the Fund's performance relative to the Russell 2000 Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Sector allocation within the communication services and health care sectors.

• Stock selection within the materials and financials sectors.

• Stock selection within the communication services sector, where no allocation to EchoStar Corp., a benchmark position detracted from returns.

MM202912-309770 PAGE 1 TSR-AR-ITJY8

------

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5986img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class II - without sales charge**  | -3.39% | 5.15% | 8.54% |
| **Russell 3000 Index**  | 17.15% | 13.15% | 14.29% |
| **Russell 2000 Value Index**  | 12.59% | 8.88% | 9.27% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $53.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 111 |
| **Total Advisory Fees Paid During the Reporting Period** | $459388 |
| **Portfolio Turnover Rate** | 40% |

---

MM202912-309770 PAGE 2 TSR-AR-ITJY8

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Southstate Bank Corp.  | 2.8% |
|  Axis Capital Holdings Ltd.  | 2.7% |
|  Old National Bancorp  | 2.7% |
|  Graphic Packaging Holding Co.  | 2.5% |
|  EVERTEC, Inc.  | 2.4% |
|  UMB Financial Corp.  | 2.3% |
|  Enovis Corp.  | 2.2% |
|  Columbia Banking System, Inc.  | 2.2% |
|  Euronet Worldwide, Inc.  | 2.2% |
|  Timken Co.  | 2.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 34.9% |
|  Industrials  | 15.0% |
|  Consumer Discretionary  | 13.1% |
|  Energy  | 9.9% |
|  Materials  | 6.6% |
|  Real Estate  | 6.4% |
|  Information Technology  | 5.3% |
|  Health Care  | 4.1% |
|  Consumer Staples  | 3.3% |
|  Communication Services  | 0.5% |

---

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective November 14, 2025, the Fund's name changed from the MML Small Company Value Fund to the MML VIP American Century Small Company Value Fund.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

*\* The "American Century" name is the property of American Century Proprietary Holdings, Inc. and is being used by the Fund with the permission of American Century.*

MM202912-309770 PAGE 3 TSR-AR-ITJY8

------

---

| | |
|:---|:---|
| **MML VIP American Century Small Company Value** **Fund** *(formerly known as MML Small Company Value Fund)*  | ![image](img35205_202407090944511.jpg) |
| Service Class I  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML VIP American Century Small Company Value Fund\* (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class I | $122 | 1.24% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 2000® Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the information technology sector.

• Sector allocation within the real estate and materials sectors.

• Stock selection in the financials sector, where positions in Axis Capital Holdings Ltd. and Brink's Co. were particularly impactful.

Top detractors to the Fund's performance relative to the Russell 2000 Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Sector allocation within the communication services and health care sectors.

• Stock selection within the materials and financials sectors.

• Stock selection within the communication services sector, where no allocation to EchoStar Corp., a benchmark position detracted from returns.

MM202912-309770 PAGE 1 TSR-AR-ITJYG

------

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5987img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class I - without sales charge**  | -3.60% | 4.90% | 8.28% |
| **Russell 3000 Index**  | 17.15% | 13.15% | 14.29% |
| **Russell 2000 Value Index**  | 12.59% | 8.88% | 9.27% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $53.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 111 |
| **Total Advisory Fees Paid During the Reporting Period** | $459388 |
| **Portfolio Turnover Rate** | 40% |

---

MM202912-309770 PAGE 2 TSR-AR-ITJYG

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Southstate Bank Corp.  | 2.8% |
|  Axis Capital Holdings Ltd.  | 2.7% |
|  Old National Bancorp  | 2.7% |
|  Graphic Packaging Holding Co.  | 2.5% |
|  EVERTEC, Inc.  | 2.4% |
|  UMB Financial Corp.  | 2.3% |
|  Enovis Corp.  | 2.2% |
|  Columbia Banking System, Inc.  | 2.2% |
|  Euronet Worldwide, Inc.  | 2.2% |
|  Timken Co.  | 2.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 34.9% |
|  Industrials  | 15.0% |
|  Consumer Discretionary  | 13.1% |
|  Energy  | 9.9% |
|  Materials  | 6.6% |
|  Real Estate  | 6.4% |
|  Information Technology  | 5.3% |
|  Health Care  | 4.1% |
|  Consumer Staples  | 3.3% |
|  Communication Services  | 0.5% |

---

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective November 14, 2025, the Fund's name changed from the MML Small Company Value Fund to the MML VIP American Century Small Company Value Fund.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

*\* The "American Century" name is the property of American Century Proprietary Holdings, Inc. and is being used by the Fund with the permission of American Century.*

MM202912-309770 PAGE 3 TSR-AR-ITJYG

------

---

| | |
|:---|:---|
| **MML VIP Fidelity Institutional AM® Core Plus Bond** **Fund** *(formerly known as MML Total Return Bond Fund)*  | ![image](img35205_202407090944511.jpg) |
| Class II  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML VIP Fidelity Institutional AM® Core Plus Bond Fund\* (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class II | $63 | 0.61% |

---

**HOW DID THE FUND PERFORM?**

Global fixed income markets delivered solid positive returns during the period, despite volatility driven by shifting monetary policies, geopolitical tensions, and trade uncertainty. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness. Meanwhile, both the European Central Bank and Bank of England lowered their respective policy rates during the period, due to lower inflation and slowing economic growth. The Bank of Japan continued its policy normalization with two rate increases.

Within global bond markets, the yield to maturity of the Bloomberg Global Aggregate Bond Index experienced a modest decline, with small gains from narrowing credit spreads. Non-U.S. dollar debt made a significant contribution to overall results, with the U.S. Aggregate and Pan-European Aggregate indices among the strongest contributors.

In the U.S. fixed income markets, agency mortgage-backed securities led the way generating the highest excess returns, followed closely by corporate bonds (excess returns referring to return relative to comparable duration U.S. treasury bonds). Developed markets displayed strong performance, and emerging market debt saw even greater total returns driven by attractive yields and favorable local currency performance. Overall, despite a complex macroeconomic environment, fixed income markets proved resilient, with broad-based strength across sectors and regions.

On November 14, 2025, the Fund replaced Metropolitan West Asset Management, LLC with FIAM LLC. During the transition period, the Fund reallocated portions of the portfolio to align with the new sub-adviser's investment approach. Because the transition occurred near the end of the reporting period and portfolio changes were limited, the sub-adviser change did not materially influence the Fund's results for this period.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Duration and yield curve positioning.

• An overweight allocation to U.S. Agency mortgage-backed securities.

• Security selection in U.S. Agency mortgage-backed securities and other asset-backed securities.

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Treasury bond selection.

• Selection among derivative instruments.

• An underweight allocation to investment grade corporate bonds, which outperformed.

MM202912-309770 PAGE 1 TSR-AR-IYFIF

------

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5992img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class II - without sales charge**  | 7.41% | -0.83% | 1.83% |
| **Bloomberg U.S. Aggregate Bond Index**  | 7.30% | -0.36% | 2.01% |

---

*The Fund's name, investment objective, and investment strategy changed on November 14, 2025. The performance results shown above would not necessarily have been achieved had the Fund's current investment strategy been in effect for the entire period for which performance results are presented.*

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $367.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 868 |
| **Total Advisory Fees Paid During the Reporting Period** | $1415761 |
| **Portfolio Turnover Rate** | 546% |

---

MM202912-309770 PAGE 2 TSR-AR-IYFIF

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  U.S. Treasury Obligations  | 46.1% |
|  Corporate Debt  | 27.8% |
|  U.S. Government Agency Obligations and Instrumentalities  | 15.6% |
|  Non-U.S. Government Agency Obligations  | 6.0% |
|  Repurchase Agreement  | 3.3% |
|  Bank Loans  | 0.7% |
|  Investment of Cash Collateral from Securities Loaned  | 0.6% |
|  Preferred Stock  | 0.0% |

---

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective November 14, 2025, FIAM LLC replaced Metropolitan West Asset Management, LLC as subadviser of the Fund. At the same time, the Fund's name changed from the MML Total Return Bond Fund to the MML VIP Fidelity Institutional AM Core Plus Bond Fund, and its investment objective was updated as follows: The Fund seeks a high level of current income. Additionally, the Fund's Principal Investment Strategies were updated to reflect that the Fund will allocate its assets across investment grade, high yield, and emerging markets debt securities, using an strategy referred to as "Core Plus" because, in addition to investing in a core portfolio of investment grade debt securities, the Fund's subadviser will normally invest a portion of the Fund's assets in below investment grade debt securities and/or emerging markets debt securities. Short Sales Risk, Defaulted and Distressed Securities Risk, Hedging Risk, Inflation Risk, Municipal Securities Risk, and Restricted Securities Risk were also removed as Principal Risks.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

*\* Fidelity Institutional AM is a registered service mark of FMR LLC. Used with permission.*

MM202912-309770 PAGE 3 TSR-AR-IYFIF

------

---

| | |
|:---|:---|
| **MML VIP Fidelity Institutional AM® Core Plus Bond** **Fund** *(formerly known as MML Total Return Bond Fund)*  | ![image](img35205_202407090944511.jpg) |
| Service Class I  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML VIP Fidelity Institutional AM® Core Plus Bond Fund\* (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class I | $89 | 0.86% |

---

**HOW DID THE FUND PERFORM?**

Global fixed income markets delivered solid positive returns during the period, despite volatility driven by shifting monetary policies, geopolitical tensions, and trade uncertainty. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness. Meanwhile, both the European Central Bank and Bank of England lowered their respective policy rates during the period, due to lower inflation and slowing economic growth. The Bank of Japan continued its policy normalization with two rate increases.

Within global bond markets, the yield to maturity of the Bloomberg Global Aggregate Bond Index experienced a modest decline, with small gains from narrowing credit spreads. Non-U.S. dollar debt made a significant contribution to overall results, with the U.S. Aggregate and Pan-European Aggregate indices among the strongest contributors.

In the U.S. fixed income markets, agency mortgage-backed securities led the way generating the highest excess returns, followed closely by corporate bonds (excess returns referring to return relative to comparable duration U.S. treasury bonds). Developed markets displayed strong performance, and emerging market debt saw even greater total returns driven by attractive yields and favorable local currency performance. Overall, despite a complex macroeconomic environment, fixed income markets proved resilient, with broad-based strength across sectors and regions.

On November 14, 2025, the Fund replaced Metropolitan West Asset Management, LLC with FIAM LLC. During the transition period, the Fund reallocated portions of the portfolio to align with the new sub-adviser's investment approach. Because the transition occurred near the end of the reporting period and portfolio changes were limited, the sub-adviser change did not materially influence the Fund's results for this period.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Duration and yield curve positioning.

• An overweight allocation to U.S. Agency mortgage-backed securities.

• Security selection in U.S. Agency mortgage-backed securities and other asset-backed securities.

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Treasury bond selection.

• Selection among derivative instruments.

• An underweight allocation to investment grade corporate bonds, which outperformed.

MM202912-309770 PAGE 1 TSR-AR-IYFIG

------

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5993img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class I - without sales charge**  | 7.03% | -1.10% | 1.58% |
| **Bloomberg U.S. Aggregate Bond Index**  | 7.30% | -0.36% | 2.01% |

---

*The Fund's name, investment objective, and investment strategy changed on November 14, 2025. The performance results shown above would not necessarily have been achieved had the Fund's current investment strategy been in effect for the entire period for which performance results are presented.*

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $367.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 868 |
| **Total Advisory Fees Paid During the Reporting Period** | $1415761 |
| **Portfolio Turnover Rate** | 546% |

---

MM202912-309770 PAGE 2 TSR-AR-IYFIG

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  U.S. Treasury Obligations  | 46.1% |
|  Corporate Debt  | 27.8% |
|  U.S. Government Agency Obligations and Instrumentalities  | 15.6% |
|  Non-U.S. Government Agency Obligations  | 6.0% |
|  Repurchase Agreement  | 3.3% |
|  Bank Loans  | 0.7% |
|  Investment of Cash Collateral from Securities Loaned  | 0.6% |
|  Preferred Stock  | 0.0% |

---

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective November 14, 2025, FIAM LLC replaced Metropolitan West Asset Management, LLC as subadviser of the Fund. At the same time, the Fund's name changed from the MML Total Return Bond Fund to the MML VIP Fidelity Institutional AM Core Plus Bond Fund, and its investment objective was updated as follows: The Fund seeks a high level of current income. Additionally, the Fund's Principal Investment Strategies were updated to reflect that the Fund will allocate its assets across investment grade, high yield, and emerging markets debt securities, using an strategy referred to as "Core Plus" because, in addition to investing in a core portfolio of investment grade debt securities, the Fund's subadviser will normally invest a portion of the Fund's assets in below investment grade debt securities and/or emerging markets debt securities. Short Sales Risk, Defaulted and Distressed Securities Risk, Hedging Risk, Inflation Risk, Municipal Securities Risk, and Restricted Securities Risk were also removed as Principal Risks.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

*\* Fidelity Institutional AM is a registered service mark of FMR LLC. Used with permission.*

MM202912-309770 PAGE 3 TSR-AR-IYFIG

------

---

| | |
|:---|:---|
| **MML VIP Loomis Sayles Large Cap Growth Fund** *(formerly known as MML Large Cap Growth Fund)*  | ![image](img35205_202407090944511.jpg) |
| Initial Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML VIP Loomis Sayles Large Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Initial Class | $75 | 0.70% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight allocation to the communication services sector positively contributed to relative performance.

• Stock selection was positive within the consumer staples sector.

• Stock selection was positive within the consumer discretionary sector.

Top detractors to the Fund's performance relative to the Russell 1000 Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection was negative within the health care sector.

• Stock selection was negative within the communication services sector.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITIHF

------

![image](ts5976img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Initial Class - without sales charge**  | 15.09% | 14.97% | 16.34% |
| **S&P 500 Index**  | 17.88% | 14.42% | 14.82% |
| **Russell 1000 Growth Index**  | 18.56% | 15.32% | 18.13% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $215.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 39 |
| **Total Advisory Fees Paid During the Reporting Period** | $1378430 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 11.2% |
|  Tesla, Inc.  | 8.5% |
|  Alphabet, Inc. Class A  | 8.5% |
|  Meta Platforms, Inc. Class A  | 7.1% |
|  Amazon.com, Inc.  | 5.3% |
|  Netflix, Inc.  | 5.3% |
|  Visa, Inc. Class A  | 4.7% |
|  Oracle Corp.  | 4.7% |
|  Boeing Co.  | 4.6% |
|  Microsoft Corp.  | 4.2% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 29.5% |
|  Communication Services  | 23.6% |
|  Consumer Discretionary  | 16.9% |
|  Health Care  | 11.6% |
|  Financials  | 7.5% |
|  Industrials  | 6.7% |
|  Consumer Staples  | 2.8% |

---

MM202912-309770 PAGE 2 TSR-AR-ITIHF

------

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective April 25, 2025, MML Investment Advisers, LLC agreed to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through April 30, 2027, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.70% and 0.95% for Initial Class and Service Class shares, respectively.

Effective November 14, 2025, the Fund's name changed from the MML Large Cap Growth Fund to the MML VIP Loomis Sayles Large Cap Growth Fund.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITIHF

------

---

| | |
|:---|:---|
| **MML VIP Loomis Sayles Large Cap Growth Fund** *(formerly known as MML Large Cap Growth Fund)*  | ![image](img35205_202407090944511.jpg) |
| Service Class  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML VIP Loomis Sayles Large Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $102 | 0.95% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight allocation to the communication services sector positively contributed to relative performance.

• Stock selection was positive within the consumer staples sector.

• Stock selection was positive within the consumer discretionary sector.

Top detractors to the Fund's performance relative to the Russell 1000 Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection was negative within the health care sector.

• Stock selection was negative within the communication services sector.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITIHG

------

![image](ts5977img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 14.74% | 14.67% | 16.05% |
| **S&P 500 Index**  | 17.88% | 14.42% | 14.82% |
| **Russell 1000 Growth Index**  | 18.56% | 15.32% | 18.13% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $215.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 39 |
| **Total Advisory Fees Paid During the Reporting Period** | $1378430 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 11.2% |
|  Tesla, Inc.  | 8.5% |
|  Alphabet, Inc. Class A  | 8.5% |
|  Meta Platforms, Inc. Class A  | 7.1% |
|  Amazon.com, Inc.  | 5.3% |
|  Netflix, Inc.  | 5.3% |
|  Visa, Inc. Class A  | 4.7% |
|  Oracle Corp.  | 4.7% |
|  Boeing Co.  | 4.6% |
|  Microsoft Corp.  | 4.2% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 29.5% |
|  Communication Services  | 23.6% |
|  Consumer Discretionary  | 16.9% |
|  Health Care  | 11.6% |
|  Financials  | 7.5% |
|  Industrials  | 6.7% |
|  Consumer Staples  | 2.8% |

---

MM202912-309770 PAGE 2 TSR-AR-ITIHG

------

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective April 25, 2025, MML Investment Advisers, LLC agreed to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through April 30, 2027, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.70% and 0.95% for Initial Class and Service Class shares, respectively.

Effective November 14, 2025, the Fund's name changed from the MML Large Cap Growth Fund to the MML VIP Loomis Sayles Large Cap Growth Fund.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITIHG

------

---

| | |
|:---|:---|
| **MML VIP MFS® International Equity Fund** *(formerly known as MML International Equity Fund)*  | ![image](img35205_202407090944511.jpg) |
| Class II  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML VIP MFS® International Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class II | $104 | 0.92% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the MSCI EAFE Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Strong stock selection within the consumer discretionary sector.

• Stock selection within the health care sector, specifically an underweight position in Novo Nordisk AS was the largest contributor, as the stock experienced a significant decline.

• An underweight allocation to the communication services sector.

Top detractors to the Fund's performance relative to the MSCI EAFE Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An underweight allocation to the financial services sector.

• Weak stock selection within the industrials sector.

• An overweight allocation to the consumer discretionary sector.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the

MM202912-309770 PAGE 1 TSR-AR-IBLK8

------

Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5974img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class II - without sales charge**  | 25.54% | 7.32% | 7.23% |
| **MSCI EAFE Index**  | 31.22% | 8.92% | 8.18% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $240.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 79 |
| **Total Advisory Fees Paid During the Reporting Period** | $1672214 |
| **Portfolio Turnover Rate** | 64% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 2.8% |
|  Roche Holding AG  | 2.8% |
|  Hitachi Ltd.  | 2.5% |
|  Air Liquide SA  | 2.5% |
|  Schneider Electric SE  | 2.4% |
|  Rolls-Royce Holdings PLC  | 2.3% |
|  Cie Financiere Richemont SA Registered Class A  | 2.3% |
|  Novartis AG Registered  | 2.2% |
|  SAP SE  | 2.2% |
|  NatWest Group PLC  | 2.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 25.3% |
|  Industrials  | 20.2% |
|  Consumer Discretionary  | 11.9% |
|  Health Care  | 10.6% |
|  Information Technology  | 9.6% |
|  Consumer Staples  | 9.2% |
|  Materials  | 4.9% |
|  Communication Services  | 3.1% |
|  Energy  | 3.0% |
|  Utilities  | 1.8% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  Japan  | 19.7% |
|  France  | 15.7% |
|  United Kingdom  | 11.4% |
|  United States  | 11.3% |
|  Germany  | 7.2% |
|  Switzerland  | 6.0% |
|  Italy  | 4.7% |
|  Taiwan  | 2.8% |
|  Canada  | 2.7% |
|  Hong Kong  | 2.3% |

---

MM202912-309770 PAGE 2 TSR-AR-IBLK8

------

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective April 25, 2025, MML Investment Advisers, LLC had agreed to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through April 30, 2027, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 1.25% and 1.50% for Class II and Service Class I shares, respectively.

On November 14, 2025, this agreement was replaced by a new agreement with MML Investment Advisers, LLC to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through April 30, 2027, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.93% and 1.18% for Class II and Service Class I shares, respectively.

Effective November 14, 2025, Harris Associates L.P. ("Harris") was removed as a subadviser of the Fund and the Fund's name changed from the MML International Equity Fund to the MML VIP MFS International Equity Fund. The Fund's Principal Investment Strategies were updated to reflect the removal of Harris.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IBLK8

------

---

| | |
|:---|:---|
| **MML VIP MFS® International Equity Fund** *(formerly known as MML International Equity Fund)*  | ![image](img35205_202407090944511.jpg) |
| Service Class I  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MML VIP MFS® International Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/variable-insurance-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class I | $132 | 1.17% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period despite ongoing geopolitical tensions, evolving trade policies, and shifting monetary conditions. Conflicts in Ukraine and the Middle East continued to affect sentiment, while political developments and heightened tariff activity—particularly between the U.S. and China—added complexity to global trade. The U.S. Federal Reserve implemented three 25 basis points rate cuts, lowering the target range down to 3.5%-3.75%, largely in response to moderating inflation and emerging signs of labor-market softness.

U.S. equities advanced, driven primarily by large-cap growth companies benefiting from the acceleration of artificial intelligence–related activity. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the materials and information technology sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation, in areas such as artificial intelligence, continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the MSCI EAFE Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Strong stock selection within the consumer discretionary sector.

• Stock selection within the health care sector, specifically an underweight position in Novo Nordisk AS was the largest contributor, as the stock experienced a significant decline.

• An underweight allocation to the communication services sector.

Top detractors to the Fund's performance relative to the MSCI EAFE Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An underweight allocation to the financial services sector.

• Weak stock selection within the industrials sector.

• An overweight allocation to the consumer discretionary sector.

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (January 1, 2016 through December 31, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the

MM202912-309770 PAGE 1 TSR-AR-IBLKG

------

Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5975img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class I - without sales charge**  | 25.20% | 7.07% | 6.97% |
| **MSCI EAFE Index**  | 31.22% | 8.92% | 8.18% |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/variable-insurance-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $240.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 79 |
| **Total Advisory Fees Paid During the Reporting Period** | $1672214 |
| **Portfolio Turnover Rate** | 64% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 2.8% |
|  Roche Holding AG  | 2.8% |
|  Hitachi Ltd.  | 2.5% |
|  Air Liquide SA  | 2.5% |
|  Schneider Electric SE  | 2.4% |
|  Rolls-Royce Holdings PLC  | 2.3% |
|  Cie Financiere Richemont SA Registered Class A  | 2.3% |
|  Novartis AG Registered  | 2.2% |
|  SAP SE  | 2.2% |
|  NatWest Group PLC  | 2.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 25.3% |
|  Industrials  | 20.2% |
|  Consumer Discretionary  | 11.9% |
|  Health Care  | 10.6% |
|  Information Technology  | 9.6% |
|  Consumer Staples  | 9.2% |
|  Materials  | 4.9% |
|  Communication Services  | 3.1% |
|  Energy  | 3.0% |
|  Utilities  | 1.8% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  Japan  | 19.7% |
|  France  | 15.7% |
|  United Kingdom  | 11.4% |
|  United States  | 11.3% |
|  Germany  | 7.2% |
|  Switzerland  | 6.0% |
|  Italy  | 4.7% |
|  Taiwan  | 2.8% |
|  Canada  | 2.7% |
|  Hong Kong  | 2.3% |

---

MM202912-309770 PAGE 2 TSR-AR-IBLKG

------

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/variable-insurance-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective April 25, 2025, MML Investment Advisers, LLC had agreed to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through April 30, 2027, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 1.25% and 1.50% for Class II and Service Class I shares, respectively.

On November 14, 2025, this agreement was replaced by a new agreement with MML Investment Advisers, LLC to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through April 30, 2027, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.93% and 1.18% for Class II and Service Class I shares, respectively.

Effective November 14, 2025, Harris Associates L.P. ("Harris") was removed as a subadviser of the Fund and the Fund's name changed from the MML International Equity Fund to the MML VIP MFS International Equity Fund. The Fund's Principal Investment Strategies were updated to reflect the removal of Harris.

---

| | |
|:---|:---|
| ![image](img35219_202408121036230.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img35219_202408121036230.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/variable-insurance-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IBLKG

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

As of December 31, 2025, the Registrant adopted a Code of Ethics that applies to the Principal Executive Officer, Principal Financial Officer, and other senior financial officers pursuant to the Sarbanes-Oxley Act of 2002. For the year ended December 31, 2025, there were no reportable amendments to any provision of the Code of Ethics and the Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code of Ethics. A copy of its Code of Ethics is filed with this Form N-CSR under Item 19(a)(1).

**Item 3. Audit Committee Financial Expert.**

The Registrant's Board of Trustees has determined that Nabil N. El-Hage, a member of the Audit Committee, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Mr. El-Hage is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.

**Item 4. Principal Accountant Fees and Services.**

References below to Deloitte & Touche LLP include its affiliates where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) AUDIT FEES: The aggregate fees billed to the Registrant for professional services rendered by its independent
 auditors, Deloitte & Touche LLP, for the audit of the Registrant's annual financial statements for the fiscal years ended 2025
 and 2024 were $462,562 and $1,333,922, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) AUDIT-RELATED FEES: No such fees were billed to the Registrant by Deloitte & Touche LLP for the fiscal
 years ended 2025 and 2024. No such fees were billed to the Registrant's adviser and any entity controlling, controlled by, or under
 common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP\* for the fiscal years ended
 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) TAX FEES: No such fees were billed to the Registrant by Deloitte & Touche LLP for the fiscal years ended
 2025 and 2024. No such fees were billed to the Registrant's adviser and any entity controlling, controlled by, or under common control
 with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP\* for the fiscal years ended 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ALL OTHER FEES: No such fees were billed to the Registrant by Deloitte & Touche LLP for the fiscal years
 ended 2025 and 2024. No such fees were billed to the Registrant's adviser and any entity controlling, controlled by, or under common
 control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP\* for the fiscal years ended 2025
 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) AUDIT COMMITTEE PRE-APPROVAL POLICY: All services to be performed for the Registrant by Deloitte &
 Touche LLP must be pre-approved by the audit committee. All services performed during the fiscal years ended 2025 and 2024 were pre-approved
 by the committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by Deloitte & Touche LLP
 for services rendered to the Registrant, the Registrant's adviser and any entity controlling, controlled by, or under common control
 with the adviser that provides ongoing services to the Registrant, for the fiscal years ended 2025 and 2024 were $1,122,500 and $114,015,
 respectively.

<sup>\*</sup> Refers to fees that were required to be approved by the audit committee for services that relate directly to the operations and financial reporting of the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The audit committee considers whether the provision of non-audit services by Deloitte & Touche LLP to
 the Registrant's adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing
 services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with
 maintaining Deloitte & Touche LLP's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see portfolio of investments contained in the financial statements
 filed under Item 7 of this form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

![](mml-efp21121cover.jpg)

------

**Table of Contents** 

Please note the Annual Financial Statements and Other Information only contains Items 7-11 of Form N-CSR. All items required by Form N-CSR are filed with the Securities and Exchange Commission.

---

| | |
|:---|:---|
| **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** | **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** |
| &nbsp;&nbsp;&nbsp; Portfolios of Investments<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Conservative Allocation Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Balanced Allocation Fund](#soi2) | [2](#soi2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Moderate Allocation Fund](#soi3) | [3](#soi3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Growth Allocation Fund](#soi4) | [4](#soi4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Aggressive Allocation Fund](#soi5) | [5](#soi5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML American Funds Growth Fund](#soi6) | [6](#soi6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML American Funds Core Allocation Fund](#soi7) | [7](#soi7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Blue Chip Growth Fund](#soi8) | [8](#soi8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Equity Income Fund](#soi9) | [10](#soi9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Equity Index Fund](#soi10) | [13](#soi10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Focused Equity Fund](#soi11) | [20](#soi11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Foreign Fund](#soi12) | [21](#soi12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Fundamental Equity Fund](#soi13) | [24](#soi13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Global Fund](#soi14) | [26](#soi14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Income & Growth Fund](#soi15) | [28](#soi15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Managed Volatility Fund](#soi16) | [30](#soi16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Mid Cap Growth Fund](#soi17) | [38](#soi17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Small Cap Growth Equity Fund](#soi18) | [41](#soi18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Small/Mid Cap Value Fund](#soi19) | [44](#soi19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML Sustainable Equity Fund](#soi20) | [46](#soi20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML VIP American Century Mid Cap Value Fund\* (formerly known as MML Mid Cap Value Fund)](#soi21) | [49](#soi21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML VIP American Century Small Company Value Fund\* (formerly known as MML Small Company Value Fund)](#soi22) | [52](#soi22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund\*\* (formerly known as MML Total Return Bond Fund)](#soi23) | [55](#soi23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML VIP Loomis Sayles Large Cap Growth Fund (formerly known as MML Large Cap Growth Fund)](#soi24) | [75](#soi24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MML VIP MFS<sup>®</sup> International Equity Fund (formerly known as MML International Equity Fund)](#soi25) | [77](#soi25) |
| &nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#sal) | [80](#sal) |
| &nbsp;&nbsp;&nbsp; [Statements of Operations](#sop) | [92](#sop) |
| &nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#scna) | [98](#scna) |
| &nbsp;&nbsp;&nbsp; [Financial Highlights](#fihi) | [111](#fihi) |
| &nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#notes) | [136](#notes) |
| &nbsp;&nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#report) | [177](#report) |
| &nbsp;&nbsp;&nbsp; [Federal Tax Information (Unaudited)](#fedtax) | [178](#fedtax) |
| &nbsp;&nbsp;&nbsp; **Financial Statements and Financial Highlights for the American Funds Insurance Series — Growth Fund (Master Fund of the MML American Funds Growth Fund).\*\*\*** <br>|  |
| **[Item 8.](#item8)<br> [Changes in and Disagreements with Accountants for Open-End Management Investment Companies.](#item8)**<br>| [179](#item8) |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies.](#item9)** | [180](#item9) |
| **[Item 10.](#item10)<br> [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.](#item10)**<br>| [181](#item10) |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.](#item11)** | [182](#item11) |

---

\* *The "American Century" name is the property of American Century Proprietary Holdings, Inc. and is being used by the Fund with the permission of American Century.*

\*\* *Fidelity Institutional AM is a registered service mark of FMR LLC. Used with permission.*

\*\*\* *Included in the document titled "American Funds Insurance Series<sup>®</sup> Financial Statements and Other Information N-CSR Items 7-11 for the year ended December 31, 2025" that is filed herewith.*

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

------

**[**TABLE OF CONTENTS**](#TOC)**

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

 **MML Conservative Allocation Fund – Portfolio of Investments** <br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Mutual Funds — 100.1%**<br>|  |  |
| **Equity Funds — 40.8%**<br>|  |  |
|  Fidelity<sup>®</sup> VIP Emerging Markets Portfolio, Initial Class | 120447 | $1906674  |
|  MML Blue Chip Growth Fund, Initial Class (a) | 452523 | 8892074  |
|  MML Equity Income Fund, Initial Class (a) | 1321962 | 13774848  |
| &nbsp;&nbsp;&nbsp; MML Focused Equity Fund, <br>Class II (a) | 1622934 | 11344311  |
| &nbsp;&nbsp;&nbsp; MML Foreign Fund, Initial <br>Class (a) | 334235 | 3964031  |
|  MML Fundamental Equity Fund, Class II (a) | 478671 | 5734473  |
| MML Global Fund, Class I (a) | 955306 | 4805188  |
|  MML Income & Growth Fund, Initial Class (a) | 349075 | 3089311  |
|  MML Invesco Discovery Mid Cap Fund, Class II (a) (b) | 97459 | 980438  |
|  MML Mid Cap Growth Fund, Initial Class (a) | 397013 | 3950283  |
|  MML Small Cap Growth Equity Fund, Initial Class (a) | 94097 | 1092172  |
|  MML Small/Mid Cap Value Fund, Initial Class (a) | 143205 | 1192899  |
|  MML VIP American Century Mid Cap Value Fund, Initial Class (a) | 490847 | 3946409  |
|  MML VIP American Century Small Company Value Fund, Class II (a) | 212996 | 1833892  |
|  MML VIP Loomis Sayles Large Cap Growth Fund, Initial Class (a) | 409626 | 6660522  |
|  MML VIP MFS<sup>®</sup> International Equity Fund, Class II (a) | 927584 | 11539139  |
|  |  | 84706664  |
| **Fixed Income Funds — 59.3%**<br>|  |  |
|  Invesco Global Strategic Income Fund, Class R6 | 1297553 | 4255974  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
|  MML Barings High Yield Fund, Class I (a) | 86953 | $709533  |
|  MML Inflation-Protected and Income Fund, Initial Class (a) | 518597 | 4485860  |
|  MML Managed Bond Fund, Initial Class (a) | 4689925 | 52397870  |
|  MML Short-Duration Bond Fund, Class II (a) | 1167818 | 10802321  |
| &nbsp;&nbsp;&nbsp; MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund, <br>Class II (a) | 5204623 | 47153885  |
|  PIMCO Variable Insurance Trust - Long-Term U.S. Government Portfolio, Institutional Shares | 461994 | 3455714  |
|  |  | 123261157  |
| **TOTAL MUTUAL FUNDS** <br>**(Cost $201,937,975)** |  | **207967821**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $201,937,975)** |  | **207967821**  |
| **TOTAL INVESTMENTS — 100.1%** <br>**(Cost $201,937,975) (c)** |  | **207967821**  |
| **Other Assets/**<br>(Liabilities) — (0.1)% |  | **(199633)**  |
| **NET ASSETS — 100.0%** |  | **$207768188** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **1**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Balanced Allocation Fund – Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Mutual Funds — 100.1%**<br>|  |  |
| **Equity Funds — 50.9%**<br>|  |  |
|  Fidelity<sup>®</sup> VIP Emerging Markets Portfolio, Initial Class | 194865 | $3084709  |
|  MML Blue Chip Growth Fund, Initial Class (a) | 738225 | 14506129  |
|  MML Equity Income Fund, Initial Class (a) | 2150069 | 22403719  |
| &nbsp;&nbsp;&nbsp; MML Focused Equity Fund, <br>Class II (a) | 2705200 | 18909348  |
| &nbsp;&nbsp;&nbsp; MML Foreign Fund, Initial <br>Class (a) | 560686 | 6649741  |
|  MML Fundamental Equity Fund, Class II (a) | 784369 | 9396746  |
| MML Global Fund, Class I (a) | 1540699 | 7749716  |
|  MML Income & Growth Fund, Initial Class (a) | 544084 | 4815144  |
|  MML Invesco Discovery Mid Cap Fund, Class II (a) (b) | 157485 | 1584294  |
|  MML Mid Cap Growth Fund, Initial Class (a) | 638767 | 6355734  |
|  MML Small Cap Growth Equity Fund, Initial Class (a) | 152082 | 1765201  |
|  MML Small/Mid Cap Value Fund, Initial Class (a) | 228377 | 1902381  |
|  MML VIP American Century Mid Cap Value Fund, Initial Class (a) | 789290 | 6345895  |
|  MML VIP American Century Small Company Value Fund, Class II (a) | 345849 | 2977763  |
|  MML VIP Loomis Sayles Large Cap Growth Fund, Initial Class (a) | 677997 | 11024239  |
|  MML VIP MFS<sup>®</sup> International Equity Fund, Class II (a) | 1573365 | 19572655  |
|  |  | 139043414  |
| **Fixed Income Funds — 49.2%**<br>|  |  |
|  Invesco Global Strategic Income Fund, Class R6 | 1406770 | 4614207  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
|  MML Barings High Yield Fund, Class I (a) | 90341 | $737183  |
|  MML Inflation-Protected and Income Fund, Initial Class (a) | 563618 | 4875292  |
|  MML Managed Bond Fund, Initial Class (a) | 5124788 | 57256350  |
|  MML Short-Duration Bond Fund, Class II (a) | 1263934 | 11691391  |
| &nbsp;&nbsp;&nbsp; MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund, <br>Class II (a) | 5695162 | 51598172  |
|  PIMCO Variable Insurance Trust - Long-Term U.S. Government Portfolio, Institutional Shares | 498408 | 3728092  |
|  |  | 134500687  |
| **TOTAL MUTUAL FUNDS** <br>**(Cost $269,259,035)** |  | **273544101**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $269,259,035)** |  | **273544101**  |
| **TOTAL INVESTMENTS — 100.1%** <br>**(Cost $269,259,035) (c)** |  | **273544101**  |
| **Other Assets/**<br>(Liabilities) — (0.1)% |  | **(242261)**  |
| **NET ASSETS — 100.0%** |  | **$273301840** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

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

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **2**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Moderate Allocation Fund – Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Mutual Funds — 100.1%**<br>|  |  |
| **Equity Funds — 60.7%**<br>|  |  |
|  Fidelity<sup>®</sup> VIP Emerging Markets Portfolio, Initial Class | 755192 | $11954695  |
|  MML Blue Chip Growth Fund, Initial Class (a) | 2953849 | 58043134  |
|  MML Equity Income Fund, Initial Class (a) | 8538414 | 88970271  |
| &nbsp;&nbsp;&nbsp; MML Focused Equity Fund, <br>Class II (a) | 10447173 | 73025736  |
| &nbsp;&nbsp;&nbsp; MML Foreign Fund, Initial <br>Class (a) | 2210748 | 26219467  |
|  MML Fundamental Equity Fund, Class II (a) | 3093309 | 37057841  |
| MML Global Fund, Class I (a) | 5967824 | 30018153  |
|  MML Income & Growth Fund, Initial Class (a) | 2218261 | 19631609  |
|  MML Invesco Discovery Mid Cap Fund, Class II (a) (b) | 602197 | 6058101  |
|  MML Mid Cap Growth Fund, Initial Class (a) | 2501756 | 24892471  |
|  MML Small Cap Growth Equity Fund, Initial Class (a) | 611665 | 7099526  |
|  MML Small/Mid Cap Value Fund, Initial Class (a) | 892810 | 7437106  |
|  MML VIP American Century Mid Cap Value Fund, Initial Class (a) | 3024130 | 24314003  |
|  MML VIP American Century Small Company Value Fund, Class II (a) | 1350870 | 11630991  |
|  MML VIP Loomis Sayles Large Cap Growth Fund, Initial Class (a) | 2673156 | 43465524  |
|  MML VIP MFS<sup>®</sup> International Equity Fund, Class II (a) | 6071989 | 75535540  |
|  |  | 545354168  |
| **Fixed Income Funds — 39.4%**<br>|  |  |
|  Invesco Global Strategic Income Fund, Class R6 | 3616744 | 11862920  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
|  MML Barings High Yield Fund, Class I (a) | 239604 | $1955168  |
|  MML Inflation-Protected and Income Fund, Initial Class (a) | 1442710 | 12479438  |
|  MML Managed Bond Fund, Initial Class (a) | 13516911 | 151016772  |
|  MML Short-Duration Bond Fund, Class II (a) | 3255550 | 30113836  |
| &nbsp;&nbsp;&nbsp; MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund, <br>Class II (a) | 14848547 | 134527832  |
|  PIMCO Variable Insurance Trust - Long-Term U.S. Government Portfolio, Institutional Shares | 1522740 | 11390094  |
|  |  | 353346060  |
| **TOTAL MUTUAL FUNDS** <br>**(Cost $864,527,576)** |  | **898700228**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $864,527,576)** |  | **898700228**  |
| **TOTAL INVESTMENTS — 100.1%** <br>**(Cost $864,527,576) (c)** |  | **898700228**  |
| **Other Assets/**<br>(Liabilities) — (0.1)% |  | **(732736)**  |
| **NET ASSETS — 100.0%** |  | **$897967492** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **3**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Growth Allocation Fund – Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Mutual Funds — 100.1%**<br>|  |  |
| **Equity Funds — 75.9%**<br>|  |  |
|  Fidelity<sup>®</sup> VIP Emerging Markets Portfolio, Initial Class | 992096 | $15704877  |
|  MML Blue Chip Growth Fund, Initial Class (a) | 3772476 | 74129148  |
|  MML Equity Income Fund, Initial Class (a) | 10419372 | 108569856  |
| &nbsp;&nbsp;&nbsp; MML Focused Equity Fund, <br>Class II (a) | 13013610 | 90965134  |
| &nbsp;&nbsp;&nbsp; MML Foreign Fund, Initial <br>Class (a) | 2665764 | 31615965  |
|  MML Fundamental Equity Fund, Class II (a) | 3860093 | 46243914  |
| MML Global Fund, Class I (a) | 7195170 | 36191705  |
|  MML Income & Growth Fund, Initial Class (a) | 2787209 | 24666800  |
|  MML Invesco Discovery Mid Cap Fund, Class II (a) (b) | 732518 | 7369135  |
|  MML Mid Cap Growth Fund, Initial Class (a) | 3080370 | 30649685  |
|  MML Small Cap Growth Equity Fund, Initial Class (a) | 743337 | 8627832  |
|  MML Small/Mid Cap Value Fund, Initial Class (a) | 1081378 | 9007880  |
|  MML VIP American Century Mid Cap Value Fund, Initial Class (a) | 3666807 | 29481126  |
|  MML VIP American Century Small Company Value Fund, Class II (a) | 1755730 | 15116832  |
|  MML VIP Loomis Sayles Large Cap Growth Fund, Initial Class (a) | 3408573 | 55423393  |
|  MML VIP MFS<sup>®</sup> International Equity Fund, Class II (a) | 7487569 | 93145363  |
|  |  | 676908645  |
| **Fixed Income Funds — 24.2%**<br>|  |  |
|  Invesco Global Strategic Income Fund, Class R6 | 2202154 | 7223066  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
|  MML Barings High Yield Fund, Class I (a) | 138078 | $1126714  |
|  MML Inflation-Protected and Income Fund, Initial Class (a) | 882463 | 7633306  |
|  MML Managed Bond Fund, Initial Class (a) | 8154449 | 91105028  |
|  MML Short-Duration Bond Fund, Class II (a) | 2027163 | 18751260  |
| &nbsp;&nbsp;&nbsp; MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund, <br>Class II (a) | 9065590 | 82134245  |
|  PIMCO Variable Insurance Trust - Long-Term U.S. Government Portfolio, Institutional Shares | 1059891 | 7927986  |
|  |  | 215901605  |
| **TOTAL MUTUAL FUNDS** <br>**(Cost $856,357,225)** |  | **892810250**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $856,357,225)** |  | **892810250**  |
| **TOTAL INVESTMENTS — 100.1%** <br>**(Cost $856,357,225) (c)** |  | **892810250**  |
| **Other Assets/**<br>(Liabilities) — (0.1)% |  | **(599155)**  |
| **NET ASSETS — 100.0%** |  | **$892211095** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

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

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **4**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Aggressive Allocation Fund – Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Mutual Funds — 100.1%**<br>|  |  |
| **Equity Funds — 90.2%**<br>|  |  |
|  Fidelity<sup>®</sup> VIP Emerging Markets Portfolio, Initial Class | 166805 | $2640523  |
|  MML Blue Chip Growth Fund, Initial Class (a) | 630347 | 12386326  |
|  MML Equity Income Fund, Initial Class (a) | 1721047 | 17933306  |
| &nbsp;&nbsp;&nbsp; MML Focused Equity Fund, <br>Class II (a) | 2105533 | 14717672  |
| &nbsp;&nbsp;&nbsp; MML Foreign Fund, Initial <br>Class (a) | 450022 | 5337265  |
|  MML Fundamental Equity Fund, Class II (a) | 662347 | 7934919  |
| MML Global Fund, Class I (a) | 1170732 | 5888781  |
|  MML Income & Growth Fund, Initial Class (a) | 447153 | 3957303  |
|  MML Invesco Discovery Mid Cap Fund, Class II (a) (b) | 117858 | 1185651  |
|  MML Mid Cap Growth Fund, Initial Class (a) | 507888 | 5053483  |
|  MML Small Cap Growth Equity Fund, Initial Class (a) | 121847 | 1414267  |
|  MML Small/Mid Cap Value Fund, Initial Class (a) | 177720 | 1480410  |
|  MML VIP American Century Mid Cap Value Fund, Initial Class (a) | 600466 | 4827746  |
|  MML VIP American Century Small Company Value Fund, Class II (a) | 273167 | 2351966  |
|  MML VIP Loomis Sayles Large Cap Growth Fund, Initial Class (a) | 585647 | 9522615  |
|  MML VIP MFS<sup>®</sup> International Equity Fund, Class II (a) | 1257108 | 15638422  |
|  |  | 112270655  |
| **Fixed Income Funds — 9.9%**<br>|  |  |
|  Invesco Global Strategic Income Fund, Class R6 | 118905 | 390008  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
|  MML Barings High Yield Fund, Class I (a) | 7340 | $59892  |
|  MML Inflation-Protected and Income Fund, Initial Class (a) | 47741 | 412961  |
|  MML Managed Bond Fund, Initial Class (a) | 457452 | 5110850  |
|  MML Short-Duration Bond Fund, Class II (a) | 104014 | 962132  |
| &nbsp;&nbsp;&nbsp; MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund, <br>Class II (a) | 507570 | 4598583  |
|  PIMCO Variable Insurance Trust - Long-Term U.S. Government Portfolio, Institutional Shares | 105482 | 789008  |
|  |  | 12323434  |
| **TOTAL MUTUAL FUNDS** <br>**(Cost $117,312,117)** |  | **124594089**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $117,312,117)** |  | **124594089**  |
| **TOTAL INVESTMENTS — 100.1%** <br>**(Cost $117,312,117) (c)** |  | **124594089**  |
| **Other Assets/**<br>(Liabilities) — (0.1)% |  | **(111527)**  |
| **NET ASSETS — 100.0%** |  | **$124482562** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **5**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML American Funds Growth Fund – Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Mutual Funds — 100.1%**<br>|  |  |
| **Equity Funds — 100.1%**<br>|  |  |
|  American Funds Insurance Series<sup>®</sup> Growth Fund, Class 1 | 2450874 | $345720257  |
|  |  | 345720257  |
| **TOTAL MUTUAL FUNDS** <br>**(Cost $243,421,564)** |  | **345720257**  |
| **TOTAL INVESTMENTS — 100.1%**<br>**(Cost $243,421,564) (a)** |  | **345720257**  |
| **Other Assets/**<br>(Liabilities) — (0.1)% |  | **(398325)**  |
| **NET ASSETS — 100.0%** |  | **$345321932** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

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

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **6**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML American Funds Core Allocation Fund – Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Mutual Funds — 100.1%**<br>|  |  |
| **Equity Funds — 65.6%**<br>|  |  |
| AFIS Global Growth Fund, Class 1 | 2867539 | $111231839  |
|  American Funds Insurance Series<sup>®</sup> Growth Fund, Class 1 | 692803 | 97726844  |
|  American Funds Insurance Series<sup>®</sup> Growth-Income Fund, Class 1 | 1617314 | 109540682  |
|  American Funds Insurance Series<sup>®</sup> Washington Mutual Investors Fund, Class 1 | 2279520 | 41441669  |
|  |  | 359941034  |
| **Fixed Income Funds — 34.5%**<br>|  |  |
|  American Funds Insurance Series<sup>®</sup> The Bond Fund Of America, Class 1 | 19918890 | 189627831  |
| **TOTAL MUTUAL FUNDS** <br>**(Cost $536,414,170)** |  | **549568865**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $536,414,170)** |  | **549568865**  |
| **TOTAL INVESTMENTS — 100.1%** <br>**(Cost $536,414,170) (a)** |  | **549568865**  |
| **Other Assets/**<br>(Liabilities) — (0.1)% |  | **(682691)**  |
| **NET ASSETS — 100.0%** |  | **$548886174** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **7**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Blue Chip Growth Fund – Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 99.7%**<br>|  |  |
| **Common Stock — 99.7%**<br>|  |  |
| **Communication Services — 15.0%**<br>|  |  |
| Alphabet, Inc. Class A | 23536 | $7366768  |
| Alphabet, Inc. Class C | 86551 | 27159704  |
| Meta Platforms, Inc. Class A | 35158 | 23207444  |
| Netflix, Inc. (a) | 101870 | 9551331  |
| T-Mobile US, Inc. | 20152 | 4091662  |
|  |  | 71376909  |
| **Consumer Discretionary — 16.7%**<br>|  |  |
| Amazon.com, Inc. (a) | 133567 | 30829935  |
| Booking Holdings, Inc. | 830 | 4444924  |
| Carvana Co. (a) | 46137 | 19470737  |
| Chipotle Mexican Grill, Inc. (a) | 57861 | 2140857  |
| DoorDash, Inc., Class A (a) | 9783 | 2215654  |
| Ross Stores, Inc. | 11793 | 2124391  |
| Sea Ltd. ADR (a) | 16886 | 2154147  |
| Tesla, Inc. (a) | 31310 | 14080733  |
| TJX Cos., Inc. | 14998 | 2303843  |
|  |  | 79765221  |
| **Consumer Staples — 0.7%**<br>|  |  |
| Colgate-Palmolive Co. | 17352 | 1371155  |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc. <br>Class A | 13937 | 750229  |
| Procter & Gamble Co. | 7517 | 1077261  |
|  |  | 3198645  |
| **Financials — 8.1%**<br>|  |  |
| Adyen NV ADR (a) | 28 | 447  |
| Adyen NV (a) (b) | 524 | 840743  |
| Charles Schwab Corp. | 14836 | 1482265  |
| Chubb Ltd. | 13959 | 4356883  |
| Goldman Sachs Group, Inc. | 2232 | 1961928  |
| Marsh & McLennan Cos., Inc. | 7680 | 1424794  |
| Mastercard, Inc. Class A | 18942 | 10813609  |
| Moody's Corp. | 2767 | 1413522  |
| Morgan Stanley | 11581 | 2055975  |
| Visa, Inc. Class A | 39947 | 14009812  |
|  |  | 38359978  |
| **Health Care — 7.0%**<br>|  |  |
| Danaher Corp. | 11516 | 2636243  |
| Eli Lilly & Co. | 14040 | 15088507  |
| Intuitive Surgical, Inc. (a) | 12338 | 6987750  |
| Medline, Inc. Class A (a) | 10099 | 424158  |
| Stryker Corp. | 5669 | 1992483  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Thermo Fisher Scientific, Inc. | 4888 | $2832352  |
| UnitedHealth Group, Inc. | 9889 | 3264458  |
|  |  | 33225951  |
| **Industrials — 3.2%**<br>|  |  |
| Cintas Corp. | 5605 | 1054132  |
| GE Vernova, Inc. | 5036 | 3291379  |
| General Electric Co. | 28350 | 8732650  |
| Old Dominion Freight Line, Inc. | 5826 | 913517  |
| TransDigm Group, Inc. | 874 | 1162289  |
| Veralto Corp. | 2311 | 230592  |
|  |  | 15384559  |
| **Information Technology — 47.9%**<br>|  |  |
| Apple, Inc. | 158836 | 43181155  |
| ASML Holding NV | 3767 | 4030162  |
| Broadcom, Inc. | 67577 | 23388400  |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. <br>Class A (a) | 3930 | 1842227  |
| Datadog, Inc. Class A (a) | 4886 | 664447  |
| Microsoft Corp. | 117334 | 56745069  |
| Monolithic Power Systems, Inc. | 2500 | 2265900  |
| NVIDIA Corp. | 363962 | 67878913  |
| Oracle Corp. | 25990 | 5065711  |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. <br>Class A (a) | 8269 | 1469815  |
| Roper Technologies, Inc. | 3655 | 1626950  |
| ServiceNow, Inc. (a) | 45568 | 6980562  |
| Shopify, Inc. Class A (a) | 28613 | 4605834  |
| Synopsys, Inc. (a) | 5125 | 2407315  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 9421 | 2862948  |
| TE Connectivity PLC | 9866 | 2244614  |
| Texas Instruments, Inc. | 6776 | 1175568  |
|  |  | 228435590  |
| **Materials — 0.6%**<br>|  |  |
| Linde PLC (LIN US) | 3290 | 1402823  |
| Sherwin-Williams Co. | 4896 | 1586451  |
|  |  | 2989274  |
| **Utilities — 0.5%**<br>|  |  |
| Constellation Energy Corp. | 7097 | 2507157  |
| **TOTAL COMMON STOCK** <br>**(Cost $261,402,162)** |  | **475243284**  |
| **TOTAL EQUITIES** <br>**(Cost $261,402,162)** |  | **475243284** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **8**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Blue Chip Growth Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Bonds & Notes — 0.2%**<br>|  |  |
| **Corporate Debt — 0.2%**<br>|  |  |
| **Retail — 0.2%**<br>|  |  |
| Carvana Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.000% 6/01/30 (b)  | $367750 | $385452  |
| &nbsp;&nbsp;&nbsp; 9.000% 6/01/31 (b)  | 501719 | 566154  |
|  |  | 951606  |
| **TOTAL CORPORATE DEBT** <br>**(Cost $914,579)** |  | **951606**  |
| **TOTAL BONDS & NOTES** <br>**(Cost $914,579)** |  | **951606**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $262,316,741)** |  | **476194890** |

---

---

| | |
|:---|:---|
|  | **Number of** <br>**Shares** |
| **Short-Term Investments — 0.3%**<br>|  |
| **Mutual Fund — 0.0%**<br>|  |
| T. Rowe Price Government Reserve Investment Fund, 2.055% (c) | 117 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** |  |
| **Repurchase Agreement — 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., <br>Repurchase Agreement, dated 12/31/25, 2.000%, due 1/02/26 (d) | $1421700 | 1421700  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,421,817)** |  | **1421817**  |
| **TOTAL INVESTMENTS — 100.2%** <br>**(Cost $263,738,558) (e)** |  | **477616707**  |
| **Other Assets/**<br>(Liabilities) — (0.2)% |  | **(1122321)**  |
| **NET ASSETS — 100.0%** |  | **$476494386** |

---

**Abbreviation Legend** 

<br> ADR American Depositary Receipt

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At December 31, 2025, the aggregate market value of these securities amounted to $1,792,349 or 0.38% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate disclosed is the 7-day net yield as of December 31,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $1,421,858. Collateralized
 by U.S. Government Agency obligations with a rate of 3.875%, maturity date of 5/31/27, and an aggregate market value, including accrued
 interest, of $1,450,166.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **9**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Equity Income Fund – Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Equities — 99.7%**<br>|  |  |
| **Common Stock — 98.9%**<br>|  |  |
| **Communication Services — 6.7%**<br>|  |  |
| Alphabet, Inc. Class A | 29180 | $9133341  |
| Alphabet, Inc. Class C | 22180 | 6960084  |
| Comcast Corp. Class A | 69849 | 2087787  |
| Meta Platforms, Inc. Class A | 3958 | 2612636  |
| News Corp. Class A | 145823 | 3808897  |
| T-Mobile US, Inc. | 8185 | 1661882  |
| Walt Disney Co. | 39769 | 4524519  |
|  |  | 30789146  |
| **Consumer Discretionary — 4.1%**<br>|  |  |
| Amazon.com, Inc. (a) | 30259 | 6984382  |
| Home Depot, Inc. | 12145 | 4179095  |
| Las Vegas Sands Corp. | 88744 | 5776347  |
| Mattel, Inc. (a) | 88666 | 1759133  |
| Volkswagen AG ADR | 31231 | 377583  |
|  |  | 19076540  |
| **Consumer Staples — 6.9%**<br>|  |  |
| Colgate-Palmolive Co. | 77822 | 6149494  |
| Conagra Brands, Inc. | 50538 | 874813  |
| Kenvue, Inc. | 198258 | 3419950  |
| Keurig Dr. Pepper, Inc. | 12277 | 343879  |
| Kimberly-Clark Corp. | 34957 | 3526812  |
| Philip Morris International, Inc. | 35914 | 5760605  |
| Procter & Gamble Co. | 36996 | 5301897  |
| Tyson Foods, Inc. Class A | 64708 | 3793183  |
| Walmart, Inc. | 23000 | 2562430  |
|  |  | 31733063  |
| **Energy — 8.5%**<br>|  |  |
| Chevron Corp. | 22779 | 3471747  |
| ConocoPhillips | 65798 | 6159351  |
| EOG Resources, Inc. | 20183 | 2119417  |
| EQT Corp. | 25903 | 1388401  |
| Expand Energy Corp. | 30933 | 3413766  |
| Exxon Mobil Corp. | 45036 | 5419632  |
| Kinder Morgan, Inc. | 10300 | 283147  |
| Phillips 66 | 6459 | 833469  |
| SLB Ltd. | 61790 | 2371500  |
| South Bow Corp. (b) | 56862 | 1563907  |
| TC Energy Corp. (b) | 36435 | 2004289  |
| TotalEnergies SE (TTE FP) | 102308 | 6668217  |
| TotalEnergies SE (TTE US) (b) | 18306 | 1197579  |
| Williams Cos., Inc. | 33304 | 2001904  |
|  |  | 38896326  |
| **Financials — 22.8%**<br>|  |  |
| Allstate Corp. | 15959 | 3321866  |
| American International Group, Inc. | 70850 | 6061218  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| Apollo Global Management, Inc. | 8777 | $1270559  |
| Bank of America Corp. | 143667 | 7901685  |
| Capital One Financial Corp. | 3211 | 778218  |
| Charles Schwab Corp. | 89073 | 8899283  |
| Chubb Ltd. | 20500 | 6398460  |
| Citigroup, Inc. | 81206 | 9475928  |
| Corebridge Financial, Inc. | 43365 | 1308322  |
| Equitable Holdings, Inc. | 121181 | 5774275  |
| Fifth Third Bancorp | 105504 | 4938642  |
| Fiserv, Inc. (a) | 21707 | 1458059  |
| Global Payments, Inc. | 6090 | 471366  |
| Hartford Insurance Group, Inc. | 18016 | 2482605  |
| Huntington Bancshares, Inc. | 276835 | 4803087  |
| JP Morgan Chase & Co. | 27878 | 8982849  |
| Loews Corp. | 52053 | 5481701  |
| MetLife, Inc. | 120896 | 9543530  |
| Morgan Stanley | 5170 | 917830  |
| State Street Corp. | 21110 | 2723401  |
| US Bancorp | 114898 | 6130957  |
| Wells Fargo & Co. | 62848 | 5857434  |
|  |  | 104981275  |
| **Health Care — 13.6%**<br>|  |  |
| AstraZeneca PLC Sponsored ADR | 38828 | 3569458  |
| Becton Dickinson & Co. | 34924 | 6777701  |
| Biogen, Inc. (a) | 8447 | 1486587  |
| Bristol-Myers Squibb Co. | 41485 | 2237701  |
| Cardinal Health, Inc. | 1433 | 294481  |
| Cigna Group | 15027 | 4135881  |
| CVS Health Corp. | 76566 | 6076278  |
| Elevance Health, Inc. | 20548 | 7203101  |
| Humana, Inc. | 1667 | 426969  |
| Johnson & Johnson | 10988 | 2273967  |
| Medtronic PLC | 41844 | 4019535  |
| Merck & Co., Inc. | 42029 | 4423972  |
| Novo Nordisk AS Sponsored ADR | 2800 | 142464  |
| Sanofi SA | 17923 | 1738849  |
| Sanofi SA ADR | 20135 | 975742  |
| Thermo Fisher Scientific, Inc. | 4660 | 2700237  |
| UnitedHealth Group, Inc. | 11272 | 3721000  |
| Viatris, Inc. | 345008 | 4295350  |
| Zimmer Biomet Holdings, Inc. | 65415 | 5882117  |
|  |  | 62381390  |
| **Industrials — 13.8%**<br>|  |  |
| 3M Co. | 6473 | 1036327  |
| AGCO Corp. | 19130 | 1995642  |
| Boeing Co. (a) | 28607 | 6211152  |
| CSX Corp. | 131604 | 4770645  |
| Cummins, Inc. | 2440 | 1245498  |
| Dover Corp. | 7511 | 1466448  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **10**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Equity Income Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| Fortive Corp. | 69302 | $3826163  |
| General Electric Co. | 18427 | 5676069  |
| L3Harris Technologies, Inc. | 23963 | 7034818  |
| Middleby Corp. (a) | 8376 | 1245260  |
| Norfolk Southern Corp. | 3216 | 928524  |
| Rockwell Automation, Inc. | 8614 | 3351449  |
| Siemens AG Registered | 21821 | 6128123  |
| Southwest Airlines Co. | 134233 | 5547850  |
| Stanley Black & Decker, Inc. | 80187 | 5956290  |
| Union Pacific Corp. | 12741 | 2947248  |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc. <br>Class B | 41479 | 4114302  |
|  |  | 63481808  |
| **Information Technology — 10.3%**<br>|  |  |
| Accenture PLC Class A | 11400 | 3058620  |
| Advanced Micro Devices, Inc. (a) | 15322 | 3281360  |
| Applied Materials, Inc. | 16372 | 4207440  |
| Intel Corp. (a) | 71491 | 2638018  |
| Microsoft Corp. | 9796 | 4737542  |
| QUALCOMM, Inc. | 56986 | 9747455  |
| Ralliant Corp. | 36580 | 1862288  |
| Salesforce, Inc. | 21251 | 5629602  |
| Samsung Electronics Co. Ltd. | 86088 | 7174944  |
| TE Connectivity PLC | 2555 | 581288  |
| Teledyne Technologies, Inc. (a) | 480 | 245150  |
| Texas Instruments, Inc. | 23222 | 4028785  |
|  |  | 47192492  |
| **Materials — 2.9%**<br>|  |  |
| Avery Dennison Corp. | 5992 | 1089825  |
| CF Industries Holdings, Inc. | 61342 | 4744190  |
| International Paper Co. | 139096 | 5478991  |
| West Fraser Timber Co. Ltd. (b) | 33795 | 2065213  |
|  |  | 13378219  |
| **Real Estate — 3.4%**<br>|  |  |
| CubeSmart | 7855 | 283173  |
| Equity Residential | 91129 | 5744772  |
| PotlatchDeltic Corp. | 20022 | 796475  |
| Rayonier, Inc. | 97531 | 2111546  |
| Rexford Industrial Realty, Inc. | 69306 | 2683528  |
| Sun Communities, Inc. | 6462 | 800707  |
| Weyerhaeuser Co. | 134797 | 3193341  |
|  |  | 15613542  |
| **Utilities — 5.9%**<br>|  |  |
| Alliant Energy Corp. | 47776 | 3105918  |
| Ameren Corp. | 44511 | 4444869  |
| Dominion Energy, Inc. | 9279 | 543657  |
| NextEra Energy, Inc. | 48675 | 3907629  |
| Sempra | 48391 | 4272441  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| Southern Co. | 104016 | $9070195  |
| Xcel Energy, Inc. | 24283 | 1793542  |
|  |  | 27138251  |
| **TOTAL COMMON STOCK** <br>**(Cost $377,921,127)** |  | **454662052**  |
| **Preferred Stock — 0.8%**<br>|  |  |
| **Industrials — 0.5%**<br>|  |  |
| Boeing Co. Convertible<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% | 32577 | 2249767  |
| **Utilities — 0.3%**<br>|  |  |
| Southern Co., Convertible<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.125% | 23724 | 1194741  |
| **TOTAL PREFERRED STOCK (Cost $2,929,685)** |  | **3444508**  |
| **TOTAL EQUITIES**<br>**(Cost $380,850,812)** |  | **458106560**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $380,850,812)** |  | **458106560**  |
| **Short-Term Investments — 0.6%**<br>|  |  |
|  **Investment of Cash Collateral from Securities Loaned — 0.4%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 3.804% (c) | 2007875 | 2007875  |
| **Mutual Fund — 0.0%**<br>|  |  |
| T. Rowe Price Government Reserve Investment Fund, 2.055% (d) | 111 | 111 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** |  |
| **Repurchase Agreement — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., <br>Repurchase Agreement, dated 12/31/25, 2.000%, due 1/02/26 (e) | $1110581 | 1110581  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,118,567)** |  | **3118567**  |
| **TOTAL INVESTMENTS — 100.3%** <br>**(Cost $383,969,379) (f)** |  | **461225127**  |
| **Other Assets/**<br>(Liabilities) — (0.3)% |  | **(1522096)**  |
| **NET ASSETS — 100.0%** |  | **$459703031** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **11**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Equity Income Fund – Portfolio of Investments (Continued)**<br>

**Abbreviation Legend** 

<br> ADR American Depositary Receipt

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of December 31, 2025, was $6,746,864 or 1.47% of net assets. The Fund received $5,075,425
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash
 collateral and 7-day effective yield as of December 31, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Rate disclosed is the 7-day net yield as of December 31,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Maturity value of $1,110,704. Collateralized
 by U.S. Government Agency obligations with a rate of 3.875%, maturity date of 5/31/27, and an aggregate market value, including accrued
 interest, of $1,132,814.

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

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **12**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Equity Index Fund – Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 99.1%**<br>|  |  |
| **Common Stock — 99.1%**<br>|  |  |
| **Communication Services — 10.5%**<br>|  |  |
| Alphabet, Inc. Class A | 67348 | $21079924  |
| Alphabet, Inc. Class C | 53828 | 16891226  |
| AT&T, Inc. | 82066 | 2038520  |
|  Charter Communications, Inc. Class A (a) | 1056 | 220440  |
| Comcast Corp. Class A | 42072 | 1257532  |
| Electronic Arts, Inc. | 2639 | 539227  |
| Fox Corp. Class A | 2347 | 171495  |
| Fox Corp. Class B | 1590 | 103239  |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, <br>Inc. (a) (b) | 1860 | 265050  |
| Match Group, Inc. | 2664 | 86021  |
| Meta Platforms, Inc. Class A | 25211 | 16641529  |
| Netflix, Inc. (a) | 49051 | 4599022  |
| News Corp. Class A | 4237 | 110671  |
| News Corp. Class B (b) | 1399 | 41452  |
| Omnicom Group, Inc. | 3584 | 289408  |
| &nbsp;&nbsp;&nbsp; Paramount Skydance Corp. <br>Class B (b) | 3646 | 48856  |
| T-Mobile US, Inc. | 5608 | 1138648  |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, <br>Inc. (a) | 2013 | 515388  |
| TKO Group Holdings, Inc. | 741 | 154869  |
| Trade Desk, Inc. Class A (a) | 5373 | 203959  |
| Verizon Communications, Inc. | 49080 | 1999028  |
| Walt Disney Co. | 20666 | 2351171  |
| Warner Bros Discovery, Inc. (a) | 28819 | 830564  |
|  |  | 71577239  |
| **Consumer Discretionary — 10.3%**<br>|  |  |
| Airbnb, Inc. Class A (a) | 4893 | 664078  |
| Amazon.com, Inc. (a) | 112611 | 25992871  |
| Aptiv PLC (a) | 2626 | 199812  |
| AutoZone, Inc. (a) | 196 | 664734  |
| Best Buy Co., Inc. | 2213 | 148116  |
| Booking Holdings, Inc. | 373 | 1997538  |
| Carnival Corp. (a) | 12583 | 384285  |
| Carvana Co. (a) | 1637 | 690847  |
| Chipotle Mexican Grill, Inc. (a) | 15278 | 565286  |
| Darden Restaurants, Inc. | 1398 | 257260  |
| Deckers Outdoor Corp. (a) | 1742 | 180593  |
| Domino's Pizza, Inc. | 350 | 145887  |
| DoorDash, Inc., Class A (a) | 4309 | 975902  |
| DR Horton, Inc. | 3158 | 454847  |
| eBay, Inc. | 5344 | 465462  |
| Expedia Group, Inc. | 1358 | 384735  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Ford Motor Co. | 45927 | $602562  |
| Garmin Ltd. | 1854 | 376084  |
| General Motors Co. | 10697 | 869880  |
| Genuine Parts Co. | 1615 | 198580  |
| Hasbro, Inc. | 1428 | 117096  |
| Hilton Worldwide Holdings, Inc. | 2723 | 782182  |
| Home Depot, Inc. | 11522 | 3964720  |
| Las Vegas Sands Corp. | 3527 | 229572  |
| Lennar Corp. Class A | 2440 | 250832  |
| Lowe's Cos., Inc. | 6509 | 1569710  |
| Lululemon Athletica, Inc. (a) | 1291 | 268283  |
| Marriott International, Inc. Class A | 2599 | 806314  |
| McDonald's Corp. | 8242 | 2519002  |
| MGM Resorts International (a) | 2363 | 86226  |
| NIKE, Inc. Class B | 13853 | 882575  |
| &nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings <br>Ltd. (a) (b) | 5565 | 124211  |
| NVR, Inc. (a) | 32 | 233369  |
| O'Reilly Automotive, Inc. (a) | 9807 | 894496  |
| Pool Corp. | 365 | 83494  |
| PulteGroup, Inc. | 2203 | 258324  |
| Ralph Lauren Corp. | 449 | 158771  |
| Ross Stores, Inc. | 3777 | 680389  |
| Royal Caribbean Cruises Ltd. | 2916 | 813331  |
| Starbucks Corp. | 13114 | 1104330  |
| Tapestry, Inc. | 2414 | 308437  |
| Tesla, Inc. (a) | 32527 | 14628042  |
| TJX Cos., Inc. | 12856 | 1974810  |
| Tractor Supply Co. | 6065 | 303311  |
| Ulta Beauty, Inc. (a) | 513 | 310370  |
| Williams-Sonoma, Inc. | 1444 | 257884  |
| Wynn Resorts Ltd. (b) | 993 | 119488  |
| Yum! Brands, Inc. | 3282 | 496501  |
|  |  | 70445429  |
| **Consumer Staples — 4.7%**<br>|  |  |
| Altria Group, Inc. | 19504 | 1124601  |
| Archer-Daniels-Midland Co. | 5676 | 326313  |
| Brown-Forman Corp. Class B (b) | 2358 | 61450  |
| Bunge Global SA | 1665 | 148318  |
| Campbell's Co. | 2529 | 70483  |
| Church & Dwight Co., Inc. | 2745 | 230168  |
| Clorox Co. | 1427 | 143884  |
| Coca-Cola Co. | 44800 | 3131968  |
| Colgate-Palmolive Co. | 9274 | 732832  |
| Conagra Brands, Inc. | 6038 | 104518  |
| Constellation Brands, Inc. Class A | 1621 | 223633  |
| Costco Wholesale Corp. | 5130 | 4423804  |
| Dollar General Corp. | 2598 | 344936  |
| Dollar Tree, Inc. (a) | 2196 | 270130  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **13**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Equity Index Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Estee Lauder Cos., Inc. Class A | 2733 | $286200  |
| General Mills, Inc. | 6313 | 293555  |
| Hershey Co. | 1753 | 319011  |
| Hormel Foods Corp. | 3728 | 88354  |
| J.M. Smucker Co. | 1170 | 114438  |
| Kenvue, Inc. | 22576 | 389436  |
| Keurig Dr. Pepper, Inc. | 16091 | 450709  |
| Kimberly-Clark Corp. | 3933 | 396800  |
| Kraft Heinz Co. | 9820 | 238135  |
| Kroger Co. | 7157 | 447169  |
| Lamb Weston Holdings, Inc. | 1464 | 61327  |
| McCormick & Co., Inc. | 2938 | 200107  |
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. <br>Class B | 1872 | 87385  |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc. <br>Class A | 14912 | 802713  |
| Monster Beverage Corp. (a) | 8257 | 633064  |
| PepsiCo, Inc. | 15802 | 2267903  |
| Philip Morris International, Inc. | 17991 | 2885756  |
| Procter & Gamble Co. | 27050 | 3876536  |
| Sysco Corp. | 5657 | 416864  |
| Target Corp. | 5263 | 514458  |
| Tyson Foods, Inc. Class A | 3277 | 192098  |
| Walmart, Inc. | 50805 | 5660185  |
|  |  | 31959241  |
| **Energy — 2.8%**<br>|  |  |
| APA Corp. (b) | 4495 | 109948  |
| Baker Hughes Co. | 11624 | 529357  |
| Chevron Corp. | 21910 | 3339303  |
| ConocoPhillips | 14304 | 1338997  |
| Coterra Energy, Inc. | 8599 | 226326  |
| Devon Energy Corp. | 7158 | 262198  |
| Diamondback Energy, Inc. | 2233 | 335687  |
| EOG Resources, Inc. | 6219 | 653057  |
| EQT Corp. | 6879 | 368714  |
| Expand Energy Corp. | 2504 | 276341  |
| Exxon Mobil Corp. | 48817 | 5874638  |
| Halliburton Co. | 10060 | 284296  |
| Kinder Morgan, Inc. | 22425 | 616463  |
| Marathon Petroleum Corp. | 3501 | 569368  |
| Occidental Petroleum Corp. | 8109 | 333442  |
| ONEOK, Inc. | 7396 | 543606  |
| Phillips 66 | 4610 | 594874  |
| SLB Ltd. | 17085 | 655722  |
| Targa Resources Corp. | 2533 | 467339  |
| Texas Pacific Land Corp. | 672 | 193012  |
| Valero Energy Corp. | 3492 | 568463  |
| Williams Cos., Inc. | 14012 | 842261  |
|  |  | 18983412  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Financials — 13.3%**<br>|  |  |
| Aflac, Inc. | 5538 | $610675  |
| Allstate Corp. | 3070 | 639020  |
| American Express Co. | 6220 | 2301089  |
| American International Group, Inc. | 6210 | 531265  |
| Ameriprise Financial, Inc. | 1065 | 522212  |
| Aon PLC Class A | 2484 | 876554  |
| Apollo Global Management, Inc. | 5357 | 775479  |
| Arch Capital Group Ltd. (a) | 4120 | 395190  |
| ARES Management Corp. Class A | 2387 | 385811  |
| Arthur J Gallagher & Co. | 3011 | 779217  |
| Assurant, Inc. | 553 | 133190  |
| Bank of America Corp. | 77770 | 4277350  |
| Bank of New York Mellon Corp. | 8033 | 932551  |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. <br>Class B (a) | 21227 | 10669752  |
| Blackrock, Inc. | 1677 | 1794960  |
| Blackstone, Inc. | 8580 | 1322521  |
| Block, Inc. (a) | 6397 | 416381  |
| Brown & Brown, Inc. | 3358 | 267633  |
| Capital One Financial Corp. | 7349 | 1781104  |
| Cboe Global Markets, Inc. | 1247 | 312997  |
| Charles Schwab Corp. | 19335 | 1931760  |
| Chubb Ltd. | 4237 | 1322452  |
| Cincinnati Financial Corp. | 1856 | 303122  |
| Citigroup, Inc. | 20713 | 2417000  |
| Citizens Financial Group, Inc. | 5122 | 299176  |
| CME Group, Inc. | 4155 | 1134647  |
| Coinbase Global, Inc. Class A (a) | 2633 | 595427  |
| Corpay, Inc. (a) | 827 | 248869  |
| Erie Indemnity Co. Class A | 309 | 88575  |
| Everest Group Ltd. | 488 | 165603  |
| FactSet Research Systems, Inc. | 438 | 127103  |
|  Fidelity National Information Services, Inc. | 5905 | 392446  |
| Fifth Third Bancorp | 7562 | 353977  |
| Fiserv, Inc. (a) | 6319 | 424447  |
| Franklin Resources, Inc. | 3950 | 94365  |
| Global Payments, Inc. | 2613 | 202246  |
| Globe Life, Inc. | 920 | 128671  |
| Goldman Sachs Group, Inc. | 3472 | 3051888  |
| Hartford Insurance Group, Inc. | 3186 | 439031  |
| Huntington Bancshares, Inc. | 17235 | 299027  |
|  Interactive Brokers Group, Inc. Class A | 5123 | 329460  |
| Intercontinental Exchange, Inc. | 6630 | 1073795  |
| Invesco Ltd. | 4872 | 127987  |
| Jack Henry & Associates, Inc. | 819 | 149451  |
| JP Morgan Chase & Co. | 31512 | 10153797  |
| KeyCorp. | 10651 | 219837  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **14**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Equity Index Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| KKR & Co., Inc. | 7960 | $1014741  |
| Loews Corp. | 2014 | 212094  |
| M&T Bank Corp. | 1804 | 363470  |
| Marsh & McLennan Cos., Inc. | 5694 | 1056351  |
| Mastercard, Inc. Class A | 9492 | 5418793  |
| MetLife, Inc. | 6339 | 500401  |
| Moody's Corp. | 1776 | 907270  |
| Morgan Stanley | 13982 | 2482224  |
| MSCI, Inc. | 870 | 499145  |
| Nasdaq, Inc. | 5277 | 512555  |
| Northern Trust Corp. | 2154 | 294215  |
| PayPal Holdings, Inc. | 10786 | 629687  |
| PNC Financial Services Group, Inc. | 4553 | 950348  |
| Principal Financial Group, Inc. | 2418 | 213292  |
| Progressive Corp. | 6812 | 1551229  |
| Prudential Financial, Inc. | 4098 | 462582  |
| Raymond James Financial, Inc. | 2066 | 331779  |
| Regions Financial Corp. | 9929 | 269076  |
| &nbsp;&nbsp;&nbsp; Robinhood Markets, Inc. <br>Class A (a) | 9009 | 1018918  |
| S&P Global, Inc. | 3589 | 1875575  |
| State Street Corp. | 3261 | 420702  |
| Synchrony Financial | 4110 | 342897  |
| T. Rowe Price Group, Inc. | 2617 | 267928  |
| Travelers Cos., Inc. | 2578 | 747775  |
| Truist Financial Corp. | 14818 | 729194  |
| US Bancorp | 17943 | 957438  |
| Visa, Inc. Class A | 19536 | 6851471  |
| W. R. Berkley Corp. | 3566 | 250048  |
| Wells Fargo & Co. | 36338 | 3386702  |
| Willis Towers Watson PLC | 1076 | 353574  |
|  |  | 90670584  |
| **Health Care — 9.5%**<br>|  |  |
| Abbott Laboratories | 20101 | 2518454  |
| AbbVie, Inc. | 20459 | 4674677  |
| Agilent Technologies, Inc. | 3274 | 445493  |
| Align Technology, Inc. (a) | 790 | 123359  |
| Amgen, Inc. | 6250 | 2045688  |
| Baxter International, Inc. | 5797 | 110781  |
| Becton Dickinson & Co. | 3307 | 641790  |
| Bio-Techne Corp. | 1707 | 100389  |
| Biogen, Inc. (a) | 1733 | 304991  |
| Boston Scientific Corp. (a) | 17198 | 1639829  |
| Bristol-Myers Squibb Co. | 23559 | 1270772  |
| Cardinal Health, Inc. | 2728 | 560604  |
| Cencora, Inc. | 2257 | 762302  |
| Centene Corp. (a) | 5337 | 219618  |
|  Charles River Laboratories International, Inc. (a) | 548 | 109315  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Cigna Group | 3067 | $844130  |
| Cooper Cos., Inc. (a) | 2263 | 185475  |
| CVS Health Corp. | 14618 | 1160085  |
| Danaher Corp. | 7277 | 1665851  |
| DaVita, Inc. (a) | 447 | 50784  |
| Dexcom, Inc. (a) | 4511 | 299395  |
| Edwards Lifesciences Corp. (a) | 6717 | 572624  |
| Elevance Health, Inc. | 2593 | 908976  |
| Eli Lilly & Co. | 9193 | 9879533  |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, <br>Inc. (a) | 5274 | 432574  |
| Gilead Sciences, Inc. | 14444 | 1772857  |
| HCA Healthcare, Inc. | 1849 | 863224  |
| Henry Schein, Inc. (a) | 1053 | 79586  |
| Hologic, Inc. (a) | 2507 | 186746  |
| Humana, Inc. | 1371 | 351154  |
| IDEXX Laboratories, Inc. (a) | 931 | 629849  |
| Incyte Corp. (a) | 1778 | 175613  |
| Insulet Corp. (a) | 831 | 236203  |
| Intuitive Surgical, Inc. (a) | 4104 | 2324341  |
| IQVIA Holdings, Inc. (a) | 1972 | 444509  |
| Johnson & Johnson | 27890 | 5771836  |
| Labcorp Holdings, Inc. | 985 | 247117  |
| McKesson Corp. | 1442 | 1182858  |
| Medtronic PLC | 14872 | 1428604  |
| Merck & Co., Inc. | 28732 | 3024330  |
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International, <br>Inc. (a) | 234 | 326240  |
| Moderna, Inc. (a) | 3787 | 111679  |
| Molina Healthcare, Inc. (a) | 638 | 110719  |
| Pfizer, Inc. | 66030 | 1644147  |
| Quest Diagnostics, Inc. | 1274 | 221077  |
| Regeneron Pharmaceuticals, Inc. | 1158 | 893825  |
| ResMed, Inc. | 1714 | 412851  |
| Revvity, Inc. (b) | 1347 | 130322  |
| Solventum Corp. (a) | 1749 | 138591  |
| STERIS PLC | 1095 | 277604  |
| Stryker Corp. | 3991 | 1402717  |
| Thermo Fisher Scientific, Inc. | 4349 | 2520028  |
| UnitedHealth Group, Inc. | 10481 | 3459883  |
|  Universal Health Services, Inc. Class B | 638 | 139097  |
| Vertex Pharmaceuticals, Inc. (a) | 2924 | 1325625  |
| Viatris, Inc. | 13081 | 162858  |
| Waters Corp. (a) | 700 | 265881  |
| West Pharmaceutical Services, Inc. | 830 | 228366  |
| Zimmer Biomet Holdings, Inc. | 2321 | 208704  |
| Zoetis, Inc. | 5101 | 641808  |
|  |  | 64868338  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **15**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Equity Index Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Industrials — 8.1%**<br>|  |  |
| 3M Co. | 6174 | $988457  |
| A.O. Smith Corp. | 1162 | 77715  |
| Allegion PLC | 972 | 154762  |
| AMETEK, Inc. | 2622 | 538323  |
| Automatic Data Processing, Inc. | 4704 | 1210010  |
| Axon Enterprise, Inc. (a) | 914 | 519088  |
| Boeing Co. (a) | 9041 | 1962982  |
| &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, <br>Inc. | 1314 | 293245  |
| Builders FirstSource, Inc. (a) | 1290 | 132728  |
| C.H. Robinson Worldwide, Inc. | 1317 | 211721  |
| Carrier Global Corp. | 9375 | 495375  |
| Caterpillar, Inc. | 5417 | 3103237  |
| Cintas Corp. | 3928 | 738739  |
| Comfort Systems USA, Inc. | 407 | 379849  |
| Copart, Inc. (a) | 10372 | 406064  |
| CSX Corp. | 21389 | 775351  |
| Cummins, Inc. | 1620 | 826929  |
| Dayforce, Inc. (a) | 1763 | 121929  |
| Deere & Co. | 2926 | 1362258  |
| Delta Air Lines, Inc. | 7400 | 513560  |
| Dover Corp. | 1635 | 319217  |
| Eaton Corp. PLC | 4532 | 1443487  |
| EMCOR Group, Inc. | 521 | 318743  |
| Emerson Electric Co. | 6463 | 857769  |
| Equifax, Inc. | 1421 | 308329  |
|  Expeditors International of Washington, Inc. | 1610 | 239906  |
| Fastenal Co. | 13201 | 529756  |
| FedEx Corp. | 2490 | 719261  |
| Fortive Corp. | 3677 | 203007  |
| GE Vernova, Inc. | 3139 | 2051556  |
| Generac Holdings, Inc. (a) | 645 | 87959  |
| General Dynamics Corp. | 2962 | 997187  |
| General Electric Co. | 12210 | 3761046  |
| Honeywell International, Inc. | 7391 | 1441910  |
| Howmet Aerospace, Inc. | 4643 | 951908  |
| Hubbell, Inc. | 634 | 281566  |
| Huntington Ingalls Industries, Inc. | 429 | 145890  |
| IDEX Corp. | 855 | 152139  |
| Illinois Tool Works, Inc. | 3059 | 753432  |
| Ingersoll Rand, Inc. | 4210 | 333516  |
| Jacobs Solutions, Inc. | 1429 | 189285  |
| JB Hunt Transport Services, Inc. | 885 | 171991  |
| Johnson Controls International PLC | 7074 | 847111  |
| L3Harris Technologies, Inc. | 2153 | 632056  |
| Leidos Holdings, Inc. | 1462 | 263745  |
| Lennox International, Inc. | 374 | 181607  |
| Lockheed Martin Corp. | 2349 | 1136141  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Masco Corp. | 2376 | $150781  |
| Nordson Corp. | 600 | 144258  |
| Norfolk Southern Corp. | 2571 | 742299  |
| Northrop Grumman Corp. | 1557 | 887817  |
| Old Dominion Freight Line, Inc. | 2152 | 337434  |
| Otis Worldwide Corp. | 4606 | 402334  |
| PACCAR, Inc. | 6060 | 663631  |
| Parker-Hannifin Corp. | 1461 | 1284161  |
| Paychex, Inc. | 3824 | 428976  |
| Paycom Software, Inc. | 590 | 94022  |
| Pentair PLC | 1913 | 199220  |
| Quanta Services, Inc. | 1711 | 722145  |
| Republic Services, Inc. | 2328 | 493373  |
| Rockwell Automation, Inc. | 1316 | 512016  |
| Rollins, Inc. | 3230 | 193865  |
| RTX Corp. | 15581 | 2857555  |
| Snap-on, Inc. | 608 | 209517  |
| Southwest Airlines Co. | 5955 | 246120  |
| Stanley Black & Decker, Inc. | 1698 | 126127  |
| Textron, Inc. | 2099 | 182970  |
| Trane Technologies PLC | 2572 | 1001022  |
| TransDigm Group, Inc. | 660 | 877701  |
| Uber Technologies, Inc. (a) | 24025 | 1963083  |
| Union Pacific Corp. | 6903 | 1596802  |
| United Airlines Holdings, Inc. (a) | 3732 | 417312  |
| United Parcel Service, Inc. Class B | 8619 | 854919  |
| United Rentals, Inc. | 749 | 606181  |
| Veralto Corp. | 2951 | 294451  |
| Verisk Analytics, Inc. | 1574 | 352088  |
| W.W. Grainger, Inc. | 507 | 511588  |
| Waste Management, Inc. | 4306 | 946071  |
|  Westinghouse Air Brake Technologies Corp. | 1953 | 416868  |
| Xylem, Inc. | 2790 | 379942  |
|  |  | 55228491  |
| **Information Technology — 34.1%**<br>|  |  |
| Accenture PLC Class A | 7175 | 1925052  |
| Adobe, Inc. (a) | 4846 | 1696052  |
| Advanced Micro Devices, Inc. (a) | 18891 | 4045697  |
| Akamai Technologies, Inc. (a) | 1666 | 145359  |
| Amphenol Corp. Class A | 14224 | 1922231  |
| Analog Devices, Inc. | 5678 | 1539874  |
| Apple, Inc. | 171049 | 46501381  |
| Applied Materials, Inc. | 9222 | 2369962  |
| AppLovin Corp. Class A (a) | 3121 | 2102992  |
| Arista Networks, Inc. (a) | 11971 | 1568560  |
| Autodesk, Inc. (a) | 2447 | 724336  |
| Broadcom, Inc. | 54665 | 18919556  |
| Cadence Design Systems, Inc. (a) | 3127 | 977438  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **16**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Equity Index Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| CDW Corp. | 1448 | $197218  |
| Cisco Systems, Inc. | 45617 | 3513878  |
|  Cognizant Technology Solutions Corp. Class A | 5571 | 462393  |
| Corning, Inc. | 9043 | 791805  |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. <br>Class A (a) | 2884 | 1351904  |
| Datadog, Inc. Class A (a) | 3737 | 508195  |
| Dell Technologies, Inc. Class C | 3466 | 436300  |
| EPAM Systems, Inc. (a) | 590 | 120879  |
| F5, Inc. (a) | 671 | 171279  |
| Fair Isaac Corp. (a) | 275 | 464921  |
| First Solar, Inc. (a) | 1239 | 323664  |
| Fortinet, Inc. (a) | 7466 | 592875  |
| Gartner, Inc. (a) | 799 | 201572  |
| Gen Digital, Inc. | 6244 | 169774  |
| GoDaddy, Inc. Class A (a) | 1569 | 194682  |
| Hewlett Packard Enterprise Co. | 14915 | 358258  |
| HP, Inc. | 11137 | 248132  |
| Intel Corp. (a) | 51293 | 1892712  |
|  International Business Machines Corp. | 10843 | 3211805  |
| Intuit, Inc. | 3216 | 2130343  |
| Jabil, Inc. | 1278 | 291410  |
| Keysight Technologies, Inc. (a) | 1967 | 399675  |
| KLA Corp. | 1518 | 1844491  |
| Lam Research Corp. | 14540 | 2488957  |
| Microchip Technology, Inc. | 6168 | 393025  |
| Micron Technology, Inc. | 13018 | 3715467  |
| Microsoft Corp. | 86036 | 41608730  |
| Monolithic Power Systems, Inc. | 551 | 499404  |
| Motorola Solutions, Inc. | 1907 | 730991  |
| NetApp, Inc. | 2408 | 257873  |
| NVIDIA Corp. | 281293 | 52461144  |
| NXP Semiconductors NV | 2953 | 640978  |
| ON Semiconductor Corp. (a) | 4561 | 246978  |
| Oracle Corp. | 19291 | 3760009  |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. <br>Class A (a) | 26474 | 4705753  |
| Palo Alto Networks, Inc. (a) | 7786 | 1434181  |
| PTC, Inc. (a) | 1413 | 246159  |
| Qnity Electronics, Inc. | 2383 | 194572  |
| QUALCOMM, Inc. | 12398 | 2120678  |
| Roper Technologies, Inc. | 1252 | 557303  |
| Salesforce, Inc. | 11020 | 2919308  |
| Sandisk Corp. (a) | 1606 | 381232  |
| Seagate Technology Holdings PLC | 2430 | 669198  |
| ServiceNow, Inc. (a) | 12170 | 1864322  |
| Skyworks Solutions, Inc. | 1765 | 111919  |
| Super Micro Computer, Inc. (a) | 5944 | 173981  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Synopsys, Inc. (a) | 2175 | $1021641  |
| TE Connectivity PLC | 3432 | 780814  |
| Teledyne Technologies, Inc. (a) | 553 | 282434  |
| Teradyne, Inc. | 1856 | 359247  |
| Texas Instruments, Inc. | 10572 | 1834136  |
| Trimble, Inc. (a) | 2838 | 222357  |
| Tyler Technologies, Inc. (a) | 509 | 231061  |
| VeriSign, Inc. | 981 | 238334  |
| Western Digital Corp. | 3958 | 681845  |
| Workday, Inc. Class A (a) | 2547 | 547045  |
| &nbsp;&nbsp;&nbsp; Zebra Technologies Corp. <br>Class A (a) | 594 | 144235  |
|  |  | 232841966  |
| **Materials — 1.8%**<br>|  |  |
| Air Products & Chemicals, Inc. | 2603 | 642993  |
| Albemarle Corp. (b) | 1334 | 188681  |
| Amcor PLC | 26931 | 224605  |
| Avery Dennison Corp. | 912 | 165875  |
| Ball Corp. | 2970 | 157321  |
| CF Industries Holdings, Inc. | 1702 | 131633  |
| Corteva, Inc. | 7828 | 524711  |
| CRH PLC | 7759 | 968323  |
| Dow, Inc. | 8208 | 191903  |
| DuPont de Nemours, Inc. | 4767 | 191633  |
| Ecolab, Inc. | 2958 | 776534  |
| Freeport-McMoRan, Inc. | 16775 | 852002  |
|  International Flavors & Fragrances, Inc. | 2995 | 201833  |
| International Paper Co. (b) | 6265 | 246778  |
| Linde PLC (LIN US) | 5405 | 2304638  |
|  LyondellBasell Industries NV Class A | 2985 | 129251  |
| Martin Marietta Materials, Inc. | 708 | 440843  |
| Mosaic Co. | 3893 | 93782  |
| Newmont Corp. (NEM US) | 12559 | 1254016  |
| Nucor Corp. | 2670 | 435504  |
| Packaging Corp. of America | 1036 | 213654  |
| PPG Industries, Inc. | 2603 | 266703  |
| Sherwin-Williams Co. | 2686 | 870345  |
| Smurfit WestRock PLC | 5843 | 225949  |
| Steel Dynamics, Inc. | 1531 | 259428  |
| Vulcan Materials Co. | 1534 | 437527  |
|  |  | 12396465  |
| **Real Estate — 1.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, <br>Inc. | 1735 | 84911  |
| American Tower Corp. | 5378 | 944215  |
| AvalonBay Communities, Inc. | 1594 | 289008  |
| BXP, Inc. (b) | 1600 | 107968  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **17**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Equity Index Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Camden Property Trust | 1184 | $130335  |
| CBRE Group, Inc. Class A (a) | 3449 | 554565  |
| CoStar Group, Inc. (a) | 4886 | 328535  |
| Crown Castle, Inc. | 5121 | 455103  |
| Digital Realty Trust, Inc. | 3776 | 584185  |
| Equinix, Inc. | 1150 | 881084  |
| Equity Residential | 4055 | 255627  |
| Essex Property Trust, Inc. | 748 | 195737  |
| Extra Space Storage, Inc. | 2433 | 316825  |
| Federal Realty Investment Trust | 984 | 99187  |
| Healthpeak Properties, Inc. | 7850 | 126228  |
| Host Hotels & Resorts, Inc. | 7688 | 136308  |
| Invitation Homes, Inc. | 6667 | 185276  |
| Iron Mountain, Inc. | 3528 | 292648  |
| Kimco Realty Corp. | 7894 | 160011  |
|  Mid-America Apartment Communities, Inc. | 1363 | 189334  |
| Prologis, Inc. | 10739 | 1370941  |
| Public Storage | 1798 | 466581  |
| Realty Income Corp. | 10435 | 588221  |
| Regency Centers Corp. | 1830 | 126325  |
| SBA Communications Corp. | 1281 | 247784  |
| Simon Property Group, Inc. | 3651 | 675837  |
| UDR, Inc. | 3336 | 122364  |
| Ventas, Inc. | 5226 | 404388  |
| VICI Properties, Inc. | 12218 | 343570  |
| Welltower, Inc. | 7785 | 1444974  |
| Weyerhaeuser Co. | 8496 | 201270  |
|  |  | 12309345  |
| **Utilities — 2.2%**<br>|  |  |
| AES Corp. | 8797 | 126149  |
| Alliant Energy Corp. | 2942 | 191259  |
| Ameren Corp. | 3036 | 303175  |
| American Electric Power Co., Inc. | 6202 | 715153  |
| American Water Works Co., Inc. | 2188 | 285534  |
| Atmos Energy Corp. | 1881 | 315312  |
| CenterPoint Energy, Inc. | 7764 | 297672  |
| CMS Energy Corp. | 3518 | 246014  |
| Consolidated Edison, Inc. | 4211 | 418236  |
| Constellation Energy Corp. | 3624 | 1280250  |
| Dominion Energy, Inc. | 9990 | 585314  |
| DTE Energy Co. | 2342 | 302071  |
| Duke Energy Corp. | 8965 | 1050788  |
| Edison International | 4572 | 274411  |
| Entergy Corp. | 5212 | 481745  |
| Evergy, Inc. | 2634 | 190939  |
| Eversource Energy | 4351 | 292953  |
| Exelon Corp. | 11871 | 517457  |
| FirstEnergy Corp. | 6051 | 270903  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| NextEra Energy, Inc. | 23925 | $1920699  |
| NiSource, Inc. | 5587 | 233313  |
| NRG Energy, Inc. | 2203 | 350806  |
| PG&E Corp. | 25536 | 410364  |
| Pinnacle West Capital Corp. | 1438 | 127551  |
| PPL Corp. (b) | 8834 | 309367  |
| Public Service Enterprise Group, Inc. | 5861 | 470638  |
| Sempra | 7551 | 666678  |
| Southern Co. | 12688 | 1106394  |
| Vistra Corp. | 3707 | 598050  |
| WEC Energy Group, Inc. | 3707 | 390940  |
| Xcel Energy, Inc. | 6749 | 498481  |
|  |  | 15228616  |
| **TOTAL COMMON STOCK** <br>**(Cost $262,519,353)** |  | **676509126**  |
| **TOTAL EQUITIES** <br>**(Cost $262,519,353)** |  | **676509126**  |
| **Exchange-Traded Funds — 0.2%**<br>|  |  |
| iShares Core S&P 500 ETF | 2127 | 1456867  |
| **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,451,610)** |  | **1456867**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $263,970,963)** |  | **677965993**  |
| **Short-Term Investments — 0.7%**<br>|  |  |
|  **Investment of Cash Collateral from Securities Loaned — 0.0%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 3.804% (c) | 49624 | 49624 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** |  |
| **Repurchase Agreement — 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., <br>Repurchase Agreement, dated 12/31/25, 2.000%, due 1/02/26 (d) | $4694458 | 4694458  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $4,744,082)** |  | **4744082**  |
| **TOTAL INVESTMENTS — 100.0%**<br>**(Cost $268,715,045) (e)** |  | **682710075**  |
| **Other Assets/**<br>(Liabilities) — 0.0% |  | **198190**  |
| **NET ASSETS — 100.0%** |  | **$682908265** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **18**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Equity Index Fund – Portfolio of Investments (Continued)**<br>

**Abbreviation Legend** 

<br> ETF Exchange-Traded Fund

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of December 31, 2025, was $1,711,306 or 0.25% of net assets. The Fund received $1,711,412
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash
 collateral and 7-day effective yield as of December 31, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $4,694,979. Collateralized
 by U.S. Government Agency obligations with a rate of 3.875%, maturity date of 5/31/27, and an aggregate market value, including accrued
 interest, of $4,788,534.

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

**Futures contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration**<br>**Date** | **Number of**<br>**Contracts** | **Notional**<br>**Amount** | **Value/Net Unrealized**<br>**Appreciation**<br>(Depreciation)  |
| **Long**  | **Long**  | **Long**  | **Long**  | **Long**  |
| S&P 500 E Mini Index | 3/20/26 | 15 | $5164794 | $4581 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **19**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Focused Equity Fund – Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Equities — 98.7%**<br>|  |  |
| **Common Stock — 98.7%**<br>|  |  |
| **Communication Services — 4.8%**<br>|  |  |
| Alphabet, Inc. Class A | 35112 | $10990056  |
| **Consumer Discretionary — 13.1%**<br>|  |  |
| Home Depot, Inc. | 21345 | 7344815  |
| Marriott International, Inc. Class A | 10459 | 3244800  |
| McDonald's Corp. | 23684 | 7238541  |
| NIKE, Inc. Class B | 47161 | 3004627  |
| TJX Cos., Inc. | 58279 | 8952237  |
|  |  | 29785020  |
| **Consumer Staples — 5.8%**<br>|  |  |
| Coca-Cola Co. | 87025 | 6083918  |
| Procter & Gamble Co. | 50263 | 7203190  |
|  |  | 13287108  |
| **Financials — 23.8%**<br>|  |  |
| American Express Co. | 25840 | 9559508  |
| Chubb Ltd. | 30115 | 9399494  |
| Marsh & McLennan Cos., Inc. | 48141 | 8931118  |
| Mastercard, Inc. Class A | 17686 | 10096584  |
| S&P Global, Inc. | 17816 | 9310463  |
| Visa, Inc. Class A | 19744 | 6924418  |
|  |  | 54221585  |
| **Health Care — 13.9%**<br>|  |  |
| Danaher Corp. | 35775 | 8189613  |
| Elevance Health, Inc. | 13042 | 4571873  |
| Eli Lilly & Co. | 11054 | 11879513  |
| Stryker Corp. | 20276 | 7126406  |
|  |  | 31767405  |
| **Industrials — 7.9%**<br>|  |  |
| AMETEK, Inc. | 11406 | 2341766  |
| Honeywell International, Inc. | 37831 | 7380450  |
| Northrop Grumman Corp. | 14466 | 8248658  |
|  |  | 17970874  |
| **Information Technology — 25.5%**<br>|  |  |
| Accenture PLC Class A | 16976 | 4554661  |
| Amphenol Corp. Class A | 14000 | 1891960  |
| Apple, Inc. | 31780 | 8639711  |
| Broadcom, Inc. | 38196 | 13219635  |
| Intuit, Inc. | 10615 | 7031588  |
| Microsoft Corp. | 21153 | 10230014  |
| QUALCOMM, Inc. | 29776 | 5093185  |
| Texas Instruments, Inc. | 43589 | 7562256  |
|  |  | 58223010  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Materials — 3.9%**<br>|  |  |
| Linde PLC (LIN US) | 20996 | $8952484  |
| **TOTAL COMMON STOCK** <br>**(Cost $181,153,274)** |  | **225197542**  |
| **TOTAL EQUITIES** <br>**(Cost $181,153,274)** |  | **225197542**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $181,153,274)** |  | **225197542** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** |  |
| **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** |
| **Repurchase Agreement — 1.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., <br>Repurchase Agreement, dated 12/31/25, 2.000%, due 1/02/26 (a) | $3528666 | 3528666  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,528,666)** |  | **3528666**  |
| **TOTAL INVESTMENTS — 100.2%** <br>**(Cost $184,681,940) (b)** |  | **228726208**  |
| **Other Assets/**<br>(Liabilities) — (0.2)% |  | **(478991)**  |
| **NET ASSETS — 100.0%** |  | **$228247217** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Maturity value of $3,529,058. Collateralized
 by U.S. Government Agency obligations with a rate of 4.500%, maturity date of 5/15/27, and an aggregate market value, including accrued
 interest, of $3,599,274.

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

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **20**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Foreign Fund – Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 101.0%**<br>|  |  |
| **Common Stock — 100.3%**<br>|  |  |
| **Australia — 3.7%**<br>|  |  |
| BHP Group Ltd. (a) | 9700 | $292708  |
| Glencore PLC | 296600 | 1613426  |
| Macquarie Group Ltd. | 10100 | 1359294  |
| Santos Ltd. | 329500 | 1351464  |
| Sonic Healthcare Ltd. | 64100 | 966598  |
| Whitehaven Coal Ltd. | 132300 | 683732  |
|  |  | 6267222  |
| **Belgium — 2.3%**<br>|  |  |
| Anheuser-Busch InBev SA | 25000 | 1604010  |
| KBC Group NV | 17500 | 2274704  |
|  |  | 3878714  |
| **Canada — 1.2%**<br>|  |  |
| Canadian National Railway Co. | 9800 | 969255  |
| CCL Industries, Inc. Class B | 16800 | 1061207  |
|  |  | 2030462  |
| **China — 1.2%**<br>|  |  |
| Prosus NV (PRX NA) | 29700 | 1834381  |
| &nbsp;&nbsp;&nbsp; SITC International <br>Holdings Co. Ltd. | 68500 | 244731  |
|  |  | 2079112  |
| **Denmark — 0.7%**<br>|  |  |
| Novo Nordisk AS Class B | 15400 | 784981  |
| Rockwool AS Class B | 9300 | 327346  |
|  |  | 1112327  |
| **France — 11.2%**<br>|  |  |
| Accor SA | 35600 | 2017132  |
| Amundi SA (b) | 17000 | 1405971  |
| Capgemini SE | 12800 | 2119842  |
| Cie de Saint-Gobain SA | 13700 | 1390728  |
| Edenred SE | 43600 | 968598  |
| FDJ UNITED | 10400 | 288341  |
| Rexel SA | 13200 | 518850  |
| Societe Generale SA | 47100 | 3794746  |
| Sodexo SA (a) | 16100 | 824806  |
| Teleperformance SE | 8776 | 632336  |
| TotalEnergies SE (TTE FP) | 27700 | 1805427  |
| Veolia Environnement SA | 94112 | 3279024  |
|  |  | 19045801  |
| **Germany — 11.9%**<br>|  |  |
| Allianz SE Registered | 3500 | 1605339  |
| BASF SE | 20200 | 1055301  |
| CTS Eventim AG & Co. KGaA | 8000 | 734335  |
| Deutsche Boerse AG | 7100 | 1864894  |
| Deutsche Post AG | 28100 | 1539099  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Heidelberg Materials AG | 9200 | $2409201  |
| Infineon Technologies AG | 44900 | 1989468  |
| Merck KGaA | 12800 | 1837326  |
| SAP SE | 12200 | 2985076  |
| Siemens AG Registered | 9100 | 2555608  |
| Zalando SE (b) (c) | 53900 | 1600345  |
|  |  | 20175992  |
| **Hong Kong — 2.0%**<br>|  |  |
| AIA Group Ltd. | 205000 | 2105656  |
| CK Asset Holdings Ltd. | 248500 | 1251717  |
|  |  | 3357373  |
| **Ireland — 3.1%**<br>|  |  |
| AerCap Holdings NV | 17200 | 2472672  |
| AIB Group PLC | 262900 | 2825040  |
|  |  | 5297712  |
| **Israel — 0.9%**<br>|  |  |
|  Check Point Software Technologies Ltd. (c) | 8100 | 1503036  |
| **Italy — 0.7%**<br>|  |  |
| Ryanair Holdings PLC | 33200 | 1152966  |
| **Japan — 20.7%**<br>|  |  |
| Canon, Inc. (a) | 35500 | 1050886  |
| Dai Nippon Printing Co. Ltd. | 37400 | 643744  |
| Daikin Industries Ltd. | 7400 | 949961  |
| FANUC Corp. | 51100 | 1988796  |
| Fujitsu Ltd. | 93500 | 2563546  |
| Hitachi Ltd. | 115200 | 3573924  |
| Komatsu Ltd. | 29700 | 949420  |
| Kyocera Corp. | 104800 | 1471191  |
| Nintendo Co. Ltd. | 11200 | 756553  |
| Nomura Holdings, Inc. | 95100 | 791082  |
| Olympus Corp. | 84100 | 1071285  |
| ORIX Corp. | 103700 | 3014747  |
| Panasonic Holdings Corp. | 126700 | 1657492  |
| Rakuten Group, Inc. (a) (c) | 195600 | 1254988  |
| Renesas Electronics Corp. | 90300 | 1236683  |
| SBI Holdings, Inc. | 104000 | 2244457  |
| Seven & i Holdings Co. Ltd. | 173900 | 2497363  |
| Sony Group Corp. | 141500 | 3616762  |
|  Sumitomo Mitsui Financial Group, Inc. | 107600 | 3462930  |
| Toyota Industries Corp. | 4500 | 510985  |
|  |  | 35306795  |
| **Luxembourg — 1.2%**<br>|  |  |
| ArcelorMittal SA | 9400 | 428099  |
| Eurofins Scientific SE | 22000 | 1608994  |
|  |  | 2037093  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **21**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Foreign Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Netherlands — 4.2%**<br>|  |  |
| ASML Holding NV | 3600 | $3848098  |
| EXOR NV | 5100 | 432219  |
| ING Groep NV | 78300 | 2201106  |
| Koninklijke Philips NV | 26220 | 709644  |
| Magnum Ice Cream Co. NV (a) (c) | 2500 | 39680  |
|  |  | 7230747  |
| **Norway — 2.5%**<br>|  |  |
| Aker BP ASA | 49173 | 1251238  |
| DNB Bank ASA | 107300 | 2988175  |
|  |  | 4239413  |
| **Republic of Korea — 1.9%**<br>|  |  |
| Samsung Electronics Co. Ltd. | 39400 | 3283765  |
| **Singapore — 1.5%**<br>|  |  |
| DBS Group Holdings Ltd. | 60360 | 2641617  |
| **Sweden — 2.6%**<br>|  |  |
| Boliden AB (c) | 20500 | 1134473  |
| Essity AB Class B | 42000 | 1209924  |
|  Skandinaviska Enskilda Banken AB Class A | 97900 | 2066721  |
|  |  | 4411118  |
| **Switzerland — 2.0%**<br>|  |  |
|  Cie Financiere Richemont SA Registered Class A | 9100 | 1963928  |
| Julius Baer Group Ltd. | 18181 | 1421366  |
|  |  | 3385294  |
| **United Kingdom — 13.4%**<br>|  |  |
| Ashtead Group PLC | 19900 | 1357679  |
| Aviva PLC | 148076 | 1355718  |
| Barratt Redrow PLC | 145100 | 743420  |
| Beazley PLC | 32200 | 359712  |
| Bunzl PLC | 13500 | 376743  |
| CK Hutchison Holdings Ltd. | 306800 | 2090231  |
| DCC PLC | 25950 | 1612813  |
| Inchcape PLC | 90600 | 939177  |
| Informa PLC | 65700 | 779322  |
| Kingfisher PLC | 124200 | 520785  |
| Legal & General Group PLC | 386800 | 1358191  |
| Lloyds Banking Group PLC | 2515900 | 3315557  |
| Pearson PLC | 74300 | 1048577  |
| Persimmon PLC | 40000 | 731267  |
| Reckitt Benckiser Group PLC | 22800 | 1845915  |
| Smith & Nephew PLC | 46500 | 774112  |
| Tesco PLC | 272305 | 1621272  |
| Unilever PLC | 17422 | 1139074  |
| Wise PLC Class A (c) | 63400 | 761521  |
|  |  | 22731086  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **United States — 11.4%**<br>|  |  |
| BP PLC | 272800 | $1583599  |
| GSK PLC | 77700 | 1909520  |
| Linde PLC (LIN US) | 2000 | 852780  |
| Nestle SA Registered | 26400 | 2623986  |
| Novartis AG Registered | 12300 | 1699100  |
| Roche Holding AG | 9600 | 3967373  |
| Sanofi SA | 19600 | 1901548  |
| Shell PLC | 53700 | 1972629  |
| Smurfit WestRock PLC | 42000 | 1624140  |
| Tenaris SA | 69300 | 1336809  |
|  |  | 19471484  |
| **TOTAL COMMON STOCK** <br>**(Cost $127,182,531)** |  | **170639129**  |
| **Preferred Stock — 0.7%**<br>|  |  |
| **Germany — 0.7%**<br>|  |  |
| Henkel AG & Co. KGaA 2.923% | 13800 | 1127863  |
| **TOTAL PREFERRED STOCK (Cost $1,089,260)** |  | **1127863**  |
| **TOTAL EQUITIES**<br>**(Cost $128,271,791)** |  | **171766992**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $128,271,791)** |  | **171766992**  |
| **Short-Term Investments — 0.8%**<br>|  |  |
|  **Investment of Cash Collateral from Securities Loaned — 0.6%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 3.804% (d) | 1118228 | 1118228 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** |  |
| **Repurchase Agreement — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., <br>Repurchase Agreement, dated 12/31/25, 2.000%, due 1/02/26 (e) | $383921 | 383921  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,502,149)** |  | **1502149**  |
| **TOTAL INVESTMENTS — 101.8%** <br>**(Cost $129,773,940) (f)** |  | **173269141**  |
| **Other Assets/**<br>(Liabilities) — (1.8)% |  | **(3090525)**  |
| **NET ASSETS — 100.0%** |  | **$170178616** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **22**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Foreign Fund – Portfolio of Investments (Continued)**<br>

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Denotes all or a portion of security on loan.
 The total value of securities on loan as of December 31, 2025, was $2,423,021 or 1.42% of net assets. The Fund received $1,428,638
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At December 31, 2025, the aggregate market value of these securities amounted to $3,006,316 or 1.77% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents investment of security lending cash
 collateral and 7-day effective yield as of December 31, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Maturity value of $383,963. Collateralized by
 U.S. Government Agency obligations with a rate of 3.875%, maturity date of 5/31/27, and an aggregate market value, including accrued interest,
 of $391,780.

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

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

---

| | |
|:---|:---|
| Financials | 27.4%  |
| Industrials | 15.2%  |
| Information Technology | 13.0%  |
| Consumer Discretionary | 11.2%  |
| Health Care | 10.1%  |
| Consumer Staples | 8.1%  |
| Materials | 6.2%  |
| Energy | 5.9%  |
| Utilities | 1.9%  |
| Communication Services | 1.3%  |
| Real Estate | 0.7%  |
| Total Long-Term Investments | 101.0%  |
|  Short-Term Investments and Other Assets and Liabilities | (1.0)%  |
| Net Assets | 100.0% |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **23**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Fundamental Equity Fund – Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 99.4%**<br>|  |  |
| **Common Stock — 99.4%**<br>|  |  |
| **Communication Services — 12.4%**<br>|  |  |
| Alphabet, Inc. Class A | 81417 | $25483521  |
| Meta Platforms, Inc. Class A | 22900 | 15116061  |
| Walt Disney Co. | 46891 | 5334789  |
|  |  | 45934371  |
| **Consumer Discretionary — 8.6%**<br>|  |  |
| Amazon.com, Inc. (a) | 74559 | 17209708  |
| DR Horton, Inc. | 13241 | 1907101  |
| Royal Caribbean Cruises Ltd. | 13025 | 3632933  |
| Tesla, Inc. (a) | 9960 | 4479211  |
| Yum! Brands, Inc. | 29663 | 4487419  |
|  |  | 31716372  |
| **Consumer Staples — 6.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, <br>Inc. (a) | 16518 | 1487116  |
| Coca-Cola Co. | 65819 | 4601406  |
| Estee Lauder Cos., Inc. Class A | 23028 | 2411492  |
| Philip Morris International, Inc. | 47863 | 7677225  |
| Walmart, Inc. | 59845 | 6667332  |
|  |  | 22844571  |
| **Energy — 2.5%**<br>|  |  |
| Cheniere Energy, Inc. | 13144 | 2555062  |
| Chevron Corp. | 30671 | 4674567  |
| Suncor Energy, Inc. | 48114 | 2134337  |
|  |  | 9363966  |
| **Financials — 12.3%**<br>|  |  |
| American Express Co. | 12782 | 4728701  |
| American International Group, Inc. | 43171 | 3693279  |
| Arthur J Gallagher & Co. | 8807 | 2279164  |
| Capital One Financial Corp. | 12878 | 3121112  |
| Charles Schwab Corp. | 69976 | 6991302  |
| Equitable Holdings, Inc. | 80823 | 3851216  |
| JP Morgan Chase & Co. | 34119 | 10993824  |
| KKR & Co., Inc. | 22874 | 2915978  |
| Mastercard, Inc. Class A | 12597 | 7191375  |
|  |  | 45765951  |
| **Health Care — 10.2%**<br>|  |  |
| AbbVie, Inc. | 23884 | 5457255  |
| AstraZeneca PLC Sponsored ADR | 7292 | 670354  |
| Boston Scientific Corp. (a) | 42563 | 4058382  |
| Cencora, Inc. | 10628 | 3589607  |
| CVS Health Corp. | 49822 | 3953874  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Eli Lilly & Co. | 6787 | $7293853  |
| Lonza Group AG Registered | 3896 | 2635867  |
| Medline, Inc. Class A (a) | 56562 | 2375604  |
| Medtronic PLC | 58225 | 5593093  |
| Tenet Healthcare Corp. (a) | 11450 | 2275344  |
|  |  | 37903233  |
| **Industrials — 8.4%**<br>|  |  |
| Airbus SE | 8559 | 1985288  |
| Boeing Co. (a) | 16011 | 3476308  |
| Emerson Electric Co. | 7333 | 973236  |
| General Electric Co. | 15717 | 4841308  |
| Hubbell, Inc. | 8671 | 3850878  |
| Johnson Controls International PLC | 19243 | 2304349  |
| Otis Worldwide Corp. | 30361 | 2652033  |
| Parker-Hannifin Corp. | 4274 | 3756675  |
| Republic Services, Inc. | 10824 | 2293930  |
| Uber Technologies, Inc. (a) | 60278 | 4925316  |
|  |  | 31059321  |
| **Information Technology — 31.1%**<br>|  |  |
| Apple, Inc. | 87738 | 23852453  |
| ARM Holdings PLC ADR (a) | 8981 | 981713  |
| ASML Holding NV | 4577 | 4896749  |
| Broadcom, Inc. | 35773 | 12381035  |
| HubSpot, Inc. (a) | 2868 | 1150928  |
| Intuit, Inc. | 6004 | 3977170  |
| Microsoft Corp. | 58823 | 28447979  |
| MongoDB, Inc. (a) | 4290 | 1800470  |
| NVIDIA Corp. | 170273 | 31755915  |
| ServiceNow, Inc. (a) | 23353 | 3577446  |
| Texas Instruments, Inc. | 14848 | 2575980  |
|  |  | 115397838  |
| **Materials — 2.6%**<br>|  |  |
| Corteva, Inc. | 32974 | 2210247  |
| CRH PLC | 19560 | 2441088  |
| DuPont de Nemours, Inc. | 40466 | 1626733  |
| Linde PLC (LIN US) | 7473 | 3186413  |
|  |  | 9464481  |
| **Real Estate — 2.0%**<br>|  |  |
| American Tower Corp. | 8803 | 1545543  |
| Prologis, Inc. | 29548 | 3772098  |
| Welltower, Inc. | 11443 | 2123935  |
|  |  | 7441576  |
| **Utilities — 3.1%**<br>|  |  |
| Ameren Corp. | 19828 | 1980024  |
| Atmos Energy Corp. | 26139 | 4381681  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **24**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Fundamental Equity Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Constellation Energy Corp. | 4078 | $1440635  |
| PPL Corp. (b) | 108352 | 3794487  |
|  |  | 11596827  |
| **TOTAL COMMON STOCK** <br>**(Cost $323,662,407)** |  | **368488507**  |
| **TOTAL EQUITIES** <br>**(Cost $323,662,407)** |  | **368488507**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $323,662,407)** |  | **368488507** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** |  |
| **Short-Term Investments — 0.7%**<br>|  |  |
| **Repurchase Agreement — 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., <br>Repurchase Agreement, dated 12/31/25, 2.000%, due 1/02/26 (c) | $2517808 | 2517808  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $2,517,808)** |  | **2517808**  |
| **TOTAL INVESTMENTS — 100.1%** <br>**(Cost $326,180,215) (d)** |  | **371006315**  |
| **Other Assets/**<br>(Liabilities) — (0.1)% |  | **(202356)**  |
| **NET ASSETS — 100.0%** |  | **$370803959** |

---

**Abbreviation Legend** 

<br> ADR American Depositary Receipt

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of December 31, 2025, was $3,655,843 or 0.99% of net assets. The Fund received $3,761,971
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Maturity value of $2,518,088. Collateralized
 by U.S. Government Agency obligations with a rate of 4.500%, maturity date of 5/15/27, and an aggregate market value, including accrued
 interest, of $2,568,359.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **25**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Global Fund – Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 97.9%**<br>|  |  |
| **Common Stock — 97.9%**<br>|  |  |
| **Brazil — 0.5%**<br>|  |  |
| MercadoLibre, Inc. (a) | 1431 | $2882406  |
| **Canada — 2.4%**<br>|  |  |
| Shopify, Inc. Class A (a) | 82045 | 13206784  |
| **China — 2.3%**<br>|  |  |
| JD.com, Inc. ADR (b) | 241252 | 6923932  |
| Tencent Holdings Ltd. | 69900 | 5356244  |
|  |  | 12280176  |
| **France — 5.9%**<br>|  |  |
| Airbus SE | 69090 | 16025654  |
| EssilorLuxottica SA | 14966 | 4731860  |
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis <br>Vuitton SE | 14465 | 10905166  |
|  |  | 31662680  |
| **Germany — 2.4%**<br>|  |  |
| Allianz SE Registered | 10581 | 4853169  |
| SAP SE | 32576 | 7970641  |
|  |  | 12823810  |
| **India — 2.1%**<br>|  |  |
| HDFC Bank Ltd. ADR | 157315 | 5748290  |
| ICICI Bank Ltd. Sponsored ADR | 181073 | 5395976  |
|  |  | 11144266  |
| **Italy — 1.2%**<br>|  |  |
| Brunello Cucinelli SpA (b) | 45449 | 5229951  |
| Moncler SpA | 18411 | 1183293  |
|  |  | 6413244  |
| **Japan — 1.9%**<br>|  |  |
| Capcom Co. Ltd. | 154600 | 3596846  |
| Hoya Corp. | 20200 | 3059676  |
| Keyence Corp. | 6700 | 2427442  |
| Nintendo Co. Ltd. | 19500 | 1317212  |
|  |  | 10401176  |
| **Netherlands — 2.4%**<br>|  |  |
| Adyen NV (a) (c) | 4425 | 7099790  |
| ASML Holding NV | 1724 | 1842811  |
| BE Semiconductor Industries NV | 16841 | 2618877  |
| Universal Music Group NV | 49481 | 1292716  |
|  |  | 12854194  |
| **Spain — 0.7%**<br>|  |  |
| Amadeus IT Group SA | 53007 | 3887996  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Sweden — 1.2%**<br>|  |  |
| Assa Abloy AB Class B | 87928 | $3408921  |
| Atlas Copco AB Class A | 163730 | 2933348  |
|  |  | 6342269  |
| **Switzerland — 2.1%**<br>|  |  |
| Galderma Group AG | 20361 | 4132944  |
| Lonza Group AG Registered | 10284 | 6957715  |
|  |  | 11090659  |
| **Taiwan — 4.9%**<br>|  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 544000 | 26576237  |
| **United States — 67.9%**<br>|  |  |
| Alphabet, Inc. Class A | 203341 | 63645733  |
| Amazon.com, Inc. (a) | 64243 | 14828569  |
| Analog Devices, Inc. | 52234 | 14165861  |
| ARM Holdings PLC ADR (a) (b) | 30221 | 3303458  |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. <br>Class A (a) | 1 | 754800  |
| Boston Scientific Corp. (a) | 79392 | 7570027  |
| Broadcom, Inc. | 49961 | 17291502  |
| Cadence Design Systems, Inc. (a) | 8854 | 2767583  |
| Ecolab, Inc. | 12045 | 3162053  |
| Eli Lilly & Co. | 16385 | 17608632  |
| Equifax, Inc. | 21018 | 4560486  |
| IDEXX Laboratories, Inc. (a) | 4233 | 2863751  |
| Intuit, Inc. | 23035 | 15258845  |
| Intuitive Surgical, Inc. (a) | 15451 | 8750828  |
| IQVIA Holdings, Inc. (a) | 10510 | 2369059  |
| Lam Research Corp. | 112297 | 19223000  |
| Las Vegas Sands Corp. | 16408 | 1067997  |
| Linde PLC (LIN US) | 3765 | 1605358  |
| Marriott International, Inc. Class A | 20005 | 6206351  |
| Marvell Technology, Inc. | 83750 | 7117075  |
| Mastercard, Inc. Class A | 9188 | 5245245  |
| Meta Platforms, Inc. Class A | 50121 | 33084371  |
| Microsoft Corp. | 33555 | 16227869  |
| Netflix, Inc. (a) | 58810 | 5514026  |
| NVIDIA Corp. | 156850 | 29252525  |
| &nbsp;&nbsp;&nbsp; Phathom Pharmaceuticals, <br>Inc. (a) (b) | 116829 | 1938193  |
| S&P Global, Inc. | 41352 | 21610142  |
| ServiceNow, Inc. (a) | 17035 | 2609592  |
| Spotify Technology SA (a) | 7507 | 4359390  |
| Stryker Corp. | 6425 | 2258195  |
| Thermo Fisher Scientific, Inc. | 13614 | 7888632  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **26**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Global Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| TJX Cos., Inc. | 28209 | $4333185  |
| Visa, Inc. Class A | 49714 | 17435197  |
|  |  | 365877530  |
| **TOTAL COMMON STOCK** <br>**(Cost $450,754,250)** |  | **527443427**  |
| **TOTAL EQUITIES** <br>**(Cost $450,754,250)** |  | **527443427**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $450,754,250)** |  | **527443427**  |
| **Short-Term Investments — 2.7%**<br>|  |  |
|  **Investment of Cash Collateral from Securities Loaned — 0.3%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 3.804% (d) | 1743362 | 1743362 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** |  |
| **Repurchase Agreement — 2.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., <br>Repurchase Agreement, dated 12/31/25, 2.000%, due 1/02/26 (e) | $12642371 | 12642371  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $14,385,733)** |  | **14385733**  |
| **TOTAL INVESTMENTS — 100.6%** <br>**(Cost $465,139,983) (f)** |  | **541829160**  |
| **Other Assets/**<br>(Liabilities) — (0.6)% |  | **(3331865)**  |
| **NET ASSETS — 100.0%** |  | **$538497295** |

---

**Abbreviation Legend** 

<br> ADR American Depositary Receipt

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of December 31, 2025, was $7,875,892 or 1.46% of net assets. The Fund received $6,505,881
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At December 31, 2025, the aggregate market value of these securities amounted to $7,099,790 or 1.32% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents investment of security lending cash
 collateral and 7-day effective yield as of December 31, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Maturity value of $12,643,776. Collateralized
 by U.S. Government Agency obligations with a rate of 4.500%, maturity date of 5/15/27, and an aggregate market value, including accrued
 interest, of $12,895,240.

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

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

---

| | |
|:---|:---|
| Information Technology | 33.8%  |
| Communication Services | 21.9%  |
| Health Care | 13.0%  |
| Financials | 12.6%  |
| Consumer Discretionary | 10.7%  |
| Industrials | 5.0%  |
| Materials | 0.9%  |
| Total Long-Term Investments | 97.9%  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments and Other Assets and <br>Liabilities | 2.1%  |
| Net Assets | 100.0% |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **27**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Income & Growth Fund – Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 99.1%**<br>|  |  |
| **Common Stock — 99.1%**<br>|  |  |
| **Communication Services — 4.2%**<br>|  |  |
| Alphabet, Inc. Class C | 8276 | $2597009  |
| Comcast Corp. Class A | 39917 | 1193119  |
| Warner Music Group Corp. Class A | 56067 | 1719575  |
|  |  | 5509703  |
| **Consumer Discretionary — 3.3%**<br>|  |  |
| Aptiv PLC (a) | 6018 | 457909  |
| Carnival Corp. (a) | 48070 | 1468058  |
| Lennar Corp. Class A | 3581 | 368127  |
| TopBuild Corp. (a) | 2005 | 836466  |
| Wynn Resorts Ltd. (b) | 10149 | 1221229  |
|  |  | 4351789  |
| **Consumer Staples — 7.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners <br>PLC | 17832 | 1617362  |
| Keurig Dr. Pepper, Inc. | 40046 | 1121689  |
| Kraft Heinz Co. | 36261 | 879329  |
| Magnum Ice Cream Co. NV (a) | 2295 | 36376  |
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. <br>Class B | 19478 | 909233  |
| Philip Morris International, Inc. | 8098 | 1298919  |
| Procter & Gamble Co. | 7039 | 1008759  |
| Tyson Foods, Inc. Class A | 15078 | 883872  |
| Unilever PLC | 38337 | 2507240  |
|  |  | 10262779  |
| **Energy — 9.1%**<br>|  |  |
| Chevron Corp. | 20934 | 3190551  |
| Enbridge, Inc. (b) | 43477 | 2079505  |
| Exxon Mobil Corp. | 13411 | 1613880  |
| Permian Resources Corp. | 36483 | 511856  |
| Phillips 66 | 19620 | 2531765  |
| Plains GP Holdings LP Class A | 106448 | 2037415  |
|  |  | 11964972  |
| **Financials — 20.6%**<br>|  |  |
| American Express Co. | 3457 | 1278917  |
| American International Group, Inc. | 7854 | 671910  |
| Bank of America Corp. | 32106 | 1765830  |
| Bank of Nova Scotia (b) | 17496 | 1289280  |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. <br>Class B (a) | 3472 | 1745201  |
| Capital One Financial Corp. | 5503 | 1333707  |
| Chubb Ltd. | 8385 | 2617126  |
| Everest Group Ltd. | 3134 | 1063523  |
|  Fidelity National Information Services, Inc. | 38139 | 2534718  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| First American Financial Corp. | 18197 | $1118024  |
| JP Morgan Chase & Co. | 7163 | 2308062  |
| LPL Financial Holdings, Inc. | 1797 | 641834  |
| Northern Trust Corp. | 13420 | 1833038  |
| Prosperity Bancshares, Inc. | 9821 | 678729  |
| SLM Corp. | 39128 | 1058804  |
| Wells Fargo & Co. | 35885 | 3344482  |
| Western Alliance Bancorp | 7915 | 665414  |
| Willis Towers Watson PLC | 3303 | 1085366  |
|  |  | 27033965  |
| **Health Care — 13.8%**<br>|  |  |
| Avantor, Inc. (a) | 82931 | 950389  |
| Elanco Animal Health, Inc. (a) (b) | 36585 | 827919  |
| Elevance Health, Inc. | 1429 | 500936  |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, <br>Inc. (a) | 24314 | 1994234  |
| Humana, Inc. | 6534 | 1673553  |
| Medtronic PLC | 31674 | 3042605  |
| Merck & Co., Inc. | 38713 | 4074930  |
| Sanofi SA ADR | 57601 | 2791345  |
| UnitedHealth Group, Inc. | 6812 | 2248709  |
|  |  | 18104620  |
| **Industrials — 9.6%**<br>|  |  |
| AECOM | 9289 | 885520  |
| BWX Technologies, Inc. | 3100 | 535804  |
| CACI International, Inc. Class A (a) | 1646 | 877005  |
| Everus Construction Group, Inc. (a) | 10685 | 914209  |
| Fortive Corp. | 31447 | 1736189  |
| General Dynamics Corp. | 5046 | 1698786  |
| JB Hunt Transport Services, Inc. | 3266 | 634714  |
| Johnson Controls International PLC | 21274 | 2547562  |
| L3Harris Technologies, Inc. | 4115 | 1208041  |
| Vertiv Holdings Co. Class A | 3169 | 513410  |
| WESCO International, Inc. | 4253 | 1040454  |
|  |  | 12591694  |
| **Information Technology — 8.8%**<br>|  |  |
|  Cognizant Technology Solutions Corp. Class A | 10801 | 896483  |
| Coherent Corp. (a) | 5970 | 1101883  |
| Entegris, Inc. | 11969 | 1008388  |
| Hewlett Packard Enterprise Co. | 63338 | 1521379  |
| Littelfuse, Inc. | 3798 | 960590  |
| Microchip Technology, Inc. | 32096 | 2045157  |
| Oracle Corp. | 8248 | 1607618  |
| Qnity Electronics, Inc. | 17662 | 1442102  |
| QUALCOMM, Inc. | 5997 | 1025787  |
|  |  | 11609387  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **28**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Income & Growth Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Materials — 6.6%**<br>|  |  |
| Air Products & Chemicals, Inc. | 11026 | $2723643  |
| Axalta Coating Systems Ltd. (a) | 37127 | 1199573  |
| CRH PLC | 7126 | 889325  |
| DuPont de Nemours, Inc. | 56242 | 2260928  |
|  International Flavors & Fragrances, Inc. | 13718 | 924456  |
| Knife River Corp. (a) | 9689 | 681621  |
|  |  | 8679546  |
| **Real Estate — 6.2%**<br>|  |  |
| American Tower Corp. | 3806 | 668220  |
|  Mid-America Apartment Communities, Inc. | 10140 | 1408547  |
| Prologis, Inc. | 23711 | 3026946  |
| Public Storage | 8780 | 2278410  |
| VICI Properties, Inc. | 27799 | 781708  |
|  |  | 8163831  |
| **Utilities — 9.1%**<br>|  |  |
| CenterPoint Energy, Inc. | 28430 | 1090006  |
| Entergy Corp. | 30201 | 2791478  |
| MDU Resources Group, Inc. | 56442 | 1101748  |
| PG&E Corp. | 66783 | 1073203  |
| Pinnacle West Capital Corp. | 32480 | 2880976  |
| Xcel Energy, Inc. | 40872 | 3018806  |
|  |  | 11956217  |
| **TOTAL COMMON STOCK**<br>**(Cost $106,111,769)** |  | **130228503**  |
| **TOTAL EQUITIES** <br>**(Cost $106,111,769)** |  | **130228503**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $106,111,769)** |  | **130228503**  |
| **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** |
|  **Investment of Cash Collateral from Securities Loaned — 1.0%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 3.804% (c) | 1303405 | 1303405 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value** |
| **Repurchase Agreement — 0.9%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/25, 2.000%, due 1/02/26 (d) | $1124189 | $1124189  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $2,427,594)** |  | **2427594**  |
| **TOTAL INVESTMENTS — 101.0%** | **TOTAL INVESTMENTS — 101.0%** |  |
| **(Cost $108,539,363) (e)** |  | **132656097**  |
| **Other Assets/**<br>(Liabilities) — (1.0)% |  | **(1271791)**  |
| **NET ASSETS — 100.0%** |  | **$131384306** |

---

**Abbreviation Legend** 

<br> ADR American Depositary Receipt

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of December 31, 2025, was $5,363,627 or 4.08% of net assets. The Fund received $4,184,239
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash
 collateral and 7-day effective yield as of December 31, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $1,124,314. Collateralized
 by U.S. Government Agency obligations with a rate of 3.875%, maturity date of 5/31/27, and an aggregate market value, including accrued
 interest, of $1,146,776.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **29**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Managed Volatility Fund – Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 99.7%**<br>|  |  |
| **Common Stock — 99.7%**<br>|  |  |
| **Communication Services — 10.6%**<br>|  |  |
| Alphabet, Inc. Class A (a) | 9243 | $2893059  |
| Alphabet, Inc. Class C (a) | 7385 | 2317413  |
| AT&T, Inc. (a) | 11181 | 277736  |
|  Charter Communications, Inc. Class A (a) (b) | 142 | 29643  |
| Comcast Corp. Class A (a) | 5723 | 171060  |
| Electronic Arts, Inc. (a) | 370 | 75602  |
| Fox Corp. Class A (a) | 260 | 18998  |
| Fox Corp. Class B (a) | 321 | 20843  |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, <br>Inc. (a) (b) | 249 | 35483  |
| Match Group, Inc. (a) | 373 | 12044  |
| Meta Platforms, Inc. Class A (a) | 3459 | 2283251  |
| Netflix, Inc. (a) (b) | 6717 | 629786  |
| News Corp. Class A (a) | 418 | 10918  |
| News Corp. Class B (a) | 352 | 10430  |
| Omnicom Group, Inc. (a) | 515 | 41586  |
| &nbsp;&nbsp;&nbsp; Paramount Skydance Corp. <br>Class B (a) | 482 | 6459  |
| T-Mobile US, Inc. (a) | 768 | 155935  |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, <br>Inc. (a) (b) | 280 | 71688  |
| TKO Group Holdings, Inc. (a) | 109 | 22781  |
| Trade Desk, Inc. Class A (a) (b) | 699 | 26534  |
| Verizon Communications, Inc. (a) | 6747 | 274805  |
| Walt Disney Co. (a) | 2819 | 320718  |
| Warner Bros Discovery, Inc. (a) (b) | 3962 | 114185  |
|  |  | 9820957  |
| **Consumer Discretionary — 10.4%**<br>|  |  |
| Airbnb, Inc. Class A (a) (b) | 689 | 93511  |
| Amazon.com, Inc. (a) (b) | 15448 | 3565707  |
| Aptiv PLC (a) (b) | 349 | 26555  |
| AutoZone, Inc. (a) (b) | 27 | 91571  |
| Best Buy Co., Inc. (a) | 296 | 19811  |
| Booking Holdings, Inc. (a) | 51 | 273122  |
| Carnival Corp. (a) (b) | 1794 | 54789  |
| Carvana Co. (a) (b) | 224 | 94533  |
| Chipotle Mexican Grill, Inc. (a) (b) | 2145 | 79365  |
| Darden Restaurants, Inc. (a) | 183 | 33676  |
| Deckers Outdoor Corp. (a) (b) | 239 | 24777  |
| Domino's Pizza, Inc. (a) | 50 | 20841  |
| DoorDash, Inc., Class A (a) (b) | 594 | 134529  |
| DR Horton, Inc. (a) | 454 | 65390  |
| eBay, Inc. (a) | 734 | 63931  |
| Expedia Group, Inc. (a) | 189 | 53546  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Ford Motor Co. (a) | 6445 | $84558  |
| Garmin Ltd. (a) | 265 | 53755  |
| General Motors Co. (a) | 1471 | 119622  |
| Genuine Parts Co. (a) | 217 | 26682  |
| Hasbro, Inc. (a) | 220 | 18040  |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, <br>Inc. (a) | 354 | 101687  |
| Home Depot, Inc. (a) | 1574 | 541613  |
| Las Vegas Sands Corp. (a) | 499 | 32480  |
| Lennar Corp. Class A (a) | 343 | 35260  |
| Lowe's Cos., Inc. (a) | 890 | 214632  |
| Lululemon Athletica, Inc. (a) (b) | 170 | 35328  |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc. <br>Class A (a) | 356 | 110445  |
| McDonald's Corp. (a) | 1126 | 344139  |
| MGM Resorts International (a) (b) | 362 | 13209  |
| NIKE, Inc. Class B (a) | 1865 | 118819  |
| &nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings <br>Ltd. (a) (b) | 739 | 16495  |
| NVR, Inc. (a) (b) | 4 | 29171  |
| O'Reilly Automotive, Inc. (a) (b) | 1364 | 124410  |
| Pool Corp. (a) | 59 | 13496  |
| PulteGroup, Inc. (a) | 331 | 38813  |
| Ralph Lauren Corp. (a) | 67 | 23692  |
| Ross Stores, Inc. (a) | 509 | 91691  |
| Royal Caribbean Cruises Ltd. (a) | 404 | 112684  |
| Starbucks Corp. (a) | 1817 | 153010  |
| Tapestry, Inc. (a) | 337 | 43059  |
| Tesla, Inc. (a) (b) | 4463 | 2007100  |
| TJX Cos., Inc. (a) | 1783 | 273887  |
| Tractor Supply Co. (a) | 859 | 42959  |
| Ulta Beauty, Inc. (a) (b) | 71 | 42956  |
| Williams-Sonoma, Inc. (a) | 186 | 33218  |
| Wynn Resorts Ltd. (a) | 130 | 15643  |
| Yum! Brands, Inc. (a) | 451 | 68227  |
|  |  | 9676434  |
| **Consumer Staples — 4.7%**<br>|  |  |
| Altria Group, Inc. (a) | 2696 | 155451  |
| Archer-Daniels-Midland Co. (a) | 738 | 42428  |
| Brown-Forman Corp. Class B (a) (c) | 211 | 5499  |
| Bunge Global SA (a) | 211 | 18796  |
| Campbell's Co. (a) | 325 | 9058  |
| Church & Dwight Co., Inc. (a) | 344 | 28844  |
| Clorox Co. (a) | 174 | 17544  |
| Coca-Cola Co. (a) | 6182 | 432184  |
| Colgate-Palmolive Co. (a) | 1260 | 99565  |
| Conagra Brands, Inc. (a) | 608 | 10524  |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc. <br>Class A (a) | 205 | 28282  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **30**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Managed Volatility Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Costco Wholesale Corp. (a) | 702 | $605363  |
| Dollar General Corp. (a) | 355 | 47133  |
| Dollar Tree, Inc. (a) (b) | 311 | 38256  |
| Estee Lauder Cos., Inc. Class A (a) | 370 | 38746  |
| General Mills, Inc. (a) | 865 | 40223  |
| Hershey Co. (a) | 236 | 42947  |
| Hormel Foods Corp. (a) | 463 | 10973  |
| J.M. Smucker Co. (a) | 171 | 16726  |
| Kenvue, Inc. (a) | 3099 | 53458  |
| Keurig Dr. Pepper, Inc. (a) | 2103 | 58905  |
| Kimberly-Clark Corp. (a) | 556 | 56095  |
| Kraft Heinz Co. (a) | 1385 | 33586  |
| Kroger Co. (a) | 981 | 61293  |
| Lamb Weston Holdings, Inc. (a) | 235 | 9844  |
| McCormick & Co., Inc. (a) | 355 | 24179  |
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. <br>Class B (a) | 288 | 13444  |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc. <br>Class A (a) | 2084 | 112182  |
| Monster Beverage Corp. (a) (b) | 1145 | 87787  |
| PepsiCo, Inc. (a) | 2185 | 313591  |
| Philip Morris International, Inc. (a) | 2480 | 397792  |
| Procter & Gamble Co. (a) | 3744 | 536553  |
| Sysco Corp. (a) | 759 | 55931  |
| Target Corp. (a) | 705 | 68914  |
| Tyson Foods, Inc. Class A (a) | 507 | 29720  |
| Walmart, Inc. (a) | 6954 | 774745  |
|  |  | 4376561  |
| **Energy — 2.8%**<br>|  |  |
| APA Corp. (a) | 517 | 12646  |
| Baker Hughes Co. (a) | 1576 | 71771  |
| Chevron Corp. (a) | 2986 | 455096  |
| ConocoPhillips (a) | 1994 | 186658  |
| Coterra Energy, Inc. (a) | 1225 | 32242  |
| Devon Energy Corp. (a) | 911 | 33370  |
| Diamondback Energy, Inc. (a) | 272 | 40890  |
| EOG Resources, Inc. (a) | 847 | 88943  |
| EQT Corp. (a) | 982 | 52635  |
| Expand Energy Corp. (a) | 393 | 43371  |
| Exxon Mobil Corp. (a) | 6679 | 803751  |
| Halliburton Co. (a) | 1153 | 32584  |
| Kinder Morgan, Inc. (a) | 3094 | 85054  |
| Marathon Petroleum Corp. (a) | 496 | 80665  |
| Occidental Petroleum Corp. (a) | 1218 | 50084  |
| ONEOK, Inc. (a) | 1058 | 77763  |
| Phillips 66 (a) | 647 | 83489  |
| SLB Ltd. (a) | 2450 | 94031  |
| Targa Resources Corp. (a) | 339 | 62546  |
| Texas Pacific Land Corp. (a) | 90 | 25850  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Valero Energy Corp. (a) | 499 | $81232  |
| Williams Cos., Inc. (a) | 1956 | 117575  |
|  |  | 2612246  |
| **Financials — 13.4%**<br>|  |  |
| Aflac, Inc. (a) | 729 | 80387  |
| Allstate Corp. (a) | 409 | 85133  |
| American Express Co. (a) | 847 | 313348  |
| &nbsp;&nbsp;&nbsp; American International Group, <br>Inc. (a) | 867 | 74172  |
| Ameriprise Financial, Inc. (a) | 140 | 68648  |
| Aon PLC Class A (a) | 353 | 124567  |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, <br>Inc. (a) | 731 | 105820  |
| Arch Capital Group Ltd. (a) (b) | 547 | 52468  |
| &nbsp;&nbsp;&nbsp; ARES Management Corp. <br>Class A (a) | 329 | 53176  |
| Arthur J Gallagher & Co. (a) | 423 | 109468  |
| Assurant, Inc. (a) | 89 | 21436  |
| Bank of America Corp. (a) | 10650 | 585750  |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon <br>Corp. (a) | 1143 | 132691  |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. <br>Class B (a) (b) | 2911 | 1463214  |
| Blackrock, Inc. (a) | 231 | 247249  |
| Blackstone, Inc. (a) | 1179 | 181731  |
| Block, Inc. (a) (b) | 886 | 57670  |
| Brown & Brown, Inc. (a) | 406 | 32358  |
| Capital One Financial Corp. (a) | 1021 | 247450  |
| Cboe Global Markets, Inc. (a) | 161 | 40411  |
| Charles Schwab Corp. (a) | 2634 | 263163  |
| Chubb Ltd. (a) | 575 | 179469  |
| Cincinnati Financial Corp. (a) | 226 | 36910  |
| Citigroup, Inc. (a) | 2828 | 329999  |
| Citizens Financial Group, Inc. (a) | 706 | 41237  |
| CME Group, Inc. (a) | 587 | 160298  |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Inc. <br>Class A (a) (b) | 363 | 82089  |
| Corpay, Inc. (a) (b) | 105 | 31598  |
| Erie Indemnity Co. Class A (a) | 49 | 14046  |
| Everest Group Ltd. (a) | 78 | 26469  |
| FactSet Research Systems, Inc. (a) | 65 | 18862  |
|  Fidelity National Information Services, Inc. (a) | 815 | 54165  |
| Fifth Third Bancorp (a) | 1137 | 53223  |
| Fiserv, Inc. (a) (b) | 872 | 58572  |
| Franklin Resources, Inc. (a) | 403 | 9628  |
| Global Payments, Inc. (a) | 389 | 30109  |
| Globe Life, Inc. (a) | 145 | 20280  |
| Goldman Sachs Group, Inc. (a) | 473 | 415767  |
| Hartford Insurance Group, Inc. (a) | 395 | 54431  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **31**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Managed Volatility Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Huntington Bancshares, Inc. (a) | 2165 | $37563  |
|  Interactive Brokers Group, Inc. Class A (a) | 712 | 45789  |
| Intercontinental Exchange, Inc. (a) | 930 | 150623  |
| Invesco Ltd. (a) | 598 | 15709  |
| Jack Henry & Associates, Inc. (a) | 131 | 23905  |
| JP Morgan Chase & Co. (a) | 4322 | 1392635  |
| KeyCorp. (a) | 1222 | 25222  |
| KKR & Co., Inc. (a) | 1098 | 139973  |
| Loews Corp. (a) | 267 | 28118  |
| M&T Bank Corp. (a) | 257 | 51780  |
| Marsh & McLennan Cos., Inc. (a) | 782 | 145077  |
| Mastercard, Inc. Class A (a) | 1299 | 741573  |
| MetLife, Inc. (a) | 862 | 68046  |
| Moody's Corp. (a) | 244 | 124647  |
| Morgan Stanley (a) | 1949 | 346006  |
| MSCI, Inc. (a) | 125 | 71716  |
| Nasdaq, Inc. (a) | 677 | 65757  |
| Northern Trust Corp. (a) | 285 | 38928  |
| PayPal Holdings, Inc. (a) | 1460 | 85235  |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, <br>Inc. (a) | 618 | 128995  |
| Principal Financial Group, Inc. (a) | 345 | 30432  |
| Progressive Corp. (a) | 937 | 213374  |
| Prudential Financial, Inc. (a) | 564 | 63664  |
| Raymond James Financial, Inc. (a) | 270 | 43359  |
| Regions Financial Corp. (a) | 1556 | 42168  |
| &nbsp;&nbsp;&nbsp; Robinhood Markets, Inc. <br>Class A (a) (b) | 1245 | 140809  |
| S&P Global, Inc. (a) | 501 | 261818  |
| State Street Corp. (a) | 426 | 54958  |
| Synchrony Financial (a) | 533 | 44468  |
| T. Rowe Price Group, Inc. (a) | 325 | 33273  |
| Travelers Cos., Inc. (a) | 348 | 100941  |
| Truist Financial Corp. (a) | 2040 | 100388  |
| US Bancorp (a) | 2483 | 132493  |
| Visa, Inc. Class A (a) | 2674 | 937798  |
| W. R. Berkley Corp. (a) | 528 | 37023  |
| Wells Fargo & Co. (a) | 4974 | 463577  |
| Willis Towers Watson PLC (a) | 146 | 47976  |
|  |  | 12433278  |
| **Health Care — 9.6%**<br>|  |  |
| Abbott Laboratories (a) | 2751 | 344673  |
| AbbVie, Inc. (a) | 2803 | 640457  |
| Agilent Technologies, Inc. (a) | 465 | 63273  |
| Align Technology, Inc. (a) (b) | 95 | 14834  |
| Amgen, Inc. (a) | 861 | 281814  |
| Baxter International, Inc. (a) | 889 | 16989  |
| Becton Dickinson & Co. (a) | 447 | 86749  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Bio-Techne Corp. (a) | 176 | $10351  |
| Biogen, Inc. (a) (b) | 230 | 40478  |
| Boston Scientific Corp. (a) (b) | 2332 | 222356  |
| Bristol-Myers Squibb Co. (a) | 3259 | 175790  |
| Cardinal Health, Inc. (a) | 379 | 77885  |
| Cencora, Inc. (a) | 302 | 102000  |
| Centene Corp. (a) (b) | 731 | 30081  |
|  Charles River Laboratories International, Inc. (a) (b) | 88 | 17554  |
| Cigna Group (a) | 424 | 116698  |
| Cooper Cos., Inc. (a) (b) | 346 | 28358  |
| CVS Health Corp. (a) | 2032 | 161260  |
| Danaher Corp. (a) | 980 | 224342  |
| DaVita, Inc. (a) (b) | 40 | 4544  |
| Dexcom, Inc. (a) (b) | 621 | 41216  |
| Edwards Lifesciences Corp. (a) (b) | 930 | 79282  |
| Elevance Health, Inc. (a) | 349 | 122342  |
| Eli Lilly & Co. (a) | 1261 | 1355171  |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, <br>Inc. (a) (b) | 716 | 58726  |
| Gilead Sciences, Inc. (a) | 1986 | 243762  |
| HCA Healthcare, Inc. (a) | 251 | 117182  |
| Henry Schein, Inc. (a) (b) | 167 | 12622  |
| Hologic, Inc. (a) (b) | 363 | 27040  |
| Humana, Inc. (a) | 195 | 49945  |
| IDEXX Laboratories, Inc. (a) (b) | 128 | 86596  |
| Incyte Corp. (a) (b) | 272 | 26865  |
| Insulet Corp. (a) (b) | 111 | 31551  |
| Intuitive Surgical, Inc. (a) (b) | 561 | 317728  |
| IQVIA Holdings, Inc. (a) (b) | 273 | 61537  |
| Johnson & Johnson (a) | 3818 | 790135  |
| Labcorp Holdings, Inc. (a) | 140 | 35123  |
| McKesson Corp. (a) | 199 | 163238  |
| Medtronic PLC (a) | 2049 | 196827  |
| Merck & Co., Inc. (a) | 3924 | 413040  |
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International, <br>Inc. (a) (b) | 34 | 47402  |
| Moderna, Inc. (a) (b) | 556 | 16396  |
| Molina Healthcare, Inc. (a) (b) | 76 | 13189  |
| Pfizer, Inc. (a) | 9102 | 226640  |
| Quest Diagnostics, Inc. (a) | 186 | 32277  |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, <br>Inc. (a) | 159 | 122727  |
| ResMed, Inc. (a) | 229 | 55159  |
| Revvity, Inc. (a) | 205 | 19834  |
| Solventum Corp. (a) (b) | 242 | 19176  |
| STERIS PLC (a) | 151 | 38282  |
| Stryker Corp. (a) | 553 | 194363  |
| Thermo Fisher Scientific, Inc. (a) | 603 | 349408  |
| UnitedHealth Group, Inc. (a) | 1437 | 474368  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **32**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Managed Volatility Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
|  Universal Health Services, Inc. Class B (a) | 99 | $21584  |
| Vertex Pharmaceuticals, Inc. (a) (b) | 399 | 180891  |
| Viatris, Inc. (a) | 1934 | 24078  |
| Waters Corp. (a) (b) | 89 | 33805  |
| &nbsp;&nbsp;&nbsp; West Pharmaceutical Services, <br>Inc. (a) | 113 | 31091  |
| Zimmer Biomet Holdings, Inc. (a) | 296 | 26616  |
| Zoetis, Inc. (a) | 718 | 90339  |
|  |  | 8908039  |
| **Industrials — 8.1%**<br>|  |  |
| 3M Co. (a) | 830 | 132883  |
| A.O. Smith Corp. (a) | 135 | 9029  |
| Allegion PLC (a) | 137 | 21813  |
| AMETEK, Inc. (a) | 365 | 74938  |
| Automatic Data Processing, Inc. (a) | 624 | 160512  |
| Axon Enterprise, Inc. (a) (b) | 125 | 70991  |
| Boeing Co. (a) (b) | 1214 | 263584  |
| &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, <br>Inc. (a) | 187 | 41733  |
| Builders FirstSource, Inc. (a) (b) | 184 | 18932  |
| C.H. Robinson Worldwide, Inc. (a) | 199 | 31991  |
| Carrier Global Corp. (a) | 1237 | 65363  |
| Caterpillar, Inc. (a) | 741 | 424497  |
| Cintas Corp. (a) | 530 | 99677  |
| Comfort Systems USA, Inc.  | 54 | 50398  |
| Copart, Inc. (a) (b) | 1500 | 58725  |
| CSX Corp. (a) | 2964 | 107445  |
| Cummins, Inc. (a) | 221 | 112809  |
| Dayforce, Inc. (a) (b) | 245 | 16944  |
| Deere & Co. (a) | 402 | 187159  |
| Delta Air Lines, Inc. (a) | 1054 | 73148  |
| Dover Corp. (a) | 228 | 44515  |
| Eaton Corp. PLC (a) | 619 | 197158  |
| EMCOR Group, Inc. (a) | 72 | 44049  |
| Emerson Electric Co. (a) | 904 | 119979  |
| Equifax, Inc. (a) | 203 | 44047  |
|  Expeditors International of Washington, Inc. (a) | 219 | 32633  |
| Fastenal Co. (a) | 1842 | 73919  |
| FedEx Corp. (a) | 348 | 100523  |
| Fortive Corp. (a) | 448 | 24734  |
| GE Vernova, Inc. (a) | 429 | 280382  |
| Generac Holdings, Inc. (a) (b) | 91 | 12410  |
| General Dynamics Corp. (a) | 412 | 138704  |
| General Electric Co. (a) | 1669 | 514102  |
| Honeywell International, Inc. (a) | 994 | 193919  |
| Howmet Aerospace, Inc. (a) | 654 | 134083  |
| Hubbell, Inc. (a) | 90 | 39970  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, <br>Inc. (a) | 65 | $22105  |
| IDEX Corp. (a) | 117 | 20819  |
| Illinois Tool Works, Inc. (a) | 405 | 99751  |
| Ingersoll Rand, Inc. (a) | 550 | 43571  |
| Jacobs Solutions, Inc. (a) | 186 | 24638  |
| JB Hunt Transport Services, Inc. (a) | 128 | 24876  |
| &nbsp;&nbsp;&nbsp; Johnson Controls International <br>PLC (a) | 962 | 115199  |
| L3Harris Technologies, Inc. (a) | 288 | 84548  |
| Leidos Holdings, Inc. (a) | 196 | 35358  |
| Lennox International, Inc. (a) | 47 | 22822  |
| Lockheed Martin Corp. (a) | 328 | 158644  |
| Masco Corp. (a) | 346 | 21957  |
| Nordson Corp. (a) | 83 | 19956  |
| Norfolk Southern Corp. (a) | 360 | 103939  |
| Northrop Grumman Corp. (a) | 209 | 119174  |
| Old Dominion Freight Line, Inc. (a) | 290 | 45472  |
| Otis Worldwide Corp. (a) | 597 | 52148  |
| PACCAR, Inc. (a) | 822 | 90017  |
| Parker-Hannifin Corp. (a) | 204 | 179308  |
| Paychex, Inc. (a) | 544 | 61026  |
| Paycom Software, Inc. (a) | 82 | 13068  |
| Pentair PLC (a) | 276 | 28743  |
| Quanta Services, Inc. (a) | 238 | 100450  |
| Republic Services, Inc. (a) | 309 | 65486  |
| Rockwell Automation, Inc. (a) | 183 | 71200  |
| Rollins, Inc. (a) | 469 | 28149  |
| RTX Corp. (a) | 2147 | 393760  |
| Snap-on, Inc. (a) | 71 | 24467  |
| Southwest Airlines Co. (a) | 807 | 33353  |
| Stanley Black & Decker, Inc. (a) | 253 | 18793  |
| Textron, Inc. (a) | 299 | 26064  |
| Trane Technologies PLC (a) | 356 | 138555  |
| TransDigm Group, Inc. (a) | 92 | 122346  |
| Uber Technologies, Inc. (a) (b) | 3286 | 268499  |
| Union Pacific Corp. (a) | 949 | 219523  |
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, <br>Inc. (a) (b) | 525 | 58705  |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc. <br>Class B (a) | 1170 | 116052  |
| United Rentals, Inc. (a) | 103 | 83360  |
| Veralto Corp. (a) | 394 | 39313  |
| Verisk Analytics, Inc. (a) | 219 | 48988  |
| W.W. Grainger, Inc. (a) | 70 | 70633  |
| Waste Management, Inc. (a) | 577 | 126773  |
|  Westinghouse Air Brake Technologies Corp. (a) | 267 | 56991  |
| Xylem, Inc. (a) | 395 | 53791  |
|  |  | 7570088  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **33**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Managed Volatility Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Information Technology — 34.3%**<br>|  |  |
| Accenture PLC Class A (a) | 978 | $262397  |
| Adobe, Inc. (a) (b) | 659 | 230643  |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, <br>Inc. (a) (b) | 2583 | 553175  |
| Akamai Technologies, Inc. (a) (b) | 199 | 17363  |
| Amphenol Corp. Class A (a) | 1958 | 264604  |
| Analog Devices, Inc. (a) | 792 | 214790  |
| Apple, Inc. (a) | 23473 | 6381370  |
| Applied Materials, Inc. (a) | 1258 | 323293  |
| AppLovin Corp. Class A (a) (b) | 429 | 289069  |
| Arista Networks, Inc. (a) (b) | 1658 | 217248  |
| Autodesk, Inc. (a) (b) | 344 | 101827  |
| Broadcom, Inc. (a) | 7501 | 2596096  |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, <br>Inc. (a) (b) | 434 | 135660  |
| CDW Corp. (a) | 202 | 27512  |
| Cisco Systems, Inc. (a) | 6230 | 479897  |
|  Cognizant Technology Solutions Corp. Class A (a) | 766 | 63578  |
| Corning, Inc. (a) | 1253 | 109713  |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. <br>Class A (a) (b) | 400 | 187504  |
| Datadog, Inc. Class A (a) (b) | 522 | 70987  |
| Dell Technologies, Inc. Class C (a) | 487 | 61304  |
| EPAM Systems, Inc. (a) (b) | 88 | 18029  |
| F5, Inc. (a) (b) | 90 | 22973  |
| Fair Isaac Corp. (a) (b) | 39 | 65934  |
| First Solar, Inc. (a) (b) | 174 | 45454  |
| Fortinet, Inc. (a) (b) | 1035 | 82189  |
| Gartner, Inc. (a) (b) | 114 | 28760  |
| Gen Digital, Inc. (a) | 944 | 25667  |
| GoDaddy, Inc. Class A (a) (b) | 232 | 28787  |
| Hewlett Packard Enterprise Co. (a) | 2097 | 50370  |
| HP, Inc. (a) | 1421 | 31660  |
| Intel Corp. (a) (b) | 7044 | 259924  |
|  International Business Machines Corp. (a) | 1481 | 438687  |
| Intuit, Inc. (a) | 440 | 291465  |
| Jabil, Inc. (a) | 171 | 38991  |
| Keysight Technologies, Inc. (a) (b) | 276 | 56080  |
| KLA Corp. (a) | 207 | 251522  |
| Lam Research Corp. (a) | 1985 | 339792  |
| Microchip Technology, Inc. (a) | 848 | 54035  |
| Micron Technology, Inc. (a) | 1791 | 511169  |
| Microsoft Corp. (a) | 11806 | 5709618  |
| Monolithic Power Systems, Inc. (a) | 77 | 69790  |
| Motorola Solutions, Inc. (a) | 269 | 103113  |
| NetApp, Inc. (a) | 319 | 34162  |
| NVIDIA Corp. (a) | 38601 | 7199086  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| NXP Semiconductors NV (a) | 393 | $85305  |
| ON Semiconductor Corp. (a) (b) | 657 | 35577  |
| Oracle Corp. (a) | 2653 | 517096  |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. <br>Class A (a) (b) | 3642 | 647366  |
| Palo Alto Networks, Inc. (a) (b) | 1065 | 196173  |
| PTC, Inc. (a) (b) | 203 | 35365  |
| Qnity Electronics, Inc.  | 347 | 28333  |
| QUALCOMM, Inc. (a) | 1691 | 289246  |
| Roper Technologies, Inc. (a) | 169 | 75227  |
| Salesforce, Inc. (a) | 1504 | 398425  |
| Sandisk Corp. (a) (b) | 221 | 52461  |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings <br>PLC (a) | 342 | 94183  |
| ServiceNow, Inc. (a) (b) | 1665 | 255061  |
| Skyworks Solutions, Inc. (a) | 248 | 15726  |
| Super Micro Computer, Inc. (a) (b) | 830 | 24294  |
| Synopsys, Inc. (a) (b) | 296 | 139037  |
| TE Connectivity PLC (a) | 459 | 104427  |
| Teledyne Technologies, Inc. (a) (b) | 70 | 35751  |
| Teradyne, Inc. (a) | 251 | 48584  |
| Texas Instruments, Inc. (a) | 1458 | 252948  |
| Trimble, Inc. (a) (b) | 390 | 30557  |
| Tyler Technologies, Inc. (a) (b) | 73 | 33138  |
| VeriSign, Inc. (a) | 134 | 32555  |
| Western Digital Corp. (a) | 555 | 95610  |
| Workday, Inc. Class A (a) (b) | 353 | 75817  |
| &nbsp;&nbsp;&nbsp; Zebra Technologies Corp. <br>Class A (a) (b) | 88 | 21368  |
|  |  | 31964917  |
| **Materials — 1.8%**<br>|  |  |
| Air Products & Chemicals, Inc. (a) | 359 | 88680  |
| Albemarle Corp. (a) | 177 | 25035  |
| Amcor PLC (a) | 3916 | 32659  |
| Avery Dennison Corp. (a) | 93 | 16915  |
| Ball Corp. (a) | 443 | 23466  |
| CF Industries Holdings, Inc. (a) | 235 | 18175  |
| Corteva, Inc. (a) | 1056 | 70784  |
| CRH PLC (a) | 1054 | 131539  |
| Dow, Inc. (a) | 1074 | 25110  |
| DuPont de Nemours, Inc. (a) | 694 | 27899  |
| Ecolab, Inc. (a) | 419 | 109996  |
| Freeport-McMoRan, Inc. (a) | 2244 | 113973  |
|  International Flavors & Fragrances, Inc. (a) | 441 | 29719  |
| International Paper Co. (a) | 890 | 35057  |
| Linde PLC (LIN US) (a) | 751 | 320219  |
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries NV <br>Class A (a) | 365 | 15804  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **34**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Managed Volatility Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Martin Marietta Materials, Inc. (a) | 86 | $53549  |
| Mosaic Co.  | 498 | 11997  |
| Newmont Corp. (NEM US) (a) | 1755 | 175237  |
| Nucor Corp. (a) | 366 | 59698  |
| Packaging Corp. of America (a) | 159 | 32790  |
| PPG Industries, Inc. (a) | 327 | 33504  |
| Sherwin-Williams Co. (a) | 364 | 117947  |
| Smurfit WestRock PLC (a) | 873 | 33759  |
| Steel Dynamics, Inc. (a) | 222 | 37618  |
| Vulcan Materials Co. (a) | 223 | 63604  |
|  |  | 1704733  |
| **Real Estate — 1.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, <br>Inc. (a) | 280 | 13703  |
| American Tower Corp. (a) | 738 | 129571  |
| AvalonBay Communities, Inc. (a) | 252 | 45690  |
| BXP, Inc. (a) | 231 | 15588  |
| Camden Property Trust (a) | 161 | 17723  |
| CBRE Group, Inc. Class A (a) (b) | 474 | 76214  |
| CoStar Group, Inc. (a) (b) | 678 | 45589  |
| Crown Castle, Inc. (a) | 710 | 63098  |
| Digital Realty Trust, Inc. (a) | 520 | 80449  |
| Equinix, Inc. (a) | 159 | 121819  |
| Equity Residential (a) | 590 | 37194  |
| Essex Property Trust, Inc. (a) | 94 | 24598  |
| Extra Space Storage, Inc. (a) | 344 | 44796  |
| Federal Realty Investment Trust (a) | 55 | 5544  |
| Healthpeak Properties, Inc. (a) | 1225 | 19698  |
| Host Hotels & Resorts, Inc. (a) | 870 | 15425  |
| Invitation Homes, Inc. (a) | 910 | 25289  |
| Iron Mountain, Inc. (a) | 469 | 38904  |
| Kimco Realty Corp. (a) | 1012 | 20513  |
|  Mid-America Apartment Communities, Inc. (a) | 194 | 26948  |
| Prologis, Inc. (a) | 1470 | 187660  |
| Public Storage (a) | 232 | 60204  |
| Realty Income Corp. (a) | 1416 | 79820  |
| Regency Centers Corp. (a) | 293 | 20226  |
| SBA Communications Corp. (a) | 173 | 33463  |
| Simon Property Group, Inc. (a) | 514 | 95146  |
| UDR, Inc. (a) | 395 | 14489  |
| Ventas, Inc. (a) | 680 | 52618  |
| VICI Properties, Inc. (a) | 1824 | 51291  |
| Welltower, Inc. (a) | 1062 | 197118  |
| Weyerhaeuser Co. (a) | 1211 | 28689  |
|  |  | 1689077  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Utilities — 2.2%**<br>|  |  |
| AES Corp. (a) | 1156 | $16577  |
| Alliant Energy Corp. (a) | 481 | 31270  |
| Ameren Corp. (a) | 410 | 40943  |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., <br>Inc. (a) | 831 | 95823  |
| &nbsp;&nbsp;&nbsp; American Water Works Co., <br>Inc. (a) | 318 | 41499  |
| Atmos Energy Corp. (a) | 253 | 42410  |
| CenterPoint Energy, Inc. (a) | 1076 | 41254  |
| CMS Energy Corp. (a) | 454 | 31748  |
| Consolidated Edison, Inc. (a) | 548 | 54427  |
| Constellation Energy Corp. (a) | 503 | 177695  |
| Dominion Energy, Inc. (a) | 1321 | 77397  |
| DTE Energy Co. (a) | 358 | 46175  |
| Duke Energy Corp. (a) | 1244 | 145809  |
| Edison International (a) | 583 | 34992  |
| Entergy Corp. (a) | 740 | 68398  |
| Evergy, Inc. (a) | 381 | 27619  |
| Eversource Energy (a) | 575 | 38715  |
| Exelon Corp. (a) | 1684 | 73405  |
| FirstEnergy Corp. (a) | 813 | 36398  |
| NextEra Energy, Inc. (a) | 3298 | 264763  |
| NiSource, Inc. (a) | 747 | 31195  |
| NRG Energy, Inc. (a) | 308 | 49046  |
| PG&E Corp. (a) | 3437 | 55232  |
| Pinnacle West Capital Corp. (a) | 124 | 10999  |
| PPL Corp. (a) | 1063 | 37226  |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, <br>Inc. (a) | 809 | 64963  |
| Sempra (a) | 1059 | 93499  |
| Southern Co. (a) | 1801 | 157047  |
| Vistra Corp. (a) | 508 | 81956  |
| WEC Energy Group, Inc. (a) | 439 | 46297  |
| Xcel Energy, Inc. (a) | 992 | 73269  |
|  |  | 2088046  |
| **TOTAL COMMON STOCK** <br>**(Cost $45,522,726)** |  | **92844376**  |
| **TOTAL EQUITIES** <br>**(Cost $45,522,726)** |  | **92844376** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **35**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Managed Volatility Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value** |
| **Bonds & Notes — 0.0%**<br>|  |  |
| **Corporate Debt — 0.0%**<br>|  |  |
| **Forest Products & Paper — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Sino Forest Corp. <br>5.000% 8/01/49 (d) (e) (f) | $359000 | $—  |
| **TOTAL CORPORATE DEBT** <br>**(Cost $0)** |  | **—**  |
| **TOTAL BONDS & NOTES** <br>**(Cost $0)** |  | **—**  |
| **TOTAL PURCHASED** <br>**OPTIONS (#) — 0.5%** <br>**(Cost $930,176)** |  | **522232** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** |  |
| **Rights — 0.0%**<br>|  |  |
| **Consumer Staples — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc., <br>CVR (b) (d) (e) | 1361 | —  |
| **Health Care — 0.0%**<br>|  |  |
| Abiomed, Inc., CVR (b) (d) (e) | 136 | —  |
| **TOTAL RIGHTS** <br>**(Cost $860)** |  | **—**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $46,453,762)** |  | **93366608** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** |  |
| **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** |
| **Repurchase Agreement — 0.8%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/25, 2.000%, due 1/02/26 (g) | $718488 | 718488  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $718,488)** |  | **718488**  |
| **TOTAL INVESTMENTS — 101.0%**<br>|  |  |
| **(Cost $47,172,250) (h)** |  | **94085096**  |
| **Other Assets/**<br>(Liabilities) — (1.0)% |  | **(932564)**  |
| **NET ASSETS — 100.0%** |  | **$93152532** |

---

**Abbreviation Legend** 

<br> CVR Contingent Value Rights

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Denotes all or a portion of security on loan.
 The total value of securities on loan as of December 31, 2025, was $313 or 0.00% of net assets. The Fund received $322 of non-cash
 collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the
 Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Investment is valued using significant unobservable
 inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This security is fair valued in good faith in
 accordance with procedures approved by the Board of Trustees. At December 31, 2025, these securities amounted to a value of $0 or
 0.00% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Security is currently in default due to bankruptcy
 or failure to make payment of principal or interest of the issuer. Income is not being accrued. At December 31, 2025, these securities
 amounted to a value of $0 or 0.00% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Maturity value of $718,568. Collateralized by
 U.S. Government Agency obligations with a rate of 3.875%, maturity date of 5/31/27, and an aggregate market value, including accrued interest,
 of $733,028.

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

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **36**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Managed Volatility Fund – Portfolio of Investments (Continued)**<br>

**(#) Exchange-Traded Options Purchased** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** <br>**Date** | **Exercise** <br>**Price** | **No. of Contracts** | **Notional Amount** | **Notional Amount** | **Value** | **Premiums Paid/(Received)** | **Unrealized Appreciation (Depreciation)**  |
| **Put** |  |  |  |  |  |  |  |  |
| S&P 500 Index | 2/20/26 | 6000.00 | 20 | USD | 12000000 | $26700 | $164970 | $(138270)  |
| S&P 500 Index | 2/20/26 | 6150.00 | 20 | USD | 12300000 | 35200 | 116270 | (81070)  |
| S&P 500 Index | 2/20/26 | 6200.00 | 19 | USD | 11780000 | 36860 | 135461 | (98601)  |
| S&P 500 Index | 3/20/26 | 6200.00 | 19 | USD | 11780000 | 78508 | 117924 | (39416)  |
| S&P 500 Index | 3/20/26 | 6300.00 | 19 | USD | 11970000 | 94354 | 146880 | (52526)  |
| S&P 500 Index | 3/31/26 | 6300.00 | 19 | USD | 11970000 | 112860 | 117904 | (5044)  |
| S&P 500 Index | 4/17/26 | 6300.00 | 19 | USD | 11970000 | 137750 | 130767 | 6983  |
|  |  |  |  |  |  | $522232 | $930176 | $(407944) |

---

**Exchange-Traded Options Written**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** <br>**Date** | **Exercise Price** | **No. of Contracts** | **Notional Amount** | **Notional Amount** | **Value** | **Premiums Paid/(Received)** | **Unrealized Appreciation (Depreciation)**  |
| **Call**  | **Call**  | **Call**  | **Call**  | **Call**  | **Call**  | **Call**  | **Call**  | **Call**  |
| S&P 500 Index | 1/16/26 | 6800.00 | 15 | USD | 10200000 | $(155220)  | $(169462) | $14242  |
| S&P 500 Index | 1/16/26 | 7100.00 | 15 | USD | 10650000 | (2490) | (107737) | 105247  |
| S&P 500 Index | 1/16/26 | 7200.00 | 15 | USD | 10800000 | (720) | (79412) | 78692  |
| S&P 500 Index | 1/30/26 | 7000.00 | 15 | USD | 10500000 | (53640) | (96518) | 42878  |
| S&P 500 Index | 2/20/26 | 7000.00 | 15 | USD | 10500000 | (101430) | (125062) | 23632  |
| S&P 500 Index | 2/20/26 | 7100.00 | 15 | USD | 10650000 | (55500) | (124391) | 68891  |
| S&P 500 Index | 3/20/26 | 7100.00 | 15 | USD | 10650000 | (114450) | (119948) | 5498  |
| S&P 500 Index | 3/31/26 | 7100.00 | 15 | USD | 10650000 | (138855) | (152993) | 14138  |
| S&P 500 Index | 3/31/26 | 7200.00 | 15 | USD | 10800000 | (79650) | (93768) | 14118  |
|  |  |  |  |  |  | $(701955)  | $(1069291) | $367336 |

---

**Currency Legend** 

<br> USD U.S. Dollar

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **37**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Mid Cap Growth Fund – Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 96.3%**<br>|  |  |
| **Common Stock — 96.3%**<br>|  |  |
| **Communication Services — 4.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Liberty Live Holdings, Inc. <br>Class C (a) | 32102 | $2669602  |
|  Liberty Media Corp-Liberty Formula One Class C (a) | 61157 | 6024576  |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, <br>Inc. (a) (b) | 5225 | 744563  |
| New York Times Co. Class A | 62829 | 4361589  |
| Reddit, Inc. Class A (a) | 13009 | 2990379  |
| Trade Desk, Inc. Class A (a) | 27383 | 1039459  |
|  |  | 17830168  |
| **Consumer Discretionary — 18.4%**<br>|  |  |
| Birkenstock Holding PLC (a) (b) | 67609 | 2765208  |
| Burlington Stores, Inc. (a) | 18830 | 5439046  |
| Domino's Pizza, Inc. | 13905 | 5795882  |
| DraftKings, Inc. Class A (a) (b) | 81332 | 2802701  |
| Duolingo, Inc. (a) | 5940 | 1042470  |
| Hilton Worldwide Holdings, Inc. | 31426 | 9027119  |
| McGraw Hill, Inc. (a) | 47134 | 777711  |
| On Holding AG, Class A (a) | 10978 | 510257  |
| Planet Fitness, Inc. Class A (a) | 49234 | 5340412  |
| Pool Corp. | 13770 | 3149888  |
| Ross Stores, Inc. | 19902 | 3585146  |
| Service Corp. International | 32089 | 2501979  |
| &nbsp;&nbsp;&nbsp; Sportradar Group AG <br>Class A (a) (b) | 64012 | 1521565  |
| Texas Roadhouse, Inc. | 15262 | 2533492  |
| TopBuild Corp. (a) (b) | 4107 | 1713399  |
| Ulta Beauty, Inc. (a) | 6948 | 4203609  |
| Viking Holdings Ltd. (a) | 89703 | 6405691  |
| Wingstop, Inc. (b) | 6020 | 1435710  |
| Wyndham Hotels & Resorts, Inc. | 25569 | 1931994  |
| Yum! Brands, Inc. | 47809 | 7232546  |
|  |  | 69715825  |
| **Consumer Staples — 3.2%**<br>|  |  |
| Casey's General Stores, Inc. | 5305 | 2932126  |
| Dollar Tree, Inc. (a) | 48500 | 5965985  |
| Maplebear, Inc. (a) | 5343 | 240328  |
| McCormick & Co., Inc. | 43178 | 2940854  |
|  |  | 12079293  |
| **Energy — 4.1%**<br>|  |  |
| Cheniere Energy, Inc. | 19548 | 3799936  |
| DT Midstream, Inc. (a) | 3752 | 449039  |
| EQT Corp. | 67059 | 3594362  |
| Expand Energy Corp. | 19808 | 2186011  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| TechnipFMC PLC | 123603 | $5507750  |
|  |  | 15537098  |
| **Financials — 8.2%**<br>|  |  |
| Assurant, Inc. | 26159 | 6300395  |
| Bullish (a) (b) | 6568 | 248730  |
| Cboe Global Markets, Inc. | 13116 | 3292116  |
| Corpay, Inc. (a) | 7303 | 2197692  |
| Markel Group, Inc. (a) | 1112 | 2390411  |
| MSCI, Inc. | 10113 | 5802131  |
| Raymond James Financial, Inc. | 24462 | 3928353  |
| Ryan Specialty Holdings, Inc. (b) | 26662 | 1376559  |
| Toast, Inc., Class A (a) | 52444 | 1862286  |
| TPG, Inc. | 23980 | 1530883  |
| Tradeweb Markets, Inc. Class A | 21757 | 2339748  |
|  |  | 31269304  |
| **Health Care — 21.0%**<br>|  |  |
| Agilent Technologies, Inc. | 57910 | 7879814  |
| Alcon AG | 14210 | 1119890  |
| Align Technology, Inc. (a) | 13062 | 2039631  |
| Alnylam Pharmaceuticals, Inc. (a) | 12355 | 4912966  |
| Arcellx, Inc. (a) (b) | 18329 | 1195051  |
| Ascendis Pharma AS ADR (a) | 11879 | 2533078  |
| Avantor, Inc. (a) | 241606 | 2768805  |
| Biogen, Inc. (a) | 7480 | 1316405  |
| BioNTech SE ADR (a) | 15337 | 1460082  |
| Bruker Corp. (b) | 21893 | 1031379  |
| Caris Life Sciences, Inc. (a) | 41091 | 1108635  |
| Cencora, Inc. | 16034 | 5415484  |
| Cooper Cos., Inc. (a) | 64248 | 5265766  |
| CRISPR Therapeutics AG (a) | 15812 | 829181  |
| Cytokinetics, Inc. (a) (b) | 30279 | 1923928  |
| Elanco Animal Health, Inc. (a) (b) | 120656 | 2730445  |
| Encompass Health Corp. | 18474 | 1960830  |
| Hologic, Inc. (a) | 42347 | 3154428  |
| Ionis Pharmaceuticals, Inc. (a) | 60342 | 4773656  |
| Masimo Corp. (a) | 5984 | 778279  |
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International, <br>Inc. (a) | 4936 | 6881722  |
| Molina Healthcare, Inc. (a) | 11320 | 1964473  |
| Natera, Inc. (a) | 4135 | 947287  |
| Nuvalent, Inc., Class A (a) | 3468 | 348846  |
| Quidelortho Corp. (a) | 42682 | 1218998  |
| Revolution Medicines, Inc. (a) | 12694 | 1011077  |
| Teleflex, Inc. | 30918 | 3773233  |
| Vaxcyte, Inc. (a) | 29075 | 1341521  |
| Veeva Systems, Inc. Class A (a) | 25702 | 5737457  |
| West Pharmaceutical Services, Inc. | 8222 | 2262201  |
|  |  | 79684548  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **38**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Mid Cap Growth Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Industrials — 14.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding <br>Corp. | 39934 | $3368832  |
| &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, <br>Inc.  | 4589 | 1024127  |
| BWX Technologies, Inc. | 13643 | 2358056  |
| Equifax, Inc. | 7383 | 1601963  |
| Esab Corp. | 37688 | 4210503  |
| Ferguson Enterprises, Inc. | 19447 | 4329486  |
| Fortive Corp. | 19888 | 1098017  |
| Ingersoll Rand, Inc. | 50269 | 3982310  |
| ITT, Inc. | 13226 | 2294843  |
| Old Dominion Freight Line, Inc. | 26479 | 4151907  |
| Paylocity Holding Corp. (a) | 26409 | 4027373  |
| Quanta Services, Inc. | 4800 | 2025888  |
| RB Global, Inc. (b) | 16133 | 1659602  |
| StandardAero, Inc. (a) (b) | 70497 | 2021854  |
| Textron, Inc. | 51563 | 4494747  |
| TransUnion | 48419 | 4151929  |
| UL Solutions, Inc. Class A (b) | 30557 | 2409725  |
| Veralto Corp. | 37669 | 3758613  |
| XPO, Inc. (a) (b) | 21102 | 2867973  |
|  |  | 55837748  |
| **Information Technology — 18.9%**<br>|  |  |
| Amphenol Corp. Class A | 29400 | 3973116  |
| Atlassian Corp. Class A (a) | 13578 | 2201537  |
| Aurora Innovation, Inc. (a) (b) | 122144 | 469033  |
|  CCC Intelligent Solutions Holdings, Inc. (a) (b) | 443430 | 3525268  |
| Corning, Inc. | 5607 | 490949  |
| HubSpot, Inc. (a) | 3065 | 1229984  |
| Keysight Technologies, Inc. (a) | 22654 | 4603066  |
| Lattice Semiconductor Corp. (a) (b) | 99024 | 7286186  |
|  MACOM Technology Solutions Holdings, Inc. (a) | 24363 | 4172895  |
| Manhattan Associates, Inc. (a) | 17873 | 3097570  |
| Microchip Technology, Inc. | 73029 | 4653408  |
| Monday.com Ltd. (a) | 9840 | 1451990  |
| MongoDB, Inc. (a) | 4123 | 1730382  |
| Monolithic Power Systems, Inc. | 5174 | 4689507  |
| Netskope, Inc. Class A (a) | 22182 | 389072  |
| NXP Semiconductors NV | 11514 | 2499229  |
| Onestream, Inc. (a) | 41083 | 755106  |
| PTC, Inc. (a) | 43801 | 7630572  |
| Pure Storage, Inc. Class A (a) | 35817 | 2400097  |
| Ralliant Corp. | 20457 | 1041466  |
| Tyler Technologies, Inc. (a) | 13774 | 6252707  |
| Unity Software, Inc. (a) | 33697 | 1488396  |
| Zoom Communications, Inc. (a) | 33414 | 2883294  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Zscaler, Inc. (a) | 13443 | $3023600  |
|  |  | 71938430  |
| **Materials — 2.7%**<br>|  |  |
| Avery Dennison Corp. | 20841 | 3790561  |
| Ball Corp. | 44829 | 2374592  |
| Martin Marietta Materials, Inc. | 6504 | 4049781  |
|  |  | 10214934  |
| **Real Estate — 0.4%**<br>|  |  |
| CoStar Group, Inc. (a) | 24578 | 1652625  |
| **TOTAL COMMON STOCK** <br>**(Cost $318,838,602)** |  | **365759973**  |
| **TOTAL EQUITIES** <br>**(Cost $318,838,602)** |  | **365759973**  |
| **TOTAL LONG-TERM** <br>**INVESTMENTS** <br>**(Cost $318,838,602)** |  | **365759973**  |
| **Short-Term Investments — 3.6%** | **Short-Term Investments — 3.6%** | **Short-Term Investments — 3.6%** |
| **Investment of Cash Collateral from Securities Loaned — 0.1%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 3.804% (c) | 218259 | 218259  |
| **Mutual Fund — 0.0%**<br>|  |  |
| T. Rowe Price Government Reserve Investment Fund, 2.055% (d) | 45 | 45  |
| T. Rowe Price Treasury Reserve Fund, 2.063% (d) | 100 | 100  |
|  |  | 145 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** |  |
| **Repurchase Agreement — 3.5%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/25, 2.000%, due 1/02/26 (e) | $13434235 | 13434235  |
| **TOTAL SHORT-TERM** <br>**INVESTMENTS** <br>**(Cost $13,652,639)** |  | **13652639**  |
| **TOTAL INVESTMENTS — 99.9%** <br>**(Cost $332,491,241) (f)** |  | **379412612**  |
| **Other Assets/**<br>(Liabilities) — 0.1% |  | **414913**  |
| **NET ASSETS — 100.0%** |  | **$379827525** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **39**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Mid Cap Growth Fund – Portfolio of Investments (Continued)**<br>

**Abbreviation Legend** 

<br> ADR American Depositary Receipt

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of December 31, 2025, was $31,813,330 or 8.38% of net assets. The Fund received $32,574,761
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash
 collateral and 7-day effective yield as of December 31, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Rate disclosed is the 7-day net yield as of December 31,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Maturity value of $13,435,728. Collateralized
 by U.S. Government Agency obligations with a rate of 4.500%, maturity date of 5/15/27, and an aggregate market value, including accrued
 interest, of $13,703,086.

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

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **40**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Small Cap Growth Equity Fund – Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 99.4%**<br>|  |  |
| **Common Stock — 99.4%**<br>|  |  |
| **Communication Services — 1.6%**<br>|  |  |
| Cargurus, Inc. (a) | 43544 | $1669912  |
| Magnite, Inc. (a) | 35600 | 577788  |
|  |  | 2247700  |
| **Consumer Discretionary — 9.2%**<br>|  |  |
| Boot Barn Holdings, Inc. (a) | 5019 | 885703  |
| Century Communities, Inc. | 10003 | 593678  |
| Champion Homes, Inc. (a) | 22333 | 1887138  |
| Cheesecake Factory, Inc. (b) | 11280 | 569414  |
| Five Below, Inc. (a) | 4935 | 929557  |
| Genius Sports Ltd. (a) | 99375 | 1095113  |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber <br>Co. (a) (b)  | 57960 | 507730  |
| Life Time Group Holdings, Inc. (a) | 27952 | 742964  |
| &nbsp;&nbsp;&nbsp; National Vision Holdings, <br>Inc. (a) (b) | 29500 | 761690  |
| &nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, <br>Inc. (a) | 5558 | 609212  |
| Patrick Industries, Inc. (b) | 9328 | 1011435  |
| Shake Shack, Inc. Class A (a) | 8723 | 708046  |
| Stride, Inc. (a) | 5648 | 366725  |
| Valvoline, Inc. (a) | 19919 | 578846  |
| Visteon Corp. | 4651 | 442310  |
| Wingstop, Inc. (b) | 702 | 167420  |
| YETI Holdings, Inc. (a) (b) | 18646 | 823594  |
|  |  | 12680575  |
| **Consumer Staples — 2.2%**<br>|  |  |
| Chefs' Warehouse, Inc. (a) | 12615 | 786293  |
| Freshpet, Inc. (a) | 6539 | 398421  |
| Oddity Tech Ltd. Class A (a) (b) | 5880 | 236258  |
| Vita Coco Co., Inc. (a) | 24551 | 1301449  |
| Vital Farms, Inc. (a) (b) | 10063 | 321412  |
|  |  | 3043833  |
| **Energy — 3.3%**<br>|  |  |
| Cactus, Inc. Class A | 25686 | 1173337  |
| Excelerate Energy, Inc. Class A | 20688 | 580298  |
| Gulfport Energy Corp. (a) | 3428 | 712990  |
| Magnolia Oil & Gas Corp. Class A | 27235 | 596174  |
| Viper Energy, Inc. Class A | 38611 | 1491543  |
|  |  | 4554342  |
| **Financials — 11.7%**<br>|  |  |
| Ameris Bancorp | 12520 | 929860  |
| Assured Guaranty Ltd. | 434 | 39004  |
| Beazley PLC | 21833 | 243901  |
| Cadence Bank | 28822 | 1234734  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Dave, Inc. (a) | 1292 | $286062  |
| Eastern Bankshares, Inc. | 47806 | 881065  |
|  First Interstate BancSystem, Inc. Class A (b) | 26274 | 909080  |
|  HA Sustainable Infrastructure Capital, Inc. (b) | 52008 | 1634611  |
|  Hamilton Insurance Group Ltd. Class B (a) | 22452 | 626411  |
| Hancock Whitney Corp. | 15411 | 981372  |
| Perella Weinberg Partners (b) | 36157 | 625516  |
| PJT Partners, Inc. Class A | 5865 | 980628  |
| Seacoast Banking Corp. of Florida | 66828 | 2099736  |
|  Simmons First National Corp. Class A | 46484 | 876223  |
| SiriusPoint Ltd. (a) | 58759 | 1286235  |
| StepStone Group, Inc. Class A | 11387 | 730704  |
| UMB Financial Corp. | 9054 | 1041572  |
| Wealthfront Corp. (a) | 4000 | 54360  |
| WisdomTree, Inc. (b) | 58519 | 713347  |
|  |  | 16174421  |
| **Health Care — 24.2%**<br>|  |  |
| Adaptive Biotechnologies Corp. (a) | 19588 | 318109  |
| Alignment Healthcare, Inc. (a) | 93841 | 1853360  |
| Alkermes PLC (a) | 14516 | 406158  |
| Amicus Therapeutics, Inc. (a) | 34569 | 492262  |
| &nbsp;&nbsp;&nbsp; Apellis Pharmaceuticals, <br>Inc. (a) (b) | 19790 | 497125  |
| Apogee Therapeutics, Inc. (a) | 12717 | 959879  |
| AtriCure, Inc. (a) | 20725 | 819881  |
| Avidity Biosciences, Inc. (a) | 12749 | 919585  |
| Axsome Therapeutics, Inc. (a) | 7157 | 1307154  |
| Bridgebio Pharma, Inc. (a) (b) | 9265 | 708680  |
| Celcuity, Inc. (a) | 4439 | 442746  |
| Celldex Therapeutics, Inc. (a) (b) | 14734 | 400175  |
| CG oncology, Inc. (a) (b) | 19482 | 808893  |
| Cogent Biosciences, Inc. (a) | 14466 | 513832  |
| &nbsp;&nbsp;&nbsp; Crinetics Pharmaceuticals, <br>Inc. (a) (b) | 23565 | 1096951  |
| Cytokinetics, Inc. (a) (b) | 13807 | 877297  |
| Disc Medicine, Inc. (a) | 11137 | 884389  |
| Ensign Group, Inc. | 4546 | 791913  |
| GeneDx Holdings Corp. (a) | 6526 | 848771  |
| Glaukos Corp. (a) | 4825 | 544791  |
|  Guardian Pharmacy Services, Inc. Class A (a) | 17597 | 529494  |
| HealthEquity, Inc. (a) | 10484 | 960439  |
| Hims & Hers Health, Inc. (a) (b) | 7488 | 243135  |
| Hinge Health, Inc. Class A (a) | 10209 | 474208  |
| Insmed, Inc. (a) | 5046 | 878206  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **41**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Small Cap Growth Equity Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Inspire Medical Systems, Inc. (a) | 6815 | $628547  |
| Kymera Therapeutics, Inc. (a) (b) | 11607 | 903141  |
| Lantheus Holdings, Inc. (a) (b) | 3237 | 215422  |
| Merit Medical Systems, Inc. (a) | 8998 | 793084  |
| Mineralys Therapeutics, Inc. (a) (b) | 8409 | 305163  |
| Mirum Pharmaceuticals, Inc. (a) (b) | 5531 | 436894  |
| Nuvalent, Inc., Class A (a) | 6698 | 673752  |
| Option Care Health, Inc. (a) | 21658 | 690024  |
| PACS Group, Inc. (a) | 21948 | 842584  |
| Progyny, Inc. (a) | 27122 | 696493  |
| Protagonist Therapeutics, Inc. (a) | 13178 | 1150966  |
| PTC Therapeutics, Inc. (a) (b) | 14909 | 1132488  |
| Revolution Medicines, Inc. (a) | 20163 | 1605983  |
| Scholar Rock Holding Corp. (a) | 18659 | 821929  |
| Soleno Therapeutics, Inc. (a) | 4582 | 212147  |
| Spyre Therapeutics, Inc. (a) (b) | 10028 | 328517  |
| Structure Therapeutics, Inc. ADR (a) | 16174 | 1124902  |
| Terns Pharmaceuticals, Inc. (a) | 3682 | 148753  |
| TransMedics Group, Inc. (a) (b) | 6831 | 830991  |
| Ultragenyx Pharmaceutical, Inc. (a) | 8901 | 204723  |
| Vaxcyte, Inc. (a) | 9374 | 432516  |
| Veracyte, Inc. (a) | 9019 | 379700  |
| Viridian Therapeutics, Inc. (a) | 6890 | 214417  |
|  |  | 33350569  |
| **Industrials — 23.0%**<br>|  |  |
| AAON, Inc. (b) | 8042 | 613203  |
| AAR Corp. (a) | 10306 | 853234  |
| Acuity, Inc. | 3596 | 1294704  |
| Alliance Laundry Holdings, Inc. (a) | 14686 | 298860  |
| Ameresco, Inc. Class A (a) (b) | 39666 | 1161817  |
| &nbsp;&nbsp;&nbsp; Applied Industrial Technologies, <br>Inc. | 4303 | 1104881  |
| Atmus Filtration Technologies, Inc. | 14765 | 766451  |
| Bloom Energy Corp. Class A (a) | 8230 | 715105  |
| &nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. <br>Class A (a) (b) | 10672 | 1045216  |
| Comfort Systems USA, Inc. | 618 | 576773  |
| Curtiss-Wright Corp. | 2041 | 1125142  |
| DXP Enterprises, Inc. (a) | 14036 | 1541012  |
| Enpro, Inc. | 3569 | 764230  |
| ESCO Technologies, Inc. | 4778 | 933573  |
| Exlservice Holdings, Inc. (a) | 27975 | 1187259  |
| GATX Corp. | 4989 | 846134  |
| Kirby Corp. (a) | 8563 | 943471  |
| Korn Ferry | 11886 | 784714  |
|  Kratos Defense & Security Solutions, Inc. (a) (b) | 4030 | 305917  |
| Leonardo DRS, Inc. | 14175 | 483226  |
| McGrath RentCorp | 5595 | 587083  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Modine Manufacturing Co. (a) | 13331 | $1779822  |
| MYR Group, Inc. (a) | 4089 | 893447  |
| Nextpower, Inc. Class A (a) | 16024 | 1395851  |
| Rush Enterprises, Inc. Class A | 24456 | 1319157  |
| RXO, Inc. (a) (b) | 22438 | 283616  |
| Ryder System, Inc. | 4560 | 872738  |
| StandardAero, Inc. (a) | 18243 | 523209  |
| Terex Corp. (b) | 14803 | 790184  |
| Trex Co., Inc. (a) | 9839 | 345152  |
| TriNet Group, Inc. | 6293 | 372105  |
| Verra Mobility Corp. (a) | 99297 | 2225246  |
| &nbsp;&nbsp;&nbsp; Voyager Technologies, Inc. <br>Class A (a) (b) | 18839 | 492452  |
| Xometry, Inc. Class A (a) (b) | 13637 | 810992  |
| Zurn Elkay Water Solutions Corp. | 34163 | 1588238  |
|  |  | 31624214  |
| **Information Technology — 16.5%**<br>|  |  |
| Advanced Energy Industries, Inc. | 4148 | 868467  |
| Agilysys, Inc. (a) (b) | 11092 | 1318173  |
| Amplitude, Inc. Class A (a) | 50484 | 584605  |
| AvePoint, Inc. (a) | 107560 | 1494008  |
| Belden, Inc. | 7894 | 920046  |
| Calix, Inc. (a) | 17022 | 900974  |
| Cirrus Logic, Inc. (a) | 5546 | 657201  |
|  Clearwater Analytics Holdings, Inc. Class A (a) | 23325 | 562599  |
| Commvault Systems, Inc. (a) | 4087 | 512346  |
| Crane NXT Co. (b) | 11851 | 557827  |
|  Credo Technology Group Holding Ltd. (a) | 10740 | 1545379  |
| CyberArk Software Ltd. (a) | 1641 | 731984  |
| Fabrinet (a) | 1700 | 773976  |
| Freshworks, Inc. Class A (a) | 108661 | 1331097  |
| Intapp, Inc. (a) | 32349 | 1482231  |
| IonQ, Inc. (a) (b) | 5510 | 247234  |
| MKS, Inc. | 7140 | 1140972  |
| OSI Systems, Inc. (a) (b) | 1968 | 501958  |
| Power Integrations, Inc. (b) | 8759 | 311295  |
| Rubrik, Inc. Class A (a) | 9853 | 753557  |
| Sanmina Corp. (a) | 3908 | 586474  |
| Semtech Corp. (a) | 11904 | 877206  |
| ServiceTitan, Inc. Class A (a) | 2733 | 291065  |
|  Silicon Motion Technology Corp. Sponsored ADR | 7323 | 678842  |
| SiTime Corp. (a) (b) | 5999 | 2118787  |
| Terawulf, Inc. (a) (b) | 9192 | 105616  |
| Universal Display Corp. | 1971 | 230173  |
| Viavi Solutions, Inc. (a) | 39101 | 696780  |
|  |  | 22780872  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **42**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Small Cap Growth Equity Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Materials — 1.9%**<br>|  |  |
| Cabot Corp. | 18148 | $1202849  |
| Graphic Packaging Holding Co. | 26178 | 394241  |
| James Hardie Industries PLC (a) | 38778 | 804644  |
| MP Materials Corp. (a) (b) | 4387 | 221631  |
|  |  | 2623365  |
| **Real Estate — 4.5%**<br>|  |  |
| Acadia Realty Trust | 16400 | 336856  |
| American Healthcare REIT, Inc. | 48366 | 2276104  |
| Douglas Emmett, Inc. | 35158 | 386387  |
| &nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, <br>Inc. (b) | 20840 | 618114  |
| Phillips Edison & Co., Inc. | 51379 | 1827551  |
| Terreno Realty Corp. | 12604 | 739981  |
| Xenia Hotels & Resorts, Inc. | 2593 | 36665  |
|  |  | 6221658  |
| **Utilities — 1.3%**<br>|  |  |
| IDACORP, Inc. | 7869 | 995901  |
| ONE Gas, Inc. | 10336 | 798456  |
|  |  | 1794357  |
| **TOTAL COMMON STOCK** <br>**(Cost $109,710,854)** |  | **137095906**  |
| **TOTAL EQUITIES** <br>**(Cost $109,710,854)** |  | **137095906**  |
| **Rights — 0.0%**<br>|  |  |
| **Health Care — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Akero Therapeutics, Inc., <br>CVR (a) (b) (c) (d) | 7063 | 4591  |
| **TOTAL RIGHTS** <br>**(Cost $4,591)** |  | **4591**  |
| **Exchange-Traded Funds — 0.4%** | **Exchange-Traded Funds — 0.4%** | **Exchange-Traded Funds — 0.4%** |
| iShares Russell 2000 ETF | 2510 | 617861  |
| **TOTAL EXCHANGE-TRADED FUNDS** <br>**(Cost $638,462)** |  | **617861**  |
| **TOTAL LONG-TERM** <br>**INVESTMENTS** <br>**(Cost $110,353,907)** |  | **137718358**  |
| **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** |
|  **Investment of Cash Collateral from Securities Loaned — 0.6%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 3.804% (e) | 836191 | 836191 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value** |
| **Repurchase Agreement — 0.9%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/25, 2.000%, due 1/02/26 (f) | $1181207 | $1181207  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $2,017,398)** |  | **2017398**  |
| **TOTAL INVESTMENTS — 101.3%** <br>**(Cost $112,371,305) (g)** |  | **139735756**  |
| **Other Assets/**<br>(Liabilities) — (1.3)% |  | **(1818426)**  |
| **NET ASSETS — 100.0%** |  | **$137917330** |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| ADR  | &nbsp;&nbsp;&nbsp; American Depositary Receipt |
| CVR  | &nbsp;&nbsp;&nbsp; Contingent Value Rights |
| ETF  | &nbsp;&nbsp;&nbsp; Exchange-Traded Fund |
| REIT  | &nbsp;&nbsp;&nbsp; Real Estate Investment Trust |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of December 31, 2025, was $22,592,240 or 16.38% of net assets. The Fund received $22,433,069
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) This security is fair valued in good faith in
 accordance with procedures approved by the Board of Trustees. At December 31, 2025, these securities amounted to a value of $4,591
 or 0.00% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Investment is valued using significant unobservable
 inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents investment of security lending cash
 collateral and 7-day effective yield as of December 31, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Maturity value of $1,181,339. Collateralized
 by U.S. Government Agency obligations with a rate of 3.875%, maturity date of 5/31/27, and an aggregate market value, including accrued
 interest, of $1,205,024.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **43**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Small/Mid Cap Value Fund – Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 99.0%**<br>|  |  |
| **Common Stock — 99.0%**<br>|  |  |
| **Communication Services — 1.4%**<br>|  |  |
| Criteo SA Sponsored ADR (a) | 28323 | $583737  |
| Nexstar Media Group, Inc. | 5327 | 1081647  |
|  |  | 1665384  |
| **Consumer Discretionary — 9.2%**<br>|  |  |
| ADT, Inc. | 184927 | 1492361  |
| AutoNation, Inc. (a) | 5504 | 1136466  |
| Bath & Body Works, Inc. | 53114 | 1066529  |
| BorgWarner, Inc. | 34890 | 1572143  |
| Brunswick Corp. | 16260 | 1207142  |
| Frontdoor, Inc. (a) | 3181 | 183512  |
| Group 1 Automotive, Inc. | 963 | 378748  |
| Hasbro, Inc. | 17904 | 1468128  |
| Laureate Education, Inc. (a) | 52249 | 1759224  |
| Taylor Morrison Home Corp. (a) | 12389 | 729341  |
|  |  | 10993594  |
| **Consumer Staples — 4.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, <br>Inc. (a) | 20712 | 1864701  |
| Dollar Tree, Inc. (a) | 14483 | 1781554  |
| Nomad Foods Ltd. | 65954 | 825085  |
| WD-40 Co. | 6032 | 1187701  |
|  |  | 5659041  |
| **Energy — 4.9%**<br>|  |  |
| HF Sinclair Corp. | 15868 | 731198  |
| Magnolia Oil & Gas Corp. Class A | 49091 | 1074602  |
| Matador Resources Co. | 26406 | 1120671  |
| Northern Oil & Gas, Inc. (b) | 39386 | 845617  |
| TechnipFMC PLC | 45727 | 2037595  |
|  |  | 5809683  |
| **Financials — 19.3%**<br>|  |  |
| American Financial Group, Inc. | 11980 | 1637426  |
| Cboe Global Markets, Inc. | 2782 | 698282  |
| Federated Hermes, Inc. | 33427 | 1740544  |
| First BanCorp | 41057 | 851112  |
|  First Citizens BancShares, Inc. Class A | 894 | 1918685  |
| First Hawaiian, Inc. | 27534 | 696610  |
| Flagstar Bank NA | 68847 | 866784  |
|  HA Sustainable Infrastructure Capital, Inc. (b) | 50036 | 1572631  |
| Hanover Insurance Group, Inc. | 10261 | 1875403  |
| Independent Bank Corp. (b) | 15839 | 1157514  |
| NCR Atleos Corp. (a) | 38123 | 1452868  |
| Stifel Financial Corp. | 11072 | 1386436  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Texas Capital Bancshares, Inc. (a) | 12435 | $1125865  |
| UMB Financial Corp. | 13807 | 1588357  |
| WaFd, Inc. | 35181 | 1126847  |
| Walker & Dunlop, Inc. | 12550 | 754882  |
| Webster Financial Corp. | 19055 | 1199322  |
| Wintrust Financial Corp. | 9446 | 1320740  |
|  |  | 22970308  |
| **Health Care — 9.3%**<br>|  |  |
| Bio-Techne Corp. | 27773 | 1633330  |
| Encompass Health Corp. | 12611 | 1338532  |
| Envista Holdings Corp. (a) | 70316 | 1526560  |
| Globus Medical, Inc. Class A (a) | 21111 | 1843201  |
| ICON PLC (a) | 9335 | 1701024  |
| Integer Holdings Corp. (a) | 14260 | 1118412  |
| Tenet Healthcare Corp. (a) | 9942 | 1975674  |
|  |  | 11136733  |
| **Industrials — 23.3%**<br>|  |  |
| ArcBest Corp. | 16749 | 1242608  |
| Boise Cascade Co. | 14517 | 1068451  |
| C.H. Robinson Worldwide, Inc. | 11194 | 1799547  |
| CACI International, Inc. Class A (a) | 2486 | 1324566  |
| CNH Industrial NV | 94389 | 870267  |
| Core & Main, Inc. Class A (a) | 24059 | 1250346  |
| First Advantage Corp. (a) (b) | 84205 | 1223499  |
| GATX Corp. | 8315 | 1410224  |
| Gibraltar Industries, Inc. (a) | 19978 | 987712  |
| GXO Logistics, Inc. (a) | 29540 | 1554986  |
| Hexcel Corp. (b) | 20475 | 1513103  |
| JBT Marel Corp. | 9854 | 1484702  |
| Kirby Corp. (a) | 14458 | 1592982  |
|  Knight-Swift Transportation Holdings, Inc. | 32640 | 1706419  |
| Oshkosh Corp. | 12841 | 1613215  |
| Pentair PLC | 10715 | 1115860  |
| Regal Rexnord Corp. | 10032 | 1407690  |
| Robert Half, Inc. | 45014 | 1222580  |
| Star Bulk Carriers Corp. | 72549 | 1394392  |
| Terex Corp. | 13490 | 720096  |
| WillScot Holdings Corp. (b) | 66562 | 1253363  |
|  |  | 27756608  |
| **Information Technology — 9.5%**<br>|  |  |
| ACI Worldwide, Inc. (a) | 24262 | 1159966  |
| Avnet, Inc. | 26889 | 1292823  |
| Calix, Inc. (a) | 17424 | 922252  |
| Crane NXT Co. (b) | 22767 | 1071643  |
| FormFactor, Inc. (a) | 15193 | 847466  |
| Globant SA (a) | 18236 | 1192087  |
| IPG Photonics Corp. (a) | 16248 | 1163357  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **44**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Small/Mid Cap Value Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Nice Ltd. Sponsored ADR (a) (b) | 6630 | $749455  |
| ON Semiconductor Corp. (a) | 25745 | 1394092  |
| TD SYNNEX Corp. | 10110 | 1518825  |
|  |  | 11311966  |
| **Materials — 6.2%**<br>|  |  |
| Avient Corp. | 35314 | 1103209  |
| Graphic Packaging Holding Co. | 97419 | 1467130  |
| O-I Glass, Inc. (a) | 85975 | 1268991  |
| Reliance, Inc. | 6963 | 2011402  |
| RPM International, Inc. | 15223 | 1583192  |
|  |  | 7433924  |
| **Real Estate — 7.6%**<br>|  |  |
| American Healthcare REIT, Inc. | 24340 | 1145440  |
| Broadstone Net Lease, Inc. | 39618 | 688165  |
| COPT Defense Properties | 54060 | 1502868  |
| CubeSmart | 17125 | 617356  |
| Independence Realty Trust, Inc. | 71420 | 1248422  |
| Jones Lang LaSalle, Inc. (a) | 6080 | 2045738  |
| Ryman Hospitality Properties, Inc. | 6923 | 655054  |
| STAG Industrial, Inc. | 31178 | 1146103  |
|  |  | 9049146  |
| **Utilities — 3.6%**<br>|  |  |
| Chesapeake Utilities Corp. | 9264 | 1155776  |
| IDACORP, Inc. (b) | 15171 | 1920042  |
| ONE Gas, Inc. | 15547 | 1201006  |
|  |  | 4276824  |
| **TOTAL COMMON STOCK** <br>**(Cost $112,418,856)** |  | **118063211**  |
| **TOTAL EQUITIES** <br>**(Cost $112,418,856)** |  | **118063211**  |
| **TOTAL LONG-TERM** <br>**INVESTMENTS** <br>**(Cost $112,418,856)** |  | **118063211** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** |
| **Repurchase Agreement — 0.4%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/25, 2.000%, due 1/02/26 (c) | $542566 | $542566  |
| **TOTAL SHORT-TERM** <br>**INVESTMENTS** <br>**(Cost $542,566)** |  | **542566**  |
| **TOTAL INVESTMENTS — 99.4%** <br>**(Cost $112,961,422) (d)** |  | **118605777**  |
| **Other Assets/**<br>(Liabilities) — 0.6% |  | **691029**  |
| **NET ASSETS — 100.0%** |  | **$119296806** |

---

**Abbreviation Legend** 

<br> ADR American Depositary Receipt <br> REIT Real Estate Investment Trust

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of December 31, 2025, was $10,090,530 or 8.46% of net assets. The Fund received $10,422,313
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Maturity value of $542,626. Collateralized by
 U.S. Government Agency obligations with a rate of 4.500%, maturity date of 5/15/27, and an aggregate market value, including accrued interest,
 of $553,513.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **45**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Sustainable Equity Fund – Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 99.7%**<br>|  |  |
| **Common Stock — 99.7%**<br>|  |  |
| **Communication Services — 9.5%**<br>|  |  |
| Alphabet, Inc. Class A | 26414 | $8267582  |
|  Liberty Media Corp-Liberty Formula One Class C (a) | 2348 | 231301  |
| Meta Platforms, Inc. Class A | 4677 | 3087241  |
| Netflix, Inc. (a) | 11460 | 1074490  |
| Verizon Communications, Inc. | 10437 | 425099  |
|  |  | 13085713  |
| **Consumer Discretionary — 10.3%**<br>|  |  |
| Airbnb, Inc. Class A (a) | 1814 | 246196  |
| Amazon.com, Inc. (a) | 21676 | 5003254  |
| Booking Holdings, Inc. | 139 | 744391  |
| Home Depot, Inc. | 5017 | 1726350  |
| Marriott International, Inc. Class A | 3104 | 962985  |
| O'Reilly Automotive, Inc. (a) | 8323 | 759141  |
| Tesla, Inc. (a) | 5096 | 2291773  |
| TJX Cos., Inc. | 9911 | 1522429  |
| Tractor Supply Co. | 16046 | 802460  |
|  |  | 14058979  |
| **Consumer Staples — 3.7%**<br>|  |  |
| Church & Dwight Co., Inc. | 6981 | 585357  |
| Colgate-Palmolive Co. | 5451 | 430738  |
| Costco Wholesale Corp. | 965 | 832158  |
| PepsiCo, Inc. | 6603 | 947662  |
| Procter & Gamble Co. | 9760 | 1398706  |
| Sysco Corp. | 12426 | 915672  |
|  |  | 5110293  |
| **Energy — 2.1%**<br>|  |  |
| Cheniere Energy, Inc. | 4302 | 836266  |
| SLB Ltd. | 23362 | 896633  |
| Williams Cos., Inc. | 17979 | 1080718  |
|  |  | 2813617  |
| **Financials — 14.5%**<br>|  |  |
| American Express Co. | 3718 | 1375474  |
| Ameriprise Financial, Inc. | 1666 | 816906  |
| Bank of America Corp. | 36884 | 2028620  |
| Blackrock, Inc. | 828 | 886242  |
| Goldman Sachs Group, Inc. | 1266 | 1112814  |
| Intercontinental Exchange, Inc. | 4055 | 656748  |
| JP Morgan Chase & Co. | 6834 | 2202052  |
| KKR & Co., Inc. | 5496 | 700630  |
| Marsh & McLennan Cos., Inc. | 3257 | 604239  |
| Mastercard, Inc. Class A | 4289 | 2448504  |
| MetLife, Inc. | 12135 | 957937  |
| Morgan Stanley | 5635 | 1000382  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Progressive Corp. | 2685 | $611428  |
| Regions Financial Corp. | 63692 | 1726053  |
| S&P Global, Inc. | 2700 | 1410993  |
| Visa, Inc. Class A | 3682 | 1291314  |
|  |  | 19830336  |
| **Health Care — 10.2%**<br>|  |  |
| AbbVie, Inc. | 5923 | 1353346  |
| Agilent Technologies, Inc. | 3596 | 489308  |
| Bristol-Myers Squibb Co. | 6936 | 374128  |
| Cencora, Inc. | 2007 | 677864  |
| Cigna Group | 3975 | 1094039  |
| Danaher Corp. | 6011 | 1376038  |
| Eli Lilly & Co. | 1981 | 2128941  |
| Gilead Sciences, Inc. | 8639 | 1060351  |
| IDEXX Laboratories, Inc. (a) | 1196 | 809130  |
| Intuitive Surgical, Inc. (a) | 1291 | 731171  |
| Merck & Co., Inc. | 6383 | 671875  |
| Thermo Fisher Scientific, Inc. | 1761 | 1020412  |
| UnitedHealth Group, Inc. | 2192 | 723601  |
| Vertex Pharmaceuticals, Inc. (a) | 1654 | 749857  |
| Zoetis, Inc. | 6155 | 774422  |
|  |  | 14034483  |
| **Industrials — 9.0%**<br>|  |  |
| Automatic Data Processing, Inc. | 3287 | 845515  |
| Cummins, Inc. | 2695 | 1375663  |
| Deere & Co. | 1372 | 638762  |
| Eaton Corp. PLC | 2882 | 917946  |
| FedEx Corp. | 1868 | 539590  |
| Ferguson Enterprises, Inc. | 2577 | 573718  |
| GE Vernova, Inc. | 1011 | 660759  |
| Honeywell International, Inc. | 4634 | 904047  |
| &nbsp;&nbsp;&nbsp; Johnson Controls International <br>PLC | 16694 | 1999107  |
| Parker-Hannifin Corp. | 899 | 790185  |
| Uber Technologies, Inc. (a) | 7424 | 606615  |
| Union Pacific Corp. | 2876 | 665276  |
| United Rentals, Inc. | 951 | 769663  |
| Xylem, Inc. | 7657 | 1042730  |
|  |  | 12329576  |
| **Information Technology — 34.5%**<br>|  |  |
| Analog Devices, Inc. | 5567 | 1509770  |
| Apple, Inc. | 25345 | 6890292  |
| Applied Materials, Inc. | 3678 | 945209  |
| AppLovin Corp. Class A (a) | 1101 | 741876  |
| Arista Networks, Inc. (a) | 4919 | 644537  |
| ARM Holdings PLC ADR (a) | 1823 | 199272  |
| ASML Holding NV | 452 | 483150  |
| Broadcom, Inc. | 13072 | 4524219  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **46**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Sustainable Equity Fund – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Cadence Design Systems, Inc. (a) | 4226 | $1320963  |
| CDW Corp. | 3085 | 420177  |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. <br>Class A (a) | 1248 | 585013  |
| Dynatrace, Inc. (a) | 13560 | 587690  |
|  International Business Machines Corp. | 6973 | 2065472  |
| Microsoft Corp. | 21491 | 10393477  |
| MongoDB, Inc. (a) | 1064 | 446550  |
| Motorola Solutions, Inc. | 2556 | 979766  |
| NVIDIA Corp. | 61954 | 11554421  |
| Salesforce, Inc. | 2272 | 601876  |
| ServiceNow, Inc. (a) | 6100 | 934459  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 2276 | 691654  |
| Workday, Inc. Class A (a) | 3364 | 722520  |
|  |  | 47242363  |
| **Materials — 1.9%**<br>|  |  |
| Ball Corp. | 11068 | 586272  |
| Ecolab, Inc. | 3009 | 789923  |
| Linde PLC (LIN US) | 2935 | 1251454  |
|  |  | 2627649  |
| **Real Estate — 2.5%**<br>|  |  |
| Equinix, Inc. | 804 | 615993  |
| Prologis, Inc. | 10876 | 1388430  |
| Welltower, Inc. | 7438 | 1380567  |
|  |  | 3384990  |
| **Utilities — 1.5%**<br>|  |  |
| NextEra Energy, Inc. | 26314 | 2112488  |
| **TOTAL COMMON STOCK** <br>**(Cost $89,435,652)** |  | **136630487**  |
| **TOTAL EQUITIES** <br>**(Cost $89,435,652)** |  | **136630487**  |
| **Exchange-Traded Funds — 0.2%** | **Exchange-Traded Funds — 0.2%** | **Exchange-Traded Funds — 0.2%** |
| iShares Core S&P 500 ETF | 344 | 235619  |
| **TOTAL EXCHANGE-TRADED FUNDS** <br>**(Cost $236,942)** |  | **235619**  |
| **TOTAL LONG-TERM** <br>**INVESTMENTS** <br>**(Cost $89,672,594)** |  | **136866106** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Short-Term Investments — 0.2%**<br>|  |  |
| **Repurchase Agreement — 0.2%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/25, 2.000%, due 1/02/26 (b) | $316864 | $316864  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $316,864)** |  | **316864**  |
| **TOTAL INVESTMENTS — 100.1%** <br>**(Cost $89,989,458) (c)** |  | **137182970**  |
| **Other Assets/**<br>(Liabilities) — (0.1)% |  | **(183007)**  |
| **NET ASSETS — 100.0%** |  | **$136999963** |

---

**Abbreviation Legend** 

<br> ADR American Depositary Receipt <br> ETF Exchange-Traded Fund

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Maturity value of $316,899. Collateralized by
 U.S. Government Agency obligations with a rate of 4.500%, maturity date of 5/15/27, and an aggregate market value, including accrued interest,
 of $323,222.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **47**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Sustainable Equity Fund – Portfolio of Investments (Continued)**<br>

**Forward contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Citibank N.A. | 3/27/26 | USD | 106738 | EUR | 90373 | $130  |
| Goldman Sachs & Co. | 3/27/26 | USD | 119311 | EUR | 100977 | 193  |
| Morgan Stanley & Co. LLC | 3/27/26 | EUR | 25703 | USD | 30297 | 24  |
| Morgan Stanley & Co. LLC | 3/27/26 | USD | 106661 | EUR | 90373 | 52  |
| UBS AG | 3/27/26 | USD | 106778 | EUR | 90373 | 169  |
|  |  |  |  |  |  | $568 |

---

**Currency Legend** 

<br> EUR Euro <br> USD U.S. Dollar

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **48**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP American Century Mid Cap Value Fund (See Note 1) – Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 96.6%**<br>|  |  |
| **Common Stock — 95.8%**<br>|  |  |
| **Communication Services — 1.3%**<br>|  |  |
| Omnicom Group, Inc. | 22430 | $1811222  |
| Publicis Groupe SA | 10960 | 1137004  |
|  |  | 2948226  |
| **Consumer Discretionary — 3.7%**<br>|  |  |
| BorgWarner, Inc. | 24491 | 1103564  |
|  Cie Generale des Etablissements Michelin SCA | 34886 | 1156955  |
| Gentex Corp. | 52802 | 1228703  |
| Mohawk Industries, Inc. (a) | 17103 | 1869358  |
| PulteGroup, Inc. | 16938 | 1986150  |
| Sodexo SA (b) | 24294 | 1244585  |
|  |  | 8589315  |
| **Consumer Staples — 9.3%**<br>|  |  |
| Conagra Brands, Inc. | 89599 | 1550959  |
| Estee Lauder Cos., Inc. Class A | 15296 | 1601797  |
| General Mills, Inc. | 12461 | 579436  |
| Heineken NV | 18684 | 1528378  |
| Kenvue, Inc. | 205759 | 3549343  |
| Kimberly-Clark Corp. | 34410 | 3471625  |
| Koninklijke Ahold Delhaize NV | 71886 | 2948245  |
| Magnum Ice Cream Co. NV (a) (b) | 37155 | 594537  |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc. <br>Class A | 19538 | 1051730  |
| Pernod Ricard SA | 21390 | 1831175  |
| Reckitt Benckiser Group PLC | 15631 | 1265504  |
| Sysco Corp. | 25501 | 1879169  |
|  |  | 21851898  |
| **Energy — 6.4%**<br>|  |  |
| Baker Hughes Co. | 86440 | 3936478  |
| ConocoPhillips | 20111 | 1882591  |
| Coterra Energy, Inc. | 75132 | 1977474  |
| Diamondback Energy, Inc. | 15674 | 2356272  |
| Enterprise Products Partners LP (c) | 108153 | 3467385  |
| ONEOK, Inc. | 17557 | 1290440  |
|  |  | 14910640  |
| **Financials — 14.7%**<br>|  |  |
| Allstate Corp. | 6128 | 1275543  |
| Bank of New York Mellon Corp. | 7670 | 890410  |
| Commerce Bancshares, Inc. | 76046 | 3980248  |
| First Hawaiian, Inc. | 71999 | 1821575  |
| Hanover Insurance Group, Inc. | 5208 | 951866  |
| Marsh & McLennan Cos., Inc. | 7974 | 1479336  |
| Northern Trust Corp. | 24534 | 3351099  |
| Prosperity Bancshares, Inc. | 45042 | 3112853  |
| Raymond James Financial, Inc. | 2934 | 471171  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Reinsurance Group of America, Inc. | 18364 | $3736339  |
| T. Rowe Price Group, Inc. | 16918 | 1732065  |
| Truist Financial Corp. | 61241 | 3013670  |
| US Bancorp | 69328 | 3699342  |
| Westamerica BanCorp | 22227 | 1063117  |
| Willis Towers Watson PLC | 11623 | 3819318  |
|  |  | 34397952  |
| **Health Care — 14.4%**<br>|  |  |
| Becton Dickinson & Co. | 18853 | 3658802  |
| Cencora, Inc. | 2561 | 864978  |
| Envista Holdings Corp. (a) | 80209 | 1741337  |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, <br>Inc. (a) | 39270 | 3220926  |
| Henry Schein, Inc. (a) | 59761 | 4516736  |
| Hologic, Inc. (a) | 18610 | 1386259  |
| ICON PLC (a) | 11751 | 2141267  |
| IQVIA Holdings, Inc. (a) | 5788 | 1304673  |
| Labcorp Holdings, Inc. | 14614 | 3666360  |
| Medtronic PLC | 18546 | 1781529  |
| Quest Diagnostics, Inc. | 10987 | 1906574  |
|  Universal Health Services, Inc. Class B | 7968 | 1737183  |
| Zimmer Biomet Holdings, Inc. | 65305 | 5872226  |
|  |  | 33798850  |
| **Industrials — 16.7%**<br>|  |  |
| A.O. Smith Corp. | 25513 | 1706309  |
| ABM Industries, Inc. | 25444 | 1076281  |
| Ashtead Group PLC | 18572 | 1267076  |
| Bunzl PLC | 126393 | 3527232  |
| CSX Corp. | 93181 | 3377811  |
| Cummins, Inc. | 5445 | 2779400  |
| Dover Corp. | 3616 | 705988  |
| Emerson Electric Co. | 4352 | 577597  |
| Fortive Corp. | 21727 | 1199548  |
| Hexcel Corp. (b) | 12927 | 955305  |
| IDEX Corp. | 5890 | 1048067  |
| L3Harris Technologies, Inc. | 11495 | 3374587  |
| Masco Corp. | 20063 | 1273198  |
|  MSC Industrial Direct Co., Inc. Class A | 34977 | 2941566  |
| Norfolk Southern Corp. | 8086 | 2334590  |
| Oshkosh Corp. | 15406 | 1935456  |
| PACCAR, Inc. | 16896 | 1850281  |
| Sensata Technologies Holding PLC | 35545 | 1183293  |
| Southwest Airlines Co. | 54593 | 2256329  |
| Timken Co. | 24846 | 2090294  |
| Toro Co. | 21437 | 1687521  |
|  |  | 39147729  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **49**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP American Century Mid Cap Value Fund (See Note 1) – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Information Technology — 7.1%**<br>|  |  |
| Amdocs Ltd. | 33620 | $2706746  |
| CDW Corp. | 10844 | 1476953  |
|  Cognizant Technology Solutions Corp. Class A | 26961 | 2237763  |
| F5, Inc. (a) | 7164 | 1828683  |
| HP, Inc. | 97779 | 2178516  |
| Infineon Technologies AG | 24795 | 1098638  |
| NXP Semiconductors NV | 4570 | 991964  |
| Ralliant Corp. | 27345 | 1392134  |
| TE Connectivity PLC | 3244 | 738042  |
| Teradyne, Inc. | 10503 | 2032961  |
|  |  | 16682400  |
| **Materials — 5.5%**<br>|  |  |
| Amrize Ltd. (a) | 23079 | 1248112  |
| Axalta Coating Systems Ltd. (a) | 41305 | 1334565  |
| Eagle Materials, Inc. | 3934 | 813079  |
| Graphic Packaging Holding Co. | 134650 | 2027829  |
| Packaging Corp. of America | 16492 | 3401145  |
| PPG Industries, Inc. | 17186 | 1760878  |
| Reliance, Inc. | 7614 | 2199456  |
|  |  | 12785064  |
| **Real Estate — 8.3%**<br>|  |  |
| Agree Realty Corp. | 11615 | 836628  |
| American Tower Corp. | 13429 | 2357730  |
| CareTrust REIT, Inc. | 19148 | 692392  |
| Equity Residential | 50943 | 3211447  |
| Essex Property Trust, Inc. | 2724 | 712816  |
| Healthpeak Properties, Inc. | 129925 | 2089194  |
| Public Storage | 8901 | 2309809  |
| Realty Income Corp. | 62559 | 3526451  |
| Regency Centers Corp. | 11317 | 781213  |
| Ventas, Inc. | 22621 | 1750413  |
| VICI Properties, Inc. | 45101 | 1268240  |
|  |  | 19536333  |
| **Utilities — 8.4%**<br>|  |  |
| Duke Energy Corp. | 14035 | 1645042  |
| Evergy, Inc. | 48096 | 3486479  |
| Eversource Energy | 31855 | 2144797  |
| Northwestern Energy Group, Inc. | 44343 | 2861897  |
| ONE Gas, Inc. | 37990 | 2934728  |
| PPL Corp. (b) | 34792 | 1218416  |
| Spire, Inc. | 23723 | 1961892  |
| Xcel Energy, Inc. | 47680 | 3521645  |
|  |  | 19774896  |
| **TOTAL COMMON STOCK** <br>**(Cost $220,155,415)** |  | **224423303**  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Preferred Stock — 0.8%**<br>|  |  |
| **Consumer Staples — 0.8%**<br>|  |  |
| Henkel AG & Co. KGaA 2.923% | 24258 | $1982587  |
| **TOTAL PREFERRED STOCK** <br>**(Cost $1,751,358)** |  | **1982587**  |
| **TOTAL EQUITIES** <br>**(Cost $221,906,773)** |  | **226405890**  |
| **TOTAL LONG-TERM** <br>**INVESTMENTS** <br>**(Cost $221,906,773)** |  | **226405890** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** |  |
| **Short-Term Investments — 2.8%** | **Short-Term Investments — 2.8%** | **Short-Term Investments — 2.8%** |
| **Repurchase Agreement — 2.8%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/25, 2.000%, due 1/02/26 (d) | $6473561 | 6473561  |
| **TOTAL SHORT-TERM** <br>**INVESTMENTS** <br>**(Cost $6,473,561)** |  | **6473561**  |
| **TOTAL INVESTMENTS — 99.4% (Cost $228,380,334) (e)** |  | **232879451**  |
| **Other Assets/**<br>(Liabilities) — 0.6% |  | **1465171**  |
| **NET ASSETS — 100.0%** |  | **$234344622** |

---

**Abbreviation Legend** 

<br> REIT Real Estate Investment Trust

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of December 31, 2025, was $3,308,557 or 1.41% of net assets. The Fund received $3,573,147
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security is a Master Limited Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $6,474,280. Collateralized
 by U.S. Government Agency obligations with a rate of 3.875%, maturity date of 5/31/27, and an aggregate market value, including accrued
 interest, of $6,603,057.

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

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **50**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP American Century Mid Cap Value Fund (See Note 1) – Portfolio of Investments (Continued)**<br>

**Forward contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty**  | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Bank of America N.A. | 3/27/26 | GBP | 274634 | USD | 369889 | $223  |
| Citibank N.A. | 3/27/26 | USD | 2030384 | GBP | 1516890 | (13863)  |
| Citibank N.A. | 3/27/26 | USD | 2880840 | EUR | 2438962 | 3735  |
| Goldman Sachs & Co. | 3/27/26 | USD | 2029583 | GBP | 1516890 | (14664)  |
| Goldman Sachs & Co. | 3/27/26 | USD | 3189612 | EUR | 2699604 | 5045  |
| JP Morgan Chase Bank N.A. | 3/27/26 | GBP | 422311 | USD | 566054 | 3077  |
| JP Morgan Chase Bank N.A. | 3/27/26 | USD | 2029868 | GBP | 1516890 | (14379)  |
| Morgan Stanley & Co. LLC | 3/27/26 | USD | 2842190 | EUR | 2407601 | 2082  |
| UBS AG | 3/27/26 | USD | 2567912 | EUR | 2173406 | 4069  |
|  |  |  |  |  |  | $(24675) |

---

**Currency Legend**

---

| | |
|:---|:---|
| EUR  | &nbsp;&nbsp;&nbsp; Euro |
| GBP  | &nbsp;&nbsp;&nbsp; British Pound |
| USD  | &nbsp;&nbsp;&nbsp; U.S. Dollar |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **51**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP American Century Small Company Value Fund (See Note 1) – Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 99.7%**<br>|  |  |
| **Common Stock — 99.7%**<br>|  |  |
| **Communication Services — 0.5%**<br>|  |  |
|  Entravision Communications Corp. Class A (a) | 79549 | $233078  |
| Townsquare Media, Inc. Class A (a) | 5927 | 30465  |
|  |  | 263543  |
| **Consumer Discretionary — 13.2%**<br>|  |  |
| Bath & Body Works, Inc. | 43460 | 872677  |
| Birkenstock Holding PLC (a) (b) | 5535 | 226381  |
| Boyd Gaming Corp. | 4088 | 348461  |
| Brunswick Corp. | 9978 | 740767  |
| Champion Homes, Inc. (b) | 9743 | 823283  |
| Gold.com, Inc. (a) | 8677 | 295452  |
| &nbsp;&nbsp;&nbsp; KinderCare Learning Cos., <br>Inc. (a) (b) | 45109 | 194871  |
| M/I Homes, Inc. (b) | 3949 | 505274  |
| MarineMax, Inc. (a) (b) | 18634 | 451502  |
| McGraw Hill, Inc. (b) | 29681 | 489736  |
| Meritage Homes Corp. | 6892 | 453494  |
| OneWater Marine, Inc. Class A (a) (b) | 18669 | 201999  |
| Taylor Morrison Home Corp. (b) | 9031 | 531655  |
| Visteon Corp. (a) | 9277 | 882243  |
|  |  | 7017795  |
| **Consumer Staples — 3.3%**<br>|  |  |
| Edgewell Personal Care Co. (a) | 33609 | 573034  |
| Spectrum Brands Holdings, Inc. (a) | 15435 | 911900  |
| Turning Point Brands, Inc. | 2518 | 272951  |
|  |  | 1757885  |
| **Energy — 9.9%**<br>|  |  |
| Chord Energy Corp. | 8241 | 763941  |
| Crescent Energy Co. Class A (a) | 108519 | 910474  |
| Flowco Holdings, Inc. Class A | 21966 | 411643  |
| &nbsp;&nbsp;&nbsp; Infinity Natural Resources, Inc. <br>Class A (b) | 15516 | 228551  |
| Liberty Energy, Inc. | 8312 | 153439  |
| Mach Natural Resources LP | 24286 | 268117  |
| Magnolia Oil & Gas Corp. Class A | 39658 | 868114  |
| Northern Oil & Gas, Inc. (a) | 37352 | 801947  |
| Permian Resources Corp. (a) | 53388 | 749034  |
| TXO Partners LP | 12961 | 138294  |
|  |  | 5293554  |
| **Financials — 35.1%**<br>|  |  |
| Accelerant Holdings Class A (b) | 13360 | 218436  |
| Ameris Bancorp | 5412 | 401949  |
| Atlantic Union Bankshares Corp. (a) | 18483 | 652450  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Axis Capital Holdings Ltd. | 13686 | $1465634  |
| Axos Financial, Inc. (b) | 6872 | 592092  |
| Baldwin Insurance Group, Inc. (a) (b) | 8674 | 208436  |
| BancFirst Corp. | 1206 | 127860  |
| Bowhead Specialty Holdings, Inc. (b) | 4133 | 117956  |
| Central BanCo, Inc. Class A | 10761 | 259555  |
| Columbia Banking System, Inc. (a) | 42574 | 1189943  |
| Compass Diversified Holdings | 45678 | 219254  |
| Euronet Worldwide, Inc. (a) (b) | 15541 | 1182826  |
| EVERTEC, Inc. | 43909 | 1277313  |
| First BanCorp | 17359 | 359852  |
| FNB Corp. | 19889 | 340102  |
| &nbsp;&nbsp;&nbsp; Hamilton Insurance Group Ltd. <br>Class B (b) | 9405 | 262400  |
| Home BancShares, Inc. | 38797 | 1077781  |
| International Bancshares Corp. | 12931 | 859136  |
| Marex Group PLC | 17239 | 661288  |
| Nicolet Bankshares, Inc. | 1399 | 169699  |
| Northeast Bank (a) | 1287 | 133758  |
| Old National Bancorp | 64833 | 1446424  |
| Pathward Financial, Inc. | 3729 | 264759  |
| Popular, Inc. | 3047 | 379412  |
| Repay Holdings Corp. (a) (b) | 33073 | 120716  |
| SiriusPoint Ltd. (b) | 8487 | 185780  |
| Slide Insurance Holdings, Inc. (b) | 18242 | 355354  |
| Southstate Bank Corp. | 16112 | 1516300  |
| StoneX Group, Inc. (a) (b) | 4157 | 395455  |
| UMB Financial Corp. | 10512 | 1209301  |
| Webster Financial Corp. | 16305 | 1026237  |
|  |  | 18677458  |
| **Health Care — 4.1%**<br>|  |  |
| Embecta Corp. (a) | 41080 | 488030  |
| Enovis Corp. (a) (b) | 44955 | 1197601  |
| Envista Holdings Corp. (b) | 6593 | 143134  |
| Pediatrix Medical Group, Inc. (b) | 16737 | 358005  |
|  |  | 2186770  |
| **Industrials — 15.1%**<br>|  |  |
| Albany International Corp. Class A | 5413 | 274439  |
| ArcBest Corp. | 3875 | 287486  |
| Blue Bird Corp. (b) | 8105 | 380935  |
| Brink's Co. | 9221 | 1076367  |
| Deluxe Corp. (a) | 4778 | 106693  |
| DIRTT Environmental Solutions (b) | 80290 | 54236  |
| DXP Enterprises, Inc. (b) | 705 | 77402  |
| Gates Industrial Corp. PLC (b) | 23285 | 499929  |
| Hammond Power Solutions, Inc. | 2146 | 249349  |
| Hillman Solutions Corp. (b) | 56014 | 485081  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **52**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP American Century Small Company Value Fund (See Note 1) – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| IBEX Holdings Ltd. (b) | 2123 | $81056  |
| Korn Ferry | 11274 | 744309  |
| Loomis AB | 9529 | 403876  |
| Luxfer Holdings PLC | 2755 | 37275  |
| Proficient Auto Logistics, Inc. (b) | 13395 | 129128  |
| Resideo Technologies, Inc. (a) (b) | 3080 | 108170  |
|  Science Applications International Corp. | 3308 | 332983  |
| Sensata Technologies Holding PLC | 12393 | 412563  |
| Tecnoglass, Inc. (a) | 6911 | 347762  |
| Timken Co. | 13539 | 1139036  |
| TriNet Group, Inc. | 11457 | 677452  |
| UniFirst Corp. | 563 | 108603  |
|  |  | 8014130  |
| **Information Technology — 5.3%**<br>|  |  |
| Amkor Technology, Inc. (a) | 11229 | 443321  |
| Arrow Electronics, Inc. (b) | 2870 | 316217  |
| Axcelis Technologies, Inc. (b) | 8965 | 720248  |
| Ingram Micro Holding Corp. (a) | 18534 | 395516  |
| Kulicke & Soffa Industries, Inc. | 11558 | 526582  |
| Opera Ltd. ADR (a) | 12947 | 183329  |
| Progress Software Corp. (b) | 5808 | 249512  |
|  |  | 2834725  |
| **Materials — 6.7%**<br>|  |  |
| Ashland, Inc. | 9504 | 557600  |
| Graphic Packaging Holding Co. | 88612 | 1334497  |
| Ingevity Corp. (b) | 12131 | 717913  |
| Minerals Technologies, Inc. | 10471 | 638207  |
| Titan America SA | 19057 | 314059  |
|  |  | 3562276  |
| **Real Estate — 6.5%**<br>|  |  |
| American Healthcare REIT, Inc. | 1612 | 75861  |
| Americold Realty Trust, Inc. (a) | 67302 | 865504  |
| EPR Properties | 7645 | 381485  |
| LTC Properties, Inc. | 7968 | 273940  |
| Ryman Hospitality Properties, Inc. | 9465 | 895578  |
| Smartstop Self Storage REIT, Inc. (a) | 3540 | 109528  |
| Terreno Realty Corp. (a) | 11689 | 686261  |
| UMH Properties, Inc. | 9621 | 153070  |
|  |  | 3441227  |
| **TOTAL COMMON STOCK** <br>**(Cost $56,800,535)** |  | **53049363**  |
| **TOTAL EQUITIES** <br>**(Cost $56,800,535)** |  | **53049363**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $56,800,535)** |  | **53049363**  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** |  |
| **Investment of Cash Collateral from Securities Loaned — 0.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; State Street Navigator Securities Lending Government Money <br>Market Portfolio, 3.804% (c) | 331076 | $331076  |
|  | **Principal** <br>**Amount** |  |
| **Repurchase Agreement — 0.2%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/25, 2.000%, due 1/02/26 (d) | $136449 | 136449  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $467,525)** |  | **467525**  |
| **TOTAL INVESTMENTS — 100.5% (Cost $57,268,060) (e)** |  | **53516888**  |
| **Other Assets/**<br>(Liabilities) — (0.5)% |  | **(287250)**  |
| **NET ASSETS — 100.0%** |  | **$53229638** |

---

**Abbreviation Legend** 

<br> ADR American Depositary Receipt <br> REIT Real Estate Investment Trust

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Denotes all or a portion of security on loan.
 The total value of securities on loan as of December 31, 2025, was $10,839,562 or 20.36% of net assets. The Fund received $10,900,196
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash
 collateral and 7-day effective yield as of December 31, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $136,464. Collateralized by
 U.S. Government Agency obligations with a rate of 4.500%, maturity date of 5/15/27, and an aggregate market value, including accrued interest,
 of $139,287.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **53**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP American Century Small Company Value Fund (See Note 1) – Portfolio of Investments (Continued)**<br>

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

---

| | |
|:---|:---|
| United States | 89.7%  |
| Puerto Rico | 3.8%  |
| United Kingdom | 1.3%  |
| Sweden | 1.1%  |
| Singapore | 1.0%  |
| Belgium | 0.6%  |
| Canada | 0.6%  |
| Bermuda | 0.5%  |
| Germany | 0.4%  |
| Cayman Islands | 0.4%  |
| Norway | 0.3%  |
| Total Long-Term Investments | 99.7%  |
|  Short-Term Investments and Other Assets and Liabilities | 0.3%  |
| Net Assets | 100.0% |

---

**Forward contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Citibank N.A. | 3/27/26 | CAD | 37996 | USD | 27723 | $61  |
| Citibank N.A. | 3/27/26 | USD | 336152 | SEK | 3105406 | (2589)  |
| Citibank N.A. | 3/27/26 | USD | 241043 | CAD | 330381 | (536)  |
|  |  |  |  |  |  | $(3064) |

---

**Currency Legend** 

---

| | |
|:---|:---|
| CAD  | &nbsp;&nbsp;&nbsp; Canadian Dollar<br>|
| SEK  | &nbsp;&nbsp;&nbsp; Swedish Krona<br>|
| USD  | &nbsp;&nbsp;&nbsp; U.S. Dollar  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **54**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund (See Note 1) – Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **BONDS & NOTES — 102.4%**<br>|  |  |
| **BANK LOANS — 0.7%**<br>|  |  |
| **Advertising — 0.0%**<br>|  |  |
|  CMG Media Corp., 2024 Term Loan, 3 mo. USD Term SOFR + 3.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.272% VRN 6/18/29 (a) | $54861 | $51049  |
| **Apparel — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; WH Borrower LLC, 2025 Term <br>Loan B, 3 mo. USD Term <br>SOFR + 4.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.389% VRN 2/20/32 (a) | 69825 | 70119  |
| **Auto Parts & Equipment — 0.0%**<br>|  |  |
| First Brands Group LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2025 PIK DIP Roll-Up Term Loan B, 3 mo. USD Term SOFR + 7.130%<br>10.903% VRN 6/29/26 (a) | 8170 | 94  |
| &nbsp;&nbsp;&nbsp; 2021 Term Loan, 1 mo. USD Term SOFR + 7.000%<br>10.987% VRN 3/30/27 (a) | 25253 | 51  |
|  |  | 145  |
| **Chemicals — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Chemours Co., 2025 Term Loan B, <br>1 mo. USD Term SOFR + 3.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.216% VRN 10/15/32 (a) (b) | 60000 | 59175  |
|  Consolidated Energy Finance SA, 2024 Term Loan B, 6 mo. USD Term SOFR + 4.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.198% VRN 11/15/30 (a) | 89772 | 73126  |
| &nbsp;&nbsp;&nbsp; Discovery Purchaser Corp., Term Loan, 3 mo. USD Term <br>SOFR + 3.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.607% VRN 10/04/29 (a) | 99750 | 95689  |
| &nbsp;&nbsp;&nbsp; Hexion Holdings Corp., 2024 Term Loan B, 1 mo. USD Term <br>SOFR + 4.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.734% VRN 3/15/29 (a) | 58819 | 56571  |
|  INEOS Quattro Holdings UK Ltd., 2023 USD 1st Lien Term Loan B,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 4/02/29 (b) | 90000 | 63000  |
| &nbsp;&nbsp;&nbsp; M2S Group Holdings, Inc., <br>Term Loan B,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 8/25/31 (b) | 110000 | 109010  |
| Tronox Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2024 Term Loan B1, <br>0.000% 4/04/29 (b) | 20000 | 16267  |
| &nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B,<br>0.000% 9/30/31 (b) | 70000 | 53878  |
|  |  | 526716  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Commercial Services — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Spin Holdco, Inc., 2021 Term Loan, <br>3 mo. USD Term SOFR + 4.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.022% VRN 3/04/28 (a) | $174542 | $134179  |
| **Computers — 0.1%**<br>|  |  |
|  X Corp., Term Loan, 3 mo. USD Term SOFR + 6.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.448% VRN 10/26/29 (a) (b) | 284306 | 279026  |
| **Diversified Financial Services — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Aurora Lux Finco SARL, <br>2025 Term Loan B,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 10/01/32 (b) | 90000 | 89213  |
| **Engineering & Construction — 0.0%**<br>|  |  |
|  Brand Industrial Services, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 4.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.354% VRN 8/01/30 (a) | 9975 | 9068  |
| **Food — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; C&S Wholesale Grocers, Inc., Term Loan B, 3 mo. USD Term <br>SOFR + 5.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.672% VRN 9/20/30 (a) | 69825 | 68079  |
| **Health Care - Products — 0.0%**<br>|  |  |
|  Bausch & Lomb Corp., 2025 Repriced Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 1/15/31 (b) | 55000 | 55495  |
| &nbsp;&nbsp;&nbsp; QuidelOrtho Corp., Term Loan, <br>1 mo. USD Term SOFR + 4.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.716% VRN 8/20/32 (a) | 39900 | 39850  |
|  |  | 95345  |
| **Health Care - Services — 0.0%**<br>|  |  |
|  Modivcare, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 6.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.552% VRN 7/01/31 (a) | 145886 | 55437  |
| **Home Furnishing — 0.0%**<br>|  |  |
|  Weber-Stephen Products LLC, 2025 Term Loan B, 3 mo. USD Term SOFR + 3.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.411% VRN 10/01/32 (a) | 80000 | 80040  |
| **Internet — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proofpoint, Inc., 2024 Term Loan, <br>1 mo. USD Term SOFR + 3.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.672% VRN 8/31/28 (a) | 89772 | 90151  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **55**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund (See Note 1) – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Investment Companies — 0.1%**<br>|  |  |
| NEXUS Buyer LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2025 2nd Lien Term Loan B,<br>0.000% 2/16/32 (b) | $50000 | $49406  |
| &nbsp;&nbsp;&nbsp; 2025 Term Loan B, 1 mo. <br>USD Term SOFR + 3.500%<br>7.216% VRN 7/31/31 (a) | 74812 | 73698  |
| &nbsp;&nbsp;&nbsp; 2025 Incremental Term Loan, <br>1 mo. USD Term SOFR + 4.000%<br>7.716% VRN 7/31/31 (a) | 24938 | 24725  |
|  |  | 147829  |
| **Leisure Time — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; MajorDrive Holdings IV LLC, Term Loan B, 3 mo. USD Term <br>SOFR + 4.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.934% VRN 6/01/28 (a) | 104726 | 94777  |
| **Lodging — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC, <br>2022 Term Loan B,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 1/27/29 (b) | 60000 | 59970  |
| **Media — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Altice France SA, <br>2025 USD Term Loan B14,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 5/31/31 (b) | 85000 | 84876  |
| &nbsp;&nbsp;&nbsp; Sinclair Television Group, Inc., <br>2025 Term Loan B7,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 12/31/30 (b) | 65000 | 58793  |
|  |  | 143669  |
| **Packaging & Containers — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; BradyPlus Holdings LLC, <br>2025 Term Loan B,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 12/11/30 (b) | 55000 | 54358  |
| **Pharmaceuticals — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc., 2025 Term Loan B, 1 mo. USD Term <br>SOFR + 6.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.966% VRN 10/08/30 (a) (b) | 164662 | 160484  |
| **Pipelines — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; New Fortress Energy, Inc., 2025 <br>Incremental Term Loan B,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 10/30/28 (b) | 230000 | 93840  |
| **Retail — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; LBM Acquisition LLC, 2024 Incremental Term Loan B, <br>1 mo. USD Term SOFR + 3.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.584% VRN 6/06/31 (a) | 79797 | 74718  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Software — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ascend Learning LLC, 2025 Repriced Term Loan B, 1 mo. <br>USD Term SOFR + 3.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.716% VRN 12/11/28 (a) | $79799 | $79984  |
| Constant Contact, Inc., Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 2/10/28 (b) | 55000 | 52299  |
| Dayforce, Inc., 2025 Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 8/20/32 (b) | 80000 | 79715  |
|  Polaris Newco LLC, USD Term Loan B, 3 mo. USD Term SOFR + 3.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.852% VRN 6/02/28 (a) (b) | 99844 | 96138  |
| X.AI Corp., Fixed Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 6/28/30 (b) | 10000 | 10485  |
|  |  | 318621  |
| **Telecommunications — 0.0%**<br>|  |  |
|  Windstream Services LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 4.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.716% VRN 10/06/32 (a) | 30000 | 30075  |
| **TOTAL BANK LOANS** <br>**(Cost $2,877,981)** |  | **2726908**  |
| **CORPORATE DEBT — 29.6%**<br>|  |  |
| **Advertising — 0.1%**<br>|  |  |
| Clear Channel Outdoor Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 6/01/29 (c) | 20000 | 19859  |
| &nbsp;&nbsp;&nbsp; 7.125% 2/15/31 (c) | 40000 | 41886  |
| &nbsp;&nbsp;&nbsp; 7.500% 3/15/33 (c) | 45000 | 47533  |
| CMG Media Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.875% 6/18/29 (c) | 10000 | 8590  |
| Neptune Bidco US, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.290% 4/15/29 (c) | 70000 | 70120  |
| &nbsp;&nbsp;&nbsp; 10.375% 5/15/31 (c) | 130000 | 133294  |
|  |  | 321282  |
| **Aerospace & Defense — 0.5%**<br>|  |  |
| ATI, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.875% 10/01/29 | 50000 | 49918  |
| &nbsp;&nbsp;&nbsp; 5.125% 10/01/31 (d) | 30000 | 30020  |
| Boeing Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.930% 5/01/60 | 300000 | 294167  |
| &nbsp;&nbsp;&nbsp; 6.528% 5/01/34 | 800000 | 885087  |
| Bombardier, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 2/15/28 (c) | 40000 | 40120  |
| &nbsp;&nbsp;&nbsp; 6.750% 6/15/33 (c) | 30000 | 31710  |
| &nbsp;&nbsp;&nbsp; 7.000% 6/01/32 (c) (d) | 25000 | 26416  |
| Moog, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 12/15/27 (c) | 25000 | 24760  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **56**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund (See Note 1) – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| TransDigm, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 1/31/34 (c) | $10000 | $10377  |
| &nbsp;&nbsp;&nbsp; 6.375% 3/01/29 (c) | 175000 | 180472  |
| &nbsp;&nbsp;&nbsp; 6.375% 5/31/33 (c) | 55000 | 56437  |
| &nbsp;&nbsp;&nbsp; 6.625% 3/01/32 (c) | 125000 | 130052  |
| &nbsp;&nbsp;&nbsp; 6.750% 1/31/34 (c) | 60000 | 62501  |
| &nbsp;&nbsp;&nbsp; 7.125% 12/01/31 (c) | 80000 | 84078  |
|  |  | 1906115  |
| **Agriculture — 0.3%**<br>|  |  |
| BAT Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.421% 8/02/33 (d) | 900000 | 993092  |
| Darling Ingredients, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 6/15/30 (c) | 30000 | 30490  |
|  |  | 1023582  |
| **Airlines — 0.0%**<br>|  |  |
|  JetBlue Airways Corp./JetBlue Loyalty LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.875% 9/20/31 (c) | 20000 | 20149  |
|  VistaJet Malta Finance PLC/Vista Management Holding, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.500% 6/01/28 (c) | 40000 | 41371  |
|  |  | 61520  |
| **Apparel — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beach Acquisition Bidco LLC PIK 10.750% , Cash<br>10.000% 7/15/33 (c) | 30000 | 33113  |
| Crocs, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.125% 8/15/31 (c) | 50000 | 46191  |
|  |  | 79304  |
| **Auto Manufacturers — 0.3%**<br>|  |  |
| Allison Transmission, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 12/01/33 (c) | 35000 | 35510  |
| Aston Martin Capital Holdings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.000% 3/31/29 (c) | 35000 | 32576  |
| Ford Motor Credit Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.800% 3/08/29 | 800000 | 817396  |
| Nissan Motor Acceptance Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.450% 9/15/28 (c) | 5000 | 4624  |
| &nbsp;&nbsp;&nbsp; 5.550% 9/13/29 (c) | 10000 | 9964  |
| &nbsp;&nbsp;&nbsp; 6.125% 9/30/30 (c) | 20000 | 20003  |
|  Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.000% 1/15/31 (c) | 35000 | 34407  |
|  |  | 954480  |
| **Auto Parts & Equipment — 0.1%**<br>|  |  |
| American Axle & Manufacturing, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.375% 10/15/32 (c) | 30000 | 30554  |
| &nbsp;&nbsp;&nbsp; 7.750% 10/15/33 (c) | 55000 | 56022  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| Clarios Global LP/Clarios US Finance Co. | Clarios Global LP/Clarios US Finance Co. | Clarios Global LP/Clarios US Finance Co. |
| &nbsp;&nbsp;&nbsp; 6.750% 5/15/28 (c) (d) | $25000 | $25634  |
| &nbsp;&nbsp;&nbsp; 6.750% 2/15/30 (c) | 95000 | 99162  |
| &nbsp;&nbsp;&nbsp; 6.750% 9/15/32 (c) | 70000 | 72590  |
| Forvia SE<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 9/15/33 (c) | 35000 | 36140  |
| ZF North America Capital, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 3/24/31 (c) | 40000 | 40430  |
| &nbsp;&nbsp;&nbsp; 6.875% 4/23/32 (c) | 15000 | 14669  |
|  |  | 375201  |
| **Banks — 7.6%**<br>|  |  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.370% <br>1.922% VRN 10/24/31 (a) | 70000 | 62598  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.220% <br>2.299% VRN 7/21/32 (a) | 3700000 | 3308384  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.210% <br>2.572% VRN 10/20/32 (a) | 700000 | 631332  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.320% <br>2.687% VRN 4/22/32 (a) | 135000 | 123883  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.330% <br>2.972% VRN 2/04/33 (a) | 65000 | 59443  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.351% <br>6.250% VRN (a) (e) | 80000 | 81256  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.684% <br>6.625% VRN (a) (e) | 100000 | 104195  |
| &nbsp;&nbsp;&nbsp; Barclays PLC 1 day USD <br>SOFR + 1.230%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.367% VRN 2/25/31 (a) | 1100000 | 1136926  |
| BNP Paribas SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.620% <br>5.786% VRN 1/13/33 (a) (c) | 500000 | 524867  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.853% <br>6.875% VRN (a) (c) (e) | 50000 | 50215  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.134% <br>7.450% VRN (a) (c) (d) (e) | 50000 | 52316  |
| Citigroup, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.167% <br>2.561% VRN 5/01/32 (a) | 105000 | 95290  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 3.914% <br>4.412% VRN 3/31/31 (a) | 1700000 | 1699716  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.465% <br>5.333% VRN 3/27/36 (a) | 330000 | 337573  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.001% <br>6.625% VRN (a) (e) | 75000 | 76220  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.890% <br>6.875% VRN (a) (e) | 95000 | 98715  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.726% <br>6.950% VRN (a) (e) | 95000 | 97943  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.693% <br>7.125% VRN (a) (e) | 40000 | 41239  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **57**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund (See Note 1) – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. <br>1 day USD SOFR + 1.910%<br>5.718% VRN 7/23/32 (a) | $1000000 | $1048409  |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG <br>1 day USD SOFR + 1.300%<br>4.950% VRN 8/04/31 (a) | 700000 | 707077  |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp <br>1 day USD SOFR + 1.486%<br>4.895% VRN 9/06/30 (a) | 600000 | 609677  |
| Goldman Sachs Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.248% <br>2.383% VRN 7/21/32 (a) | 2100000 | 1880784  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.380% <br>5.536% VRN 1/28/36 (a) | 335000 | 347689  |
| &nbsp;&nbsp;&nbsp; 10 yr. CMT + 2.400% <br>6.125% VRN (a) (e) | 50000 | 50698  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.461% <br>6.850% VRN (a) (e) | 125000 | 129989  |
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC 5 yr. <br>CMT + 2.987%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.050% VRN (a) (e) | 70000 | 72768  |
| JP Morgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3 mo. USD Term SOFR + 1.510% 2.739% VRN 10/15/30 (a) | 230000 | 218189  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.315% <br>5.502% VRN 1/24/36 (a) | 185000 | 193347  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.152% <br>6.500% VRN (a) (e) | 80000 | 83129  |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. <br>1 day USD SOFR + 1.260%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.963% VRN 1/25/33 (a) | 4000000 | 3670721  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.020% <br>1.928% VRN 4/28/32 (a) | 90000 | 78962  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.178% <br>2.239% VRN 7/21/32 (a) | 225000 | 199932  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.200% <br>2.511% VRN 10/20/32 (a) | 180000 | 161435  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.290% <br>2.943% VRN 1/21/33 (a) | 240000 | 219046  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 3.120% <br>3.622% VRN 4/01/31 (a) | 3100000 | 3012036  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.555% <br>5.320% VRN 7/19/35 (a) | 115000 | 118381  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.418% <br>5.587% VRN 1/18/36 (a) | 85000 | 88824  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.580% <br>5.831% VRN 4/19/35 (a) | 70000 | 74386  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Private Bank NA <br>1 day USD SOFR + 1.080%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.734% VRN 7/18/31 (a) | 55000 | 55753  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; NatWest Group PLC 1 yr. <br>CMT + 2.550%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.073% VRN 5/22/28 (a) | $400000 | $394917  |
| PNC Financial Services Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.259% <br>4.812% VRN 10/21/32 (a) | 1000000 | 1017675  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.902% <br>5.676% VRN 1/22/35 (a) | 60000 | 63248  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 2.284% <br>6.875% VRN 10/20/34 (a) | 15000 | 16974  |
| &nbsp;&nbsp;&nbsp; Societe Generale SA 1 yr. <br>CMT + 1.200%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% VRN 4/13/29 (a) (c) | 600000 | 614498  |
| &nbsp;&nbsp;&nbsp; UBS Group AG 1 day USD <br>SOFR + 3.730%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.194% VRN 4/01/31 (a) (c) | 900000 | 891422  |
| Walker & Dunlop, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.625% 4/01/33 (c) | 25000 | 25648  |
| Wells Fargo & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 2.100% <br>4.897% VRN 7/25/33 (a) | 200000 | 203111  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.500% <br>5.150% VRN 4/23/31 (a) | 2700000 | 2786948  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.380% <br>5.211% VRN 12/03/35 (a) | 10000 | 10215  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.780% <br>5.499% VRN 1/23/35 (a) | 335000 | 349529  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.606% <br>7.625% VRN (a) (d) (e) | 30000 | 31998  |
|  |  | 28009526  |
| **Beverages — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Primo Water Holdings, Inc./<br>Triton Water Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 4/01/29 (c) | 85000 | 85411  |
| **Biotechnology — 0.0%**<br>|  |  |
| Emergent BioSolutions, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 8/15/28 (c) | 25000 | 22414  |
| Genmab AS/Genmab Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 12/15/32 (c) | 45000 | 46118  |
| &nbsp;&nbsp;&nbsp; 7.250% 12/15/33 (c) | 20000 | 21008  |
| Travere Therapeutics, Inc., Convertible,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.250% 3/01/29 | 45000 | 63990  |
|  |  | 153530  |
| **Building Materials — 0.1%**<br>|  |  |
| Builders FirstSource, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 2/01/32 (c) | 45000 | 42850  |
| &nbsp;&nbsp;&nbsp; 6.375% 6/15/32 (c) | 40000 | 41446  |
| &nbsp;&nbsp;&nbsp; 6.750% 5/15/35 (c) | 20000 | 20910  |
| Camelot Return Merger Sub, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.750% 8/01/28 (c) (d) | 65000 | 50368  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **58**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund (See Note 1) – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP/Emerald <br>Co-Issuer, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.625% 12/15/30 (c) | $65000 | $67698  |
| &nbsp;&nbsp;&nbsp; MIWD Holdco II LLC/MIWD <br>Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 2/01/30 (c) | 60000 | 58116  |
| Quikrete Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.375% 3/01/32 (c) | 75000 | 78066  |
| &nbsp;&nbsp;&nbsp; 6.750% 3/01/33 (c) | 10000 | 10443  |
| Smyrna Ready Mix Concrete LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.875% 11/15/31 (c) (d) | 60000 | 64178  |
| Standard Building Solutions, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 8/15/32 (c) | 30000 | 30886  |
|  |  | 464961  |
| **Chemicals — 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Advancion Sciences, Inc. <br>PIK 10.000%, Cash<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.250% 11/01/26 (c) | 50000 | 43625  |
|  Axalta Coating Systems Dutch Holding B BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.250% 2/15/31 (c) | 55000 | 58004  |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems LLC/<br>Axalta Coating Systems Dutch Holding B BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 6/15/27 (c) | 15000 | 15015  |
| Celanese US Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 4/15/30 (d) | 30000 | 30150  |
| &nbsp;&nbsp;&nbsp; 6.750% 4/15/33 (d) | 25000 | 24869  |
| &nbsp;&nbsp;&nbsp; 7.000% 2/15/31 | 45000 | 46074  |
| &nbsp;&nbsp;&nbsp; 7.050% STEP 11/15/30 | 200000 | 210735  |
| &nbsp;&nbsp;&nbsp; 7.375% 2/15/34 | 40000 | 40639  |
| Chemours Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.625% 11/15/29 (c) | 80000 | 72338  |
| &nbsp;&nbsp;&nbsp; 5.750% 11/15/28 (c) (d) | 70000 | 68076  |
| Consolidated Energy Finance SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 5/15/26 (c) | 45000 | 43483  |
| &nbsp;&nbsp;&nbsp; 12.000% 2/15/31 (c) | 55000 | 38885  |
| Herens Holdco SARL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 5/15/28 (c) | 60000 | 52097  |
| Inversion Escrow Issuer LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 8/01/32 (c) | 40000 | 39846  |
| Methanex Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 12/15/29 | 30000 | 30274  |
| &nbsp;&nbsp;&nbsp; 5.650% 12/01/44 | 20000 | 17879  |
| Methanex US Operations, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 3/15/32 (c) | 30000 | 30890  |
| Olin Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.625% 4/01/33 (c) | 35000 | 34736  |
| Olympus Water US Holding Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 10/01/28 (c) | 30000 | 29121  |
| &nbsp;&nbsp;&nbsp; 6.250% 10/01/29 (c) | 25000 | 24327  |
| &nbsp;&nbsp;&nbsp; 7.250% 2/15/33 (c) | 120000 | 120593  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| SCIH Salt Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.875% 5/01/28 (c) | $50000 | $50012  |
| &nbsp;&nbsp;&nbsp; 6.625% 5/01/29 (c) | 80000 | 80344  |
| WR Grace Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.875% 6/15/27 (c) | 20000 | 19938  |
| &nbsp;&nbsp;&nbsp; 5.625% 8/15/29 (c) | 100000 | 95189  |
| &nbsp;&nbsp;&nbsp; 6.625% 8/15/32 (c) | 55000 | 55702  |
| &nbsp;&nbsp;&nbsp; 7.375% 3/01/31 (c) | 30000 | 30721  |
|  |  | 1403562  |
| **Commercial Services — 0.5%**<br>|  |  |
| Allied Universal Holdco LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.875% 2/15/31 (c) | 45000 | 47425  |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC/<br>Allied Universal Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% 6/15/30 (c) | 35000 | 36441  |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC/<br>Allied Universal Finance Corp./<br>Atlas Luxco 4 SARL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.625% 6/01/28 (c) | 70000 | 68874  |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC/<br>Avis Budget Finance, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.375% 6/15/32 (c) | 15000 | 15489  |
| Belron UK Finance PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 10/15/29 (c) | 45000 | 45954  |
| Block, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.500% 6/01/31 | 15000 | 14099  |
| &nbsp;&nbsp;&nbsp; 5.625% 8/15/30 (c) | 40000 | 40813  |
| &nbsp;&nbsp;&nbsp; 6.000% 8/15/33 (c) | 40000 | 41064  |
| &nbsp;&nbsp;&nbsp; 6.500% 5/15/32 | 85000 | 88388  |
| CoreCivic, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.250% 4/15/29 | 60000 | 63076  |
| GEO Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.625% 4/15/29 | 25000 | 26295  |
| &nbsp;&nbsp;&nbsp; 10.250% 4/15/31 | 75000 | 82101  |
| Herc Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 3/15/31 (c) | 25000 | 25371  |
| &nbsp;&nbsp;&nbsp; 6.000% 3/15/34 (c) | 25000 | 25333  |
| &nbsp;&nbsp;&nbsp; 7.000% 6/15/30 (c) | 70000 | 73670  |
| &nbsp;&nbsp;&nbsp; 7.250% 6/15/33 (c) | 40000 | 42415  |
| Service Corp. International<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% 5/15/31 | 65000 | 62128  |
| &nbsp;&nbsp;&nbsp; 5.125% 6/01/29 | 30000 | 30198  |
| &nbsp;&nbsp;&nbsp; 5.750% 10/15/32 | 60000 | 61064  |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC/Shift4 <br>Payments Finance Sub, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 8/15/32 (c) | 45000 | 46462  |
| Sotheby's<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.375% 10/15/27 (c) | 150000 | 149122  |
| Sotheby's/Bidfair Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 6/01/29 (c) | 15000 | 13956  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **59**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund (See Note 1) – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| StoneMor, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.500% 5/15/29 (c) | $70000 | $68417  |
| Synergy Infrastructure Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.875% 12/01/30 (c) | 30000 | 31102  |
| TriNet Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.125% 8/15/31 (c) | 60000 | 61847  |
| United Rentals North America, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% 11/15/33 (c) | 25000 | 24982  |
| &nbsp;&nbsp;&nbsp; 6.125% 3/15/34 (c) | 80000 | 83334  |
| Verisk Analytics, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.125% 2/15/36 | 400000 | 401826  |
| VM Consolidated, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 4/15/29 (c) | 110000 | 110028  |
| Wand NewCo 3, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.625% 1/30/32 (c) | 25000 | 26458  |
| WEX, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 3/15/33 (c) | 45000 | 46065  |
| Williams Scotsman, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.625% 4/15/30 (c) | 25000 | 25840  |
|  |  | 1979637  |
| **Computers — 0.6%**<br>|  |  |
| Ahead DB Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.625% 5/01/28 (c) | 100000 | 100648  |
| Amentum Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.250% 8/01/32 (c) | 75000 | 79056  |
| ASGN, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.625% 5/15/28 (c) | 80000 | 78608  |
| CACI International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.375% 6/15/33 (c) | 65000 | 67254  |
| Dell International LLC/EMC Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 2/15/31 | 1145000 | 1143366  |
| &nbsp;&nbsp;&nbsp; 5.100% 2/15/36 | 400000 | 395025  |
| Insight Enterprises, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.625% 5/15/32 (c) | 25000 | 25700  |
| Science Applications International Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.875% 4/01/28 (c) | 25000 | 24934  |
| &nbsp;&nbsp;&nbsp; 5.875% 11/01/33 (c) | 70000 | 70962  |
| &nbsp;&nbsp;&nbsp; Seagate Data Storage <br>Technology Pte. Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 7/15/30 (c) | 120000 | 123704  |
|  |  | 2109257  |
| **Diversified Financial Services — 1.1%** | **Diversified Financial Services — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/<br>AerCap Global Aviation Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.300% 1/30/32 | 800000 | 738656  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.441% <br>6.500% VRN 1/31/56 (a) | 75000 | 77361  |
| Air Lease Corp. 5 yr. CMT + 3.149%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.125% VRN (a) (e) | 110000 | 107380  |
| Aircastle Ltd. 5 yr. CMT + 4.410%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% VRN (a) (c) (e) | 65000 | 64677  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc. 5 yr. <br>CMT + 3.868%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.700% VRN (a) (e) | $230000 | $227663  |
| Avolon Holdings Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.528% 11/18/27 (c) | 171000 | 165779  |
| &nbsp;&nbsp;&nbsp; 6.375% 5/04/28 (c) | 900000 | 937774  |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. <br>1 day USD SOFR + 2.600%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.247% VRN 7/26/30 (a) | 700000 | 722019  |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. 10 yr. <br>CMT + 3.079%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% VRN (a) (e) | 45000 | 42011  |
| Coinbase Global, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.375% 10/01/28 (c) | 45000 | 42869  |
| CrossCountry Intermediate HoldCo LLC | CrossCountry Intermediate HoldCo LLC |  |
| &nbsp;&nbsp;&nbsp; 6.500% 10/01/30 (c) | 35000 | 35700  |
| &nbsp;&nbsp;&nbsp; 6.750% 12/01/32 (c) | 35000 | 35568  |
| Focus Financial Partners LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 9/15/31 (c) | 70000 | 71968  |
| GGAM Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 3/15/30 (c) | 10000 | 10148  |
| &nbsp;&nbsp;&nbsp; 6.875% 4/15/29 (c) | 60000 | 62231  |
| &nbsp;&nbsp;&nbsp; 8.000% 2/15/27 (c) | 30000 | 30682  |
| Global Aircraft Leasing Co. Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.750% 9/01/27 (c) | 60000 | 62223  |
| Hightower Holding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 4/15/29 (c) | 20000 | 19919  |
| &nbsp;&nbsp;&nbsp; 9.125% 1/31/30 (c) | 65000 | 68853  |
| Jane Street Group/JSG Finance, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 11/15/29 (c) | 10000 | 9849  |
| &nbsp;&nbsp;&nbsp; 6.125% 11/01/32 (c) | 65000 | 66141  |
| &nbsp;&nbsp;&nbsp; 6.750% 5/01/33 (c) | 45000 | 46971  |
| OneMain Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.125% 5/15/30 | 15000 | 15294  |
| &nbsp;&nbsp;&nbsp; 6.625% 5/15/29 | 35000 | 36251  |
| &nbsp;&nbsp;&nbsp; 6.750% 3/15/32 | 40000 | 41077  |
| &nbsp;&nbsp;&nbsp; 6.750% 9/15/33 | 40000 | 40505  |
| &nbsp;&nbsp;&nbsp; 7.125% 9/15/32 | 40000 | 41557  |
| PennyMac Financial Services, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 2/15/34 (c) | 70000 | 72361  |
| &nbsp;&nbsp;&nbsp; 6.875% 2/15/33 (c) | 30000 | 31319  |
| Rocket Cos., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.125% 8/01/30 (c) | 40000 | 41347  |
| &nbsp;&nbsp;&nbsp; 6.375% 8/01/33 (c) | 55000 | 57344  |
| &nbsp;&nbsp;&nbsp; 6.500% 8/01/29 (c) | 35000 | 36099  |
| UWM Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 3/15/31 (c) | 25000 | 24960  |
| &nbsp;&nbsp;&nbsp; 6.625% 2/01/30 (c) | 50000 | 50629  |
| VFH Parent LLC/Valor Co-Issuer, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 6/15/31 (c) | 55000 | 57611  |
|  |  | 4192796  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **60**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund (See Note 1) – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Electric — 1.4%**<br>|  |  |
| AES Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.950% 7/15/30 (c) | $400000 | $390413  |
| Alabama Power Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.100% 4/02/35 | 310000 | 317316  |
| Alpha Generation LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 1/15/34 (c) | 50000 | 50449  |
| &nbsp;&nbsp;&nbsp; 6.750% 10/15/32 (c) | 105000 | 108695  |
| American Electric Power Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.128% <br>5.800% VRN 3/15/56 (a) | 40000 | 39710  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 1.940% <br>6.050% VRN 3/15/56 (a) | 40000 | 39301  |
|  California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.375% 2/15/32 (c) | 110000 | 110181  |
| Calpine Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.625% 2/01/29 (c) | 65000 | 64757  |
| Clearway Energy Operating LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 2/15/31 (c) | 65000 | 60703  |
| &nbsp;&nbsp;&nbsp; 4.750% 3/15/28 (c) | 10000 | 9978  |
| Cleco Corporate Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.375% 9/15/29 | 200000 | 188082  |
| ContourGlobal Power Holdings SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 2/28/30 (c) | 35000 | 36089  |
| Duke Energy Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.450% 6/15/34 | 300000 | 312388  |
| Duke Energy Florida LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 11/15/33 | 70000 | 75565  |
| &nbsp;&nbsp;&nbsp; Edison International <br>5 yr. CMT + 3.864%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.125% VRN 6/15/53 (a) | 55000 | 57229  |
|  EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% 12/30/30 (c) | 60000 | 55820  |
|  EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.499% 6/30/32 (c) | 15000 | 15537  |
| FirstEnergy Transmission LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 1/15/33 (c) | 700000 | 699776  |
| Hawaiian Electric Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 10/01/33 (c) | 75000 | 76045  |
| Lightning Power LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.250% 8/15/32 (c) | 65000 | 69118  |
| NRG Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.625% 2/15/31 (c) | 25000 | 23362  |
| &nbsp;&nbsp;&nbsp; 5.250% 6/15/29 (c) | 85000 | 85229  |
| &nbsp;&nbsp;&nbsp; 5.750% 1/15/28 | 25000 | 25096  |
| &nbsp;&nbsp;&nbsp; 5.750% 1/15/34 (c) | 70000 | 70712  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; 6.000% 1/15/36 (c) | $90000 | $91192  |
| &nbsp;&nbsp;&nbsp; 6.250% 11/01/34 (c) | 55000 | 56486  |
| PG&E Corp. 5 yr. CMT + 3.883%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.375% VRN 3/15/55 (a) | 140000 | 145809  |
| Puget Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.224% 3/15/32 | 400000 | 383530  |
| RWE Finance US LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.125% 9/18/35 (c) | 200000 | 198878  |
| Sempra 5 yr. CMT + 2.632%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.375% VRN 4/01/56 (a) | 90000 | 91874  |
| &nbsp;&nbsp;&nbsp; Sierra Pacific Power Co. <br>5 yr. CMT + 2.549%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.200% VRN 12/15/55 (a) | 90000 | 89195  |
| Southern Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.850% 3/15/35 | 700000 | 691392  |
| Talen Energy Supply LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 2/01/34 (c) | 55000 | 56095  |
| &nbsp;&nbsp;&nbsp; 6.500% 2/01/36 (c) | 55000 | 56875  |
| TransAlta Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 2/01/34 | 35000 | 35242  |
| Vistra Operations Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.375% 5/01/29 (c) | 50000 | 49372  |
| &nbsp;&nbsp;&nbsp; 5.000% 7/31/27 (c) | 60000 | 60138  |
| &nbsp;&nbsp;&nbsp; 6.875% 4/15/32 (c) | 20000 | 21068  |
| &nbsp;&nbsp;&nbsp; 7.750% 10/15/31 (c) | 120000 | 127101  |
|  XPLR Infrastructure Operating Partners LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.250% 1/15/29 (c) | 20000 | 20492  |
| &nbsp;&nbsp;&nbsp; 7.750% 4/15/34 (c) | 55000 | 55896  |
| &nbsp;&nbsp;&nbsp; 8.375% 1/15/31 (c) | 30000 | 31489  |
|  |  | 5243675  |
| **Electronics — 0.1%**<br>|  |  |
| Coherent Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 12/15/29 (c) | 155000 | 154475  |
| Sensata Technologies, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.625% 7/15/32 (c) | 25000 | 26177  |
| TTM Technologies, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% 3/01/29 (c) | 25000 | 24416  |
|  |  | 205068  |
| **Engineering & Construction — 0.1%**<br>|  |  |
| AECOM<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 8/01/33 (c) | 65000 | 66616  |
| Artera Services LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.500% 2/15/31 (c) (d) | 220000 | 182675  |
| Brand Industrial Services, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.375% 8/01/30 (c) | 100000 | 98064  |
| &nbsp;&nbsp;&nbsp; Railworks Holdings LP/<br>Railworks Rally, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.250% 11/15/28 (c) | 50000 | 50282  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **61**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund (See Note 1) – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| TopBuild Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.625% 3/15/29 (c) | $10000 | $9685  |
| &nbsp;&nbsp;&nbsp; 4.125% 2/15/32 (c) | 35000 | 33241  |
| &nbsp;&nbsp;&nbsp; 5.625% 1/31/34 (c) | 55000 | 55637  |
|  |  | 496200  |
| **Entertainment — 0.1%**<br>|  |  |
| Caesars Entertainment, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 10/15/32 (c) (d) | 20000 | 19449  |
| &nbsp;&nbsp;&nbsp; 6.500% 2/15/32 (c) | 110000 | 112687  |
| &nbsp;&nbsp;&nbsp; 7.000% 2/15/30 (c) | 30000 | 31070  |
| Churchill Downs, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 1/15/28 (c) | 25000 | 24907  |
| &nbsp;&nbsp;&nbsp; 6.750% 5/01/31 (c) | 75000 | 77769  |
| Warnermedia Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.279% 3/15/32 | 15000 | 13167  |
| &nbsp;&nbsp;&nbsp; 5.050% 3/15/42 | 55000 | 38706  |
| &nbsp;&nbsp;&nbsp; 5.141% 3/15/52 | 15000 | 9883  |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.125% 10/01/29 (c) | 20000 | 20118  |
| &nbsp;&nbsp;&nbsp; 7.125% 2/15/31 (c) | 20000 | 21642  |
|  |  | 369398  |
| **Environmental Controls — 0.1%**<br>|  |  |
| Clean Harbors, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 10/15/33 (c) | 20000 | 20516  |
| &nbsp;&nbsp;&nbsp; 6.375% 2/01/31 (c) | 55000 | 56602  |
| GFL Environmental, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 1/15/31 (c) | 80000 | 83934  |
| Madison IAQ LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 6/30/29 (c) | 80000 | 79514  |
| Waste Pro USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.000% 2/01/33 (c) | 35000 | 36026  |
| Wrangler Holdco Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.625% 4/01/32 (c) | 45000 | 47170  |
|  |  | 323762  |
| **Food — 0.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc./Safeway, Inc./<br>New Albertsons LP/<br>Albertsons LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.500% 3/15/29 (c) | 60000 | 57624  |
| &nbsp;&nbsp;&nbsp; 4.875% 2/15/30 (c) | 75000 | 74381  |
| &nbsp;&nbsp;&nbsp; 5.500% 3/31/31 (c) | 30000 | 30316  |
| &nbsp;&nbsp;&nbsp; 5.750% 3/31/34 (c) | 20000 | 20081  |
| &nbsp;&nbsp;&nbsp; 6.250% 3/15/33 (c) | 35000 | 35979  |
| C&S Group Enterprises LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 12/15/28 (c) | 45000 | 41651  |
| Fiesta Purchaser, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.875% 3/01/31 (c) | 30000 | 31287  |
| &nbsp;&nbsp;&nbsp; 9.625% 9/15/32 (c) (d) | 80000 | 83841  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
|  JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.000% 5/15/32 | $400000 | $359061  |
| &nbsp;&nbsp;&nbsp; 6.750% 3/15/34 | 245000 | 270676  |
| &nbsp;&nbsp;&nbsp; KeHE Distributors LLC/<br>KeHE Finance Corp./<br>NextWave Distribution, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.000% 2/15/29 (c) | 65000 | 68231  |
| Lamb Weston Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.375% 1/31/32 (c) | 80000 | 76214  |
| Mars, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.200% 3/01/35 (c) | 1100000 | 1130613  |
| Performance Food Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 8/01/29 (c) | 55000 | 53773  |
| &nbsp;&nbsp;&nbsp; 6.125% 9/15/32 (c) | 50000 | 51545  |
| Pilgrim's Pride Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.500% 3/01/32 | 75000 | 69285  |
| Post Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.625% 4/15/30 (c) | 25000 | 24344  |
| &nbsp;&nbsp;&nbsp; 6.250% 10/15/34 (c) | 25000 | 25139  |
| US Foods, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.625% 6/01/30 (c) | 125000 | 123326  |
| &nbsp;&nbsp;&nbsp; 5.750% 4/15/33 (c) | 105000 | 106952  |
|  |  | 2734319  |
| **Food Services — 0.1%**<br>|  |  |
| Aramark Services, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 2/01/28 (c) | 115000 | 114983  |
| TKC Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% 5/15/28 (c) | 60000 | 60585  |
| &nbsp;&nbsp;&nbsp; 10.500% 5/15/29 (c) | 95000 | 97621  |
|  |  | 273189  |
| **Gas — 0.1%**<br>|  |  |
| NiSource, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.350% 4/01/34 | 500000 | 515440  |
| **Health Care - Products — 0.1%**<br>|  |  |
| Avantor Funding, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 11/01/29 (c) | 125000 | 119532  |
| Insulet Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 4/01/33 (c) | 40000 | 41696  |
| Medline Borrower LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 4/01/29 (c) | 205000 | 200143  |
| &nbsp;&nbsp;&nbsp; 5.250% 10/01/29 (c) | 60000 | 60324  |
|  |  | 421695  |
| **Health Care - Services — 0.9%**<br>|  |  |
| Acadia Healthcare Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.375% 3/15/33 (c) (d) | 45000 | 45450  |
| Centene Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.450% 7/15/28 | 600000 | 561803  |
| &nbsp;&nbsp;&nbsp; 3.000% 10/15/30 | 453000 | 405226  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **62**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund (See Note 1) – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
|  Charles River Laboratories International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 3/15/29 (c) | $85000 | $82070  |
| &nbsp;&nbsp;&nbsp; 4.000% 3/15/31 (c) | 10000 | 9475  |
| &nbsp;&nbsp;&nbsp; 4.250% 5/01/28 (c) | 5000 | 4955  |
| CHS/Community Health Systems, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 2/15/31 (c) | 115000 | 102452  |
| &nbsp;&nbsp;&nbsp; 6.125% 4/01/30 (c) | 40000 | 32049  |
| &nbsp;&nbsp;&nbsp; 9.750% 1/15/34 (c) | 30000 | 31510  |
| &nbsp;&nbsp;&nbsp; 10.875% 1/15/32 (c) | 22000 | 24012  |
| Cigna Group<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 1/15/36 | 400000 | 407202  |
| DaVita, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 2/15/31 (c) | 35000 | 32336  |
| &nbsp;&nbsp;&nbsp; 4.625% 6/01/30 (c) | 90000 | 87515  |
| &nbsp;&nbsp;&nbsp; 6.750% 7/15/33 (c) | 30000 | 31107  |
| HealthEquity, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 10/01/29 (c) | 95000 | 93327  |
| IQVIA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 6/01/32 (c) | 65000 | 67920  |
| &nbsp;&nbsp;&nbsp; 6.500% 5/15/30 (c) | 90000 | 93365  |
| ModivCare, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 10/01/29 (c) | 401100 | 521  |
| Molina Healthcare, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 11/15/30 (c) | 20000 | 18558  |
| &nbsp;&nbsp;&nbsp; 3.875% 5/15/32 (c) | 15000 | 13623  |
| &nbsp;&nbsp;&nbsp; 6.250% 1/15/33 (c) | 90000 | 91752  |
| &nbsp;&nbsp;&nbsp; 6.500% 2/15/31 (c) | 75000 | 77027  |
| Surgery Center Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.250% 4/15/32 (c) | 30000 | 30344  |
| Tenet Healthcare Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 6/01/29 | 100000 | 98507  |
| &nbsp;&nbsp;&nbsp; 4.375% 1/15/30 | 55000 | 53965  |
| &nbsp;&nbsp;&nbsp; 4.625% 6/15/28 | 75000 | 75139  |
| &nbsp;&nbsp;&nbsp; 5.500% 11/15/32 (c) | 50000 | 50686  |
| UnitedHealth Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.300% 6/15/35 (d) | 170000 | 176013  |
| &nbsp;&nbsp;&nbsp; 5.625% 7/15/54 | 405000 | 397231  |
| US Acute Care Solutions LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.750% 5/15/29 (c) | 55000 | 55408  |
|  |  | 3250548  |
| **Home Builders — 0.1%**<br>|  |  |
| Century Communities, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.625% 9/15/33 (c) | 35000 | 35392  |
| LGI Homes, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.000% 11/15/32 (c) (d) | 125000 | 119484  |
| &nbsp;&nbsp;&nbsp; 8.750% 12/15/28 (c) | 25000 | 26076  |
| New Home Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.500% 11/01/30 (c) | 35000 | 36045  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| Taylor Morrison Communities, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 11/15/32 (c) | $30000 | $30867  |
|  |  | 247864  |
| **Home Furnishing — 0.1%**<br>|  |  |
| Somnigroup International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 10/15/31 (c) | 25000 | 23367  |
| &nbsp;&nbsp;&nbsp; 4.000% 4/15/29 (c) | 55000 | 53585  |
| Whirlpool Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.125% 6/15/30 | 20000 | 19976  |
| &nbsp;&nbsp;&nbsp; 6.500% 6/15/33 | 65000 | 63031  |
|  |  | 159959  |
| **Household Products & Wares — 0.0%** | **Household Products & Wares — 0.0%** |  |
| Kronos Acquisition Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.250% 6/30/31 (c) (d) | 10000 | 6575  |
| **Insurance — 1.6%**<br>|  |  |
| Acrisure LLC/Acrisure Finance, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 8/01/29 (c) | 65000 | 64207  |
| &nbsp;&nbsp;&nbsp; 6.750% 7/01/32 (c) | 25000 | 25753  |
| &nbsp;&nbsp;&nbsp; 7.500% 11/06/30 (c) | 75000 | 78124  |
| &nbsp;&nbsp;&nbsp; 8.250% 2/01/29 (c) | 30000 | 31163  |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/<br>Alliant Holdings Co-Issuer<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 11/01/29 (c) | 65000 | 64943  |
| &nbsp;&nbsp;&nbsp; 7.000% 1/15/31 (c) | 80000 | 82998  |
| &nbsp;&nbsp;&nbsp; 7.375% 10/01/32 (c) | 30000 | 31106  |
| AmWINS Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.875% 6/30/29 (c) | 85000 | 83593  |
| &nbsp;&nbsp;&nbsp; 6.375% 2/15/29 (c) | 15000 | 15426  |
|  APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.875% 11/01/29 (c) | 115000 | 116148  |
| Asurion LLC & Asurion Co-Issuer, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.000% 12/31/32 (c) | 55000 | 57069  |
| Athene Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.583% 1/09/29 (c) | 600000 | 616334  |
| &nbsp;&nbsp;&nbsp; Athene Holding Ltd. <br>5 yr. CMT + 2.582%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% VRN 6/28/55 (a) | 105000 | 104919  |
| Broadstreet Partners Group LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 4/15/29 (c) | 70000 | 69890  |
| Corebridge Financial, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.900% 4/05/32 | 1000000 | 949149  |
| Equitable Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.572% 2/15/29 (c) | 500000 | 502354  |
| Five Corners Funding Trust II<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.850% 5/15/30 (c) | 400000 | 376569  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **63**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund (See Note 1) – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| HUB International Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.625% 12/01/29 (c) | $10000 | $9998  |
| &nbsp;&nbsp;&nbsp; 7.250% 6/15/30 (c) | 100000 | 104992  |
| &nbsp;&nbsp;&nbsp; 7.375% 1/31/32 (c) | 75000 | 78717  |
| Jackson Financial, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.670% 6/08/32 (d) | 500000 | 519417  |
| MetLife, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.300% 12/15/34 | 300000 | 311985  |
| Panther Escrow Issuer LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.125% 6/01/31 (c) | 80000 | 82900  |
| Reinsurance Group of America, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 9/15/34 | 900000 | 938594  |
| Ryan Specialty LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.375% 2/01/30 (c) | 20000 | 19629  |
| &nbsp;&nbsp;&nbsp; 5.875% 8/01/32 (c) | 30000 | 30653  |
| Unum Group<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% 6/15/29 | 400000 | 395662  |
| USI, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 1/15/32 (c) | 105000 | 110048  |
| Western-Southern Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.900% 5/01/30 (c) | 166000 | 169884  |
|  |  | 6042224  |
| **Internet — 0.3%**<br>|  |  |
| Cablevision Lightpath LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 9/15/27 (c) | 40000 | 39040  |
| &nbsp;&nbsp;&nbsp; 5.625% 9/15/28 (c) | 100000 | 97735  |
| &nbsp;&nbsp;&nbsp; Cogent Communications Group LLC/<br>Cogent Finance, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.000% 6/15/27 (c) (d) | 125000 | 125084  |
| Gen Digital, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 4/01/33 (c) | 35000 | 36093  |
| &nbsp;&nbsp;&nbsp; ION Platform Finance US, Inc./<br>ION Platform Finance SARL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 5/15/28 (c) | 85000 | 80153  |
| Match Group Holdings II LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.625% 10/01/31 (c) | 35000 | 32116  |
| &nbsp;&nbsp;&nbsp; 4.125% 8/01/30 (c) | 10000 | 9465  |
| Snap, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% 3/15/34 (c) | 35000 | 36037  |
| Uber Technologies, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.800% 9/15/34 | 325000 | 324906  |
| Wayfair LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 11/15/32 (c) | 65000 | 66825  |
| &nbsp;&nbsp;&nbsp; 7.250% 10/31/29 (c) | 100000 | 104367  |
|  |  | 951821  |
| **Investment Companies — 0.7%**<br>|  |  |
| ARES Strategic Income Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.700% 3/15/28 | 900000 | 911801  |
| Blackstone Private Credit Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.300% 11/27/28 | 300000 | 318219  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| HPS Corporate Lending Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.450% 1/14/28 | $500000 | $505335  |
| &nbsp;&nbsp;&nbsp; Icahn Enterprises LP/<br>Icahn Enterprises Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.375% 2/01/29 | 30000 | 25884  |
| &nbsp;&nbsp;&nbsp; 5.250% 5/15/27 | 40000 | 39450  |
| &nbsp;&nbsp;&nbsp; 9.000% 6/15/30 | 100000 | 95588  |
| &nbsp;&nbsp;&nbsp; 9.750% 1/15/29 | 65000 | 64801  |
| Riot Platforms, Inc., Convertible,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.750% 1/15/30 (c) | 76000 | 85785  |
| Sixth Street Lending Partners<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.125% 7/15/30 | 200000 | 205270  |
| Sixth Street Specialty Lending, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.125% 3/01/29 (d) | 100000 | 103230  |
| Terawulf, Inc., Convertible,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 5/01/32 (c) | 51000 | 44115  |
|  |  | 2399478  |
| **Iron & Steel — 0.1%**<br>|  |  |
| Carpenter Technology Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.625% 3/01/34 (c) | 50000 | 50786  |
| Cleveland-Cliffs, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.375% 5/01/33 (c) | 15000 | 15601  |
| &nbsp;&nbsp;&nbsp; 7.500% 9/15/31 (c) | 55000 | 58016  |
| &nbsp;&nbsp;&nbsp; 7.625% 1/15/34 (c) | 20000 | 20900  |
| Commercial Metals Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 2/15/31 | 20000 | 18991  |
| &nbsp;&nbsp;&nbsp; 5.750% 11/15/33 (c) | 20000 | 20451  |
| Mineral Resources Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.000% 4/01/31 (c) | 25000 | 26070  |
| &nbsp;&nbsp;&nbsp; 9.250% 10/01/28 (c) | 35000 | 36733  |
| &nbsp;&nbsp;&nbsp; Samarco Mineracao SA PIK <br>9.000% , Cash<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.500% 6/30/31 (c) | 71575 | 72502  |
|  |  | 320050  |
| **Leisure Time — 0.2%**<br>|  |  |
| Acushnet Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.625% 12/01/33 (c) | 25000 | 25281  |
| Amer Sports Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 2/16/31 (c) | 50000 | 52405  |
| Carnival Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.125% 5/01/29 (c) | 50000 | 50555  |
| &nbsp;&nbsp;&nbsp; 5.750% 3/15/30 (c) | 80000 | 82273  |
| &nbsp;&nbsp;&nbsp; 5.875% 6/15/31 (c) | 85000 | 87797  |
| &nbsp;&nbsp;&nbsp; 5.750% 8/01/32 (c) | 25000 | 25657  |
| &nbsp;&nbsp;&nbsp; 6.125% 2/15/33 (c) | 85000 | 87770  |
| Life Time, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 11/15/31 (c) | 105000 | 107574  |
| MajorDrive Holdings IV LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.375% 6/01/29 (c) (d) | 25000 | 17944  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **64**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund (See Note 1) – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| Patrick Industries, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 5/01/29 (c) | $15000 | $14849  |
| &nbsp;&nbsp;&nbsp; 6.375% 11/01/32 (c) | 20000 | 20519  |
| Royal Caribbean Cruises Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 3/15/32 (c) | 90000 | 93128  |
| Sabre GLBL, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.125% 7/15/30 (c) | 40000 | 33163  |
| Viking Cruises Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.125% 7/15/31 (c) | 35000 | 37479  |
| &nbsp;&nbsp;&nbsp; 5.875% 10/15/33 (c) | 70000 | 71082  |
|  |  | 807476  |
| **Lodging — 0.1%**<br>|  |  |
| Hilton Domestic Operating Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 5/01/29 (c) | 110000 | 106843  |
| &nbsp;&nbsp;&nbsp; 4.000% 5/01/31 (c) | 35000 | 33508  |
| &nbsp;&nbsp;&nbsp; 5.500% 3/31/34 (c) | 30000 | 30206  |
| &nbsp;&nbsp;&nbsp; 5.750% 9/15/33 (c) | 45000 | 46054  |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower LLC/<br>Hilton Grand Vacations Borrower, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.625% 1/15/32 (c) | 100000 | 102499  |
| Station Casinos LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 2/15/28 (c) | 40000 | 39670  |
| &nbsp;&nbsp;&nbsp; 6.625% 3/15/32 (c) | 20000 | 20473  |
|  |  | 379253  |
| **Machinery - Construction & Mining — 0.0%**<br>|  |  |
| BWX Technologies, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.125% 6/30/28 (c) | 85000 | 83689  |
| &nbsp;&nbsp;&nbsp; 4.125% 4/15/29 (c) | 45000 | 43846  |
|  |  | 127535  |
| **Machinery - Diversified — 0.0%**<br>|  |  |
| Mueller Water Products, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% 6/15/29 (c) | 40000 | 38898  |
| **Media — 1.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/<br>CCO Holdings Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 2/01/31 (c) | 55000 | 50537  |
| &nbsp;&nbsp;&nbsp; 4.500% 8/15/30 (c) | 160000 | 150642  |
| &nbsp;&nbsp;&nbsp; 4.500% 5/01/32 | 50000 | 44877  |
| &nbsp;&nbsp;&nbsp; 4.750% 3/01/30 (c) | 100000 | 95505  |
| &nbsp;&nbsp;&nbsp; 5.125% 5/01/27 (c) | 30000 | 29959  |
| &nbsp;&nbsp;&nbsp; 5.375% 6/01/29 (c) | 40000 | 39549  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 2/15/28 | 92000 | 90697  |
| &nbsp;&nbsp;&nbsp; 5.375% 5/01/47 | 1300000 | 1070868  |
| &nbsp;&nbsp;&nbsp; 6.384% 10/23/35 | 1300000 | 1341672  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| CSC Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.375% 2/15/31 (c) | $185000 | $112028  |
| &nbsp;&nbsp;&nbsp; 4.500% 11/15/31 (c) | 185000 | 112850  |
| &nbsp;&nbsp;&nbsp; 4.625% 12/01/30 (c) | 40000 | 14288  |
| &nbsp;&nbsp;&nbsp; 5.375% 2/01/28 (c) | 25000 | 18138  |
| &nbsp;&nbsp;&nbsp; 5.500% 4/15/27 (c) | 20000 | 17148  |
| DISH DBS Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.125% 6/01/29 | 40000 | 35500  |
| &nbsp;&nbsp;&nbsp; 7.750% 7/01/26 | 95000 | 93844  |
| DISH Network Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.750% 11/15/27 (c) | 50000 | 52039  |
| EW Scripps Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.875% 8/15/30 (c) | 120000 | 119843  |
| Scripps Escrow II, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 1/15/29 (c) | 45000 | 41406  |
| Sirius XM Radio LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.125% 7/01/30 (c) | 15000 | 14266  |
| &nbsp;&nbsp;&nbsp; 5.000% 8/01/27 (c) | 5000 | 5012  |
| &nbsp;&nbsp;&nbsp; 5.500% 7/01/29 (c) | 10000 | 10082  |
| Time Warner Cable LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 9/01/41 | 385000 | 337897  |
| &nbsp;&nbsp;&nbsp; 5.875% 11/15/40 | 170000 | 157310  |
| Univision Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 5/01/29 (c) | 40000 | 38423  |
| &nbsp;&nbsp;&nbsp; 7.375% 6/30/30 (c) | 25000 | 25411  |
| &nbsp;&nbsp;&nbsp; 8.000% 8/15/28 (c) | 20000 | 20714  |
| &nbsp;&nbsp;&nbsp; 8.500% 7/31/31 (c) | 115000 | 120132  |
| &nbsp;&nbsp;&nbsp; 9.375% 8/01/32 (c) | 60000 | 64489  |
| Virgin Media Secured Finance PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 5/15/29 (c) | 15000 | 14777  |
| VZ Secured Financing BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 1/15/32 (c) | 20000 | 18099  |
|  |  | 4358002  |
| **Metal Fabricate & Hardware — 0.1%**<br>|  |  |
| Advanced Drainage Systems, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 9/30/27 (c) | 95000 | 95047  |
| &nbsp;&nbsp;&nbsp; 6.375% 6/15/30 (c) | 20000 | 20451  |
| Vallourec SACA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 4/15/32 (c) | 65000 | 69016  |
|  |  | 184514  |
| **Mining — 0.1%**<br>|  |  |
| Alcoa Nederland Holding BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.125% 3/31/29 (c) | 80000 | 78419  |
| Alumina Pty. Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.375% 9/15/32 (c) | 55000 | 57113  |
| Capstone Copper Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 3/31/33 (c) | 70000 | 72656  |
| ERO Copper Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 2/15/30 (c) | 90000 | 89793  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **65**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund (See Note 1) – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| First Quantum Minerals Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.250% 2/15/34 (c) | $25000 | $26283  |
| &nbsp;&nbsp;&nbsp; 8.000% 3/01/33 (c) | 40000 | 42718  |
| &nbsp;&nbsp;&nbsp; 9.375% 3/01/29 (c) | 80000 | 84241  |
| Kaiser Aluminum Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 3/01/34 (c) | 20000 | 20063  |
| Volcan Cia Minera SAA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.500% 10/28/32 (c) | 30000 | 30867  |
|  |  | 502153  |
| **Miscellaneous - Manufacturing — 0.1%**<br>|  |  |
| Axon Enterprise, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.125% 3/15/30 (c) | 65000 | 67102  |
| Enpro, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.125% 6/01/33 (c) | 50000 | 51595  |
| Entegris, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.375% 4/15/28 (c) | 80000 | 79414  |
| &nbsp;&nbsp;&nbsp; 5.950% 6/15/30 (c) | 85000 | 86701  |
| LSB Industries, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 10/15/28 (c) | 45000 | 44928  |
|  |  | 329740  |
| **Oil & Gas — 1.4%**<br>|  |  |
| Breakwater Energy Holdings SARL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.250% 11/15/30 (c) | 30000 | 31415  |
| California Resources Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.250% 6/15/29 (c) | 75000 | 78449  |
| Canacol Energy Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 11/24/28 (c) (f) | 40000 | 11422  |
| Cenovus Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.650% 3/20/31 | 66000 | 65794  |
| &nbsp;&nbsp;&nbsp; 5.400% 3/20/36 | 50000 | 49934  |
| CITGO Petroleum Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.375% 1/15/29 (c) | 40000 | 41593  |
| CNX Resources Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 1/15/29 (c) | 25000 | 25168  |
| &nbsp;&nbsp;&nbsp; 7.250% 3/01/32 (c) | 35000 | 36537  |
| Comstock Resources, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 1/15/30 (c) | 110000 | 106992  |
| &nbsp;&nbsp;&nbsp; 6.750% 3/01/29 (c) | 30000 | 30067  |
| CVR Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.500% 1/15/29 (c) | 130000 | 133620  |
| DBR Land Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 12/01/30 (c) | 45000 | 46030  |
| Energean Israel Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% 3/30/28 (c) | 15000 | 14794  |
| &nbsp;&nbsp;&nbsp; 5.875% 3/30/31 (c) | 45000 | 43524  |
| Gran Tierra Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.500% 10/15/29 (c) | 20000 | 14068  |
| Kosmos Energy Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 3/01/28 (c) | 65000 | 43915  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| Matador Resources Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 4/15/33 (c) | $30000 | $30040  |
| &nbsp;&nbsp;&nbsp; 6.500% 4/15/32 (c) | 35000 | 35496  |
| Moss Creek Resources Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.250% 9/01/31 (c) | 35000 | 33513  |
| Nabors Industries, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.875% 8/15/31 (c) (d) | 20000 | 19402  |
| Northern Oil & Gas, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.875% 10/15/33 (c) | 70000 | 68156  |
| &nbsp;&nbsp;&nbsp; 8.750% 6/15/31 (c) | 75000 | 75720  |
| Occidental Petroleum Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.550% 10/01/34 (d) | 1100000 | 1122014  |
| PBF Holding Co. LLC/PBF Finance Corp. | PBF Holding Co. LLC/PBF Finance Corp. |  |
| &nbsp;&nbsp;&nbsp; 9.875% 3/15/30 (c) | 150000 | 154312  |
| Permian Resources Operating LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 7/01/29 (c) | 10000 | 10059  |
| &nbsp;&nbsp;&nbsp; 6.250% 2/01/33 (c) | 45000 | 46159  |
| &nbsp;&nbsp;&nbsp; 7.000% 1/15/32 (c) | 70000 | 72964  |
| Petroleos Mexicanos<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.950% 1/28/31 | 50000 | 48392  |
| &nbsp;&nbsp;&nbsp; 6.625% 6/15/35 | 300000 | 284677  |
| &nbsp;&nbsp;&nbsp; 7.690% 1/23/50 | 2000000 | 1792392  |
| Seadrill Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.375% 8/01/30 (c) | 25000 | 25999  |
| Sunoco LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.625% 3/15/31 (c) | 95000 | 95696  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 4.230% <br>7.875% VRN (a) (c) (e) | 140000 | 143818  |
| Sunoco LP/Sunoco Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 5/15/29 | 85000 | 83450  |
| Transocean International Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.875% 10/15/32 (c) | 10000 | 10444  |
| &nbsp;&nbsp;&nbsp; 8.250% 5/15/29 (c) | 80000 | 80628  |
| &nbsp;&nbsp;&nbsp; 8.500% 5/15/31 (c) | 65000 | 64384  |
| &nbsp;&nbsp;&nbsp; 8.750% 2/15/30 (c) | 18750 | 19592  |
| Valaris Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.375% 4/30/30 (c) | 30000 | 31214  |
|  |  | 5121843  |
| **Oil & Gas Services — 0.1%**<br>|  |  |
|  Archrock Partners LP/Archrock Partners Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 4/01/28 (c) | 15000 | 15086  |
| &nbsp;&nbsp;&nbsp; 6.625% 9/01/32 (c) | 55000 | 56725  |
| Kodiak Gas Services LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 10/01/33 (c) | 40000 | 40849  |
| &nbsp;&nbsp;&nbsp; 6.750% 10/01/35 (c) | 30000 | 30846  |
| &nbsp;&nbsp;&nbsp; 7.250% 2/15/29 (c) | 35000 | 36412  |
| TGS ASA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.500% 1/15/30 (c) | 50000 | 52207  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **66**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund (See Note 1) – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; USA Compression Partners LP/<br>USA Compression Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 10/01/33 (c) | $40000 | $40480  |
| &nbsp;&nbsp;&nbsp; 7.125% 3/15/29 (c) | 25000 | 25878  |
| WBI Operating LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 10/15/30 (c) | 50000 | 50301  |
| &nbsp;&nbsp;&nbsp; 6.500% 10/15/33 (c) | 40000 | 39848  |
|  |  | 388632  |
| **Packaging & Containers — 0.2%**<br>|  |  |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% 9/01/29 (c) | 105000 | 98845  |
| &nbsp;&nbsp;&nbsp; 6.250% 1/30/31 (c) | 95000 | 97164  |
| Ball Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.125% 9/15/31 | 30000 | 27609  |
| &nbsp;&nbsp;&nbsp; 5.500% 9/15/33 | 55000 | 56067  |
| &nbsp;&nbsp;&nbsp; 6.000% 6/15/29 | 30000 | 30837  |
| Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp; 6.625% 4/15/29 (c) | 50000 | 50872  |
| &nbsp;&nbsp;&nbsp; 6.750% 4/15/32 (c) | 40000 | 41131  |
| &nbsp;&nbsp;&nbsp; 8.750% 4/15/30 (c) | 115000 | 116918  |
| Crown Americas LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 6/01/33 (c) | 75000 | 76710  |
| Graphic Packaging International LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.375% 7/15/32 (c) (d) | 70000 | 71307  |
| Sealed Air Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 4/15/29 (c) | 10000 | 10066  |
| Sealed Air Corp./Sealed Air Corp. US | Sealed Air Corp./Sealed Air Corp. US |  |
| &nbsp;&nbsp;&nbsp; 6.125% 2/01/28 (c) | 20000 | 20332  |
|  |  | 697858  |
| **Pharmaceuticals — 0.5%**<br>|  |  |
| 1261229 BC Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.000% 4/15/32 (c) | 210000 | 218404  |
| Bayer US Finance II LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.375% 12/15/28 (c) | 698000 | 698765  |
| CVS Health Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.780% 3/25/38 | 65000 | 61354  |
| &nbsp;&nbsp;&nbsp; 5.450% 9/15/35 | 500000 | 511805  |
| &nbsp;&nbsp;&nbsp; 5.700% 6/01/34 | 30000 | 31437  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.516% <br>6.750% VRN 12/10/54 (a) | 30000 | 31331  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.886% <br>7.000% VRN 3/10/55 (a) | 100000 | 104905  |
| Grifols SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 10/15/28 (c) | 15000 | 14814  |
| Jazz Securities DAC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.375% 1/15/29 (c) | 40000 | 39452  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.125% 4/30/31 (c) (d) | $45000 | $37269  |
| &nbsp;&nbsp;&nbsp; 6.750% 5/15/34 (c) | 20000 | 17990  |
|  Teva Pharmaceutical Finance Netherlands III BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 12/01/32 | 25000 | 26238  |
|  Teva Pharmaceutical Finance Netherlands IV BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 12/01/30 | 50000 | 51861  |
|  |  | 1845625  |
| **Pipelines — 1.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP/<br>Antero Midstream Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 10/15/33 (c) | 45000 | 45272  |
| CNX Midstream Partners LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 4/15/30 (c) | 45000 | 43625  |
| &nbsp;&nbsp;&nbsp; CQP Holdco LP/BIP-V <br>Chinook Holdco LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 12/15/33 (c) | 70000 | 75003  |
| &nbsp;&nbsp;&nbsp; Delek Logistics Partners LP/<br>Delek Logistics Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.625% 3/15/29 (c) | 80000 | 83853  |
| DT Midstream, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.375% 6/15/31 (c) | 40000 | 39162  |
| Energy Transfer LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 2/15/33 | 500000 | 524717  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.676% <br>6.500% VRN 2/15/56 (a) | 75000 | 74752  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.475% <br>6.750% VRN 2/15/56 (a) | 75000 | 75286  |
| Global Partners LP/GLP Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% 1/15/29 | 70000 | 70926  |
| &nbsp;&nbsp;&nbsp; 7.125% 7/01/33 (c) | 25000 | 25456  |
| &nbsp;&nbsp;&nbsp; 8.250% 1/15/32 (c) | 35000 | 36865  |
| Harvest Midstream I LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 5/15/32 (c) | 80000 | 83391  |
| Hess Midstream Operations LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 2/15/30 (c) | 55000 | 53795  |
| &nbsp;&nbsp;&nbsp; 6.500% 6/01/29 (c) | 100000 | 103270  |
| Howard Midstream Energy Partners LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.625% 1/15/34 (c) | 40000 | 41093  |
| &nbsp;&nbsp;&nbsp; 7.375% 7/15/32 (c) | 70000 | 73862  |
| Kinetik Holdings LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 6/15/30 (c) | 60000 | 60538  |
| &nbsp;&nbsp;&nbsp; 6.625% 12/15/28 (c) | 55000 | 56632  |
| MPLX LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.950% 9/01/32 | 800000 | 805404  |
|  Plains All American Pipeline LP 3 mo. USD Term SOFR + 4.372%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.223% VRN (a) (e) | 170000 | 170482  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **67**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund (See Note 1) – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline LP/<br>PAA Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.700% 1/15/31 | $800000 | $804511  |
| Prairie Acquiror LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.000% 8/01/29 (c) | 80000 | 83154  |
| Rockies Express Pipeline LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 3/15/33 (c) | 40000 | 42213  |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP/<br>Tallgrass Energy Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 12/31/30 (c) | 55000 | 55445  |
| &nbsp;&nbsp;&nbsp; 6.750% 3/15/34 (c) | 20000 | 19999  |
| &nbsp;&nbsp;&nbsp; 7.375% 2/15/29 (c) | 20000 | 20671  |
| Targa Resources Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.900% 9/15/30 | 500000 | 509442  |
| &nbsp;&nbsp;&nbsp; 5.650% 2/15/36 | 400000 | 410878  |
| Venture Global Calcasieu Pass LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.125% 8/15/31 (c) | 10000 | 9100  |
| Venture Global Plaquemines LNG LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.125% 12/15/30 (c) | 40000 | 40734  |
| &nbsp;&nbsp;&nbsp; 6.500% 1/15/34 (c) | 51000 | 52236  |
| &nbsp;&nbsp;&nbsp; 6.500% 6/15/34 (c) | 45000 | 45980  |
| &nbsp;&nbsp;&nbsp; 6.750% 1/15/36 (c) | 120000 | 122915  |
| &nbsp;&nbsp;&nbsp; 7.500% 5/01/33 (c) | 20000 | 21610  |
| &nbsp;&nbsp;&nbsp; 7.750% 5/01/35 (c) | 25000 | 27374  |
| Western Midstream Operating LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.050% STEP 2/01/30 | 900000 | 881712  |
| Williams Cos., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.600% 3/15/31 | 800000 | 730337  |
|  |  | 6421695  |
| **Real Estate — 0.0%**<br>|  |  |
| Redfin Corp., Convertible,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.500% 4/01/27 | 80000 | 74880  |
| **Real Estate Investment Trusts (REITS) — 2.4%**<br>|  |  |
| Agree LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.600% 6/15/35 | 500000 | 523382  |
| American Homes 4 Rent LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.375% 7/15/31 | 155000 | 138555  |
| Brixmor Operating Partnership LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.200% 4/01/32 | 700000 | 716874  |
| COPT Defense Properties LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 10/15/30 | 1000000 | 995144  |
| &nbsp;&nbsp;&nbsp; CTR Partnership LP/<br>CareTrust Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 6/30/28 (c) | 40000 | 39381  |
| GLP Capital LP/GLP Financing II, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% 1/15/30 | 32000 | 31109  |
| &nbsp;&nbsp;&nbsp; 4.000% 1/15/31 | 75000 | 71837  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| Healthcare Realty Holdings LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.100% 2/15/30 | $495000 | $470206  |
| &nbsp;&nbsp;&nbsp; 3.625% 1/15/28 | 45000 | 44393  |
| LXP Industrial Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.375% 10/01/31 | 430000 | 375889  |
| &nbsp;&nbsp;&nbsp; 2.700% 9/15/30 | 400000 | 366802  |
| Millrose Properties, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.375% 8/01/30 (c) | 50000 | 51161  |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/<br>MPT Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 10/15/27 (d) | 110000 | 106192  |
| Omega Healthcare Investors, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.625% 10/01/29 | 800000 | 774570  |
| &nbsp;&nbsp;&nbsp; Park Intermediate Holdings LLC/<br>PK Domestic Property LLC/<br>PK Finance Co-Issuer<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 10/01/28 (c) | 25000 | 25020  |
| &nbsp;&nbsp;&nbsp; 7.000% 2/01/30 (c) | 30000 | 30792  |
|  Phillips Edison Grocery Center Operating Partnership I LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 7/15/34 | 500000 | 522778  |
| Regency Centers LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 7/15/32 | 400000 | 409537  |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP/<br>RHP Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 6/15/33 (c) | 40000 | 41582  |
| Sabra Health Care LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.200% 12/01/31 | 600000 | 548985  |
| Starwood Property Trust, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 10/15/28 (c) | 20000 | 20145  |
| &nbsp;&nbsp;&nbsp; 6.500% 7/01/30 (c) | 40000 | 41724  |
| &nbsp;&nbsp;&nbsp; 6.500% 10/15/30 (c) | 50000 | 52130  |
| Sun Communities Operating LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.700% 7/15/31 | 600000 | 545237  |
| Tanger Properties LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.750% 9/01/31 | 800000 | 723926  |
|  Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 1/15/30 (c) | 35000 | 32551  |
| Ventas Realty LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.000% 1/15/30 | 600000 | 571247  |
| VICI Properties LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.125% 5/15/32 | 500000 | 503459  |
| VICI Properties LP/VICI Note Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 2/15/29 (c) | 60000 | 58834  |
| &nbsp;&nbsp;&nbsp; 4.125% 8/15/30 (c) | 19000 | 18424  |
|  |  | 8851866  |
| **Retail — 0.4%**<br>|  |  |
| 1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. |  |
| &nbsp;&nbsp;&nbsp; 4.000% 10/15/30 (c) | 190000 | 180957  |
| &nbsp;&nbsp;&nbsp; 6.125% 6/15/29 (c) | 130000 | 133456  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **68**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund (See Note 1) – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| Asbury Automotive Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.625% 11/15/29 (c) | $30000 | $29495  |
| &nbsp;&nbsp;&nbsp; 5.000% 2/15/32 (c) | 35000 | 34013  |
| Bath & Body Works, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.625% 10/01/30 (c) | 85000 | 86904  |
| EG Global Finance PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 12.000% 11/30/28 (c) | 200000 | 217376  |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.625% 1/15/29 (c) | 15000 | 14568  |
| &nbsp;&nbsp;&nbsp; 6.750% 1/15/30 (c) | 160000 | 152124  |
| Group 1 Automotive, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.375% 1/15/30 (c) | 105000 | 108044  |
| LBM Acquisition LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 1/15/29 (c) (d) | 25000 | 22500  |
| &nbsp;&nbsp;&nbsp; 9.500% 6/15/31 (c) | 140000 | 145942  |
| Park River Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.000% 3/15/31 (c) | 20000 | 20620  |
| QXO Building Products, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 4/30/32 (c) | 65000 | 67887  |
| Saks Global Enterprises LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.000% 12/15/29 (c) | 110000 | 7150  |
| SGUS LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.000% 12/15/29 (c) (d) | 115000 | 42550  |
| Staples, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.750% 9/01/29 (c) | 135000 | 134214  |
| White Cap Supply Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.375% 11/15/30 (c) | 35000 | 36205  |
| Yum! Brands, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.625% 3/15/31 | 25000 | 23648  |
| &nbsp;&nbsp;&nbsp; 4.625% 1/31/32 | 35000 | 34300  |
| &nbsp;&nbsp;&nbsp; 4.750% 1/15/30 (c) | 35000 | 35028  |
|  |  | 1526981  |
| **Semiconductors — 0.6%**<br>|  |  |
| Broadcom, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.450% 2/15/31 | 900000 | 823211  |
| &nbsp;&nbsp;&nbsp; 3.137% 11/15/35 (c) | 800000 | 688949  |
| MKS, Inc., Convertible,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.250% 6/01/30 | 65000 | 82907  |
| &nbsp;&nbsp;&nbsp; NXP BV/NXP Funding LLC/<br>NXP USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.850% 8/19/32 | 600000 | 603158  |
|  |  | 2198225  |
| **Software — 0.8%**<br>|  |  |
| Cloud Software Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 3/31/29 (c) | 105000 | 106374  |
| &nbsp;&nbsp;&nbsp; 9.000% 9/30/29 (c) | 145000 | 151019  |
| CoreWeave, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.000% 2/01/31 (c) | 75000 | 68739  |
| &nbsp;&nbsp;&nbsp; 9.250% 6/01/30 (c) | 125000 | 116222  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| Elastic NV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.125% 7/15/29 (c) | $105000 | $101689  |
| Fair Isaac Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% 6/15/28 (c) | 25000 | 24656  |
| &nbsp;&nbsp;&nbsp; 6.000% 5/15/33 (c) | 70000 | 71900  |
| MSCI, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 9/01/35 | 400000 | 402639  |
| Open Text Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 12/01/29 (c) | 70000 | 66432  |
| Open Text Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.125% 2/15/30 (c) | 20000 | 19116  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.800% 9/26/32 | 700000 | 675795  |
| &nbsp;&nbsp;&nbsp; 5.950% 9/26/55 | 400000 | 354406  |
| Paychex, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.350% 4/15/32 | 400000 | 414235  |
| SS&C Technologies, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 9/30/27 (c) | 20000 | 20018  |
| &nbsp;&nbsp;&nbsp; 6.500% 6/01/32 (c) | 65000 | 67627  |
| Strategy, Inc., Convertible,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 12/01/29 | 91000 | 74493  |
| UKG, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% 2/01/31 (c) | 105000 | 107857  |
| X.AI LLC/X.AI Co. Issuer Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 12.500% 6/30/30 | 185000 | 196925  |
|  |  | 3040142  |
| **Telecommunications — 1.2%**<br>|  |  |
| Altice Financing SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 1/15/28 (c) (d) | 23000 | 16099  |
| &nbsp;&nbsp;&nbsp; 5.750% 8/15/29 (c) | 46000 | 31891  |
| &nbsp;&nbsp;&nbsp; 9.625% 7/15/27 (c) | 35000 | 26950  |
| Altice France Lux 3/Altice Holdings 1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.000% 1/15/33 (c) | 10000 | 9167  |
| Altice France SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 4/15/32 (c) | 140000 | 134215  |
| &nbsp;&nbsp;&nbsp; 6.875% 7/15/32 (c) | 315000 | 302066  |
| APLD ComputeCo LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.250% 12/15/30 (c) | 185000 | 181467  |
| AT&T, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.550% 12/01/33 | 1000000 | 853470  |
| C&W Senior Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.000% 1/15/33 (c) | 65000 | 66972  |
| Cipher Compute LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.125% 11/15/30 (c) | 90000 | 91663  |
| EchoStar Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Convertible, PIK 3.875%, <br>Cash 3.875% 11/30/30  | 95000 | 317300  |
| &nbsp;&nbsp;&nbsp; PIK 6.750%, Cash 6.750% <br>11/30/30 | 95000 | 97324  |
| &nbsp;&nbsp;&nbsp; 10.750% 11/30/29 | 109000 | 120532  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **69**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund (See Note 1) – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| Flash Compute LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.250% 12/31/30 (c) | $100000 | $99076  |
| Iliad Holding SAS<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.000% 4/15/32 (c) | 50000 | 51533  |
| Level 3 Financing, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.875% 6/15/29 (c) | 95000 | 92387  |
| &nbsp;&nbsp;&nbsp; 6.875% 6/30/33 (c) | 150000 | 153492  |
| &nbsp;&nbsp;&nbsp; 7.000% 3/31/34 (c) | 80000 | 82446  |
| &nbsp;&nbsp;&nbsp; 8.500% 1/15/36 (c) | 40000 | 40959  |
|  Liquid Telecommunications Financing PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 9/04/26 (c) | 80000 | 72870  |
| Millicom International Cellular SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 4/27/31 (c) | 30000 | 27944  |
| NTT Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.876% 7/16/30 (c) | 200000 | 203683  |
| Rogers Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.653% <br>7.000% VRN 4/15/55 (a) | 35000 | 36617  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.620% <br>7.125% VRN 4/15/55 (a) | 50000 | 52650  |
| Sable International Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.125% 10/15/32 (c) | 120000 | 121430  |
| T-Mobile USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.050% 7/15/33 | 500000 | 510226  |
| TELUS Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.694% <br>6.375% VRN 6/09/56 (a) | 45000 | 45075  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.769% <br>6.625% VRN 10/15/55 (a) | 15000 | 15307  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.515% <br>6.625% VRN 6/09/56 (a) | 35000 | 34966  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.709% <br>7.000% VRN 10/15/55 (a) | 35000 | 36434  |
|  Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 2/15/29 (c) | 75000 | 72024  |
| &nbsp;&nbsp;&nbsp; 8.625% 6/15/32 (c) | 30000 | 29551  |
| Viasat, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 7/15/28 (c) | 30000 | 29167  |
| Vmed O2 UK Financing I PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 7/15/31 (c) | 45000 | 41545  |
| Windstream Services LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 10/15/33 (c) | 100000 | 102511  |
| &nbsp;&nbsp;&nbsp; Windstream Services LLC/<br>Windstream Escrow Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.250% 10/01/31 (c) | 55000 | 57737  |
| WULF Compute LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.750% 10/15/30 (c) | 130000 | 133932  |
|  |  | 4392678  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Transportation — 0.1%**<br>|  |  |
| Genesee & Wyoming, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 4/15/32 (c) | $80000 | $82500  |
| Rand Parent LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.500% 2/15/30 (c) | 90000 | 93767  |
| XPO, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 6/01/28 (c) | 5000 | 5098  |
| &nbsp;&nbsp;&nbsp; 7.125% 6/01/31 (c) | 45000 | 46921  |
| &nbsp;&nbsp;&nbsp; 7.125% 2/01/32 (c) | 45000 | 47331  |
|  |  | 275617  |
| **Trucking & Leasing — 0.0%**<br>|  |  |
| FTAI Aviation Investors LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.000% 6/15/32 (c) | 45000 | 47307  |
| &nbsp;&nbsp;&nbsp; 7.875% 12/01/30 (c) | 40000 | 42536  |
|  |  | 89843  |
| **TOTAL CORPORATE DEBT (Cost $108,517,510)** |  | **108734885**  |
| **NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 6.4%**<br>|  |  |
| **Commercial Mortgage-Backed Securities — 1.2%**<br>|  |  |
| BX Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-VIV4, Class A, 2.843% 3/09/44 (c) | 1160000 | 1075309  |
| &nbsp;&nbsp;&nbsp; Series 2020-VIVA, Class D, 3.549% VRN 3/11/44 (a) (c) (g) | 780000 | 724112  |
| &nbsp;&nbsp;&nbsp; Series 2022-LP2, Class B, 1 mo. USD Term SOFR + 1.312% 5.062% FRN 2/15/39 (a) (c) | 70000 | 69738  |
| &nbsp;&nbsp;&nbsp; Series 2025-SPOT, Class B, 1 mo. USD Term SOFR + 1.743% 5.493% FRN 4/15/40 (a) (c) | 525852 | 526016  |
| BX Trust, Series 2019-OC11, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.202% 12/09/41 (c) | 180000 | 169702  |
| CENT, Series 2025-CITY, Class A,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.920% VRN 7/10/40 (a) (c) (g) | 1000000 | 1010300  |
| &nbsp;&nbsp;&nbsp; SCMS Mortgage Trust, <br>Series 2025-BNC1, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.502% 12/15/57 (c) | 575000 | 574990  |
| &nbsp;&nbsp;&nbsp; SREIT Trust, Series 2021-MFP, Class A, 1 mo. USD Term <br>SOFR + 0.845%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.595% FRN 11/15/38 (a) (c) | 83884 | 83833  |
|  TCO Commercial Mortgage Trust, Series 2024-DPM, Class B, 1 mo. USD Term SOFR + 1.592%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.343% FRN 12/15/39 (a) (c) | 100000 | 100000  |
|  |  | 4334000  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **70**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund (See Note 1) – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Other Asset-Backed Securities — 5.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; ARES LXX CLO Ltd., <br>Series 2023-70A, Class A1R, <br>3 mo. USD Term SOFR + 1.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.971% FRN 1/25/39 (a) (c) | $250000 | $250111  |
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd., Series 2023-4A, Class A1R, <br>3 mo. USD Term SOFR + 1.230%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.960% FRN 1/21/39 (a) (c) | 278000 | 278291  |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO 44 Ltd., Series 2025-44A, Class A1, <br>3 mo. USD Term SOFR + 1.220%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.944% FRN 1/15/39 (a) (c) | 250000 | 250203  |
| &nbsp;&nbsp;&nbsp; Carlyle US CLO Ltd., <br>Series 2025-6A, Class A1, <br>3 mo. USD Term SOFR + 1.220%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.879% FRN 1/20/39 (a) (c) | 250000 | 250100  |
| DB Master Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-1A, Class A2II, 4.030% 11/20/47 (c) | 980618 | 980796  |
| &nbsp;&nbsp;&nbsp; Series 2019-1A, Class A23, 4.352% 5/20/49 (c) | 1863750 | 1826914  |
| Domino's Pizza Master Issuer LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-1A, Class A23, 4.118% 7/25/47 (c) | 966320 | 961112  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class A2II, ABS, 144A, 4.328% 7/25/48 (c) | 776003 | 774104  |
|  Flatiron CLO 31 Ltd., Series 2025-31A, Class A1, 3 mo. USD Term SOFR + 1.200%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.897% FRN 1/18/39 (a) (c) | 250000 | 250000  |
| &nbsp;&nbsp;&nbsp; Magnetite LI Ltd., Series 2025-51A, Class A1, 3 mo. USD Term <br>SOFR + 1.200%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.092% FRN 10/25/38 (a) (c) | 1300000 | 1298667  |
| &nbsp;&nbsp;&nbsp; Magnetite XLV Ltd., <br>Series 2025-45A, Class A1, <br>3 mo. USD Term SOFR + 1.150%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.055% FRN 4/15/38 (a) (c) | 231000 | 230994  |
| &nbsp;&nbsp;&nbsp; OCP Aegis CLO Ltd., <br>Series 2024-39A, Class A1, <br>3 mo. USD Term SOFR + 1.220%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.114% FRN 1/16/37 (a) (c) | 2000000 | 2000010  |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 16-R Ltd., Series 2023-16RA, Class A1, <br>3 mo. USD Term SOFR + 1.200%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.084% FRN 10/20/38 (a) (c) | 1000000 | 1000501  |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 6 Ltd., Series 2020-6A, Class AR2, <br>3 mo. USD Term SOFR + 1.330%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.214% FRN 10/20/37 (a) (c) | 2000000 | 2002640  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; OHA Credit Partners VII Ltd., Series 2012-7A, Class AR4, <br>3 mo. USD Term SOFR + 1.140%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.029% FRN 2/20/38 (a) (c) | $2000000 | $1996000  |
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd., Series 2024-2A, Class A1N, <br>3 mo. USD Term SOFR + 1.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.905% FRN 1/15/33 (a) (c) | 429586 | 429693  |
|  Planet Fitness Master Issuer LLC, Series 2019-1A, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.858% 12/05/49 (c) | 1880000 | 1798298  |
|  RR 27 Ltd., Series 2023-27A, Class A1AR, 3 mo. USD Term SOFR + 1.230%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.135% FRN 10/15/40 (a) (c) | 1402000 | 1402186  |
| Taco Bell Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2I, 1.946% 8/25/51 (c) | 393000 | 382780  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class A2II, 4.940% 11/25/48 (c) | 381000 | 381667  |
|  Willis Engine Structured Trust IX, Series 2025-B, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.159% 12/15/50 (c) | 365000 | 365966  |
|  |  | 19111033  |
| **TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS** <br>**(Cost $23,236,472)** |  | **23445033**  |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (h) — 16.6%**<br>|  |  |
| **Pass-Through Securities — 16.6%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool #SD8194 2.500% 2/01/52 | 1322150 | 1123607  |
| &nbsp;&nbsp;&nbsp; Pool #SD8205 2.500% 4/01/52 | 5562351 | 4725333  |
| &nbsp;&nbsp;&nbsp; Pool #G08710 3.000% 6/01/46 | 75863 | 68910  |
| &nbsp;&nbsp;&nbsp; Pool #ZM1779 3.000% 9/01/46 | 384499 | 348841  |
| &nbsp;&nbsp;&nbsp; Pool #G08726 3.000% 10/01/46 | 574479 | 521825  |
| &nbsp;&nbsp;&nbsp; Pool #G08732 3.000% 11/01/46 | 209453 | 189994  |
| &nbsp;&nbsp;&nbsp; Pool #G08741 3.000% 1/01/47 | 578448 | 524707  |
| &nbsp;&nbsp;&nbsp; Pool #G07848 3.500% 4/01/44 | 854976 | 818039  |
| &nbsp;&nbsp;&nbsp; Pool #G08711 3.500% 6/01/46 | 245424 | 231170  |
| &nbsp;&nbsp;&nbsp; Pool #G08716 3.500% 8/01/46 | 347916 | 327709  |
| &nbsp;&nbsp;&nbsp; Pool #G67700 3.500% 8/01/46 | 404522 | 382797  |
| &nbsp;&nbsp;&nbsp; Pool #G08722 3.500% 9/01/46 | 60832 | 57299  |
| &nbsp;&nbsp;&nbsp; Pool #G08742 3.500% 1/01/47 | 284028 | 267265  |
| &nbsp;&nbsp;&nbsp; Pool #G08757 3.500% 4/01/47 | 72126 | 67870  |
| &nbsp;&nbsp;&nbsp; Pool #G67707 3.500% 1/01/48 | 1459488 | 1382472  |
| &nbsp;&nbsp;&nbsp; Pool #G08800 3.500% 2/01/48 | 24999 | 23438  |
| &nbsp;&nbsp;&nbsp; Pool #G08816 3.500% 6/01/48 | 199474 | 187015  |
| &nbsp;&nbsp;&nbsp; Pool #G60344 4.000% 12/01/45 | 430857 | 419681  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **71**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund (See Note 1) – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool #G67711 4.000% 3/01/48 | $473374 | $459575  |
| &nbsp;&nbsp;&nbsp; Pool #G67713 4.000% 6/01/48 | 1961 | 1904  |
| &nbsp;&nbsp;&nbsp; Pool #G08843 4.500% 10/01/48 | 90466 | 89904  |
| &nbsp;&nbsp;&nbsp; Pool #SD8275 4.500% 12/01/52 | 1925981 | 1889468  |
| &nbsp;&nbsp;&nbsp; Pool #SD8287 4.500% 1/01/53 | 465939 | 457106  |
| &nbsp;&nbsp;&nbsp; Pool #G08833 5.000% 7/01/48 | 61069 | 62309  |
| &nbsp;&nbsp;&nbsp; Pool #G08844 5.000% 10/01/48 | 55424 | 56550  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #SL3009 6.500% <br>5/01/55 (i) | 706935 | 745379  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool #MA4176 2.000% 11/01/40 | 996368 | 879013  |
| &nbsp;&nbsp;&nbsp; Pool #MA4333 2.000% 5/01/41 | 149323 | 131226  |
| &nbsp;&nbsp;&nbsp; Pool #MA4158 2.000% 10/01/50 | 854707 | 697991  |
| &nbsp;&nbsp;&nbsp; Pool #MA4492 2.000% 12/01/51 | 1469938 | 1193984  |
| &nbsp;&nbsp;&nbsp; Pool #MA4562 2.000% 3/01/52 | 3638429 | 2949697  |
| &nbsp;&nbsp;&nbsp; Pool #MA4512 2.500% 1/01/52 | 1396782 | 1187031  |
| &nbsp;&nbsp;&nbsp; Pool #MA4548 2.500% 2/01/52 | 1341691 | 1140214  |
| &nbsp;&nbsp;&nbsp; Pool #MA4563 2.500% 3/01/52 | 1373838 | 1164293  |
| &nbsp;&nbsp;&nbsp; Pool #MA1607 3.000% 10/01/33 | 177628 | 172318  |
| &nbsp;&nbsp;&nbsp; Pool #MA3811 3.000% 10/01/49 | 171987 | 152382  |
| &nbsp;&nbsp;&nbsp; Pool #BV8477 3.000% 5/01/52 | 441059 | 392988  |
| &nbsp;&nbsp;&nbsp; Pool #AB4262 3.500% 1/01/32 | 119169 | 117906  |
| &nbsp;&nbsp;&nbsp; Pool #MA1512 3.500% 7/01/33 | 74487 | 73426  |
| &nbsp;&nbsp;&nbsp; Pool #MA3305 3.500% 3/01/48 | 19365 | 18134  |
| &nbsp;&nbsp;&nbsp; Pool #MA3027 4.000% 6/01/47 | 145594 | 140545  |
| &nbsp;&nbsp;&nbsp; Pool #MA4733 4.500% 9/01/52 | 890807 | 873919  |
| &nbsp;&nbsp;&nbsp; Pool #FS9508 4.500% 3/01/54 | 1718329 | 1683067  |
| &nbsp;&nbsp;&nbsp; Pool #AI2733 5.000% 5/01/41 | 73536 | 74992  |
| &nbsp;&nbsp;&nbsp; Pool #977014 5.500% 5/01/38 | 5541 | 5752  |
| &nbsp;&nbsp;&nbsp; Pool #985524 5.500% 6/01/38 | 10673 | 11081  |
| &nbsp;&nbsp;&nbsp; Pool #988578 5.500% 8/01/38 | 66933 | 69444  |
| &nbsp;&nbsp;&nbsp; Pool #995482 5.500% 1/01/39 | 40729 | 42292  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool #CB8013 6.500%<br>2/01/54 (i) | 195491 | 206122  |
|  Government National Mortgage Association II<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool #MA7533 2.000% 8/20/51 | 2499751 | 2070002  |
| &nbsp;&nbsp;&nbsp; Pool #MA7472 2.500% 7/20/51 | 399960 | 345126  |
| &nbsp;&nbsp;&nbsp; Pool #MA7881 2.500% 2/20/52 | 1599841 | 1380752  |
| &nbsp;&nbsp;&nbsp; Pool #MA7987 2.500% 4/20/52 | 400000 | 345223  |
| &nbsp;&nbsp;&nbsp; Pool #MA4126 3.000% 12/20/46 | 440049 | 401362  |
| &nbsp;&nbsp;&nbsp; Pool #MA4718 3.000% 9/20/47 | 47347 | 43096  |
| &nbsp;&nbsp;&nbsp; Pool #MA4836 3.000% 11/20/47 | 166441 | 151496  |
| &nbsp;&nbsp;&nbsp; Pool #MA3521 3.500% 3/20/46 | 169776 | 158423  |
| &nbsp;&nbsp;&nbsp; Pool #MA3597 3.500% 4/20/46 | 53018 | 49472  |
| &nbsp;&nbsp;&nbsp; Pool #MA3663 3.500% 5/20/46 | 76985 | 71837  |
| &nbsp;&nbsp;&nbsp; Pool #MA3937 3.500% 9/20/46 | 63341 | 59105  |
| &nbsp;&nbsp;&nbsp; Pool #MA4127 3.500% 12/20/46 | 235061 | 219048  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool #MA4262 3.500% 2/20/47 | $235975 | $219900  |
| &nbsp;&nbsp;&nbsp; Pool #MA4382 3.500% 4/20/47 | 60551 | 56369  |
| &nbsp;&nbsp;&nbsp; Pool #MA4719 3.500% 9/20/47 | 74401 | 69193  |
| &nbsp;&nbsp;&nbsp; Pool #MA4837 3.500% 11/20/47 | 153221 | 142496  |
| &nbsp;&nbsp;&nbsp; Pool #MA4900 3.500% 12/20/47 | 554041 | 514914  |
| &nbsp;&nbsp;&nbsp; Pool #MA5399 4.500% 8/20/48 | 359175 | 357377  |
| &nbsp;&nbsp;&nbsp; Pool #MA8347 4.500% 10/20/52 | 1492376 | 1464970  |
| &nbsp;&nbsp;&nbsp; Pool #MA3666 5.000% 5/20/46 | 60706 | 61894  |
| &nbsp;&nbsp;&nbsp; Pool #MA4199 5.000% 1/20/47 | 58342 | 59478  |
| &nbsp;&nbsp;&nbsp; Pool #MA4454 5.000% 5/20/47 | 99854 | 101737  |
| &nbsp;&nbsp;&nbsp; Pool #MA4722 5.000% 9/20/47 | 103538 | 105945  |
|  Government National Mortgage Association II, TBA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 2/20/56 (i) | 5400000 | 5498614  |
| &nbsp;&nbsp;&nbsp; 6.000% 3/20/56 (i) | 2600000 | 2644739  |
| Uniform Mortgage-Backed Security, TBA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.000% 1/01/55 (i) | 50000 | 40395  |
| &nbsp;&nbsp;&nbsp; 2.000% 2/01/56 (i) | 50000 | 40389  |
| &nbsp;&nbsp;&nbsp; 5.500% 1/01/55 (i) | 550000 | 557670  |
| &nbsp;&nbsp;&nbsp; 5.500% 2/01/56 (i) | 3250000 | 3292275  |
| &nbsp;&nbsp;&nbsp; 6.000% 1/01/55 (i) | 2100000 | 2155863  |
| &nbsp;&nbsp;&nbsp; 6.000% 2/01/56 (i) | 7600000 | 7798016  |
| &nbsp;&nbsp;&nbsp; 6.500% 1/01/55 (i) | 1600000 | 1662437  |
|  |  | 60947597  |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES** <br>**(Cost $62,364,702)** |  | **60947597**  |
| **U.S. TREASURY OBLIGATIONS — 49.1%**<br>|  |  |
| **U.S. Treasury Bonds & Notes — 49.1%** | **U.S. Treasury Bonds & Notes — 49.1%** |  |
| U.S. Treasury Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 8/15/55 | 38270000 | 37701740  |
| &nbsp;&nbsp;&nbsp; 4.875% 8/15/45 | 9535000 | 9639280  |
| U.S. Treasury Notes<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.500% 10/15/28 (d) | 36975000 | 36939127  |
| &nbsp;&nbsp;&nbsp; 3.625% 9/30/30 | 9603000 | 9566989  |
| &nbsp;&nbsp;&nbsp; 3.625% 10/31/30 | 45248000 | 45064180  |
| &nbsp;&nbsp;&nbsp; 3.875% 9/30/32 | 9500000 | 9474766  |
| &nbsp;&nbsp;&nbsp; 4.250% 8/15/35 (d) | 32043000 | 32293336  |
|  |  | 180679418  |
| **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $181,240,739)** |  | **180679418**  |
| **TOTAL BONDS & NOTES** <br>**(Cost $378,237,404)** |  | **376533841** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **72**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund (See Note 1) – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value** |
| **EQUITIES — 0.0%**<br>|  |  |
| **PREFERRED STOCK — 0.0%**<br>|  |  |
| **Information Technology — 0.0%**<br>|  |  |
| Strategy, Inc. 11.000% (d) | 1200 | $118554  |
| **TOTAL PREFERRED STOCK (Cost $117,632)** |  | **118554**  |
| **TOTAL EQUITIES** <br>**(Cost $117,632)** |  | **118554**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $378,355,036)** |  | **376652395**  |
| **SHORT-TERM INVESTMENTS — 4.1%**<br>|  |  |
| **Investment of Cash Collateral from Securities Loaned — 0.6%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 3.804% (j) | 2223198 | 2223198 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** |  |
| **Repurchase Agreement — 3.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., <br>Repurchase Agreement, dated 12/31/25, 2.000%, due 1/02/26 (k) | $12820531 | 12820531  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $15,043,729)** |  | **15043729**  |
| **TOTAL INVESTMENTS — 106.5%** <br>**(Cost $393,398,765) (l)** |  | **391696124**  |
| **Other Assets/**<br>(Liabilities) — (6.5)% |  | **(23885442)**  |
| **NET ASSETS — 100.0%** |  | **$367810682**  |
| **FORWARD SALES COMMITMENTS — (0.6)%**<br>|  |  |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — (0.6)%**<br>|  |  |
| **Pass-Through Securities — (0.6)%**<br>|  |  |
|  Uniform Mortgage-Backed Security, TBA 2.500% 1/01/55 (i) | (2400000) | (2028281)  |
| **TOTAL FORWARD SALES COMMITMENTS** <br>**(Cost $(2028844))** |  | **(2028281)** |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| CLO  | &nbsp;&nbsp;&nbsp; Collateralized Loan Obligation<br>|
| CMT  | &nbsp;&nbsp;&nbsp; Constant Maturity Treasury Index<br>|
| DIP  | &nbsp;&nbsp;&nbsp; Debtor In Possession<br>|
| FRN  | &nbsp;&nbsp;&nbsp; Floating Rate Note<br>|
| PIK  | &nbsp;&nbsp;&nbsp; Payment-in-kind - security which may pay interest/dividends in additional par/shares and/ or in cash. Rates shown are the current rate and possible payment rates. |
| SOFR  | &nbsp;&nbsp;&nbsp; Secured Overnight Financing Rate<br>|
| STEP  | &nbsp;&nbsp;&nbsp; Step Coupon Bond<br>|
| TBA  | &nbsp;&nbsp;&nbsp; To Be Announced<br>|
| VRN  | &nbsp;&nbsp;&nbsp; Variable Rate Note |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Floating rate or variable rate security. Interest
 rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference
 rate and spread if published and available.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of the security represents
 unsettled bank loan commitments at December 31, 2025, where the rate may not be determined until the time of settlement.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At December 31, 2025, the aggregate market value of these securities amounted to $59,546,658 or 16.19% of net
 assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Denotes all or a portion of security on loan.
 The total value of securities on loan as of December 31, 2025, was $64,439,200 or 17.52% of net assets. The Fund received $64,415,548
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(e) Security is perpetual and has no stated maturity
 date.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Security is currently in default due to bankruptcy
 or failure to make payment of principal or interest of the issuer. Income is not being accrued. At December 31, 2025, these securities
 amounted to a value of $11,422 or 0.00% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Certain variable rate securities are not based
 on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities
 do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31,
 2025.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **73**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund (See Note 1) – Portfolio of Investments (Continued)**<br>

**Notes to Portfolio of Investments (Continued)** 

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

&nbsp;&nbsp;&nbsp;&nbsp;(j) Represents investment of security lending cash
 collateral and 7-day effective yield as of December 31, 2025. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(k) Maturity value of $12,821,956. Collateralized
 by U.S. Government Agency obligations with a rate of 4.500%, maturity date of 5/15/27, and an aggregate market value, including accrued
 interest, of $13,076,990.

&nbsp;&nbsp;&nbsp;&nbsp;(l) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **74**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP Loomis Sayles Large Cap Growth Fund (See Note 1) – Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Equities — 99.3%**<br>|  |  |
| **Common Stock — 99.3%**<br>|  |  |
| **Communication Services — 23.7%**<br>|  |  |
| Alphabet, Inc. Class A | 59239 | $18541807  |
| Alphabet, Inc. Class C | 2108 | 661490  |
| Meta Platforms, Inc. Class A | 23428 | 15464588  |
| Netflix, Inc. (a) | 122127 | 11450628  |
| Walt Disney Co. | 44457 | 5057873  |
|  |  | 51176386  |
| **Consumer Discretionary — 17.1%**<br>|  |  |
|  Alibaba Group Holding Ltd. Sponsored ADR (b) | 923 | 135293  |
| Amazon.com, Inc. (a) | 50278 | 11605168  |
| NIKE, Inc. Class B | 25141 | 1601733  |
| Starbucks Corp. | 29645 | 2496405  |
| Tesla, Inc. (a) | 41241 | 18546903  |
| Yum China Holdings, Inc. | 11061 | 528052  |
| Yum! Brands, Inc. | 12167 | 1840624  |
|  |  | 36754178  |
| **Consumer Staples — 2.8%**<br>|  |  |
| Monster Beverage Corp. (a) | 79146 | 6068124  |
| **Financials — 7.6%**<br>|  |  |
| Block, Inc. (a) | 22348 | 1454631  |
| FactSet Research Systems, Inc. | 4630 | 1343580  |
| PayPal Holdings, Inc. | 20265 | 1183071  |
| SEI Investments Co. | 26384 | 2164016  |
| Visa, Inc. Class A | 29178 | 10233016  |
|  |  | 16378314  |
| **Health Care — 11.7%**<br>|  |  |
| Illumina, Inc. (a) | 13061 | 1713081  |
| Intuitive Surgical, Inc. (a) | 5367 | 3039654  |
| Novartis AG Sponsored ADR (b) | 17579 | 2423617  |
| Novo Nordisk AS Sponsored ADR | 56053 | 2851977  |
| Regeneron Pharmaceuticals, Inc. | 6009 | 4638167  |
| &nbsp;&nbsp;&nbsp; Roche Holding AG Sponsored <br>ADR (b) | 39990 | 2062284  |
| Thermo Fisher Scientific, Inc. | 4624 | 2679377  |
| Vertex Pharmaceuticals, Inc. (a) | 12698 | 5756765  |
|  |  | 25164922  |
| **Industrials — 6.7%**<br>|  |  |
| Boeing Co. (a) | 45664 | 9914568  |
| Deere & Co. | 4201 | 1955859  |
|  Expeditors International of Washington, Inc. | 17579 | 2619447  |
|  |  | 14489874  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Information Technology — 29.7%**<br>|  |  |
| Autodesk, Inc. (a) | 17642 | $5222208  |
| Microsoft Corp. | 18830 | 9106565  |
| NVIDIA Corp. | 129979 | 24241084  |
| Oracle Corp. | 52253 | 10184632  |
| QUALCOMM, Inc. | 12948 | 2214755  |
| Salesforce, Inc. | 17712 | 4692086  |
| Shopify, Inc. Class A (a) | 42994 | 6920744  |
| Workday, Inc. Class A (a) | 6177 | 1326696  |
|  |  | 63908770  |
| **TOTAL COMMON STOCK** <br>**(Cost $117,607,724)** |  | **213940568**  |
| **TOTAL EQUITIES** <br>**(Cost $117,607,724)** |  | **213940568**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $117,607,724)** |  | **213940568**  |
| **Short-Term Investments — 1.4%** | **Short-Term Investments — 1.4%** | **Short-Term Investments — 1.4%** |
| **Investment of Cash Collateral from Securities Loaned — 0.7%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 3.804% (c) | 1421138 | 1421138 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** |  |
| **Repurchase Agreement — 0.7%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/25, 2.000%, due 1/02/26 (d) | $1595532 | 1595532  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,016,670)** |  | **3016670**  |
| **TOTAL INVESTMENTS — 100.7% <br>(Cost $120,624,394) (e)** |  | **216957238**  |
| **Other Assets/**<br>(Liabilities) — (0.7)% |  | **(1460032)**  |
| **NET ASSETS — 100.0%** |  | **$215497206** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **75**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP Loomis Sayles Large Cap Growth Fund (See Note 1) – Portfolio of Investments (Continued)**<br>

**Abbreviation Legend**

<br> ADR American Depositary Receipt

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of December 31, 2025, was $2,793,831 or 1.30% of net assets. The Fund received $1,440,222
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash
 collateral and 7-day effective yield as of December 31, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $1,595,709. Collateralized
 by U.S. Government Agency obligations with a rate of 3.875%, maturity date of 5/31/27, and an aggregate market value, including accrued
 interest, of $1,627,527.

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

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **76**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP MFS<sup>®</sup> International Equity Fund (See Note 1) – Portfolio of Investments**<br>

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Equities — 99.1%**<br>|  |  |
| **Common Stock — 99.1%**<br>|  |  |
| **Australia — 0.8%**<br>|  |  |
| Rio Tinto PLC | 24250 | $1934784  |
| **Canada — 2.7%**<br>|  |  |
| Canadian National Railway Co.  | 20856 | 2061616  |
| Intact Financial Corp. | 7581 | 1578171  |
| Toronto-Dominion Bank (a) | 29701 | 2799258  |
|  |  | 6439045  |
| **China — 2.3%**<br>|  |  |
| NetEase, Inc. | 86600 | 2383152  |
| Tencent Holdings Ltd.  | 41100 | 3149380  |
|  |  | 5532532  |
| **Denmark — 2.0%**<br>|  |  |
| Carlsberg AS Class B | 22096 | 2896597  |
| Novo Nordisk AS Class B | 38403 | 1957508  |
|  |  | 4854105  |
| **Finland — 1.3%**<br>|  |  |
| Kone OYJ Class B | 44000 | 3120838  |
| **France — 15.7%**<br>|  |  |
| Air Liquide SA | 31305 | 5891126  |
| BNP Paribas SA | 48918 | 4628894  |
| Capgemini SE | 23949 | 3966257  |
| Cie de Saint-Gobain SA | 32602 | 3309528  |
|  Cie Generale des Etablissements Michelin SCA | 43196 | 1432547  |
| Dassault Systemes SE | 34856 | 973540  |
| Edenred SE (a) | 49925 | 1109111  |
| Engie SA | 165638 | 4355218  |
| EssilorLuxottica SA | 24 | 7588  |
| Legrand SA | 15864 | 2357485  |
|  LVMH Moet Hennessy Louis Vuitton SE | 5330 | 4018288  |
| Pernod Ricard SA | 25919 | 2218898  |
| TotalEnergies SE (TTE FP) | 50464 | 3289136  |
|  |  | 37557616  |
| **Germany — 7.1%**<br>|  |  |
| Beiersdorf AG | 25743 | 2832910  |
| Deutsche Boerse AG | 16292 | 4279276  |
| Merck KGaA | 23836 | 3421445  |
| MTU Aero Engines AG | 3326 | 1387332  |
| SAP SE | 21140 | 5172500  |
|  |  | 17093463  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Hong Kong — 2.3%**<br>|  |  |
| AIA Group Ltd. | 360400 | $3701846  |
| Prudential PLC | 122694 | 1893077  |
|  |  | 5594923  |
| **India — 0.8%**<br>|  |  |
| HDFC Bank Ltd. ADR | 29077 | 1062473  |
| Infosys Ltd. ADR (a) | 47017 | 837843  |
|  |  | 1900316  |
| **Ireland — 2.2%**<br>|  |  |
| AIB Group PLC | 354877 | 3813395  |
| Bank of Ireland Group PLC | 73491 | 1405983  |
|  |  | 5219378  |
| **Israel — 1.4%**<br>|  |  |
|  Check Point Software Technologies Ltd. (b) | 18095 | 3357708  |
| **Italy — 4.6%**<br>|  |  |
| Eni SpA | 127918 | 2426364  |
| Intesa Sanpaolo SpA | 582653 | 4035395  |
|  Ryanair Holdings PLC Sponsored ADR | 64399 | 4648964  |
|  |  | 11110723  |
| **Japan — 19.6%**<br>|  |  |
| Daikin Industries Ltd. | 22000 | 2824207  |
| Denso Corp.  | 175700 | 2423675  |
| FUJIFILM Holdings Corp. | 94100 | 2010556  |
| Hitachi Ltd. | 195600 | 6068225  |
| Hoya Corp. | 9600 | 1454103  |
| Kose Corp. (a) | 20800 | 697163  |
| LY Corp. | 712600 | 1897396  |
| Mitsubishi Electric Corp. | 141500 | 4151112  |
| Olympus Corp. (a) | 167300 | 2131105  |
| Seven & i Holdings Co. Ltd. | 233900 | 3359018  |
| Shin-Etsu Chemical Co. Ltd. | 103200 | 3209324  |
| Sompo Holdings, Inc. | 105300 | 3584917  |
| Sony Group Corp. | 152200 | 3890256  |
|  Sumitomo Mitsui Financial Group, Inc.  | 122200 | 3932807  |
| Suzuki Motor Corp. | 160700 | 2386708  |
| Terumo Corp. | 105600 | 1538521  |
| ZOZO, Inc. | 185700 | 1535835  |
|  |  | 47094928  |
| **Netherlands — 1.9%**<br>|  |  |
| ING Groep NV | 162456 | 4566832  |
| **Portugal — 0.6%**<br>|  |  |
| Galp Energia SGPS SA | 85288 | 1452932  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **77**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP MFS<sup>®</sup> International Equity Fund (See Note 1) – Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Singapore — 1.2%**<br>|  |  |
| DBS Group Holdings Ltd. | 65260 | $2856063  |
| **Spain — 1.2%**<br>|  |  |
| Amadeus IT Group SA | 40148 | 2944804  |
| **Switzerland — 6.0%**<br>|  |  |
|  Cie Financiere Richemont SA Registered Class A | 24942 | 5382888  |
| Sonova Holding AG Registered | 4252 | 1097084  |
| UBS Group AG Registered | 90988 | 4206108  |
| Zurich Insurance Group AG | 4913 | 3729051  |
|  |  | 14415131  |
| **Taiwan — 2.8%**<br>|  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 137000 | 6692913  |
| **United Kingdom — 11.4%**<br>|  |  |
| British American Tobacco PLC | 72812 | 4126814  |
| Compass Group PLC | 139698 | 4444493  |
| &nbsp;&nbsp;&nbsp; London Stock Exchange Group <br>PLC | 21055 | 2535328  |
| NatWest Group PLC | 534405 | 4661060  |
| RELX PLC | 81113 | 3280880  |
| Rolls-Royce Holdings PLC | 358304 | 5569171  |
| Tesco PLC | 439313 | 2615617  |
|  |  | 27233363  |
| **United States — 11.2%**<br>|  |  |
| Experian PLC | 80958 | 3661447  |
| Linde PLC (LIN US) | 1422 | 606327  |
| Nestle SA Registered | 32941 | 3274119  |
| Novartis AG Registered | 38149 | 5269834  |
| Qiagen NV | 37715 | 1721408  |
| Roche Holding AG | 16155 | 6676345  |
| Schneider Electric SE | 20990 | 5753388  |
|  |  | 26962868  |
| **TOTAL COMMON STOCK** <br>**(Cost $206,268,923)** |  | **237935265**  |
| **TOTAL EQUITIES** <br>**(Cost $206,268,923)** |  | **237935265**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $206,268,923)** |  | **237935265**  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** |
| **Investment of Cash Collateral from Securities Loaned — 0.1%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 3.804% (c) | 282912 | $282912 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** |  |
| **Repurchase Agreement — 0.3%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/25, 2.000%, due 1/02/26 (d) | $586384 | 586384  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $869,296)** |  | **869296**  |
| **TOTAL INVESTMENTS — 99.5%** <br>**(Cost $207,138,219) (e)** |  | **238804561**  |
| **Other Assets/**<br>(Liabilities) — 0.5% |  | **1202040**  |
| **NET ASSETS — 100.0%** |  | **$240006601** |

---

**Abbreviation Legend** 

<br> ADR American Depositary Receipt

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Denotes all or a portion of security on loan.
 The total value of securities on loan as of December 31, 2025, was $3,391,240 or 1.41% of net assets. The Fund received $3,307,508
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash
 collateral and 7-day effective yield as of December 31, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $586,449. Collateralized by
 U.S. Government Agency obligations with a rate of 4.500%, maturity date of 5/15/27, and an aggregate market value, including accrued interest,
 of $598,311.

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

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **78**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML VIP MFS<sup>®</sup> International Equity Fund (See Note 1) – Portfolio of Investments (Continued)**<br>

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

---

| | |
|:---|:---|
| Financials | 25.2%  |
| Industrials | 20.1%  |
| Consumer Discretionary | 11.9%  |
| Health Care | 10.5%  |
| Information Technology | 9.5%  |
| Consumer Staples | 9.2%  |
| Materials | 4.8%  |
| Communication Services | 3.1%  |
| Energy | 3.0%  |
| Utilities | 1.8%  |
| Total Long-Term Investments | 99.1%  |
|  Short-Term Investments and Other Assets and Liabilities | 0.9%  |
| Net Assets | 100.0% |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **79**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund**<br>

Statements of Assets and Liabilities

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **MML** <br>**Conservative** <br>**Allocation** <br>**Fund** | **MML** <br>**Balanced** <br>**Allocation** <br>**Fund**  |
| Assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value - unaffiliated issuers *(Note 2)* (a) | $9618362 | $11427008  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value - affiliated issuers *(Notes 2 & 7)* (b) | 198349459 | 262117093  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value *(Note 2)* (c) |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments (d) | 207967821 | 273544101  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables from: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery | 118683 | 209370  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  | 370  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 36072 | 38719  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 208122576 | 273792560  |
| Liabilities:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables for: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery | 35948 | 38590  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 113779 | 203342  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses *(Note 3)* | 33429 | 40565  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliates *(Note 3)*: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 18959 | 24791  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service fees | 100252 | 130632  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held for securities on loan *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expense and other liabilities | 52021 | 52800  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 354388 | 490720  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$207768188** | **$273301840**  |
| Net assets consist of:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $224981535 | $271486194  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated earnings (loss) | (17213347) | 1815646  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$207768188** | **$273301840**  |
| (a) Cost of investments - unaffiliated issuers: | $9196183 | $10706318  |
| (b) Cost of investments - affiliated issuers: | $192741792 | $258552717  |
| (c) Cost of repurchase agreements: | $— | $—  |
| (d) Securities on loan with market value of: | $— | $—  |
| &nbsp;&nbsp;&nbsp; (e) This represents the market value of investments in the Master Fund. Identified cost of <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments in the Master Fund was $243,421,564. | &nbsp;&nbsp;&nbsp; (e) This represents the market value of investments in the Master Fund. Identified cost of <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments in the Master Fund was $243,421,564. | &nbsp;&nbsp;&nbsp; (e) This represents the market value of investments in the Master Fund. Identified cost of <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments in the Master Fund was $243,421,564. |
| (f) This represents Receivables for Investments sold in the Master Fund, if applicable.  | (f) This represents Receivables for Investments sold in the Master Fund, if applicable.  | (f) This represents Receivables for Investments sold in the Master Fund, if applicable.  |
| (g) This represents Payables for Investments purchased in the Master Fund, if applicable. | (g) This represents Payables for Investments purchased in the Master Fund, if applicable. | (g) This represents Payables for Investments purchased in the Master Fund, if applicable. |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **80**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **MML**<br>**Moderate**<br>**Allocation**<br>**Fund** | **MML**<br>**Growth**<br>**Allocation**<br>**Fund** | **MML**<br>**Aggressive**<br>**Allocation**<br>**Fund** | **MML**<br>**American**<br>**Funds Growth**<br>**Fund** | **MML**<br>**American**<br>**Funds Core**<br>**Allocation**<br>**Fund** | **MML**<br>**Blue Chip**<br>**Growth Fund** | **MML** <br>**Equity**<br>**Income Fund**  |
| $35207709 | $30855929 | $3819539 | $345,720,257 (e) | $549568865 | $476195007 | $460114546  |
| 863492519 | 861954321 | 120774550 |  |  |  | —  |
|  — |  |  |  |  | 1421700 | 1110581  |
| 898700228 | 892810250 | 124594089 | 345720257 | 549568865 | 477616707 | 461225127  |
|  — |  |  |  |  | 2 | —  |
| 303140 | 505639 | 86369 | 1,753,503 (f) | 387844 |  | 1456700  |
| 3026 |  |  | 25655 | 2186 |  | —  |
| 106050 | 67026 | 4729 |  |  | 90728 | 717667  |
|  — |  |  |  |  |  | 211857  |
| 899112444 | 893382915 | 124685187 | 347499415 | 549958895 | 477707437 | 463611351  |
| 105708 | 66828 | 4718 | — (g) |  |  | —  |
| 284778 | 484755 | 83469 | 1771298 | 377077 | 657705 | 1408206  |
| 149559 | 119785 | 11052 | 16379 | 65375 | 39110 | 48167  |
|  — |  |  | 78060 | 125177 | 816 | 816  |
| 82227 | 81187 | 11323 | 46836 | 100142 | 323357 | 313123  |
| 460889 | 357967 | 41280 | 214136 | 351415 | 119801 | 54650  |
|  — |  |  |  |  |  | 2007875  |
| 61791 | 61298 | 50783 | 50774 | 53535 | 72262 | 75483  |
| 1144952 | 1171820 | 202625 | 2177483 | 1072721 | 1213051 | 3908320  |
| **$897967492** | **$892211095** | **$124482562** | **$345321932** | **$548886174** | **$476494386** | **$459703031**  |
| $877623785 | $825096368 | $112944567 | $207214084 | $447679980 | $183071149 | $330163495  |
| 20343707 | 67114727 | 11537995 | 138107848 | 101206194 | 293423237 | 129539536  |
| **$897967492** | **$892211095** | **$124482562** | **$345321932** | **$548886174** | **$476494386** | **$459703031**  |
| $32511373 | $27178600 | $3208731 | $243421564 | $536414170 | $262316858 | $382858798  |
| $832016203 | $829178625 | $114103386 | $— | $— | $— | $—  |
|  $— | $— | $— | $— | $— | $1421700 | $1110581  |
|  $— | $— | $— | $— | $— | $— | $6746864  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **81**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Statements of Assets and Liabilities

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **MML** <br>**Conservative** <br>**Allocation** <br>**Fund** | **MML** <br>**Balanced** <br>**Allocation** <br>**Fund**  |
| Initial Class shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $51340529 | $68202746  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 5788717 | 7316932  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.87 | $9.32  |
| Service Class shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $156427659 | $205099094  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 17880498 | 22266062  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.75 | $9.21  |
| Service Class I shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share |  |  |

---

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

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **82**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **MML**<br>**Moderate**<br>**Allocation**<br>**Fund** | **MML**<br>**Growth**<br>**Allocation**<br>**Fund** | **MML**<br>**Aggressive**<br>**Allocation**<br>**Fund** | **MML**<br>**American**<br>**Funds Growth**<br>**Fund** | **MML**<br>**American**<br>**Funds Core**<br>**Allocation**<br>**Fund** | **MML**<br>**Blue Chip**<br>**Growth Fund** | **MML**<br>**Equity**<br>**Income Fund**  |
| $184091944 | $330288940 | $59920563 |  |  | $287830620 | $372681085  |
| 18701916 | 39531827 | 6008516 |  |  | 14646805 | 35782373  |
| $9.84 | $8.36 | $9.97 |  |  | $19.65 | $10.42  |
| $713875548 | $561922155 | $64561999 |  |  | $188663766 | $87021946  |
| 73656010 | 68156016 | 6649983 |  |  | 10802325 | 8557557  |
| $9.69 | $8.24 | $9.71 |  |  | $17.47 | $10.17  |
|  |  |  | $345321932 | $548886174 |  |  |
|  |  |  | 18238522 | 47493222 |  |  |
|  |  |  | $18.93 | $11.56 |  |  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **83**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Statements of Assets and Liabilities

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **MML** <br>**Equity** <br>**Index Fund** | **MML** <br>**Focused** <br>**Equity Fund**  |
| Assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value *(Note 2)* (a) | $678015617 | $225197542  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value *(Note 2)* (b) | 4694458 | 3528666  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments (c) | 682710075 | 228726208  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 11 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (d) |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables from: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 64821 | 18271  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 345430 | 79397  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums for options written |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged for open derivatives *(Note 2)* | 374000 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 683494337 | 228823876  |
| Liabilities:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables for: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery |  | 176015  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closed written options |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 211765 | 132592  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premium on purchased options |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses *(Note 3)* | 66148 | 14189  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on open derivative instruments *(Note 2)* | 38813 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliates *(Note 3)*: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 61530 | 32358  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 58489 | 147188  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service fees | 17356 | 12009  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options outstanding, at value *(Note 2)* (e) |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held for securities on loan *(Note 2)* | 49624 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expense and other liabilities | 82347 | 62308  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 586072 | 576659  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$682908265** | **$228247217**  |
| Net assets consist of:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $221331096 | $169053658  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated earnings (loss) | 461577169 | 59193559  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$682908265** | **$228247217**  |
| (a) Cost of investments: | $264020587 | $181153274  |
| (b) Cost of repurchase agreements: | $4694458 | $3528666  |
| (c) Securities on loan with market value of: | $1711306 | $—  |
| (d) Cost of foreign currency: | $— | $—  |
| (e) Premiums received on written options: | $— | $— |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **84**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **MML**<br>**Foreign**<br>**Fund** | **MML**<br>**Fundamental**<br>**Equity Fund** | **MML**<br>**Global Fund** | **MML**<br>**Income &**<br>**Growth Fund** | **MML**<br>**Managed**<br>**Volatility Fund** | **MML**<br>**Mid Cap**<br>**Growth Fund** | **MML**<br>**Small Cap**<br>**Growth**<br>**Equity Fund**  |
| $172885220 | $368488507 | $529186789 | $131531908 | $93366608 | $365978377 | $138554549  |
| 383921 | 2517808 | 12642371 | 1124189 | 718488 | 13434235 | 1181207  |
| 173269141 | 371006315 | 541829160 | 132656097 | 94085096 | 379412612 | 139735756  |
| 10 | 4 | 8 | 46023 |  |  | 11  |
| 94154 |  | 13757 |  | 28919 |  | 11  |
|  |  |  |  | 5273 | 349363 | 234824  |
| 107 |  |  | 15497 | 7996 | 719424 | 147  |
| 78210 | 236115 | 120078 | 178996 | 47883 | 78267 | 98335  |
| 1186172 | 8361 | 455256 | 1734 |  |  | —  |
|  |  |  |  | 218830 |  | —  |
| 174627794 | 371250795 | 542418259 | 132898347 | 94393997 | 380559666 | 140069084  |
|  |  |  |  |  |  | 131143  |
|  |  |  |  | 513 |  | —  |
| 3087760 | 101003 | 1656627 | 30743 | 37988 | 84803 | 950278  |
|  |  |  |  | 130768 |  | —  |
| 31276 | 14261 | 23128 | 21400 | 23169 | 39219 | 24158  |
| 816 | 51256 | 74394 | 816 | 7419 | 816 | 816  |
| 133880 | 199557 | 292398 | 77762 | 63779 | 268338 | 133701  |
| 7234 | 21076 | 46010 | 18700 | 9557 | 43773 | 15008  |
|  |  |  |  | 701955 |  | —  |
| 1118228 |  | 1743362 | 1303405 |  | 218259 | 836191  |
|  |  |  |  |  | 32 | —  |
| 69984 | 59683 | 85045 | 61215 | 266317 | 76901 | 60459  |
| 4449178 | 446836 | 3920964 | 1514041 | 1241465 | 732141 | 2151754  |
| **$170178616** | **$370803959** | **$538497295** | **$131384306** | **$93152532** | **$379827525** | **$137917330**  |
| $115257882 | $310986176 | $439307610 | $93783481 | $57243440 | $304999722 | $104847505  |
| 54920734 | 59817783 | 99189685 | 37600825 | 35909092 | 74827803 | 33069825  |
| **$170178616** | **$370803959** | **$538497295** | **$131384306** | **$93152532** | **$379827525** | **$137917330**  |
| $129390019 | $323662407 | $452497612 | $107415174 | $46453762 | $319057006 | $111190098  |
| $383921 | $2517808 | $12642371 | $1124189 | $718488 | $13434235 | $1181207  |
| $2423021 | $3655843 | $7875892 | $5363627 | $313 | $31813330 | $22592240  |
| $94331 | $— | $13966 | $— | $30165 | $— | $11  |
| $— | $— | $— | $— | $1069291 | $— | $— |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **85**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Statements of Assets and Liabilities

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **MML** <br>**Equity** <br>**Index Fund** | **MML** <br>**Focused** <br>**Equity Fund**  |
| Initial Class shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share |  |  |
| Class I shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $56566477 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 1616557 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $34.99 |  |
| Class II shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $277767742 | $209656395  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 7957588 | 29989125  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $34.91 | $6.99  |
| Class III shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $321043485 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 9227040 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $34.79 |  |
| Service Class shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share |  |  |
| Service Class I shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $27530561 | $18590822  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 845411 | 2830499  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $32.56 | $6.57 |

---

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

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **86**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **MML** <br>**Foreign** <br>**Fund** | **MML** <br>**Fundamental** <br>**Equity Fund** | **MML** <br>**Global Fund** | **MML** <br>**Income &** <br>**Growth Fund** | **MML** <br>**Managed** <br>**Volatility Fund** | **MML** <br>**Mid Cap** <br>**Growth Fund** | **MML** <br>**Small Cap** <br>**Growth** <br>**Equity Fund**  |
| $158601967 |  |  | $101661323 | $78099345 | $311015274 | $113979452  |
| 13375778 |  |  | 11487394 | 7142813 | 31266740 | 9820219  |
| $11.86 |  |  | $8.85 | $10.93 | $9.95 | $11.61  |
|  |  | $186533008 |  |  |  |  |
|  |  | 37077208 |  |  |  |  |
|  |  | $5.03 |  |  |  |  |
|  | $326076646 | $280103234 |  |  |  |  |
|  | 27223282 | 50964849 |  |  |  |  |
|  | $11.98 | $5.50 |  |  |  |  |
| $11576649 |  |  | $29722983 | $15053187 | $68812251 | $23937878  |
| 983980 |  |  | 3473210 | 1394307 | 8030613 | 2415268  |
| $11.77 |  |  | $8.56 | $10.80 | $8.57 | $9.91  |
|  | $44727313 | $71861053 |  |  |  |  |
|  | 3995087 | 15301103 |  |  |  |  |
|  | $11.20 | $4.70 |  |  |  |  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **87**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Statements of Assets and Liabilities

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **MML Small/Mid Cap Value Fund** | **MML Sustainable Equity Fund**  |
| Assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value *(Note 2)* (a) | $118063211 | $136866106  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value *(Note 2)* (b) | 542566 | 316864  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments (c) | 118605777 | 137182970  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 2 | 4  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (d) |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables from: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery | 25873 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed delivery |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA forward sales commitments  | —  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 715001 | 1838  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 161207 | 66302  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  | 3849  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open forward contracts *(Note 2)* |  | 568  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 119507860 | 137255531  |
| Liabilities:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables for: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery | 11428 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed delivery |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA forward sales commitments, at value *(Note 2)* (e) |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 22424 | 84410  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses *(Note 3)* | 19879 | 16207  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliates *(Note 3)*: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 816 | 816  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 82002 | 62746  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service fees | 13481 | 32199  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open forward contracts *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held for securities on loan *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expense and other liabilities | 61024 | 59190  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 211054 | 255568  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$119296806** | **$136999963**  |
| Net assets consist of:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $109459219 | $75080662  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated earnings (loss) | 9837587 | 61919301  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$119296806** | **$136999963**  |
| (a) Cost of investments: | $112418856 | $89672594  |
| (b) Cost of repurchase agreements: | $542566 | $316864  |
| (c) Securities on loan with market value of: | $10090530 | $—  |
| (d) Cost of foreign currency: | $— | $—  |
| (e) Proceeds from forward sales commitments: | $— | $— |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **88**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MML VIP** <br>**American Century** <br>**Mid Cap** <br>**Value Fund** <br>**(See Note 1)** | **MML VIP** <br>**American Century** <br>**Small Company** <br>**Value Fund** <br>**(See Note 1)** | **MML VIP** <br>**Fidelity Institutional AM<sup>®</sup> Core** <br>**Plus Bond Fund** <br>**(See Note 1)** | **MML VIP Loomis Sayles Large Cap Growth Fund** <br>**(See Note 1)** | **MML VIP** <br>**MFS<sup>®</sup>** <br>**International** <br>**Equity Fund** <br>**(See Note 1)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; $226405890 | &nbsp;&nbsp;&nbsp;&nbsp; $53380439 | &nbsp;&nbsp;&nbsp;&nbsp; $378875593 | &nbsp;&nbsp;&nbsp;&nbsp; $215361706 | &nbsp;&nbsp;&nbsp;&nbsp; $238218177  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6473561 | &nbsp;&nbsp;&nbsp;&nbsp; 136449 | &nbsp;&nbsp;&nbsp;&nbsp; 12820531 | &nbsp;&nbsp;&nbsp;&nbsp; 1595532 | &nbsp;&nbsp;&nbsp;&nbsp; 586384  |
| &nbsp;&nbsp;&nbsp;&nbsp; 232879451 | &nbsp;&nbsp;&nbsp;&nbsp; 53516888 | &nbsp;&nbsp;&nbsp;&nbsp; 391696124 | &nbsp;&nbsp;&nbsp;&nbsp; 216957238 | &nbsp;&nbsp;&nbsp;&nbsp; 238804561  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11581  |
| &nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6313  |
| &nbsp;&nbsp;&nbsp;&nbsp; 226546 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 135886 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25754255 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 2031010  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; 1073823 | &nbsp;&nbsp;&nbsp;&nbsp; 95392 | &nbsp;&nbsp;&nbsp;&nbsp; 474929 | &nbsp;&nbsp;&nbsp;&nbsp; 19761 | &nbsp;&nbsp;&nbsp;&nbsp; 12768  |
| &nbsp;&nbsp;&nbsp;&nbsp; 522691 | &nbsp;&nbsp;&nbsp;&nbsp; 95292 | &nbsp;&nbsp;&nbsp;&nbsp; 4034191 | &nbsp;&nbsp;&nbsp;&nbsp; 73638 | &nbsp;&nbsp;&nbsp;&nbsp; 134619  |
| &nbsp;&nbsp;&nbsp;&nbsp; 25423 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1374 | &nbsp;&nbsp;&nbsp;&nbsp; 177429 | &nbsp;&nbsp;&nbsp;&nbsp; 1765089  |
| &nbsp;&nbsp;&nbsp;&nbsp; 18231 | &nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; 234746257 | &nbsp;&nbsp;&nbsp;&nbsp; 53707677 | &nbsp;&nbsp;&nbsp;&nbsp; 424128119 | &nbsp;&nbsp;&nbsp;&nbsp; 217228066 | &nbsp;&nbsp;&nbsp;&nbsp; 240734931  |
| &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1160832 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50376045 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2167 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2028281 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; 36973 | &nbsp;&nbsp;&nbsp;&nbsp; 20977 | &nbsp;&nbsp;&nbsp;&nbsp; 171135 | &nbsp;&nbsp;&nbsp;&nbsp; 80897 | &nbsp;&nbsp;&nbsp;&nbsp; 119902  |
| &nbsp;&nbsp;&nbsp;&nbsp; 40776 | &nbsp;&nbsp;&nbsp;&nbsp; 8491 | &nbsp;&nbsp;&nbsp;&nbsp; 31679 | &nbsp;&nbsp;&nbsp;&nbsp; 15988 | &nbsp;&nbsp;&nbsp;&nbsp; 13717  |
| &nbsp;&nbsp;&nbsp;&nbsp; 817 | &nbsp;&nbsp;&nbsp;&nbsp; 8177 | &nbsp;&nbsp;&nbsp;&nbsp; 52766 | &nbsp;&nbsp;&nbsp;&nbsp; 816 | &nbsp;&nbsp;&nbsp;&nbsp; 33293  |
| &nbsp;&nbsp;&nbsp;&nbsp; 179849 | &nbsp;&nbsp;&nbsp;&nbsp; 35319 | &nbsp;&nbsp;&nbsp;&nbsp; 133310 | &nbsp;&nbsp;&nbsp;&nbsp; 121985 | &nbsp;&nbsp;&nbsp;&nbsp; 163626  |
| &nbsp;&nbsp;&nbsp;&nbsp; 26635 | &nbsp;&nbsp;&nbsp;&nbsp; 11939 | &nbsp;&nbsp;&nbsp;&nbsp; 28649 | &nbsp;&nbsp;&nbsp;&nbsp; 28818 | &nbsp;&nbsp;&nbsp;&nbsp; 14005  |
| &nbsp;&nbsp;&nbsp;&nbsp; 42906 | &nbsp;&nbsp;&nbsp;&nbsp; 3125 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 331076 | &nbsp;&nbsp;&nbsp;&nbsp; 2223198 | &nbsp;&nbsp;&nbsp;&nbsp; 1421138 | &nbsp;&nbsp;&nbsp;&nbsp; 282912  |
| &nbsp;&nbsp;&nbsp;&nbsp; 73579 | &nbsp;&nbsp;&nbsp;&nbsp; 58935 | &nbsp;&nbsp;&nbsp;&nbsp; 109375 | &nbsp;&nbsp;&nbsp;&nbsp; 61218 | &nbsp;&nbsp;&nbsp;&nbsp; 100873  |
| &nbsp;&nbsp;&nbsp;&nbsp; 401635 | &nbsp;&nbsp;&nbsp;&nbsp; 478039 | &nbsp;&nbsp;&nbsp;&nbsp; 56317437 | &nbsp;&nbsp;&nbsp;&nbsp; 1730860 | &nbsp;&nbsp;&nbsp;&nbsp; 728330  |
| &nbsp;&nbsp;&nbsp;&nbsp; **$234344622** | &nbsp;&nbsp;&nbsp;&nbsp; **$53229638** | &nbsp;&nbsp;&nbsp;&nbsp; **$367810682** | &nbsp;&nbsp;&nbsp;&nbsp; **$215497206** | &nbsp;&nbsp;&nbsp;&nbsp; **$240006601**  |
| &nbsp;&nbsp;&nbsp;&nbsp; $215284148 | &nbsp;&nbsp;&nbsp;&nbsp; $53973105 | &nbsp;&nbsp;&nbsp;&nbsp; $411653089 | &nbsp;&nbsp;&nbsp;&nbsp; $108137298  | &nbsp;&nbsp;&nbsp;&nbsp; $189083006  |
| &nbsp;&nbsp;&nbsp;&nbsp; 19060474 | &nbsp;&nbsp;&nbsp;&nbsp; (743467) | &nbsp;&nbsp;&nbsp;&nbsp; (43842407) | &nbsp;&nbsp;&nbsp;&nbsp; 107359908 | &nbsp;&nbsp;&nbsp;&nbsp; 50923595  |
| &nbsp;&nbsp;&nbsp;&nbsp; **$234344622** | &nbsp;&nbsp;&nbsp;&nbsp; **$53229638** | &nbsp;&nbsp;&nbsp;&nbsp; **$367810682** | &nbsp;&nbsp;&nbsp;&nbsp; **$215497206** | &nbsp;&nbsp;&nbsp;&nbsp; **$240006601**  |
| &nbsp;&nbsp;&nbsp;&nbsp; $221906773 | &nbsp;&nbsp;&nbsp;&nbsp; $57131611 | &nbsp;&nbsp;&nbsp;&nbsp; $380578234 | &nbsp;&nbsp;&nbsp;&nbsp; $119028862 | &nbsp;&nbsp;&nbsp;&nbsp; $206551835  |
| &nbsp;&nbsp;&nbsp;&nbsp; $6473561 | &nbsp;&nbsp;&nbsp;&nbsp; $136449 | &nbsp;&nbsp;&nbsp;&nbsp; $12820531 | &nbsp;&nbsp;&nbsp;&nbsp; $1595532 | &nbsp;&nbsp;&nbsp;&nbsp; $586384  |
| &nbsp;&nbsp;&nbsp;&nbsp; $3308557 | &nbsp;&nbsp;&nbsp;&nbsp; $10839562 | &nbsp;&nbsp;&nbsp;&nbsp; $64439200 | &nbsp;&nbsp;&nbsp;&nbsp; $2793831 | &nbsp;&nbsp;&nbsp;&nbsp; $3391240  |
| &nbsp;&nbsp;&nbsp;&nbsp; $92 | &nbsp;&nbsp;&nbsp;&nbsp; $43 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6325  |
| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2028844 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **89**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Statements of Assets and Liabilities

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **MML** <br>**Small/Mid Cap** <br>**Value Fund** | **MML** <br>**Sustainable** <br>**Equity Fund** |
| Initial Class shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $97732675 | $86606853  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 11738982 | 5234809  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.33 | $16.54  |
| Class II shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share |  |  |
| Service Class shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $21564131 | $50393110  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 2658341 | 3111568  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.11 | $16.20  |
| Service Class I shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share |  |  |

---

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

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **90**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MML VIP** <br>**American Century** <br>**Mid Cap** <br>**Value Fund** <br>**(See Note 1)** | **MML VIP** <br>**American Century** <br>**Small Company** <br>**Value Fund** <br>**(See Note 1)** | **MML VIP** <br>**Fidelity** <br>**Institutional AM<sup>®</sup>** <br>**Core Plus** <br>**Bond Fund** <br>**(See Note 1)** | **MML VIP** <br>**Loomis Sayles** <br>**Large Cap** <br>**Growth Fund** <br>**(See Note 1)** | **MML VIP** <br>**MFS<sup>®</sup>** <br>**International** <br>**Equity Fund** <br>**(See Note 1)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; $192246450 |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $169809941 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 23909990 |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10444108 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $8.04 |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $16.26 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $34242664 | &nbsp;&nbsp;&nbsp;&nbsp; $321133098 |  | &nbsp;&nbsp;&nbsp;&nbsp; $217490073  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 3975947 | &nbsp;&nbsp;&nbsp;&nbsp; 35458391 |  | &nbsp;&nbsp;&nbsp;&nbsp; 17479634  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $8.61 | &nbsp;&nbsp;&nbsp;&nbsp; $9.06 |  | &nbsp;&nbsp;&nbsp;&nbsp; $12.44  |
| &nbsp;&nbsp;&nbsp;&nbsp; $42098172 |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $45687265 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5450459 |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3076078 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $7.72 |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $14.85 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $18986974 | &nbsp;&nbsp;&nbsp;&nbsp; $46677584 |  | &nbsp;&nbsp;&nbsp;&nbsp; $22516528  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 2422107 | &nbsp;&nbsp;&nbsp;&nbsp; 5232935 |  | &nbsp;&nbsp;&nbsp;&nbsp; 1836376  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $7.84 | &nbsp;&nbsp;&nbsp;&nbsp; $8.92 |  | &nbsp;&nbsp;&nbsp;&nbsp; $12.26 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **91**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Statements of Operations

For the Year Ended December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **MML Conservative Allocation Fund** | **MML Balanced Allocation Fund**  |
| Investment income (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends - unaffiliated issuers (a) | $248586 | $283097  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends - affiliated issuers *(Note 7)* | 7287684 | 8048729  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending net income |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 7536270 | 8331826  |
| Expenses (Note 3):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 224063 | 281078  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and overdraft fees | 720 | 731  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 30842 | 30855  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 14227 | 17719  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy fees | 2102 | 2101  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting & Administration fees |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting fees | 31319 | 33991  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 17375 | 21477  |
|  | 320648 | 387952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 425801 | 528087  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses: | 746449 | 916039  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | **6789821** | **7415787**  |
| Realized and unrealized gain (loss):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions - unaffiliated issuers | 66656 | (88098)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions - affiliated issuers *(Note 7)* | (16851358) | (14967523)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions - unaffiliated issuers | 12385 | 19884  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions - affiliated issuers *(Note 7)* | 11162503 | 17289599  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss)** | **(5609814)** | **2253862**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions - unaffiliated issuers | 992599 | 1452652  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions - affiliated issuers *(Note 7)* | 19341603 | 17621702  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities in foreign currencies |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation)** | **20334202** | **19074354**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) and change in unrealized appreciation (depreciation)** | **14724388** | **21328216**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **$21514209** | **$28744003**  |
| (a) Net of foreign withholding tax of: | $— | $—  |
| (b) <br> Amounts shown for Dividends and Realized gain distributions are from the Master Fund. Amounts shown for Net realized gain (loss) and Net change in unrealized appreciation (depreciation) on Investment transactions are for investments in the Master Fund.<br>|  |  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **92**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **MML** <br>**Moderate** <br>**Allocation** <br>**Fund** | **MML** <br>**Growth Allocation Fund** | **MML Aggressive Allocation Fund** | **MML American Funds Growth Fund (b)** | **MML American Funds Core Allocation Fund** | **MML** <br>**Blue Chip Growth Fund** | **MML** <br>**Equity** <br>**Income Fund**  |
| $864014 | $696857 | $79681 | $748335 | $12268833 | $2295854 | $10089088  |
| 23475406 | 17331191 | 1698288 |  |  |  | —  |
|  |  |  |  |  | 147816 | 87399  |
|  |  |  |  |  | 2160 | 19129  |
| 24339420 | 18028048 | 1777969 | 748335 | 12268833 | 2445830 | 10195616  |
| 949006 | 896636 | 123055 | 465986 | 1125325 | 3520743 | 3113439  |
| 748 | 726 | 711 | 2680 | 2374 | 37151 | 32146  |
| 30501 | 31128 | 30959 | 31216 | 30782 | 37510 | 36380  |
| 59874 | 56430 | 7730 | 19447 | 35365 | 29509 | 22993  |
| 2102 | 2102 | 2102 | 2102 | 2102 | 2102 | 2102  |
|  |  |  |  |  | 2501 | 2501  |
| 61791 | 63335 | 27842 | 33843 | 44910 | 41953 | 44967  |
| 72918 | 68114 | 9336 | 23294 | 42891 | 36096 | 31277  |
| 1176940 | 1118471 | 201735 | 578568 | 1283749 | 3707565 | 3285805  |
|  |  |  | 776643 | 1406656 |  | —  |
| 1891096 | 1410759 | 160242 |  |  | 457258 | 199652  |
|  |  |  | 776643 | 1406656 |  | —  |
| 3068036 | 2529230 | 361977 | 2131854 | 4097061 | 4164823 | 3485457  |
| **21271384** | **15498818** | **1415992** | **(1383519)** | **8171772** | **(1718993)** | **6710159**  |
| 1083619 | (34682) | 43613 | 13445237 | 67449914 | 82690123 | 46619127  |
| (48104715) | (34901215) | (4816479) |  |  |  | —  |
|  |  |  |  |  |  | 2549  |
| 77958 | 101720 | 17044 | 23864800 | 36394605 |  | —  |
| 70008316 | 83164970 | 13771897 |  |  |  | —  |
| **23065178** | **48330793** | **9016075** | **37310037** | **103844519** | **82690123** | **46621676**  |
| 3640773 | 4966091 | 682571 | 20071907 | (36125398) | (1211862) | 10642579  |
| 55486163 | 39260294 | 5067313 |  |  |  | —  |
|  |  |  |  |  |  | 89  |
| **59126936** | **44226385** | **5749884** | **20071907** | **(36125398)** | **(1211862)** | **10642668**  |
| **82192114** | **92557178** | **14765959** | **57381944** | **67719121** | **81478261** | **57264344**  |
| **$103463498** | **$108055996** | **$16181951** | **$55998425** | **$75890893** | **$79759268** | **$63974503**  |
| $— | $— | $— | $— | $— | $11975 | $221952 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **93**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Statements of Operations

For the Year Ended December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **MML** <br>**Equity** <br>**Index Fund** | **MML** <br>**Focused** <br>**Equity Fund**  |
| Investment income (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $8058488 | $3327698  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 89424 | 114126  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending net income | 1376 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 8149288 | 3441824  |
| Expenses (Note 3):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 614214 | 1689403  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and overdraft fees | 65601 | 13347  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 37679 | 36401  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 35299 | 15223  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy fees | 2102 | 2102  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting & Administration fees | 2501 | 2501  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting fees | 75451 | 31957  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 48533 | 18588  |
|  | 881380 | 1809522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 167483 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II | 394598 | 332498  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I | 82495 | 29785  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I | 68746 | 49643  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1594702 | 2221448  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived *(Note 3)*: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees waived |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses: | 1594702 | 2221448  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | **6554586** | **1220376**  |
| Realized and unrealized gain (loss):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 43461141 | 15463228  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 153565 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss)** | **43614706** | **15463228**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 54362536 | 1294217  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 72917 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities in foreign currencies |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation)** | **54435453** | **1294217**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) and change in unrealized appreciation (depreciation)** | **98050159** | **16757445**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **$104604745** | **$17977821**  |
| (a) Net of foreign withholding tax of: | $1850 | $— |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **94**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **MML** <br>**Foreign** <br>**Fund** | **MML Fundamental** <br>**Equity Fund** | **MML** <br>**Global Fund** | **MML** <br>**Income &** <br>**Growth Fund** | **MML** <br>**Managed Volatility Fund** | **MML** <br>**Mid Cap** <br>**Growth Fund** | **MML Small** <br>**Cap Growth Equity Fund**  |
| &nbsp;&nbsp; $5098775 | &nbsp;&nbsp; $1910489 | &nbsp;&nbsp; $2624893 | &nbsp;&nbsp; $3174921 | &nbsp;&nbsp; $1178797 | &nbsp;&nbsp; $1694876 | &nbsp;&nbsp; $1170504  |
| &nbsp;&nbsp; 28002 | &nbsp;&nbsp; 31240 | &nbsp;&nbsp; 97988 | &nbsp;&nbsp; 39337 | &nbsp;&nbsp; 42044 | &nbsp;&nbsp; 244407 | &nbsp;&nbsp; 35896  |
| &nbsp;&nbsp; 16103 | &nbsp;&nbsp; 2644 | &nbsp;&nbsp; 42736 | &nbsp;&nbsp; 19634 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 31005 | &nbsp;&nbsp; 30712  |
| &nbsp;&nbsp; 5142880 | &nbsp;&nbsp; 1944373 | &nbsp;&nbsp; 2765617 | &nbsp;&nbsp; 3233892 | &nbsp;&nbsp; 1220863 | &nbsp;&nbsp; 1970288 | &nbsp;&nbsp; 1237112  |
| &nbsp;&nbsp; 1450436 | &nbsp;&nbsp; 984036 | &nbsp;&nbsp; 1858382 | &nbsp;&nbsp; 860447 | &nbsp;&nbsp; 707066 | &nbsp;&nbsp; 2383734 | &nbsp;&nbsp; 1439410  |
| &nbsp;&nbsp; 14104 | &nbsp;&nbsp; 2738 | &nbsp;&nbsp; 23490 | &nbsp;&nbsp; 3996 | &nbsp;&nbsp; 5273 | &nbsp;&nbsp; 23417 | &nbsp;&nbsp; 11112  |
| &nbsp;&nbsp; 35691 | &nbsp;&nbsp; 35409 | &nbsp;&nbsp; 38561 | &nbsp;&nbsp; 35566 | &nbsp;&nbsp; 16551 | &nbsp;&nbsp; 37309 | &nbsp;&nbsp; 35651  |
| &nbsp;&nbsp; 10513 | &nbsp;&nbsp; 8584 | &nbsp;&nbsp; 28211 | &nbsp;&nbsp; 7028 | &nbsp;&nbsp; 9237 | &nbsp;&nbsp; 18556 | &nbsp;&nbsp; 8730  |
| &nbsp;&nbsp; 2102 | &nbsp;&nbsp; 2102 | &nbsp;&nbsp; 2103 | &nbsp;&nbsp; 2103 | &nbsp;&nbsp; 1105 | &nbsp;&nbsp; 2102 | &nbsp;&nbsp; 2102  |
| &nbsp;&nbsp; 2501 | &nbsp;&nbsp; 2501 | &nbsp;&nbsp; 2501 | &nbsp;&nbsp; 2501 | &nbsp;&nbsp; 5588 | &nbsp;&nbsp; 2501 | &nbsp;&nbsp; 2501  |
| &nbsp;&nbsp; 27710 | &nbsp;&nbsp; 17468 | &nbsp;&nbsp; 66116 | &nbsp;&nbsp; 26534 | &nbsp;&nbsp; 36998 | &nbsp;&nbsp; 37269 | &nbsp;&nbsp; 26481  |
| &nbsp;&nbsp; 12781 | &nbsp;&nbsp; 10913 | &nbsp;&nbsp; 22019 | &nbsp;&nbsp; 10054 | &nbsp;&nbsp; 3972 | &nbsp;&nbsp; 23054 | &nbsp;&nbsp; 10522  |
| &nbsp;&nbsp; 1555838 | &nbsp;&nbsp; 1063751 | &nbsp;&nbsp; 2041383 | &nbsp;&nbsp; 948229 | &nbsp;&nbsp; 785790 | &nbsp;&nbsp; 2527942 | &nbsp;&nbsp; 1536509  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 231776 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; 203601 | &nbsp;&nbsp; 149060 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; 43118 | &nbsp;&nbsp; 84364 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 25172 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 73123 | &nbsp;&nbsp; 38857 | &nbsp;&nbsp; 182246 | &nbsp;&nbsp; 58923  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; 71863 | &nbsp;&nbsp; 140606 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 1581010 | &nbsp;&nbsp; 1382333 | &nbsp;&nbsp; 2647189 | &nbsp;&nbsp; 1021352 | &nbsp;&nbsp; 824647 | &nbsp;&nbsp; 2710188 | &nbsp;&nbsp; 1595432  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (41521)  |
| &nbsp;&nbsp; 1581010 | &nbsp;&nbsp; 1382333 | &nbsp;&nbsp; 2647189 | &nbsp;&nbsp; 1021352 | &nbsp;&nbsp; 824647 | &nbsp;&nbsp; 2710188 | &nbsp;&nbsp; 1553911  |
| &nbsp;&nbsp; **3561870** | &nbsp;&nbsp; **562040** | &nbsp;&nbsp; **118428** | &nbsp;&nbsp; **2212540** | &nbsp;&nbsp; **396216** | &nbsp;&nbsp; **(739900)** | &nbsp;&nbsp; **(316799)**  |
| &nbsp;&nbsp; 9144852 | &nbsp;&nbsp; 14740106 | &nbsp;&nbsp; 23488556 | &nbsp;&nbsp; 12585240 | &nbsp;&nbsp; 11729329 | &nbsp;&nbsp; 31046320 | &nbsp;&nbsp; 8534882  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3381528) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 43816 | &nbsp;&nbsp; 692 | &nbsp;&nbsp; 57662 | &nbsp;&nbsp; 85 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 188  |
| &nbsp;&nbsp; **9188668** | &nbsp;&nbsp; **14740798** | &nbsp;&nbsp; **23546218** | &nbsp;&nbsp; **12585325** | &nbsp;&nbsp; **8347801** | &nbsp;&nbsp; **31046321** | &nbsp;&nbsp; **8535070**  |
| &nbsp;&nbsp; 34491760 | &nbsp;&nbsp; 8221267 | &nbsp;&nbsp; 55351264 | &nbsp;&nbsp; 1571718 | &nbsp;&nbsp; 897846 | &nbsp;&nbsp; (16768698) | &nbsp;&nbsp; 1229688  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (216203) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 130165 | &nbsp;&nbsp; 952 | &nbsp;&nbsp; 48860 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1306 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; **34621925** | &nbsp;&nbsp; **8222219** | &nbsp;&nbsp; **55400124** | &nbsp;&nbsp; **1571718** | &nbsp;&nbsp; **682949** | &nbsp;&nbsp; **(16768698)** | &nbsp;&nbsp; **1229688**  |
| &nbsp;&nbsp; **43810593** | &nbsp;&nbsp; **22963017** | &nbsp;&nbsp; **78946342** | &nbsp;&nbsp; **14157043** | &nbsp;&nbsp; **9030750** | &nbsp;&nbsp; **14277623** | &nbsp;&nbsp; **9764758**  |
| &nbsp;&nbsp; **$47372463** | &nbsp;&nbsp; **$23525057** | &nbsp;&nbsp; **$79064770** | &nbsp;&nbsp; **$16369583** | &nbsp;&nbsp; **$9426966** | &nbsp;&nbsp; **$13537723** | &nbsp;&nbsp; **$9447959**  |
| &nbsp;&nbsp; $459120 | &nbsp;&nbsp; $16275 | &nbsp;&nbsp; $215262 | &nbsp;&nbsp; $49516 | &nbsp;&nbsp; $268 | &nbsp;&nbsp; $9722 | &nbsp;&nbsp; $420 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **95**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Statements of Operations

For the Year Ended December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **MML** <br>**Small/Mid** <br>**Cap Value** <br>**Fund** | **MML Sustainable Equity Fund**  |
| Investment income (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $1995977 | $1591303  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest (b) | 27430 | 6865  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending net income | 7870 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 2031277 | 1598168  |
| Expenses (Note 3):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 909065 | 685616  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and overdraft fees | 8371 | 1774  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 23769 | 36494  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 7668 | 8630  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy fees | 2102 | 2102  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting & Administration fees | 2501 | 2501  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting fees | 25336 | 27203  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 9229 | 10413  |
|  | 988041 | 774733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 53741 | 123897  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1041782 | 898630  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived *(Note 3)*: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees waived |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses: | 1041782 | 898630  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | **989495** | **699538**  |
| Realized and unrealized gain (loss):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions\* | 3884123 | 14369979  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (1010)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward contracts |  | (89504)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss)** | **3884123** | **14279465**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions\*\* | (2088525) | (178499)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA forward sales commitment |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities in foreign currencies |  | 405  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward contracts |  | (17427)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation)** | **(2088525)** | **(195521)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) and change in unrealized appreciation (depreciation)** | **1795598** | **14083944**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **$2785093** | **$14783482**  |
| (a) Net of foreign withholding tax of: | $4166 | $2864  |
| (b) Net of foreign withholding tax of: | $— | $—  |
| \* Realized gain (loss) is net of foreign capital gains taxes of: | $— | $—  |
| \*\* Net of increase (decrease) in accrued foreign capital gains tax of: | $— | $— |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **96**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MML** <br>**VIP American Century Mid Cap Value Fund (See Note 1)** | **MML** <br>**VIP American Century Small Company** <br>**Value Fund** <br>**(See Note 1)** | **MML** <br>**VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund** <br>**(See Note 1)** | **MML VIP Loomis Sayles Large Cap Growth Fund (See Note 1)** | **MML** <br>**VIP MFS<sup>®</sup> International Equity Fund** <br>**(See Note 1)**  |
| &nbsp;&nbsp; $6271749 | &nbsp;&nbsp; $1237929 | &nbsp;&nbsp; $1075 | &nbsp;&nbsp; $1022471 | &nbsp;&nbsp; $6330358  |
| &nbsp;&nbsp; 118752 | &nbsp;&nbsp; 8106 | &nbsp;&nbsp; 15750242 | &nbsp;&nbsp; 49210 | &nbsp;&nbsp; 65222  |
| &nbsp;&nbsp; 6579 | &nbsp;&nbsp; 17025 | &nbsp;&nbsp; 42836 | &nbsp;&nbsp; 10270 | &nbsp;&nbsp; 37188  |
| &nbsp;&nbsp; 6397080 | &nbsp;&nbsp; 1263060 | &nbsp;&nbsp; 15794153 | &nbsp;&nbsp; 1081951 | &nbsp;&nbsp; 6432768  |
| &nbsp;&nbsp; 2019608 | &nbsp;&nbsp; 459388 | &nbsp;&nbsp; 1415761 | &nbsp;&nbsp; 1378430 | &nbsp;&nbsp; 1911124  |
| &nbsp;&nbsp; 21772 | &nbsp;&nbsp; 5019 | &nbsp;&nbsp; 39110 | &nbsp;&nbsp; 8084 | &nbsp;&nbsp; 58958  |
| &nbsp;&nbsp; 37183 | &nbsp;&nbsp; 27973 | &nbsp;&nbsp; 39525 | &nbsp;&nbsp; 36608 | &nbsp;&nbsp; 63963  |
| &nbsp;&nbsp; 13166 | &nbsp;&nbsp; 3675 | &nbsp;&nbsp; 48047 | &nbsp;&nbsp; 13365 | &nbsp;&nbsp; 14972  |
| &nbsp;&nbsp; 2102 | &nbsp;&nbsp; 2102 | &nbsp;&nbsp; 2102 | &nbsp;&nbsp; 2102 | &nbsp;&nbsp; 2102  |
| &nbsp;&nbsp; 2501 | &nbsp;&nbsp; 2501 | &nbsp;&nbsp; 8505 | &nbsp;&nbsp; 2501 | &nbsp;&nbsp; 2501  |
| &nbsp;&nbsp; 31050 | &nbsp;&nbsp; 20256 | &nbsp;&nbsp; 43695 | &nbsp;&nbsp; 30766 | &nbsp;&nbsp; 23651  |
| &nbsp;&nbsp; 18284 | &nbsp;&nbsp; 4457 | &nbsp;&nbsp; 26818 | &nbsp;&nbsp; 16090 | &nbsp;&nbsp; 18198  |
| &nbsp;&nbsp; 2145666 | &nbsp;&nbsp; 525371 | &nbsp;&nbsp; 1623563 | &nbsp;&nbsp; 1487946 | &nbsp;&nbsp; 2095469  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; 56121 | &nbsp;&nbsp; 465801 | &nbsp;&nbsp; — | &nbsp;&nbsp; 331292  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; 30014 | &nbsp;&nbsp; 65109 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27073  |
| &nbsp;&nbsp; 106054 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 107656 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; 50024 | &nbsp;&nbsp; 108516 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45122  |
| &nbsp;&nbsp; 2251720 | &nbsp;&nbsp; 661530 | &nbsp;&nbsp; 2262989 | &nbsp;&nbsp; 1595602 | &nbsp;&nbsp; 2498956  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (5781) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; (28033) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (11324)  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1516) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; (14981) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1174)  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (238910)  |
| &nbsp;&nbsp; 2251720 | &nbsp;&nbsp; 618516 | &nbsp;&nbsp; 2262989 | &nbsp;&nbsp; 1588305 | &nbsp;&nbsp; 2247548  |
| &nbsp;&nbsp; **4145360** | &nbsp;&nbsp; **644544** | &nbsp;&nbsp; **13531164** | &nbsp;&nbsp; **(506354)** | &nbsp;&nbsp; **4185220**  |
| &nbsp;&nbsp; 13292067 | &nbsp;&nbsp; 3584396 | &nbsp;&nbsp; (1720812) | &nbsp;&nbsp; 14830524 | &nbsp;&nbsp; 21657697  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1284049 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 199759 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 2354 | (229) | &nbsp;&nbsp; (29417) | &nbsp;&nbsp; — | &nbsp;&nbsp; (89531)  |
| &nbsp;&nbsp; (1387823) | &nbsp;&nbsp; (50918) | &nbsp;&nbsp; (230939) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; **11906598** | &nbsp;&nbsp; **3533249** | &nbsp;&nbsp; **(497360)** | &nbsp;&nbsp; **14830524** | &nbsp;&nbsp; **21568166**  |
| &nbsp;&nbsp; 4634117 | &nbsp;&nbsp; (6523616) | &nbsp;&nbsp; 12012733 | &nbsp;&nbsp; 15645415 | &nbsp;&nbsp; 28118434  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (92707) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 563 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (161415) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 3204 | (4) | &nbsp;&nbsp; 3349 | &nbsp;&nbsp; — | &nbsp;&nbsp; 201783  |
| &nbsp;&nbsp; (255239) | &nbsp;&nbsp; (7694) | &nbsp;&nbsp; (313325) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; **4382082** | &nbsp;&nbsp; **(6531314)** | &nbsp;&nbsp; **11449198** | &nbsp;&nbsp; **15645415** | &nbsp;&nbsp; **28320217**  |
| &nbsp;&nbsp; **16288680** | &nbsp;&nbsp; **(2998065)** | &nbsp;&nbsp; **10951838** | &nbsp;&nbsp; **30475939** | &nbsp;&nbsp; **49888383**  |
| &nbsp;&nbsp; **$20434040** | &nbsp;&nbsp; **$(2353521)** | &nbsp;&nbsp; **$24483002** | &nbsp;&nbsp; **$29969585** | &nbsp;&nbsp; **$54073603**  |
| &nbsp;&nbsp; $85953 | &nbsp;&nbsp; $6028 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29475 | &nbsp;&nbsp; $790270  |
| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $—  |
| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $44996  |
| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8609 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **97**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MML Conservative Allocation Fund**  | **MML Conservative Allocation Fund**  |
|  | **Year** <br>**Ended** <br>**December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $6789821 | &nbsp;&nbsp; $6879117  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (5609814) | &nbsp;&nbsp; (2909905)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 20334202 | &nbsp;&nbsp; 12489681  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; **21514209** | &nbsp;&nbsp; **16458893**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | &nbsp;&nbsp; (1770310) | &nbsp;&nbsp; (1584538)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp; (5337535) | &nbsp;&nbsp; (4619386)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; **(7107845)** | &nbsp;&nbsp; **(6203924)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | &nbsp;&nbsp; (10126102) | &nbsp;&nbsp; (9927432)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp; (36635596) | &nbsp;&nbsp; (38193187)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | &nbsp;&nbsp; **(46761698)** | &nbsp;&nbsp; **(48120619)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | &nbsp;&nbsp; **(32355334)** | &nbsp;&nbsp; **(37865650)**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp; 240123522 | &nbsp;&nbsp; 277989172  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of year** | &nbsp;&nbsp; **$207768188** | &nbsp;&nbsp; **$240123522** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **98**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MML Balanced Allocation Fund** | **MML Balanced Allocation Fund** | **MML Moderate Allocation Fund** | **MML Moderate Allocation Fund** | **MML Growth Allocation Fund**  | **MML Growth Allocation Fund**  |
| **Year** <br>**Ended** <br>**December 31, 2025** | **Year** <br>**Ended December 31, 2024** | **Year** <br>**Ended December 31, 2025** | **Year** <br>**Ended December 31, 2024** | **Year** <br>**Ended December 31, 2025** | **Year** <br>**Ended December 31, 2024**  |
| &nbsp;&nbsp;&nbsp; $7415787 | &nbsp;&nbsp;&nbsp; $7361207 | &nbsp;&nbsp;&nbsp; $21271384 | &nbsp;&nbsp; $21897443 | &nbsp;&nbsp;&nbsp; $15498818 | &nbsp;&nbsp;&nbsp; $15136119  |
| &nbsp;&nbsp;&nbsp; 2253862 | &nbsp;&nbsp;&nbsp; 6924979 | &nbsp;&nbsp;&nbsp; 23065178 | &nbsp;&nbsp; 13333980 | &nbsp;&nbsp;&nbsp; 48330793 | &nbsp;&nbsp;&nbsp; 33966662  |
| &nbsp;&nbsp;&nbsp; 19074354 | &nbsp;&nbsp;&nbsp; 8836274 | &nbsp;&nbsp;&nbsp; 59126936 | &nbsp;&nbsp; 58747324 | &nbsp;&nbsp;&nbsp; 44226385 | &nbsp;&nbsp;&nbsp; 47359367  |
| &nbsp;&nbsp;&nbsp; **28744003** | &nbsp;&nbsp;&nbsp; **23122460** | &nbsp;&nbsp;&nbsp; **103463498** | &nbsp;&nbsp; **93978747** | &nbsp;&nbsp;&nbsp; **108055996** | &nbsp;&nbsp;&nbsp; **96462148**  |
| &nbsp;&nbsp;&nbsp; (2121877) | &nbsp;&nbsp;&nbsp; (1752341) | &nbsp;&nbsp;&nbsp; (5098441) | &nbsp;&nbsp; (4409963) | &nbsp;&nbsp;&nbsp; (20086912) | &nbsp;&nbsp;&nbsp; (5718438)  |
| &nbsp;&nbsp;&nbsp; (5853310) | &nbsp;&nbsp;&nbsp; (4897445) | &nbsp;&nbsp;&nbsp; (18157930) | &nbsp;&nbsp; (16257753) | &nbsp;&nbsp;&nbsp; (33333986) | &nbsp;&nbsp;&nbsp; (8395177)  |
| &nbsp;&nbsp;&nbsp; **(7975187)** | &nbsp;&nbsp;&nbsp; **(6649786)** | &nbsp;&nbsp;&nbsp; **(23256371)** | &nbsp;&nbsp; **(20667716)** | &nbsp;&nbsp;&nbsp; **(53420898)** | &nbsp;&nbsp;&nbsp; **(14113615)**  |
| &nbsp;&nbsp;&nbsp; (8791806) | &nbsp;&nbsp;&nbsp; (9151974) | &nbsp;&nbsp;&nbsp; (32504951) | &nbsp;&nbsp; (24271838) | &nbsp;&nbsp;&nbsp; (30350948) | &nbsp;&nbsp;&nbsp; (35616447)  |
| &nbsp;&nbsp;&nbsp; (29862053) | &nbsp;&nbsp;&nbsp; (45578911) | &nbsp;&nbsp;&nbsp; (153054990) | &nbsp;&nbsp; (212730715) | &nbsp;&nbsp;&nbsp; (42924661) | &nbsp;&nbsp;&nbsp; (85682626)  |
| &nbsp;&nbsp;&nbsp; **(38653859)** | &nbsp;&nbsp;&nbsp; **(54730885)** | &nbsp;&nbsp;&nbsp; **(185559941)** | &nbsp;&nbsp; **(237002553)** | &nbsp;&nbsp;&nbsp; **(73275609)** | &nbsp;&nbsp;&nbsp; **(121299073)**  |
| &nbsp;&nbsp;&nbsp; **(17885043)** | &nbsp;&nbsp;&nbsp; **(38258211)** | &nbsp;&nbsp;&nbsp; **(105352814)** | &nbsp;&nbsp; **(163691522)** | &nbsp;&nbsp;&nbsp; **(18640511)** | &nbsp;&nbsp;&nbsp; **(38950540)**  |
| &nbsp;&nbsp;&nbsp; 291186883 | &nbsp;&nbsp;&nbsp; 329445094 | &nbsp;&nbsp;&nbsp; 1003320306 | &nbsp;&nbsp; 1167011828 | &nbsp;&nbsp;&nbsp; 910851606 | &nbsp;&nbsp;&nbsp; 949802146  |
| &nbsp;&nbsp;&nbsp; **$273301840** | &nbsp;&nbsp;&nbsp; **$291186883** | &nbsp;&nbsp;&nbsp; **$897967492** | &nbsp;&nbsp; **$1003320306** | &nbsp;&nbsp;&nbsp; **$892211095** | &nbsp;&nbsp;&nbsp; **$910851606** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **99**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MML Aggressive Allocation Fund**  | **MML Aggressive Allocation Fund**  |
|  | **Year** <br>**Ended** <br>**December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $1415992 | &nbsp;&nbsp; $1378724  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 9016075 | &nbsp;&nbsp; 4115433  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 5749884 | &nbsp;&nbsp; 9969141  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; **16181951** | &nbsp;&nbsp; **15463298**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | &nbsp;&nbsp; (2563719) | &nbsp;&nbsp; (1775525)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp; (2716725) | &nbsp;&nbsp; (1892264)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; **(5280444)** | &nbsp;&nbsp; **(3667789)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | &nbsp;&nbsp; (4050447) | &nbsp;&nbsp; (5400440)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp; (4754885) | &nbsp;&nbsp; (13152166)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | &nbsp;&nbsp; **(8805332)** | &nbsp;&nbsp; **(18552606)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | &nbsp;&nbsp; **2096175** | &nbsp;&nbsp; **(6757097)**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp; 122386387 | &nbsp;&nbsp; 129143484  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of year** | &nbsp;&nbsp; **$124482562** | &nbsp;&nbsp; **$122386387** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **100**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MML American Funds Growth Fund** | **MML American Funds Growth Fund** | **MML American Funds** <br>**Core Allocation Fund** | **MML American Funds** <br>**Core Allocation Fund** | **MML Blue Chip Growth Fund**  | **MML Blue Chip Growth Fund**  |
| **Year** <br>**Ended** <br>**December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024** | **Year** <br>**Ended** <br>**December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024** | **Year** <br>**Ended** <br>**December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024**  |
| &nbsp;&nbsp;&nbsp; $(1383519) | &nbsp;&nbsp;&nbsp; $(281129) | &nbsp;&nbsp;&nbsp; $8171772 | &nbsp;&nbsp;&nbsp; $10392207 | &nbsp;&nbsp;&nbsp; $(1718993) | &nbsp;&nbsp;&nbsp; $(1536225)  |
| &nbsp;&nbsp;&nbsp; 37310037 | &nbsp;&nbsp;&nbsp; 21288685 | &nbsp;&nbsp;&nbsp; 103844519 | &nbsp;&nbsp;&nbsp; 28369603 | &nbsp;&nbsp;&nbsp; 82690123 | &nbsp;&nbsp;&nbsp; 89551485  |
| &nbsp;&nbsp;&nbsp; 20071907 | &nbsp;&nbsp;&nbsp; 51295446 | &nbsp;&nbsp;&nbsp; (36125398) | &nbsp;&nbsp;&nbsp; 33010275 | &nbsp;&nbsp;&nbsp; (1211862) | &nbsp;&nbsp;&nbsp; 59362495  |
| &nbsp;&nbsp;&nbsp; **55998425** | &nbsp;&nbsp;&nbsp; **72303002** | &nbsp;&nbsp;&nbsp; **75890893** | &nbsp;&nbsp;&nbsp; **71772085** | &nbsp;&nbsp;&nbsp; **79759268** | &nbsp;&nbsp;&nbsp; **147377755**  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (51546822) | &nbsp;&nbsp;&nbsp; (22068122)  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (36687685) | &nbsp;&nbsp;&nbsp; (13955171)  |
| &nbsp;&nbsp;&nbsp; (21170332) | &nbsp;&nbsp;&nbsp; (20251569) | &nbsp;&nbsp;&nbsp; (40051400) | &nbsp;&nbsp;&nbsp; (21532629) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **(21170332)** | &nbsp;&nbsp;&nbsp; **(20251569)** | &nbsp;&nbsp;&nbsp; **(40051400)** | &nbsp;&nbsp;&nbsp; **(21532629)** | &nbsp;&nbsp;&nbsp; **(88234507)** | &nbsp;&nbsp;&nbsp; **(36023293)**  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (16075401) | &nbsp;&nbsp;&nbsp; (64652053)  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10117561 | &nbsp;&nbsp;&nbsp; (8498476)  |
| &nbsp;&nbsp;&nbsp; 16784518 | &nbsp;&nbsp;&nbsp; (5748932) | &nbsp;&nbsp;&nbsp; (68410934) | &nbsp;&nbsp;&nbsp; (140744195) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **16784518** | &nbsp;&nbsp;&nbsp; **(5748932)** | &nbsp;&nbsp;&nbsp; **(68410934)** | &nbsp;&nbsp;&nbsp; **(140744195)** | &nbsp;&nbsp;&nbsp; **(5957840)** | &nbsp;&nbsp;&nbsp; **(73150529)**  |
| &nbsp;&nbsp;&nbsp; **51612611** | &nbsp;&nbsp;&nbsp; **46302501** | &nbsp;&nbsp;&nbsp; **(32571441)** | &nbsp;&nbsp;&nbsp; **(90504739)** | &nbsp;&nbsp;&nbsp; **(14433079)** | &nbsp;&nbsp;&nbsp; **38203933**  |
| &nbsp;&nbsp;&nbsp; 293709321 | &nbsp;&nbsp;&nbsp; 247406820 | &nbsp;&nbsp;&nbsp; 581457615 | &nbsp;&nbsp;&nbsp; 671962354 | &nbsp;&nbsp;&nbsp; 490927465 | &nbsp;&nbsp;&nbsp; 452723532  |
| &nbsp;&nbsp;&nbsp; **$345321932** | &nbsp;&nbsp;&nbsp; **$293709321** | &nbsp;&nbsp;&nbsp; **$548886174** | &nbsp;&nbsp;&nbsp; **$581457615** | &nbsp;&nbsp;&nbsp; **$476494386** | &nbsp;&nbsp;&nbsp; **$490927465** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **101**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MML Equity Income Fund**  | **MML Equity Income Fund**  |
|  | **Year** <br>**Ended** <br>**December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $6710159 | &nbsp;&nbsp; $5707997  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 46621676 | &nbsp;&nbsp; 40808056  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 10642668 | &nbsp;&nbsp; (7816446)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; **63974503** | &nbsp;&nbsp; **38699607**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | &nbsp;&nbsp; (37532218) | &nbsp;&nbsp; (23787262)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class III | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp; (8719754) | &nbsp;&nbsp; (5992116)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; **(46251972)** | &nbsp;&nbsp; **(29779378)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | &nbsp;&nbsp; 101130065 | &nbsp;&nbsp; (28465686)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class III | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp; 16804256 | &nbsp;&nbsp; (5800195)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | &nbsp;&nbsp; **117934321** | &nbsp;&nbsp; **(34265881)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | &nbsp;&nbsp; **135656852** | &nbsp;&nbsp; **(25345652)**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp; 324046179 | &nbsp;&nbsp; 349391831  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of year** | &nbsp;&nbsp; **$459703031** | &nbsp;&nbsp; **$324046179** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **102**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MML Equity Index Fund** | **MML Equity Index Fund** | **MML Focused Equity Fund** | **MML Focused Equity Fund** | **MML Foreign Fund**  | **MML Foreign Fund**  |
| **Year** <br>**Ended** <br>**December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024** | **Year** <br>**Ended** <br>**December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024** | **Year** <br>**Ended** <br>**December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024**  |
| &nbsp;&nbsp;&nbsp; $6554586 | &nbsp;&nbsp;&nbsp; $7906205 | &nbsp;&nbsp;&nbsp; $1220376 | &nbsp;&nbsp;&nbsp; $2063231 | &nbsp;&nbsp;&nbsp; $3561870 | &nbsp;&nbsp;&nbsp; $3731055  |
| &nbsp;&nbsp;&nbsp; 43614706 | &nbsp;&nbsp;&nbsp; 104818109 | &nbsp;&nbsp;&nbsp; 15463228 | &nbsp;&nbsp;&nbsp; 29041905 | &nbsp;&nbsp;&nbsp; 9188668 | &nbsp;&nbsp;&nbsp; 7657650  |
| &nbsp;&nbsp;&nbsp; 54435453 | &nbsp;&nbsp;&nbsp; 38194346 | &nbsp;&nbsp;&nbsp; 1294217 | &nbsp;&nbsp;&nbsp; (3019524) | &nbsp;&nbsp;&nbsp; 34621925 | &nbsp;&nbsp;&nbsp; (4890793)  |
| &nbsp;&nbsp;&nbsp; **104604745** | &nbsp;&nbsp;&nbsp; **150918660** | &nbsp;&nbsp;&nbsp; **17977821** | &nbsp;&nbsp;&nbsp; **28085612** | &nbsp;&nbsp;&nbsp; **47372463** | &nbsp;&nbsp;&nbsp; **6497912**  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (10383964) | &nbsp;&nbsp;&nbsp; (4989052)  |
| &nbsp;&nbsp;&nbsp; (9616054) | &nbsp;&nbsp;&nbsp; (2346847) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; (45497096) | &nbsp;&nbsp;&nbsp; (10423066) | &nbsp;&nbsp;&nbsp; (29334460) | &nbsp;&nbsp;&nbsp; (13979743) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; (51799209) | &nbsp;&nbsp;&nbsp; (16642273) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (718547) | &nbsp;&nbsp;&nbsp; (259227)  |
| &nbsp;&nbsp;&nbsp; (4882125) | &nbsp;&nbsp;&nbsp; (1218781) | &nbsp;&nbsp;&nbsp; (2729082) | &nbsp;&nbsp;&nbsp; (1237630) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **(111794484)** | &nbsp;&nbsp;&nbsp; **(30630967)** | &nbsp;&nbsp;&nbsp; **(32063542)** | &nbsp;&nbsp;&nbsp; **(15217373)** | &nbsp;&nbsp;&nbsp; **(11102511)** | &nbsp;&nbsp;&nbsp; **(5248279)**  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (29630493) | &nbsp;&nbsp;&nbsp; (17571500)  |
| &nbsp;&nbsp;&nbsp; (102911) | &nbsp;&nbsp;&nbsp; (8320878) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; 14793506 | &nbsp;&nbsp;&nbsp; (7662574) | &nbsp;&nbsp;&nbsp; (14758141) | &nbsp;&nbsp;&nbsp; (41462698) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; 32875888 | &nbsp;&nbsp;&nbsp; (104178073) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 885136 | &nbsp;&nbsp;&nbsp; (634645)  |
| &nbsp;&nbsp;&nbsp; (324188) | &nbsp;&nbsp;&nbsp; (10573823) | &nbsp;&nbsp;&nbsp; (1425768) | &nbsp;&nbsp;&nbsp; (2586800) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **47242295** | &nbsp;&nbsp;&nbsp; **(130735348)** | &nbsp;&nbsp;&nbsp; **(16183909)** | &nbsp;&nbsp;&nbsp; **(44049498)** | &nbsp;&nbsp;&nbsp; **(28745357)** | &nbsp;&nbsp;&nbsp; **(18206145)**  |
| &nbsp;&nbsp;&nbsp; **40052556** | &nbsp;&nbsp;&nbsp; **(10447655)** | &nbsp;&nbsp;&nbsp; **(30269630)** | &nbsp;&nbsp;&nbsp; **(31181259)** | &nbsp;&nbsp;&nbsp; **7524595** | &nbsp;&nbsp;&nbsp; **(16956512)**  |
| &nbsp;&nbsp;&nbsp; 642855709 | &nbsp;&nbsp;&nbsp; 653303364 | &nbsp;&nbsp;&nbsp; 258516847 | &nbsp;&nbsp;&nbsp; 289698106 | &nbsp;&nbsp;&nbsp; 162654021 | &nbsp;&nbsp;&nbsp; 179610533  |
| &nbsp;&nbsp;&nbsp; **$682908265** | &nbsp;&nbsp;&nbsp; **$642855709** | &nbsp;&nbsp;&nbsp; **$228247217** | &nbsp;&nbsp;&nbsp; **$258516847** | &nbsp;&nbsp;&nbsp; **$170178616** | &nbsp;&nbsp;&nbsp; **$162654021** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **103**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MML Fundamental Equity Fund**  | **MML Fundamental Equity Fund**  |
|  | **Year** <br>**Ended** <br>**December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $562040 | &nbsp;&nbsp; $683416  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 14740798 | &nbsp;&nbsp; 13948840  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 8222219 | &nbsp;&nbsp; 16445033  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; **23525057** | &nbsp;&nbsp; **31077289**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II | &nbsp;&nbsp; (11388334) | &nbsp;&nbsp; (10794188)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I | &nbsp;&nbsp; (3045202) | &nbsp;&nbsp; (2369835)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; **(14433536)** | &nbsp;&nbsp; **(13164023)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II | &nbsp;&nbsp; 205737297 | &nbsp;&nbsp; (22179727)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I | &nbsp;&nbsp; 17606921 | &nbsp;&nbsp; 793341  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | &nbsp;&nbsp; **223344218** | &nbsp;&nbsp; **(21386386)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | &nbsp;&nbsp; **232435739** | &nbsp;&nbsp; **(3473120)**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp; 138368220 | &nbsp;&nbsp; 141841340  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of year** | &nbsp;&nbsp; **$370803959** | &nbsp;&nbsp; **$138368220** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **104**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MML Global Fund** | **MML Global Fund** | **MML Income & Growth Fund** | **MML Income & Growth Fund** | **MML Managed Volatility Fund**  | **MML Managed Volatility Fund**  |
| **Year** <br>**Ended** <br>**December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024** | **Year** <br>**Ended** <br>**December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024** | **Year** <br>**Ended** <br>**December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024**  |
| &nbsp;&nbsp;&nbsp; $118428 | &nbsp;&nbsp;&nbsp; $973974 | &nbsp;&nbsp;&nbsp; $2212540 | &nbsp;&nbsp;&nbsp; $2301326 | &nbsp;&nbsp;&nbsp; $396216 | &nbsp;&nbsp;&nbsp; $167237  |
| &nbsp;&nbsp;&nbsp; 23546218 | &nbsp;&nbsp;&nbsp; 9707087 | &nbsp;&nbsp;&nbsp; 12585325 | &nbsp;&nbsp;&nbsp; 25713597 | &nbsp;&nbsp;&nbsp; 8347801 | &nbsp;&nbsp;&nbsp; 6547563  |
| &nbsp;&nbsp;&nbsp; 55400124 | &nbsp;&nbsp;&nbsp; (3544084) | &nbsp;&nbsp;&nbsp; 1571718 | &nbsp;&nbsp;&nbsp; (6745307) | &nbsp;&nbsp;&nbsp; 682949 | &nbsp;&nbsp;&nbsp; 7307215  |
| &nbsp;&nbsp;&nbsp; **79064770** | &nbsp;&nbsp;&nbsp; **7136977** | &nbsp;&nbsp;&nbsp; **16369583** | &nbsp;&nbsp;&nbsp; **21269616** | &nbsp;&nbsp;&nbsp; **9426966** | &nbsp;&nbsp;&nbsp; **14022015**  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (21531916) | &nbsp;&nbsp;&nbsp; (18300690) | &nbsp;&nbsp;&nbsp; (21426188) | &nbsp;&nbsp;&nbsp; (3142943)  |
| &nbsp;&nbsp;&nbsp; (5326664) | &nbsp;&nbsp;&nbsp; (5650370) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; (2928352) | &nbsp;&nbsp;&nbsp; (869718) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6238214) | &nbsp;&nbsp;&nbsp; (4499439) | &nbsp;&nbsp;&nbsp; (4137290) | &nbsp;&nbsp;&nbsp; (613168)  |
| &nbsp;&nbsp;&nbsp; (2199441) | &nbsp;&nbsp;&nbsp; (1377848) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **(10454457)** | &nbsp;&nbsp;&nbsp; **(7897936)** | &nbsp;&nbsp;&nbsp; **(27770130)** | &nbsp;&nbsp;&nbsp; **(22800129)** | &nbsp;&nbsp;&nbsp; **(25563478)** | &nbsp;&nbsp;&nbsp; **(3756111)**  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4280232 | &nbsp;&nbsp;&nbsp; (20744329) | &nbsp;&nbsp;&nbsp; 9942444 | &nbsp;&nbsp;&nbsp; (7740938)  |
| &nbsp;&nbsp;&nbsp; 67819105 | &nbsp;&nbsp;&nbsp; (6516843) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; 242154771 | &nbsp;&nbsp;&nbsp; (1282478) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3188571 | &nbsp;&nbsp;&nbsp; 1519997 | &nbsp;&nbsp;&nbsp; 1001052 | &nbsp;&nbsp;&nbsp; (2455241)  |
| &nbsp;&nbsp;&nbsp; 38813999 | &nbsp;&nbsp;&nbsp; (862521) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **348787875** | &nbsp;&nbsp;&nbsp; **(8661842)** | &nbsp;&nbsp;&nbsp; **7468803** | &nbsp;&nbsp;&nbsp; **(19224332)** | &nbsp;&nbsp;&nbsp; **10943496** | &nbsp;&nbsp;&nbsp; **(10196179)**  |
| &nbsp;&nbsp;&nbsp; **417398188** | &nbsp;&nbsp;&nbsp; **(9422801)** | &nbsp;&nbsp;&nbsp; **(3931744)** | &nbsp;&nbsp;&nbsp; **(20754845)** | &nbsp;&nbsp;&nbsp; **(5193016)** | &nbsp;&nbsp;&nbsp; **69725**  |
| &nbsp;&nbsp;&nbsp; 121099107 | &nbsp;&nbsp;&nbsp; 130521908 | &nbsp;&nbsp;&nbsp; 135316050 | &nbsp;&nbsp;&nbsp; 156070895 | &nbsp;&nbsp;&nbsp; 98345548 | &nbsp;&nbsp;&nbsp; 98275823  |
| &nbsp;&nbsp;&nbsp; **$538497295** | &nbsp;&nbsp;&nbsp; **$121099107** | &nbsp;&nbsp;&nbsp; **$131384306** | &nbsp;&nbsp;&nbsp; **$135316050** | &nbsp;&nbsp;&nbsp; **$93152532** | &nbsp;&nbsp;&nbsp; **$98345548** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **105**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MML Mid Cap Growth Fund**  | **MML Mid Cap Growth Fund**  |
|  | **Year** <br>**Ended** <br>**December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $(739900) | &nbsp;&nbsp; $(1083706)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 31046321 | &nbsp;&nbsp; 51075867  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (16768698) | &nbsp;&nbsp; (14716572)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; **13537723** | &nbsp;&nbsp; **35275589**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | &nbsp;&nbsp; (35702166) | &nbsp;&nbsp; (13408823)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp; (13015625) | &nbsp;&nbsp; (5152696)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; **(48717791)** | &nbsp;&nbsp; **(18561519)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | &nbsp;&nbsp; 92033305 | &nbsp;&nbsp; (20541121)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp; (1704647) | &nbsp;&nbsp; (10565872)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | &nbsp;&nbsp; **90328658** | &nbsp;&nbsp; **(31106993)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | &nbsp;&nbsp; **55148590** | &nbsp;&nbsp; **(14392923)**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp; 324678935 | &nbsp;&nbsp; 339071858  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of year** | &nbsp;&nbsp; **$379827525** | &nbsp;&nbsp; **$324678935** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **106**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MML Small Cap Growth Equity Fund** | **MML Small Cap Growth Equity Fund** | **MML Small/Mid Cap Value Fund** | **MML Small/Mid Cap Value Fund** | **MML Sustainable Equity Fund**  | **MML Sustainable Equity Fund**  |
| **Year** <br>**Ended** <br>**December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024** | **Year** <br>**Ended** <br>**December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024** | **Year** <br>**Ended** <br>**December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024**  |
| &nbsp;&nbsp;&nbsp; $(316799) | &nbsp;&nbsp;&nbsp; $(137028) | &nbsp;&nbsp;&nbsp; $989495 | &nbsp;&nbsp;&nbsp; $1059829 | &nbsp;&nbsp;&nbsp; $699538 | &nbsp;&nbsp;&nbsp; $1011665  |
| &nbsp;&nbsp;&nbsp; 8535070 | &nbsp;&nbsp;&nbsp; 10819512 | &nbsp;&nbsp;&nbsp; 3884123 | &nbsp;&nbsp;&nbsp; 13195054 | &nbsp;&nbsp;&nbsp; 14279465 | &nbsp;&nbsp;&nbsp; 14225779  |
| &nbsp;&nbsp;&nbsp; 1229688 | &nbsp;&nbsp;&nbsp; 4021891 | &nbsp;&nbsp;&nbsp; (2088525) | &nbsp;&nbsp;&nbsp; (1235808) | &nbsp;&nbsp;&nbsp; (195521) | &nbsp;&nbsp;&nbsp; 11339465  |
| &nbsp;&nbsp;&nbsp; **9447959** | &nbsp;&nbsp;&nbsp; **14704375** | &nbsp;&nbsp;&nbsp; **2785093** | &nbsp;&nbsp;&nbsp; **13019075** | &nbsp;&nbsp;&nbsp; **14783482** | &nbsp;&nbsp;&nbsp; **26576909**  |
| &nbsp;&nbsp;&nbsp; (378479) | &nbsp;&nbsp;&nbsp; (58539) | &nbsp;&nbsp;&nbsp; (12003278) | &nbsp;&nbsp;&nbsp; (7909972) | &nbsp;&nbsp;&nbsp; (9668943) | &nbsp;&nbsp;&nbsp; (5474934)  |
| &nbsp;&nbsp;&nbsp; (27795) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2592816) | &nbsp;&nbsp;&nbsp; (1664515) | &nbsp;&nbsp;&nbsp; (5609600) | &nbsp;&nbsp;&nbsp; (2890763)  |
| &nbsp;&nbsp;&nbsp; **(406274)** | &nbsp;&nbsp;&nbsp; **(58539)** | &nbsp;&nbsp;&nbsp; **(14596094)** | &nbsp;&nbsp;&nbsp; **(9574487)** | &nbsp;&nbsp;&nbsp; **(15278543)** | &nbsp;&nbsp;&nbsp; **(8365697)**  |
| &nbsp;&nbsp;&nbsp; (16760443) | &nbsp;&nbsp;&nbsp; (15188308) | &nbsp;&nbsp;&nbsp; 1119421 | &nbsp;&nbsp;&nbsp; (9039275) | &nbsp;&nbsp;&nbsp; (6462568) | &nbsp;&nbsp;&nbsp; (10342148)  |
| &nbsp;&nbsp;&nbsp; (2963297) | &nbsp;&nbsp;&nbsp; (2027231) | &nbsp;&nbsp;&nbsp; 1157984 | &nbsp;&nbsp;&nbsp; (2643981) | &nbsp;&nbsp;&nbsp; (453877) | &nbsp;&nbsp;&nbsp; (5727001)  |
| &nbsp;&nbsp;&nbsp; **(19723740)** | &nbsp;&nbsp;&nbsp; **(17215539)** | &nbsp;&nbsp;&nbsp; **2277405** | &nbsp;&nbsp;&nbsp; **(11683256)** | &nbsp;&nbsp;&nbsp; **(6916445)** | &nbsp;&nbsp;&nbsp; **(16069149)**  |
| &nbsp;&nbsp;&nbsp; **(10682055)** | &nbsp;&nbsp;&nbsp; **(2569703)** | &nbsp;&nbsp;&nbsp; **(9533596)** | &nbsp;&nbsp;&nbsp; **(8238668)** | &nbsp;&nbsp;&nbsp; **(7411506)** | &nbsp;&nbsp;&nbsp; **2142063**  |
| &nbsp;&nbsp;&nbsp; 148599385 | &nbsp;&nbsp;&nbsp; 151169088 | &nbsp;&nbsp;&nbsp; 128830402 | &nbsp;&nbsp;&nbsp; 137069070 | &nbsp;&nbsp;&nbsp; 144411469 | &nbsp;&nbsp;&nbsp; 142269406  |
| &nbsp;&nbsp;&nbsp; **$137917330** | &nbsp;&nbsp;&nbsp; **$148599385** | &nbsp;&nbsp;&nbsp; **$119296806** | &nbsp;&nbsp;&nbsp; **$128830402** | &nbsp;&nbsp;&nbsp; **$136999963** | &nbsp;&nbsp;&nbsp; **$144411469** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **107**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MML VIP American Century Mid Cap** <br>**Value Fund (See Note 1)**  | **MML VIP American Century Mid Cap** <br>**Value Fund (See Note 1)**  |
|  | **Year** <br>**Ended** <br>**December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $4145360 | &nbsp;&nbsp; $4781625  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 11906598 | &nbsp;&nbsp; 17756473  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 4382082 | &nbsp;&nbsp; (514632)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; **20434040** | &nbsp;&nbsp; **22023466**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | &nbsp;&nbsp; (18586910) | &nbsp;&nbsp; (11955281)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp; (4006457) | &nbsp;&nbsp; (2432394)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; **(22593367)** | &nbsp;&nbsp; **(14387675)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | &nbsp;&nbsp; (13439347) | &nbsp;&nbsp; (22402587)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp; (1317021) | &nbsp;&nbsp; (3359023)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | &nbsp;&nbsp; **(14756368)** | &nbsp;&nbsp; **(25761610)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | &nbsp;&nbsp; **(16915695)** | &nbsp;&nbsp; **(18125819)**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp; 251260317 | &nbsp;&nbsp; 269386136  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of year** | &nbsp;&nbsp; **$234344622** | &nbsp;&nbsp; **$251260317** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **108**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MML VIP American Century Small Company Value Fund (See Note 1)** | **MML VIP American Century Small Company Value Fund (See Note 1)** | **MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund (See Note 1)** | **MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund (See Note 1)** | **MML VIP Loomis Sayles Large Cap Growth Fund (See Note 1)**  | **MML VIP Loomis Sayles Large Cap Growth Fund (See Note 1)**  |
| **Year** <br>**Ended** <br>**December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024** | **Year** <br>**Ended** <br>**December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024** | **Year** <br>**Ended** <br>**December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024**  |
| &nbsp;&nbsp;&nbsp; $644544 | &nbsp;&nbsp;&nbsp; $808455 | &nbsp;&nbsp;&nbsp; $13531164 | &nbsp;&nbsp;&nbsp; $12506072 | &nbsp;&nbsp;&nbsp; $(506354) | &nbsp;&nbsp;&nbsp; $(454912)  |
| &nbsp;&nbsp;&nbsp; 3533249 | &nbsp;&nbsp;&nbsp; 3904254 | &nbsp;&nbsp;&nbsp; (497360) | &nbsp;&nbsp;&nbsp; (1682578) | &nbsp;&nbsp;&nbsp; 14830524 | &nbsp;&nbsp;&nbsp; 37619869  |
| &nbsp;&nbsp;&nbsp; (6531314) | &nbsp;&nbsp;&nbsp; 60454 | &nbsp;&nbsp;&nbsp; 11449198 | &nbsp;&nbsp;&nbsp; (9146069) | &nbsp;&nbsp;&nbsp; 15645415 | &nbsp;&nbsp;&nbsp; 25781201  |
| &nbsp;&nbsp;&nbsp; **(2353521)** | &nbsp;&nbsp;&nbsp; **4773163** | &nbsp;&nbsp;&nbsp; **24483002** | &nbsp;&nbsp;&nbsp; **1677425** | &nbsp;&nbsp;&nbsp; **29969585** | &nbsp;&nbsp;&nbsp; **62946158**  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (31067358) | &nbsp;&nbsp;&nbsp; (12952977)  |
| &nbsp;&nbsp;&nbsp; (464072) | &nbsp;&nbsp;&nbsp; (560114) | &nbsp;&nbsp;&nbsp; (11366450) | &nbsp;&nbsp;&nbsp; (10741672) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8635691) | &nbsp;&nbsp;&nbsp; (2929260)  |
| &nbsp;&nbsp;&nbsp; (221783) | &nbsp;&nbsp;&nbsp; (258844) | &nbsp;&nbsp;&nbsp; (1404944) | &nbsp;&nbsp;&nbsp; (1469882) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **(685855)** | &nbsp;&nbsp;&nbsp; **(818958)** | &nbsp;&nbsp;&nbsp; **(12771394)** | &nbsp;&nbsp;&nbsp; **(12211554)** | &nbsp;&nbsp;&nbsp; **(39703049)** | &nbsp;&nbsp;&nbsp; **(15882237)**  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1750954 | &nbsp;&nbsp;&nbsp; (44518699)  |
| &nbsp;&nbsp;&nbsp; (6435393) | &nbsp;&nbsp;&nbsp; (9966960) | &nbsp;&nbsp;&nbsp; 46494959 | &nbsp;&nbsp;&nbsp; (20521897) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8193078 | &nbsp;&nbsp;&nbsp; 3878678  |
| &nbsp;&nbsp;&nbsp; (2269449) | &nbsp;&nbsp;&nbsp; (4341869) | &nbsp;&nbsp;&nbsp; 3490398 | &nbsp;&nbsp;&nbsp; 4625988 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **(8704842)** | &nbsp;&nbsp;&nbsp; **(14308829)** | &nbsp;&nbsp;&nbsp; **49985357** | &nbsp;&nbsp;&nbsp; **(15895909)** | &nbsp;&nbsp;&nbsp; **9944032** | &nbsp;&nbsp;&nbsp; **(40640021)**  |
| &nbsp;&nbsp;&nbsp; **(11744218)** | &nbsp;&nbsp;&nbsp; **(10354624)** | &nbsp;&nbsp;&nbsp; **61696965** | &nbsp;&nbsp;&nbsp; **(26430038)** | &nbsp;&nbsp;&nbsp; **210568** | &nbsp;&nbsp;&nbsp; **6423900**  |
| &nbsp;&nbsp;&nbsp; 64973856 | &nbsp;&nbsp;&nbsp; 75328480 | &nbsp;&nbsp;&nbsp; 306113717 | &nbsp;&nbsp;&nbsp; 332543755 | &nbsp;&nbsp;&nbsp; 215286638 | &nbsp;&nbsp;&nbsp; 208862738  |
| &nbsp;&nbsp;&nbsp; **$53229638** | &nbsp;&nbsp;&nbsp; **$64973856** | &nbsp;&nbsp;&nbsp; **$367810682** | &nbsp;&nbsp;&nbsp; **$306113717** | &nbsp;&nbsp;&nbsp; **$215497206** | &nbsp;&nbsp;&nbsp; **$215286638** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **109**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MML VIP MFS<sup>®</sup> International** <br>**Equity Fund (See Note 1)**  | **MML VIP MFS<sup>®</sup> International** <br>**Equity Fund (See Note 1)**  |
|  | **Year** <br>**Ended** <br>**December 31, 2025** | **Year** <br>**Ended** <br>**December 31, 2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $4185220 | &nbsp;&nbsp; $3485494  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 21568166 | &nbsp;&nbsp; 7894222  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 28320217 | &nbsp;&nbsp; (8664202)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; **54073603** | &nbsp;&nbsp; **2715514**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II | &nbsp;&nbsp; (6306452) | &nbsp;&nbsp; (3481078)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I | &nbsp;&nbsp; (616583) | &nbsp;&nbsp; (143734)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; **(6923035)** | &nbsp;&nbsp; **(3624812)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II | &nbsp;&nbsp; (40076006) | &nbsp;&nbsp; (25090943)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class I | &nbsp;&nbsp; 9378409 | &nbsp;&nbsp; 15087  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | &nbsp;&nbsp; **(30697597)** | &nbsp;&nbsp; **(25075856)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | &nbsp;&nbsp; **16452971** | &nbsp;&nbsp; **(25985154)**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp; 223553630 | &nbsp;&nbsp; 249538784  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of year** | &nbsp;&nbsp; **$240006601** | &nbsp;&nbsp; **$223553630** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **110**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Conservative Allocation Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment income** <br>(loss) to <br>**average daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  |
| 12/31/25 | **$8.32** | $0.27 | $0.58 | $0.85 | $(0.30) | $— | $(0.30) | **$8.87** | 10.29% | $51341 | 0.14% | 3.17%  |
| 12/31/24 | 8.01 | 0.23 | 0.30 | 0.53 | (0.22) |  | (0.22) | 8.32 | 6.61% | 57989 | 0.14% | 2.83%  |
| 12/31/23 <br>| 8.05  | 0.19  | 0.68  | 0.87  | (0.28)  | (0.63)  | (0.91)  | 8.01  | 11.65%  | 65534  | 0.13%  | 2.30%  |
| 12/31/22 <br>| 10.77  | 0.18  | (1.72)  | (1.54)  | (0.38)  | (0.80)  | (1.18)  | 8.05  | (14.74%)  | 67320  | 0.13%  | 1.94%  |
| 12/31/21 <br>| 10.34  | 0.22  | 0.66  | 0.88  | (0.13)  | (0.32)  | (0.45)  | 10.77  | 8.60%  | 86161  | 0.12%  | 2.05%  |
| **Service Class**  | **Service Class**  | **Service Class**  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25  | **$8.21** | $0.25 | $0.56 | $0.81 | $(0.27) | $— | $(0.27) | **$8.75** | 9.98% | $156428 | 0.39% | 2.99%  |
| 12/31/24 | 7.90 | 0.21 | 0.30 | 0.51 | (0.20) |  | (0.20) | 8.21 | 6.41% | 182135 | 0.39% | 2.58%  |
| 12/31/23 <br>| 7.95  | 0.16  | 0.68  | 0.84  | (0.26)  | (0.63)  | (0.89)  | 7.90  | 11.32%  | 212455  | 0.38%  | 2.06%  |
| 12/31/22 <br>| 10.64  | 0.15  | (1.69)  | (1.54)  | (0.35)  | (0.80)  | (1.15)  | 7.95  | (14.91%)  | 232827  | 0.38%  | 1.66%  |
| 12/31/21 <br>| 10.22  | 0.19  | 0.65  | 0.84  | (0.10)  | (0.32)  | (0.42)  | 10.64  | 8.33%  | 314582  | 0.37%  | 1.75% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **2025** | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate<sup>x</sup>** <br>| 31% | 14%  | 14%  | 21%  | 28% |

---

c Per share amount calculated on the average shares method. 

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

x Amount does not include the portfolio activity of any underlying fund. 

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **111**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Balanced Allocation Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment income** <br>(loss) to <br>**average daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  |
| 12/31/25 | **$8.65** | $0.26 | $0.69 | $0.95 | $(0.27) | $(0.01) | $(0.28) | **$9.32** | 11.10% | $68203 | 0.14% | 2.84%  |
| 12/31/24 | 8.22 | 0.22 | 0.41 | 0.63 | (0.20) |  | (0.20) | 8.65 | 7.70% | 71830 | 0.13% | 2.57%  |
| 12/31/23 <br>| 8.26  | 0.17  | 0.79  | 0.96  | (0.28)  | (0.72)  | (1.00)  | 8.22  | 12.47%  | 77063  | 0.13%  | 2.10%  |
| 12/31/22 <br>| 10.88  | 0.16  | (1.72)  | (1.56)  | (0.36)  | (0.70)  | (1.06)  | 8.26  | (14.73%)  | 80987  | 0.13%  | 1.76%  |
| 12/31/21 <br>| 10.32  | 0.20  | 0.82  | 1.02  | (0.14)  | (0.32)  | (0.46)  | 10.88  | 9.98%  | 106757  | 0.12%  | 1.88%  |
| **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  |  |  |  |  |  |  |  |  |  |
| 12/31/25  | **$8.55** | $0.23 | $0.69 | $0.92 | $(0.25) | $(0.01) | $(0.26) | **$9.21** | 10.80% | $205099 | 0.39% | 2.57%  |
| 12/31/24 | 8.13 | 0.19 | 0.41 | 0.60 | (0.18) |  | (0.18) | 8.55 | 7.37% | 219357 | 0.38% | 2.28%  |
| 12/31/23 <br>| 8.17  | 0.15  | 0.78  | 0.93  | (0.25)  | (0.72)  | (0.97)  | 8.13  | 12.26%  | 252382  | 0.38%  | 1.85%  |
| 12/31/22 <br>| 10.77  | 0.14  | (1.71)  | (1.57)  | (0.33)  | (0.70)  | (1.03)  | 8.17  | (14.97%)  | 267476  | 0.38%  | 1.52%  |
| 12/31/21 <br>| 10.22  | 0.17  | 0.81  | 0.98  | (0.11)  | (0.32)  | (0.43)  | 10.77  | 9.70%  | 363021  | 0.37%  | 1.62% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **2025** | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate<sup>x</sup>** <br>| 29% | 14%  | 12%  | 16%  | 25% |

---

c Per share amount calculated on the average shares method. 

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

x Amount does not include the portfolio activity of any underlying fund. 

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **112**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Moderate Allocation Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment income** <br>(loss) to <br>**average daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  |
| 12/31/25 | **$9.04** | $0.23 | $0.83 | $1.06 | $(0.26) | $— | $(0.26) | **$9.84** | 11.83% | $184092 | 0.12% | 2.44%  |
| 12/31/24 | 8.48 | 0.20 | 0.55 | 0.75 | (0.19) |  | (0.19) | 9.04 | 8.87% | 200430 | 0.12% | 2.24%  |
| 12/31/23 <br>| 8.59  | 0.16  | 0.94  | 1.10  | (0.30)  | (0.91)  | (1.21)  | 8.48  | 13.90%  | 211139  | 0.12%  | 1.88%  |
| 12/31/22 <br>| 11.54  | 0.16  | (1.84)  | (1.68)  | (0.34)  | (0.93)  | (1.27)  | 8.59  | (14.97%)  | 212502  | 0.12%  | 1.64%  |
| 12/31/21 <br>| 10.84  | 0.18  | 1.11  | 1.29  | (0.16)  | (0.43)  | (0.59)  | 11.54  | 11.99%  | 284654  | 0.11%  | 1.60%  |
| **Service Class**  | **Service Class**  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25  | **$8.90** | $0.20 | $0.82 | $1.02 | $(0.23) | $— | $(0.23) | **$9.69** | 11.57% | $713876 | 0.37% | 2.19%  |
| 12/31/24 | 8.35 | 0.17 | 0.55 | 0.72 | (0.17) |  | (0.17) | 8.90 | 8.58% | 802890 | 0.37% | 1.93%  |
| 12/31/23 <br>| 8.47  | 0.14  | 0.93  | 1.07  | (0.28)  | (0.91)  | (1.19)  | 8.35  | 13.62%  | 955873  | 0.37%  | 1.60%  |
| 12/31/22 <br>| 11.38  | 0.13  | (1.80)  | (1.67)  | (0.31)  | (0.93)  | (1.24)  | 8.47  | (15.12%)  | 1044314  | 0.37%  | 1.37%  |
| 12/31/21 <br>| 10.70  | 0.15  | 1.09  | 1.24  | (0.13)  | (0.43)  | (0.56)  | 11.38  | 11.67%  | 1461553  | 0.36%  | 1.36% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **2025** | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate<sup>x</sup>** <br>| 27% | 12%  | 13%  | 15%  | 21% |

---

c Per share amount calculated on the average shares method. 

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

x Amount does not include the portfolio activity of any underlying fund. 

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **113**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Growth Allocation Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment income** <br>(loss) to <br>**average daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  |
| 12/31/25  | **$7.87** | $0.15 | $0.85 | $1.00 | $(0.17) | $(0.34) | $(0.51) | **$8.36** | 12.99% | $330289 | 0.12% | 1.88%  |
| 12/31/24 | 7.21 | 0.14 | 0.65 | 0.79 | (0.12) | (0.01) | (0.13) | 7.87 | 10.93% | 340085 | 0.12% | 1.76%  |
| 12/31/23 <br>| 7.38  | 0.11  | 0.97  | 1.08  | (0.23)  | (1.02)  | (1.25)  | 7.21  | 15.98%  | 345439  | 0.12%  | 1.52%  |
| 12/31/22 <br>| 10.11  | 0.11  | (1.61)  | (1.50)  | (0.24)  | (0.99)  | (1.23)  | 7.38  | (15.30%)  | 337615  | 0.12%  | 1.35%  |
| 12/31/21 <br>| 9.38  | 0.14  | 1.19  | 1.33  | (0.16)  | (0.44)  | (0.60)  | 10.11  | 14.33%  | 443650  | 0.12%  | 1.36%  |
| **Service Class**  | **Service Class**  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25  | **$7.77** | $0.13 | $0.83 | $0.96 | $(0.15) | $(0.34) | $(0.49) | **$8.24** | 12.60% | $561922 | 0.37% | 1.64%  |
| 12/31/24 | 7.13 | 0.11 | 0.64 | 0.75 | (0.10) | (0.01) | (0.11) | 7.77 | 10.50% | 570767 | 0.37% | 1.50%  |
| 12/31/23 <br>| 7.30  | 0.09  | 0.97  | 1.06  | (0.21)  | (1.02)  | (1.23)  | 7.13  | 15.83%  | 604363  | 0.37%  | 1.27%  |
| 12/31/22 <br>| 10.00  | 0.09  | (1.59)  | (1.50)  | (0.21)  | (0.99)  | (1.20)  | 7.30  | (15.45%)  | 583458  | 0.37%  | 1.10%  |
| 12/31/21 <br>| 9.29  | 0.11  | 1.17  | 1.28  | (0.13)  | (0.44)  | (0.57)  | 10.00  | 13.93%  | 763680  | 0.37%  | 1.10% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **2025** | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate<sup>x</sup>** <br>| 26% | 14%  | 11%  | 15%  | 27% |

---

c Per share amount calculated on the average shares method. 

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

x Amount does not include the portfolio activity of any underlying fund. 

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **114**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Aggressive Allocation Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment income** <br>(loss) to <br>**average daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  |
| 12/31/25<br>| **$9.12** | $0.12 | $1.16 | $1.28 | $(0.14) | $(0.29) | $(0.43) | **$9.97** | 14.17% | $59921 | 0.16% | 1.28%  |
| 12/31/24 <br>| 8.33 | 0.11 | 0.95 | 1.06 | (0.10) | (0.17) | (0.27) | 9.12 | 12.74% | 58693 | 0.16% | 1.21%  |
| 12/31/23 <br>| 8.26  | 0.09  | 1.32  | 1.41  | (0.26)  | (1.08)  | (1.34)  | 8.33  | 18.32%  | 58623  | 0.15%  | 1.09%  |
| 12/31/22 <br>| 11.70  | 0.10  | (1.90)  | (1.80)  | (0.21)  | (1.43)  | (1.64)  | 8.26  | (15.90%)  | 54729  | 0.16%  | 1.02%  |
| 12/31/21 <br>| 10.58  | 0.12  | 1.63  | 1.75  | (0.15)  | (0.48)  | (0.63)  | 11.70  | 16.65%  | 73193  | 0.14%  | 1.05%  |
| **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  |
| 12/31/25 | **$8.89** | $0.10 | $1.13 | $1.23 | $(0.12) | $(0.29) | $(0.41) | **$9.71** | 13.91% | $64562 | 0.41% | 1.03%  |
| 12/31/24 <br>| 8.12 | 0.08 | 0.94 | 1.02 | (0.08) | (0.17) | (0.25) | 8.89 | 12.54% | 63694 | 0.41% | 0.95%  |
| 12/31/23 <br>| 8.08  | 0.07  | 1.29  | 1.36  | (0.24)  | (1.08)  | (1.32)  | 8.12  | 17.97%  | 70520  | 0.40%  | 0.81%  |
| 12/31/22 <br>| 11.48  | 0.07  | (1.86)  | (1.79)  | (0.18)  | (1.43)  | (1.61)  | 8.08  | (16.13%)  | 68519  | 0.41%  | 0.79%  |
| 12/31/21 <br>| 10.39  | 0.09  | 1.60  | 1.69  | (0.12)  | (0.48)  | (0.60)  | 11.48  | 16.40%  | 95028  | 0.39%  | 0.78% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **2025** | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate<sup>x</sup>** <br>| 28% | 18%  | 15%  | 23%  | 37% |

---

c Per share amount calculated on the average shares method. 

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

x Amount does not include the portfolio activity of any underlying fund. 

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **115**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML American Funds Growth Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of**<br>**expenses to average daily net assets<sup>u</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Service Class I**  | **Service Class I**  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25  | **$16.93** | $(0.08) | $3.35 | $3.27 | $— | $(1.27) | $(1.27) | **$18.93** | 19.66% | $345322 | 0.69% | (0.45%)  |
| 12/31/24 <br>| 13.96 | (0.02) | 4.23 | 4.21 |  | (1.24) | (1.24) | 16.93 | 31.11% | 293709 | 0.68% | (0.10%)  |
| 12/31/23 <br>| 12.15  | (0.01)  | 4.29  | 4.28  | (0.21)  | (2.26)  | (2.47)  | 13.96  | 37.96%  | 247407  | 0.68%  | (0.08%)  |
| 12/31/22 <br>| 22.52  | (0.02)  | (6.38)  | (6.40)  | (0.08)  | (3.89)  | (3.97)  | 12.15  | (30.29%)  | 195283  | 0.69%  | (0.11%)  |
| 12/31/21 <br>| 19.56  | (0.05)  | 4.20  | 4.15  | —  | (1.19)  | (1.19)  | 22.52  | 21.48%  | 292504  | 0.68%  | (0.21%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **2025** | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate<sup>x</sup>** <br>| 11% | 9%  | 11%  | 10%  | 13% |

---

c Per share amount calculated on the average shares method. 

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

u The fund does not directly bear expenses of the Master Fund (as defined in Note 1) which are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of the Master Fund.

x Amount does not include the portfolio activity of the Master Fund. 

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **116**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML American Funds Core Allocation Fund</u>** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  |  |  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | **Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | **Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | **Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets**<br>**before** <br>**expense** <br>**waivers<sup>q</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers<sup>j,q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Service Class I**  | **Service Class I**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25 | **$10.87** | $0.16 | $1.38 | $1.54 | $(0.22) | $(0.63) | $(0.85) | **$11.56** | 14.54% | $548886 | 0.73% | N/A | 1.45%  |
| 12/31/24 <br>| 10.06 | 0.18 | 1.02 | 1.20 | (0.20) | (0.19) | (0.39) | 10.87 | 11.87% | 581458 | 0.72% | 0.72%*<sup>l</sup>* | 1.64%  |
| 12/31/23 <br>| 10.38  | 0.17  | 1.19  | 1.36  | (0.43)  | (1.25)  | (1.68)  | 10.06  | 14.37%  | 671962  | 0.72%  | 0.72%*<sup>l</sup>*  | 1.63%  |
| 12/31/22 <br>| 13.22  | 0.19  | (1.98)  | (1.79)  | (0.26)  | (0.79)  | (1.05)  | 10.38  | (13.70%)  | 704868  | 0.72%  | 0.61%  | 1.62%  |
| 12/31/21 <br>| 12.16  | 0.13  | 1.42  | 1.55  | (0.17)  | (0.32)  | (0.49)  | 13.22  | 12.85%  | 933788  | 0.71%  | 0.65%  | 1.00% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **2025** | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate<sup>x</sup>** <br>| 49% | 10%  | 8%  | 19%  | 11% |

---

c Per share amount calculated on the average shares method. 

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Expenses incurred during the period fell under the expense cap.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

x Amount does not include the portfolio activity of any underlying fund. 

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **117**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Blue Chip Growth Fund</u>** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25 | **$20.15** | $(0.05) | $3.55 | $3.50 | $(4.00) | $(4.00) | **$19.65** | 18.47% | $287831 | 0.78% | (0.27%)  |
| 12/31/24 <br>| 16.00 | (0.04) | 5.62 | 5.58 | (1.43) | (1.43) | 20.15 | 35.63% | 306266 | 0.77% | (0.23%)  |
| 12/31/23 <br>| 10.70  | (0.02)  | 5.32  | 5.30  | —  | —  | 16.00  | 49.53%  | 297761  | 0.78%  | (0.18%)  |
| 12/31/22 <br>| 21.62  | (0.04)  | (8.02)  | (8.06)  | (2.86)  | (2.86)  | 10.70  | (39.50%)  | 243726  | 0.78%  | (0.28%)  |
| 12/31/21 <br>| 20.51  | (0.10)  | 3.48  | 3.38  | (2.27)  | (2.27)  | 21.62  | 16.34%  | 425249  | 0.77%  | (0.44%)  |
| **Service Class**  | **Service Class**  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25  | **$18.35** | $(0.09) | $3.21 | $3.12 | $(4.00) | $(4.00) | **$17.47** | 18.19% | $188664 | 1.03% | (0.52%)  |
| 12/31/24 <br>| 14.70 | (0.08) | 5.16 | 5.08 | (1.43) | (1.43) | 18.35 | 35.38% | 184661 | 1.02% | (0.48%)  |
| 12/31/23 <br>| 9.86  | (0.05)  | 4.89  | 4.84  | —  | —  | 14.70  | 49.09%  | 154963  | 1.03%  | (0.43%)  |
| 12/31/22 <br>| 20.28  | (0.07)  | (7.49)  | (7.56)  | (2.86)  | (2.86)  | 9.86  | (39.65%)  | 116192  | 1.03%  | (0.53%)  |
| 12/31/21 <br>| 19.40  | (0.14)  | 3.29  | 3.15  | (2.27)  | (2.27)  | 20.28  | 16.08%  | 203439  | 1.02%  | (0.69%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **2025** | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate** <br>| 18% | 16%  | 10%  | 24%  | 41% |

---

c Per share amount calculated on the average shares method. 

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **118**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Equity Income Fund</u>** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  |  |  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | **Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | **Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | **Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**before** <br>**expense** <br>**waiver<sup>q</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers<sup>j,q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25 | **$10.10** | $0.17 | $1.24 | $1.41 | $(0.14) | $(0.95) | $(1.09) | **$10.42** | 14.45% | $372681 | 0.79% | 0.79%*<sup>l</sup>* | 1.67%  |
| 12/31/24 <br>| 9.89 | 0.18 | 0.98 | 1.16 | (0.22) | (0.73) | (0.95) | 10.10 | 11.67% | 256858 | 0.79% | 0.78% | 1.71%  |
| 12/31/23 <br>| 10.10  | 0.20  | 0.68  | 0.88  | (0.24)  | (0.85)  | (1.09)  | 9.89  | 9.54%  | 278158  | 0.79%  | 0.76%  | 2.01%  |
| 12/31/22 <br>| 12.38  | 0.22  | (0.64)  | (0.42)  | (0.21)  | (1.65)  | (1.86)  | 10.10  | (3.57%)  | 305370  | 0.79%  | 0.76%  | 1.92%  |
| 12/31/21 <br>| 10.28  | 0.18  | 2.43  | 2.61  | (0.27)  | (0.24)  | (0.51)  | 12.38  | 25.58%  | 368999  | 0.78%  | 0.75%  | 1.57%  |
| **Service Class**  | **Service Class**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25  | **$9.89** | $0.14 | $1.21 | $1.35 | $(0.12) | $(0.95) | $(1.07) | **$10.17** | 14.10% | $87022 | 1.04% | 1.04%*<sup>l</sup>* | 1.41%  |
| 12/31/24 <br>| 9.70 | 0.15 | 0.97 | 1.12 | (0.20) | (0.73) | (0.93) | 9.89 | 11.41% | 67189 | 1.04% | 1.03% | 1.46%  |
| 12/31/23 <br>| 9.92  | 0.17  | 0.67  | 0.84  | (0.21)  | (0.85)  | (1.06)  | 9.70  | 9.28%  | 71234  | 1.04%  | 1.01%  | 1.77%  |
| 12/31/22 <br>| 12.19  | 0.19  | (0.63)  | (0.44)  | (0.18)  | (1.65)  | (1.83)  | 9.92  | (3.82%)  | 78419  | 1.04%  | 1.01%  | 1.67%  |
| 12/31/21 <br>| 10.14  | 0.15  | 2.39  | 2.54  | (0.25)  | (0.24)  | (0.49)  | 12.19  | 25.18%  | 88588  | 1.03%  | 1.00%  | 1.32% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **2025** | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate** <br>| 37% | 19%  | 15%  | 15%  | 21% |

---

c Per share amount calculated on the average shares method. 

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Expenses incurred during the period fell under the expense cap.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **119**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Equity Index Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Class I** <br>|  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25 | **$35.95** | $0.30 | $5.50 | $5.80 | $(0.40) | $(6.36) | $(6.76) | **$34.99** | 17.36% | $56566 | 0.44% | 0.83%  |
| 12/31/24 <br>| 30.08 | 0.32 | 6.96 | 7.28 | (0.34) | (1.07) | (1.41) | 35.95 | 24.44% | 57424 | 0.42% | 0.96% |
| 12/31/23 <br>| 26.73  | 0.35  | 6.22  | 6.57  | (0.38)  | (2.84)  | (3.22)  | 30.08  | 25.75%  | 55380  | 0.43%  | 1.23%  |
| 12/31/22 <br>| 35.26  | 0.35  | (6.73)  | (6.38)  | (0.31)  | (1.84)  | (2.15)  | 26.73  | (18.50%)  | 47938  | 0.43%  | 1.18%  |
| 12/31/21 <br>| 29.07  | 0.31  | 7.77  | 8.08  | (0.43)  | (1.46)  | (1.89)  | 35.26  | 28.19%  | 65271  | 0.42%  | 0.96%  |
| **Class II** <br>|  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25  | **$35.88** | $0.35 | $5.50 | $5.85 | $(0.46) | $(6.36) | $(6.82) | **$34.91** | 17.57% | $277768 | 0.29% | 0.98%  |
| 12/31/24 <br>| 30.03 | 0.37 | 6.94 | 7.31 | (0.39) | (1.07) | (1.46) | 35.88 | 24.59% | 265152 | 0.27% | 1.10% |
| 12/31/23 <br>| 26.69  | 0.40  | 6.21  | 6.61  | (0.43)  | (2.84)  | (3.27)  | 30.03  | 25.93%  | 229066  | 0.28%  | 1.38%  |
| 12/31/22 <br>| 35.22  | 0.39  | (6.70)  | (6.31)  | (0.38)  | (1.84)  | (2.22)  | 26.69  | (18.35%)  | 191941  | 0.28%  | 1.32%  |
| 12/31/21 <br>| 29.04  | 0.36  | 7.76  | 8.12  | (0.48)  | (1.46)  | (1.94)  | 35.22  | 28.37%  | 299922  | 0.27%  | 1.11%  |
| **Class III** <br>|  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25 | **$35.79** | $0.40 | $5.48 | $5.88 | $(0.52) | $(6.36) | $(6.88) | **$34.79** | 17.71% | $321043 | 0.14% | 1.13%  |
| 12/31/24 <br>| 29.94 | 0.42 | 6.94 | 7.36 | (0.44) | (1.07) | (1.51) | 35.79 | 24.82% | 291824 | 0.12% | 1.26% |
| 12/31/23 <br>| 26.63  | 0.44  | 6.19  | 6.63  | (0.48)  | (2.84)  | (3.32)  | 29.94  | 26.10%  | 335587  | 0.13%  | 1.53%  |
| 12/31/22 <br>| 35.15  | 0.44  | (6.70)  | (6.26)  | (0.42)  | (1.84)  | (2.26)  | 26.63  | (18.23%)  | 274717  | 0.13%  | 1.48%  |
| 12/31/21 <br>| 28.98  | 0.41  | 7.74  | 8.15  | (0.52)  | (1.46)  | (1.98)  | 35.15  | 28.54%  | 359612  | 0.12%  | 1.26%  |
| **Service Class I**  | **Service Class I**  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25  | **$33.85** | $0.19 | $5.16 | $5.35 | $(0.28) | $(6.36) | $(6.64) | **$32.56** | 17.07% | $27531 | 0.69% | 0.58%  |
| 12/31/24 <br>| 28.38 | 0.22 | 6.55 | 6.77 | (0.23) | (1.07) | (1.30) | 33.85 | 24.09% | 28455 | 0.67% | 0.71%  |
| 12/31/23 <br>| 25.35  | 0.27  | 5.88  | 6.15  | (0.28)  | (2.84)  | (3.12)  | 28.38  | 25.44%  | 33270  | 0.68%  | 0.97%  |
| 12/31/22 <br>| 33.55  | 0.26  | (6.39)  | (6.13)  | (0.23)  | (1.84)  | (2.07)  | 25.35  | (18.69%)  | 34664  | 0.68%  | 0.92%  |
| 12/31/21 <br>| 27.76  | 0.22  | 7.40  | 7.62  | (0.37)  | (1.46)  | (1.83)  | 33.55  | 27.86%  | 52483  | 0.67%  | 0.71% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **2025** | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate** <br>| 2% | 2%  | 2%  | 2%  | 3% |

---

c Per share amount calculated on the average shares method. 

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **120**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Focused Equity Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gain**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of**<br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Class II**  | **Class II**  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25 | **$7.47** | $0.04 | $0.52 | $0.56 | $(0.07) | $(0.97) | $(1.04) | **$6.99** | 7.90% | $209656 | 0.90% | 0.53%  |
| 12/31/24 <br>| 7.16 | 0.06 | 0.68 | 0.74 | (0.08) | (0.35) | (0.43) | 7.47 | 10.09% | 237220 | 0.88% | 0.75%  |
| 12/31/23 <br>| 7.24  | 0.07  | 0.59  | 0.66  | (0.07)  | (0.67)  | (0.74)  | 7.16  | 9.88%  | 266763  | 0.87%  | 0.93%  |
| 12/31/22 <br>| 8.30  | 0.06  | (0.45)  | (0.39)  | (0.07)  | (0.60)  | (0.67)  | 7.24  | (4.69%)  | 288336  | 0.86%  | 0.85%  |
| 12/31/21 <br>| 7.25  | 0.07  | 1.51  | 1.58  | (0.08)  | (0.45)  | (0.53)  | 8.30  | 22.25%  | 338277  | 0.87%  | 0.89%  |
| **Service Class I**  | **Service Class I**  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25  | **$7.07** | $0.02 | $0.50 | $0.52 | $(0.05) | $(0.97) | $(1.02) | **$6.57** | 7.75% | $18591 | 1.15% | 0.27%  |
| 12/31/24 <br>| 6.80 | 0.04 | 0.64 | 0.68 | (0.06) | (0.35) | (0.41) | 7.07 | 9.78% | 21297 | 1.13% | 0.50%  |
| 12/31/23 <br>| 6.91  | 0.05  | 0.57  | 0.62  | (0.06)  | (0.67)  | (0.73)  | 6.80  | 9.69%  | 22935  | 1.12%  | 0.68%  |
| 12/31/22 <br>| 7.96  | 0.04  | (0.44)  | (0.40)  | (0.05)  | (0.60)  | (0.65)  | 6.91  | (5.02%)  | 22509  | 1.12%  | 0.60%  |
| 12/31/21 <br>| 6.98  | 0.05  | 1.45  | 1.50  | (0.07)  | (0.45)  | (0.52)  | 7.96  | 21.88%  | 22988  | 1.12%  | 0.64% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **2025** | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate** <br>| 40% | 44%  | 15%  | 24%  | 34% |

---

c Per share amount calculated on the average shares method. 

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **121**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Foreign Fund</u>** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  |  |  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | **Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | **Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | **Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**before** <br>**expense** <br>**waivers<sup>q</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers<sup>j,q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25 | **$9.57** | $0.23 | $2.83 | $3.06 | $(0.29) | $(0.48) | $(0.77) | **$11.86** | 32.60% | $158602 | 0.92% | N/A | 2.13%  |
| 12/31/24 <br>| 9.53 | 0.21 | 0.14 | 0.35 | (0.31) |  | (0.31) | 9.57 | 3.46% | 153983 | 0.96% | 0.96%<sup>k</sup> | 2.16%  |
| 12/31/23 <br>| 8.32  | 0.20  | 1.14  | 1.34  | (0.13)  | —  | (0.13)  | 9.53  | 16.22%  | 170360  | 0.95%  | 0.94%  | 2.22%  |
| 12/31/22 <br>| 11.04  | 0.22  | (1.88)  | (1.66)  | (0.37)  | (0.69)  | (1.06)  | 8.32  | (14.58%)  | 175988  | 0.95%  | 0.93%  | 2.40%  |
| 12/31/21 <br>| 10.02  | 0.22  | 1.09  | 1.31  | (0.29)  | —  | (0.29)  | 11.04  | 13.04%  | 237547  | 0.94%  | 0.92%  | 1.99%  |
| **Service Class**  | **Service Class**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25  | **$9.50** | $0.20 | $2.81 | $3.01 | $(0.26) | $(0.48) | $(0.74) | **$11.77** | 32.36% | $11577 | 1.17% | N/A | 1.82%  |
| 12/31/24 <br>| 9.47 | 0.19 | 0.12 | 0.31 | (0.28) |  | (0.28) | 9.50 | 3.12% | 8671 | 1.21% | 1.21%<sup>k</sup> | 1.91% |
| 12/31/23 <br>| 8.27  | 0.18  | 1.13  | 1.31  | (0.11)  | —  | (0.11)  | 9.47  | 15.97%  | 9250  | 1.20%  | 1.19%  | 1.98%  |
| 12/31/22 <br>| 10.98  | 0.19  | (1.87)  | (1.68)  | (0.34)  | (0.69)  | (1.03)  | 8.27  | (14.87%)  | 8819  | 1.20%  | 1.19%  | 2.06%  |
| 12/31/21 <br>| 9.95  | 0.19  | 1.10  | 1.29  | (0.26)  | —  | (0.26)  | 10.98  | 12.95%  | 8063  | 1.19%  | 1.17%  | 1.72% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **2025** | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate** <br>| 12% | 12%  | 14%  | 10%  | 16% |

---

c Per share amount calculated on the average shares method. 

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;k Amount waived had no impact on the ratio
 of expenses to average daily net assets.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **122**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Fundamental Equity Fund</u>** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  |  |  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | **Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | **Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | **Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**before** <br>**expense** <br>**waivers<sup>q</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers<sup>j,q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Class II**  | **Class II**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25 | **$11.49** | $0.05 | $1.74 | $1.79 | $(0.06) | $(1.24) | $(1.30) | **$11.98** | 16.15% | $326077 | 0.80% | 0.80%*<sup>l</sup>* | 0.39%  |
| 12/31/24 <br>| 10.19 | 0.06 | 2.32 | 2.38 | (0.09) | (0.99) | (1.08) | 11.49 | 23.71% | 112239 | 0.81% | N/A | 0.51% |
| 12/31/23 <br>| 8.36  | 0.07  | 1.85  | 1.92  | (0.09)  | —  | (0.09)  | 10.19  | 23.00%  | 119336  | 0.81%  | N/A  | 0.71%  |
| 12/31/22 <br>| 12.55  | 0.07  | (2.50)  | (2.43)  | (0.06)  | (1.70)  | (1.76)  | 8.36  | (20.24%)  | 147522  | 0.81%  | N/A  | 0.75%  |
| 12/31/21 <br>| 10.73  | 0.09  | 2.81  | 2.90  | (0.06)  | (1.02)  | (1.08)  | 12.55  | 27.67%  | 220586  | 0.81%  | N/A  | 0.77%  |
| **Service Class I**  | **Service Class I**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25 | **$10.82** | $0.01 | $1.65 | $1.66 | $(0.04) | $(1.24) | $(1.28) | **$11.20** | 15.90% | $44727 | 1.05% | 1.05%*<sup>l</sup>* | 0.10%  |
| 12/31/24 <br>| 9.66 | 0.03 | 2.19 | 2.22 | (0.07) | (0.99) | (1.06) | 10.82 | 23.36% | 26129 | 1.06% | N/A | 0.26% |
| 12/31/23 <br>| 7.93  | 0.04  | 1.76  | 1.80  | (0.07)  | —  | (0.07)  | 9.66  | 22.76%  | 22506  | 1.06%  | N/A  | 0.46%  |
| 12/31/22 <br>| 12.01  | 0.05  | (2.39)  | (2.34)  | (0.04)  | (1.70)  | (1.74)  | 7.93  | (20.44%)  | 19691  | 1.06%  | N/A  | 0.50%  |
| 12/31/21 <br>| 10.31  | 0.06  | 2.70  | 2.76  | (0.04)  | (1.02)  | (1.06)  | 12.01  | 27.38%  | 25154  | 1.06%  | N/A  | 0.52% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **2025** | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate** <br>| 63% | 40%  | 61%  | 56%  | 56% |

---

c Per share amount calculated on the average shares method. 

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Expenses incurred during the period fell under the expense cap.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **123**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Global Fund</u>** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  |  |  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | **Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup><sup>,j</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | **Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | **Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**before** <br>**expense** <br>**waivers<sup>q</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers<sup>j,q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Class I**  | **Class I**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25  | **$4.21** | $0.01 | $0.95 | $0.96 | $(0.01) | $(0.13) | $(0.14) | **$5.03** | 23.00% | $186533 | 0.81% | 0.81%*<sup>l</sup>* | 0.15%  |
| 12/31/24 <br>| 4.25 | 0.03 | 0.22 | 0.25 | (0.05) | (0.24) | (0.29) | 4.21 | 5.60% | 86182 | 0.87% | N/A | 0.80% |
| 12/31/23 <br>| 4.00  | 0.04  | 0.52  | 0.56  | (0.04)  | (0.27)  | (0.31)  | 4.25  | 14.51%  | 93239  | 0.83%  | N/A  | 0.99%  |
| 12/31/22 <br>| 14.85  | 0.06  | (2.61)  | (2.55)  | (0.19)  | (8.11)  | (8.30)  | 4.00  | (17.78%)  | 103424  | 0.85%  | N/A  | 0.80%  |
| 12/31/21 <br>| 13.96  | 0.09  | 2.30  | 2.39  | (0.14)  | (1.36)  | (1.50)  | 14.85  | 17.32%  | 151785  | 0.80%  | N/A  | 0.61%  |
| **Class II**  | **Class II**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25  | **$4.59** | $0.00<sup>d</sup> | $1.06 | $1.06 | $(0.02) | $(0.13) | $(0.15) | **$5.50** | 23.11% | $280103 | 0.81% | 0.81%*<sup>l</sup>* | (0.01%)  |
| 12/31/24 <br>| 4.61 | 0.04 | 0.23 | 0.27 | (0.05) | (0.24) | (0.29) | 4.59 | 5.59% | 14337 | 0.87% | N/A | 0.81% |
| 12/31/23 <br>| 4.32  | 0.04  | 0.56  | 0.60  | (0.04)  | (0.27)  | (0.31)  | 4.61  | 14.37%  | 15621  | 0.83%  | N/A  | 0.99%  |
| 12/31/22 <br>| 15.27  | 0.06  | (2.68)  | (2.62)  | (0.22)  | (8.11)  | (8.33)  | 4.32  | (17.71%)  | 15307  | 0.85%  | N/A  | 0.81%  |
| 12/31/21 <br>| 14.31  | 0.09  | 2.37  | 2.46  | (0.14)  | (1.36)  | (1.50)  | 15.27  | 17.42%  | 20021  | 0.80%  | N/A  | 0.57%  |
| **Service Class I**  | **Service Class I**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25  | **$3.95** | $(0.01)<sup>bb</sup> | $0.90 | $0.89 | $(0.01) | $(0.13) | $(0.14) | **$4.70** | 22.69% | $71861 | 1.06% | 1.06%*<sup>l</sup>* | (0.17%)  |
| 12/31/24 <br>| 4.00 | 0.02 | 0.21 | 0.23 | (0.04) | (0.24) | (0.28) | 3.95 | 5.46% | 20580 | 1.12% | N/A | 0.55% |
| 12/31/23 <br>| 3.79  | 0.03  | 0.48  | 0.51  | (0.03)  | (0.27)  | (0.30)  | 4.00  | 14.08%  | 21662  | 1.08%  | N/A  | 0.74%  |
| 12/31/22 <br>| 14.62  | 0.04  | (2.58)  | (2.54)  | (0.18)  | (8.11)  | (8.29)  | 3.79  | (18.00%)  | 19731  | 1.10%  | N/A  | 0.54%  |
| 12/31/21 <br>| 13.76  | 0.05  | 2.28  | 2.33  | (0.11)  | (1.36)  | (1.47)  | 14.62  | 17.16%  | 19585  | 1.05%  | N/A  | 0.32% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **2025** | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate** <br>| 71% | 19%  | 10%  | 14%  | 9% |

---

c Per share amount calculated on the average shares method. 

d Amount is less than $0.005 per share.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Expenses incurred during the period fell under the expense cap.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |

---

---

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

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **124**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Income & Growth Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25  | **$9.83** | $0.16 | $1.08 | $1.24 | $(0.19) | $(2.03) | $(2.22) | **$8.85** | 13.34% | $101661 | 0.72% | 1.73%  |
| 12/31/24 <br>| 10.06 | 0.17 | 1.32 | 1.49 | (0.24) | (1.48) | (1.72) | 9.83 | 14.90% | 106081 | 0.73% | 1.59% |
| 12/31/23 <br>| 10.82  | 0.19  | 0.67  | 0.86  | (0.23)  | (1.39)  | (1.62)  | 10.06  | 9.19%  | 127837  | 0.71%  | 1.80%  |
| 12/31/22 <br>| 12.41  | 0.18  | (0.25)  | (0.07)  | (0.18)  | (1.34)  | (1.52)  | 10.82  | (0.31%)  | 188904  | 0.70%  | 1.59%  |
| 12/31/21 <br>| 10.00  | 0.15  | 2.47  | 2.62  | (0.21)  | —  | (0.21)  | 12.41  | 26.27%  | 221734  | 0.69%  | 1.29%  |
| **Service Class**  | **Service Class**  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25  | **$9.57** | $0.14 | $1.04 | $1.18 | $(0.16) | $(2.03) | $(2.19) | **$8.56** | 13.11% | $29723 | 0.97% | 1.48%  |
| 12/31/24 <br>| 9.84 | 0.14 | 1.28 | 1.42 | (0.21) | (1.48) | (1.69) | 9.57 | 14.55% | 29236 | 0.98% | 1.35% |
| 12/31/23 <br>| 10.61  | 0.16  | 0.66  | 0.82  | (0.20)  | (1.39)  | (1.59)  | 9.84  | 8.98%  | 28234  | 0.96%  | 1.59%  |
| 12/31/22 <br>| 12.20  | 0.15  | (0.25)  | (0.10)  | (0.15)  | (1.34)  | (1.49)  | 10.61  | (0.59%)  | 28427  | 0.95%  | 1.35%  |
| 12/31/21 <br>| 9.84  | 0.12  | 2.43  | 2.55  | (0.19)  | —  | (0.19)  | 12.20  | 25.94%  | 31557  | 0.94%  | 1.07% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **2025** | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate** <br>| 33% | 29%  | 26%  | 21%  | 28% |

---

c Per share amount calculated on the average shares method. 

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **125**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Managed Volatility Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to** <br>**shareholders**  | **Less distributions to** <br>**shareholders**  | **Less distributions to** <br>**shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25  | **$13.51** | $0.06 | $1.21 | $1.27 | $(0.03) | $(3.82) | $(3.85) | **$10.93** | 10.65% | $78099 | 0.83% | 0.46%  |
| 12/31/24 <br>| 12.23 | 0.03 | 1.76 | 1.79 | (0.08) | (0.43) | (0.51) | 13.51 | 14.85% | 81661 | 1.18% | 0.21%  |
| 12/31/23 <br>| 13.33  | 0.08  | 1.52  | 1.60  | (0.08)  | (2.62)  | (2.70)  | 12.23  | 12.87%  | 80913  | 1.06%  | 0.61%  |
| 12/31/22 <br>| 15.23  | 0.07  | (1.90)  | (1.83)  | (0.07)  | —  | (0.07)  | 13.33  | (12.05%)  | 83308  | 1.08%  | 0.50%  |
| 12/31/21 <br>| 13.78  | 0.06  | 1.53  | 1.59  | (0.14)  | —  | (0.14)  | 15.23  | 11.54%  | 114646  | 0.99%  | 0.39%  |
| **Service Class**  | **Service Class**  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25  | **$13.40** | $0.03 | $1.19 | $1.22 | $— | $(3.82) | $(3.82) | **$10.80** | 10.37% | $15053 | 1.08% | 0.21%  |
| 12/31/24 <br>| 12.12 | (0.01)<sup>bb</sup> | 1.77 | 1.76 | (0.05) | (0.43) | (0.48) | 13.40 | 14.56% | 16685 | 1.43% | (0.04%)  |
| 12/31/23 <br>| 13.22  | 0.05  | 1.51  | 1.56  | (0.04)  | (2.62)  | (2.66)  | 12.12  | 12.59%  | 17363  | 1.31%  | 0.36%  |
| 12/31/22 <br>| 15.10  | 0.03  | (1.88)  | (1.85)  | (0.03)  | —  | (0.03)  | 13.22  | (12.27%)  | 19280  | 1.34%  | 0.25%  |
| 12/31/21 <br>| 13.67  | 0.02  | 1.52  | 1.54  | (0.11)  | —  | (0.11)  | 15.10  | 11.26%  | 25982  | 1.24%  | 0.14% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **2025** | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate** <br>| 2% | 6%  | 2%  | 8%  | 5% |

---

c Per share amount calculated on the average shares method. 

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |

---

---

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

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **126**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Mid Cap Growth Fund</u>** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25  | **$11.33** | $(0.02) | $0.49 | $0.47 | $— | $(1.85) | $(1.85) | **$9.95** | 4.35% | $311015 | 0.82% | 0.82%*<sup>l</sup>* | (0.18%)  |
| 12/31/24 <br>| 10.78 | (0.03) | 1.21 | 1.18 |  | (0.63) | (0.63) | 11.33 | 11.16% | 243733 | 0.83% | N/A  | (0.26%)  |
| 12/31/23 <br>| 8.79  | (0.01)  | 2.00  | 1.99  | —  | —  | —  | 10.78  | 22.64%  | 251300  | 0.82% | N/A  | (0.15%)  |
| 12/31/22 <br>| 16.52  | (0.03)  | (3.89)  | (3.92)  | —  | (3.81)  | (3.81)  | 8.79  | (25.11%)  | 229303  | 0.82% | N/A  | (0.23%)  |
| 12/31/21 <br>| 18.10  | (0.07)  | 2.48  | 2.41  | —  | (3.99)  | (3.99)  | 16.52  | 13.21%  | 343781  | 0.80% | N/A  | (0.38%)  |
| **Service Class**  | **Service Class**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25  | **$10.03** | $(0.04) | $0.43 | $0.39 | $— | $(1.85) | $(1.85) | **$8.57** | 4.10% | $68812 | 1.07% | 1.07%*<sup>l</sup>* | (0.44%)  |
| 12/31/24 <br>| 9.64 | (0.05) | 1.07 | 1.02 |  | (0.63) | (0.63) | 10.03 | 10.82% | 80946 | 1.08% | N/A  | (0.51%) |
| 12/31/23 <br>| 7.88  | (0.03)  | 1.79  | 1.76  | —  | —  | —  | 9.64  | 22.34%  | 87772  | 1.07% | N/A  | (0.40%)  |
| 12/31/22 <br>| 15.34  | (0.05)  | (3.60)  | (3.65)  | —  | (3.81)  | (3.81)  | 7.88  | (25.31%)  | 81012  | 1.07% | N/A  | (0.47%)  |
| 12/31/21 <br>| 17.09  | (0.11)  | 2.35  | 2.24  | —  | (3.99)  | (3.99)  | 15.34  | 12.99%  | 118139  | 1.05% | N/A  | (0.63%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **2025** | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate** <br>| 72% | 44%  | 39%  | 32%  | 33% |

---

c Per share amount calculated on the average shares method. 

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Expenses incurred during the period fell under the expense cap.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **127**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Small Cap Growth Equity Fund</u>** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions** <br>**to shareholders**  | **Less distributions** <br>**to shareholders**  |  |  |  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | **Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net**<br>**investment**<br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | **Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | **Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**before** <br>**expense** <br>**waivers<sup>q</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers<sup>j,q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  |
| 12/31/25  | **$10.85** | $(0.02) | $0.82 | $0.80 | $(0.04) | $— | $(0.04) | **$11.61** | 7.34% | $113979 | 1.11% | 1.08% | (0.19%)  |
| 12/31/24 <br>| 9.84 | (0.01) | 1.03 | 1.02 | (0.01) |  | (0.01) | 10.85 | 10.29% | 123205 | 1.11% | 1.08% | (0.05%)  |
| 12/31/23 <br>| 8.42  | 0.01  | 1.41  | 1.42 | —  | —  | —  | 9.84  | 16.84%  | 126158  | 1.11%  | 1.08%  | 0.13%  |
| 12/31/22 <br>| 15.26  | (0.01)  | (3.26)  | (3.27) | —  | (3.57)  | (3.57)  | 8.42  | (23.15%)  | 116615  | 1.13%  | 1.10%  | (0.07%)  |
| 12/31/21 <br>| 16.86  | (0.09)  | 1.31  | 1.22 | —  | (2.82)  | (2.82)  | 15.26  | 7.31%  | 165781  | 1.10%  | 1.07%  | (0.50%)  |
| **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  |
| 12/31/25  | **$9.27** | $(0.04) | $0.69 | $0.65 | $(0.01) | $— | $(0.01) | **$9.91** | 7.07% | $23938 | 1.36% | 1.33% | $(0.44%)  |
| 12/31/24 <br>| 8.42 | (0.03) | 0.88 | 0.85 |  |  |  | 9.27 | 10.01% | 25394 | 1.36% | 1.33% | (0.30%)  |
| 12/31/23 <br>| 7.23  | (0.01)<sup>bb</sup>  | 1.20  | 1.19 | —  | —  | —  | 8.42  | 16.55%  | 25011  | 1.36%  | 1.33%  | (0.12%)  |
| 12/31/22 <br>| 13.73  | (0.03)  | (2.90)  | (2.93) | —  | (3.57)  | (3.57)  | 7.23  | (23.35%)  | 22650  | 1.38%  | 1.35%  | (0.32%)  |
| 12/31/21 <br>| 15.48  | (0.11)  | 1.18  | 1.07 | —  | (2.82)  | (2.82)  | 13.73  | 7.04%  | 32665  | 1.35%  | 1.32%  | (0.75%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **2025** | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate** <br>| 67% | 46%  | 39%  | 68%  | 73% |

---

c Per share amount calculated on the average shares method. 

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

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

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **128**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Small/Mid Cap Value Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  | **Initial Class**  |
| 12/31/25  | **$9.20** | $0.07 | $0.16 | $0.23 | $(0.08) | $(1.02) | $(1.10) | **$8.33** | 2.40% | $97733 | 0.82% | 0.86%  |
| 12/31/24 <br>| 8.97 | 0.08 | 0.84 | 0.92 | (0.08) | (0.61) | (0.69) | 9.20 | 10.29% | 106271 | 0.83% | 0.84%  |
| 12/31/23 <br>| 8.88  | 0.08  | 1.30  | 1.38  | (0.10)  | (1.19)  | (1.29)  | 8.97  | 17.12%  | 112463  | 0.82%  | 0.90%  |
| 12/31/22 <br>| 14.72  | 0.12  | (2.23)  | (2.11)  | (0.16)  | (3.57)  | (3.73)  | 8.88  | (15.69%)  | 109598  | 0.83%  | 1.06%  |
| 12/31/21 <br>| 10.94  | 0.13  | 3.79  | 3.92  | (0.14)  | —  | (0.14)  | 14.72  | 35.94%  | 149280  | 0.81%  | 0.99%  |
| **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  |
| 12/31/25  | **$8.98** | $0.05 | $0.16 | $0.21 | $(0.06) | $(1.02) | $(1.08) | **$8.11** | 2.17% | $21564 | 1.07% | 0.61%  |
| 12/31/24 <br>| 8.78 | 0.05 | 0.82 | 0.87 | (0.06) | (0.61) | (0.67) | 8.98 | 9.89% | 22559 | 1.08% | 0.59%  |
| 12/31/23 <br>| 8.71  | 0.06  | 1.28  | 1.34  | (0.08)  | (1.19)  | (1.27)  | 8.78  | 16.89%  | 24607  | 1.07%  | 0.65%  |
| 12/31/22 <br>| 14.51  | 0.09  | (2.19)  | (2.10)  | (0.13)  | (3.57)  | (3.70)  | 8.71  | (15.89%)  | 23434  | 1.08%  | 0.81%  |
| 12/31/21 <br>| 10.79  | 0.10  | 3.74  | 3.84  | (0.12)  | —  | (0.12)  | 14.51  | 35.64%  | 29951  | 1.06%  | 0.77% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **2025** | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate** <br>| 65% | 55%  | 49%  | 42%  | 50% |

---

c Per share amount calculated on the average shares method. 

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **129**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML Sustainable Equity Fund</u>**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of**<br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets<sup>q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets** |
| **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
| 12/31/25  | **$16.65** | $0.10 | $1.72 | $1.82 | $(0.16) | $(1.77) | $(1.93) | **$16.54** | 11.50% | $86607 | 0.56% | 0.60%  |
| 12/31/24 <br>| 14.72 | 0.13 | 2.78 | 2.91 | (0.17) | (0.81) | (0.98) | 16.65 | 19.94% | 93268 | 0.57% | 0.78% |
| 12/31/23<br>| 17.25 | 0.18 | 3.46 | 3.64 | (0.19) | (5.98) | (6.17) | 14.72 | 24.51% | 91796 | 0.56% | 1.09% |
| 12/31/22<br>| 24.54 | 0.18 | (4.18) | (4.00) | (0.20) | (3.09) | (3.29) | 17.25 | (17.01%) | 83958 | 0.57% | 0.90% |
| 12/31/21<br>| 20.53 | 0.17 | 5.35 | 5.52 | (0.20) | (1.31) | (1.51) | 24.54 | 27.14% | 112894 | 0.56% | 0.74% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| 12/31/25  | **$16.33** | $0.06 | $1.69 | $1.75 | $(0.11) | $(1.77) | $(1.88) | **$16.20** | 11.32% | $50393 | 0.81% | 0.35%  |
| 12/31/24 <br>| 14.46 | 0.08 | 2.73 | 2.81 | (0.13) | (0.81) | (0.94) | 16.33 | 19.60% | 51143 | 0.82% | 0.53%  |
| 12/31/23<br>| 17.03 | 0.14 | 3.40 | 3.54 | (0.13) | (5.98) | (6.11) | 14.46 | 24.20% | 50474 | 0.81% | 0.84% |
| 12/31/22<br>| 24.26 | 0.13 | (4.12) | (3.99) | (0.15) | (3.09) | (3.24) | 17.03 | (17.20%) | 46580 | 0.82% | 0.66% |
| 12/31/21<br>| 20.33 | 0.10 | 5.29 | 5.39 | (0.15) | (1.31) | (1.46) | 24.26 | 26.78% | 60966 | 0.81% | 0.44% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Portfolio turnover rate**<br>| 30% | 29% | 29% | 81% | 12% |

---

c Per share amount calculated on the average shares method.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **130**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML VIP American Century Mid Cap Value Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25  | **$8.12** | $0.14 | $0.58 | $0.72 | $(0.22) | $(0.58) | $(0.80) | **$8.04** | 8.97% | $192246 | 0.89% | 1.77%  |
| 12/31/24 <br>| 7.90 | 0.15 | 0.53 | 0.68 | (0.15) | (0.31) | (0.46) | 8.12 | 8.53% | 207331 | 0.89% | 1.86% |
| 12/31/23 <br>| 9.17  | 0.16  | 0.27  | 0.43  | (0.24)  | (1.46)  | (1.70)  | 7.90  | 5.97%  | 223312  | 0.89%  | 1.88%  |
| 12/31/22 <br>| 12.58  | 0.19  | (0.38)  | (0.19)  | (0.26)  | (2.96)  | (3.22)  | 9.17  | (1.33%)  | 247316  | 0.90%  | 1.76%  |
| 12/31/21 <br>| 10.59  | 0.17  | 2.28  | 2.45  | (0.18)  | (0.28)  | (0.46)  | 12.58  | 23.31%  | 295384  | 0.88%  | 1.39%  |
| **Service Class**  | **Service Class**  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25  | **$7.83** | $0.12 | $0.55 | $0.67 | $(0.20) | $(0.58) | $(0.78) | **$7.72** | 8.62% | $42098 | 1.14% | 1.52%  |
| 12/31/24 <br>| 7.63 | 0.13 | 0.51 | 0.64 | (0.13) | (0.31) | (0.44) | 7.83 | 8.29% | 43930 | 1.14% | 1.61% |
| 12/31/23 <br>| 8.91  | 0.14  | 0.26  | 0.40  | (0.22)  | (1.46)  | (1.68)  | 7.63  | 5.70%  | 46075  | 1.14%  | 1.63%  |
| 12/31/22 <br>| 12.31  | 0.16  | (0.37)  | (0.21)  | (0.23)  | (2.96)  | (3.19)  | 8.91  | (1.56%)  | 50294  | 1.15%  | 1.52%  |
| 12/31/21 <br>| 10.38  | 0.14  | 2.22  | 2.36  | (0.15)  | (0.28)  | (0.43)  | 12.31  | 22.95%  | 55704  | 1.13%  | 1.16% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **2025** | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate** <br>| 67% | 53%  | 44%  | 70%  | 46% |

---

c Per share amount calculated on the average shares method. 

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **131**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML VIP American Century Small Company Value Fund</u>** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  |  |  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | **Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | **Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | **Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**before** <br>**expense** <br>**waivers<sup>q</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers<sup>j,q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  | **Class II**  |
| 12/31/25  | **$9.02** | $0.10 | $(0.40) | $(0.30) | $(0.11) | $— | $(0.11) | **$8.61** | (3.39%) | $34243 | 1.06% | 0.99% | 1.21%  |
| 12/31/24 <br>| 8.52 | 0.11 | 0.50 | 0.61 | (0.11) |  | (0.11) | 9.02 | 7.18% | 42682 | 1.10% | 0.97% | 1.25%  |
| 12/31/23 <br>| 7.43  | 0.09  | 1.10  | 1.19  | (0.08)  | (0.02)  | (0.10)  | 8.52  | 16.14%  | 49994  | 1.07%  | 0.92%  | 1.20%  |
| 12/31/22 <br>| 17.91  | 0.10  | (2.20)  | (2.10)  | (0.03)  | (8.35)  | (8.38)  | 7.43  | (14.78%)  | 51032  | 1.08%  | 0.93%  | 0.87%  |
| 12/31/21 <br>| 15.25  | 0.03  | 3.77  | 3.80  | (0.06)  | (1.08)  | (1.14)  | 17.91  | 25.47%  | 67627  | 1.05%  | 0.98%  | 0.16%  |
| **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  | **Service Class I**  |
| 12/31/25  | **$8.22** | $0.08 | $(0.37) | $(0.29) | $(0.09) | $— | $(0.09) | **$7.84** | (3.60%) | $18987 | 1.31% | 1.24% | 0.96%  |
| 12/31/24 <br>| 7.77 | 0.08 | 0.46 | 0.54 | (0.09) |  | (0.09) | 8.22 | 6.97% | 22292 | 1.35% | 1.22% | 1.00%  |
| 12/31/23 <br>| 6.78  | 0.07  | 1.00  | 1.07  | (0.06)  | (0.02)  | (0.08)  | 7.77  | 15.92%  | 25335  | 1.32%  | 1.17%  | 0.95%  |
| 12/31/22 <br>| 17.15  | 0.07  | (2.09)  | (2.02)  | —  | (8.35)  | (8.35)  | 6.78  | (15.06%)  | 24640  | 1.33%  | 1.18%  | 0.63%  |
| 12/31/21 <br>| 14.66  | (0.01)<sup>bb</sup>  | 3.61  | 3.60  | (0.03)  | (1.08)  | (1.11)  | 17.15  | 25.12%  | 30943  | 1.30%  | 1.23%  | (0.08%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **2025** | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate** <br>| 40% | 39%  | 44%  | 42%  | 127% |

---

c Per share amount calculated on the average shares method. 

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

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

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **132**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML VIP Fidelity Institutional AM</u><sup><u>®</u></sup> <u>Core Plus Bond Fund</u>** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** |  |  | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | **Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | **Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | **Total**<br>**return<sup>m</sup><sup>,z</sup>** | **Net**<br>**assets,**<br>**end of**<br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets<sup>q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**<br>|
| **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** | **Class II** |
| 12/31/25  | **$8.73** | $0.35 | $0.29 | $0.64 | $(0.31) | $— | $(0.31) | **$9.06** | 7.41% | $321133 | 0.61% | 3.85%  |
| 12/31/24 <br>| 9.03 | 0.35 | (0.30) | 0.05 | (0.35) |  | (0.35) | 8.73 | 0.47% | 264460 | 0.63% | 3.93%  |
| 12/31/23<br>| 8.78 | 0.34 | 0.13 | 0.47 | (0.22) |  | (0.22) | 9.03 | 5.45% | 294153 | 0.63% | 3.82% |
| 12/31/22<br>| 10.47 | 0.22 | (1.75) | (1.53) | (0.16) |  | (0.16) | 8.78 | (14.70%) | 256760 | 0.64% | 2.37% |
| 12/31/21<br>| 11.28 | 0.12 | (0.25) | (0.13) | (0.20) | (0.48) | (0.68) | 10.47 | (1.19%) | 354653 | 0.61% | 1.12% |
| **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** | **Service Class I** |
| 12/31/25  | **$8.61** | $0.32 | $0.28 | $0.60 | $(0.29) | $— | $(0.29) | **$8.92** | 7.03% | $46678 | 0.86% | 3.60%  |
| 12/31/24 <br>| 8.91 | 0.32 | (0.29) | 0.03 | (0.33) |  | (0.33) | 8.61 | 0.26% | 41653 | 0.88% | 3.68%  |
| 12/31/23<br>| 8.66 | 0.31 | 0.13 | 0.44 | (0.19) |  | (0.19) | 8.91 | 5.20% | 38390 | 0.88% | 3.56% |
| 12/31/22<br>| 10.32 | 0.20 | (1.73) | (1.53) | (0.13) |  | (0.13) | 8.66 | (14.90%) | 37985 | 0.89% | 2.13% |
| 12/31/21<br>| 11.14 | 0.09 | (0.25) | (0.16) | (0.18) | (0.48) | (0.66) | 10.32 | (1.51%) | 50391 | 0.86% | 0.87% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Portfolio turnover rate**<br>| 546% | 514% | 492% | 417% | 441% |
| **Portfolio turnover excluding TBA transactions**<br>| 418% | 380%  | 320%  | 255% | 264% |

---

c Per share amount calculated on the average shares method.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **133**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML VIP Loomis Sayles Large Cap Growth Fund</u>** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  |  |  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | **Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | **Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | **Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets**<br>**before** <br>**expense** <br>**waivers<sup>q</sup>** | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers<sup>j,q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Initial Class**  | **Initial Class**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25  | **$17.20** | $(0.03) | $2.49 | $2.46 | $— | $(3.40) | $(3.40) | **$16.26** | 15.09% | 169810 | 0.70% | 0.70%<sup>k</sup> | (0.19%)  |
| 12/31/24 <br>| 13.90 | (0.03) | 4.60 | 4.57 |  | (1.27) | (1.27) | 17.20 | 34.09% | 175412 | 0.70% | N/A | (0.17%)  |
| 12/31/23 <br>| 9.81  | (0.02)  | 4.99  | 4.97  | —  | (0.88)  | (0.88)  | 13.90  | 51.71%  | 180077  | 0.69%  | N/A | (0.20%)  |
| 12/31/22 <br>| 15.04  | (0.01)  | (4.04)  | (4.05)  | —  | (1.18)  | (1.18)  | 9.81  | (27.55%)  | 132218  | 0.72%  | N/A | (0.12%)  |
| 12/31/21 <br>| 13.98  | (0.01)  | 2.59  | 2.58  | (0.01)  | (1.51)  | (1.52)  | 15.04  | 18.41%  | 196928  | 0.70%  | N/A | (0.10%)  |
| **Service Class** | **Service Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25  | **$16.02** | $(0.07) | $2.30 | $2.23 | $— | $(3.40) | $(3.40) | **$14.85** | 14.74% | $45687 | 0.95% | 0.95%<sup>k</sup> | $(0.44%)  |
| 12/31/24 <br>| 13.05 | (0.06) | 4.30 | 4.24 |  | (1.27) | (1.27) | 16.02 | 33.77% | 39875 | 0.95% | N/A  | (0.43%)  |
| 12/31/23 <br>| 9.27  | (0.05)  | 4.71  | 4.66  | —  | (0.88)  | (0.88)  | 13.05  | 51.37%  | 28785  | 0.94%  | N/A  | (0.45%)  |
| 12/31/22 <br>| 14.33  | (0.04)  | (3.84)  | (3.88)  | —  | (1.18)  | (1.18)  | 9.27  | (27.73%)  | 17968  | 0.98%  | N/A  | (0.37%)  |
| 12/31/21 <br>| 13.41  | (0.05)  | 2.48  | 2.43  | —  | (1.51)  | (1.51)  | 14.33  | 18.08%  | 25902  | 0.95%  | N/A  | (0.33%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **2025** | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate** <br>| 2% | 14%  | 8%  | 25%  | 21% |

---

c Per share amount calculated on the average shares method. 

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;k Amount waived had no impact on the ratio
 of expenses to average daily net assets.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **134**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MML Series Investment Fund (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MML VIP MFS</u><sup><u>®</u></sup> <u>International Equity Fund</u>** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  |  |  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | **Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | **Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | **Total** <br>**return<sup>m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**before** <br>**expense** <br>**waivers<sup>q</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers<sup>j,q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Class II**  | **Class II**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25  | **$10.20** | $0.21 | $2.38 | $2.59 | $(0.17) | $(0.18) | $(0.35) | **$12.44** | 25.54% | $217490 | 1.03% | 0.92% | 1.78%  |
| 12/31/24 <br>| 10.27 | 0.16 | (0.06) | 0.10 | (0.17) |  | (0.17) | 10.20 | 0.84% | 213641 | 1.06% | 0.96% | 1.48%  |
| 12/31/23 <br>| 8.78  | 0.15  | 1.47  | 1.62  | (0.13)  | —  | (0.13)  | 10.27  | 18.51%  | 239571  | 1.05%  | 0.95%  | 1.56%  |
| 12/31/22 <br>| 11.08  | 0.13  | (1.83)  | (1.70)  | (0.11)  | (0.49)  | (0.60)  | 8.78  | (15.10%)  | 204861  | 1.08%  | 0.98%  | 1.39%  |
| 12/31/21 <br>| 9.98  | 0.14  | 1.03  | 1.17  | (0.07)  | —  | (0.07)  | 11.08  | 11.77%  | 249038  | 1.05%  | 0.97%  | 1.32%  |
| **Service Class I**  | **Service Class I**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/25  | **$10.08** | $0.17 | $2.36 | $2.53 | $(0.17) | $(0.18) | $(0.35) | **$12.26** | 25.20% | $22517 | 1.28% | 1.17% | $1.44%  |
| 12/31/24 <br>| 10.15 | 0.13 | (0.05) | 0.08 | (0.15) |  | (0.15) | 10.08 | 0.66% | 9913 | 1.31% | 1.21% | 1.21%  |
| 12/31/23 <br>| 8.68  | 0.12  | 1.46  | 1.58  | (0.11)  | —  | (0.11)  | 10.15  | 18.27%  | 9967  | 1.30%  | 1.20%  | 1.28%  |
| 12/31/22 <br>| 10.96  | 0.10  | (1.81)  | (1.71)  | (0.08)  | (0.49)  | (0.57)  | 8.68  | (15.35%)  | 8051  | 1.33%  | 1.23%  | 1.12%  |
| 12/31/21 <br>| 9.88  | 0.12  | 1.02  | 1.14  | (0.06)  | —  | (0.06)  | 10.96  | 11.49%  | 8452  | 1.29%  | 1.22%  | 1.09% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **2025** | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate** <br>| 64% | 19%  | 23%  | 19%  | 75% |

---

c Per share amount calculated on the average shares method. 

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **135**<br>|

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------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements**<br>

&nbsp;&nbsp;&nbsp;&nbsp;1. The Funds

MML Series Investment Fund (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated December 19, 1984, as restated May 14, 1993, and further amended and restated as of December 15, 2011, as it may be further amended from time to time. The Trust consists of the following series (each individually referred to as a "Fund" or collectively as the "Funds"):

MML Conservative Allocation Fund ("Conservative Allocation Fund")

MML Balanced Allocation Fund ("Balanced Allocation Fund")

MML Moderate Allocation Fund ("Moderate Allocation Fund")

MML Growth Allocation Fund ("Growth Allocation Fund")

MML Aggressive Allocation Fund ("Aggressive Allocation Fund")

MML American Funds Growth Fund

MML American Funds Core Allocation Fund

MML Blue Chip Growth Fund ("Blue Chip Growth Fund")

MML Equity Income Fund ("Equity Income Fund")

MML Equity Index Fund ("Equity Index Fund")

MML Focused Equity Fund ("Focused Equity Fund")

MML Foreign Fund ("Foreign Fund")

MML Fundamental Equity Fund ("Fundamental Equity Fund")

MML Global Fund ("Global Fund")

MML Income & Growth Fund ("Income & Growth Fund")

MML Managed Volatility Fund ("Managed Volatility Fund")

MML Mid Cap Growth Fund ("Mid Cap Growth Fund")

MML Small Cap Growth Equity Fund ("Small Cap Growth Equity Fund")

MML Small/Mid Cap Value Fund ("Small/Mid Cap Value Fund")

MML Sustainable Equity Fund ("Sustainable Equity Fund")

MML VIP American Century Mid Cap Value Fund\* (formerly known as MML Mid Cap Value Fund) ("Mid Cap Value Fund")

MML VIP American Century Small Company Value Fund\* (formerly known as MML Small Company Value Fund) ("Small Company Value Fund")

MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund\*\* (formerly known as MML Total Return Bond Fund) ("Core Plus Bond Fund")

MML VIP Loomis Sayles Large Cap Growth Fund (formerly known as MML Large Cap Growth Fund) ("Large Cap Growth Fund")

MML VIP MFS<sup>®</sup> International Equity Fund (formerly known as MML International Equity Fund) ("International Equity Fund")

\* *The "American Century" name is the property of American Century Proprietary Holdings, Inc. and is being used by the Fund with the permission of American Century.*

\*\* *Fidelity Institutional AM is a registered service mark of FMR LLC. Used with permission.*

The Trust makes shares of the Funds available for the investment of assets of various separate investment accounts established by Massachusetts Mutual Life Insurance Company ("MassMutual") and by life insurance companies which are subsidiaries of MassMutual. Shares of the Trust are not offered to the general public. MassMutual, MML Bay State Life Insurance Company, C.M. Life Insurance Company, and the Allocation Funds (as defined below), which are "funds of funds" series of the Trust, are the record owners of all of the outstanding shares of the Funds.

Each share class of a Fund represents an interest in the same portfolio of assets. The principal difference among the classes is the level of service and administration fees, and shareholder and distribution service expenses borne by the classes. Because each class will have different fees and expenses, performance and share prices will vary between the classes. The classes of shares are offered to different types of investors, as outlined in the Funds' Prospectuses.

The Conservative Allocation Fund, Balanced Allocation Fund, Moderate Allocation Fund, Growth Allocation Fund, and Aggressive Allocation Fund (the "Allocation Funds") invest their investable assets in shares of series of the Trust and MML Series Investment Fund II advised by MML Investment Advisers, LLC ("MML Advisers") and non-affiliated mutual funds

**136**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

(together, the "MML Underlying Funds"). The financial statements included herein are those of the Funds. The financial statements of the applicable MML Underlying Funds that are not Funds of the Trust are presented separately and can be obtained from the Securities and Exchange Commission's ("SEC") EDGAR database on its website at https://www.sec.gov or by calling MML Advisers at 1-888-309-3539.

MML American Funds Growth Fund (the "Feeder Fund") invests all of its assets in Class 1 shares of the Growth Fund, a series of the American Funds Insurance Series (the "Master Fund"). The Master Fund is an open-end investment company and organized as a Massachusetts business trust. The Feeder Fund has an investment objective that is consistent with the Master Fund. The Master Fund intends to comply with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to mutual funds and intends to distribute substantially all of its taxable income and capital gains to shareholders, which includes the Feeder Fund, to qualify as a regulated investment company. The performance of the Feeder Fund is directly affected by the performance of the Master Fund. The financial statements of the Master Fund, including the Summary Investment Portfolio, are provided separately and should be read in conjunction with the Feeder Fund's financial statements. As of December 31, 2025, the MML American Funds Growth Fund owned 0.63% of the Master Fund. The MML American Funds Core Allocation Fund invests all of its investable assets in shares of various series of American Funds Insurance Series, which are managed by Capital Research and Management Company (together, the "American Underlying Funds" and collectively with the MML Underlying Funds, the "Underlying Funds"). The SEC file number for the American Funds Insurance Series is 811-03857. Additional information related to the Master Fund's and American Underlying Funds' financial reports can be located on the SEC's EDGAR database on its website at https://www.sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;2. Significant Accounting Policies

The following is a summary of significant accounting policies followed consistently by each Fund in the preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America ("generally accepted accounting principles"). The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

Effective January 1, 2024, each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. MML Advisers acts as each Fund's CODM. Each Fund represents a single operating segment, and the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by each Fund's portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios, and changes in net assets, which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmark(s) and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements.

Investment Valuation

The net asset value of each Fund's shares is determined once daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), on each day the NYSE is open for trading (a "business day"). The NYSE normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days. If the NYSE is scheduled to close early, the business day will be considered to end as of the time of the NYSE's scheduled close. A Fund will not treat an intraday disruption in NYSE trading or other event that causes an unscheduled closing of the NYSE as a close of business of the NYSE for these purposes; instead, MML Advisers will determine the fair value of a Fund's securities in accordance with MML Advisers' fair valuation policy and procedures. On holidays and other

**137**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

days when the NYSE is closed, each Fund's net asset value generally is not calculated and the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund's assets may still be affected on such days to the extent that a Fund or an Underlying Fund or the Master Fund holds foreign securities that trade on days that foreign securities markets are open.

The net asset value of each of the Allocation Funds, Feeder Fund, and MML American Funds Core Allocation Fund is based upon the net asset value(s) of the Master Fund or Underlying Funds, as applicable. Shares of the Master Fund and Underlying Funds are valued at their closing net asset values as reported on each business day.

The Prospectuses and Statements of Additional Information ("SAIs") for the Underlying Funds and the Master Fund, as applicable, explain the valuation methods for the Underlying Funds and the Master Fund, including the circumstances under which the Underlying Funds or the Master Fund, may use fair value pricing and the effects of doing so. Such Prospectuses and SAIs are available on the SEC's EDGAR database on its website at https://www.sec.gov.

Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System ("NASDAQ System"), or in the case of over-the-counter ("OTC") securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day.

Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, established benchmark yield, and estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche, including, but not limited to, prepayment speed assumptions and attributes of the collateral.

The Board of Trustees ("Trustees") have designated MML Advisers as the Funds' "valuation designee," responsible for determining the fair value, in good faith, of securities and other instruments held by the Funds for which market quotations are not readily available or for which such market quotations or values are considered by MML Advisers or a subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event). It is possible that a significant amount of a Fund's assets will be subject to fair valuation in accordance with MML Advisers' fair valuation policy and procedures. The fair value determined for an investment by MML Advisers may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.

The Funds and certain Underlying Funds or the Master Fund may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds' portfolio securities may change on days when the prices of the Funds' shares are not calculated. The prices of the Funds' shares will reflect any such changes when the prices of the Funds' shares are next calculated, which is the next business day. The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds' investments may be priced based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.

**138**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

Level 1 – quoted prices (unadjusted) in active markets for identical investments that the Funds can access at the measurement date

Level 2 – other significant observable inputs (including fair value factors, quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs, to the extent observable inputs are not available (including the Funds' own assumptions in determining the fair value of investments)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

Changes in valuation techniques may result in transfers in or out of an investment's assigned Level within the hierarchy. In addition, in periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Levels.

In certain cases, the inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest Level input that is significant to the overall fair value measurement.

The Allocation Funds, Feeder Fund, and MML American Funds Core Allocation Fund characterized all investments at Level 1, as of December 31, 2025. The Focused Equity Fund and Small/Mid Cap Value Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of December 31, 2025. For each Fund noted in the preceding sentences, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

The following is the aggregate value by input level, as of December 31, 2025, for the remaining Funds' investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Blue Chip Growth Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $474402094 | $841,190\* | $— | $475243284  |
| &nbsp;&nbsp;&nbsp; Corporate Debt |  | 951606 |  | 951606  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 117 | 1421700 |  | 1421817  |
| Total Investments | $474402211 | $3214496 | $— | $477616707  |
| **Core Plus Bond Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank Loans | $— | $2726908 | $— | $2726908  |
| &nbsp;&nbsp;&nbsp; Corporate Debt |  | 108734885 |  | 108734885  |
| &nbsp;&nbsp;&nbsp; Non-U.S. Government Agency Obligations |  | 23445033 |  | 23445033  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations and Instrumentalities |  | 60947597 |  | 60947597 |

---

**139**<br>

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 **Notes to Financial Statements (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Core Plus Bond Fund (Continued)**  |  |  |  |  |
| **Asset Investments (Continued)**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | $— | $180679418 | $— | $180679418  |
| &nbsp;&nbsp;&nbsp; Preferred Stock | 118554 |  |  | 118554  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 2223198 | 12820531 |  | 15043729  |
| Total Investments | $2341752 | $389354372 | $— | $391696124  |
| **Liability Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Sales Commitments | $— | $(2028281) | $— | $(2028281)  |
| **Equity Income Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $432574336 | $22,087,716\* | $— | $454662052  |
| &nbsp;&nbsp;&nbsp; Preferred Stock | 3444508 |  |  | 3444508  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 2007986 | 1110581 |  | 3118567  |
| Total Investments | $438026830 | $23198297 | $— | $461225127  |
| **Equity Index Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $676509126 | $— | $— | $676509126  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 1456867 |  |  | 1456867  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 49624 | 4694458 |  | 4744082  |
| Total Investments | $678015617 | $4694458 | $— | $682710075  |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $4581 | $— | $— | $4581  |
| **Foreign Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $6267222 | $— | $6267222  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 3878714 |  | 3878714  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 2030462 |  |  | 2030462  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 2079112 |  | 2079112  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 1112327 |  | 1112327  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 19045801 |  | 19045801  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 20175992 |  | 20175992  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 3357373 |  | 3357373  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 2472672 | 2825040 |  | 5297712  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 1503036 |  |  | 1503036  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 1152966 |  | 1152966  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 35306795 |  | 35306795  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg |  | 2037093 |  | 2037093  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 39680 | 7191067 |  | 7230747  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 4239413 |  | 4239413  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of Korea |  | 3283765 |  | 3283765  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 2641617 |  | 2641617  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 4411118 |  | 4411118  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 3385294 |  | 3385294  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 22731086 |  | 22731086  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 2476920 | 16994564 |  | 19471484  |
| &nbsp;&nbsp;&nbsp; Preferred Stock\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 1127863 |  | 1127863  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 1118228 | 383921 |  | 1502149  |
| Total Investments | $9640998 | $163628143 | $— | $173269141  |

---

**140**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Fundamental Equity Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $363867352 | $4,621,155\* | $— | $368488507  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments |  | 2517808 |  | 2517808  |
| Total Investments | $363867352 | $7138963 | $— | $371006315  |
| **Global Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | $2882406 | $— | $— | $2882406  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 13206784 |  |  | 13206784  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 6923932 | 5356244 |  | 12280176  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 31662680 |  | 31662680  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 12823810 |  | 12823810  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 11144266 |  |  | 11144266  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 6413244 |  | 6413244  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 10401176 |  | 10401176  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 12854194 |  | 12854194  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 3887996 |  | 3887996  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 6342269 |  | 6342269  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 11090659 |  | 11090659  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 26576237 |  | 26576237  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 365877530 |  |  | 365877530  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 1743362 | 12642371 |  | 14385733  |
| Total Investments | $401778280 | $140050880 | $— | $541829160  |
| **Income & Growth Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $130228503 | $— | $— | $130228503  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 1303405 | 1124189 |  | 2427594  |
| Total Investments | $131531908 | $1124189 | $— | $132656097  |
| **International Equity Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $1934784 | $— | $1934784  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 6439045 |  |  | 6439045  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 5532532 |  | 5532532  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 4854105 |  | 4854105  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 3120838 |  | 3120838  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 37557616 |  | 37557616  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 17093463 |  | 17093463  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 5594923 |  | 5594923  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 1900316 |  |  | 1900316  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland |  | 5219378 |  | 5219378  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 3357708 |  |  | 3357708  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 4648964 | 6461759 |  | 11110723  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 47094928 |  | 47094928  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 4566832 |  | 4566832  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 1452932 |  | 1452932  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 2856063 |  | 2856063  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 2944804 |  | 2944804  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 14415131 |  | 14415131  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 6692913 |  | 6692913  |

---

**141**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **International Equity Fund (Continued)**  |  |  |  |  |
| **Asset Investments (Continued)**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock\* (Continued)  | &nbsp;&nbsp;&nbsp; Common Stock\* (Continued)  | &nbsp;&nbsp;&nbsp; Common Stock\* (Continued)  | &nbsp;&nbsp;&nbsp; Common Stock\* (Continued)  | &nbsp;&nbsp;&nbsp; Common Stock\* (Continued)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | $— | $27233363 | $— | $27233363  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 606327 | 26356541 |  | 26962868  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 282912 | 586384 |  | 869296  |
| Total Investments | $17235272 | $221569289 | $— | $238804561  |
| **Large Cap Growth Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $211878284 | $2062284 | $— | $213940568  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 1421138 | 1595532 |  | 3016670  |
| Total Investments | $213299422 | $3657816 | $— | $216957238  |
| **Managed Volatility Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $92844376 | $— | $— | $92844376  |
| &nbsp;&nbsp;&nbsp; Corporate Debt |  |  | —<sup>+</sup> | —  |
| &nbsp;&nbsp;&nbsp; Purchased Options | 522232 |  |  | 522232  |
| &nbsp;&nbsp;&nbsp; Rights |  |  | —<sup>+</sup> | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments |  | 718488 |  | 718488  |
| Total Investments | $93366608 | $718488 | $— | $94085096  |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $(701955) | $— | $— | $(701955)  |
| **Mid Cap Growth Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $365759973 | $— | $— | $365759973  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 218404 | 13434235 |  | 13652639  |
| Total Investments | $365978377 | $13434235 | $— | $379412612  |
| **Mid Cap Value Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $207418511 | $17,004,792\* | $— | $224423303  |
| &nbsp;&nbsp;&nbsp; Preferred Stock |  | 1,982,587\* |  | 1982587  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments |  | 6473561 |  | 6473561  |
| Total Investments | $207418511 | $25460940 | $— | $232879451  |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $18231 | $— | $18231  |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $(42906) | $— | $(42906)  |
| **Small Cap Growth Equity Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $136852005 | $243,901\* | $— | $137095906  |
| &nbsp;&nbsp;&nbsp; Rights |  |  | 4591 | 4591  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 617861 |  |  | 617861  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 836191 | 1181207 |  | 2017398  |
| Total Investments | $138306057 | $1425108 | $4591 | $139735756  |

---

**142**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Small Company Value Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $52591251 | $458,112\* | $— | $53049363  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 331076 | 136449 |  | 467525  |
| Total Investments | $52922327 | $594561 | $— | $53516888  |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $61 | $— | $61  |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $(3125) | $— | $(3125)  |
| **Sustainable Equity Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $136147337 | $483,150\* | $— | $136630487  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 235619 |  |  | 235619  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments |  | 316864 |  | 316864  |
| Total Investments | $136382956 | $800014 | $— | $137182970  |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $568 | $— | $568 |

---

\* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their respective foreign markets, as applicable.

---

| | |
|:---|:---|
| +<br>| Represents a security at $0 value as of December 31, 2025.  |

---

For certain Funds the Statement of Assets and Liabilities shows receivables from investments sold on a delayed delivery basis, as well as any applicable liabilities for investments purchased on a delayed delivery basis, amounts due to custodian, and payables for forward sale commitments. These amounts approximate fair value and would be categorized at Level 2 for each applicable Fund as of December 31, 2025.

The Funds, with the exception of the Small Cap Growth Equity Fund, had no Level 3 transfers during the year ended December 31, 2025. The Small Cap Growth Equity Fund had Level 3 transfers during the year ended December 31, 2025; however, none of the transfers individually or collectively had a material impact on the Small Cap Growth Equity Fund.

Derivative Instruments

Derivatives are financial instruments whose values are based on the values of one or more underlying indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than the derivatives' original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price.

**143**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

At December 31, 2025, and during the year then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity** <br>**Risk** | **Foreign** <br>**Exchange** <br>**Risk** | **Interest/**<br>**Inflation** <br>**Rate Risk** | **Total**  |
| **Core Plus Bond Fund**  | **Core Plus Bond Fund**  | **Core Plus Bond Fund**  | **Core Plus Bond Fund**  | **Core Plus Bond Fund**  |
| **Realized Gain (Loss)#**  | **Realized Gain (Loss)#**  | **Realized Gain (Loss)#**  | **Realized Gain (Loss)#**  | **Realized Gain (Loss)#**  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $— | $(345454) | $(345454)  |
| &nbsp;&nbsp;&nbsp; Forward Contracts |  | (230939) |  | (230939)  |
| &nbsp;&nbsp;&nbsp; Futures Contracts |  |  | 1284049 | 1284049  |
| &nbsp;&nbsp;&nbsp; Swap Agreements |  |  | 199759 | 199759  |
| Total Realized Gain (Loss) | $— | $(230939) | $1138354 | $907415  |
| **Change in Appreciation (Depreciation)##** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $(313325) | $— | $(313325)  |
| &nbsp;&nbsp;&nbsp; Futures Contracts |  |  | (92707) | (92707)  |
| &nbsp;&nbsp;&nbsp; Swap Agreements |  |  | (161415) | (161415)  |
| Total Change in Appreciation (Depreciation) | $— | $(313325) | $(254122) | $(567447)  |
| **Equity Index Fund** |  |  |  |  |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> | $4581 | $— | $— | $4581  |
| **Realized Gain (Loss)#** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $153565 | $— | $— | $153565  |
| **Change in Appreciation (Depreciation)##** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $72917 | $— | $— | $72917  |
| **Managed Volatility Fund** |  |  |  |  |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options<sup>\*,^^^</sup> | $522232 | $— | $— | $522232  |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options<sup>^,^^^</sup> | $(701955) | $— | $— | $(701955)  |
| **Realized Gain (Loss)#** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $(1308606) | $— | $— | $(1308606)  |
| &nbsp;&nbsp;&nbsp; Written Options | (3381528) |  |  | (3381528)  |
| Total Realized Gain (Loss) | $(4690134) | $— | $— | $(4690134)  |
| **Change in Appreciation (Depreciation)##** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $(421014) | $— | $— | $(421014)  |
| &nbsp;&nbsp;&nbsp; Written Options | (216203) |  |  | (216203)  |
| Total Change in Appreciation (Depreciation) | $(637217) | $— | $— | $(637217)  |
| **Mid Cap Value Fund** |  |  |  |  |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts<sup>\*,^^^</sup> | $— | $18231 | $— | $18231  |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts<sup>^,^^^</sup> | $— | $(42906) | $— | $(42906)  |
| **Realized Gain (Loss)#** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $(1387823) | $— | $(1387823)  |
| **Change in Appreciation (Depreciation)##** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $(255239) | $— | $(255239)  |

---

**144**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity** <br>**Risk** | **Foreign** <br>**Exchange** <br>**Risk** | **Interest/**<br>**Inflation** <br>**Rate Risk** | **Total**  |
| **Small Company Value Fund** |  |  |  |  |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts<sup>\*,^^^</sup> | $— | $61 | $— | $61  |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts<sup>^,^^^</sup> | $— | $(3125) | $— | $(3125)  |
| **Realized Gain (Loss)#** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $(50918) | $— | $(50918)  |
| **Change in Appreciation (Depreciation)##**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $(7694) | $— | $(7694)  |
| **Sustainable Equity Fund** |  |  |  |  |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts<sup>\*,^^^</sup> | $— | $568 | $— | $568  |
| **Realized Gain (Loss)#** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $(89504) | $— | $(89504)  |
| **Change in Appreciation (Depreciation)##** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $(17427) | $— | $(17427) |

---

\* Statements of Assets and Liabilities location: Investments, at value, or open forward contracts, as applicable.

^ Statements of Assets and Liabilities location: Open forward contracts, or written options outstanding, at value, as applicable.

^^ Cumulative appreciation (depreciation) on futures contracts is reported in "Futures Contracts" in each applicable Fund's Portfolio of Investments. Only current day's variation margin, if any, is reported within the Statements of Assets and Liabilities.

^^^ Represents exchange-traded purchased and written options or forward contracts, which are not subject to a master netting agreement or similar agreement, as applicable.

# Statements of Operations location: Amounts are included in net realized gain (loss) on investment transactions, forward contracts, futures contracts, swap agreements, or written options, as applicable. 

---

| | |
|:---|:---|
| ##<br>| Statements of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on investment transactions, forward contracts, futures contracts, swap agreements, or written options, as applicable.  |

---

**145**<br>

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 **Notes to Financial Statements (Continued)**<br>

For the year ended December 31, 2025, the average balances for each derivative type were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Average Balances of Outstanding Derivative Financial Instruments**  | **Average Balances of Outstanding Derivative Financial Instruments**  | **Average Balances of Outstanding Derivative Financial Instruments**  | **Average Balances of Outstanding Derivative Financial Instruments**  | **Average Balances of Outstanding Derivative Financial Instruments**  | **Average Balances of Outstanding Derivative Financial Instruments**  |
|  | **Core Plus Bond Fund** | **Equity Index Fund** | **Managed Volatility Fund** | **Mid Cap Value Fund** | **Small Company Value Fund**  | **Sustainable Equity Fund**  |
| **Futures Contracts:**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average number of contracts - long | 580 | 13 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average number of contracts - short | 64 |  |  |  |  |  |
| **Forward Contracts:**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average notional amounts purchased - in USD | $1552444 |  |  | $1497682 | $79582  | $331183  |
| &nbsp;&nbsp;&nbsp; Average notional amounts sold - in USD | $8106501 |  |  | $18583667 | $519726  | $960498  |
| **Swap Agreements:**  |  |  |  |  |  |  |
| **Interest Rate Swaps:**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average notional amounts | $2201000 |  |  |  |  |  |
| **Options:**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average shares/units outstanding of Purchased Options |  |  | 142 |  |  |  |
| &nbsp;&nbsp;&nbsp; Average notional amounts of Purchased Swaptions | $48539667 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average shares/units outstanding of Written Options |  |  | 149 |  |  |  |

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Further details regarding the derivatives and other investments held by the Fund(s) during the year ended December 31, 2025, are discussed below.

Foreign Currency Exchange Transactions

A Fund may enter into foreign currency exchange transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, or for other, non-hedging purposes.

A Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts. These contracts call for the Fund to deliver in the future an amount of one currency in return for an amount of another currency, at an exchange rate determined at the time the contract is entered into. Forward contracts are private contractual arrangements and a Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. This type of arrangement may require the Fund to post margin. A Fund may enter into foreign currency exchange transactions in order to hedge against changes in the values of the assets or liabilities denominated in one or more foreign currencies, or otherwise to increase or reduce a Fund's exposure to various foreign currencies. The use of foreign currency exchange transactions may create investment leverage.

Whenever a Fund enters into a foreign currency exchange transaction, it is subject to the risk that the value of the transaction will move in a direction unfavorable to it. When the Fund uses the transactions for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. If a Fund enters into foreign currency exchange transactions other than for hedging purposes (for example, seeking to profit from an anticipated change in the values of currencies by creating directional exposures in the portfolio with respect to one or more currencies), it will generally be subject to the same risks, but is less likely to have assets or liabilities that will offset any losses on the transactions. There can be no assurance that a Fund will be able to terminate any foreign currency exchange transaction prior to its maturity in order to limit its loss on the transaction.

Forward foreign currency contracts are marked to market daily and the change in their value is recorded by the Funds as an unrealized gain or loss. Forward foreign currency contracts are valued at the settlement price established through dealers or other market sources on the day which they are traded. When a forward foreign currency contract is extinguished, through delivery or offset by entering into another forward foreign currency contract, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished or offset. The notional or contractual amounts of these instruments do not necessarily represent the amounts potentially subject to risk. The measurement of the risk associated with these instruments is meaningful only when all related and offsetting transactions and counterparty risks are considered.

A Fund's current exposure to a counterparty is the unrealized appreciation (depreciation) on the contract.

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Futures Contracts

A Fund may seek to manage a variety of different risks, such as interest rate risk, equity price risk, and currency risk, through the use of futures contracts. A Fund may use interest rate futures contracts to adjust the interest rate sensitivity (duration) of its portfolio or the credit exposure of the portfolio. Interest rate futures contracts obligate the long or short holder to take or make delivery of a specified quantity of a financial instrument, such as a specific fixed income security, during a specified future period at a specified price. A Fund may use index futures contracts to hedge against broad market risks to its portfolio or to gain broad market exposure when it holds uninvested cash or as an inexpensive substitute for cash investments directly in securities or other assets, including commodities and precious metals. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made and are settled in cash. Positions in futures contracts may be closed out only on an exchange or board of trade which provides a market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk.

Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by the Funds as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of the Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing transaction with respect to a futures contract it has entered into, at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it. When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part.

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

Swap Agreements

Swap agreements are typically two-party contracts entered into primarily by institutional investors. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments or rates, which may be adjusted for an interest factor. The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount" (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a "basket" of securities representing a particular index).

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

Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. The Fund also takes the risk that the market will move against its position in the swap agreement. In the case of an interest rate swap, the value of the swap may increase or decrease depending on changes in interest rates. When the Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

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Swaptions. A Fund may also enter into options on swap agreements ("swaptions"). A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement, at some designated future time on specified terms. A Fund may write (sell) and purchase put and call swaptions. Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. A Fund may enter into swaptions for the same purposes as swaps. For information regarding the accounting treatment of options, see "Options, Rights, and Warrants" below.

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

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking to market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and a Fund's basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund's Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gain or loss on the Fund's Statement of Operations upon termination or maturity of the swap agreement.

During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Funds are recorded in the accompanying Statements of Operations as realized gains and losses, respectively.

A Fund's current exposure to a counterparty is the fair value of the transaction.

Options, Rights, and Warrants

A Fund may purchase and sell put and call options on portfolio securities or an index of securities to enhance investment performance or to protect against changes in market prices. A Fund that invests in debt securities may also purchase and sell put and call options to adjust the interest rate sensitivity of its portfolio or the credit exposure of the portfolio.

Call Options. A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date in the case of an American-style option or only on the expiration date in the case of a European-style option.

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

Writing put and call options. A Fund may write call options on a security it owns, in a "directional" strategy hoping to realize a greater current return through the receipt of premiums. In return for the option premium, the Fund takes the risk that it will have to forego any increase in the value of the security over the strike price. When a Fund has written a call option on a security it does not own, its exposure on such an option is theoretically unlimited. A Fund may enter into closing purchase transactions in order to realize a profit or limit a loss on a previously written call option or, in the case of a call option on a security it owns, to free itself to sell the underlying security or to write another call on the security, or protect a security from being called in an unexpected market rise. Any profits from a closing purchase transaction in the case of a call option on a security a Fund owns may be offset

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by a decline in the value of the underlying security. Conversely, because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss resulting from a closing purchase transaction relating to a call option on a security a Fund owns is likely to be offset in whole or in part by unrealized appreciation of the underlying security owned by the Fund. A Fund may not be able to close out a call option that it has previously written. A Fund may write put options in order to enhance its current return by taking a long directional position as to a security or index of securities. By writing a put option, the Fund assumes the risk that it may be required to purchase the underlying security for an exercise price higher than its then current market value, resulting in a potential capital loss unless the security later appreciates in value. A Fund may terminate a put option that it has written before it expires by entering into a closing purchase transaction. Any loss from this transaction may be partially or entirely offset by the premium received on the terminated option. A Fund may not be able to close out a put option that it has previously written.

When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against the amount paid on the underlying investment to determine the realized gain or loss.

Purchasing put and call options. A Fund may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by it. A Fund may also purchase a put option hoping to profit from an anticipated decline in the value of the underlying security. If the Fund holds the security underlying the option, the option premium and any transaction costs will reduce any profit the Fund might have realized had it sold the underlying security instead of buying the put option. A Fund may purchase call options to hedge against an increase in the price of securities that the Fund wants ultimately to buy. A Fund may also purchase a call option as a long directional investment hoping to profit from an anticipated increase in the value of the underlying security. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit the Fund might have realized had it bought the underlying security at the time it purchased the call option.

When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option's expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. This contrasts with an investment by a Fund in the underlying security, since the Fund will not realize a loss if the security's price does not change. Premiums paid for purchasing options that expire are treated as realized losses.

Exchange Traded Options. Exchange traded options purchased or sold by a Fund may be traded on a securities or options exchange or market. Such options typically have minimal exposure to counterparty risk. However, an exchange or market may at times find it necessary to impose restrictions on particular types of options transactions, such as opening transactions. If an underlying security ceases to meet qualifications imposed by the market or the Options Clearing Corporation, new series of options on that security will no longer be opened to replace expiring series, and opening transactions in existing series may be prohibited. Exchange traded options are valued at the last sale price, or if no sales are reported, the last bid price.

Rights and Warrants. A Fund may purchase or hold warrants or rights in order to gain exposure to the underlying security without owning the security, including, for example, cases where the Fund hopes to lock in the price today of a security it may wish to purchase in the future. Warrants generally give the holder the right, but not the obligation, to buy a security at a stated price. In order for a warrant to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover any premium and transaction costs. Rights may similarly confer on the holder the right to purchase or acquire securities, including through participation in a so-called rights offering. Bonds may be issued with warrants or other rights attached to purchase or acquire equity or other debt securities, typically of the bond issuer. The market prices of bonds with warrants or rights attached to purchase equity securities or bonds may, to some degree, reflect changes in the values of the underlying securities.

When a Fund purchases or otherwise acquires warrants or other rights, it runs the risk that it will lose its entire investment in the warrants or rights, unless the Fund exercises the warrant or right, acquires the underlying securities, or enters into a closing transaction before expiration. If the price of the underlying security does not rise to an extent sufficient to cover any premium and transaction costs, the Fund will lose part or all of its investment. Any premiums or purchase price paid for warrants or other rights that expire are treated as realized losses. Warrants and similar rights differ from options in that they are typically written by the issuer of the security underlying the warrant or right. Although some warrants and rights may be non-transferable, others may be traded over-the-counter or on an exchange.

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Hybrid Instruments

A hybrid instrument may be a debt security, preferred stock, warrant, convertible security, certificate of deposit, or other evidence of indebtedness on which a portion of or all interest payments, and/or the principal or stated amount payable at maturity, redemption, or retirement, is determined by reference to one or more underlying assets, indexes, economic factors, or other benchmarks. Because hybrid instruments may be designed to provide indirect exposures to virtually any type of derivative instrument, a Fund may invest in a hybrid instrument for any purpose it might engage in derivatives transactions. Hybrid instruments may take a number of forms, including, for example, debt instruments with interest or principal payments or redemption terms determined by reference to the value of an index, security, or other measure at a future time, preferred stock with dividend rates determined by reference to the value of a currency, or convertible securities where the conversion terms relate to a particular commodity. The risks of investing in a hybrid instrument may, depending on the nature of the instrument, reflect a combination of the risks of investing in securities, options, futures, currencies or other types of investments, and will depend upon the terms of the instrument. Such risks generally depend upon factors unrelated to the operations or credit quality of the issuer of the hybrid instrument, and may not be foreseen by the purchaser, such as financial or market developments, economic and political events, the supply and demand of the underlying assets, and interest rate movements. Hybrid instruments may be highly volatile and their use by a Fund may not be successful. The terms of a hybrid instrument may create investment leverage. Hybrid instruments are typically privately issued, presenting credit risk of the issuer, and may be highly illiquid and difficult to value.

Inflation-Linked Securities

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

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

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

Bank Loans

A Fund may invest in bank loans including, for example, corporate loans, loan participations, direct debt, bank debt, and bridge debt. A Fund may invest in a loan by lending money to a borrower directly as part of a syndicate of lenders. In a syndicated loan, the agent that originated and structured the loan typically administers and enforces the loan on behalf of the syndicate. Failure by the agent to fulfill its obligations may delay or adversely affect receipt of payment by a Fund. A Fund may also invest in loans through novations, assignments, and participation interests. In a novation, a Fund typically assumes all of the rights of a lending institution in a loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. When a Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender (or assignee) in the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. If a Fund acquires a participation in the loan, the Fund purchases an indirect interest in a loan held by a third party and the Fund typically will have a contractual relationship only with the third party loan investor, not with the borrower. As a result, a Fund may have the right to receive payments of principal, interest, and any fees

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to which it is entitled only from the loan investor selling the participation and only upon receipt by such loan investor of such payments from the borrower. In such cases, a Fund assumes the credit risk of both the borrower and the loan investor selling the participation, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third party.

Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. The value of any collateral securing a bank loan may decline after the Fund invests, and there is a risk that the value of the collateral may not be sufficient to cover the amount owed to the Fund.

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

At December 31, 2025, the Funds had no unfunded bank loan commitments.

Repurchase Agreements

Each Fund may enter into repurchase agreements with certain banks and broker-dealers whereby a Fund acquires a security for cash and obtains a simultaneous commitment from the seller to repurchase the security at an agreed upon price and date. A Fund, through its custodian, takes possession of the securities collateralizing the repurchase agreement in a segregated account. Repurchase agreements must be fully collateralized at all times, but involve some risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral, or if the Fund is required to return collateral to a borrower at a time when it may realize a loss on the investment of that collateral. Due to the short-term nature of repurchase agreements, face value approximates fair value.

When-Issued, Delayed-Delivery, Forward Commitment, and To-Be-Announced Transactions

A Fund may enter into when-issued, delayed-delivery, forward commitment, or to-be-announced ("TBA") transactions (collectively, the "Forward Transactions") in order to lock in the purchase price of the underlying security, or in order to adjust the interest rate exposure of the Fund's existing portfolio. In Forward Transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. In the case of TBA purchase commitments, the unit price and the estimated principal amount are established when the Fund enters into a commitment, with the actual principal amount being within a specified range of the estimate. Although a Fund does not typically pay for the securities in these types of transactions until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. As a result, each of these types of transactions may create investment leverage in a Fund's portfolio and increase the volatility of the Fund. If a Fund's counterparty fails to deliver a security purchased in a Forward Transaction, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

These securities are valued on the basis of valuations furnished by a pricing service, selected pursuant to procedures approved by the Trustees, which determines valuations taking into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Securities for which no market quotation is available are valued at fair value by MML Advisers. A Fund records on a daily basis the unrealized appreciation (depreciation) based upon changes in the values of these securities. When a Forward Transaction is closed, a Fund records a realized gain or loss equal to the difference between the value of the transaction at the time it was opened and the value of the transaction at the time it was closed.

Dollar Roll Transactions

A Fund may enter into dollar roll transactions, in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to purchase substantially similar securities on a specified future date from the same party. A Fund may invest in dollar rolls in order to benefit from anticipated changes in pricing for the mortgage-backed securities during the term of the transaction, or for the purpose of creating investment leverage. In a dollar roll, the securities that are to be purchased will be of the same type as the securities sold, but will be supported by different pools of mortgages.

Dollar rolls involve the risk that the Fund's counterparty will be unable to deliver the mortgage-backed securities underlying the dollar roll at the fixed time. If the counterparty files for bankruptcy or becomes insolvent, a Fund's use of the transaction proceeds

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may be restricted pending a determination by the counterparty or its representative, whether to enforce the Fund's obligation to repurchase the securities. A Fund can incur a loss on a dollar roll transaction (either because its counterparty fails to perform or because the value of the mortgages subject to the transaction declines) and on the investments made by the Fund with the proceeds of the dollar roll transaction.

A Fund accounts for a dollar roll transaction as a purchase and sale whereby the difference in the sales price and purchase price of the security sold is recorded as a realized gain (loss). If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sales price and the future purchase price is recorded as an adjustment to interest income. Dollar roll transactions generally have the effect of creating leverage in a Fund's portfolio.

Mortgage- and Asset-Backed Securities

A Fund may invest in mortgage- and asset-backed securities. Mortgage-backed securities, including collateralized mortgage obligations and certain stripped mortgage-backed securities, represent a participation in, or are secured by, mortgage loans. Mortgage-backed securities may include securities that are issued or guaranteed by U.S. Government agencies or instrumentalities or other issuers, including private companies. Asset-backed securities are generally structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as consumer loans or receivables and they may be backed by collateralized debt obligations ("CDOs"), including collateralized bond obligations and collateralized loan obligations ("CLOs").

Investments in mortgage- and asset-backed securities subject a Fund to credit risk, interest rate risk, extension risk, and prepayment risk, among other risks. Certain of these risks may be higher for investments in mortgage-backed securities composed of subprime mortgages and investments in CDOs and CLOs backed by pools of high-risk, below investment grade debt securities. Mortgage-backed and asset-backed securities not issued by a government agency generally involve greater credit risk than securities issued by government agencies. Payment of principal and interest generally depends on the cash flows generated by the underlying assets and the terms of the security. A Fund's investments in mortgage-backed securities may make a Fund's net asset value more susceptible to economic, market, political, and other developments affecting the residential and commercial real estate markets and the servicing of mortgage loans secured by real estate properties. Payments on mortgage-backed and many asset-backed investments typically include both interest and partial payment of principal. Principal may also be prepaid voluntarily, or as a result of refinancing or foreclosure. A Fund may have to invest the proceeds from prepaid investments in other investments with less attractive terms and yields. Investments that receive only the interest portion or the principal portion of payments on the underlying assets may be highly volatile. See a Fund's Portfolio of Investments, if applicable, for mortgage-related and other asset-backed securities as of December 31, 2025.

Securities Lending

Each Fund, other than the Allocation Funds, Feeder Fund, and MML American Funds Core Allocation Fund, may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds' securities lending activities are governed by a Securities Lending Agency Agreement ("Lending Agreement") between each Fund and the lending agent ("Agent"). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a "Borrower").

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At December 31, 2025, the Funds' collateral was equal to or greater than 100% of the market value of securities on loan and all of the Funds' cash collateral was invested in the State Street Navigator Securities Lending Government Money Market Portfolio.

Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower ("Borrowing Agreement"), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement.

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The Funds employ the Agent to implement their securities lending program and the Agent receives a fee from the Funds for its services. In addition, the Funds may be required to pay a rebate to the Borrower. Accordingly, a Fund's compensation for lending its securities is reduced by any such fees or rebate paid to the Agent or Borrower, respectively. Income received by the Funds in securities lending transactions during the year ended December 31, 2025, is reflected as securities lending income on the Statement of Operations.

Accounting for Investment Transactions

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income and realized capital gain distributions are recorded on the ex-dividend date. Non-cash dividends received in the form of stock are recorded as dividend income at market value. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country's tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.

Foreign Currency Translation

The books and records of the Funds are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Funds and the amount actually received.

Allocation of Operating Activity

In maintaining the records for the Funds, the income and expense accounts are allocated daily to each class of shares. Investment income and loss, and unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, if any, which are directly attributable to a class of shares, are charged to that class's operations. Expenses of a Fund not directly attributable to the operations of any specific class of shares of the Fund are prorated among the classes to which the expense relates based on relative net assets.

In addition, each of the Allocation Funds, Feeder Fund, and MML American Funds Core Allocation Fund will also incur certain fees and expenses indirectly as a shareholder in the Underlying Funds or the Master Fund. Because the Underlying Funds have varied expense and fee levels, and the Allocation Funds and MML American Funds Core Allocation Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses indirectly incurred by each of the Allocation Funds and MML American Funds Core Allocation Fund will vary.

Foreign Securities

Each of the Foreign Fund and International Equity Fund invests substantially all of its assets in foreign securities. The other Funds, except for the Allocation Funds, Feeder Fund, and MML American Funds Core Allocation Fund, may also invest in foreign securities. In addition, certain Underlying Funds or the Master Fund may invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, public health, and diplomatic risks. In addition, fluctuations in currency exchange rates may favorably or unfavorably affect the values of foreign securities and the price of a Fund's shares. Emerging markets securities are

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 **Notes to Financial Statements (Continued)**<br>

subject to greater risks than securities issued in developed foreign markets, including less liquidity, less stringent investor protection and disclosure standards, less reliable settlement practices, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater volatility in currency exchange rates, and are more susceptible to environmental problems.

Market Risk

The value of a Fund's portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable market-induced changes affecting particular industries, sectors, or issuers. Stock and bond markets can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, public health, and other conditions, as well as investor perceptions of these conditions. A Fund is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services.

Dividends and Distributions to Shareholders

Dividends from net investment income and distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. As a result, net investment income and net realized capital gains on investment transactions for a reporting period may differ significantly from distributions during such period.

&nbsp;&nbsp;&nbsp;&nbsp;3. Investment Advisory Fees and Other Transactions

Investment Advisory Fees and Investment Subadvisers

MML Advisers, a wholly-owned subsidiary of MassMutual, serves as investment adviser to each Fund. Under the investment advisory agreements between MML Advisers and the Trust on behalf of each Fund, MML Advisers is responsible for providing investment management services for each Fund. In return for these services, MML Advisers receives investment advisory fees, based upon each Fund's average daily net assets, computed and accrued daily and payable monthly, at the annual rates shown in the following table.

---

| | | |
|:---|:---|:---|
| **Fund**  | **Investment Advisory Fee**  | **Investment Subadviser(s)**  |
| Conservative Allocation Fund  | 0.10%  | N/A  |
| Balanced Allocation Fund  | 0.10%  | N/A  |
| Moderate Allocation Fund  | 0.10%  | N/A  |
| Growth Allocation Fund  | 0.10%  | N/A  |
| Aggressive Allocation Fund  | 0.10%  | N/A  |
| MML American Funds Growth Fund  | 0.15% on the first $500 million; and 0.125% on assets over $500 million  | N/A  |
| MML American Funds Core Allocation Fund  | 0.20% on the first $750 million; and 0.175% on assets over $750 million  | N/A  |
| Blue Chip Growth Fund  | 0.75% on the first $400 million; and <br>0.70% on assets over $400 million  | T. Rowe Price Associates, Inc.  |
| Core Plus Bond Fund<sup>a</sup>  | 0.40% on the first $500 million; and 0.38% on assets over $500 million  | FIAM LLC  |
| Equity Income Fund  | 0.75% on the first $500 million; and <br>0.70% on assets over $500 million  | T. Rowe Price Associates, Inc.  |
| Equity Index Fund<sup>b</sup>  | 0.10% on the first $500 million; and <br>0.08% on assets over $500 million  | BlackRock Investment Management, LLC  |
| Focused Equity Fund  | 0.70% on the first $250 million; and <br>0.60% on assets over $250 million  | Wellington Management Company LLP  |

---

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 **Notes to Financial Statements (Continued)**<br>

---

| | | |
|:---|:---|:---|
| **Fund**  | **Investment Advisory Fee**  | **Investment Subadviser(s)**  |
| Foreign Fund  | 0.86% on the first $500 million; and <br>0.82% on assets over $500 million  | Thompson, Siegel & Walmsley LLC  |
| Fundamental Equity Fund  | 0.60% on the first $250 million; and <br>0.58% on assets over $250 million  | Invesco Advisers, Inc.  |
| Global Fund<sup>c</sup>  | 0.60% on the first $500 million; and <br>0.55% on assets over $500 million  | Invesco Advisers, Inc.  |
| Income & Growth Fund  | 0.65% on the first $500 million; and <br>0.60% on assets over $500 million  | Barrow, Hanley, Mewhinney & Strauss, LLC  |
| International Equity Fund<sup>d</sup>  | 0.80% on the first $250 million; and <br>0.75% on assets over $250 million  | Massachusetts Financial Services Company  |
| Large Cap Growth Fund  | 0.65% on the first $500 million; and <br>0.60% on assets over $500 million  | Loomis, Sayles & Company, L.P.  |
| Managed Volatility Fund  | 0.75% on the first $500 million; and <br>0.70% on assets over $500 million  | Gateway Investment Advisers, LLC  |
| Mid Cap Growth Fund<sup>e,f</sup>  | 0.77% on the first $500 million; and <br>0.75% on assets over $500 million <br>| T. Rowe Price Associates, Inc.  |
| Mid Cap Value Fund  | 0.84% on the first $500 million; and 0.80% on assets over $500 million  | American Century Investment Management, Inc.  |
| Small Cap Growth Equity Fund  | 1.04% on the first $200 million; and 1.00% on assets over $200 million  | Wellington Management Company LLP  |
| Small Company Value Fund  | 0.80% on the first $150 million; and 0.70% on assets over $150 million  | American Century Investment Management, Inc.  |
| Small/Mid Cap Value Fund  | 0.75% on the first $500 million; and 0.70% on assets over $500 million  | AllianceBernstein L.P.  |
| Sustainable Equity Fund  | 0.50% on the first $500 million; and 0.475% on assets over $500 million  | American Century Investment Management, Inc. |

---

a *Effective November 14, 2025, FIAM LLC replaced Metropolitan West Asset Management, LLC.* 

b *Effective April 25, 2025, BlackRock Investment Management, LLC replaced Northern Trust Investments, Inc.* 

c *Effective April 25, 2025, Invesco Advisers, Inc. replaced Massachusetts Financial Services Company.* 

d *Effective November 14, 2025, Harris Associates L.P. was removed as a subadviser to the Fund.* 

e *Effective April 25, 2025, Wellington Management Company LLP was removed as a subadviser to the Fund.*

f *T. Rowe Price Investment Management, Inc. serves as a sub-subadviser to the Fund.* 

MML Advisers has also entered into investment subadvisory agreements for certain Funds with the unaffiliated investment subadviser(s) shown in the preceding table. MML Advisers pays a subadvisory fee to each of these subadvisers based upon the aggregate net assets under management which include (1) the average daily net assets of the specified Fund which it manages, and, if applicable, (2) the average daily net assets of other Funds or accounts of MML Advisers or its affiliates for which the subadviser provides subadvisory services.

The applicable Funds' subadvisory fees are paid monthly by MML Advisers out of the advisory fees.

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 **Notes to Financial Statements (Continued)**<br>

Administration Fees

For the Funds noted below, under a separate Administrative and Shareholder Services Agreement between the Trust and MML Advisers, on behalf of each Fund, MML Advisers is obligated to provide administrative and shareholder services and bear some Fund-specific administrative expenses. In return for these services, MML Advisers receives an administrative services fee, based upon the average daily net assets of the applicable class of shares of the Funds, at the following annual rates:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class I**  | **Class II**  | **Class III**  | **Service** <br>**Class I**  |
| MML American Funds Growth Fund <br>| N/A  | N/A  | N/A  | 0.25%  |
| MML American Funds Core Allocation Fund <br>| N/A  | N/A  | N/A  | 0.25%  |
| Core Plus Bond Fund <br>| N/A  | 0.15%  | N/A  | 0.15%  |
| Equity Index Fund <br>| 0.30%  | 0.15%  |  | 0.30%  |
| Focused Equity Fund <br>| N/A  | 0.15%  | N/A  | 0.15%  |
| Fundamental Equity Fund <br>| N/A  | 0.15%  | N/A  | 0.15%  |
| Global Fund <br>| 0.15%  | 0.15%  | N/A  | 0.15%  |
| International Equity Fund <br>| N/A  | 0.15%  | N/A  | 0.15%  |
| Small Company Value Fund <br>| N/A  | 0.15%  | N/A  | 0.15% |

---

Distribution and Service Fees

MML Distributors, LLC (the "Distributor") acts as distributor to the Funds. Pursuant to a Distribution and Services Plan adopted by the Funds pursuant to Rule 12b-1 under the 1940 Act, Service Class shares and Service Class I shares of the Funds pay an annual fee of 0.25% of the average daily net asset value of Service Class shares and Service Class I shares. This fee, or a portion thereof, is paid to: (i) the Distributor for services provided and expenses incurred by it in connection with the distribution of Service Class shares or Service Class I shares, as applicable, of each Fund; and/or (ii) MassMutual for services provided and expenses incurred by it for purposes of maintaining or providing personal services to Service Class and Service Class I shareholders. The Distributor is a wholly-owned subsidiary of MassMutual.

Expense Caps and Waivers

MML Advisers has agreed to cap the fees and expenses of the Fund noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses<sup>#</sup>, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through April 30, 2026, based upon the average daily net assets of the applicable class of shares of the Fund, as follows:

---

| | | |
|:---|:---|:---|
|  | **Class II**  | **Service** <br>**Class I**  |
| Small Company Value Fund <br>| 0.99%  | 1.24%  |

---

# *Acquired Fund Fees and Expenses are expenses borne indirectly by a Fund through investments in other pooled investment vehicles.*

Effective November 14, 2025, MML Advisers has agreed to cap the fees and expenses of the Funds noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses<sup>#</sup>, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through April 30, 2028, based upon the average daily net assets of the applicable class of shares of the Funds, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Initial** <br>**Class**  | **Service** <br>**Class**  | **Class II**  | **Service** <br>**Class I**  |
| Fundamental Equity Fund <br>| N/A  | N/A  | 0.80%  | 1.05%  |
| Mid Cap Growth Fund <br>| 0.83%  | 1.08%  | N/A  | N/A |

---

# *Acquired Fund Fees and Expenses are expenses borne indirectly by a Fund through investments in other pooled investment vehicles.*

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 **Notes to Financial Statements (Continued)**<br>

Effective November 14, 2025, MML Advisers has agreed to cap the fees and expenses of the Fund noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses<sup>#</sup>, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through April 30, 2027, based upon the average daily net assets of the applicable class of shares of the Fund, as follows:

---

| | | |
|:---|:---|:---|
|  | **Class II**  | **Service** <br>**Class I**  |
| International Equity Fund <br>| 0.93%  | 1.18%  |

---

# *Acquired Fund Fees and Expenses are expenses borne indirectly by a Fund through investments in other pooled investment vehicles.*

For the period April 25, 2025 through November 13, 2025, MML Advisers had agreed to cap the fees and expenses of the Fund noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses<sup>#</sup>, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) based upon the average daily net assets of the applicable class of shares of the Fund, as follows:

---

| | | |
|:---|:---|:---|
|  | **Class II**  | **Service** <br>**Class I**  |
| International Equity Fund <br>| 1.25%  | 1.50%  |

---

# *Acquired Fund Fees and Expenses are expenses borne indirectly by a Fund through investments in other pooled investment vehicles.*

Effective April 25, 2025, MML Advisers has agreed to cap the fees and expenses of the Funds noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses<sup>#</sup>, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through April 30, 2027, based upon the average daily net assets of the applicable class of shares of the Funds, as follows:

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Class**  | **Service** <br>**Class**  |
| Equity Income Fund <br>| 0.80%  | 1.05%  |
| Large Cap Growth Fund <br>| 0.70%  | 0.95% |

---

# *Acquired Fund Fees and Expenses are expenses borne indirectly by a Fund through investments in other pooled investment vehicles.*

Effective April 25, 2025, MML Advisers has agreed to cap the fees and expenses of the Fund noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses<sup>#</sup>, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through April 30, 2028, based upon the average daily net assets of the applicable class of shares of the Fund, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Class I**  | **Class II**  | **Service** <br>**Class I**  |
| Global Fund <br>| 0.81%  | 0.81%  | 1.06% |

---

# *Acquired Fund Fees and Expenses are expenses borne indirectly by a Fund through investments in other pooled investment vehicles.*

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 **Notes to Financial Statements (Continued)**<br>

MML Advisers has agreed to waive 0.10% of the investment advisory fee of the International Equity Fund through April 30, 2026.

MML Advisers has agreed to waive 0.03% of the investment advisory fee of the Small Cap Growth Equity Fund through April 30, 2026.

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

Affiliated Brokerage Commissions

The Fund(s) listed below had portfolio transactions that were placed with brokerage firms which are affiliates of the Fund's investment adviser or subadviser. Brokerage commissions are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) in the Statements of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Affiliated** <br>**Brokerage** <br>**Commissions**  |
| Blue Chip Growth Fund  | $276  |
| Equity Income Fund  | 1485  |
| Focused Equity Fund  | 452  |
| Fundamental Equity Fund  | 1352  |
| Global Fund  | 3  |
| International Equity Fund  | 5 |
| Mid Cap Growth Fund  | 3114  |
| Small Cap Growth Fund  | 3286 |

---

Rebated Brokerage Commissions

The Funds listed below have entered into agreements with certain brokers whereby the brokers will rebate to the Funds, in cash, a portion of brokerage commissions. Rebated brokerage commissions are amounts earned by the Funds and are included with realized gain or loss on investment transactions presented in the Statements of Operations. For the year ended December 31, 2025, brokerage commissions rebated under these agreements were as follows:

---

| | |
|:---|:---|
|  | **Rebated** <br>**Commissions**  |
| Focused Equity Fund  | $253 |
| Foreign Fund  | 2478 |
| Fundamental Equity Fund  | 752 |
| Income & Growth Fund  | 15 |
| Large Cap Growth Fund  | 1334 |
| Managed Volatility Fund | 127 |
| Mid Cap Growth Fund  | 489 |
| Small Cap Growth Equity Fund  | 1662 |
| Small/Mid Cap Value Fund  | 10554 |

---

Deferred Compensation

Trustees of the Funds who are not officers or employees of MassMutual may elect to defer receipt of their annual fees in accordance with terms of a Non-Qualified Deferred Compensation Plan. Amounts deferred shall accrue interest or earnings and are included within Payables for Trustees' fees and expenses in the Statements of Assets and Liabilities.

Other

Certain officers and trustees of the Funds may also be employees of MassMutual. The compensation of a trustee who is not an employee of MassMutual is borne by the Funds.

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 **Notes to Financial Statements (Continued)**<br>

4. Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) and in Underlying Funds or the Master Fund, for the year ended December 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales**  | **Sales**  |
|  | **Long-Term U.S.**<br>**Government**<br>**Securities** | **Other Long-Term**<br>**Securities** | **Long-Term U.S.**<br>**Government**<br>**Securities** | **Other Long-Term**<br>**Securities**  |
| Conservative Allocation Fund | $— | $70378046 | $— | $106306241  |
| Balanced Allocation Fund |  | 81807907 |  | 103729594  |
| Moderate Allocation Fund |  | 256436735 |  | 374011715  |
| Growth Allocation Fund |  | 231321082 |  | 259293115  |
| Aggressive Allocation Fund |  | 35631581 |  | 34505186  |
| MML American Funds Growth Fund |  | 52105168 |  | 33945027  |
| MML American Funds Core Allocation Fund |  | 277161858 |  | 341098650  |
| Blue Chip Growth Fund |  | 83754656 |  | 180394135  |
| Core Plus Bond Fund | 1951917109 | 196322372 | 1950533850 | 173610225  |
| Equity Income Fund |  | 236611660 |  | 154637015  |
| Equity Index Fund |  | 14764913 |  | 73600022  |
| Focused Equity Fund |  | 96022899 |  | 141323840  |
| Foreign Fund |  | 20313084 |  | 47059879  |
| Fundamental Equity Fund |  | 316178301 |  | 107689302  |
| Global Fund |  | 554074545 |  | 225380204  |
| Income & Growth Fund |  | 43207977 |  | 60082730  |
| International Equity Fund |  | 150799608 |  | 183154079  |
| Large Cap Growth Fund |  | 4871789 |  | 35606172  |
| Managed Volatility Fund |  | 1799831 |  | 21754026  |
| Mid Cap Growth Fund |  | 252810174 |  | 219546904  |
| Mid Cap Value Fund |  | 159310162 |  | 194548607  |
| Small Cap Growth Equity Fund |  | 91829664 |  | 109452464  |
| Small Company Value Fund |  | 23197088 |  | 32189610  |
| Small/Mid Cap Value Fund |  | 77862262 |  | 89793710  |
| Sustainable Equity Fund |  | 41331409 |  | 63410565 |

---

The Funds may purchase from, or sell securities to, other affiliated Funds under procedures adopted by the Trustees. These procedures have been designed to ensure that cross trades conducted by the Funds comply with Rule 17a-7 under the 1940 Act. The cross trades disclosed in the table below are included within the respective purchases and sales amounts shown in the table above, as applicable.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases**  | **Sales**  | **Realized Gains/Losses**  |
| Equity Income Fund  | $196145  | $—  | $—  |
| Mid Cap Growth Fund  | —  | 65947 | (35761)  |
| Mid Cap Value Fund | 35000 | 11434 | (7113) |
| Small Cap Growth Equity Fund | 175963 | 99078 | (57790) |

---

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 **Notes to Financial Statements (Continued)**<br>

5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| **Conservative Allocation Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 228607 | $1955649 | 176374 | $1477401  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 205372 | 1770310 | 188411 | 1584538  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1616008) | (13852061) | (1576025) | (12989371)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1182029) | $(10126102) | (1211240) | $(9927432)  |
| **Conservative Allocation Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1237025 | $10446146 | 1151525 | $9386379  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 627208 | 5337535 | 556553 | 4619386  |
| &nbsp;&nbsp;&nbsp; Redeemed | (6177641) | (52419277) | (6401548) | (52198952)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (4313408) | $(36635596) | (4693470) | $(38193187)  |
| **Balanced Allocation Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 221362 | $1974208 | 549617 | $4655558  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 234721 | 2121877 | 200726 | 1752341  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1439141) | (12887891) | (1822164) | (15559873)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (983058) | $(8791806) | (1071821) | $(9151974)  |
| **Balanced Allocation Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 823556 | $7262714 | 991486 | $8419395  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 654733 | 5853310 | 567491 | 4897445  |
| &nbsp;&nbsp;&nbsp; Redeemed | (4861045) | (42978077) | (6965949) | (58895751)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (3382756) | $(29862053) | (5406972) | $(45578911)  |
| **Moderate Allocation Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 253665 | $2389739 | 676316 | $6007591  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 534988 | 5098441 | 484611 | 4409963  |
| &nbsp;&nbsp;&nbsp; Redeemed | (4252239) | (39993131) | (3896193) | (34689392)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (3463586) | $(32504951) | (2735266) | $(24271838)  |
| **Moderate Allocation Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 550283 | $5157571 | 1571848 | $13626952  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1933752 | 18157930 | 1814481 | 16257753  |
| &nbsp;&nbsp;&nbsp; Redeemed | (19010138) | (176370491) | (27698262) | (242615420)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (16526103) | $(153054990) | (24311933) | $(212730715)  |
| **Growth Allocation Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 291839 | $2379751 | 585732 | $4496529  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 2489084 | 20086912 | 725690 | 5718438  |
| &nbsp;&nbsp;&nbsp; Redeemed | (6486523) | (52817611) | (5958679) | (45831414)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (3705600) | $(30350948) | (4647257) | $(35616447)  |
| **Growth Allocation Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 961318 | $7692033 | 1334499 | $10156092  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 4182432 | 33333985 | 1077686 | 8395177  |
| &nbsp;&nbsp;&nbsp; Redeemed | (10477742) | (83950679) | (13742587) | (104233895)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (5333992) | $(42924661) | (11330402) | $(85682626)  |

---

**160**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| **Aggressive Allocation Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 273185 | $2607435 | 431966 | $3862898  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 266776 | 2563719 | 195113 | 1775525  |
| &nbsp;&nbsp;&nbsp; Redeemed | (967255) | (9221601) | (1229963) | (11038863)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (427294) | $(4050447) | (602884) | $(5400440)  |
| **Aggressive Allocation Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 475246 | $4476918 | 344215 | $2991386  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 290248 | 2716725 | 213093 | 1892264  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1282087) | (11948528) | (2072506) | (18035816)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (516593) | $(4754885) | (1515198) | $(13152166)  |
| **MML American Funds Growth Fund Service Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 2389821 | $43087337 | 2119827 | $33858785  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1174824 | 21170332 | 1325364 | 20251569  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2678884) | (47473151) | (3817617) | (59859286)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 885761 | $16784518 | (372426) | $(5748932)  |
|  **MML American Funds Core Allocation Fund Service Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1202557 | $13427061 | 1843560 | $19851303  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 3621284 | 40051400 | 1984574 | 21532629  |
| &nbsp;&nbsp;&nbsp; Redeemed | (10824720) | (121889395) | (17105497) | (182128127)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (6000879) | $(68410934) | (13277363) | $(140744195)  |
| **Blue Chip Growth Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 355340 | $7012024 | 874900 | $16041640  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 2769845 | 51546822 | 1188375 | 22068122  |
| &nbsp;&nbsp;&nbsp; Redeemed | (3674576) | (74634247) | (5480252) | (102761815)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (549391) | $(16075401) | (3416977) | $(64652053)  |
| **Blue Chip Growth Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 565792 | $10290195 | 602152 | $10371883  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 2215440 | 36687685 | 824774 | 13955171  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2042313) | (36860319) | (1902784) | (32825530)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 738919 | $10117561 | (475858) | $(8498476)  |
| **Core Plus Bond Fund Class II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 11425393 | $102692016 | 3859996 | $34324584  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1284345 | 11366450 | 1192194 | 10741672  |
| &nbsp;&nbsp;&nbsp; Redeemed | (7530354) | (67563507) | (7342849) | (65588153)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 5179384 | $46494959 | (2290659) | $(20521897)  |
| **Core Plus Bond Fund Service Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1042127 | $9212677 | 952729 | $8341166  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 161117 | 1404944 | 165341 | 1469882  |
| &nbsp;&nbsp;&nbsp; Redeemed | (808979) | (7127223) | (588602) | (5185060)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 394265 | $3490398 | 529468 | $4625988  |
| **Equity Income Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 12985208 | $129752966 | 1351577 | $13975279  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 3775877 | 37532218 | 2322975 | 23787262  |
| &nbsp;&nbsp;&nbsp; Redeemed | (6416923) | (66155119) | (6361617) | (66228227)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 10344162 | $101130065 | (2687065) | $(28465686)  |

---

**161**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| **Equity Income Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 2396951 | $23523808 | 324501 | $3316700  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 897094 | 8719754 | 597419 | 5992116  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1531916) | (15439306) | (1469727) | (15109011)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 1762129 | $16804256 | (547807) | $(5800195)  |
| **Equity Index Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 38794 | $1377466 | 53743 | $1825354  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 292904 | 9616054 | 68561 | 2346847  |
| &nbsp;&nbsp;&nbsp; Redeemed | (312693) | (11096431) | (365890) | (12493079)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 19005 | $(102911) | (243586) | $(8320878)  |
| **Equity Index Fund Class II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 172682 | $6035245 | 382612 | $12791800  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1390073 | 45497096 | 305214 | 10423066  |
| &nbsp;&nbsp;&nbsp; Redeemed | (994669) | (36738835) | (927097) | (30877440)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 568086 | $14793506 | (239271) | $(7662574)  |
| **Equity Index Fund Class III** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 612545 | $21451766 | 264078 | $8918444  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1588446 | 51799209 | 488903 | 16642273  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1128404) | (40375087) | (3806586) | (129738790)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 1072587 | $32875888 | (3053605) | $(104178073)  |
| **Equity Index Fund Service Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 79236 | $2670072 | 83684 | $2613495  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 159651 | 4882125 | 37780 | 1218781  |
| &nbsp;&nbsp;&nbsp; Redeemed | (234048) | (7876385) | (453372) | (14406099)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 4839 | $(324188) | (331908) | $(10573823)  |
| **Focused Equity Fund Class II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 263757 | $1907066 | 1149333 | $8665017  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 4326616 | 29334460 | 1834612 | 13979743  |
| &nbsp;&nbsp;&nbsp; Redeemed | (6361349) | (45999667) | (8500462) | (64107458)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1770976) | $(14758141) | (5516517) | $(41462698)  |
| **Focused Equity Fund Service Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 151821 | $1046991 | 193242 | $1390683  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 427756 | 2729082 | 171417 | 1237630  |
| &nbsp;&nbsp;&nbsp; Redeemed | (759613) | (5201841) | (727696) | (5215113)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (180036) | $(1425768) | (363037) | $(2586800)  |
| **Foreign Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 308333 | $3326036 | 1288371 | $12542527  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 943139 | 10383964 | 489603 | 4989052  |
| &nbsp;&nbsp;&nbsp; Redeemed | (3968953) | (43340493) | (3551581) | (35103079)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (2717481) | $(29630493) | (1773607) | $(17571500)  |
| **Foreign Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 297012 | $3385006 | 80941 | $779360  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 65741 | 718547 | 25590 | 259227  |
| &nbsp;&nbsp;&nbsp; Redeemed | (291224) | (3218417) | (170671) | (1673232)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 71529 | $885136 | (64140) | $(634645)  |

---

**162**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| **Fundamental Equity Fund Class II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 19146315 | $225937006 | 286189 | $3214381  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 995484 | 11388334 | 973326 | 10794188  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2686714) | (31588043) | (3201488) | (36188296)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 17455085 | $205737297 | (1941973) | $(22179727)  |
| **Fundamental Equity Fund Service Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1959733 | $21854715 | 292702 | $3086083  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 284333 | 3045202 | 226778 | 2369835  |
| &nbsp;&nbsp;&nbsp; Redeemed | (663269) | (7292996) | (435152) | (4662577)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 1580797 | $17606921 | 84328 | $793341  |
| **Global Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 21832442 | $92486347 | 1313563 | $5727678  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1133333 | 5326664 | 1310991 | 5650370  |
| &nbsp;&nbsp;&nbsp; Redeemed | (6350577) | (29993906) | (4104560) | (17894891)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 16615198 | $67819105 | (1480006) | $(6516843)  |
| **Global Fund Class II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 50069033 | $253828474 | 82383 | $389405  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 569718 | 2928352 | 185046 | 869718  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2795717) | (14602055) | (534728) | (2541601)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 47843034 | $242154771 | (267299) | $(1282478)  |
| **Global Fund Service Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 12637709 | $50186206 | 280589 | $1139169  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 501012 | 2199441 | 340209 | 1377848  |
| &nbsp;&nbsp;&nbsp; Redeemed | (3047379) | (13571648) | (823020) | (3379538)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 10091342 | $38813999 | (202222) | $(862521)  |
| **Income & Growth Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 202711 | $1971270 | 467313 | $4687977  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 2515411 | 21531916 | 1871236 | 18300690  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2020485) | (19222954) | (4252630) | (43732996)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 697637 | $4280232 | (1914081) | $(20744329)  |
| **Income & Growth Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 324240 | $3078868 | 204619 | $2055625  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 753407 | 6238214 | 472134 | 4499439  |
| &nbsp;&nbsp;&nbsp; Redeemed | (658227) | (6128511) | (492444) | (5035067)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 419420 | $3188571 | 184309 | $1519997  |
| **International Equity Fund Class II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 311409 | $3591212 | 2205055 | $23267491  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 531293 | 6306452 | 320246 | 3481078  |
| &nbsp;&nbsp;&nbsp; Redeemed | (4307220) | (49973670) | (4906787) | (51839512)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (3464518) | $(40076006) | (2381486) | $(25090943)  |
| **International Equity Fund Service Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1168875 | $12999043 | 124350 | $1291193  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 52654 | 616583 | 13383 | 143734  |
| &nbsp;&nbsp;&nbsp; Redeemed | (368928) | (4237217) | (135612) | (1419840)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 852601 | $9378409 | 2121 | $15087  |

---

**163**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| **Large Cap Growth Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 179979 | $3015649 | 1002892 | $15093507  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1986404 | 31067358 | 854418 | 12952977  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1918390) | (32332053) | (4612328) | (72565183)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 247993 | $1750954 | (2755018) | $(44518699)  |
| **Large Cap Growth Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 525908 | $8186754 | 531089 | $7665424  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 603894 | 8635691 | 207308 | 2929260  |
| &nbsp;&nbsp;&nbsp; Redeemed | (543006) | (8629367) | (454615) | (6716006)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 586796 | $8193078 | 283782 | $3878678  |
| **Managed Volatility Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 136064 | $1869890 | 505454 | $6399026  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 2049722 | 21426188 | 240451 | 3142943  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1085259) | (13353634) | (1321328) | (17282907)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 1100527 | $9942444 | (575423) | $(7740938)  |
| **Managed Volatility Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 66256 | $802233 | 92519 | $1171062  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 400493 | 4137290 | 47287 | 613168  |
| &nbsp;&nbsp;&nbsp; Redeemed | (317988) | (3938471) | (326797) | (4239471)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 148761 | $1001052 | (186991) | $(2455241)  |
| **Mid Cap Growth Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 11955342 | $116785958 | 1062231 | $11880246  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 3624585 | 35702166 | 1220093 | 13408823  |
| &nbsp;&nbsp;&nbsp; Redeemed | (5822537) | (60454819) | (4074622) | (45830190)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 9757390 | $92033305 | (1792298) | $(20541121)  |
| **Mid Cap Growth Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 238105 | $2212060 | 286498 | $2858056  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1533054 | 13015625 | 529024 | 5152696  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1807134) | (16932332) | (1852554) | (18576624)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (35975) | $(1704647) | (1037032) | $(10565872)  |
| **Mid Cap Value Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 789979 | $6524549 | 1616648 | $13059944  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 2317570 | 18586910 | 1457961 | 11955281  |
| &nbsp;&nbsp;&nbsp; Redeemed | (4719898) | (38550806) | (5808079) | (47417812)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1612349) | $(13439347) | (2733470) | $(22402587)  |
| **Mid Cap Value Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 394451 | $3091301 | 384510 | $3019568  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 519644 | 4006457 | 307509 | 2432394  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1073047) | (8414779) | (1118536) | (8810985)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (158952) | $(1317021) | (426517) | $(3359023)  |
| **Small Cap Growth Equity Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 590568 | $6077626 | 1333599 | $13758774  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 34935 | 378479 | 5379 | 58539  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2161602) | (23216548) | (2801909) | (29005621)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1536099) | $(16760443) | (1462931) | $(15188308)  |

---

**164**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| **Small Cap Growth Equity Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 179908 | $1642077 | 240724 | $2174228  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 3002 | 27795 |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed | (507704) | (4633169) | (469680) | (4201459)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (324794) | $(2963297) | (228956) | $(2027231)  |
| **Small Company Value Fund Class II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 93973 | $815057 | 229372 | $2015573  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 51392 | 464072 | 61960 | 560114  |
| &nbsp;&nbsp;&nbsp; Redeemed | (900984) | (7714522) | (1427273) | (12542647)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (755619) | $(6435393) | (1135941) | $(9966960)  |
| **Small Company Value Fund Service Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 134285 | $1049297 | 124648 | $1002057  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 26948 | 221783 | 31375 | 258844  |
| &nbsp;&nbsp;&nbsp; Redeemed | (451156) | (3540529) | (702992) | (5602770)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (289923) | $(2269449) | (546969) | $(4341869)  |
| **Small/Mid Cap Value Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 734880 | $6353225 | 824458 | $7551127  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1422189 | 12003278 | 865424 | 7909972  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1975541) | (17237082) | (2664134) | (24500374)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 181528 | $1119421 | (974252) | $(9039275)  |
| **Small/Mid Cap Value Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 259390 | $2205153 | 160127 | $1434583  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 315045 | 2592816 | 186187 | 1664515  |
| &nbsp;&nbsp;&nbsp; Redeemed | (427061) | (3639985) | (636931) | (5743079)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 147374 | $1157984 | (290617) | $(2643981)  |
| **Sustainable Equity Fund Initial Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 45091 | $740764 | 58853 | $956010  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 613901 | 9668943 | 337959 | 5474934  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1026399) | (16872275) | (1031732) | (16773092)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (367407) | $(6462568) | (634920) | $(10342148)  |
| **Sustainable Equity Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 232750 | $3816209 | 61437 | $951324  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 363552 | 5609600 | 181809 | 2890763  |
| &nbsp;&nbsp;&nbsp; Redeemed | (615915) | (9879686) | (603168) | (9569088)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (19613) | $(453877) | (359922) | $(5727001) |

---

**165**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;6. Federal Income Tax Information

It is each Fund's intent to continue to comply with the provisions of Subchapter M of the Code applicable to a regulated investment company. Under such provisions, the Funds would not be subject to U.S. federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for U.S. federal income tax.

At December 31, 2025, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a U.S. federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal**<br>**Income Tax**<br>**Cost** | **Tax Basis**<br>**Unrealized**<br>**Appreciation** | **Tax Basis**<br>**Unrealized**<br>(Depreciation) | **Net Unrealized**<br>**Appreciation**<br>(Depreciation)  |
| Conservative Allocation Fund | $217143757 | $9665175 | $(18841111) | $(9175936)  |
| Balanced Allocation Fund | 280650498 | 1475224 | (8581621) | (7106397)  |
| Moderate Allocation Fund | 906476915 | 11244166 | (19020853) | (7776687)  |
| Growth Allocation Fund | 883680456 | 29351487 | (20221693) | 9129794  |
| Aggressive Allocation Fund | 122169503 | 4837430 | (2412844) | 2424586  |
| MML American Funds Growth Fund | 243525466 | 102194791 |  | 102194791  |
| MML American Funds Core Allocation Fund | 554038384 | 11803880 | (16273399) | (4469519)  |
| Blue Chip Growth Fund | 265397070 | 219738938 | (7519301) | 212219637  |
| Core Plus Bond Fund | 393449619 | 1509242 | (3262737) | (1753495)  |
| Equity Income Fund | 385063304 | 90275584 | (14113761) | 76161823  |
| Equity Index Fund | 271101189 | 424689383 | (13080497) | 411608886  |
| Focused Equity Fund | 185127531 | 46110068 | (2511391) | 43598677  |
| Foreign Fund | 132319425 | 48947466 | (7997750) | 40949716  |
| Fundamental Equity Fund | 326878106 | 45789526 | (1661317) | 44128209  |
| Global Fund | 466213902 | 84205251 | (8589993) | 75615258  |
| Income & Growth Fund | 109732438 | 27188904 | (4265245) | 22923659  |
| International Equity Fund | 211671409 | 36062756 | (8929604) | 27133152  |
| Large Cap Growth Fund | 123931075 | 97462125 | (4435962) | 93026163  |
| Managed Volatility Fund | 77612354 | 19341897 | (2501819) | 16840078  |
| Mid Cap Growth Fund | 337596361 | 53470514 | (11654263) | 41816251  |
| Mid Cap Value Fund | 230553711 | 17940023 | (15638958) | 2301065  |
| Small Cap Growth Equity Fund | 112997220 | 32704300 | (5965764) | 26738536  |
| Small Company Value Fund | 58114788 | 5629569 | (10230533) | (4600964)  |
| Small/Mid Cap Value Fund | 113454981 | 15103402 | (9952606) | 5150796  |
| Sustainable Equity Fund | 90191529 | 49944468 | (2952459) | 46992009 |

---

Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years. Capital losses may be carried forward indefinitely, and retain the character of the original loss.

At December 31, 2025, the following Fund(s) had accumulated capital loss carryforwards:

---

| | | |
|:---|:---|:---|
|  | **Short Term** <br>**Capital Loss** <br>**Carryforward**  | **Long Term** <br>**Capital Loss** <br>**Carryforward**  |
| Conservative Allocation Fund | $(2615912) | $(12677034)  |
| Core Plus Bond Fund | (21611089) | (33650871) |

---

Generally accepted accounting principles in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital.

**166**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended December 31, 2025, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary** <br>**Income**  | **Long Term** <br>**Capital Gain**  |
| Conservative Allocation Fund | $7107845 | $—  |
| Balanced Allocation Fund | 7702162 | 273025  |
| Moderate Allocation Fund | 23256371 | —  |
| Growth Allocation Fund | 16655829 | 36765069  |
| Aggressive Allocation Fund | 1633061 | 3647383  |
| MML American Funds Growth Fund |  | 21170332  |
| MML American Funds Core Allocation Fund | 10567731 | 29483669  |
| Blue Chip Growth Fund | 931617 | 87302890  |
| Core Plus Bond Fund | 12771394 | —  |
| Equity Income Fund | 6743475 | 39508497  |
| Equity Index Fund | 8018281 | 103776203  |
| Focused Equity Fund | 2991490 | 29072052  |
| Foreign Fund | 4302552 | 6799959  |
| Fundamental Equity Fund | 1547698 | 12885838  |
| Global Fund | 1247602 | 9206855  |
| Income & Growth Fund | 3364633 | 24405497  |
| International Equity Fund | 3426185 | 3496850  |
| Large Cap Growth Fund |  | 39703049  |
| Managed Volatility Fund | 20586950 | 4976528  |
| Mid Cap Growth Fund | 7857106 | 40860685  |
| Mid Cap Value Fund | 10322200 | 12271167  |
| Small Cap Growth Equity Fund | 406274 | —  |
| Small Company Value Fund | 685855 | —  |
| Small/Mid Cap Value Fund | 4533852 | 10062242  |
| Sustainable Equity Fund | 1109698 | 14168845 |

---

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended December 31, 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary** <br>**Income**  | **Long Term** <br>**Capital Gain**  |
| Conservative Allocation Fund  | $6203924  | $—  |
| Balanced Allocation Fund  | 6649786  | —  |
| Moderate Allocation Fund  | 20667716  | —  |
| Growth Allocation Fund  | 13516698  | 596917  |
| Aggressive Allocation Fund  | 1327116  | 2340673  |
| MML American Funds Growth Fund  | —  | 20251569  |
| MML American Funds Core Allocation Fund  | 11093247  | 10439382  |
| Blue Chip Growth Fund  | —  | 36023293  |
| Core Plus Bond Fund  | 12211554  |  |
| Equity Income Fund  | 8582564  | 21196814  |
| Equity Index Fund  | 8863111  | 21767856  |
| Focused Equity Fund  | 2678099  | 12539274  |
| Foreign Fund  | 5248279  | —  |
| Fundamental Equity Fund  | 3382692  | 9781331  |
| Global Fund  | 1273234  | 6624702  |

---

**167**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Ordinary** <br>**Income**  | **Long Term** <br>**Capital Gain**  |
| Income & Growth Fund  | $3079534  | $19720595  |
| International Equity Fund  | 3624812  | —  |
| Large Cap Growth Fund  | —  | 15882237  |
| Managed Volatility Fund  | 557925  | 3198186  |
| Mid Cap Growth Fund  | 288102  | 18273417  |
| Mid Cap Value Fund  | 7221451  | 7166224  |
| Small Cap Growth Equity Fund  | 58539  | —  |
| Small Company Value Fund  | 818958  | —  |
| Small/Mid Cap Value Fund  | 2529045  | 7045442  |
| Sustainable Equity Fund  | 1347593  | 7018104 |

---

The following Fund(s) have elected to pass through the foreign tax credit for the year ended December 31, 2025:

---

| | |
|:---|:---|
|  | **Amount**  |
| Conservative Allocation Fund | $44201  |
| Balanced Allocation Fund | 70894  |
| Moderate Allocation Fund | 281540  |
| Growth Allocation Fund | 336635  |
| Aggressive Allocation Fund | 56534  |
| MML American Funds Core Allocation Fund | 252017  |
| Foreign Fund | 383332  |
| International Equity Fund | 692823 |

---

Capital accounts within the financial statements are periodically adjusted for permanent differences between book and tax accounting. These adjustments have no impact on net assets or the results of operations. Temporary book and tax accounting differences will reverse in subsequent periods. At December 31, 2025, temporary book and tax accounting differences were primarily attributable to the deferral of wash sale losses, deferred Trustee compensation, and other temporary basis adjustments.

At December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary Income**  | **Undistributed** <br>**Long Term** <br>**Capital Gain** <br>**(Capital Loss)** <br>**Carryover**  | **Other** <br>**Temporary** <br>**Differences**  | **Unrealized** <br>**Appreciation** <br>(Depreciation)  | **Total**  |
| Conservative Allocation Fund | $7285201 | $(15292946) | $(29666) | $(9175936) | $(17213347)  |
| Balanced Allocation Fund | 8180392 | 777558 | (35907) | (7106397) | 1815646  |
| Moderate Allocation Fund | 24350690 | 3903453 | (133749) | (7776687) | 20343707  |
| Growth Allocation Fund | 19158144 | 38931617 | (104828) | 9129794 | 67114727  |
| Aggressive Allocation Fund | 2020364 | 7102024 | (8979) | 2424586 | 11537995  |
| MML American Funds Growth Fund | 1683077 | 34240866 | (10886) | 102194791 | 138107848  |
| MML American Funds Core Allocation Fund | 10426978 | 95304805 | (56070) | (4469519) | 101206194  |
| Blue Chip Growth Fund |  | 81234676 | (31076) | 212219637 | 293423237  |
| Core Plus Bond Fund | 13198169 | (55261960) | (25504) | (1753112) | (43842407)  |
| Equity Income Fund | 8699615 | 44718645 | (40665) | 76161941 | 129539536  |
| Equity Index Fund | 6837610 | 43181199 | (55107) | 411613467 | 461577169  |
| Focused Equity Fund | 1217931 | 14387116 | (10165) | 43598677 | 59193559  |
| Foreign Fund | 6159135 | 7769518 | (28441) | 41020522 | 54920734  |
| Fundamental Equity Fund | 1324585 | 14375540 | (11402) | 44129060 | 59817783  |
| Global Fund | 6236092 | 17325530 | (16779) | 75644842 | 99189685  |

---

**168**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary Income**  | **Undistributed** <br>**Long Term** <br>**Capital Gain** <br>**(Capital Loss)** <br>**Carryover**  | **Other** <br>**Temporary** <br>**Differences**  | **Unrealized** <br>**Appreciation** <br>(Depreciation)  | **Total**  |
| Income & Growth Fund | $2676012 | $12020338 | $(19184) | $22923659 | $37600825  |
| International Equity Fund | 9129290 | 14543766 | (9711) | 27260250 | 50923595  |
| Large Cap Growth Fund |  | 14346082 | (12337) | 93026163 | 107359908  |
| Managed Volatility Fund | 16503170 | 2587891 | (20801) | 16838832 | 35909092  |
| Mid Cap Growth Fund | 1444950 | 31600758 | (34156) | 41816251 | 74827803  |
| Mid Cap Value Fund | 9061245 | 7733137 | (36797) | 2302889 | 19060474  |
| Small Cap Growth Equity Fund |  | 6353165 | (21876) | 26738536 | 33069825  |
| Small Company Value Fund | 1087235 | 2777790 | (7528) | (4600964) | (743467)  |
| Small/Mid Cap Value Fund | 2098603 | 2606069 | (17881) | 5150796 | 9837587  |
| Sustainable Equity Fund | 589861 | 14350992 | (13895) | 46992343 | 61919301 |

---

The Funds did not have any unrecognized tax benefits at December 31, 2025, nor were there any increases or decreases in unrecognized tax benefits for the year then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the year ended December 31, 2025, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. Foreign taxes are provided for based on the Funds' understanding of the tax rules and rates that exist in the foreign markets in which they invest.

The Funds adopted Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, during the reporting period. The adoption of (ASU) 2023-09 did not result in any changes to the Funds' financial statement presentation or disclosures.

**169**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;7. Investment in Affiliated Issuers

A summary of the Funds' transactions in the securities of affiliated issuers during the year ended December 31, 2025, was as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning** <br>**Value as of**<br>**12/31/24** | **Purchases** | **Sales** | **Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Net**<br>**Realized**<br>**Gain (Loss)** | **Value as of**<br>**12/31/25** | **Number of**<br>**Shares Held**<br>**as of**<br>**12/31/25** | **Dividend**<br>**Income** | **Realized**<br>**Gains**<br>**Distributions**  |
| **Conservative Allocation Fund**  | **Conservative Allocation Fund**  | **Conservative Allocation Fund**  | **Conservative Allocation Fund**  | **Conservative Allocation Fund**  | **Conservative Allocation Fund**  | **Conservative Allocation Fund**  | **Conservative Allocation Fund**  | **Conservative Allocation Fund**  | **Conservative Allocation Fund**  |
|  MML Barings High Yield Fund, Class I | $— | $691198 | $— | $18335 | $— | $709533 | 86953 | $32232 | $—  |
|  MML Blue Chip Growth Fund, Initial Class | 10029055 | 2038948 | (3010518) | (74594) | (90817) | 8892074 | 452523 |  | 1742373  |
|  MML Dynamic Bond Fund, Class II | 28570219 | 1998037 | (29433604) | 4748515 | (5883167) |  |  | 1651560 | —  |
|  MML Equity Income Fund, Initial Class | 7909812 | 8695935 | (3409752) | 1036070 | (457217) | 13774848 | 1321962 | 182870 | 1268682  |
|  MML Focused Equity Fund, Class II | 13961032 | 2123503 | (3980595) | (399497) | (360132) | 11344311 | 1622934 | 111173 | 1577533  |
|  MML Foreign Fund, Initial Class | 4148633 | 396226 | (1484774) | 590369 | 313577 | 3964031 | 334235 | 99409 | 168642  |
|  MML Fundamental Equity Fund, Class II | 6456067 | 834864 | (1825003) | 339168 | (70623) | 5734473 | 478671 | 31930 | 610969  |
|  MML Fundamental Value Fund, Class II | 7835030 | 2455152 | (7563570) | (634648) | (2091964) |  |  | 93680 | 2268328  |
| MML Global Fund, Class I | 4892138 | 288288 | (1239655) | 711126 | 153291 | 4805188 | 955306 | 12811 | 129000  |
|  MML High Yield Fund, Class II | 718258 | 64539 | (724920) | 7168 | (65045) |  |  | 55950 | —  |
|  MML Income & Growth Fund, Initial Class | 3466644 | 789991 | (889259) | (208995) | (69070) | 3089311 | 349075 | 57329 | 627611  |
|  MML Inflation-Protected and Income Fund, Initial Class | 5528256 | 413414 | (1528774) | 525895 | (452931) | 4485860 | 518597 | 232894 | —  |
|  MML Invesco Discovery Mid Cap Fund, Class II |  | 1000407 | (26284) | 5835 | 480 | 980438 | 97459 |  | —  |
|  MML Managed Bond Fund, Initial Class | 46799818 | 18581884 | (14848175) | 5015654 | (3151311) | 52397870 | 4689925 | 2154495 | —  |
|  MML Mid Cap Growth Fund, Initial Class | 5993996 | 1092423 | (2459687) | 621766 | (1298215) | 3950283 | 397013 |  | 867010  |
|  MML Short-Duration Bond Fund, Class II | 13138882 | 917773 | (3439742) | 347835 | (162427) | 10802321 | 1167818 | 511601 | —  |
|  MML Small Cap Growth Equity Fund, Initial Class | 1325768 | 44718 | (346343) | 67881 | 148 | 1092172 | 94097 | 3803 | —  |
|  MML Small/Mid Cap Value Fund, Initial Class | 1484274 | 198989 | (359448) | (66642) | (64274) | 1192899 | 143205 | 11588 | 144938  |
|  MML Strategic Emerging Markets Fund, Class II | 1780980 | 25113 | (1811841) | 84718 | (78970) |  |  | 2751 | —  |
|  MML VIP American Century Mid Cap Value Fund, Initial Class | 4527100 | 583351 | (1128890) | 350393 | (385545) | 3946409 | 490847 | 110210 | 289782  |
|  MML VIP American Century Small Company Value Fund, Class II | 2487541 | 102171 | (644010) | (23144) | (88666) | 1833892 | 212996 | 26093 | —  |
|  MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund, Class II | 40809285 | 18076821 | (13301621) | 4449409 | (2880009) | 47153885 | 5204623 | 1732035 | —  |
|  MML VIP Loomis Sayles Large Cap Growth Fund, Initial Class | 7860423 | 1517842 | (2418927) | (535602) | 236786 | 6660522 | 409626 |  | 1291155  |
|  MML VIP MFS<sup>®</sup> International Equity Fund, Class II | 12499318 | 734204 | (4153714) | 2364588 | 94743 | 11539139 | 927584 | 173270 | 176480  |
|  | $232222529 | $63665791 | $(100029106) | $19341603 | $(16851358) | $198349459 |  | $7287684 | $11162503 |

---

**170**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning** <br>**Value as of** <br>**12/31/24** | **Purchases** | **Sales** | **Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Net** <br>**Realized** <br>**Gain (Loss)** | **Value as of** <br>**12/31/25** | **Number of** <br>**Shares Held**<br>**as of** <br>**12/31/25** | **Dividend** <br>**Income** | **Realized** <br>**Gains** <br>**Distributions**  |
| **Balanced Allocation Fund** | **Balanced Allocation Fund** | **Balanced Allocation Fund** | **Balanced Allocation Fund** | **Balanced Allocation Fund** | **Balanced Allocation Fund** | **Balanced Allocation Fund** | **Balanced Allocation Fund** | **Balanced Allocation Fund** | **Balanced Allocation Fund** |
|  MML Barings High Yield Fund, Class I | $— | $718133 | $— | $19050 | $— | $737183 | 90341 | $33488 | $—  |
|  MML Blue Chip Growth Fund, Initial Class | 15078360 | 2905117 | (3242606) | 251637 | (486379) | 14506129 | 738225 |  | 2670738  |
|  MML Dynamic Bond Fund, Class II | 29069571 | 2058328 | (29910373) | 5023713 | (6241239) |  |  | 1746905 | —  |
|  MML Equity Income Fund, Initial Class | 11887507 | 13273360 | (3672677) | 587495 | 328034 | 22403719 | 2150069 | 281774 | 1954841  |
|  MML Focused Equity Fund, Class II | 21275560 | 2974636 | (4181082) | (897525) | (262241) | 18909348 | 2705200 | 173168 | 2457246  |
|  MML Foreign Fund, Initial Class | 6247624 | 527944 | (1543945) | 1178466 | 239652 | 6649741 | 560686 | 158156 | 268303  |
|  MML Fundamental Equity Fund, Class II | 9748872 | 1141475 | (1907834) | 154437 | 259796 | 9396746 | 784369 | 49169 | 940835  |
|  MML Fundamental Value Fund, Class II | 11901323 | 3851595 | (11445095) | (1144492) | (3163331) |  |  | 147765 | 3577927  |
| MML Global Fund, Class I | 7382406 | 333995 | (1305812) | 1184365 | 154762 | 7749716 | 1540699 | 19708 | 198442  |
|  MML High Yield Fund, Class II | 720418 | 66015 | (725897) | 17901 | (78437) |  |  | 58275 | —  |
|  MML Income & Growth Fund, Initial Class | 5058330 | 1098343 | (930829) | (308450) | (102250) | 4815144 | 544084 | 85020 | 930765  |
|  MML Inflation-Protected and Income Fund, Initial Class | 5545550 | 333809 | (1076469) | 381352 | (308950) | 4875292 | 563618 | 238536 | —  |
|  MML Invesco Discovery Mid Cap Fund, Class II |  | 1602714 | (28334) | 9381 | 533 | 1584294 | 157485 |  | —  |
|  MML Managed Bond Fund, Initial Class | 47324218 | 18506782 | (10522272) | 3367374 | (1419752) | 57256350 | 5124788 | 2228144 | —  |
|  MML Mid Cap Growth Fund, Initial Class | 9020485 | 1511463 | (3139270) | 708206 | (1745150) | 6355734 | 638767 |  | 1325122  |
|  MML Short-Duration Bond Fund, Class II | 13179181 | 737758 | (2422055) | 326093 | (129586) | 11691391 | 1263934 | 523397 | —  |
|  MML Small Cap Growth Equity Fund, Initial Class | 1985693 | 38163 | (364837) | 70806 | 35376 | 1765201 | 152082 | 5805 | —  |
|  MML Small/Mid Cap Value Fund, Initial Class | 2208598 | 270316 | (376670) | (178313) | (21550) | 1902381 | 228377 | 17539 | 219371  |
|  MML Strategic Emerging Markets Fund, Class II | 2683209 | 34484 | (2724999) | 434877 | (427571) |  |  | 4312 | —  |
|  MML VIP American Century Mid Cap Value Fund, Initial Class | 6825302 | 767490 | (1191145) | (181173) | 125421 | 6345895 | 789290 | 168581 | 443264  |
|  MML VIP American Century Small Company Value Fund, Class II | 3735955 | 100096 | (678401) | 32984 | (212871) | 2977763 | 345849 | 39928 | —  |
|  MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund, Class II | 41225757 | 18173454 | (9440421) | 3912991 | (2273609) | 51598172 | 5695162 | 1790565 | —  |
|  MML VIP Loomis Sayles Large Cap Growth Fund, Initial Class | 11827910 | 2198372 | (2521397) | (621560) | 140914 | 11024239 | 677997 |  | 2019091  |
|  MML VIP MFS<sup>®</sup> International Equity Fund, Class II | 19119650 | 866091 | (4326078) | 3292087 | 620905 | 19572655 | 1573365 | 278494 | 283654  |
|  | $283051479 | $74089933 | $(97678498) | $17621702 | $(14967523) | $262117093 |  | $8048729 | $17289599 |

---

**171**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning** <br>**Value as of**<br>**12/31/24** | **Purchases** | **Sales** | **Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Net**<br>**Realized**<br>**Gain (Loss)** | **Value as of**<br>**12/31/25** | **Number of**<br>**Shares Held**<br>**as of**<br>**12/31/25** | **Dividend**<br>**Income** | **Realized**<br>**Gains**<br>**Distributions**  |
| **Moderate Allocation Fund**  | **Moderate Allocation Fund**  | **Moderate Allocation Fund**  | **Moderate Allocation Fund**  | **Moderate Allocation Fund**  | **Moderate Allocation Fund**  | **Moderate Allocation Fund**  | **Moderate Allocation Fund**  | **Moderate Allocation Fund**  | **Moderate Allocation Fund**  |
|  MML Barings High Yield Fund, Class I | $— | $1904643 | $— | $50525 | $— | $1955168 | 239604 | $88818 | $—  |
|  MML Blue Chip Growth Fund, Initial Class | 62985575 | 10879160 | (14899393) | 868985 | (1791193) | 58043134 | 2953849 |  | 10850098  |
|  MML Dynamic Bond Fund, Class II | 80240124 | 4715731 | (81703979) | 12918208 | (16170084) |  |  | 4713733 | —  |
|  MML Equity Income Fund, Initial Class | 49895527 | 52966413 | (17690900) | 3505985 | 293246 | 88970271 | 8538414 | 1146842 | 7956351  |
|  MML Focused Equity Fund, Class II | 87549326 | 10529243 | (20444781) | (6475159) | 1867107 | 73025736 | 10447173 | 690362 | 9796200  |
|  MML Foreign Fund, Initial Class | 25393996 | 1732719 | (6589244) | 4719960 | 962036 | 26219467 | 2210748 | 637923 | 1082202  |
|  MML Fundamental Equity Fund, Class II | 40665545 | 4035168 | (9355726) | 2452442 | (739588) | 37057841 | 3093309 | 199474 | 3816868  |
|  MML Fundamental Value Fund, Class II | 49718738 | 15233649 | (47363266) | (6057530) | (11531591) |  |  | 604136 | 14628304  |
| MML Global Fund, Class I | 30144600 | 879155 | (6373865) | 4567141 | 801122 | 30018153 | 5967824 | 78127 | 786667  |
|  MML High Yield Fund, Class II | 1967478 | 155453 | (1962048) | 14207 | (175090) |  |  | 155402 | —  |
|  MML Income & Growth Fund, Initial Class | 21622955 | 4244493 | (4543667) | (1536746) | (155426) | 19631609 | 2218261 | 354404 | 3879852  |
|  MML Inflation-Protected and Income Fund, Initial Class | 15143874 | 637393 | (3509872) | 1188647 | (980604) | 12479438 | 1442710 | 629476 | —  |
|  MML Invesco Discovery Mid Cap Fund, Class II |  | 6250626 | (232482) | 36116 | 3841 | 6058101 | 602197 |  | —  |
|  MML Managed Bond Fund, Initial Class | 130225649 | 49479555 | (34004597) | 11017306 | (5701141) | 151016772 | 13516911 | 5974488 | —  |
|  MML Mid Cap Growth Fund, Initial Class | 37078361 | 5615597 | (13655718) | 2214567 | (6360336) | 24892471 | 2501756 |  | 5298980  |
|  MML Short-Duration Bond Fund, Class II | 36068483 | 1404750 | (7897212) | 848716 | (310901) | 30113836 | 3255550 | 1386935 | —  |
|  MML Small Cap Growth Equity Fund, Initial Class | 8115416 | 327944 | (1780886) | 484914 | (47862) | 7099526 | 611665 | 23931 | —  |
|  MML Small/Mid Cap Value Fund, Initial Class | 9114865 | 954273 | (1829019) | (568663) | (234350) | 7437106 | 892810 | 70342 | 879809  |
|  MML Strategic Emerging Markets Fund, Class II | 11011296 | 17562 | (11066459) | 2217658 | (2180057) |  |  | 17271 | —  |
|  MML VIP American Century Mid Cap Value Fund, Initial Class | 27713150 | 2620193 | (5823980) | 195775 | (391135) | 24314003 | 3024130 | 663219 | 1743852  |
|  MML VIP American Century Small Company Value Fund, Class II | 15303354 | 368106 | (3311486) | 443741 | (1172724) | 11630991 | 1350870 | 160644 | —  |
|  MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund, Class II | 113318136 | 47275632 | (30521049) | 11880775 | (7425662) | 134527832 | 14848547 | 4778423 | —  |
|  MML VIP Loomis Sayles Large Cap Growth Fund, Initial Class | 48592556 | 8189501 | (11367073) | (3032057) | 1082597 | 43465524 | 2673156 |  | 8167271  |
|  MML VIP MFS<sup>®</sup> International Equity Fund, Class II | 78236609 | 2261055 | (20745854) | 13530650 | 2253080 | 75535540 | 6071989 | 1101456 | 1121862  |
|  | $980105613 | $232678014 | $(356672556) | $55486163 | $(48104715) | $863492519 |  | $23475406 | $70008316 |

---

**172**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning** <br>**Value as of** <br>**12/31/24** | **Purchases** | **Sales** | **Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Net** <br>**Realized** <br>**Gain (Loss)** | **Value as of** <br>**12/31/25** | **Number of** <br>**Shares Held** <br>**as of** <br>**12/31/25** | **Dividend** <br>**Income** | **Realized** <br>**Gains** <br>**Distributions**  |
| **Growth Allocation Fund** |  |  |  |  |  |  |  |  |  |
|  MML Barings High Yield Fund, Class I | $— | $1097598 | $— | $29116 | $— | $1126714 | 138078 | $51184 | $—  |
|  MML Blue Chip Growth Fund, Initial Class | 71892087 | 13201098 | (9968257) | 631938 | (1627718) | 74129148 | 3772476 |  | 13047752  |
|  MML Dynamic Bond Fund, Class II | 45090292 | 2738218 | (45945219) | 8882195 | (10765486) |  |  | 2707112 | —  |
|  MML Equity Income Fund, Initial Class | 56250756 | 61642887 | (13745397) | 2567400 | 1854210 | 108569856 | 10419372 | 1360964 | 9441848  |
|  MML Focused Equity Fund, Class II | 98370327 | 12657747 | (14647386) | (7599790) | 2184236 | 90965134 | 13013610 | 818464 | 11613959  |
|  MML Foreign Fund, Initial Class | 28311869 | 2089416 | (5309005) | 6390533 | 133152 | 31615965 | 2665764 | 750327 | 1272890  |
|  MML Fundamental Equity Fund, Class II | 45806514 | 4856918 | (6449611) | 2608758 | (578665) | 46243914 | 3860093 | 236294 | 4521407  |
|  MML Fundamental Value Fund, Class II | 55939577 | 17546693 | (53263583) | (5966162) | (14256525) |  |  | 694425 | 16814515  |
| MML Global Fund, Class I | 33784043 | 1093327 | (4921820) | 5606299 | 629856 | 36191705 | 7195170 | 91942 | 925772  |
|  MML High Yield Fund, Class II | 1103691 | 89877 | (1101161) | (12011) | (80396) |  |  | 89095 | —  |
|  MML Income & Growth Fund, Initial Class | 25038269 | 5226312 | (3511207) | (2608517) | 521943 | 24666800 | 2787209 | 432917 | 4739380  |
|  MML Inflation-Protected and Income Fund, Initial Class | 8500178 | 394628 | (1367476) | 532854 | (426878) | 7633306 | 882463 | 373300 | —  |
|  MML Invesco Discovery Mid Cap Fund, Class II |  | 7500728 | (179489) | 43926 | 3970 | 7369135 | 732518 |  | —  |
|  MML Managed Bond Fund, Initial Class | 74032292 | 27165256 | (13163046) | 5746757 | (2676231) | 91105028 | 8154449 | 3572929 | —  |
|  MML Mid Cap Growth Fund, Initial Class | 42051922 | 6719154 | (13234043) | 1754635 | (6641983) | 30649685 | 3080370 |  | 6328902  |
|  MML Short-Duration Bond Fund, Class II | 20636779 | 885759 | (3076822) | 471025 | (165481) | 18751260 | 2027163 | 837769 | —  |
|  MML Small Cap Growth Equity Fund, Initial Class | 9104442 | 349424 | (1376214) | 819632 | (269452) | 8627832 | 743337 | 28255 | —  |
|  MML Small/Mid Cap Value Fund, Initial Class | 10212788 | 1141588 | (1420849) | (750073) | (175574) | 9007880 | 1081378 | 82896 | 1036834  |
|  MML Strategic Emerging Markets Fund, Class II | 13223503 | 30355 | (13296280) | 4713991 | (4671569) |  |  | 21292 | —  |
|  MML VIP American Century Mid Cap Value Fund, Initial Class | 31114752 | 3109572 | (4493155) | (40587) | (209456) | 29481126 | 3666807 | 782628 | 2057825  |
|  MML VIP American Century Small Company Value Fund, Class II | 18081170 | 440775 | (2559015) | 646957 | (1493055) | 15116832 | 1755730 | 201410 | —  |
|  MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund, Class II | 63914377 | 27446256 | (11795570) | 5539142 | (2969960) | 82134245 | 9065590 | 2875260 | —  |
|  MML VIP Loomis Sayles Large Cap Growth Fund, Initial Class | 55325105 | 10133949 | (7624972) | (2765703) | 355014 | 55423393 | 3408573 |  | 10016652  |
|  MML VIP MFS<sup>®</sup> International Equity Fund, Class II | 88758633 | 2868521 | (16924603) | 12017979 | 6424833 | 93145363 | 7487569 | 1322728 | 1347234  |
|  | $896543366 | $210426056 | $(249374180) | $39260294 | $(34901215) | $861954321 |  | $17331191 | $83164970 |

---

**173**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning** <br>**Value as of** <br>**12/31/24** | **Purchases** | **Sales** | **Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Net** <br>**Realized** <br>**Gain (Loss)** | **Value as of** <br>**12/31/25** | **Number of** <br>**Shares Held** <br>**as of** <br>**12/31/25** | **Dividend** <br>**Income** | **Realized** <br>**Gains** <br>**Distributions**  |
| **Aggressive Allocation Fund**  | **Aggressive Allocation Fund**  | **Aggressive Allocation Fund**  | **Aggressive Allocation Fund**  | **Aggressive Allocation Fund**  | **Aggressive Allocation Fund**  | **Aggressive Allocation Fund**  | **Aggressive Allocation Fund**  | **Aggressive Allocation Fund**  | **Aggressive Allocation Fund**  |
|  MML Barings High Yield Fund, Class I | $— | $58344 | $— | $1548 | $— | $59892 | 7340 | $2721 | $—  |
|  MML Blue Chip Growth Fund, Initial Class | 11699911 | 2621658 | (1757732) | 28609 | (206120) | 12386326 | 630347 |  | 2178671  |
|  MML Dynamic Bond Fund, Class II | 2311925 | 167566 | (2382158) | 363239 | (460572) |  |  | 139863 | —  |
|  MML Equity Income Fund, Initial Class | 8946976 | 10709541 | (2429598) | 535150 | 171237 | 17933306 | 1721047 | 224806 | 1559620  |
|  MML Focused Equity Fund, Class II | 15525892 | 2665395 | (2586058) | (864731) | (22826) | 14717672 | 2105533 | 132565 | 1881088  |
|  MML Foreign Fund, Initial Class | 4844134 | 533025 | (1161113) | 948203 | 173016 | 5337265 | 450022 | 126532 | 214655  |
|  MML Fundamental Equity Fund, Class II | 7630305 | 1101465 | (1138128) | 442442 | (101165) | 7934919 | 662347 | 40459 | 774175  |
|  MML Fundamental Value Fund, Class II | 9103233 | 2977351 | (8758719) | (783686) | (2538179) |  |  | 114050 | 2761564  |
| MML Global Fund, Class I | 5369649 | 384799 | (869296) | 920837 | 82792 | 5888781 | 1170732 | 14967 | 150727  |
|  MML High Yield Fund, Class II | 58378 | 5473 | (58926) | (3174) | (1751) |  |  | 4748 | —  |
|  MML Income & Growth Fund, Initial Class | 3929935 | 987930 | (622229) | (393436) | 55103 | 3957303 | 447153 | 69564 | 761551  |
|  MML Inflation-Protected and Income Fund, Initial Class | 449338 | 41220 | (82999) | 12176 | (6774) | 412961 | 47741 | 20282 | —  |
|  MML Invesco Discovery Mid Cap Fund, Class II |  | 1210768 | (32514) | 6866 | 531 | 1185651 | 117858 |  | —  |
|  MML Managed Bond Fund, Initial Class | 3844298 | 1874766 | (769141) | 339596 | (178669) | 5110850 | 457452 | 200335 | —  |
|  MML Mid Cap Growth Fund, Initial Class | 6728418 | 1341166 | (2211098) | 468091 | (1273094) | 5053483 | 507888 |  | 1038921  |
|  MML Short-Duration Bond Fund, Class II | 1043250 | 90415 | (186748) | 24595 | (9380) | 962132 | 104014 | 43306 | —  |
|  MML Small Cap Growth Equity Fund, Initial Class | 1450603 | 115839 | (242853) | 135588 | (44910) | 1414267 | 121847 | 4634 | —  |
|  MML Small/Mid Cap Value Fund, Initial Class | 1635848 | 247271 | (250729) | (141598) | (10382) | 1480410 | 177720 | 13628 | 170453  |
|  MML Strategic Emerging Markets Fund, Class II | 2161423 | 27916 | (2196638) | 409005 | (401706) |  |  | 3515 | —  |
|  MML VIP American Century Mid Cap Value Fund, Initial Class | 4949912 | 714833 | (791570) | (5279) | (40150) | 4827746 | 600466 | 128215 | 337125  |
|  MML VIP American Century Small Company Value Fund, Class II | 2738297 | 195268 | (451576) | (5948) | (124075) | 2351966 | 273167 | 31461 | —  |
|  MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund, Class II | 3339147 | 1815279 | (690292) | 256656 | (122207) | 4598583 | 507570 | 160739 | —  |
|  MML VIP Loomis Sayles Large Cap Growth Fund, Initial Class | 9230947 | 2056111 | (1344225) | (552189) | 131971 | 9522615 | 585647 |  | 1717338  |
|  MML VIP MFS<sup>®</sup> International Equity Fund, Class II | 14361166 | 1022881 | (2781209) | 2924753 | 110831 | 15638422 | 1257108 | 221898 | 226009  |
|  | $121352985 | $32966280 | $(33795549) | $5067313 | $(4816479) | $120774550 |  | $1698288 | $13771897 |

---

**174**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;8. Indemnifications

Under the Funds' organizational documents, current and former Trustees and Officers are provided with specified rights to indemnification against liabilities arising in connection with the performance of their duties to the Funds, and shareholders are indemnified against personal liability for obligations of the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

**175**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

Financial Statements and Financial Highlights for the American Funds Insurance Series — Growth Fund (Master Fund of the MML American Funds Growth Fund) are included in the document titled "American Funds Insurance Series<sup>®</sup> Financial Statements and Other Information N-CSR Items 7-11 for the year ended December 31, 2025, that is filed herewith.

**176**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Report of Independent Registered Public Accounting Firm**<br>

**To the Shareholders and Board of Trustees of MML Series Investment Fund:**

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities MML Series Investment Fund (the "Funds") comprising the MML Conservative Allocation Fund, MML Balanced Allocation Fund, MML Moderate Allocation Fund, MML Growth Allocation Fund, MML Aggressive Allocation Fund, MML American Funds Growth Fund, MML American Funds Core Allocation Fund, MML Blue Chip Growth Fund, MML Equity Income Fund, MML Equity Index Fund, MML Focused Equity Fund, MML Foreign Fund, MML Fundamental Equity Fund, MML Global Fund, MML Income & Growth Fund, MML Managed Volatility Fund, MML Mid Cap Growth Fund, MML Small Cap Growth Equity Fund, MML Small/Mid Cap Value Fund, MML Sustainable Equity Fund, MML VIP American Century Mid Cap Value Fund (formerly known as "MML Mid Cap Value Fund"), MML VIP American Century Small Company Value Fund (formerly known as "MML Small Company Value fund"), MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund (formerly known as "MML Total Return Bond Fund"), MML VIP Loomis Sayles Large Cap Growth Fund (formerly known as "MML Large Cap Growth Fund"), and MML VIP MFS<sup>®</sup> International Equity Fund (formerly known as "MML International Equity Fund"), including the portfolios of investments, as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers, transfer agents, and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2026

We have served as the auditor of one or more MassMutual investment companies since 1995.

**177**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Federal Tax Information (Unaudited)**<br>

For the year ended December 31, 2025, the following Fund(s) earned the following foreign sources of income:

---

| | |
|:---|:---|
|  | **Amount**  |
| Conservative Allocation Fund | $287090  |
| Balanced Allocation Fund | 456007  |
| Moderate Allocation Fund | 1781401  |
| Growth Allocation Fund | 2114945  |
| Aggressive Allocation Fund | 335809  |
| MML American Funds Core Allocation Fund | 616473  |
| Foreign Fund | 4405882  |
| International Equity Fund | 4732330 |

---

**Dividends Received Deduction** 

Each Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

**Qualified Dividend Income** 

Under Section 854(b)(2) of the Code, the Fund(s) hereby designate the maximum amounts as qualified dividends for purposes of the maximum rate under Section 1(h)(11) of the Code for the year ended December 31, 2025.

The Fund(s) intend to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in the Treasury Regulations §1.163(j)-1(b).

**178**<br>

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![](img8960ed031.jpg)

**American Funds Insurance Series**<sup>®</sup>

Financial Statements and Other Information

N-CSR Items 7-11

for the year ended December 31, 2025

Lit. No. INGEFP4-998-0226© 2026 Capital Group. All rights reserved.

------

Global Growth Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 96.94% | Shares | Value<br> (000)<br>|
| **Information technology 29.37%** |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 10705200 | $522985 |
| Broadcom, Inc.  | 1107449 | 383288 |
| Microsoft Corp.  | 740348 | 358047 |
| NVIDIA Corp.  | 1437636 | 268119 |
| ASML Holding NV (ADR)  | 120673 | 129103 |
| ASML Holding NV  | 105955 | 113257 |
| Micron Technology, Inc.  | 433659 | 123771 |
| NEC Corp.  | 2693871 | 90835 |
| Samsung Electronics Co., Ltd.  | 1068680 | 89068 |
| SK hynix, Inc.  | 157999 | 71546 |
| Cloudflare, Inc., Class A <sup>(a)</sup>  | 336935 | 66427 |
| AppLovin Corp., Class A <sup>(a)</sup>  | 85473 | 57593 |
| Tokyo Electron, Ltd.  | 237700 | 52203 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup>  | 278761 | 44872 |
| International Business Machines Corp.  | 131299 | 38892 |
| EPAM Systems, Inc. <sup>(a)</sup>  | 179438 | 36763 |
| Salesforce, Inc.  | 126566 | 33529 |
| Intel Corp. <sup>(a)</sup>  | 902119 | 33288 |
| Capgemini SE  | 176911 | 29299 |
| Apple, Inc.  | 107144 | 29128 |
| Ubiquiti, Inc.  | 51660 | 28586 |
| Oracle Corp.  | 102383 | 19956 |
| Dassault Systemes SE  | 701879 | 19604 |
| Nemetschek SE  | 140877 | 15361 |
| Check Point Software Technologies, Ltd. <sup>(a)</sup>  | 79736 | 14796 |
| Synopsys, Inc. <sup>(a)</sup>  | 23849 | 11202 |
|  |  | 2681518 |
| **Industrials 17.72%** |  |  |
| Airbus SE, non-registered shares  | 640525 | 148572 |
| Comfort Systems USA, Inc.  | 140027 | 130686 |
| Safran SA  | 324785 | 113019 |
| General Electric Co.  | 315857 | 97293 |
| Siemens AG  | 330684 | 92868 |
| Ryanair Holdings PLC (ADR)  | 1180370 | 85211 |
| Boeing Co. (The) <sup>(a)</sup>  | 372821 | 80947 |
| Saab AB, Class B  | 1217750 | 70832 |
| BAE Systems PLC  | 2424921 | 55747 |
| GT Capital Holdings, Inc.  | 5411899 | 54732 |
| ATI, Inc. <sup>(a)</sup>  | 476446 | 54677 |
| TransDigm Group, Inc.  | 38430 | 51106 |
| RS Group PLC  | 5414909 | 45232 |
| Howmet Aerospace, Inc.  | 212197 | 43505 |
| Core & Main, Inc., Class A <sup>(a)</sup>  | 797398 | 41441 |
| ASSA ABLOY AB, Class B  | 1034590 | 40110 |
| Rocket Lab Corp. <sup>(a)</sup>  | 565667 | 39461 |
| DSV A/S  | 153094 | 38526 |
| Hitachi, Ltd.  | 1228900 | 38125 |
| Copart, Inc. <sup>(a)</sup>  | 878862 | 34407 |
| Crane Co.  | 178460 | 32913 |
| PACCAR, Inc.  | 286995 | 31429 |
| The Toro Co.  | 373724 | 29420 |
| Compagnie de Saint-Gobain SA, non-registered shares  | 270675 | 27477 |
| Hanwha Aerospace Co., Ltd.  | 40475 | 26333 |
| Alliance Global Group, Inc.  | 156400700 | 21772 |
| FTAI Aviation, Ltd.  | 102740 | 20224 |
| Mitsui & Co., Ltd.  | 676500 | 19994 |
| Deere & Co.  | 39278 | 18287 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | American Funds Insurance Series |

---

------

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| GE Vernova, Inc.  | 24758 | $16181 |
| Daikin Industries, Ltd.  | 76900 | 9872 |
| Ingersoll-Rand, Inc.  | 96000 | 7605 |
|  |  | 1618004 |
| **Consumer discretionary 13.88%** |  |  |
| Prosus NV, Class N  | 1846586 | 114052 |
| MercadoLibre, Inc. <sup>(a)</sup>  | 42043 | 84686 |
| Renault SA  | 1688781 | 69914 |
| Inchcape PLC  | 6234573 | 64629 |
| Booking Holdings, Inc.  | 11574 | 61983 |
| Starbucks Corp.  | 729678 | 61446 |
| Compagnie Financiere Richemont SA, Class A  | 279343 | 60287 |
| Amazon.com, Inc. <sup>(a)</sup>  | 239344 | 55245 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 1462554 | 54114 |
| Hyundai Motor Co.  | 254391 | 52086 |
| LKQ Corp.  | 1640562 | 49545 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 64729 | 48799 |
| Trip.com Group, Ltd. (ADR)  | 672433 | 48355 |
| MGM China Holdings, Ltd.  | 28793200 | 48329 |
| General Motors Co.  | 519771 | 42268 |
| InterContinental Hotels Group PLC  | 299249 | 41918 |
| Restaurant Brands International, Inc. (CAD denominated)  | 607375 | 41446 |
| Alibaba Group Holding, Ltd. (ADR)  | 268854 | 39409 |
| Entain PLC  | 3341847 | 34412 |
| Industria de Diseno Textil SA  | 501952 | 33064 |
| Hermes International  | 12384 | 30597 |
| Sanrio Co., Ltd.  | 912300 | 28622 |
| Carvana Co., Class A <sup>(a)</sup>  | 61924 | 26133 |
| D.R. Horton, Inc.  | 173953 | 25054 |
| Toll Brothers, Inc.  | 167692 | 22675 |
| Wynn Macau, Ltd.  | 21430000 | 16295 |
| O'Reilly Automotive, Inc. <sup>(a)</sup>  | 134120 | 12233 |
|  |  | 1267596 |
| **Financials 13.85%** |  |  |
| Citigroup, Inc.  | 1215819 | 141874 |
| Banco Bilbao Vizcaya Argentaria SA  | 5187583 | 121338 |
| 3i Group PLC  | 2294508 | 99828 |
| Brookfield Corp., Class A  | 2138896 | 98154 |
| Aon PLC, Class A  | 244466 | 86267 |
| Visa, Inc., Class A  | 237305 | 83225 |
| Prudential PLC  | 5215411 | 80470 |
| Fiserv, Inc. <sup>(a)</sup>  | 1031889 | 69312 |
| Societe Generale  | 809341 | 65207 |
| Ameriprise Financial, Inc.  | 104697 | 51337 |
| Allianz SE  | 106923 | 49042 |
| Aviva PLC  | 4545916 | 41620 |
| Halyk Savings Bank of Kazakhstan OJSC (GDR)  | 1293921 | 38688 |
| Japan Post Insurance Co., Ltd.  | 1156950 | 34716 |
| UniCredit SpA  | 359971 | 29883 |
| CME Group, Inc., Class A  | 103473 | 28256 |
| Coinbase Global, Inc., Class A <sup>(a)</sup>  | 97796 | 22116 |
| MS&AD Insurance Group Holdings, Inc.  | 831800 | 19587 |
| Arthur J. Gallagher & Co.  | 74138 | 19186 |
| CaixaBank SA, non-registered shares  | 1557890 | 19025 |
| HSBC Holdings PLC (GBP denominated)  | 1163368 | 18239 |
| HDFC Bank, Ltd.  | 1328758 | 14683 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>2</sub>

------

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| Eurobank SA  | 3558529 | $14263 |
| Swissquote Group Holding, Ltd.  | 15017 | 9116 |
| CVC Capital Partners PLC  | 542527 | 9085 |
|  |  | 1264517 |
| **Health care 7.75%** |  |  |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 213311 | 96707 |
| Argenx SE (ADR) <sup>(a)</sup>  | 80747 | 67904 |
| Regeneron Pharmaceuticals, Inc.  | 83600 | 64528 |
| Thermo Fisher Scientific, Inc.  | 103186 | 59791 |
| UnitedHealth Group, Inc.  | 179184 | 59150 |
| Eli Lilly and Co.  | 43922 | 47202 |
| EssilorLuxottica SA  | 144508 | 45690 |
| Sanofi  | 378504 | 36721 |
| Cigna Group (The)  | 132736 | 36533 |
| AstraZeneca PLC  | 194247 | 35779 |
| Pfizer, Inc.  | 1418993 | 35333 |
| Haleon PLC  | 6192098 | 31333 |
| Centene Corp. <sup>(a)</sup>  | 580852 | 23902 |
| Bayer AG  | 537074 | 23168 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 50179 | 19954 |
| Novo Nordisk AS, Class B  | 237847 | 12124 |
| Teva Pharmaceutical Industries, Ltd. (ADR) <sup>(a)</sup>  | 367000 | 11454 |
|  |  | 707273 |
| **Communication services 5.39%** |  |  |
| Meta Platforms, Inc., Class A  | 213121 | 140679 |
| Alphabet, Inc., Class A  | 269199 | 84259 |
| Spotify Technology SA <sup>(a)</sup>  | 118391 | 68751 |
| Publicis Groupe SA  | 549935 | 57051 |
| Bharti Airtel, Ltd.  | 2029589 | 47612 |
| Netflix, Inc. <sup>(a)</sup>  | 419340 | 39317 |
| Nintendo Co., Ltd.  | 566253 | 38250 |
| Tencent Holdings, Ltd.  | 213900 | 16391 |
|  |  | 492310 |
| **Consumer staples 3.33%** |  |  |
| Nestle SA  | 695583 | 69136 |
| Dollar General Corp.  | 408173 | 54193 |
| Costco Wholesale Corp.  | 44829 | 38658 |
| Carrefour SA, non-registered shares  | 2201230 | 36717 |
| Pernod Ricard SA  | 384768 | 32940 |
| Coca-Cola HBC AG (CDI) <sup>(a)</sup>  | 445087 | 23050 |
| Philip Morris International, Inc.  | 121081 | 19421 |
| Monster Beverage Corp. <sup>(a)</sup>  | 239297 | 18347 |
| Loblaw Cos., Ltd.  | 267760 | 12105 |
|  |  | 304567 |
| **Materials 2.48%** |  |  |
| Lynas Rare Earths, Ltd. <sup>(a)</sup>  | 5358289 | 44201 |
| Agnico Eagle Mines, Ltd.  | 240735 | 40824 |
| Amcor PLC (CDI)  | 3567000 | 29808 |
| Linde PLC  | 63907 | 27249 |
| Sherwin-Williams Co.  | 81338 | 26356 |
| First Quantum Minerals, Ltd. <sup>(a)</sup>  | 802920 | 21527 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **3** | American Funds Insurance Series |

---

------

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| Syensqo SA  | 168919 | $13566 |
| Ecolab, Inc.  | 46140 | 12113 |
| LyondellBasell Industries NV  | 250227 | 10835 |
|  |  | 226479 |
| **Energy 1.34%** |  |  |
| NAC Kazatomprom JSC (GDR)  | 673935 | 37443 |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 1066948 | 36139 |
| Tourmaline Oil Corp.  | 612792 | 27489 |
| Reliance Industries, Ltd.  | 789344 | 13778 |
| TotalEnergies SE (EUR denominated)  | 112486 | 7331 |
|  |  | 122180 |
| **Real estate 1.24%** |  |  |
| Mirvac Group REIT  | 25439540 | 34719 |
| Simon Property Group, Inc. REIT  | 168674 | 31223 |
| Sun Hung Kai Properties, Ltd.  | 2378500 | 28855 |
| Dexus REIT  | 3935855 | 18150 |
|  |  | 112947 |
| **Utilities 0.59%** |  |  |
| Oklo, Inc., Class A <sup>(a)(b)</sup>  | 258331 | 18538 |
| Veolia Environnement SA  | 429985 | 14981 |
| FirstEnergy Corp.  | 286296 | 12818 |
| NRG Energy, Inc.  | 50420 | 8029 |
|  |  | 54366 |
| **Total common stocks** (cost: $5,566,337,000) |  | 8851757 |
| Short-term securities 3.17% |  |  |
| **Money market investments 3.16%** | **Money market investments 3.16%** | **Money market investments 3.16%** |
| Capital Group Central Cash Fund 3.79% <sup>(c)(d)</sup>  | 2888549 | 288884 |
| **Money market investments purchased with collateral from securities on loan 0.01%** | **Money market investments purchased with collateral from securities on loan 0.01%** | **Money market investments purchased with collateral from securities on loan 0.01%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(c)(e)</sup>  | 1098443 | 1098 |
| **Total short-term securities** (cost: $289,944,000) |  | 289982 |
| **Total investment securities 100.11%** (cost: $5,856,281,000) |  | 9141739 |
| Other assets less liabilities (0.11)% |  | (10393)<br>|
| **Net assets 100.00%** |  | $9131346 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>4</sub>

------

Global Growth Fund (continued)

**Investments in affiliates** <sup>(d)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 3.16%** |  |  |  |  |  |  |  |
| **Money market investments 3.16%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(c)</sup>  | $283574 | &nbsp;&nbsp; $1841815 | &nbsp;&nbsp; $1836409 | &nbsp;&nbsp; $(82)<br>| &nbsp;&nbsp; $(14)<br>| &nbsp;&nbsp; $288884 | &nbsp;&nbsp; $12461 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(d)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(e)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| CAD = Canadian dollars |
| CDI = CREST Depository Interest  |
| EUR = Euros |
| GBP = British pounds |
| GDR = Global Depositary Receipts |
| REIT = Real Estate Investment Trust |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **5** | American Funds Insurance Series |

---

------

Global Small Capitalization Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 96.08% | Shares | Value<br> (000)<br>|
| **Industrials 21.20%** |  |  |
| International Container Terminal Services, Inc.  | 3664220 | $35133 |
| ATI, Inc. <sup>(a)</sup>  | 265862 | 30510 |
| Cleanaway Waste Management, Ltd.  | 17157789 | 29580 |
| Trelleborg AB, Class B  | 565261 | 23920 |
| Takasago Thermal Engineering Co., Ltd.  | 806148 | 22853 |
| Diploma PLC  | 300405 | 21440 |
| Casella Waste Systems, Inc., Class A <sup>(a)</sup>  | 212525 | 20815 |
| Adecco Group AG  | 694197 | 20168 |
| Nexans SA  | 134522 | 19782 |
| Modine Manufacturing Co. <sup>(a)</sup>  | 146345 | 19539 |
| UL Solutions, Inc., Class A  | 236384 | 18641 |
| Qantas Airways, Ltd.  | 2530925 | 17461 |
| Alaska Air Group, Inc. <sup>(a)</sup>  | 343688 | 17287 |
| CBIZ, Inc. <sup>(a)</sup>  | 340016 | 17154 |
| Carel Industries SpA  | 555967 | 16010 |
| Comfort Systems USA, Inc.  | 16788 | 15668 |
| VSE Corp.  | 90068 | 15561 |
| Oshkosh Corp.  | 106689 | 13403 |
| Bombardier, Inc., Class B <sup>(a)</sup>  | 75000 | 12759 |
| Rumo SA  | 4373675 | 11683 |
| ICF International, Inc.  | 133699 | 11405 |
| Inox Wind, Ltd. <sup>(a)</sup>  | 7777781 | 10690 |
| Kandenko Co., Ltd.  | 327900 | 10538 |
| AFRY AB, Class B  | 642228 | 10430 |
| Badger Infrastructure Solutions, Ltd.  | 183079 | 9755 |
| Applied Industrial Technologies, Inc.  | 35926 | 9225 |
| Addtech AB, Class B  | 245222 | 8714 |
| Howden Joinery Group PLC  | 747163 | 8320 |
| Neway Valve (Suzhou) Co., Ltd., Class A  | 1107550 | 8219 |
| dormakaba Holding AG  | 97220 | 7861 |
| ESAB Corp.  | 68792 | 7685 |
| First Advantage Corp. <sup>(a)</sup>  | 528767 | 7683 |
| Sterling Infrastructure, Inc. <sup>(a)</sup>  | 24972 | 7647 |
| Beijer Ref AB, Class B  | 445805 | 7172 |
| Visional, Inc. <sup>(a)</sup>  | 105238 | 6730 |
| IMCD NV  | 71611 | 6515 |
| Sinfonia Technology Co., Ltd.  | 110986 | 6443 |
| Huber + Suhner AG  | 35267 | 6381 |
| Tetra Tech, Inc.  | 186785 | 6265 |
| Engcon AB, Class B  | 624455 | 5619 |
| Localiza Rent a Car SA, ordinary nominative shares  | 663945 | 5236 |
| Localiza Rent a Car SA <sup>(a)</sup>  | 25536 | 194 |
| SATS, Ltd.  | 1817900 | 5378 |
| SPIE SA  | 90533 | 5211 |
| Rosebank Industries PLC <sup>(a)</sup>  | 1094795 | 5163 |
| WESCO International, Inc.  | 20529 | 5022 |
| XPO, Inc. <sup>(a)</sup>  | 35214 | 4786 |
| Saia, Inc. <sup>(a)</sup>  | 13577 | 4433 |
| RENK Group AG  | 60784 | 3806 |
| Hensoldt AG <sup>(b)</sup>  | 41633 | 3598 |
| Matson, Inc.  | 28475 | 3518 |
| Reliance Worldwide Corp., Ltd.  | 1357484 | 3485 |
| Takuma Co., Ltd.  | 204600 | 3237 |
| KEI Industries, Ltd.  | 64373 | 3195 |
| IndiaMart InterMesh, Ltd.  | 113259 | 2802 |
| Huaming Power Equipment Co., Ltd., Class A  | 647600 | 2314 |
| Byrna Technologies, Inc. <sup>(a)(b)</sup>  | 98413 | 1652 |
| McGrath RentCorp  | 3980 | 418 |
|  |  | 626112 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>6</sub>

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials 16.44%** |  |  |
| IIFL Finance, Ltd. <sup>(a)</sup>  | 4298688 | $29178 |
| Stifel Financial Corp.  | 224039 | 28054 |
| HDFC Asset Management Co., Ltd.  | 907132 | 26969 |
| SLM Corp.  | 972198 | 26308 |
| Porto Seguro SA  | 2915882 | 25720 |
| Glacier Bancorp, Inc.  | 577688 | 25447 |
| Cholamandalam Investment and Finance Co., Ltd.  | 1274960 | 24092 |
| First American Financial Corp.  | 379577 | 23321 |
| Vontobel Holding AG  | 257533 | 20820 |
| Max Financial Services, Ltd. <sup>(a)</sup>  | 975628 | 18142 |
| SiriusPoint, Ltd. <sup>(a)</sup>  | 767775 | 16807 |
| Kyoto Financial Group, Inc.  | 750000 | 16355 |
| Pluxee NV  | 1010488 | 15831 |
| Janus Henderson Group PLC  | 299721 | 14258 |
| Lazard, Inc., Class A  | 274252 | 13318 |
| Home BancShares, Inc.  | 449364 | 12483 |
| Gunma Bank, Ltd. (The)  | 1068100 | 11747 |
| Sprott, Inc.  | 109623 | 10737 |
| GQG Partners, Inc. (CDI)  | 9139164 | 10643 |
| Banco del Bajio SA  | 3890796 | 9827 |
| Asia Commercial Joint Stock Bank  | 10676850 | 9743 |
| SouthState Bank Corp.  | 94096 | 8855 |
| Eurobank SA  | 2174630 | 8716 |
| EFG International AG  | 334117 | 7988 |
| FirstCash Holdings, Inc.  | 48401 | 7714 |
| Hokuhoku Financial Group, Inc.  | 253900 | 7410 |
| IG Group Holdings PLC  | 382385 | 6778 |
| Patria Investments, Ltd., Class A  | 397904 | 6323 |
| Discovery, Ltd.  | 381042 | 5240 |
| JB Financial Group Co., Ltd.  | 282792 | 5023 |
| PJT Partners, Inc., Class A  | 28318 | 4735 |
| 360 ONE WAM, Ltd.  | 356178 | 4703 |
| Baldwin Insurance Group, Inc. (The), Class A <sup>(a)</sup>  | 180849 | 4346 |
| CVB Financial Corp.  | 226040 | 4204 |
| Root, Inc., Class A <sup>(a)</sup>  | 53525 | 3866 |
| Pinnacle Investment Management Group, Ltd.  | 322427 | 3655 |
| Haci A–mer Sabanci Holding AS  | 1367842 | 2691 |
| Capitec Bank Holdings, Ltd.  | 8764 | 2201 |
| EZCORP, Inc., Class A, nonvoting shares <sup>(a)</sup>  | 74602 | 1449 |
|  |  | 485697 |
| **Information technology 14.52%** |  |  |
| King Slide Works Co., Ltd.  | 253784 | 30159 |
| Lumentum Holdings, Inc. <sup>(a)</sup>  | 80942 | 29834 |
| Semtech Corp. <sup>(a)</sup>  | 376056 | 27712 |
| MACOM Technology Solutions Holdings, Inc. <sup>(a)</sup>  | 156241 | 26761 |
| Lattice Semiconductor Corp. <sup>(a)</sup>  | 358889 | 26407 |
| Kokusai Electric Corp.  | 663891 | 23173 |
| Q2 Holdings, Inc. <sup>(a)</sup>  | 305539 | 22048 |
| CompoSecure, Inc., Class A <sup>(a)(c)</sup>  | 948877 | 17014 |
| CompoSecure, Inc., Class A <sup>(a)</sup>  | 145811 | 2811 |
| PAR Technology Corp. <sup>(a)(b)</sup>  | 466983 | 16942 |
| Silicon Laboratories, Inc. <sup>(a)</sup>  | 116697 | 15252 |
| Allegro MicroSystems, Inc. <sup>(a)</sup>  | 555183 | 14646 |
| Rogers Corp. <sup>(a)</sup>  | 147666 | 13522 |
| Credo Technology Group Holding, Ltd. <sup>(a)</sup>  | 92021 | 13241 |
| Unity Software, Inc. <sup>(a)</sup>  | 277946 | 12277 |
| Agilysys, Inc. <sup>(a)</sup>  | 96907 | 11516 |
| Maruwa Co., Ltd.  | 41254 | 11156 |
| Riken Keiki Co., Ltd.  | 530000 | 10840 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **7** | American Funds Insurance Series |

---

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Information technology (continued)** |  |  |
| Pegasystems, Inc.  | 159265 | $9511 |
| Klaviyo, Inc., Class A <sup>(a)</sup>  | 284599 | 9241 |
| Tokyo Seimitsu Co., Ltd.  | 124023 | 8770 |
| eMemory Technology, Inc.  | 157430 | 8595 |
| Fabrinet, non-registered shares <sup>(a)</sup>  | 14995 | 6827 |
| Soitec <sup>(a)</sup>  | 177920 | 4810 |
| Cellebrite DI, Ltd. <sup>(a)</sup>  | 253216 | 4565 |
| Netskope, Inc., Class A <sup>(a)(b)</sup>  | 251977 | 4420 |
| Via Transportation, Inc., Class A <sup>(a)(b)</sup>  | 141377 | 4101 |
| OBIC Business Consultants Co., Ltd.  | 73900 | 3990 |
| Insight Enterprises, Inc. <sup>(a)</sup>  | 47429 | 3864 |
| Softcat PLC  | 195529 | 3717 |
| Topicus.com, Inc., subordinate voting shares <sup>(a)</sup>  | 38110 | 3530 |
| MongoDB, Inc., Class A <sup>(a)</sup>  | 8355 | 3507 |
| Shibaura Mechatronics Corp.  | 26300 | 3190 |
| Commvault Systems, Inc. <sup>(a)</sup>  | 24418 | 3061 |
| HPSP Co., Ltd.  | 132490 | 3056 |
| Cipher Mining, Inc. <sup>(a)(b)</sup>  | 206487 | 3048 |
| MARA Holdings, Inc. <sup>(a)(b)</sup>  | 327085 | 2937 |
| ASMPT, Ltd.  | 293500 | 2921 |
| Domo, Inc., Class B <sup>(a)</sup>  | 300977 | 2537 |
| Wolfspeed, Inc. <sup>(a)(b)</sup>  | 89368 | 1556 |
| Hexaware Technologies, Ltd.  | 126699 | 1079 |
| Bitdeer Technologies Group, Class A <sup>(a)(b)</sup>  | 49512 | 555 |
| Yotpo, Ltd. <sup>(a)(c)(d)</sup>  | 678736 | 265 |
|  |  | 428964 |
| **Consumer discretionary 11.70%** |  |  |
| CAVA Group, Inc. <sup>(a)(b)</sup>  | 547511 | 32133 |
| Light & Wonder, Inc. CHESS Depositary Interest <sup>(a)</sup>  | 266937 | 27998 |
| Entain PLC  | 2694154 | 27743 |
| TopBuild Corp. <sup>(a)</sup>  | 49920 | 20826 |
| DraftKings, Inc., Class A <sup>(a)</sup>  | 535848 | 18465 |
| Thor Industries, Inc.  | 170817 | 17538 |
| Champion Homes, Inc. <sup>(a)</sup>  | 182251 | 15400 |
| Sega Sammy Holdings, Inc.  | 878000 | 13727 |
| Wyndham Hotels & Resorts, Inc.  | 175062 | 13228 |
| Acushnet Holdings Corp.  | 165000 | 13170 |
| LKQ Corp.  | 420833 | 12709 |
| Patrick Industries, Inc.  | 96348 | 10447 |
| Guzman y Gomez, Ltd.  | 668245 | 9643 |
| Food & Life Cos., Ltd.  | 184900 | 9373 |
| Steven Madden, Ltd. <sup>(b)</sup>  | 208312 | 8674 |
| Ollies Bargain Outlet Holdings, Inc. <sup>(a)</sup>  | 74296 | 8144 |
| Aditya Vision, Ltd.  | 1363712 | 7408 |
| Cartrade Tech, Ltd. <sup>(a)</sup>  | 227495 | 7154 |
| tonies SE, Class A <sup>(a)</sup>  | 568903 | 6987 |
| Grand Canyon Education, Inc. <sup>(a)</sup>  | 41039 | 6825 |
| Dominos Pizza Enterprises, Ltd.  | 486762 | 6810 |
| Lottomatica Group SpA  | 254958 | 6691 |
| MRF, Ltd.  | 3861 | 6567 |
| Yonex Co., Ltd.  | 300000 | 6362 |
| Boot Barn Holdings, Inc. <sup>(a)</sup>  | 33840 | 5972 |
| Inchcape PLC  | 420301 | 4357 |
| Camping World Holdings, Inc., Class A  | 426336 | 4148 |
| Cairn Homes PLC (EUR denominated)  | 1597882 | 3891 |
| Savers Value Village, Inc. <sup>(a)</sup>  | 367506 | 3433 |
| Zalando SE, non-registered shares <sup>(a)</sup>  | 115415 | 3427 |
| Smartfit Escola de Ginastica e Danca SA  | 677584 | 2865 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>8</sub>

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary (continued)** |  |  |
| Coats Group PLC  | 2231726 | $2529 |
| Groupe Dynamite, Inc.  | 8500 | 512 |
| Metaplanet, Inc. <sup>(a)</sup>  | 137850 | 350 |
|  |  | 345506 |
| **Health care 10.57%** |  |  |
| Insulet Corp. <sup>(a)</sup>  | 85352 | 24260 |
| Ensign Group, Inc. (The)  | 127853 | 22272 |
| Carl Zeiss Meditec AG, non-registered shares <sup>(b)</sup>  | 417299 | 19593 |
| IDEAYA Biosciences, Inc. <sup>(a)(b)</sup>  | 486851 | 16830 |
| Bio-Rad Laboratories, Inc., Class A <sup>(a)</sup>  | 54843 | 16617 |
| Max Healthcare Institute, Ltd.  | 1220256 | 14191 |
| Addus HomeCare Corp. <sup>(a)</sup>  | 125640 | 13492 |
| Kymera Therapeutics, Inc. <sup>(a)</sup>  | 171932 | 13378 |
| Rhythm Pharmaceuticals, Inc. <sup>(a)</sup>  | 112926 | 12088 |
| Ambu AS, Class B, non-registered shares <sup>(b)</sup>  | 873841 | 12047 |
| ADMA Biologics, Inc. <sup>(a)</sup>  | 596196 | 10875 |
| Vitrolife AB  | 730264 | 10864 |
| Bio-Techne Corp.  | 178365 | 10490 |
| Zealand Pharma AS <sup>(a)</sup>  | 132343 | 9631 |
| Masimo Corp. <sup>(a)(b)</sup>  | 72354 | 9410 |
| Vimian Group AB (publ) <sup>(a)(b)</sup>  | 2729438 | 8952 |
| Asker Healthcare Group AB <sup>(a)</sup>  | 964065 | 8829 |
| iRhythm Technologies, Inc. <sup>(a)</sup>  | 45776 | 8122 |
| Encompass Health Corp.  | 62771 | 6662 |
| BridgeBio Pharma, Inc. <sup>(a)</sup>  | 86007 | 6579 |
| Shanghai Conant Optical Co., Ltd., Class H  | 902000 | 6258 |
| Establishment Labs Holdings, Inc. <sup>(a)(b)</sup>  | 85657 | 6243 |
| Indegene, Ltd.  | 933888 | 5409 |
| Denali Therapeutics, Inc. <sup>(a)</sup>  | 315416 | 5208 |
| CONMED Corp.  | 124153 | 5041 |
| Dr. Lal PathLabs, Ltd.  | 301052 | 4966 |
| AddLife AB, Class B  | 285033 | 4923 |
| Aster DM Healthcare, Ltd.  | 688425 | 4725 |
| Prestige Consumer Healthcare, Inc. <sup>(a)</sup>  | 53648 | 3310 |
| Inhibrx Biosciences, Inc. <sup>(a)(b)</sup>  | 41358 | 3267 |
| Enliven Therapeutics, Inc. <sup>(a)(b)</sup>  | 138269 | 2129 |
| Waystar Holding Corp. <sup>(a)</sup>  | 59700 | 1955 |
| Biohaven, Ltd. <sup>(a)</sup>  | 164617 | 1859 |
| GeneDx Holdings Corp., Class A <sup>(a)</sup>  | 12764 | 1660 |
|  |  | 312135 |
| **Materials 7.75%** |  |  |
| Resonac Holdings Co., Ltd.  | 1078714 | 45051 |
| Materion Corp.  | 237927 | 29579 |
| Sumitomo Bakelite Co., Ltd.  | 830059 | 27399 |
| Celanese Corp.  | 567064 | 23975 |
| Lundin Mining Corp.  | 1000000 | 21493 |
| Lundin Gold, Inc.  | 202100 | 16789 |
| Knife River Corp. <sup>(a)</sup>  | 174361 | 12266 |
| Dyno Nobel, Ltd.  | 5112453 | 10919 |
| Louisiana-Pacific Corp.  | 110000 | 8884 |
| Vicat SACA  | 85775 | 7625 |
| Acerinox SA  | 437480 | 6481 |
| Mitsui Kinzoku Co., Ltd.  | 41700 | 4711 |
| Umicore SA  | 168404 | 3515 |
| Cabot Corp.  | 48229 | 3197 |
| Huhtamaki OYJ  | 82277 | 2867 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **9** | American Funds Insurance Series |

---

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| Arkema SA  | 34302 | $2098 |
| Mayr-Melnhof Karton AG, non-registered shares  | 17249 | 1882 |
| Titan SA  | 1455 | 90 |
|  |  | 228821 |
| **Communication services 3.97%** |  |  |
| Nippon Television Holdings, Inc.  | 986700 | 23925 |
| Magnite, Inc. <sup>(a)</sup>  | 1429601 | 23202 |
| Springer Nature AG & Co. KGaA, non-registered shares  | 593839 | 13346 |
| Stubhub Holdings, Inc., Class A <sup>(a)(b)</sup>  | 900000 | 12177 |
| New York Times Co., Class A  | 175000 | 12149 |
| Indosat Tbk PT  | 85573409 | 11905 |
| Kadokawa Corp.  | 529800 | 10749 |
| Rightmove PLC  | 1080615 | 7555 |
| Bharti Hexacom, Ltd.  | 63232 | 1282 |
| Starz Entertainment Corp. <sup>(a)</sup>  | 82800 | 969 |
|  |  | 117259 |
| **Consumer staples 3.25%** |  |  |
| Raia Drogasil SA, ordinary nominative shares  | 7751754 | 33248 |
| BBB Foods, Inc., Class A <sup>(a)</sup>  | 767003 | 25610 |
| Universal Robina Corp.  | 13048305 | 14887 |
| Lamb Weston Holdings, Inc.  | 320000 | 13405 |
| Apotea Sverige AB <sup>(a)</sup>  | 593629 | 5929 |
| e.l.f. Beauty, Inc. <sup>(a)</sup>  | 40599 | 3087 |
|  |  | 96166 |
| **Energy 2.66%** |  |  |
| Weatherford International  | 409326 | 32034 |
| CNX Resources Corp. <sup>(a)</sup>  | 525389 | 19319 |
| Vista Energy, SAB de CV, Class A (ADR) <sup>(a)</sup>  | 207708 | 10107 |
| Aegis Logistics Ltd.  | 790464 | 6306 |
| Secure Waste Infrastructure Corp.  | 369037 | 4643 |
| Cactus, Inc., Class A  | 77043 | 3519 |
| Aegis Vopak Terminals, Ltd. <sup>(a)</sup>  | 953011 | 2643 |
|  |  | 78571 |
| **Real estate 2.41%** |  |  |
| Charter Hall Group REIT  | 1491963 | 24257 |
| Embassy Office Parks REIT  | 4429528 | 21465 |
| Mindspace Business Parks REIT  | 1250000 | 6607 |
| NTT DC REIT <sup>(a)</sup>  | 5706900 | 5815 |
| Lodha Developers, Ltd.  | 442564 | 5226 |
| St. Joe Co.  | 70902 | 4209 |
| Altus Group, Ltd.  | 88775 | 3668 |
|  |  | 71247 |
| **Utilities 1.61%** |  |  |
| Black Hills Corp.  | 280286 | 19457 |
| Talen Energy Corp. <sup>(a)</sup>  | 23357 | 8755 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>10</sub>

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Utilities (continued)** |  |  |
| Nippon Gas Co., Ltd.  | 364000 | $6893 |
| SembCorp Industries, Ltd.  | 1425500 | 6655 |
| IDACORP, Inc.  | 45900 | 5809 |
|  |  | 47569 |
| **Total common stocks** (cost: $2,108,611,000) | **Total common stocks** (cost: $2,108,611,000) | 2838047 |
| Preferred securities 0.66% |  |  |
| **Information technology 0.41%** |  |  |
| SmartHR, Inc., Series D, preferred shares <sup>(a)(c)(d)</sup>  | 3006 | 10054 |
| Yotpo, Ltd., Series F, preferred shares <sup>(a)(c)(d)</sup>  | 2158609 | 842 |
| Yotpo, Ltd., Series B, preferred shares <sup>(a)(c)(d)</sup>  | 287894 | 112 |
| Yotpo, Ltd., Series C, preferred shares <sup>(a)(c)(d)</sup>  | 274070 | 107 |
| Yotpo, Ltd., Series A-1, preferred shares <sup>(a)(c)(d)</sup>  | 183819 | 72 |
| Yotpo, Ltd., Series A, preferred shares <sup>(a)(c)(d)</sup>  | 89605 | 35 |
| Yotpo, Ltd., Series C-1, preferred shares <sup>(a)(c)(d)</sup>  | 75980 | 30 |
| Yotpo, Ltd., Series D, preferred shares <sup>(a)(c)(d)</sup>  | 42368 | 16 |
| Yotpo, Ltd., Series B-1, preferred shares <sup>(a)(c)(d)</sup>  | 33838 | 13 |
| Outreach Corp., Series G, preferred shares <sup>(a)(c)(d)</sup>  | 154354 | 807 |
|  |  | 12088 |
| **Financials 0.25%** |  |  |
| Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares <sup>(a)(b)</sup>  | 500000 | 7200 |
| **Total preferred securities** (cost: $27,808,000) | **Total preferred securities** (cost: $27,808,000) | 19288 |
| Rights & warrants 0.00% |  |  |
| **Consumer discretionary 0.00%** |  |  |
| Smartfit Escola de Ginastica e Danca SA, rights, expire 1/6/2026 <sup>(a)</sup>  | 21419 | 12 |
| Convertible bonds & notes 0.05% | Principal amount<br> (000)<br>|  |
| **Information technology 0.05%** |  |  |
| Wolfspeed, Inc., convertible notes, 2.50% 6/15/2031  | USD773 | 1149 |
| Wolfspeed, Inc., convertible notes, 2.50% 6/15/2031 <sup>(e)</sup>  | 291 | 432 |
| **Total convertible bonds & notes** (cost: $923,000) | **Total convertible bonds & notes** (cost: $923,000) | 1581 |
| Bonds, notes & other debt instruments 0.03% |  |  |
| **Corporate bonds and notes 0.03%** | **Corporate bonds and notes 0.03%** | **Corporate bonds and notes 0.03%** |
| **Information technology 0.03%** |  |  |
| Wolfspeed, Inc. 7.00% Cash 6/15/2031 (7.00% on 12/15/2030) <sup>(f)(g)</sup>  | 1173 | 945 |
| **Total bonds, notes & other debt instruments** (cost: $1,334,000) | **Total bonds, notes & other debt instruments** (cost: $1,334,000) | 945 |
| Short-term securities 6.72% | Shares |  |
| **Money market investments 2.90%** | **Money market investments 2.90%** | **Money market investments 2.90%** |
| Capital Group Central Cash Fund 3.79% <sup>(h)(i)</sup>  | 856817 | 85690 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **11** | American Funds Insurance Series |

---

------

Global Small Capitalization Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities (continued) |  | Shares | Value<br> (000)<br>|
| **Money market investments purchased with collateral from securities on loan 2.33%** | **Money market investments purchased with collateral from securities on loan 2.33%** | **Money market investments purchased with collateral from securities on loan 2.33%** | **Money market investments purchased with collateral from securities on loan 2.33%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(h)(j)</sup>  | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(h)(j)</sup>  | 55116990 | $55117 |
| Capital Group Central Cash Fund 3.79% <sup>(h)(i)(j)</sup>  | Capital Group Central Cash Fund 3.79% <sup>(h)(i)(j)</sup>  | 138082 | 13810 |
|  |  |  | 68927 |
|  | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>|  |
| **Commercial paper 1.49%** | **Commercial paper 1.49%** | **Commercial paper 1.49%** | **Commercial paper 1.49%** |
| Oversea-Chinese Banking Corp., Ltd. 1/16/2026 <sup>(e)</sup>  | 3.214<br> %<br>| USD21,500 | 21464 |
| TOTAL Holdings USA, Inc. 1/9/2026 <sup>(e)</sup>  | 2.868 | 22500 | 22479 |
|  |  |  | 43943 |
| **Total short-term securities** (cost: $198,558,000) | **Total short-term securities** (cost: $198,558,000) | **Total short-term securities** (cost: $198,558,000) | 198560 |
| **Total investment securities 103.54%** (cost: $2,337,234,000) | **Total investment securities 103.54%** (cost: $2,337,234,000) | **Total investment securities 103.54%** (cost: $2,337,234,000) | 3058433 |
| Other assets less liabilities (3.54)% | Other assets less liabilities (3.54)% |  | (104630)<br>|
| **Net assets 100.00%** | **Net assets 100.00%** |  | $2953803 |

---

**Investments in affiliates** <sup>(i)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Common stocks 0.00%** |  |  |  |  |  |  |  |
| **Consumer discretionary 0.00%** |  |  |  |  |  |  |  |
| Lands' End, Inc. <sup>(a)(k)</sup>  | $27594 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16981 | &nbsp;&nbsp; $2176 | &nbsp;&nbsp; $(12789)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Short-term securities 3.37%** |  |  |  |  |  |  |  |
| **Money market investments 2.90%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(h)</sup>  | 16001 | &nbsp;&nbsp; 781768 | &nbsp;&nbsp; 712093 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 85690 | &nbsp;&nbsp; 4646 |
| **Money market investments purchased with collateral** <br>**from securities on loan 0.47%**<br>|  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(h)(j)</sup>  | 19927 |  | &nbsp;&nbsp; 6117 <br><sup>(l)</sup><br>|  |  | &nbsp;&nbsp; 13810 | &nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| **Total short-term securities** |  |  |  |  |  | &nbsp;&nbsp; 99500 |  |
| **Total 3.37%** |  |  |  | &nbsp;&nbsp; $2186 | &nbsp;&nbsp; $(12785)<br>| &nbsp;&nbsp; $99500 | &nbsp;&nbsp; $4646 |

---

**Restricted securities** <sup>(c)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| CompoSecure, Inc., Class A <sup>(a)</sup> <br>| 12/24/2025 | $17554 | $17014 | 0.57<br> %<br>|
| SmartHR, Inc., Series D, preferred shares <sup>(a)(d)</sup> <br>| 5/28/2021 | 14344 | 10054 | 0.34 |
| Yotpo, Ltd., Series F, preferred shares <sup>(a)(d)</sup> <br>| 2/25/2021 | 4748 | 842 | 0.03 |
| Yotpo, Ltd. <sup>(a)(d)</sup> <br>| 3/16/2021 | 1418 | 265 | 0.01 |
| Yotpo, Ltd., Series B, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | 602 | 112 | 0.01 |
| Yotpo, Ltd., Series C, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | 573 | 107 | 0.00 <br><sup>(n)</sup><br>|
| Yotpo, Ltd., Series A-1, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | 384 | 72 | 0.00 <br><sup>(n)</sup><br>|
| Yotpo, Ltd., Series A, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | 187 | 35 | 0.00 <br><sup>(n)</sup><br>|
| Yotpo, Ltd., Series C-1, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | 159 | 30 | 0.00 <br><sup>(n)</sup><br>|
| Yotpo, Ltd., Series D, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | 88 | 16 | 0.00 <br><sup>(n)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>12</sub>

------

Global Small Capitalization Fund (continued)

**Restricted securities** <sup>(c)</sup> (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition<br> date(s)<br>| Cost<br> (000)<br>| Value<br> (000)<br>| Percent<br> of net<br> assets<br>|
| Yotpo, Ltd., Series B-1, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | $71 | $13 | 0.00 %<sup>(n)</sup><br>|
| Outreach Corp., Series G, preferred shares <sup>(a)(d)</sup> <br>| 5/27/2021 | 4517 | 807 | 0.03 |
| **Total** |  | $44645 | $29367 | 0.99<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(d)</sup> Value determined using significant unobservable inputs.

<sup>(e)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $44,375,000, which represented 1.50% of the net assets of the fund. 

<sup>(f)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

<sup>(g)</sup> Step bond; coupon rate may change at a later date.

<sup>(h)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(i)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(j)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(k)</sup> Affiliated issuer during the reporting period but no longer held at 12/31/2025.

<sup>(l)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(m)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

<sup>(n)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| CDI = CREST Depository Interest  |
| EUR = Euros |
| REIT = Real Estate Investment Trust |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **13** | American Funds Insurance Series |

---

------

Growth Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 97.05% | Shares | Value<br> (000)<br>|
| **Information technology 30.03%** |  |  |
| NVIDIA Corp.  | 14633168 | $2729086 |
| Broadcom, Inc.  | 7127917 | 2466972 |
| Microsoft Corp.  | 4705891 | 2275863 |
| Micron Technology, Inc.  | 4145247 | 1183095 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup>  | 6681199 | 1075473 |
| Apple, Inc.  | 3469920 | 943333 |
| Cloudflare, Inc., Class A <sup>(a)</sup>  | 3933670 | 775523 |
| Salesforce, Inc.  | 2329847 | 617200 |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 9590699 | 468538 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)  | 178139 | 54135 |
| SK hynix, Inc.  | 1021431 | 462530 |
| Strategy, Inc., Class A <sup>(a)</sup>  | 2430046 | 369246 |
| Constellation Software, Inc.  | 144522 | 347619 |
| Fair Isaac Corp. <sup>(a)</sup>  | 159463 | 269591 |
| Synopsys, Inc. <sup>(a)</sup>  | 548921 | 257839 |
| AppLovin Corp., Class A <sup>(a)</sup>  | 321334 | 216521 |
| KLA Corp.  | 161842 | 196651 |
| Unity Software, Inc. <sup>(a)</sup>  | 4187714 | 184971 |
| Adobe, Inc. <sup>(a)</sup>  | 464126 | 162440 |
| Intel Corp. <sup>(a)</sup>  | 4381849 | 161690 |
| Amphenol Corp., Class A  | 1061587 | 143463 |
| ASML Holding NV (ADR)  | 121131 | 129593 |
| ASML Holding NV  | 11142 | 11910 |
| Klaviyo, Inc., Class A <sup>(a)</sup>  | 3758673 | 122044 |
| Gartner, Inc. <sup>(a)</sup>  | 440392 | 111102 |
| DocuSign, Inc. <sup>(a)</sup>  | 1362952 | 93226 |
| Intuit, Inc.  | 109602 | 72603 |
| Fortinet, Inc. <sup>(a)</sup>  | 840566 | 66749 |
| Monday.com, Ltd. <sup>(a)</sup>  | 437980 | 64628 |
| HubSpot, Inc. <sup>(a)</sup>  | 133103 | 53414 |
| Accenture PLC, Class A  | 194545 | 52196 |
| Datadog, Inc., Class A <sup>(a)</sup>  | 322570 | 43866 |
| RingCentral, Inc., Class A <sup>(a)</sup>  | 1465500 | 42324 |
| Tower Semiconductor, Ltd. <sup>(a)</sup>  | 328759 | 38603 |
| Atlassian Corp., Class A <sup>(a)</sup>  | 175462 | 28449 |
| Applied Materials, Inc.  | 102877 | 26438 |
| Hewlett Packard Enterprise Co.  | 1097823 | 26370 |
| OpenAI Group PBC, Class A <sup>(a)(b)</sup>  | 35568 | 17228 |
| MKS, Inc.  | 101047 | 16147 |
| ServiceNow, Inc. <sup>(a)</sup>  | 100415 | 15383 |
| TE Connectivity PLC  | 58501 | 13310 |
| Stripe, Inc., Class B <sup>(a)(b)(c)</sup>  | 168598 | 6983 |
| Figma, Inc. <sup>(a)</sup>  | 181900 | 6798 |
|  |  | 16421143 |
| **Communication services 17.08%** |  |  |
| Meta Platforms, Inc., Class A  | 6338307 | 4183853 |
| Alphabet, Inc., Class A  | 5117670 | 1601831 |
| Alphabet, Inc., Class C  | 4890122 | 1534520 |
| Netflix, Inc. <sup>(a)</sup>  | 11967549 | 1122077 |
| Live Nation Entertainment, Inc. <sup>(a)</sup>  | 1673146 | 238423 |
| Snap, Inc., Class A, nonvoting shares <sup>(a)</sup>  | 27200000 | 219504 |
| ROBLOX Corp., Class A <sup>(a)</sup>  | 2022582 | 163890 |
| Reddit, Inc., Class A <sup>(a)</sup>  | 385000 | 88500 |
| Charter Communications, Inc., Class A <sup>(a)</sup>  | 257459 | 53745 |
| Take-Two Interactive Software, Inc. <sup>(a)</sup>  | 205671 | 52658 |
| T-Mobile US, Inc.  | 142902 | 29015 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>14</sub>

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Communication services (continued)** |  |  |
| Nintendo Co., Ltd.  | 411400 | $27790 |
| Spotify Technology SA <sup>(a)</sup>  | 36511 | 21202 |
| Stubhub Holdings, Inc., Class A <sup>(a)(d)</sup>  | 289405 | 3916 |
|  |  | 9340924 |
| **Consumer discretionary 15.69%** |  |  |
| Tesla, Inc. <sup>(a)</sup>  | 7508443 | 3376697 |
| Amazon.com, Inc. <sup>(a)</sup>  | 4731936 | 1092225 |
| Royal Caribbean Cruises, Ltd.  | 1873957 | 522684 |
| D.R. Horton, Inc.  | 3192890 | 459872 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 9143057 | 338293 |
| DoorDash, Inc., Class A <sup>(a)</sup>  | 1463440 | 331440 |
| NIKE, Inc., Class B  | 4175649 | 266031 |
| Flutter Entertainment PLC <sup>(a)</sup>  | 1088583 | 234089 |
| Burlington Stores, Inc. <sup>(a)</sup>  | 606948 | 175317 |
| Tractor Supply Co.  | 3325000 | 166283 |
| Hermes International  | 61000 | 150713 |
| Wayfair, Inc., Class A <sup>(a)</sup>  | 1406061 | 141183 |
| Norwegian Cruise Line Holdings, Ltd. <sup>(a)</sup>  | 6094950 | 136039 |
| Rivian Automotive, Inc., Class A <sup>(a)</sup>  | 6072024 | 119680 |
| Aramark  | 3218114 | 118620 |
| Home Depot, Inc.  | 315781 | 108660 |
| Texas Roadhouse, Inc.  | 569220 | 94491 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 103754 | 78220 |
| CAVA Group, Inc. <sup>(a)</sup>  | 1153603 | 67705 |
| Service Corp. International  | 848647 | 66169 |
| Amadeus IT Group SA, Class A, non-registered shares  | 900457 | 66047 |
| Five Below, Inc. <sup>(a)</sup>  | 252000 | 47467 |
| Duolingo, Inc., Class A <sup>(a)</sup>  | 267716 | 46984 |
| TopBuild Corp. <sup>(a)</sup>  | 109349 | 45619 |
| Churchill Downs, Inc.  | 393735 | 44799 |
| Booking Holdings, Inc.  | 8123 | 43501 |
| DraftKings, Inc., Class A <sup>(a)</sup>  | 1260429 | 43434 |
| Floor & Decor Holdings, Inc., Class A <sup>(a)</sup>  | 690678 | 42055 |
| YUM! Brands, Inc.  | 246744 | 37327 |
| O'Reilly Automotive, Inc. <sup>(a)</sup>  | 310795 | 28348 |
| Polaris, Inc.  | 371000 | 23466 |
| Starbucks Corp.  | 250453 | 21091 |
| AutoZone, Inc. <sup>(a)</sup>  | 5049 | 17124 |
| Marriott International, Inc., Class A  | 46380 | 14389 |
| Caesars Entertainment, Inc. <sup>(a)</sup>  | 356300 | 8334 |
| Helen of Troy, Ltd. <sup>(a)</sup>  | 269597 | 5729 |
|  |  | 8580125 |
| **Health care 10.98%** |  |  |
| Intuitive Surgical, Inc. <sup>(a)</sup>  | 1991933 | 1128151 |
| Eli Lilly and Co.  | 939135 | 1009270 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 1501764 | 680840 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 1708686 | 679459 |
| HCA Healthcare, Inc.  | 627846 | 293116 |
| UnitedHealth Group, Inc.  | 835333 | 275752 |
| Thermo Fisher Scientific, Inc.  | 472926 | 274037 |
| Boston Scientific Corp. <sup>(a)</sup>  | 2452163 | 233814 |
| Amgen, Inc.  | 520625 | 170406 |
| Ionis Pharmaceuticals, Inc. <sup>(a)</sup>  | 1674900 | 132501 |
| Illumina, Inc. <sup>(a)</sup>  | 993454 | 130302 |
| Guardant Health, Inc. <sup>(a)</sup>  | 1005728 | 102725 |
| Ascendis Pharma AS (ADR) <sup>(a)</sup>  | 444896 | 94870 |
| Moderna, Inc. <sup>(a)</sup>  | 3047100 | 89859 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **15** | American Funds Insurance Series |

---

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Health care (continued)** |  |  |
| Mettler-Toledo International, Inc. <sup>(a)</sup>  | 62042 | $86498 |
| Danaher Corp.  | 375705 | 86006 |
| Align Technology, Inc. <sup>(a)</sup>  | 540602 | 84415 |
| Hims & Hers Health, Inc., Class A <sup>(a)(d)</sup>  | 2320554 | 75348 |
| Insmed, Inc. <sup>(a)</sup>  | 418330 | 72806 |
| EssilorLuxottica SA  | 229003 | 72405 |
| BioNTech SE (ADR) <sup>(a)</sup>  | 562734 | 53572 |
| Royalty Pharma PLC, Class A  | 955185 | 36908 |
| Abbott Laboratories  | 241437 | 30250 |
| IQVIA Holdings, Inc. <sup>(a)</sup>  | 105500 | 23781 |
| CRISPR Therapeutics AG <sup>(a)(d)</sup>  | 334619 | 17547 |
| Regeneron Pharmaceuticals, Inc.  | 21203 | 16366 |
| Humana, Inc.  | 52111 | 13347 |
| QIAGEN NV  | 294396 | 13239 |
| Veeva Systems, Inc., Class A <sup>(a)</sup>  | 41200 | 9197 |
| Verily Life Sciences, LLC <sup>(a)(b)(c)</sup>  | 300178 | 8789 |
| Doximity, Inc., Class A <sup>(a)</sup>  | 172495 | 7638 |
|  |  | 6003214 |
| **Industrials 9.20%** |  |  |
| TransDigm Group, Inc.  | 716472 | 952800 |
| General Electric Co.  | 1458179 | 449163 |
| Uber Technologies, Inc. <sup>(a)</sup>  | 3678126 | 300540 |
| Quanta Services, Inc.  | 656371 | 277028 |
| FTAI Aviation, Ltd.  | 1289761 | 253889 |
| Ingersoll-Rand, Inc.  | 3178452 | 251797 |
| ATI, Inc. <sup>(a)</sup>  | 2086140 | 239405 |
| Republic Services, Inc.  | 1037338 | 219843 |
| United Airlines Holdings, Inc. <sup>(a)</sup>  | 1596411 | 178511 |
| Rocket Lab Corp. <sup>(a)</sup>  | 2320675 | 161890 |
| Northrop Grumman Corp.  | 202123 | 115253 |
| United Rentals, Inc.  | 132903 | 107561 |
| GE Vernova, Inc.  | 164046 | 107216 |
| Ryanair Holdings PLC (ADR)  | 1404492 | 101390 |
| Ryanair Holdings PLC  | 96554 | 3353 |
| Airbus SE, non-registered shares  | 426445 | 98915 |
| Copart, Inc. <sup>(a)</sup>  | 2348144 | 91930 |
| Saia, Inc. <sup>(a)</sup>  | 280378 | 91549 |
| Axon Enterprise, Inc. <sup>(a)</sup>  | 157223 | 89292 |
| Bombardier, Inc., Class B <sup>(a)</sup>  | 518058 | 88133 |
| Old Dominion Freight Line, Inc.  | 490000 | 76832 |
| Tetra Tech, Inc.  | 2192104 | 73523 |
| Casella Waste Systems, Inc., Class A <sup>(a)</sup>  | 701174 | 68673 |
| Equifax, Inc.  | 308063 | 66843 |
| Boeing Co. (The) <sup>(a)</sup>  | 307821 | 66834 |
| Willscot Holdings Corp., Class A  | 3295427 | 62053 |
| ITT, Inc.  | 343000 | 59514 |
| Rolls-Royce Holdings PLC  | 3673109 | 57092 |
| Loar Holdings, Inc. <sup>(a)</sup>  | 817165 | 55567 |
| HEICO Corp.  | 137622 | 44533 |
| Carrier Global Corp.  | 709345 | 37482 |
| XPO, Inc. <sup>(a)</sup>  | 263564 | 35821 |
| Enerpac Tool Group Corp., Class A  | 924087 | 35337 |
| Applied Industrial Technologies, Inc.  | 93197 | 23930 |
| Lennox International, Inc.  | 43370 | 21060 |
| Caterpillar, Inc.  | 30500 | 17472 |
| Builders FirstSource, Inc. <sup>(a)</sup>  | 160656 | 16530 |
| SPX Technologies, Inc. <sup>(a)</sup>  | 65962 | 13196 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **16** |

---

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Safran SA  | 31998 | $11135 |
| Einride AB <sup>(a)(b)(c)</sup>  | 128088 | 2621 |
| Einride AB (EUR denominated) <sup>(a)(b)(c)</sup>  | 78648 | 1609 |
|  |  | 5027115 |
| **Financials 7.45%** |  |  |
| Visa, Inc., Class A  | 2133721 | 748317 |
| Bank of America Corp.  | 9094572 | 500202 |
| Toast, Inc., Class A <sup>(a)</sup>  | 8375874 | 297427 |
| Affirm Holdings, Inc., Class A <sup>(a)</sup>  | 3595701 | 267628 |
| Mastercard, Inc., Class A  | 467855 | 267089 |
| Capital One Financial Corp.  | 955209 | 231504 |
| KKR & Co., Inc.  | 1738534 | 221628 |
| Apollo Asset Management, Inc.  | 1370731 | 198427 |
| LPL Financial Holdings, Inc.  | 477139 | 170420 |
| Block, Inc., Class A <sup>(a)</sup>  | 2393874 | 155817 |
| Brookfield Corp., Class A  | 3275187 | 150298 |
| American Express Co.  | 292646 | 108264 |
| UBS Group AG  | 2174000 | 100498 |
| Blue Owl Capital, Inc., Class A <sup>(d)</sup>  | 6686183 | 99892 |
| Coinbase Global, Inc., Class A <sup>(a)</sup>  | 330462 | 74731 |
| Progressive Corp.  | 307337 | 69987 |
| Truist Financial Corp.  | 1350366 | 66452 |
| Blackstone, Inc.  | 372497 | 57417 |
| Ares Management Corp., Class A  | 346466 | 55999 |
| Marsh & McLennan Cos., Inc.  | 267515 | 49629 |
| Brown & Brown, Inc.  | 598260 | 47681 |
| Ryan Specialty Holdings, Inc., Class A  | 870000 | 44918 |
| Kinsale Capital Group, Inc.  | 73584 | 28780 |
| Intercontinental Exchange, Inc.  | 176208 | 28539 |
| Aon PLC, Class A  | 57337 | 20233 |
| Tradeweb Markets, Inc., Class A  | 118829 | 12779 |
|  |  | 4074556 |
| **Consumer staples 1.87%** |  |  |
| Performance Food Group Co. <sup>(a)</sup>  | 3559500 | 320070 |
| Costco Wholesale Corp.  | 303405 | 261638 |
| Philip Morris International, Inc.  | 1376564 | 220801 |
| Bunge Global SA  | 679809 | 60557 |
| Church & Dwight Co., Inc.  | 600863 | 50382 |
| Walmart, Inc.  | 421746 | 46987 |
| Dollar Tree Stores, Inc. <sup>(a)</sup>  | 326400 | 40151 |
| Estee Lauder Cos., Inc. (The), Class A  | 163107 | 17081 |
| JUUL Labs, Inc., Class A <sup>(a)(b)(c)(e)</sup>  | 2496349 | 4743 |
|  |  | 1022410 |
| **Materials 1.79%** |  |  |
| Wheaton Precious Metals Corp.  | 2483836 | 291900 |
| Grupo Mexico, SAB de CV, Series B  | 19156155 | 180876 |
| Albemarle Corp.  | 1072000 | 151624 |
| Royal Gold, Inc.  | 551247 | 122537 |
| Barrick Mining Corp.  | 1945890 | 84743 |
| Franco-Nevada Corp. (CAD denominated)  | 323280 | 67011 |
| Glencore PLC  | 5275000 | 28695 |
| Linde PLC  | 61350 | 26159 |
| Ecolab, Inc.  | 93883 | 24646 |
|  |  | 978191 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **17** | American Funds Insurance Series |

---

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Energy 1.55%** |  |  |
| EOG Resources, Inc.  | 2238224 | $235036 |
| Baker Hughes Co., Class A  | 3500000 | 159390 |
| TechnipFMC PLC  | 2000000 | 89120 |
| ConocoPhillips  | 815850 | 76372 |
| Viper Energy, Inc., Class A  | 1904761 | 73581 |
| Diamondback Energy, Inc.  | 325000 | 48857 |
| EQT Corp.  | 775751 | 41580 |
| Cenovus Energy, Inc. (CAD denominated)  | 2415901 | 40871 |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 1087226 | 36826 |
| Tourmaline Oil Corp.  | 596759 | 26769 |
| SLB, Ltd.  | 470914 | 18074 |
|  |  | 846476 |
| **Real estate 0.74%** |  |  |
| Welltower, Inc. REIT  | 908669 | 168658 |
| Zillow Group, Inc., Class C, nonvoting shares <sup>(a)</sup>  | 2105080 | 143609 |
| CoStar Group, Inc. <sup>(a)</sup>  | 1393047 | 93668 |
|  |  | 405935 |
| **Utilities 0.67%** |  |  |
| Constellation Energy Corp.  | 509942 | 180147 |
| NRG Energy, Inc.  | 505712 | 80530 |
| Vistra Corp.  | 455512 | 73488 |
| Southern Co. (The)  | 357034 | 31133 |
|  |  | 365298 |
| **Total common stocks** (cost: $21,705,770,000) |  | 53065387 |
| Preferred securities 0.58% |  |  |
| **Information technology 0.57%** |  |  |
| Anthropic, PBC, Class F, preferred shares <sup>(a)(b)(c)</sup>  | 613792 | 154007 |
| Stripe, Inc., Series I, 6.00% noncumulative preferred shares <sup>(a)(b)(c)</sup>  | 2763342 | 114458 |
| Stripe, Inc., Series H, 6.00% noncumulative preferred shares <sup>(a)(b)(c)</sup>  | 52656 | 2181 |
| PsiQuantum Corp., Series D, preferred shares <sup>(a)(b)(c)</sup>  | 906761 | 37291 |
| PsiQuantum Corp., Series E, preferred shares <sup>(a)(b)(c)</sup>  | 56040 | 2305 |
| Tipalti Solutions, Ltd., Series F, preferred shares <sup>(a)(b)(c)</sup>  | 406310 | 1706 |
|  |  | 311948 |
| **Industrials 0.01%** |  |  |
| Einride AB, Series C, preferred shares <sup>(a)(b)(c)</sup>  | 154765 | 3167 |
| **Total preferred securities** (cost: $182,580,000) |  | 315115 |
| Rights & warrants 0.00% |  |  |
| **Information technology 0.00%** |  |  |
| Constellation Software, Inc., warrants, expire 3/31/2040 <sup>(a)(b)</sup>  | 53352 | — <br><sup>(f)</sup><br>|
| **Total rights & warrants** (cost: $0) |  | — <br><sup>(f)</sup><br>|
| Convertible stocks 0.08% |  |  |
| **Information technology 0.07%** |  |  |
| OpenAI Group PBC, Class A-2, convertible preferred shares <sup>(b)</sup>  | 73144 | 35429 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **18** |

---

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Convertible stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials 0.01%** |  |  |
| Albemarle Corp., Class A, cumulative convertible preferred depositary shares, 7.25% 3/1/2027  | 128700 | $7644 |
| **Industrials 0.00%** |  |  |
| Long Wall Co., Class A-10, noncumulative convertible preferred shares <sup>(b)(c)</sup>  | 809003 | 534 |
| Long Wall Co., Class A-9, noncumulative convertible preferred shares <sup>(b)(c)</sup>  | 171920 | 113 |
|  |  | 647 |
| **Total convertible stocks** (cost: $32,010,000) |  | 43720 |
| Short-term securities 2.43% |  |  |
| **Money market investments 2.38%** | **Money market investments 2.38%** | **Money market investments 2.38%** |
| Capital Group Central Cash Fund 3.79% <sup>(g)(h)</sup>  | 13034717 | 1303602 |
| **Money market investments purchased with collateral from securities on loan 0.05%** | **Money market investments purchased with collateral from securities on loan 0.05%** | **Money market investments purchased with collateral from securities on loan 0.05%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(g)(i)</sup>  | 26762407 | 26762 |
| **Total short-term securities** (cost: $1,330,110,000) |  | 1330364 |
| **Total investment securities 100.14%** (cost: $23,250,470,000) |  | 54754586 |
| Other assets less liabilities (0.14)% |  | (75804)<br>|
| **Net assets 100.00%** |  | $54678782 |

---

**Investments in affiliates** <sup>(h)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 2.38%** |  |  |  |  |  |  |  |
| **Money market investments 2.38%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(g)</sup>  | $1045665 | &nbsp;&nbsp; $5918652 | &nbsp;&nbsp; $5660837 | &nbsp;&nbsp; $66 | &nbsp;&nbsp; $56 | &nbsp;&nbsp; $1303602 | &nbsp;&nbsp; $51607 |
| **Money market investments purchased with collateral** <br>**from securities on loan 0.00%**<br>|  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(g)</sup>  | 4032 |  | &nbsp;&nbsp; 4032 <br><sup>(j)</sup><br>|  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(k)</sup><br>|
| **Total 2.38%** |  |  |  | &nbsp;&nbsp; $66 | &nbsp;&nbsp; $56 | &nbsp;&nbsp; $1303602 | &nbsp;&nbsp; $51607 |

---

**Restricted securities** <sup>(c)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Anthropic, PBC, Class F, preferred shares <sup>(a)(b)</sup> <br>| 8/29/2025 | $86525 | $154007 | 0.28<br> %<br>|
| Stripe, Inc., Series I, 6.00% noncumulative preferred shares <sup>(a)(b)</sup> <br>| 3/15/2023 | 55638 | 114458 | 0.21 |
| Stripe, Inc., Class B <sup>(a)(b)</sup> <br>| 5/6/'2021 | 6766 | 6983 | 0.01 |
| Stripe, Inc., Series H, 6.00% noncumulative preferred shares <sup>(a)(b)</sup> <br>| 3/15/2021 | 2113 | 2181 | 0.01 |
| PsiQuantum Corp., Series D, preferred shares <sup>(a)(b)</sup> <br>| 5/28/2021 | 23781 | 37291 | 0.07 |
| PsiQuantum Corp., Series E, preferred shares <sup>(a)(b)</sup> <br>| 5/23/2025-6/3/2025 | 2305 | 2305 | 0.00 <br><sup>(l)</sup><br>|
| Verily Life Sciences, LLC <sup>(a)(b)</sup> <br>| 12/21/2018 | 37000 | 8789 | 0.02 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **19** | American Funds Insurance Series |

---

------

Growth Fund (continued)

**Restricted securities** <sup>(c)</sup> (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition<br> date(s)<br>| Cost<br> (000)<br>| Value<br> (000)<br>| Percent<br> of net<br> assets<br>|
| Einride AB, Series C, preferred shares <sup>(a)(b)</sup> <br>| 11/23/2022-8/1/2024 | $5262 | $3167 | 0.01<br> %<br>|
| Einride AB <sup>(a)(b)</sup> <br>| 7/14/2025 | 4355 | 2621 | 0.00 <br><sup>(l)</sup><br>|
| Einride AB (EUR denominated) <sup>(a)(b)</sup> <br>| 2/1/2023 | 2674 | 1609 | 0.00 <br><sup>(l)</sup><br>|
| JUUL Labs, Inc., Class A <sup>(a)(b)(e)</sup> <br>| 7/29/2024 | 19001 | 4743 | 0.01 |
| Tipalti Solutions, Ltd., Series F, preferred shares <sup>(a)(b)</sup> <br>| 12/1/2021 | 6956 | 1706 | 0.00 <br><sup>(l)</sup><br>|
| Long Wall Co., Class A-10, noncumulative convertible preferred <br> shares <sup>(b)</sup> <br>| 12/14/2023 | 1382 | 534 | 0.00 <br><sup>(l)</sup><br>|
| Long Wall Co., Class A-9, noncumulative convertible preferred <br> shares <sup>(b)</sup> <br>| 10/22/2021 | 10452 | 113 | 0.00 <br><sup>(l)</sup><br>|
| **Total** |  | $264210 | $340507 | 0.62<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(d)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(e)</sup> Security is subject to a contractual sale restriction (lockup). The total value of all such securities was $4,743,000, which represented 0.01% of the net assets of the fund. The remaining lockup period is generally less than one year; and early lockup release provisions may be applicable based on certain set milestones or condition in accordance with legal documents. 

<sup>(f)</sup> Amount less than one thousand.

<sup>(g)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(h)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(i)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(j)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(k)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

<sup>(l)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| CAD = Canadian dollars |
| EUR = Euros |
| REIT = Real Estate Investment Trust |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **20** |

---

------

International Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 98.16% | Shares | Value<br> (000)<br>|
| **Financials 16.89%** |  |  |
| Standard Chartered PLC  | 11011203 | $268904 |
| 3i Group PLC  | 2897302 | 126054 |
| Banco Bilbao Vizcaya Argentaria SA  | 5332751 | 124734 |
| Nu Holdings, Ltd., Class A <sup>(a)</sup>  | 6922206 | 115878 |
| KB Financial Group, Inc.  | 1185335 | 102470 |
| Mizuho Financial Group, Inc.  | 2515100 | 91328 |
| Banco Santander SA  | 6836212 | 80222 |
| Banco BPM SpA  | 3615692 | 54921 |
| AIA Group, Ltd.  | 5207391 | 53488 |
| ING Groep NV  | 1613867 | 45368 |
| Munchener Ruckversicherungs-Gesellschaft AG  | 56655 | 37414 |
| Tokio Marine Holdings, Inc.  | 905800 | 33629 |
| Bank Central Asia Tbk PT  | 56767400 | 27401 |
| BPER Banca SpA <sup>(b)</sup>  | 1418221 | 19178 |
| NatWest Group PLC  | 1567793 | 13674 |
| Allianz SE  | 27705 | 12707 |
| Hana Financial Group, Inc.  | 186011 | 12133 |
| Brookfield Corp., Class A (CAD denominated)  | 233122 | 10704 |
| Japan Post Bank Co., Ltd.  | 619400 | 8711 |
| China Merchants Bank Co., Ltd., Class A  | 1205700 | 7264 |
| ICICI Bank, Ltd.  | 442491 | 6606 |
| Futu Holdings, Ltd. (ADR) <sup>(a)</sup>  | 35499 | 5829 |
|  |  | 1258617 |
| **Industrials 16.27%** |  |  |
| Airbus SE, non-registered shares  | 1101390 | 255471 |
| Rolls-Royce Holdings PLC  | 8463724 | 131553 |
| Siemens AG  | 303400 | 85206 |
| MTU Aero Engines AG  | 179935 | 75054 |
| Recruit Holdings Co., Ltd.  | 1308162 | 74627 |
| Melrose Industries PLC  | 9427170 | 74169 |
| Techtronic Industries Co., Ltd.  | 5617550 | 64539 |
| Volvo AB, Class B  | 1368822 | 43876 |
| Diploma PLC  | 598717 | 42730 |
| Localiza Rent a Car SA, ordinary nominative shares  | 5068783 | 39975 |
| Localiza Rent a Car SA <sup>(a)</sup>  | 194953 | 1476 |
| WEG SA  | 3980205 | 35650 |
| ITOCHU Corp.  | 2657500 | 33545 |
| Marubeni Corp.  | 1159900 | 32276 |
| IHI Corp.  | 1824200 | 32164 |
| Hitachi, Ltd.  | 990979 | 30744 |
| Schneider Electric SE  | 95190 | 26092 |
| Rumo SA  | 9764390 | 26083 |
| Safran SA  | 56700 | 19730 |
| RELX PLC  | 379889 | 15366 |
| DSV A/S  | 50961 | 12824 |
| Bureau Veritas SA  | 386859 | 12320 |
| AtkinsRealis Group, Inc.  | 172152 | 11113 |
| Singapore Technologies Engineering, Ltd.  | 1674050 | 10922 |
| Experian PLC  | 236977 | 10718 |
| Larsen & Toubro, Ltd.  | 126454 | 5745 |
| Compagnie de Saint-Gobain SA, non-registered shares  | 46865 | 4757 |
| Ashtead Group PLC  | 54171 | 3696 |
|  |  | 1212421 |
| **Information technology 15.10%** |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 9377867 | 458141 |
| SK hynix, Inc.  | 314984 | 142633 |
| Tokyo Electron, Ltd.  | 647298 | 142158 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **21** | American Funds Insurance Series |

---

------

International Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Information technology (continued)** |  |  |
| ASML Holding NV  | 120453 | $128754 |
| Samsung Electronics Co., Ltd.  | 1529763 | 127497 |
| Nebius Group NV, Class A <sup>(a)(b)</sup>  | 330786 | 27689 |
| ARM Holdings PLC (ADR) <sup>(a)</sup>  | 196800 | 21512 |
| SAP SE  | 74969 | 18343 |
| Xiaomi Corp., Class B <sup>(a)</sup>  | 1932600 | 9754 |
| NEC Corp.  | 244075 | 8230 |
| Infineon Technologies AG  | 183939 | 8150 |
| Canva Australia Holdings Pty, Ltd. <sup>(a)(c)(d)</sup>  | 4819 | 7933 |
| Elite Material Co., Ltd.  | 151233 | 7844 |
| Delta Electronics, Inc.  | 244000 | 7424 |
| Tata Consultancy Services, Ltd.  | 137136 | 4902 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup>  | 28772 | 4632 |
|  |  | 1125596 |
| **Materials 12.39%** |  |  |
| First Quantum Minerals, Ltd. <sup>(a)</sup>  | 14456903 | 387610 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup>  | 8609925 | 97921 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)(d)</sup>  | 3675281 | 41799 |
| Grupo Mexico, SAB de CV, Series B  | 8937237 | 84387 |
| Nitto Denko Corp.  | 3520415 | 83649 |
| Anglo American PLC  | 1721774 | 70953 |
| Nippon Steel Corp.  | 9999000 | 40892 |
| Shin-Etsu Chemical Co., Ltd.  | 1077664 | 33513 |
| Air Liquide SA  | 118039 | 22213 |
| Antofagasta PLC  | 379688 | 16665 |
| Wheaton Precious Metals Corp.  | 88388 | 10387 |
| Smurfit Westrock PLC  | 247511 | 9571 |
| Nippon Sanso Holdings Corp.  | 304021 | 9078 |
| Akzo Nobel NV  | 88591 | 6153 |
| Buzzi SpA  | 87826 | 5339 |
| DSM-Firmenich AG  | 36039 | 2912 |
|  |  | 923042 |
| **Communication services 9.56%** |  |  |
| SoftBank Group Corp.  | 10784964 | 304053 |
| Tencent Holdings, Ltd.  | 1764115 | 135179 |
| Bharti Airtel, Ltd.  | 4398206 | 103178 |
| Singapore Telecommunications, Ltd.  | 11548300 | 40916 |
| Nintendo Co., Ltd.  | 536900 | 36267 |
| Deutsche Telekom AG  | 974869 | 31622 |
| NetEase, Inc.  | 734816 | 20222 |
| Universal Music Group NV  | 657391 | 17175 |
| Spotify Technology SA <sup>(a)</sup>  | 25659 | 14900 |
| Advanced Info Service PCL, foreign registered shares  | 867289 | 8614 |
|  |  | 712126 |
| **Consumer discretionary 9.04%** |  |  |
| Moncler SpA  | 1032407 | 66354 |
| MercadoLibre, Inc. <sup>(a)</sup>  | 32883 | 66235 |
| Kering SA  | 179269 | 63257 |
| Compagnie Financiere Richemont SA, Class A  | 273347 | 58993 |
| Maruti Suzuki India, Ltd.  | 288268 | 53589 |
| Trip.com Group, Ltd.  | 580746 | 41659 |
| Sea, Ltd., Class A (ADR) <sup>(a)</sup>  | 313738 | 40023 |
| Prosus NV, Class N  | 643657 | 39754 |
| Industria de Diseno Textil SA  | 566003 | 37283 |
| Hyundai Motor Co.  | 162486 | 33269 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **22** |

---

------

International Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary (continued)** |  |  |
| Ferrari NV (EUR denominated)  | 87650 | $32635 |
| NEXT PLC  | 129015 | 23737 |
| Flutter Entertainment PLC <sup>(a)</sup>  | 98385 | 21157 |
| Midea Group Co., Ltd., Class A  | 1128302 | 12614 |
| Fast Retailing Co., Ltd.  | 33500 | 12149 |
| Aristocrat Leisure, Ltd.  | 297447 | 11535 |
| Shimano, Inc. <sup>(b)</sup>  | 101600 | 10727 |
| Zensho Holdings Co., Ltd.  | 166100 | 9520 |
| Galaxy Entertainment Group, Ltd.  | 1925384 | 9443 |
| Compass Group PLC  | 292214 | 9297 |
| ANTA Sports Products, Ltd.  | 596775 | 6164 |
| Ryohin Keikaku Co., Ltd.  | 321757 | 5717 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 5799 | 4372 |
| Hermes International  | 1637 | 4044 |
|  |  | 673527 |
| **Health care 6.01%** |  |  |
| Novo Nordisk AS, Class B  | 3391577 | 172878 |
| Daiichi Sankyo Co., Ltd.  | 5868579 | 124987 |
| Zealand Pharma AS <sup>(a)</sup>  | 463564 | 33735 |
| Eurofins Scientific SE, non-registered shares  | 451508 | 33021 |
| AstraZeneca PLC  | 177294 | 32656 |
| EssilorLuxottica SA  | 70441 | 22272 |
| Sanofi  | 130708 | 12681 |
| Sandoz Group AG  | 159215 | 11604 |
| Ambu AS, Class B, non-registered shares <sup>(b)</sup>  | 274738 | 3788 |
|  |  | 447622 |
| **Energy 5.59%** |  |  |
| Reliance Industries, Ltd.  | 12131748 | 211754 |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 4062860 | 137614 |
| Cenovus Energy, Inc. (CAD denominated)  | 2880905 | 48738 |
| Shell PLC (GBP denominated)  | 316792 | 11637 |
| Neste OYJ  | 300618 | 6803 |
|  |  | 416546 |
| **Consumer staples 4.50%** |  |  |
| British American Tobacco PLC  | 2634440 | 149314 |
| Danone SA  | 659961 | 59548 |
| L'Oreal SA, non-registered shares  | 86941 | 37344 |
| JBS NV (BDR) <sup>(a)</sup>  | 2188693 | 31566 |
| Marks and Spencer Group PLC  | 4024381 | 17902 |
| Ajinomoto Co., Inc.  | 669004 | 14150 |
| Avenue Supermarts, Ltd. <sup>(a)</sup>  | 262709 | 11052 |
| Kweichow Moutai Co., Ltd., Class A  | 46534 | 9164 |
| Imperial Brands PLC  | 136845 | 5753 |
|  |  | 335793 |
| **Utilities 2.81%** |  |  |
| Engie SA  | 2395754 | 62993 |
| Gulf Development PCL  | 27764456 | 36817 |
| E.ON SE  | 1586206 | 30069 |
| SSE PLC  | 987562 | 28958 |
| Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP, ordinary nominative shares  | 783149 | 18770 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **23** | American Funds Insurance Series |

---

------

International Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Utilities (continued)** |  |  |
| SembCorp Industries, Ltd.  | 2815100 | $13142 |
| National Grid PLC  | 702416 | 10825 |
| RWE AG  | 148645 | 7909 |
|  |  | 209483 |
| **Total common stocks** (cost: $4,876,359,000) |  | 7314773 |
| Preferred securities 0.46% |  |  |
| **Financials 0.45%** |  |  |
| Itau Unibanco Holding SA, preferred nominative shares  | 4652963 | 33353 |
| **Information technology 0.01%** |  |  |
| Canva Australia Holdings Pty, Ltd., Series A, noncumulative preferred shares <sup>(a)(c)(d)</sup>  | 422 | 695 |
| Canva Australia Holdings Pty, Ltd., Series A-3, noncumulative preferred shares <sup>(a)(c)(d)</sup>  | 18 | 29 |
| Canva Australia Holdings Pty, Ltd., Series A-4, noncumulative preferred shares <sup>(a)(c)(d)</sup>  | 1 | 2 |
|  |  | 726 |
| **Total preferred securities** (cost: $27,145,000) |  | 34079 |
| Rights & warrants 0.00% |  |  |
| **Information technology 0.00%** |  |  |
| Constellation Software, Inc., warrants, expire 3/31/2040 <sup>(a)(c)</sup>  | 7730 | — <br><sup>(e)</sup><br>|
| **Total rights & warrants** (cost: $0) |  | — <br><sup>(e)</sup><br>|
| Short-term securities 2.00% |  |  |
| **Money market investments 1.65%** | **Money market investments 1.65%** | **Money market investments 1.65%** |
| Capital Group Central Cash Fund 3.79% <sup>(f)(g)</sup>  | 1227629 | 122775 |
| **Money market investments purchased with collateral from securities on loan 0.35%** | **Money market investments purchased with collateral from securities on loan 0.35%** | **Money market investments purchased with collateral from securities on loan 0.35%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(f)(h)</sup>  | 26275215 | 26276 |
| **Total short-term securities** (cost: $149,031,000) |  | 149051 |
| **Total investment securities 100.62%** (cost: $5,052,535,000) |  | 7497903 |
| Other assets less liabilities (0.62)% |  | (45923)<br>|
| **Net assets 100.00%** |  | $7451980 |

---

**Investments in affiliates** <sup>(g)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 1.65%** |  |  |  |  |  |  |  |
| **Money market investments 1.65%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(f)</sup>  | $396476 | &nbsp;&nbsp; $1657364 | &nbsp;&nbsp; $1930982 | &nbsp;&nbsp; $(57)<br>| &nbsp;&nbsp; $(26)<br>| &nbsp;&nbsp; $122775 | &nbsp;&nbsp; $11400 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **24** |

---

------

International Fund (continued)

**Investments in affiliates** <sup>(g)</sup> (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> 1/1/2025<br> (000)<br>| Additions<br> (000)<br>| Net<br> realized<br> gain (loss)<br> (000)<br>| Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000)<br>| Value at<br> 12/31/2025<br> (000)<br>| Dividend<br> or interest<br> income<br> (000)<br>|
| **Money market investments purchased with collateral** <br>**from securities on loan 0.00%**<br>|  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(f)</sup>  | $1000 | &nbsp;&nbsp; $—<br> &nbsp;&nbsp; $1000 <br><sup>(i)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— <br><sup>(j)</sup><br>|
| **Total 1.65%** |  |  | &nbsp;&nbsp; $(57)<br>| &nbsp;&nbsp; $(26)<br>| &nbsp;&nbsp; $122775 | &nbsp;&nbsp; $11400 |

---

**Restricted securities** <sup>(d)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup> <br>| 12/18/2023 | $32962 | $41799 | 0.56<br> %<br>|
| Canva Australia Holdings Pty, Ltd. <sup>(a)(c)</sup> <br>| 8/26/2021-11/04/2021 | 8215 | 7933 | 0.11 |
| Canva Australia Holdings Pty, Ltd., Series A, noncumulative <br> preferred shares <sup>(a)(c)</sup> <br>| 11/4/2021 | 719 | 695 | 0.01 |
| Canva Australia Holdings Pty, Ltd., Series A-3, noncumulative <br> preferred shares <sup>(a)(c)</sup> <br>| 11/4/2021 | 31 | 29 | 0.00 <br><sup>(k)</sup><br>|
| Canva Australia Holdings Pty, Ltd., Series A-4, noncumulative <br> preferred shares <sup>(a)(c)</sup> <br>| 11/4/2021 | 2 | 2 | 0.00 <br><sup>(k)</sup><br>|
| **Total** |  | $41929 | $50458 | 0.68<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Value determined using significant unobservable inputs.

<sup>(d)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(e)</sup> Amount less than one thousand.

<sup>(f)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(g)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(h)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(i)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(j)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

<sup>(k)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| BDR = Brazilian Depositary Receipts |
| CAD = Canadian dollars |
| EUR = Euros |
| GBP = British pounds |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **25** | American Funds Insurance Series |

---

------

New World Fund<sup>®</sup>

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 95.33% | Shares | Value<br> (000)<br>|
| **Information technology 22.63%** |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 6571269 | $321028 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)  | 11523 | 3502 |
| SK hynix, Inc.  | 251877 | 114056 |
| Microsoft Corp.  | 157353 | 76099 |
| Broadcom, Inc.  | 210679 | 72916 |
| NVIDIA Corp.  | 320938 | 59855 |
| ASML Holding NV  | 25289 | 27032 |
| ASML Holding NV (ADR)  | 8318 | 8899 |
| Tokyo Electron, Ltd.  | 162200 | 35622 |
| KLA Corp.  | 14976 | 18197 |
| Samsung Electronics Co., Ltd.  | 191723 | 15979 |
| MediaTek, Inc.  | 326000 | 14772 |
| Xiaomi Corp., Class B <sup>(a)</sup>  | 2534000 | 12789 |
| Cloudflare, Inc., Class A <sup>(a)</sup>  | 59018 | 11635 |
| Elite Material Co., Ltd.  | 220800 | 11453 |
| Capgemini SE  | 66733 | 11052 |
| Accton Technology Corp.  | 248000 | 9289 |
| Apple, Inc.  | 28459 | 7737 |
| Intel Corp. <sup>(a)</sup>  | 194842 | 7190 |
| Jentech Precision Industrial Co., Ltd.  | 77000 | 6634 |
| SAP SE  | 21612 | 5288 |
| SAP SE (ADR)  | 4295 | 1043 |
| Corning, Inc.  | 63115 | 5526 |
| E Ink Holdings, Inc.  | 780000 | 4901 |
| Oracle Corp.  | 24649 | 4804 |
| Micron Technology, Inc.  | 16655 | 4753 |
| Baidu, Inc., Class A <sup>(a)</sup>  | 275000 | 4508 |
| Kokusai Electric Corp.  | 114900 | 4011 |
| TDK Corp.  | 234000 | 3311 |
| Synopsys, Inc. <sup>(a)</sup>  | 7030 | 3302 |
| eMemory Technology, Inc.  | 59000 | 3221 |
| Infineon Technologies AG  | 67805 | 3004 |
| Zhongji Innolight Co., Ltd., Class A  | 33800 | 2928 |
| Keyence Corp.  | 7900 | 2862 |
| Globant SA <sup>(a)</sup>  | 36120 | 2361 |
| Delta Electronics, Inc.  | 74000 | 2252 |
| Unity Software, Inc. <sup>(a)</sup>  | 47136 | 2082 |
| EPAM Systems, Inc. <sup>(a)</sup>  | 9701 | 1988 |
| ASE Technology Holding Co., Ltd.  | 242000 | 1918 |
| Tata Consultancy Services, Ltd.  | 40821 | 1459 |
| LITE-ON Technology Corp.  | 207000 | 1066 |
| HCL Technologies, Ltd.  | 51253 | 926 |
| Coforge, Ltd.  | 49378 | 914 |
| Credo Technology Group Holding, Ltd. <sup>(a)</sup>  | 5689 | 819 |
| Canva Australia Holdings Pty, Ltd. <sup>(a)(b)(c)</sup>  | 385 | 634 |
| Disco Corp.  | 1400 | 432 |
|  |  | 916049 |
| **Financials 17.42%** |  |  |
| Banco Bilbao Vizcaya Argentaria SA  | 2139537 | 50044 |
| Nu Holdings, Ltd., Class A <sup>(a)</sup>  | 2908006 | 48680 |
| Mastercard, Inc., Class A  | 56665 | 32349 |
| Standard Chartered PLC  | 1298185 | 31703 |
| Abu Dhabi Islamic Bank PJSC  | 4188342 | 23675 |
| AIA Group, Ltd.  | 2150600 | 22090 |
| Capitec Bank Holdings, Ltd.  | 84912 | 21323 |
| KB Financial Group, Inc.  | 241411 | 20869 |
| HDFC Bank, Ltd.  | 1864902 | 20607 |
| Kotak Mahindra Bank, Ltd.  | 836821 | 20495 |
| UniCredit SpA  | 246716 | 20481 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **26** |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| Eurobank SA  | 4059024 | $16268 |
| Hana Financial Group, Inc.  | 227598 | 14846 |
| Cholamandalam Investment and Finance Co., Ltd.  | 773211 | 14611 |
| PICC Property and Casualty Co., Ltd., Class H  | 6828947 | 14318 |
| Al Rajhi Banking and Investment Corp., non-registered shares  | 549635 | 14288 |
| ICICI Bank, Ltd.  | 612943 | 9151 |
| ICICI Bank, Ltd. (ADR)  | 161921 | 4825 |
| Visa, Inc., Class A  | 39040 | 13692 |
| Banco Santander SA  | 1156519 | 13572 |
| XP, Inc., Class A  | 827903 | 13553 |
| Axis Bank, Ltd.  | 911541 | 12903 |
| PB Fintech, Ltd. <sup>(a)</sup>  | 622762 | 12650 |
| National Bank of Greece SA  | 658867 | 10036 |
| Ping An Insurance (Group) Co. of China, Ltd., Class H  | 1164044 | 9792 |
| Shriram Finance, Ltd.  | 879069 | 9744 |
| AU Small Finance Bank, Ltd.  | 854088 | 9451 |
| Emirates NBD Bank PJSC  | 1224960 | 9289 |
| Credicorp, Ltd.  | 29914 | 8585 |
| Saudi National Bank (The)  | 810380 | 8182 |
| People's Insurance Co. (Group) of China, Ltd. (The), Class H  | 8799000 | 7605 |
| Futu Holdings, Ltd. (ADR) <sup>(a)</sup>  | 44570 | 7319 |
| FirstRand, Ltd.  | 1266252 | 6927 |
| Brookfield Corp., Class A  | 149687 | 6869 |
| Grupo Financiero Banorte, SAB de CV, Series O  | 721373 | 6687 |
| Banco BTG Pactual SA, units  | 690847 | 6593 |
| China Merchants Bank Co., Ltd., Class H  | 827000 | 5593 |
| China Merchants Bank Co., Ltd., Class A  | 145100 | 874 |
| Bank of the Philippine Islands  | 3172748 | 6261 |
| BSE, Ltd.  | 210546 | 6167 |
| Commercial International Bank - Egypt (CIB) SAE (GDR)  | 2846265 | 6083 |
| Samsung Life Insurance Co., Ltd.  | 53225 | 5796 |
| Hong Kong Exchanges and Clearing, Ltd.  | 103600 | 5413 |
| Prudential PLC  | 347501 | 5362 |
| Bajaj Finance, Ltd.  | 486776 | 5345 |
| Saudi Awwal Bank SJSC, non-registered shares  | 603009 | 5200 |
| Abu Dhabi Commercial Bank PJSC  | 1288462 | 5017 |
| Aon PLC, Class A  | 12683 | 4476 |
| Vietnam Technological and Commercial JSCB (The)  | 3227600 | 4279 |
| Kasikornbank PCL, foreign registered shares  | 680500 | 4204 |
| Bank Central Asia Tbk PT  | 8589523 | 4146 |
| Central Depository Services (India), Ltd.  | 257071 | 4129 |
| Banco Santander (Brasil) SA, units <sup>(a)</sup>  | 672725 | 4114 |
| Public Bank Bhd.  | 3623000 | 4054 |
| B3 SA - Brasil, Bolsa, Balcao  | 1469781 | 3826 |
| Samsung Fire & Marine Insurance Co., Ltd.  | 10900 | 3757 |
| 3i Group PLC  | 85342 | 3713 |
| Qatar National Bank QPSC  | 621752 | 3186 |
| HSBC Holdings PLC (GBP denominated)  | 189882 | 2977 |
| Akbank TAS  | 1817792 | 2963 |
| OTP Bank PLC  | 25466 | 2729 |
| Discovery, Ltd.  | 193692 | 2664 |
| CVC Capital Partners PLC  | 158241 | 2650 |
| 360 ONE WAM, Ltd.  | 177690 | 2346 |
| Kaspi.kz JSC (ADR) <sup>(a)</sup>  | 28783 | 2249 |
| Bajaj Finserv, Ltd.  | 74043 | 1679 |
| Bank of Ningbo Co., Ltd., Class A  | 407300 | 1637 |
| Woori Financial Group, Inc.  | 80845 | 1573 |
| BDO Unibank, Inc.  | 685630 | 1563 |
| S&P Global, Inc.  | 2769 | 1447 |
| Wise PLC, Class A <sup>(a)</sup>  | 101638 | 1221 |
| Shinhan Financial Group Co., Ltd.  | 13940 | 744 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **27** | American Funds Insurance Series |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| Asia Commercial Joint Stock Bank  | 584970 | $534 |
| Edenred SA  | 18236 | 405 |
| Haci A–mer Sabanci Holding AS  | 140669 | 277 |
| Erste Group Bank AG  | 1804 | 217 |
| Sberbank of Russia PJSC <sup>(b)</sup>  | 2662164 | — <br><sup>(d)</sup><br>|
|  |  | 704942 |
| **Consumer discretionary 12.67%** |  |  |
| MercadoLibre, Inc. <sup>(a)</sup>  | 33795 | 68072 |
| Trip.com Group, Ltd. (ADR)  | 474251 | 34103 |
| Trip.com Group, Ltd.  | 385395 | 27646 |
| Alibaba Group Holding, Ltd.  | 1441572 | 26383 |
| Alibaba Group Holding, Ltd. (ADR)  | 119790 | 17559 |
| Midea Group Co., Ltd., Class A  | 2890833 | 32318 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 40672 | 30663 |
| Eicher Motors, Ltd.  | 219346 | 17835 |
| Compagnie Financiere Richemont SA, Class A  | 81116 | 17506 |
| MakeMyTrip, Ltd. <sup>(a)</sup>  | 168896 | 13870 |
| Prosus NV, Class N  | 213414 | 13181 |
| Maruti Suzuki India, Ltd.  | 69319 | 12886 |
| H World Group, Ltd. (ADR)  | 253777 | 11940 |
| H World Group, Ltd.  | 190600 | 901 |
| BYD Co., Ltd., Class A  | 722123 | 10082 |
| BYD Co., Ltd., Class H  | 211400 | 2574 |
| Galaxy Entertainment Group, Ltd.  | 2192000 | 10751 |
| Ryohin Keikaku Co., Ltd.  | 574800 | 10212 |
| Eternal, Ltd. <sup>(a)</sup>  | 3260114 | 10115 |
| Jumbo SA  | 289567 | 9514 |
| TVS Motor Co., Ltd.  | 204915 | 8475 |
| Vibra Energia SA  | 1778591 | 8364 |
| Sea, Ltd., Class A (ADR) <sup>(a)</sup>  | 65079 | 8302 |
| Hyundai Motor Co.  | 38193 | 7820 |
| Meituan, Class B <sup>(a)</sup>  | 464500 | 6129 |
| Naspers, Ltd., Class N  | 88840 | 5901 |
| PDD Holdings, Inc. (ADR) <sup>(a)</sup>  | 50247 | 5698 |
| Wynn Resorts, Ltd.  | 44454 | 5349 |
| Tesla, Inc. <sup>(a)</sup>  | 11561 | 5199 |
| Li Ning Co., Ltd.  | 2006155 | 4804 |
| Inchcape PLC  | 461897 | 4788 |
| Hermes International  | 1746 | 4314 |
| Moncler SpA  | 66313 | 4262 |
| Aptiv Holdings, Ltd. <sup>(a)</sup>  | 41403 | 3150 |
| Royal Caribbean Cruises, Ltd.  | 10578 | 2950 |
| Coupang, Inc., Class A <sup>(a)</sup>  | 124997 | 2949 |
| Lenskart Solutions, Ltd. <sup>(a)</sup>  | 578142 | 2899 |
| YUM! Brands, Inc.  | 18610 | 2815 |
| Pepkor Holdings, Ltd.  | 1716852 | 2745 |
| Amadeus IT Group SA, Class A, non-registered shares  | 37373 | 2741 |
| ANTA Sports Products, Ltd.  | 239200 | 2471 |
| Swiggy, Ltd. <sup>(a)</sup>  | 550157 | 2364 |
| Marriott International, Inc., Class A  | 7554 | 2344 |
| Starbucks Corp.  | 27127 | 2284 |
| Shenzhou International Group Holdings, Ltd.  | 284200 | 2221 |
| Booking Holdings, Inc.  | 402 | 2153 |
| InterContinental Hotels Group PLC  | 15169 | 2125 |
| Mahindra & Mahindra, Ltd.  | 50625 | 2090 |
| adidas AG  | 10534 | 2074 |
| Ferrari NV (EUR denominated)  | 4981 | 1855 |
| Industria de Diseno Textil SA  | 27544 | 1814 |
| Fast Retailing Co., Ltd.  | 3900 | 1414 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **28** |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary (continued)** |  |  |
| Sands China, Ltd.  | 496000 | $1250 |
| Laopu Gold Co., Ltd., Class H  | 15700 | 1245 |
| NIKE, Inc., Class B  | 18962 | 1208 |
| Shangri-La Asia, Ltd.  | 1774000 | 1083 |
| Tube Investments of India, Ltd.  | 36685 | 1067 |
| Renault SA  | 25328 | 1049 |
| Cyrela Brazil Realty SA, ordinary nominative shares  | 179166 | 984 |
| Kering SA  | 2102 | 742 |
| Hilton Worldwide Holdings, Inc.  | 2449 | 704 |
| Evolution AB  | 6810 | 463 |
| Compagnie Generale des Etablissements Michelin  | 1122 | 37 |
|  |  | 512806 |
| **Industrials 12.11%** |  |  |
| Airbus SE, non-registered shares  | 221232 | 51315 |
| International Container Terminal Services, Inc.  | 4053790 | 38869 |
| Rolls-Royce Holdings PLC  | 2174320 | 33796 |
| Hitachi, Ltd.  | 960800 | 29807 |
| General Electric Co.  | 84289 | 25964 |
| Kanzhun, Ltd., Class A (ADR)  | 932453 | 19003 |
| Kanzhun, Ltd., Class A  | 98200 | 994 |
| Copa Holdings SA, Class A  | 149024 | 17974 |
| Rumo SA  | 5874027 | 15691 |
| Safran SA  | 42173 | 14675 |
| Localiza Rent a Car SA, ordinary nominative shares  | 1712066 | 13502 |
| Localiza Rent a Car SA <sup>(a)</sup>  | 65848 | 499 |
| IHI Corp.  | 716379 | 12631 |
| Contemporary Amperex Technology Co., Ltd., Class A  | 230376 | 12061 |
| Shenzhen Inovance Technology Co., Ltd., Class A  | 1115202 | 11996 |
| DSV A/S  | 45402 | 11425 |
| Daikin Industries, Ltd.  | 78900 | 10129 |
| BAE Systems PLC  | 436368 | 10032 |
| WEG SA  | 1109286 | 9936 |
| Grupo Aeroportuario del Pacifico, SAB de CV, Class B  | 352685 | 9265 |
| Grupo Aeroportuario del Pacifico, SAB de CV, Class B (ADR)  | 1043 | 275 |
| AGCO Corp.  | 88171 | 9198 |
| Uber Technologies, Inc. <sup>(a)</sup>  | 112415 | 9185 |
| Leonardo SpA  | 157234 | 9007 |
| Aselan Elektronik Sanayi ve Ticaret AS  | 1557059 | 8420 |
| TransDigm Group, Inc.  | 6188 | 8229 |
| Siemens AG  | 28236 | 7930 |
| Mitsui & Co., Ltd.  | 242100 | 7155 |
| Techtronic Industries Co., Ltd.  | 620500 | 7129 |
| Weichai Power Co., Ltd., Class A  | 1977896 | 4847 |
| Weichai Power Co., Ltd., Class H  | 947000 | 2279 |
| Motiva Infraestrutura de Mobilidade SA  | 2511108 | 6872 |
| Jiangsu Hengli Hydraulic Co., Ltd., Class A  | 399864 | 6272 |
| Hanwha Aerospace Co., Ltd.  | 9460 | 6155 |
| Larsen & Toubro, Ltd.  | 126929 | 5767 |
| Full Truck Alliance Co., Ltd., Class A (ADR)  | 433721 | 4654 |
| Mitsubishi Heavy Industries, Ltd.  | 162100 | 3970 |
| Schneider Electric SE  | 14248 | 3905 |
| SM Investments Corp.  | 321280 | 3820 |
| Ayala Corp.  | 383020 | 3047 |
| GT Capital Holdings, Inc.  | 288570 | 2918 |
| Carrier Global Corp.  | 54462 | 2878 |
| InPost SA <sup>(a)(e)</sup>  | 218978 | 2682 |
| International Consolidated Airlines Group SA (CDI)  | 463348 | 2566 |
| Embraer SA  | 143113 | 2312 |
| Ingersoll-Rand, Inc.  | 25137 | 1991 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **29** | American Funds Insurance Series |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Bureau Veritas SA  | 61362 | $1954 |
| Boeing Co. (The) <sup>(a)</sup>  | 7510 | 1631 |
| Turk Hava Yollari Anonim Ortakligi, non-registered shares  | 218301 | 1368 |
| Grab Holdings, Ltd., Class A <sup>(a)</sup>  | 200986 | 1003 |
| Wizz Air Holdings PLC <sup>(a)</sup>  | 57166 | 983 |
| Haitian International Holdings, Ltd.  | 103146 | 293 |
|  |  | 490259 |
| **Communication services 9.72%** |  |  |
| Tencent Holdings, Ltd.  | 1429401 | 109531 |
| Alphabet, Inc., Class C  | 86392 | 27110 |
| Alphabet, Inc., Class A  | 82543 | 25836 |
| Bharti Airtel, Ltd.  | 2045799 | 47992 |
| Bharti Airtel, Ltd., interim shares  | 50511 | 952 |
| Meta Platforms, Inc., Class A  | 60664 | 40044 |
| NetEase, Inc.  | 1132600 | 31168 |
| MTN Group, Ltd.  | 2718770 | 27783 |
| KT Corp. (ADR)  | 648437 | 12301 |
| Netflix, Inc. <sup>(a)</sup>  | 118609 | 11121 |
| Telkom Indonesia (Persero) Tbk PT, Class B  | 43499200 | 9047 |
| America Movil, SAB de CV, Class B (ADR)  | 384073 | 7939 |
| True Corp. PCL, foreign registered shares  | 22087986 | 7629 |
| True Corp. PCL, nonvoting depository receipts  | 753600 | 260 |
| Baidu, Inc., Class A (ADR) <sup>(a)</sup>  | 56652 | 7402 |
| Spotify Technology SA <sup>(a)</sup>  | 10315 | 5990 |
| Tencent Music Entertainment Group, Class A (ADR)  | 338146 | 5928 |
| Orange  | 311481 | 5197 |
| ROBLOX Corp., Class A <sup>(a)</sup>  | 38832 | 3146 |
| Advanced Info Service PCL, foreign registered shares  | 267800 | 2660 |
| NAVER Corp.  | 9774 | 1638 |
| TIM SA  | 412735 | 1615 |
| Singapore Telecommunications, Ltd.  | 349300 | 1237 |
|  |  | 393526 |
| **Materials 6.40%** |  |  |
| First Quantum Minerals, Ltd. <sup>(a)</sup>  | 1702702 | 45652 |
| Grupo Mexico, SAB de CV, Series B  | 2472433 | 23345 |
| Barrick Mining Corp.  | 438294 | 19088 |
| Vale SA, ordinary nominative shares  | 1025947 | 13414 |
| Vale SA (ADR), ordinary nominative shares  | 205656 | 2680 |
| Glencore PLC  | 2503454 | 13618 |
| APL Apollo Tubes, Ltd.  | 546975 | 11649 |
| Valterra Platinum, Ltd. (ZAR denominated)  | 128112 | 10846 |
| Valterra Platinum, Ltd. (ADR)  | 41308 | 578 |
| Amcor PLC (CDI)  | 1254386 | 10482 |
| Nitto Denko Corp.  | 428636 | 10185 |
| Zijin Gold International Co., Ltd. <sup>(a)</sup>  | 436300 | 8156 |
| BASF SE  | 145775 | 7616 |
| Anhui Conch Cement Co., Ltd., Class H  | 2253000 | 6373 |
| Linde PLC  | 14574 | 6214 |
| Impala Platinum Holdings, Ltd.  | 375422 | 5913 |
| Saudi Basic Industries Corp. non-registered shares  | 353199 | 4829 |
| Nutrien, Ltd. (CAD denominated) <sup>(e)</sup>  | 71918 | 4439 |
| Siam Cement PCL, foreign registered shares  | 730100 | 4239 |
| Suzano SA  | 438657 | 4109 |
| Pan American Silver Corp.  | 77019 | 3990 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup>  | 344873 | 3922 |
| Southern Copper Corp.  | 25418 | 3647 |
| Wheaton Precious Metals Corp. (CAD denominated)  | 29705 | 3492 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **30** |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| Anglo American PLC  | 79828 | $3290 |
| Sika AG  | 15591 | 3195 |
| Nippon Steel Corp.  | 776600 | 3176 |
| Freeport-McMoRan, Inc.  | 59811 | 3038 |
| Loma Negra Compania Industrial Argentina SA (ADR) <sup>(a)</sup>  | 212068 | 2746 |
| Antofagasta PLC  | 52060 | 2285 |
| Corteva, Inc.  | 31708 | 2125 |
| Asian Paints, Ltd.  | 66679 | 2054 |
| Ecolab, Inc.  | 7627 | 2002 |
| Heidelberg Materials AG, non-registered shares  | 6287 | 1646 |
| Syensqo SA  | 19822 | 1592 |
| SRF, Ltd.  | 41937 | 1435 |
| Arkema SA  | 17359 | 1062 |
| China Hongqiao Group Ltd. <sup>(a)</sup>  | 177000 | 736 |
| Alrosa PJSC <sup>(a)(b)</sup>  | 1123215 | — <br><sup>(d)</sup><br>|
|  |  | 258858 |
| **Health care 5.19%** |  |  |
| Novo Nordisk AS, Class B  | 683766 | 34853 |
| Max Healthcare Institute, Ltd.  | 2447517 | 28464 |
| AstraZeneca PLC  | 113238 | 20858 |
| Laurus Labs, Ltd.  | 1535536 | 18916 |
| Eli Lilly and Co.  | 17384 | 18682 |
| Thermo Fisher Scientific, Inc.  | 25506 | 14779 |
| BeOne Medicines, Ltd. (ADR) <sup>(a)</sup>  | 30544 | 9280 |
| BeOne Medicines, Ltd. <sup>(a)</sup>  | 36200 | 841 |
| Jiangsu Hengrui Pharmaceutical Co., Ltd., Class A  | 879888 | 7483 |
| Jiangsu Hengrui Pharmaceutical Co., Ltd., Class H <sup>(a)</sup>  | 184800 | 1688 |
| Teva Pharmaceutical Industries, Ltd. (ADR) <sup>(a)</sup>  | 236793 | 7390 |
| Innovent Biologics, Inc. <sup>(a)</sup>  | 741373 | 7225 |
| EssilorLuxottica SA  | 18490 | 5846 |
| Abbott Laboratories  | 39403 | 4937 |
| Danaher Corp.  | 18692 | 4279 |
| Dr. Sulaiman Al Habib Medical Services Group Co.  | 52908 | 3625 |
| Rede D'Or Sao Luiz SA  | 427339 | 3164 |
| OdontoPrev SA  | 1320175 | 2690 |
| Align Technology, Inc. <sup>(a)</sup>  | 16246 | 2537 |
| bioMerieux SA  | 17603 | 2279 |
| Mettler-Toledo International, Inc. <sup>(a)</sup>  | 1181 | 1647 |
| Mankind Pharma, Ltd.  | 62374 | 1527 |
| Lupin, Ltd.  | 59641 | 1398 |
| WuXi AppTec Co., Ltd., Class H  | 107700 | 1357 |
| Asahi Intecc Co., Ltd.  | 71500 | 1339 |
| Alcon, Inc.  | 13781 | 1095 |
| Wuxi Biologics (Cayman), Inc. <sup>(a)</sup>  | 240500 | 969 |
| Medtronic PLC  | 6899 | 663 |
| CanSino Biologics, Inc., Class H <sup>(a)</sup>  | 35921 | 161 |
|  |  | 209972 |
| **Consumer staples 4.47%** |  |  |
| Nestle SA  | 291813 | 29004 |
| Kweichow Moutai Co., Ltd., Class A  | 121770 | 23981 |
| Arca Continental, SAB de CV  | 1036505 | 11217 |
| JBS NV (BDR) <sup>(a)</sup>  | 641172 | 9247 |
| Carlsberg A/S, Class B  | 60316 | 7907 |
| Raia Drogasil SA, ordinary nominative shares  | 1634665 | 7011 |
| Avenue Supermarts, Ltd. <sup>(a)</sup>  | 161965 | 6814 |
| Shoprite Holdings, Ltd.  | 411541 | 6721 |
| ITC, Ltd.  | 1420089 | 6374 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **31** | American Funds Insurance Series |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer staples (continued)** |  |  |
| Anheuser-Busch InBev SA/NV  | 91753 | $5887 |
| KT&G Corp.  | 54838 | 5399 |
| Tsingtao Brewery Co., Ltd., Class H  | 782634 | 4891 |
| Philip Morris International, Inc.  | 29930 | 4801 |
| Dino Polska SA, non-registered shares <sup>(a)</sup>  | 398251 | 4585 |
| BBB Foods, Inc., Class A <sup>(a)</sup>  | 125631 | 4195 |
| Pernod Ricard SA  | 47700 | 4084 |
| Monster Beverage Corp. <sup>(a)</sup>  | 51591 | 3956 |
| Varun Beverages, Ltd.  | 712894 | 3882 |
| Wal-Mart de Mexico, SAB de CV, Series V  | 1180937 | 3681 |
| United Spirits, Ltd.  | 219491 | 3526 |
| British American Tobacco PLC  | 57337 | 3250 |
| PepsiCo, Inc.  | 18460 | 2649 |
| Danone SA  | 28109 | 2536 |
| Kimberly-Clark de Mexico, SAB de CV, Class A, ordinary participation certificates  | 1141636 | 2434 |
| L'Oreal SA, non-registered shares  | 5436 | 2335 |
| Zabka Group <sup>(a)</sup>  | 321671 | 2049 |
| Coca-Cola Co.  | 27396 | 1915 |
| Walmart, Inc.  | 14179 | 1580 |
| Mondelez International, Inc., Class A  | 29118 | 1567 |
| WH Group, Ltd.  | 1189000 | 1324 |
| Godrej Consumer Products, Ltd.  | 85234 | 1159 |
| JD Health International, Inc. <sup>(a)</sup>  | 107650 | 765 |
|  |  | 180726 |
| **Energy 2.20%** |  |  |
| Reliance Industries, Ltd.  | 1530507 | 26714 |
| TotalEnergies SE (EUR denominated)  | 197891 | 12898 |
| ADNOC Drilling Co. PJSC  | 7034034 | 10228 |
| Adnoc Gas PLC  | 9312887 | 9002 |
| SLB, Ltd.  | 220133 | 8449 |
| Vista Energy, SAB de CV, Class A (ADR) <sup>(a)</sup>  | 172702 | 8404 |
| Petroleo Brasileiro SA PETROBRAS (ADR), ordinary nominative shares  | 633133 | 7502 |
| Shell PLC (GBP denominated)  | 75967 | 2790 |
| Chevron Corp.  | 16599 | 2530 |
| Borr Drilling, Ltd. <sup>(a)</sup>  | 149981 | 604 |
| Rosneft Oil Co. PJSC <sup>(b)</sup>  | 588661 | — <br><sup>(d)</sup><br>|
|  |  | 89121 |
| **Real estate 1.37%** |  |  |
| Lodha Developers, Ltd.  | 2449911 | 28933 |
| China Resources Mixc Lifestyle Services, Ltd.  | 1563200 | 8595 |
| China Resources Land, Ltd.  | 1570000 | 5468 |
| Emaar Properties PJSC  | 1141749 | 4368 |
| CK Asset Holdings, Ltd.  | 762500 | 3841 |
| SM Prime Holdings, Inc.  | 8122500 | 3133 |
| Fibra Uno Administracion REIT, SA de CV  | 300200 | 450 |
| Longfor Group Holdings, Ltd. <sup>(e)</sup>  | 336846 | 369 |
| ALLOS SA, ordinary nominative shares  | 60365 | 312 |
|  |  | 55469 |
| **Utilities 1.15%** |  |  |
| Power Grid Corp. of India, Ltd.  | 3911064 | 11505 |
| Gulf Development PCL  | 7715193 | 10231 |
| Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP, ordinary nominative shares  | 401325 | 9618 |
| SembCorp Industries, Ltd.  | 1195100 | 5579 |
| Equatorial Energia SA  | 782855 | 5486 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **32** |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Utilities (continued)** |  |  |
| CPFL Energia SA  | 251145 | $2438 |
| AES Corp.  | 74667 | 1071 |
| Engie SA  | 23878 | 628 |
|  |  | 46556 |
| **Total common stocks** (cost: $2,320,519,000) |  | 3858284 |
| Preferred securities 0.73% |  |  |
| **Financials 0.32%** |  |  |
| Itau Unibanco Holding SA (ADR), preferred nominative shares  | 1332401 | 9540 |
| Itau Unibanco Holding SA, preferred nominative shares  | 459389 | 3293 |
|  |  | 12833 |
| **Real estate 0.20%** |  |  |
| QuintoAndar, Ltd., Series E, preference shares <sup>(a)(b)(c)</sup>  | 32657 | 6550 |
| QuintoAndar, Ltd., Series E-1, preference shares <sup>(a)(b)(c)</sup>  | 8400 | 1685 |
|  |  | 8235 |
| **Information technology 0.16%** |  |  |
| Samsung Electronics Co., Ltd., nonvoting preferred shares  | 104453 | 6410 |
| Canva Australia Holdings Pty, Ltd., Series A, noncumulative preferred shares <sup>(a)(b)(c)</sup>  | 34 | 56 |
| Canva Australia Holdings Pty, Ltd., Series A-3, noncumulative preferred shares <sup>(a)(b)(c)</sup>  | 1 | 2 |
|  |  | 6468 |
| **Consumer discretionary 0.05%** |  |  |
| Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares <sup>(e)</sup>  | 35497 | 1902 |
| TVS Motor Co., Ltd., 6.00% preferred shares <sup>(a)</sup>  | 915260 | 102 |
| Getir BV, Series D, preferred shares <sup>(a)(b)(c)</sup>  | 7768 | — <br><sup>(d)</sup><br>|
|  |  | 2004 |
| **Total preferred securities** (cost: $27,027,000) |  | 29540 |
| Bonds, notes & other debt instruments 2.81% | Principal amount<br> (000)<br>|  |
| **Bonds & notes of governments & government agencies outside the U.S. 2.48%** | **Bonds & notes of governments & government agencies outside the U.S. 2.48%** | **Bonds & notes of governments & government agencies outside the U.S. 2.48%** |
| Abu Dhabi (Emirate of) 1.70% 3/2/2031 <sup>(f)</sup>  | USD200 | 178 |
| Angola (Republic of) 8.25% 5/9/2028  | 600 | 604 |
| Angola (Republic of) 8.00% 11/26/2029 <sup>(f)</sup>  | 445 | 435 |
| Angola (Republic of) 8.75% 4/14/2032 <sup>(f)</sup>  | 280 | 273 |
| Asian Development Bank 5.25% 4/29/2035  | PHP25,800 | 432 |
| Brazil (Federative Republic of) 10.00% 1/1/2027  | BRL13,989 | 2473 |
| Brazil (Federative Republic of) 6.00% 5/15/2027 <sup>(g)</sup>  | 15081 | 2674 |
| Brazil (Federative Republic of) 10.00% 1/1/2029  | 21 | 3 |
| Brazil (Federative Republic of) 10.00% 1/1/2031  | 6065 | 973 |
| Brazil (Federative Republic of) 6.00% 8/15/2032 <sup>(g)</sup>  | 3325 | 557 |
| Brazil (Federative Republic of) 10.00% 1/1/2033  | 14543 | 2237 |
| Brazil (Federative Republic of) 10.00% 1/1/2035  | 17300 | 2589 |
| Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(g)</sup>  | 5298 | 842 |
| Chile (Republic of) 4.70% 9/1/2030  | CLP810,000 | 884 |
| Chile (Republic of) 5.30% 11/1/2037  | 425000 | 471 |
| Chile (Republic of) 4.34% 3/7/2042  | USD350 | 312 |
| China (People's Republic of), Series INBK, 2.27% 5/25/2034  | CNY5,610 | 830 |
| China (People's Republic of), Series INBK, 3.72% 4/12/2051  | 23270 | 4192 |
| China (People's Republic of), Series INBK, 3.12% 10/25/2052  | 1250 | 206 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **33** | American Funds Insurance Series |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| China (People's Republic of), Series INBK, 2.57% 5/20/2054  | CNY4,480 | $668 |
| Colombia (Republic of) 3.25% 4/22/2032  | USD700 | 592 |
| Colombia (Republic of) 5.20% 5/15/2049  | 391 | 288 |
| Colombia (Republic of), Series B, 7.00% 3/26/2031  | COP4,320,700 | 895 |
| Colombia (Republic of), Series B, 13.25% 2/9/2033  | 1734800 | 463 |
| Colombia (Republic of), Series B, 7.25% 10/18/2034  | 2054300 | 387 |
| Colombia (Republic of), Series B, 11.75% 1/24/2035  | 877300 | 217 |
| Colombia (Republic of), Series UVR, 3.75% 2/25/2037 <sup>(g)</sup>  | 6870 | 562 |
| Colombia (Republic of), Series B, 9.25% 5/28/2042  | 4146300 | 820 |
| Colombia (Republic of), Series B, 7.25% 10/26/2050  | 3235300 | 493 |
| Cote d'Ivoire (Republic of) 4.875% 1/30/2032  | EUR150 | 171 |
| Czech Republic 3.50% 5/30/2035  | CZK15,840 | 713 |
| Czech Republic 1.95% 7/30/2037  | 17900 | 661 |
| Dominican Republic (Government of) 8.625% 4/20/2027 <sup>(f)</sup>  | USD383 | 396 |
| Dominican Republic (Government of) 5.875% 1/30/2060  | 335 | 300 |
| Eagle Funding LuxCo SARL 5.50% 8/17/2030 <sup>(f)</sup>  | 960 | 979 |
| Egypt (Arab Republic of) 25.318% 8/13/2027  | EGP33,072 | 715 |
| Egypt (Arab Republic of) 6.375% 4/11/2031  | EUR100 | 121 |
| Egypt (Arab Republic of) 7.625% 5/29/2032  | USD1,165 | 1246 |
| Egypt (Arab Republic of) 8.50% 1/31/2047  | 400 | 393 |
| Egypt (Arab Republic of) 8.875% 5/29/2050  | 386 | 392 |
| Gabonese (Republic of) 6.625% 2/6/2031  | 720 | 560 |
| Gabonese (Republic of) 7.00% 11/24/2031  | 500 | 383 |
| Honduras (Republic of) 6.25% 1/19/2027  | 875 | 885 |
| Honduras (Republic of) 5.625% 6/24/2030 <sup>(f)</sup>  | 281 | 279 |
| Hungary (Republic of) 2.00% 5/23/2029  | HUF255,550 | 684 |
| Hungary (Republic of) 6.75% 7/23/2031  | 433980 | 1347 |
| Hungary (Republic of) 6.25% 9/22/2032 <sup>(f)</sup>  | USD330 | 353 |
| Hungary (Republic of) 4.75% 11/24/2032  | HUF180,830 | 498 |
| India (Republic of) 7.32% 11/13/2030  | INR3,480 | 40 |
| India (Republic of) 6.54% 1/17/2032  | 15620 | 174 |
| India (Republic of) 7.18% 7/24/2037  | 176070 | 2008 |
| India (Republic of) 7.09% 8/5/2054  | 280280 | 3044 |
| Indonesia (Republic of) 6.375% 4/15/2032  | IDR317,000 | 20 |
| Indonesia (Republic of) 7.50% 6/15/2035  | 7953000 | 522 |
| Indonesia (Republic of) 6.625% 2/17/2037  | USD300 | 343 |
| Indonesia (Republic of) 7.125% 6/15/2038  | IDR7,242,000 | 464 |
| Indonesia (Republic of) 7.50% 4/15/2040  | 8852000 | 581 |
| Indonesia (Republic of) 7.125% 8/15/2040  | 13148000 | 847 |
| Indonesia (Republic of) 7.125% 6/15/2042  | 8210000 | 522 |
| Indonesia (Republic of), Series FR82, 7.00% 9/15/2030  | 2341000 | 148 |
| Indonesia (Republic of), Series FR96, 7.00% 2/15/2033  | 16818000 | 1062 |
| Indonesia (Republic of), Series FR100, 6.625% 2/15/2034  | 29553000 | 1834 |
| Kazakhstan (Republic of) 5.50% 7/1/2037 <sup>(f)</sup>  | USD945 | 976 |
| Kenya (Republic of) 6.30% 1/23/2034  | 645 | 591 |
| Kenya (Republic of) 9.50% 3/5/2036 <sup>(f)</sup>  | 555 | 593 |
| Kenya (Republic of) 9.50% 3/5/2036  | 330 | 353 |
| Malaysia (Federation of), Series 0419, 3.828% 7/5/2034  | MYR8,766 | 2215 |
| Malaysia (Federation of), Series 0418, 4.893% 6/8/2038  | 616 | 169 |
| Malaysia (Federation of), Series 0124, 4.054% 4/18/2039  | 3245 | 824 |
| Malaysia (Federation of), Series 0519, 3.757% 5/22/2040  | 2200 | 540 |
| Malaysia (Federation of), Series 0519, 4.638% 11/15/2049  | 1030 | 283 |
| Malaysia (Federation of), Series 0120, 4.065% 6/15/2050  | 2202 | 553 |
| Malaysia (Federation of), Series 022, 5.357% 5/15/2052  | 989 | 301 |
| Malaysia (Federation of), Series 0124, 4.28% 3/23/2054  | 1255 | 324 |
| MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 6.50% 6/29/2028  | USD490 | 511 |
| MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 4.375% 6/27/2030  | EUR340 | 409 |
| Morocco (Kingdom of) 5.95% 3/8/2028 <sup>(f)</sup>  | USD255 | 263 |
| Morocco (Kingdom of) 3.875% 4/2/2029  | EUR625 | 743 |
| Morocco (Kingdom of) 4.75% 4/2/2035  | 200 | 240 |
| Mozambique (Republic of) 9.00% 9/15/2031  | USD540 | 463 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **34** |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| Nigeria (Republic of) 18.50% 2/21/2031  | NGN730,360 | $534 |
| Nigeria (Republic of) 7.875% 2/16/2032  | USD280 | 293 |
| Nigeria (Republic of) 8.631% 1/13/2036 <sup>(f)</sup>  | 390 | 419 |
| Oman (Sultanate of) 6.00% 8/1/2029  | 715 | 751 |
| Oman (Sultanate of) 6.75% 1/17/2048  | 485 | 535 |
| Panama (Republic of) 3.75% 4/17/2026  | 100 | 100 |
| Panama (Republic of) 7.875% 3/1/2057  | 600 | 701 |
| Paraguay (Republic of) 4.95% 4/28/2031  | 320 | 325 |
| Peru (Republic of) 3.00% 1/15/2034  | 225 | 196 |
| Peru (Republic of) 6.55% 3/14/2037  | 360 | 399 |
| Peru (Republic of) 3.55% 3/10/2051  | 490 | 344 |
| Peru (Republic of) 2.78% 12/1/2060  | 100 | 55 |
| PETRONAS Capital, Ltd. 4.55% 4/21/2050 <sup>(f)</sup>  | 400 | 353 |
| Philippines (Republic of) 6.375% 7/27/2030  | PHP12,110 | 211 |
| Philippines (Republic of) 6.00% 8/20/2030  | 14790 | 253 |
| Philippines (Republic of) 6.75% 9/15/2032  | 41240 | 734 |
| Philippines (Republic of) 6.375% 10/23/2034  | USD145 | 163 |
| Philippines (Republic of) 3.95% 1/20/2040  | 500 | 443 |
| Poland (Republic of), Series 0429, 5.75% 4/25/2029  | PLN2,410 | 705 |
| Poland (Republic of), Series 10Y, 4.875% 10/4/2033  | USD370 | 377 |
| Poland (Republic of), Series 1033, 6.00% 10/25/2033  | PLN8,434 | 2514 |
| Poland (Republic of), Series 1034, 5.00% 10/25/2034  | 6920 | 1921 |
| Romania (Republic of) 5.25% 5/30/2032  | EUR450 | 542 |
| Romania (Republic of) 5.25% 5/30/2032  | 230 | 277 |
| Romania (Republic of) 2.00% 4/14/2033  | 300 | 288 |
| Romania (Republic of) 5.625% 5/30/2037  | 390 | 448 |
| Saudi Arabia (Kingdom of) 4.875% 7/18/2033  | USD480 | 488 |
| Saudi Arabia (Kingdom of) 5.75% 1/16/2054  | 2300 | 2277 |
| Sharjah (Emirate of) 4.625% 2/13/2032  | EUR506 | 602 |
| South Africa (Republic of) 7.10% 11/19/2036 <sup>(f)</sup>  | USD200 | 215 |
| South Africa (Republic of) 11.625% 3/31/2053  | ZAR13,912 | 1061 |
| South Africa (Republic of), Series R-213, 7.00% 2/28/2031  | 482 | 28 |
| South Africa (Republic of), Series R-2032, 8.25% 3/31/2032  | 11495 | 711 |
| South Africa (Republic of), Series R-2035, 8.875% 2/28/2035  | 8388 | 528 |
| South Africa (Republic of), Series R-2040, 9.00% 1/31/2040  | 28192 | 1707 |
| South Africa (Republic of), Series R-2044, 8.75% 1/31/2044  | 15670 | 906 |
| Thailand (Kingdom of) 3.45% 6/17/2043  | THB40,963 | 1521 |
| Turkey (Republic of) 37.84% 7/14/2027  | TRY30,000 | 728 |
| Turkey (Republic of), Series 5Y, 9.875% 1/15/2028  | USD200 | 221 |
| Turkey (Republic of), Series 5Y, 17.30% 7/19/2028  | TRY23,445 | 419 |
| Turkey (Republic of), Series 30Y, 11.875% 1/15/2030  | USD500 | 629 |
| Turkey (Republic of), Series 30Y, 4.875% 4/16/2043  | 1710 | 1323 |
| United Mexican States 6.875% 5/13/2037  | 610 | 652 |
| United Mexican States 5.125% 3/19/2038  | EUR420 | 492 |
| United Mexican States 4.75% 3/8/2044  | USD800 | 661 |
| United Mexican States 3.75% 4/19/2071  | 200 | 119 |
| United Mexican States, Series M20, 8.50% 5/31/2029  | MXN29,350 | 1645 |
| United Mexican States, Series M, 7.75% 5/29/2031  | 56500 | 3025 |
| United Mexican States, Series M, 7.50% 5/26/2033  | 36500 | 1887 |
| United Mexican States, Series M, 7.75% 11/23/2034  | 38324 | 1976 |
| United Mexican States, Series M30, 8.50% 11/18/2038  | 21600 | 1126 |
| United Mexican States, Series M, 7.75% 11/13/2042  | 20000 | 951 |
| United Mexican States, Series M, 8.00% 7/31/2053  | 19887 | 943 |
| Venezuela (Bolivarian Republic of) 6.00% 12/9/2020 <sup>(h)</sup>  | USD244 | 65 |
| Venezuela (Bolivarian Republic of) 9.00% 5/7/2023 <sup>(h)</sup>  | 145 | 41 |
|  |  | 100414 |
| **Corporate bonds and notes 0.33%** | **Corporate bonds and notes 0.33%** | **Corporate bonds and notes 0.33%** |
| **Energy 0.07%** |  |  |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(f)</sup>  | 410 | 429 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **35** | American Funds Insurance Series |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** |  |  |
| Oleoducto Central SA 4.00% 7/14/2027 <sup>(f)</sup>  | USD255 | $252 |
| Petroleos Mexicanos 5.95% 1/28/2031  | 610 | 591 |
| PTTEP Treasury Center Co., Ltd. 2.993% 1/15/2030  | 200 | 191 |
| Sinopec Group Overseas Development (2018), Ltd. 3.10% 1/8/2051 <sup>(f)</sup>  | 430 | 318 |
| Transportadora de Gas del Sur SA 8.50% 7/24/2031 <sup>(f)</sup>  | 250 | 260 |
| Transportadora de Gas del Sur SA 7.75% 11/20/2035 <sup>(f)</sup>  | 220 | 218 |
| Vista Energy Argentina S.A.U. 7.625% 12/10/2035 <sup>(f)</sup>  | 390 | 390 |
| YPF SA 8.25% 1/17/2034 <sup>(f)</sup>  | 335 | 343 |
|  |  | 2992 |
| **Communication services 0.06%** |  |  |
| America Movil, SAB de CV, 10.125% 1/22/2029  | MXN13,710 | 786 |
| America Movil, SAB de CV, 9.50% 1/27/2031  | 17130 | 969 |
| America Movil, SAB de CV, 10.30% 1/30/2034  | 2820 | 166 |
| PLDT, Inc. 2.50% 1/23/2031  | USD210 | 192 |
| Tencent Holdings, Ltd. 3.24% 6/3/2050 <sup>(f)</sup>  | 380 | 273 |
|  |  | 2386 |
| **Consumer discretionary 0.05%** |  |  |
| Alibaba Group Holding, Ltd. 3.15% 2/9/2051  | 410 | 279 |
| Meituan 3.05% 10/28/2030 <sup>(f)</sup>  | 400 | 373 |
| Meituan 3.05% 10/28/2030  | 200 | 187 |
| Melco Resorts Finance, Ltd. 7.625% 4/17/2032 <sup>(f)</sup>  | 345 | 363 |
| MercadoLibre, Inc. 3.125% 1/14/2031  | 200 | 185 |
| Sands China, Ltd. 4.375% 6/18/2030  | 220 | 217 |
| Wynn Macau, Ltd. 5.625% 8/26/2028  | 260 | 260 |
|  |  | 1864 |
| **Financials 0.04%** |  |  |
| Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.90% on 9/25/2029) <sup>(i)</sup>  | 400 | 380 |
| BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on <br> 6/29/2033) <sup>(f)(i)</sup>  | 340 | 376 |
| CMB International Leasing Management, Ltd. 2.75% 8/12/2030  | 300 | 282 |
| HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(i)</sup>  | 400 | 438 |
|  |  | 1476 |
| **Materials 0.03%** |  |  |
| Braskem Netherlands Finance BV 8.50% 1/12/2031 <sup>(f)</sup>  | 355 | 139 |
| CSN Resources SA 8.875% 12/5/2030 <sup>(f)</sup>  | 400 | 372 |
| PT Krakatau Posco 6.375% 6/11/2027  | 345 | 352 |
| Sasol Financing USA, LLC 8.75% 5/3/2029 <sup>(c)</sup>  | 520 | 530 |
|  |  | 1393 |
| **Utilities 0.03%** |  |  |
| Aegea Finance SARL 9.00% 1/20/2031 <sup>(f)</sup>  | 275 | 291 |
| AES Panama Generation Holdings, SRL 4.375% 5/31/2030 <sup>(f)</sup>  | 261 | 246 |
| Greenko Dutch BV 3.85% 3/29/2026 <sup>(f)</sup>  | 173 | 172 |
| Greenko Dutch BV 3.85% 3/29/2026  | 173 | 172 |
| San Miguel Global Power Holdings Corp. 8.125% perpetual bonds (5-year UST Yield Curve Rate T <br> Note Constant Maturity + 6.404% on 3/2/2030) <sup>(i)</sup>  | 350 | 354 |
|  |  | 1235 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **36** |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) |  | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Industrials 0.02%** | **Industrials 0.02%** |  |  |
| IRB Infrastructure Developers, Ltd. 7.11% 3/11/2032 <sup>(f)</sup>  | IRB Infrastructure Developers, Ltd. 7.11% 3/11/2032 <sup>(f)</sup>  | USD335 | $346 |
| LATAM Airlines Group SA 7.875% 4/15/2030 <sup>(f)</sup>  | LATAM Airlines Group SA 7.875% 4/15/2030 <sup>(f)</sup>  | 355 | 374 |
| Mexico City Airport Trust 4.25% 10/31/2026  | Mexico City Airport Trust 4.25% 10/31/2026  | 200 | 199 |
|  |  |  | 919 |
| **Consumer staples 0.02%** | **Consumer staples 0.02%** |  |  |
| Health and Happiness (H&H) International Holdings, Ltd. 9.125% 7/24/2028  | Health and Happiness (H&H) International Holdings, Ltd. 9.125% 7/24/2028  | 200 | 213 |
| NBM US Holdings, Inc. 7.00% 5/14/2026 <sup>(c)</sup>  | NBM US Holdings, Inc. 7.00% 5/14/2026 <sup>(c)</sup>  | 200 | 200 |
| NBM US Holdings, Inc. 6.625% 8/6/2029 <sup>(c)</sup>  | NBM US Holdings, Inc. 6.625% 8/6/2029 <sup>(c)</sup>  | 420 | 426 |
|  |  |  | 839 |
| **Health care 0.01%** | **Health care 0.01%** |  |  |
| Rede D'Or Finance SARL 4.50% 1/22/2030  | Rede D'Or Finance SARL 4.50% 1/22/2030  | 280 | 273 |
| **Total corporate bonds and notes** | **Total corporate bonds and notes** |  | 13377 |
| **Total bonds, notes & other debt instruments** (cost: $110,411,000) | **Total bonds, notes & other debt instruments** (cost: $110,411,000) |  | 113791 |
| Short-term securities 1.66% |  | Shares |  |
| **Money market investments 1.50%** | **Money market investments 1.50%** | **Money market investments 1.50%** | **Money market investments 1.50%** |
| Capital Group Central Cash Fund 3.79% <sup>(j)(k)</sup>  | Capital Group Central Cash Fund 3.79% <sup>(j)(k)</sup>  | 608937 | 60900 |
| **Money market investments purchased with collateral from securities on loan 0.15%** | **Money market investments purchased with collateral from securities on loan 0.15%** | **Money market investments purchased with collateral from securities on loan 0.15%** | **Money market investments purchased with collateral from securities on loan 0.15%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(j)(l)</sup>  | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(j)(l)</sup>  | 5942714 | 5943 |
|  | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>|  |
| **Bills & notes of governments & government agencies outside the U.S. 0.01%** | **Bills & notes of governments & government agencies outside the U.S. 0.01%** | **Bills & notes of governments & government agencies outside the U.S. 0.01%** | **Bills & notes of governments & government agencies outside the U.S. 0.01%** |
| Egypt (Arab Republic of) 1/6/2026  | 19.531<br> %<br>| EGP12,600 | 264 |
| **Total short-term securities** (cost: $67,083,000) | **Total short-term securities** (cost: $67,083,000) | **Total short-term securities** (cost: $67,083,000) | 67107 |
| **Total investment securities 100.53%** (cost: $2,525,040,000) | **Total investment securities 100.53%** (cost: $2,525,040,000) | **Total investment securities 100.53%** (cost: $2,525,040,000) | 4068722 |
| Other assets less liabilities (0.53)% | Other assets less liabilities (0.53)% |  | (21354)<br>|
| **Net assets 100.00%** | **Net assets 100.00%** |  | $4047368 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Short | 2 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD(417)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(d)</sup><br>|
| 5 Year Euro-Bobl Futures | Short | 13 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1775)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| 5 Year U.S. Treasury Note Futures | Long | 6 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| 10 Year Euro-Bund Futures | Short | 12 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1799)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **37** | American Funds Insurance Series |

---

------

New World Fund<sup>®</sup> (continued)

**Futures contracts** (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of<br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration<br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and<br> unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Long | 18 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD2,070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(17)<br>|
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 1 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (118)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7 |

---

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br>(000) | Currency purchased <br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| MXN | 1600 | USD | 89 | UBS AG | 1/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(d)</sup><br>|
| USD | 88 | MXN | 1600 | Goldman Sachs | 1/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| MYR | 397 | USD | 97 | BNP Paribas | 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| MYR | 350 | USD | 86 | JPMorgan Chase | 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| USD | 835 | MYR | 3443 | JPMorgan Chase | 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15)<br>|
| CZK | 52445 | USD | 2529 | Bank of New York Mellon | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| USD | 196 | IDR | 3257000 | Goldman Sachs | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| IDR | 1360795 | USD | 82 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| INR | 5512 | USD | 61 | HSBC Bank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| INR | 7000 | USD | 77 | Goldman Sachs | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| IDR | 1452260 | USD | 87 | Goldman Sachs | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| USD | 145 | MXN | 2603 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| USD | 1570 | CZK | 32520 | JPMorgan Chase | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12)<br>|
| USD | 784 | COP | 3027600 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14)<br>|
| ZAR | 21461 | USD | 1256 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| CNH | 13485 | USD | 1920 | UBS AG | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| THB | 30030 | USD | 953 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| ZAR | 1300 | USD | 78 | UBS AG | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| BRL | 470 | USD | 86 | Barclays Bank PLC | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| PLN | 517 | USD | 144 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| PLN | 250 | USD | 70 | JPMorgan Chase | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| USD | 819 | BRL | 4516 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 2267 | ZAR | 37931 | Bank of America | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21)<br>|
| BRL | 4255 | USD | 782 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)<br>|
| USD | 1859 | EUR | 1580 | Morgan Stanley | 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| USD | 917 | PHP | 54395 | Bank of America | 3/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2 |

---

**Investments in affiliates** <sup>(k)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 1.50%** |  |  |  |  |  |  |  |
| **Money market investments 1.50%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(j)</sup>  | $94686 | &nbsp;&nbsp; $618645 | &nbsp;&nbsp; $652434 | &nbsp;&nbsp; $11 | &nbsp;&nbsp; $(8)<br>| &nbsp;&nbsp; $60900 | &nbsp;&nbsp; $5504 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **38** |

---

------

New World Fund<sup>®</sup> (continued)

**Restricted securities** <sup>(c)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| QuintoAndar, Ltd., Series E, preference shares <sup>(a)(b)</sup> <br>| 5/26/2021  | $5258 | $6550 | 0.16<br> %<br>|
| QuintoAndar, Ltd., Series E-1, preference shares <sup>(a)(b)</sup> <br>| 12/20/2021  | 1716 | 1685 | 0.04 |
| Canva Australia Holdings Pty, Ltd. <sup>(a)(b)</sup> <br>| 8/26/2021-11/4/2021 | 656 | 634 | 0.02 |
| Canva Australia Holdings Pty, Ltd., Series A, noncumulative <br> preferred shares <sup>(a)(b)</sup> <br>| 11/4/2021  | 58 | 56 | 0.00 <br><sup>(m)</sup><br>|
| Canva Australia Holdings Pty, Ltd., Series A-3, noncumulative <br> preferred shares <sup>(a)(b)</sup> <br>| 11/4/2021  | 2 | 2 | 0.00 <br><sup>(m)</sup><br>|
| Getir BV, Series D, preferred shares <sup>(a)(b)</sup> <br>| 5/27/2021 | 3500 | — <br><sup>(d</sup>)<br>| 0.00 <br><sup>(m)</sup><br>|
| **Total** |  | $11190 | $8927 | 0.22<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(d)</sup> Amount less than one thousand.

<sup>(e)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(f)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $11,247,000, which represented 0.28% of the net assets of the fund. 

<sup>(g)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(h)</sup> Scheduled interest and/or principal payment was not received.

<sup>(i)</sup> Step bond; coupon rate may change at a later date.

<sup>(j)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(k)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(l)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(m)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| BDR = Brazilian Depositary Receipts |
| BRL = Brazilian reais |
| CAD = Canadian dollars |
| CDI = CREST Depository Interest  |
| CLP = Chilean pesos |
| CNH = Chinese yuan renminbi |
| CNY = Chinese yuan renminbi |
| COP = Colombian pesos |
| CZK = Czech korunas |
| EGP = Egyptian pounds |
| EUR = Euros |
| GBP = British pounds |
| GDR = Global Depositary Receipts |
| HUF = Hungarian forints |

---

---

| |
|:---|
| IDR = Indonesian rupiah |
| INR = Indian rupees |
| MXN = Mexican pesos |
| MYR = Malaysian ringgits |
| NGN = Nigerian naira |
| PHP = Philippine pesos |
| PLN = Polish zloty |
| REIT = Real Estate Investment Trust |
| SOFR = Secured Overnight Financing Rate |
| THB = Thai baht |
| TRY = Turkish lira |
| USD = U.S. dollars |
| UST = U.S. Treasury |
| ZAR = South African rand |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **39** | American Funds Insurance Series |

---

------

Washington Mutual Investors Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 96.71% | Shares | Value<br> (000)<br>|
| **Information technology 22.47%** |  |  |
| Broadcom, Inc.  | 2374965 | $821975 |
| Microsoft Corp.  | 1413570 | 683631 |
| Apple, Inc.  | 1139590 | 309809 |
| NVIDIA Corp.  | 1094267 | 204081 |
| KLA Corp.  | 103353 | 125582 |
| ASML Holding NV (ADR)  | 110497 | 118216 |
| International Business Machines Corp.  | 319206 | 94552 |
| Salesforce, Inc.  | 288774 | 76499 |
| Accenture PLC, Class A  | 257970 | 69213 |
| Intel Corp. <sup>(a)</sup>  | 943406 | 34812 |
| SAP SE (ADR) <sup>(b)</sup>  | 108684 | 26401 |
| Texas Instruments, Inc.  | 108648 | 18849 |
| Amphenol Corp., Class A  | 134593 | 18189 |
| Synopsys, Inc. <sup>(a)</sup>  | 31950 | 15008 |
| Applied Materials, Inc.  | 56534 | 14529 |
| TE Connectivity PLC  | 61452 | 13981 |
| Fair Isaac Corp. <sup>(a)</sup>  | 8068 | 13640 |
| Adobe, Inc. <sup>(a)</sup>  | 34743 | 12160 |
| Hewlett Packard Enterprise Co.  | 406300 | 9759 |
| Motorola Solutions, Inc.  | 9895 | 3793 |
| Oracle Corp.  | 19421 | 3785 |
| ASM International NV (ADR) <sup>(b)</sup>  | 4561 | 2752 |
|  |  | 2691216 |
| **Financials 17.03%** |  |  |
| Marsh & McLennan Cos., Inc.  | 1130032 | 209644 |
| JPMorgan Chase & Co.  | 593105 | 191110 |
| Bank of America Corp.  | 3357568 | 184666 |
| Visa, Inc., Class A  | 493213 | 172975 |
| Capital One Financial Corp.  | 511844 | 124050 |
| BlackRock, Inc.  | 103920 | 111230 |
| Mastercard, Inc., Class A  | 191588 | 109374 |
| Truist Financial Corp.  | 1734572 | 85358 |
| Citizens Financial Group, Inc.  | 1377669 | 80470 |
| Arthur J. Gallagher & Co.  | 300484 | 77762 |
| KKR & Co., Inc.  | 535221 | 68230 |
| Wells Fargo & Co.  | 712560 | 66411 |
| Chubb, Ltd.  | 187408 | 58494 |
| Progressive Corp.  | 249074 | 56719 |
| Apollo Asset Management, Inc.  | 387751 | 56131 |
| Morgan Stanley  | 290174 | 51515 |
| American Express Co.  | 138945 | 51403 |
| Blackstone, Inc.  | 247025 | 38076 |
| CME Group, Inc., Class A  | 134353 | 36689 |
| Aon PLC, Class A  | 95985 | 33871 |
| S&P Global, Inc.  | 50609 | 26448 |
| Citigroup, Inc.  | 207496 | 24213 |
| KeyCorp  | 1068093 | 22045 |
| PNC Financial Services Group, Inc.  | 89774 | 18738 |
| Brookfield Asset Management, Ltd., Class A  | 345786 | 18116 |
| Goldman Sachs Group, Inc.  | 19811 | 17414 |
| Carlyle Group, Inc. (The)  | 270192 | 15971 |
| Equitable Holdings, Inc.  | 217170 | 10348 |
| Fifth Third Bancorp  | 178306 | 8346 |
| Intercontinental Exchange, Inc.  | 48480 | 7852 |
| Charles Schwab Corp. (The)  | 57745 | 5769 |
|  |  | 2039438 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **40** |

---

------

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials 12.74%** |  |  |
| RTX Corp.  | 1032583 | $189376 |
| General Electric Co.  | 510619 | 157286 |
| Northrop Grumman Corp.  | 268954 | 153360 |
| Union Pacific Corp.  | 381988 | 88361 |
| Paychex, Inc.  | 783023 | 87839 |
| Caterpillar, Inc.  | 147575 | 84541 |
| Boeing Co. (The) <sup>(a)</sup>  | 371244 | 80604 |
| Deere & Co.  | 161235 | 75066 |
| L3Harris Technologies, Inc.  | 231680 | 68014 |
| 3M Co.  | 390205 | 62472 |
| Delta Air Lines, Inc.  | 807328 | 56029 |
| Parker-Hannifin Corp.  | 58375 | 51309 |
| Lennox International, Inc.  | 89406 | 43414 |
| Deutsche Post AG (ADR)  | 688904 | 37676 |
| Ingersoll-Rand, Inc.  | 459350 | 36390 |
| Verisk Analytics, Inc.  | 160459 | 35893 |
| Watsco, Inc.  | 93957 | 31659 |
| Siemens AG (ADR)  | 196210 | 27460 |
| Waste Connections, Inc.  | 130488 | 22882 |
| Johnson Controls International PLC  | 162195 | 19423 |
| FedEx Corp.  | 61924 | 17887 |
| HEICO Corp.  | 44486 | 14395 |
| Republic Services, Inc.  | 67539 | 14314 |
| Equifax, Inc.  | 60828 | 13198 |
| BAE Systems PLC (ADR)  | 136409 | 12670 |
| CSX Corp.  | 290528 | 10532 |
| RELX PLC (ADR)  | 231829 | 9371 |
| Waste Management, Inc.  | 40322 | 8859 |
| Applied Industrial Technologies, Inc.  | 22716 | 5833 |
| Trane Technologies PLC  | 14265 | 5552 |
| ITT, Inc.  | 20862 | 3620 |
|  |  | 1525285 |
| **Health care 12.16%** |  |  |
| Eli Lilly and Co.  | 244400 | 262652 |
| UnitedHealth Group, Inc.  | 621229 | 205074 |
| Amgen, Inc.  | 599792 | 196318 |
| Abbott Laboratories  | 1132764 | 141924 |
| CVS Health Corp.  | 1753200 | 139134 |
| AbbVie, Inc.  | 388820 | 88841 |
| Gilead Sciences, Inc.  | 687176 | 84344 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 137037 | 62127 |
| Johnson & Johnson  | 246753 | 51065 |
| Danaher Corp.  | 217204 | 49722 |
| Thermo Fisher Scientific, Inc.  | 84887 | 49188 |
| AstraZeneca PLC (ADR)  | 391907 | 36028 |
| Zimmer Biomet Holdings, Inc.  | 220098 | 19791 |
| Illumina, Inc. <sup>(a)</sup>  | 110721 | 14522 |
| Elevance Health, Inc.  | 39244 | 13757 |
| Humana, Inc.  | 47537 | 12176 |
| Novo Nordisk AS, Class B (ADR)  | 187415 | 9536 |
| Cooper Cos., Inc. <sup>(a)</sup>  | 79881 | 6547 |
| Bristol-Myers Squibb Co.  | 96148 | 5186 |
| McKesson Corp.  | 4752 | 3898 |
| Align Technology, Inc. <sup>(a)</sup>  | 15745 | 2459 |
| Cardinal Health, Inc.  | 6793 | 1396 |
|  |  | 1455685 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **41** | American Funds Insurance Series |

---

------

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer staples 8.25%** |  |  |
| Philip Morris International, Inc.  | 2510056 | $402613 |
| British American Tobacco PLC (ADR)  | 2455192 | 139013 |
| Keurig Dr Pepper, Inc.  | 2702930 | 75709 |
| Mondelez International, Inc., Class A  | 1268407 | 68278 |
| Coca-Cola Co.  | 758395 | 53020 |
| Constellation Brands, Inc., Class A  | 284585 | 39261 |
| Costco Wholesale Corp.  | 41990 | 36210 |
| Altria Group, Inc.  | 590291 | 34036 |
| Hershey Co.  | 124140 | 22591 |
| Nestle SA (ADR)  | 200456 | 19801 |
| Procter & Gamble Co.  | 136221 | 19522 |
| Church & Dwight Co., Inc.  | 227492 | 19075 |
| Walmart, Inc.  | 150441 | 16761 |
| Estee Lauder Cos., Inc. (The), Class A  | 152224 | 15941 |
| Kraft Heinz Co. (The)  | 413643 | 10031 |
| Target Corp.  | 98519 | 9630 |
| Bunge Global SA  | 74092 | 6600 |
|  |  | 988092 |
| **Consumer discretionary 6.88%** |  |  |
| Royal Caribbean Cruises, Ltd.  | 596363 | 166337 |
| Home Depot, Inc.  | 256784 | 88359 |
| Starbucks Corp.  | 1021649 | 86033 |
| Amazon.com, Inc. <sup>(a)</sup>  | 331292 | 76469 |
| YUM! Brands, Inc.  | 502512 | 76020 |
| D.R. Horton, Inc.  | 411529 | 59272 |
| TJX Cos., Inc. (The)  | 383447 | 58901 |
| Darden Restaurants, Inc.  | 317938 | 58507 |
| NIKE, Inc., Class B  | 537367 | 34236 |
| Marriott International, Inc., Class A  | 88679 | 27512 |
| General Motors Co.  | 276739 | 22504 |
| Vail Resorts, Inc.  | 149560 | 19862 |
| Tractor Supply Co.  | 373740 | 18691 |
| Toll Brothers, Inc.  | 81236 | 10985 |
| Texas Roadhouse, Inc.  | 43999 | 7304 |
| Sony Group Corp. (ADR)  | 268839 | 6882 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 165637 | 6129 |
|  |  | 824003 |
| **Communication services 5.40%** |  |  |
| Alphabet, Inc., Class A  | 591527 | 185148 |
| Alphabet, Inc., Class C  | 565134 | 177339 |
| Meta Platforms, Inc., Class A  | 234761 | 154963 |
| Comcast Corp., Class A  | 3570517 | 106723 |
| Verizon Communications, Inc.  | 261888 | 10667 |
| Walt Disney Co. (The)  | 56380 | 6414 |
| AT&T, Inc.  | 210004 | 5217 |
|  |  | 646471 |
| **Utilities 4.03%** |  |  |
| Constellation Energy Corp.  | 322322 | 113867 |
| Sempra  | 1251080 | 110458 |
| Southern Co. (The)  | 946592 | 82543 |
| FirstEnergy Corp.  | 1218911 | 54571 |
| DTE Energy Co.  | 221096 | 28517 |
| Exelon Corp.  | 631441 | 27525 |
| Entergy Corp.  | 182766 | 16893 |
| CenterPoint Energy, Inc.  | 437803 | 16785 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **42** |

---

------

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Utilities (continued)** |  |  |
| Public Service Enterprise Group, Inc.  | 184231 | $14794 |
| NextEra Energy, Inc.  | 125328 | 10061 |
| Atmos Energy Corp.  | 38564 | 6464 |
|  |  | 482478 |
| **Energy 2.92%** |  |  |
| Exxon Mobil Corp.  | 678218 | 81617 |
| ConocoPhillips  | 836045 | 78262 |
| Canadian Natural Resources, Ltd.  | 1659500 | 56174 |
| EOG Resources, Inc.  | 404283 | 42454 |
| Baker Hughes Co., Class A  | 572294 | 26062 |
| TC Energy Corp.  | 425469 | 23405 |
| Chevron Corp.  | 114799 | 17496 |
| Halliburton Co.  | 398694 | 11267 |
| SLB, Ltd.  | 216823 | 8322 |
| TotalEnergies SE <sup>(b)</sup>  | 65622 | 4293 |
|  |  | 349352 |
| **Real estate 2.59%** |  |  |
| Welltower, Inc. REIT  | 972251 | 180459 |
| Simon Property Group, Inc. REIT  | 158605 | 29359 |
| Public Storage REIT  | 107805 | 27975 |
| Prologis, Inc. REIT  | 200496 | 25595 |
| Ventas, Inc. REIT  | 219292 | 16969 |
| American Tower Corp. REIT  | 95755 | 16812 |
| Rexford Industrial Realty, Inc. REIT  | 156135 | 6046 |
| Extra Space Storage, Inc. REIT  | 42274 | 5505 |
| CoStar Group, Inc. <sup>(a)</sup>  | 23002 | 1547 |
|  |  | 310267 |
| **Materials 2.24%** |  |  |
| Air Products and Chemicals, Inc.  | 314661 | 77728 |
| Wheaton Precious Metals Corp.  | 558352 | 65618 |
| International Paper Co.  | 1327824 | 52303 |
| Linde PLC  | 63825 | 27214 |
| Royal Gold, Inc.  | 81893 | 18204 |
| Corteva, Inc.  | 260264 | 17445 |
| H.B. Fuller Co.  | 114890 | 6831 |
| Nucor Corp.  | 16976 | 2769 |
|  |  | 268112 |
| **Total common stocks** (cost: $7,030,725,000) |  | 11580399 |
| Convertible stocks 0.86% |  |  |
| **Industrials 0.36%** |  |  |
| Boeing Co., Series A, convertible preferred depositary shares, 6.00% 10/15/2027  | 627490 | 43334 |
| **Financials 0.33%** |  |  |
| KKR & Co., Inc., Class D, convertible preferred shares, 6.25% 3/1/2028  | 590703 | 30622 |
| Apollo Global Management, Inc., Class A, cumulative convertible preferred shares, 6.75% 7/31/2026  | 116666 | 8811 |
|  |  | 39433 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **43** | American Funds Insurance Series |

---

------

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Convertible stocks (continued) | Shares | Value<br> (000)<br>|
| **Utilities 0.17%** |  |  |
| Southern Co. (The), Class A, convertible preferred shares, 7.125% 12/15/2028  | 406324 | $20463 |
| **Total convertible stocks** (cost: $91,575,000) |  | 103230 |
| Short-term securities 2.29% |  |  |
| **Money market investments 2.28%** | **Money market investments 2.28%** | **Money market investments 2.28%** |
| Capital Group Central Cash Fund 3.79% <sup>(c)(d)</sup>  | 2725029 | 272530 |
| **Money market investments purchased with collateral from securities on loan 0.01%** | **Money market investments purchased with collateral from securities on loan 0.01%** | **Money market investments purchased with collateral from securities on loan 0.01%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(c)(e)</sup>  | 776786 | 777 |
| **Total short-term securities** (cost: $273,250,000) |  | 273307 |
| **Total investment securities 99.86%** (cost: $7,395,550,000) |  | 11956936 |
| Other assets less liabilities 0.14% |  | 17120 |
| **Net assets 100.00%** |  | $11974056 |

---

**Investments in affiliates** <sup>(d)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 2.28%** |  |  |  |  |  |  |  |
| **Money market investments 2.28%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(c)</sup>  | $245250 | &nbsp;&nbsp; $1790503 | &nbsp;&nbsp; $1763183 | &nbsp;&nbsp; $(10)<br>| &nbsp;&nbsp; $(30)<br>| &nbsp;&nbsp; $272530 | &nbsp;&nbsp; $13883 |
| **Money market investments purchased with collateral** <br>**from securities on loan 0.00%**<br>|  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(c)</sup>  | 9850 |  | &nbsp;&nbsp; 9850 <br><sup>(f)</sup><br>|  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(g)</sup><br>|
| **Total 2.28%** |  |  |  | &nbsp;&nbsp; $(10)<br>| &nbsp;&nbsp; $(30)<br>| &nbsp;&nbsp; $272530 | &nbsp;&nbsp; $13883 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(d)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(e)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(f)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(g)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| REIT = Real Estate Investment Trust |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **44** |

---

------

U.S. Small and Mid Cap Equity Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 97.32% | Shares | Value<br> (000)<br>|
| **Financials 23.78%** |  |  |
| Capital One Financial Corp.  | 12848 | $3114 |
| Brown & Brown, Inc.  | 29424 | 2345 |
| Fifth Third Bancorp  | 42787 | 2003 |
| RenaissanceRe Holdings, Ltd.  | 6629 | 1864 |
| Victory Capital Holdings, Inc., Class A  | 27021 | 1705 |
| LPL Financial Holdings, Inc.  | 3231 | 1154 |
| StepStone Group, Inc., Class A  | 17773 | 1140 |
| KeyCorp  | 47885 | 988 |
| Hamilton Lane, Inc., Class A  | 7175 | 964 |
| TPG, Inc., Class A  | 13727 | 876 |
| Affirm Holdings, Inc., Class A <sup>(a)</sup>  | 11444 | 852 |
| WEX, Inc. <sup>(a)</sup>  | 5173 | 771 |
| Radian Group, Inc.  | 18868 | 679 |
| Kinsale Capital Group, Inc.  | 1670 | 653 |
| Fiserv, Inc. <sup>(a)</sup>  | 9281 | 623 |
| Ally Financial, Inc.  | 10613 | 481 |
| Ameriprise Financial, Inc.  | 957 | 469 |
| Accelerant Holdings, Class A <sup>(a)</sup>  | 27142 | 444 |
| Artisan Partners Asset Management, Inc., Class A  | 10148 | 413 |
| Tradeweb Markets, Inc., Class A  | 3687 | 396 |
| Arthur J. Gallagher & Co.  | 1462 | 378 |
| Citizens Financial Group, Inc.  | 6328 | 370 |
| Essent Group, Ltd.  | 4628 | 301 |
| Figure Technology Solutions, Inc. <sup>(a)</sup>  | 6252 | 255 |
| GQG Partners, Inc. (CDI)  | 195382 | 228 |
| Blue Owl Capital, Inc., Class A  | 15107 | 226 |
|  |  | 23692 |
| **Industrials 19.73%** |  |  |
| XPO, Inc. <sup>(a)</sup>  | 11702 | 1590 |
| Comfort Systems USA, Inc.  | 1510 | 1409 |
| Crane Co.  | 7592 | 1400 |
| Ingersoll-Rand, Inc.  | 16463 | 1304 |
| United Rentals, Inc.  | 1565 | 1267 |
| Karman Holdings, Inc. <sup>(a)</sup>  | 16913 | 1238 |
| AGCO Corp.  | 8507 | 887 |
| ATI, Inc. <sup>(a)</sup>  | 7165 | 822 |
| Bloom Energy Corp., Class A <sup>(a)</sup>  | 9349 | 812 |
| APi Group Corp. <sup>(a)</sup>  | 18288 | 700 |
| Generac Holdings, Inc. <sup>(a)</sup>  | 5120 | 698 |
| AMETEK, Inc.  | 3100 | 637 |
| SiteOne Landscape Supply, Inc. <sup>(a)</sup>  | 5013 | 624 |
| Core & Main, Inc., Class A <sup>(a)</sup>  | 11721 | 609 |
| PACCAR, Inc.  | 4584 | 502 |
| Applied Industrial Technologies, Inc.  | 1852 | 476 |
| The Toro Co.  | 5383 | 424 |
| CSW Industrials, Inc.  | 1425 | 418 |
| FTAI Aviation, Ltd.  | 2030 | 400 |
| Copart, Inc. <sup>(a)</sup>  | 9486 | 371 |
| HEICO Corp.  | 1059 | 343 |
| Builders FirstSource, Inc. <sup>(a)</sup>  | 3265 | 336 |
| L3Harris Technologies, Inc.  | 1140 | 335 |
| Kadant, Inc.  | 1153 | 329 |
| ESCO Technologies, Inc.  | 1528 | 299 |
| VSE Corp.  | 1708 | 295 |
| Graco, Inc.  | 3172 | 260 |
| Oshkosh Corp.  | 1699 | 213 |
| Robert Half, Inc.  | 6882 | 187 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **45** | American Funds Insurance Series |

---

------

U.S. Small and Mid Cap Equity Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Fluor Corp. <sup>(a)</sup>  | 4663 | $185 |
| United Parcel Service, Inc., Class B  | 1684 | 167 |
| CBIZ, Inc. <sup>(a)</sup>  | 2383 | 120 |
|  |  | 19657 |
| **Consumer discretionary 15.60%** |  |  |
| Hilton Worldwide Holdings, Inc.  | 5955 | 1711 |
| YUM! Brands, Inc.  | 9944 | 1504 |
| Vail Resorts, Inc.  | 10303 | 1368 |
| LKQ Corp.  | 42592 | 1286 |
| Aptiv Holdings, Ltd. <sup>(a)</sup>  | 13584 | 1034 |
| General Motors Co.  | 11011 | 895 |
| Five Below, Inc. <sup>(a)</sup>  | 4322 | 814 |
| Adtalem Global Education, Inc. <sup>(a)</sup>  | 7439 | 770 |
| Bright Horizons Family Solutions, Inc. <sup>(a)</sup>  | 5826 | 591 |
| TopBuild Corp. <sup>(a)</sup>  | 1258 | 525 |
| Flutter Entertainment PLC <sup>(a)</sup>  | 2429 | 522 |
| Wingstop, Inc.  | 2071 | 494 |
| Darden Restaurants, Inc.  | 2559 | 471 |
| D.R. Horton, Inc.  | 3011 | 434 |
| Murphy USA, Inc.  | 927 | 374 |
| Toll Brothers, Inc.  | 2406 | 325 |
| Cavco Industries, Inc. <sup>(a)</sup>  | 546 | 322 |
| Royal Caribbean Cruises, Ltd.  | 1101 | 307 |
| Chewy, Inc., Class A <sup>(a)</sup>  | 8811 | 291 |
| Texas Roadhouse, Inc.  | 1657 | 275 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 7178 | 266 |
| Brinker International, Inc. <sup>(a)</sup>  | 1778 | 255 |
| SharkNinja, Inc. <sup>(a)</sup>  | 1946 | 218 |
| AutoZone, Inc. <sup>(a)</sup>  | 53 | 180 |
| Polaris, Inc.  | 2608 | 165 |
| CAVA Group, Inc. <sup>(a)</sup>  | 2391 | 140 |
|  |  | 15537 |
| **Information technology 11.44%** |  |  |
| Ingram Micro Holding Corp. <sup>(b)</sup>  | 64723 | 1381 |
| Lumentum Holdings, Inc. <sup>(a)</sup>  | 3571 | 1316 |
| Fabrinet, non-registered shares <sup>(a)</sup>  | 2398 | 1092 |
| Keysight Technologies, Inc. <sup>(a)</sup>  | 4973 | 1010 |
| Ciena Corp. <sup>(a)</sup>  | 3954 | 925 |
| Flex, Ltd. <sup>(a)</sup>  | 13238 | 800 |
| MongoDB, Inc., Class A <sup>(a)</sup>  | 1765 | 741 |
| Procore Technologies, Inc. <sup>(a)</sup>  | 8507 | 619 |
| Vontier Corp.  | 16007 | 595 |
| Fair Isaac Corp. <sup>(a)</sup>  | 313 | 529 |
| Cloudflare, Inc., Class A <sup>(a)</sup>  | 2395 | 472 |
| CompoSecure, Inc., Class A <sup>(a)(c)</sup>  | 20637 | 370 |
| Hewlett Packard Enterprise Co.  | 12286 | 295 |
| EPAM Systems, Inc. <sup>(a)</sup>  | 1350 | 277 |
| Snowflake, Inc. <sup>(a)</sup>  | 1173 | 257 |
| RingCentral, Inc., Class A <sup>(a)</sup>  | 7980 | 230 |
| Clearwater Analytics Holdings, Inc., Class A <sup>(a)</sup>  | 8318 | 201 |
| CoreWeave, Inc., Class A <sup>(a)</sup>  | 1559 | 112 |
| Figma, Inc. <sup>(a)</sup>  | 2983 | 111 |
| Via Transportation, Inc., Class A <sup>(a)</sup>  | 2340 | 68 |
|  |  | 11401 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **46** |

---

------

U.S. Small and Mid Cap Equity Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Health care 8.63%** |  |  |
| Ionis Pharmaceuticals, Inc. <sup>(a)</sup>  | 14469 | $1145 |
| Illumina, Inc. <sup>(a)</sup>  | 5359 | 703 |
| Align Technology, Inc. <sup>(a)</sup>  | 4477 | 699 |
| Medline, Inc., Class A <sup>(a)</sup>  | 14700 | 617 |
| Cooper Cos., Inc. <sup>(a)</sup>  | 6773 | 555 |
| Exact Sciences Corp. <sup>(a)</sup>  | 4899 | 498 |
| Halozyme Therapeutics, Inc. <sup>(a)</sup>  | 6858 | 462 |
| Doximity, Inc., Class A <sup>(a)</sup>  | 8847 | 392 |
| Veeva Systems, Inc., Class A <sup>(a)</sup>  | 1752 | 391 |
| Penumbra, Inc. <sup>(a)</sup>  | 1219 | 379 |
| Natera, Inc. <sup>(a)</sup>  | 1649 | 378 |
| Alignment Healthcare, Inc. <sup>(a)</sup>  | 18667 | 369 |
| Hims & Hers Health, Inc., Class A <sup>(a)</sup>  | 10863 | 353 |
| NewAmsterdam Pharma Co. NV <sup>(a)</sup>  | 9798 | 344 |
| IQVIA Holdings, Inc. <sup>(a)</sup>  | 1442 | 325 |
| Regeneron Pharmaceuticals, Inc.  | 376 | 290 |
| Centessa Pharmaceuticals PLC (ADR) <sup>(a)</sup>  | 9157 | 229 |
| Krystal Biotech, Inc. <sup>(a)</sup>  | 886 | 218 |
| Zimmer Biomet Holdings, Inc.  | 1962 | 176 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 200 | 79 |
|  |  | 8602 |
| **Consumer staples 7.13%** |  |  |
| US Foods Holding Corp. <sup>(a)</sup>  | 29695 | 2237 |
| Monster Beverage Corp. <sup>(a)</sup>  | 16752 | 1284 |
| e.l.f. Beauty, Inc. <sup>(a)</sup>  | 11527 | 877 |
| Dollar General Corp.  | 4932 | 655 |
| Caseys General Stores, Inc.  | 1137 | 628 |
| Estee Lauder Cos., Inc. (The), Class A  | 4095 | 429 |
| Keurig Dr Pepper, Inc.  | 11715 | 328 |
| Maplebear, Inc. <sup>(a)</sup>  | 6897 | 310 |
| Constellation Brands, Inc., Class A  | 1758 | 243 |
| The Campbell's Co.  | 4131 | 115 |
|  |  | 7106 |
| **Energy 2.50%** |  |  |
| Diamondback Energy, Inc.  | 5754 | 865 |
| Baker Hughes Co., Class A  | 13613 | 620 |
| Viper Energy, Inc., Class A  | 8310 | 321 |
| Permian Resources Corp., Class A  | 18919 | 266 |
| SLB, Ltd.  | 6256 | 240 |
| EOG Resources, Inc.  | 1661 | 174 |
|  |  | 2486 |
| **Real estate 2.43%** |  |  |
| Simon Property Group, Inc. REIT  | 6717 | 1244 |
| Essex Property Trust, Inc. REIT  | 2217 | 580 |
| Crown Castle, Inc. REIT  | 5004 | 445 |
| Alexandria Real Estate Equities, Inc. REIT  | 3072 | 150 |
|  |  | 2419 |
| **Materials 2.29%** |  |  |
| International Paper Co.  | 19368 | 763 |
| Westlake Corp.  | 6765 | 500 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **47** | American Funds Insurance Series |

---

------

U.S. Small and Mid Cap Equity Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| Element Solutions, Inc.  | 17078 | $427 |
| Perpetua Resources Corp. <sup>(a)</sup>  | 16342 | 396 |
| Corteva, Inc.  | 2901 | 194 |
|  |  | 2280 |
| **Communication services 1.90%** |  |  |
| ROBLOX Corp., Class A <sup>(a)</sup>  | 14370 | 1164 |
| Live Nation Entertainment, Inc. <sup>(a)</sup>  | 3723 | 530 |
| Charter Communications, Inc., Class A <sup>(a)</sup>  | 761 | 159 |
| Stubhub Holdings, Inc., Class A <sup>(a)(b)</sup>  | 2858 | 39 |
|  |  | 1892 |
| **Utilities 1.89%** |  |  |
| Exelon Corp.  | 29519 | 1287 |
| NRG Energy, Inc.  | 3150 | 501 |
| FirstEnergy Corp.  | 2147 | 96 |
|  |  | 1884 |
| **Total common stocks** (cost: $93,297,000) |  | 96956 |
| Short-term securities 3.82% |  |  |
| **Money market investments 2.97%** | **Money market investments 2.97%** | **Money market investments 2.97%** |
| Capital Group Central Cash Fund 3.79% <sup>(d)(e)</sup>  | 29620 | 2963 |
| **Money market investments purchased with collateral from securities on loan 0.85%** | **Money market investments purchased with collateral from securities on loan 0.85%** | **Money market investments purchased with collateral from securities on loan 0.85%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(d)(f)</sup>  | 846291 | 846 |
| **Total short-term securities** (cost: $3,808,000) |  | 3809 |
| **Total investment securities 101.14%** (cost: $97,105,000) |  | 100765 |
| Other assets less liabilities (1.14)% |  | (1139)<br>|
| **Net assets 100.00%** |  | $99626 |

---

**Investments in affiliates** <sup>(e)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 2.97%** |  |  |  |  |  |  |  |
| **Money market investments 2.97%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(d)</sup>  | $288 | &nbsp;&nbsp; $29708 | &nbsp;&nbsp; $27033 | &nbsp;&nbsp; $— <br><sup>(g)</sup><br>| &nbsp;&nbsp; $— <br><sup>(g)</sup><br>| &nbsp;&nbsp; $2963 | &nbsp;&nbsp; $60 |

---

**Restricted securities** <sup>(c)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| CompoSecure, Inc., Class A <sup>(a)</sup> <br>| 12/24/2025 | $382 | $370 | 0.37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **48** |

---

------

U.S. Small and Mid Cap Equity Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(d)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(e)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(f)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(g)</sup> Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| CDI = CREST Depository Interest  |
| REIT = Real Estate Investment Trust |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **49** | American Funds Insurance Series |

---

------

Capital World Growth and Income Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 98.15% | Shares | Value<br> (000)<br>|
| **Information technology 23.97%** |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 2005772 | $97989 |
| Broadcom, Inc.  | 268307 | 92861 |
| Microsoft Corp.  | 146416 | 70810 |
| NVIDIA Corp.  | 281180 | 52440 |
| Apple, Inc.  | 140959 | 38321 |
| Micron Technology, Inc.  | 111566 | 31842 |
| ASML Holding NV  | 16667 | 17815 |
| ASML Holding NV (ADR)  | 1512 | 1618 |
| International Business Machines Corp.  | 48120 | 14254 |
| Tokyo Electron, Ltd.  | 51975 | 11415 |
| Intel Corp. <sup>(a)</sup>  | 273031 | 10075 |
| MediaTek, Inc.  | 157094 | 7118 |
| Amphenol Corp., Class A  | 32412 | 4380 |
| Lenovo Group, Ltd.  | 3686000 | 4371 |
| Seagate Technology Holdings PLC  | 15867 | 4370 |
| Synopsys, Inc. <sup>(a)</sup>  | 8886 | 4174 |
| Applied Materials, Inc.  | 15190 | 3904 |
| Oracle Corp.  | 18982 | 3700 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup>  | 18872 | 3038 |
| Accenture PLC, Class A  | 10643 | 2855 |
| Samsung Electronics Co., Ltd.  | 33844 | 2821 |
| Cloudflare, Inc., Class A <sup>(a)</sup>  | 12488 | 2462 |
| Capgemini SE  | 14098 | 2335 |
| Allegro MicroSystems, Inc. <sup>(a)</sup>  | 88141 | 2325 |
| EPAM Systems, Inc. <sup>(a)</sup>  | 9877 | 2024 |
| Constellation Software, Inc.  | 721 | 1734 |
| AppLovin Corp., Class A <sup>(a)</sup>  | 2510 | 1691 |
| KLA Corp.  | 1314 | 1597 |
| Marvell Technology, Inc.  | 18061 | 1535 |
| Salesforce, Inc.  | 4029 | 1067 |
| SAP SE  | 3885 | 950 |
| Fair Isaac Corp. <sup>(a)</sup>  | 458 | 774 |
| Strategy, Inc., Class A <sup>(a)</sup>  | 4258 | 647 |
| Corning, Inc.  | 7323 | 641 |
| Advantech Co., Ltd.  | 30098 | 274 |
|  |  | 500227 |
| **Industrials 16.25%** |  |  |
| General Electric Co.  | 80356 | 24752 |
| Airbus SE, non-registered shares  | 90056 | 20889 |
| BAE Systems PLC  | 890700 | 20476 |
| Siemens AG  | 64151 | 18016 |
| RTX Corp.  | 95086 | 17439 |
| TransDigm Group, Inc.  | 11792 | 15682 |
| Leonardo SpA  | 255861 | 14657 |
| Deere & Co.  | 29808 | 13878 |
| Volvo AB, Class B  | 391329 | 12544 |
| Melrose Industries PLC  | 1317195 | 10363 |
| Ryanair Holdings PLC (ADR)  | 143498 | 10359 |
| Hitachi, Ltd.  | 269600 | 8364 |
| Compagnie de Saint-Gobain SA, non-registered shares  | 78427 | 7961 |
| Union Pacific Corp.  | 34166 | 7903 |
| Carrier Global Corp.  | 147179 | 7777 |
| Safran SA  | 22132 | 7701 |
| United Rentals, Inc.  | 9239 | 7477 |
| Mitsui & Co., Ltd.  | 252500 | 7463 |
| Rolls-Royce Holdings PLC  | 438695 | 6819 |
| Siemens Energy AG  | 41713 | 5895 |
| Ingersoll-Rand, Inc.  | 73089 | 5790 |
| L3Harris Technologies, Inc.  | 19651 | 5769 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **50** |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Parker-Hannifin Corp.  | 5942 | $5223 |
| Deutsche Post AG  | 94991 | 5203 |
| Lockheed Martin Corp.  | 10189 | 4928 |
| ITOCHU Corp.  | 377000 | 4759 |
| Prysmian SpA  | 47580 | 4744 |
| RELX PLC  | 102326 | 4139 |
| Techtronic Industries Co., Ltd.  | 352500 | 4050 |
| IHI Corp.  | 204168 | 3600 |
| XPO, Inc. <sup>(a)</sup>  | 24624 | 3347 |
| Saab AB, Class B  | 50858 | 2958 |
| International Consolidated Airlines Group SA (CDI)  | 528593 | 2927 |
| GE Vernova, Inc.  | 4428 | 2894 |
| Core & Main, Inc., Class A <sup>(a)</sup>  | 54167 | 2815 |
| Bureau Veritas SA  | 84710 | 2698 |
| Weir Group PLC (The)  | 53913 | 2058 |
| MTU Aero Engines AG  | 4854 | 2025 |
| FTAI Aviation, Ltd.  | 9560 | 1882 |
| Crane Co.  | 9711 | 1791 |
| Marubeni Corp.  | 63000 | 1753 |
| Bombardier, Inc., Class B <sup>(a)</sup>  | 9858 | 1677 |
| Bouygues SA  | 30905 | 1602 |
| Comfort Systems USA, Inc.  | 1627 | 1518 |
| Recruit Holdings Co., Ltd.  | 25350 | 1446 |
| Bunzl PLC  | 42369 | 1182 |
| Randstad NV, non-registered shares  | 28055 | 1067 |
| Woodward, Inc.  | 3354 | 1014 |
| Vestas Wind Systems AS  | 35740 | 965 |
| SECOM Co., Ltd.  | 27100 | 963 |
| Howmet Aerospace, Inc.  | 4522 | 927 |
| Rocket Lab Corp. <sup>(a)</sup>  | 12810 | 894 |
| Boeing Co. (The) <sup>(a)</sup>  | 3785 | 822 |
| Diploma PLC  | 11469 | 818 |
| PACCAR, Inc.  | 7084 | 776 |
| Ferguson Enterprises, Inc.  | 2880 | 641 |
| Valmet OYJ  | 17763 | 588 |
| FedEx Corp.  | 1469 | 424 |
|  |  | 339092 |
| **Financials 14.57%** |  |  |
| Chubb, Ltd.  | 41141 | 12841 |
| Citigroup, Inc.  | 109791 | 12811 |
| NatWest Group PLC  | 1411295 | 12309 |
| Zurich Insurance Group AG  | 15887 | 12058 |
| JPMorgan Chase & Co.  | 36957 | 11908 |
| Capital One Financial Corp.  | 44690 | 10831 |
| Aviva PLC  | 1178167 | 10787 |
| Mastercard, Inc., Class A  | 18307 | 10451 |
| Apollo Asset Management, Inc.  | 66212 | 9585 |
| BPER Banca SpA  | 688480 | 9310 |
| Visa, Inc., Class A  | 23806 | 8349 |
| Bank of America Corp.  | 151204 | 8316 |
| American Express Co.  | 21561 | 7976 |
| Wells Fargo & Co.  | 73531 | 6853 |
| UniCredit SpA  | 82515 | 6850 |
| ING Groep NV  | 242789 | 6825 |
| BlackRock, Inc.  | 5785 | 6192 |
| Arthur J. Gallagher & Co.  | 22281 | 5766 |
| Banco Bilbao Vizcaya Argentaria SA  | 240821 | 5633 |
| Blackstone, Inc.  | 34103 | 5257 |
| Galaxy Digital, Inc., Class A <sup>(a)(b)</sup>  | 153894 | 3441 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **51** | American Funds Insurance Series |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| Galaxy Digital, Inc., Class A <sup>(a)</sup>  | 73055 | $1634 |
| AIA Group, Ltd.  | 489469 | 5028 |
| HDFC Life Insurance Co., Ltd.  | 586869 | 4905 |
| Munchener Ruckversicherungs-Gesellschaft AG  | 7210 | 4761 |
| Mizuho Financial Group, Inc.  | 128300 | 4659 |
| 3i Group PLC  | 103448 | 4501 |
| Aon PLC, Class A  | 12706 | 4484 |
| Israel Discount Bank, Ltd., Class A  | 416534 | 4423 |
| Erste Group Bank AG  | 33771 | 4063 |
| Partners Group Holding AG  | 3097 | 3804 |
| Postal Savings Bank of China Co., Ltd., Class H  | 5553383 | 3790 |
| FinecoBank SpA  | 138712 | 3602 |
| BNP Paribas SA  | 36364 | 3441 |
| Ping An Insurance (Group) Co. of China, Ltd., Class H  | 404280 | 3401 |
| KB Financial Group, Inc.  | 39325 | 3400 |
| Blue Owl Capital, Inc., Class A  | 224513 | 3354 |
| Svenska Handelsbanken AB, Class A  | 226988 | 3310 |
| Progressive Corp.  | 13531 | 3081 |
| DBS Group Holdings, Ltd.  | 66200 | 2897 |
| Marsh & McLennan Cos., Inc.  | 14198 | 2634 |
| Danske Bank AS  | 52190 | 2603 |
| Ares Management Corp., Class A  | 14926 | 2412 |
| Morgan Stanley  | 13148 | 2334 |
| TPG, Inc., Class A  | 36181 | 2310 |
| Nu Holdings, Ltd., Class A <sup>(a)</sup>  | 132234 | 2214 |
| HDFC Bank, Ltd.  | 127497 | 1409 |
| HDFC Bank, Ltd. (ADR)  | 17258 | 630 |
| HSBC Holdings PLC (HKD denominated)  | 130000 | 2036 |
| B3 SA - Brasil, Bolsa, Balcao  | 732050 | 1905 |
| AXA SA  | 39014 | 1876 |
| American International Group, Inc.  | 20908 | 1789 |
| Brown & Brown, Inc.  | 22407 | 1786 |
| Banco Comercial Portugues, SA  | 1692704 | 1774 |
| IG Group Holdings PLC  | 93625 | 1660 |
| CaixaBank SA, non-registered shares  | 125217 | 1529 |
| CVC Capital Partners PLC  | 88920 | 1489 |
| National Bank of Canada  | 11544 | 1452 |
| Skandinaviska Enskilda Banken AB, Class A  | 62547 | 1320 |
| Federal Home Loan Mortgage Corp. <sup>(a)</sup>  | 122752 | 1245 |
| Fannie Mae <sup>(a)</sup>  | 99902 | 1072 |
| Allianz SE  | 2300 | 1055 |
| Bank Hapoalim BM  | 46635 | 1055 |
| Credicorp, Ltd.  | 3392 | 973 |
| Abu Dhabi Islamic Bank PJSC  | 164126 | 928 |
| China Merchants Bank Co., Ltd., Class H  | 122403 | 828 |
| Goldman Sachs Group, Inc.  | 871 | 766 |
| Brookfield Asset Management, Ltd., Class A (CAD denominated)  | 14178 | 743 |
| LPL Financial Holdings, Inc.  | 2038 | 728 |
| Fidelity National Information Services, Inc.  | 10845 | 721 |
| Macquarie Group, Ltd.  | 4650 | 626 |
| XP, Inc., Class A  | 36512 | 598 |
| Standard Chartered PLC  | 19485 | 476 |
| Tokio Marine Holdings, Inc.  | 6000 | 223 |
| Sberbank of Russia PJSC <sup>(c)</sup>  | 3196952 | — <br><sup>(d)</sup><br>|
|  |  | 304086 |
| **Communication services 9.18%** |  |  |
| Alphabet, Inc., Class A  | 119827 | 37506 |
| Alphabet, Inc., Class C  | 112570 | 35324 |
| Meta Platforms, Inc., Class A  | 40871 | 26979 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **52** |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Communication services (continued)** |  |  |
| SoftBank Group Corp.  | 669268 | $18868 |
| Netflix, Inc. <sup>(a)</sup>  | 123855 | 11613 |
| Publicis Groupe SA  | 105250 | 10919 |
| Singapore Telecommunications, Ltd.  | 2193563 | 7772 |
| NetEase, Inc.  | 212900 | 5859 |
| NetEase, Inc. (ADR)  | 4006 | 551 |
| Orange  | 323745 | 5402 |
| Bharti Airtel, Ltd.  | 210509 | 4938 |
| Bharti Airtel, Ltd., interim shares  | 12466 | 235 |
| Tencent Holdings, Ltd.  | 58900 | 4513 |
| Comcast Corp., Class A  | 149929 | 4481 |
| Universal Music Group NV  | 157145 | 4106 |
| AT&T, Inc.  | 129224 | 3210 |
| Nintendo Co., Ltd.  | 38800 | 2621 |
| Spotify Technology SA <sup>(a)</sup>  | 4149 | 2409 |
| Omnicom Group, Inc.  | 25602 | 2067 |
| Walt Disney Co. (The)  | 10917 | 1242 |
| SoftBank Corp.  | 677450 | 930 |
|  |  | 191545 |
| **Consumer discretionary 8.32%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup>  | 144814 | 33426 |
| Industria de Diseno Textil SA  | 183973 | 12118 |
| Trip.com Group, Ltd. (ADR)  | 79347 | 5706 |
| Trip.com Group, Ltd.  | 77636 | 5569 |
| Compagnie Financiere Richemont SA, Class A  | 50205 | 10835 |
| Tesla, Inc. <sup>(a)</sup>  | 23878 | 10738 |
| Flutter Entertainment PLC <sup>(a)</sup>  | 41831 | 8995 |
| Starbucks Corp.  | 104616 | 8810 |
| Royal Caribbean Cruises, Ltd.  | 31446 | 8771 |
| MercadoLibre, Inc. <sup>(a)</sup>  | 4232 | 8524 |
| NEXT PLC  | 38851 | 7148 |
| Las Vegas Sands Corp.  | 94294 | 6138 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 7475 | 5635 |
| Booking Holdings, Inc.  | 927 | 4964 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 124254 | 4597 |
| D.R. Horton, Inc.  | 28110 | 4049 |
| Alibaba Group Holding, Ltd. (ADR)  | 20723 | 3038 |
| Hermes International  | 1159 | 2864 |
| Compagnie Generale des Etablissements Michelin  | 73679 | 2444 |
| Restaurant Brands International, Inc. (CAD denominated)  | 27334 | 1865 |
| Hyundai Motor Co.  | 8986 | 1840 |
| InterContinental Hotels Group PLC  | 12632 | 1769 |
| Moncler SpA  | 27170 | 1746 |
| Compass Group PLC  | 54547 | 1735 |
| Carvana Co., Class A <sup>(a)</sup>  | 3915 | 1652 |
| Suzuki Motor Corp.  | 98200 | 1459 |
| Aristocrat Leisure, Ltd.  | 34618 | 1343 |
| Midea Group Co., Ltd., Class A  | 113000 | 1263 |
| NIKE, Inc., Class B  | 16141 | 1028 |
| Accor SA  | 15785 | 894 |
| Zensho Holdings Co., Ltd.  | 14300 | 820 |
| Sea, Ltd., Class A (ADR) <sup>(a)</sup>  | 5758 | 735 |
| Dollarama, Inc.  | 4772 | 713 |
| Kering SA  | 1243 | 439 |
|  |  | 173670 |
| **Health care 8.25%** |  |  |
| Eli Lilly and Co.  | 36376 | 39093 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **53** | American Funds Insurance Series |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Health care (continued)** |  |  |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 35954 | $16300 |
| Abbott Laboratories  | 108041 | 13536 |
| Medtronic PLC  | 125128 | 12020 |
| UnitedHealth Group, Inc.  | 24947 | 8235 |
| Novo Nordisk AS, Class B  | 160061 | 8159 |
| Johnson & Johnson  | 36478 | 7549 |
| Gilead Sciences, Inc.  | 57932 | 7111 |
| Stryker Corp.  | 17674 | 6212 |
| AstraZeneca PLC  | 32200 | 5931 |
| Takeda Pharmaceutical Co., Ltd.  | 189000 | 5872 |
| Sanofi  | 57677 | 5596 |
| Thermo Fisher Scientific, Inc.  | 9013 | 5223 |
| Daiichi Sankyo Co., Ltd.  | 225900 | 4811 |
| Amgen, Inc.  | 14470 | 4736 |
| EssilorLuxottica SA  | 14229 | 4499 |
| Insulet Corp. <sup>(a)</sup>  | 10684 | 3037 |
| AbbVie, Inc.  | 10898 | 2490 |
| GE HealthCare Technologies, Inc.  | 18849 | 1546 |
| BioMarin Pharmaceutical, Inc. <sup>(a)</sup>  | 24993 | 1485 |
| CVS Health Corp.  | 17836 | 1415 |
| Molina Healthcare, Inc. <sup>(a)</sup>  | 7751 | 1345 |
| Haleon PLC  | 244709 | 1238 |
| Lonza Group AG  | 1598 | 1081 |
| Boston Scientific Corp. <sup>(a)</sup>  | 10853 | 1035 |
| Rede D'Or Sao Luiz SA  | 122458 | 907 |
| Chugai Pharmaceutical Co., Ltd.  | 17100 | 899 |
| Fresenius SE & Co. KGaA  | 11068 | 637 |
| agilon health, Inc. <sup>(a)</sup>  | 125582 | 86 |
|  |  | 172084 |
| **Materials 6.04%** |  |  |
| Vale SA, ordinary nominative shares  | 1042597 | 13632 |
| Vale SA (ADR), ordinary nominative shares  | 147928 | 1927 |
| Freeport-McMoRan, Inc.  | 290202 | 14739 |
| First Quantum Minerals, Ltd. <sup>(a)</sup>  | 356560 | 9560 |
| Heidelberg Materials AG, non-registered shares  | 31146 | 8156 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup>  | 626382 | 7124 |
| Anglo American PLC  | 157771 | 6502 |
| Glencore PLC  | 958289 | 5213 |
| Linde PLC  | 11690 | 4984 |
| Anglogold Ashanti PLC  | 58022 | 4948 |
| Air Products and Chemicals, Inc.  | 18354 | 4534 |
| Corteva, Inc.  | 64430 | 4319 |
| Antofagasta PLC  | 91571 | 4019 |
| Agnico Eagle Mines, Ltd.  | 23441 | 3975 |
| Nippon Steel Corp.  | 865000 | 3538 |
| Smurfit Westrock PLC  | 88600 | 3426 |
| CRH PLC  | 26681 | 3330 |
| Southern Copper Corp.  | 22583 | 3240 |
| Rio Tinto PLC  | 40408 | 3224 |
| Air Liquide SA  | 12636 | 2378 |
| Grupo Mexico, SAB de CV, Series B  | 249486 | 2356 |
| LyondellBasell Industries NV  | 51002 | 2208 |
| Lundin Mining Corp.  | 100869 | 2168 |
| Dow, Inc.  | 84972 | 1987 |
| Franco-Nevada Corp.  | 8714 | 1806 |
| Akzo Nobel NV  | 11772 | 818 |
| Shin-Etsu Chemical Co., Ltd.  | 26000 | 809 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **54** |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| Lynas Rare Earths, Ltd. <sup>(a)</sup>  | 76018 | $627 |
| BASF SE  | 6478 | 338 |
| Zijin Gold International Co., Ltd. <sup>(a)</sup>  | 8900 | 166 |
|  |  | 126051 |
| **Consumer staples 4.82%** |  |  |
| Philip Morris International, Inc.  | 264831 | 42479 |
| British American Tobacco PLC  | 257586 | 14599 |
| Nestle SA  | 124694 | 12394 |
| Imperial Brands PLC  | 254415 | 10696 |
| JBS NV (BDR) <sup>(a)</sup>  | 221456 | 3194 |
| Ocado Group PLC <sup>(a)</sup>  | 792264 | 2515 |
| Danone SA  | 23736 | 2142 |
| Bunge Global SA  | 22247 | 1982 |
| Sysco Corp.  | 23248 | 1713 |
| Walmart, Inc.  | 12868 | 1434 |
| US Foods Holding Corp. <sup>(a)</sup>  | 14397 | 1084 |
| Ajinomoto Co., Inc.  | 49400 | 1045 |
| Procter & Gamble Co.  | 7275 | 1042 |
| Loblaw Cos., Ltd.  | 21096 | 954 |
| Arca Continental, SAB de CV  | 87378 | 946 |
| Keurig Dr Pepper, Inc.  | 29253 | 819 |
| Kweichow Moutai Co., Ltd., Class A  | 4100 | 807 |
| Coca-Cola Co.  | 10706 | 748 |
|  |  | 100593 |
| **Energy 3.72%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 482117 | 16330 |
| Cameco Corp. (CAD denominated)  | 118635 | 10863 |
| Cameco Corp.  | 46105 | 4218 |
| Shell PLC (GBP denominated)  | 341079 | 12530 |
| Shell PLC (EUR denominated)  | 14064 | 519 |
| EOG Resources, Inc.  | 110268 | 11579 |
| Baker Hughes Co., Class A  | 95061 | 4329 |
| TC Energy Corp. (CAD denominated)  | 74780 | 4118 |
| Neste OYJ  | 166062 | 3758 |
| BP PLC  | 633071 | 3675 |
| Suncor Energy, Inc.  | 68819 | 3055 |
| Expand Energy Corp.  | 12380 | 1366 |
| Tourmaline Oil Corp.  | 14829 | 665 |
| ADNOC Drilling Co. PJSC  | 381223 | 554 |
|  |  | 77559 |
| **Utilities 2.19%** |  |  |
| Engie SA  | 596827 | 15693 |
| Southern Co. (The)  | 61750 | 5385 |
| Iberdrola SA, non-registered shares  | 225821 | 4888 |
| Pinnacle West Capital Corp.  | 36700 | 3255 |
| NextEra Energy, Inc.  | 38632 | 3101 |
| E.ON SE  | 150047 | 2845 |
| National Grid PLC  | 154423 | 2380 |
| Dominion Energy, Inc.  | 39815 | 2333 |
| Duke Energy Corp.  | 18764 | 2199 |
| Constellation Energy Corp.  | 5656 | 1998 |
| DTE Energy Co.  | 10779 | 1390 |
| SSE PLC  | 5948 | 174 |
|  |  | 45641 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **55** | American Funds Insurance Series |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Real estate 0.84%** |  |  |
| Prologis, Inc. REIT  | 48096 | $6140 |
| China Resources Mixc Lifestyle Services, Ltd.  | 924400 | 5083 |
| Mitsubishi Estate Co., Ltd.  | 73600 | 1793 |
| Simon Property Group, Inc. REIT  | 7706 | 1426 |
| UDR, Inc. REIT  | 32096 | 1177 |
| VICI Properties, Inc. REIT  | 39802 | 1119 |
| Goodman Logistics (HK), Ltd. REIT  | 40304 | 829 |
|  |  | 17567 |
| **Total common stocks** (cost: $1,169,007,000) |  | 2048115 |
| Preferred securities 0.30% |  |  |
| **Financials 0.30%** |  |  |
| Itau Unibanco Holding SA, preferred nominative shares  | 330165 | 2367 |
| Itau Unibanco Holding SA (ADR), preferred nominative shares  | 226056 | 1618 |
| Fannie Mae, Series S, 8.25% noncumulative preferred shares <sup>(a)</sup>  | 80909 | 1232 |
| Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares <sup>(a)(e)</sup>  | 69041 | 994 |
|  |  | 6211 |
| **Total preferred securities** (cost: $5,265,000) |  | 6211 |
| Bonds, notes & other debt instruments 0.05% | Principal amount<br> (000)<br>|  |
| **Bonds & notes of governments & government agencies outside the U.S. 0.03%** | **Bonds & notes of governments & government agencies outside the U.S. 0.03%** | **Bonds & notes of governments & government agencies outside the U.S. 0.03%** |
| Brazil (Federative Republic of) 10.00% 1/1/2027  | BRL3,300 | 584 |
| **Corporate bonds and notes 0.02%** | **Corporate bonds and notes 0.02%** | **Corporate bonds and notes 0.02%** |
| **Health care 0.02%** |  |  |
| Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026  | USD432 | 428 |
| **Total bonds, notes & other debt instruments** (cost: $967,000) |  | 1012 |
| Short-term securities 1.30% | Shares |  |
| **Money market investments 1.26%** | **Money market investments 1.26%** | **Money market investments 1.26%** |
| Capital Group Central Cash Fund 3.79% <sup>(f)(g)</sup>  | 262010 | 26204 |
| **Money market investments purchased with collateral from securities on loan 0.04%** | **Money market investments purchased with collateral from securities on loan 0.04%** | **Money market investments purchased with collateral from securities on loan 0.04%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(f)(h)</sup>  | 906417 | 906 |
| **Total short-term securities** (cost: $27,106,000) | **Total short-term securities** (cost: $27,106,000) | 27110 |
| **Total investment securities 99.80%** (cost: $1,202,345,000) | **Total investment securities 99.80%** (cost: $1,202,345,000) | 2082448 |
| Other assets less liabilities 0.20% |  | 4261 |
| **Net assets 100.00%** |  | $2086709 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **56** |

---

------

Capital World Growth and Income Fund (continued)

**Investments in affiliates** <sup>(g)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 1.26%** |  |  |  |  |  |  |  |
| **Money market investments 1.26%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(f)</sup>  | $46673 | &nbsp;&nbsp; $322340 | &nbsp;&nbsp; $342810 | &nbsp;&nbsp; $5 | &nbsp;&nbsp; $(4)<br>| &nbsp;&nbsp; $26204 | &nbsp;&nbsp; $2805 |

---

**Restricted securities** <sup>(b)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Galaxy Digital, Inc., Class A <sup>(a)</sup> <br>| 10/10/2025 | $5540 | $3441 | 0.16<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(c)</sup> Value determined using significant unobservable inputs.

<sup>(d)</sup> Amount less than one thousand.

<sup>(e)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(f)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(g)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(h)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| BDR = Brazilian Depositary Receipts |
| BRL = Brazilian reais |
| CAD = Canadian dollars |
| CDI = CREST Depository Interest  |
| EUR = Euros |
| GBP = British pounds |
| HKD = Hong Kong dollars |
| REIT = Real Estate Investment Trust |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **57** | American Funds Insurance Series |

---

------

Growth-Income Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 97.39% | Shares | Value<br> (000)<br>|
| **Information technology 31.31%** |  |  |
| NVIDIA Corp.  | 16585113 | $3093124 |
| Microsoft Corp.  | 6355199 | 3073501 |
| Broadcom, Inc.  | 6636411 | 2296862 |
| Apple, Inc.  | 6072252 | 1650802 |
| Applied Materials, Inc.  | 3375839 | 867557 |
| Amphenol Corp., Class A  | 3401335 | 459656 |
| Oracle Corp.  | 1505598 | 293456 |
| Seagate Technology Holdings PLC  | 1046348 | 288154 |
| Cognizant Technology Solutions Corp., Class A  | 3381043 | 280627 |
| Accenture PLC, Class A  | 888876 | 238485 |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 4102000 | 200397 |
| Arista Networks, Inc. <sup>(a)</sup>  | 1418856 | 185913 |
| Entegris, Inc.  | 1768942 | 149033 |
| Salesforce, Inc.  | 535038 | 141737 |
| AppLovin Corp., Class A <sup>(a)</sup>  | 102313 | 68940 |
| Texas Instruments, Inc.  | 374945 | 65049 |
| Marvell Technology, Inc.  | 761477 | 64710 |
| Adobe, Inc. <sup>(a)</sup>  | 163526 | 57232 |
| Corning, Inc.  | 600000 | 52536 |
| Palo Alto Networks, Inc. <sup>(a)</sup>  | 220554 | 40626 |
| ASML Holding NV  | 28845 | 30833 |
| QUALCOMM, Inc.  | 141313 | 24172 |
| Micron Technology, Inc.  | 78021 | 22268 |
| Fair Isaac Corp. <sup>(a)</sup>  | 8541 | 14440 |
|  |  | 13660110 |
| **Industrials 13.55%** |  |  |
| RTX Corp.  | 7418732 | 1360595 |
| Automatic Data Processing, Inc.  | 1993331 | 512745 |
| Airbus SE, non-registered shares  | 1921964 | 445806 |
| General Dynamics Corp.  | 1230528 | 414270 |
| GFL Environmental, Inc., subordinate voting shares  | 8706752 | 373955 |
| Carrier Global Corp.  | 6005807 | 317347 |
| General Electric Co.  | 1019662 | 314087 |
| Uber Technologies, Inc. <sup>(a)</sup>  | 2826696 | 230969 |
| XPO, Inc. <sup>(a)</sup>  | 1695007 | 230368 |
| Union Pacific Corp.  | 862971 | 199622 |
| Ingersoll-Rand, Inc.  | 2494401 | 197606 |
| Caterpillar, Inc.  | 326877 | 187258 |
| Paychex, Inc.  | 1519430 | 170450 |
| Honeywell International, Inc.  | 828971 | 161724 |
| United Rentals, Inc.  | 188542 | 152591 |
| TransDigm Group, Inc.  | 113503 | 150942 |
| L3Harris Technologies, Inc.  | 459926 | 135020 |
| CSX Corp.  | 3114334 | 112895 |
| APi Group Corp. <sup>(a)</sup>  | 1733157 | 66311 |
| Waste Management, Inc.  | 284081 | 62415 |
| Woodward, Inc.  | 204293 | 61762 |
| Boeing Co. (The) <sup>(a)</sup>  | 238104 | 51697 |
|  |  | 5910435 |
| **Financials 11.99%** |  |  |
| JPMorgan Chase & Co.  | 2413448 | 777661 |
| Mastercard, Inc., Class A  | 1060909 | 605652 |
| BlackRock, Inc.  | 504695 | 540195 |
| Wells Fargo & Co.  | 5041337 | 469853 |
| Fidelity National Information Services, Inc.  | 6205397 | 412411 |
| Progressive Corp.  | 766051 | 174445 |
| Morgan Stanley  | 957257 | 169942 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **58** |

---

------

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| Capital One Financial Corp.  | 697472 | $169039 |
| Visa, Inc., Class A  | 445602 | 156277 |
| Chubb, Ltd.  | 495560 | 154674 |
| Goldman Sachs Group, Inc.  | 174257 | 153172 |
| Marsh & McLennan Cos., Inc.  | 798956 | 148222 |
| Berkshire Hathaway, Inc., Class B <sup>(a)</sup>  | 269334 | 135381 |
| B3 SA - Brasil, Bolsa, Balcao  | 44971737 | 117059 |
| American Express Co.  | 303325 | 112215 |
| PNC Financial Services Group, Inc.  | 520903 | 108728 |
| Pinnacle Financial Partners, Inc.  | 1131294 | 107937 |
| U.S. Bancorp  | 1948827 | 103989 |
| Arthur J. Gallagher & Co.  | 374193 | 96837 |
| Apollo Asset Management, Inc.  | 665703 | 96367 |
| State Street Corp.  | 681940 | 87977 |
| S&P Global, Inc.  | 165000 | 86227 |
| CME Group, Inc., Class A  | 292470 | 79868 |
| Blackstone, Inc.  | 400140 | 61678 |
| PayPal Holdings, Inc.  | 1053348 | 61495 |
| American International Group, Inc.  | 507353 | 43404 |
|  |  | 5230705 |
| **Health care 10.04%** |  |  |
| Eli Lilly and Co.  | 1648956 | 1772100 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 1484547 | 673034 |
| AbbVie, Inc.  | 1684603 | 384915 |
| UnitedHealth Group, Inc.  | 1032933 | 340981 |
| Abbott Laboratories  | 2330871 | 292035 |
| Thermo Fisher Scientific, Inc.  | 277075 | 160551 |
| Cencora, Inc.  | 401982 | 135769 |
| Cigna Group (The)  | 321281 | 88426 |
| Johnson & Johnson  | 426488 | 88262 |
| Intuitive Surgical, Inc. <sup>(a)</sup>  | 122132 | 69171 |
| Danaher Corp.  | 250263 | 57290 |
| Gilead Sciences, Inc.  | 430961 | 52896 |
| Amgen, Inc.  | 151000 | 49424 |
| GE HealthCare Technologies, Inc.  | 582499 | 47777 |
| Insulet Corp. <sup>(a)</sup>  | 162641 | 46229 |
| CVS Health Corp.  | 535085 | 42464 |
| Stryker Corp.  | 111700 | 39259 |
| Medtronic PLC  | 210000 | 20173 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 49075 | 19515 |
|  |  | 4380271 |
| **Consumer discretionary 10.04%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup>  | 8601419 | 1985379 |
| Starbucks Corp.  | 5641121 | 475039 |
| Wyndham Hotels & Resorts, Inc. <sup>(b)</sup>  | 4910876 | 371066 |
| Royal Caribbean Cruises, Ltd.  | 1137038 | 317143 |
| Tesla, Inc. <sup>(a)</sup>  | 703606 | 316426 |
| Home Depot, Inc.  | 737552 | 253792 |
| Las Vegas Sands Corp.  | 2000000 | 130180 |
| Viking Holdings, Ltd. <sup>(a)</sup>  | 1559413 | 111358 |
| Carvana Co., Class A <sup>(a)</sup>  | 214692 | 90604 |
| Sony Group Corp.  | 3009200 | 76915 |
| TJX Cos., Inc. (The)  | 495864 | 76170 |
| Booking Holdings, Inc.  | 12304 | 65892 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **59** | American Funds Insurance Series |

---

------

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary (continued)** |  |  |
| YUM! Brands, Inc.  | 272921 | $41287 |
| DoorDash, Inc., Class A <sup>(a)</sup>  | 155002 | 35105 |
| Hilton Worldwide Holdings, Inc.  | 107229 | 30801 |
|  |  | 4377157 |
| **Communication services 8.04%** |  |  |
| Alphabet, Inc., Class A  | 3942665 | 1234054 |
| Alphabet, Inc., Class C  | 1489089 | 467276 |
| Meta Platforms, Inc., Class A  | 2114599 | 1395826 |
| Netflix, Inc. <sup>(a)</sup>  | 2229300 | 209019 |
| SoftBank Group Corp.  | 3459180 | 97522 |
| Universal Music Group NV  | 3239458 | 84633 |
| Comcast Corp., Class A  | 624053 | 18653 |
|  |  | 3506983 |
| **Energy 3.96%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 14093913 | 477379 |
| Baker Hughes Co., Class A  | 8127441 | 370124 |
| Exxon Mobil Corp.  | 2651600 | 319094 |
| Halliburton Co.  | 6689719 | 189051 |
| Expand Energy Corp.  | 1031973 | 113888 |
| TC Energy Corp.  | 1629755 | 89653 |
| Chevron Corp.  | 444985 | 67820 |
| EOG Resources, Inc.  | 575078 | 60389 |
| ConocoPhillips  | 434738 | 40696 |
|  |  | 1728094 |
| **Consumer staples 2.85%** |  |  |
| British American Tobacco PLC  | 9929507 | 562781 |
| Procter & Gamble Co.  | 1304474 | 186944 |
| Philip Morris International, Inc.  | 1042193 | 167168 |
| Coca-Cola Co.  | 1948634 | 136229 |
| Imperial Brands PLC  | 2747647 | 115516 |
| Mondelez International, Inc., Class A  | 791236 | 42592 |
| Keurig Dr Pepper, Inc.  | 1164623 | 32621 |
|  |  | 1243851 |
| **Materials 2.32%** |  |  |
| Air Products and Chemicals, Inc.  | 1408433 | 347911 |
| Linde PLC  | 650775 | 277484 |
| International Paper Co.  | 5806574 | 228721 |
| Eastman Chemical Co.  | 1101906 | 70335 |
| Freeport-McMoRan, Inc.  | 983347 | 49944 |
| LyondellBasell Industries NV  | 769974 | 33340 |
| Solstice Advanced Materials, Inc. <sup>(a)</sup>  | 82401 | 4003 |
|  |  | 1011738 |
| **Utilities 2.06%** |  |  |
| Dominion Energy, Inc.  | 5379096 | 315161 |
| PG&E Corp.  | 12562973 | 201887 |
| CenterPoint Energy, Inc.  | 3037684 | 116465 |
| Entergy Corp.  | 1203020 | 111195 |
| NextEra Energy, Inc.  | 1051314 | 84400 |
| Sempra  | 800000 | 70632 |
|  |  | 899740 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **60** |

---

------

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Real estate 1.23%** |  |  |
| Equinix, Inc. REIT  | 235188 | $180192 |
| VICI Properties, Inc. REIT  | 4092873 | 115092 |
| Prologis, Inc. REIT  | 866060 | 110561 |
| American Tower Corp. REIT  | 428106 | 75162 |
| Welltower, Inc. REIT  | 306310 | 56854 |
|  |  | 537861 |
| **Total common stocks** (cost: $21,697,459,000) | **Total common stocks** (cost: $21,697,459,000) | 42486945 |
| Bonds, notes & other debt instruments 0.00% | Principal amount<br> (000)<br>|  |
| **Corporate bonds and notes 0.00%** | **Corporate bonds and notes 0.00%** | **Corporate bonds and notes 0.00%** |
| **Consumer discretionary 0.00%** |  |  |
| General Motors Financial Co., Inc. 5.25% 3/1/2026  | USD827 | 828 |
| **Total bonds, notes & other debt instruments** (cost: $823,000) | **Total bonds, notes & other debt instruments** (cost: $823,000) | 828 |
| Short-term securities 2.57% | Shares |  |
| **Money market investments 2.57%** | **Money market investments 2.57%** | **Money market investments 2.57%** |
| Capital Group Central Cash Fund 3.79% <sup>(b)(c)</sup>  | 11226233 | 1122736 |
| **Total short-term securities** (cost: $1,122,564,000) | **Total short-term securities** (cost: $1,122,564,000) | 1122736 |
| **Total investment securities 99.96%** (cost: $22,820,846,000) | **Total investment securities 99.96%** (cost: $22,820,846,000) | 43610509 |
| Other assets less liabilities 0.04% |  | 16802 |
| **Net assets 100.00%** |  | $43627311 |

---

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Common stocks 0.85%** |  |  |  |  |  |  |  |
| **Consumer discretionary 0.85%** |  |  |  |  |  |  |  |
| Wyndham Hotels & Resorts, Inc.  | $509003 | &nbsp;&nbsp; $16347 | &nbsp;&nbsp; $32068 | &nbsp;&nbsp; $6460 | &nbsp;&nbsp; $(128676)<br>| &nbsp;&nbsp; $371066 | &nbsp;&nbsp; $7713 |
| **Short-term securities 2.57%** |  |  |  |  |  |  |  |
| **Money market investments 2.57%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(c)</sup>  | 1471964 | &nbsp;&nbsp; 7003318 | &nbsp;&nbsp; 7352457 | &nbsp;&nbsp; (76)<br>| &nbsp;&nbsp; (13)<br>| &nbsp;&nbsp; 1122736 | &nbsp;&nbsp; 58916 |
| **Total 3.42%** |  |  |  | &nbsp;&nbsp; $6384 | &nbsp;&nbsp; $(128689)<br>| &nbsp;&nbsp; $1493802 | &nbsp;&nbsp; $66629 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(c)</sup> Rate represents the seven-day yield at 12/31/2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| CAD = Canadian dollars |
| REIT = Real Estate Investment Trust |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **61** | American Funds Insurance Series |

---

------

International Growth and Income Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 98.22% | Shares | Value<br> (000)<br>|
| **Financials 23.17%** |  |  |
| Societe Generale  | 71822 | $5787 |
| UniCredit SpA  | 64734 | 5374 |
| Banco Bilbao Vizcaya Argentaria SA  | 180709 | 4227 |
| CaixaBank SA, non-registered shares  | 322031 | 3933 |
| Skandinaviska Enskilda Banken AB, Class A  | 181807 | 3838 |
| AIA Group, Ltd.  | 315000 | 3235 |
| AXA SA  | 55165 | 2653 |
| Prudential PLC  | 167374 | 2582 |
| Zurich Insurance Group AG  | 3392 | 2575 |
| HSBC Holdings PLC (GBP denominated)  | 106640 | 1672 |
| HSBC Holdings PLC (HKD denominated)  | 54400 | 852 |
| KB Financial Group, Inc.  | 27563 | 2383 |
| NatWest Group PLC  | 257839 | 2249 |
| Bank Hapoalim BM  | 94366 | 2135 |
| DBS Group Holdings, Ltd.  | 48424 | 2119 |
| London Stock Exchange Group PLC  | 17476 | 2104 |
| Banco Santander SA  | 179202 | 2103 |
| Aviva PLC  | 203542 | 1864 |
| Euronext NV  | 12370 | 1857 |
| HDFC Bank, Ltd.  | 165124 | 1825 |
| Bank Leumi le-Israel BM  | 80689 | 1779 |
| PICC Property and Casualty Co., Ltd., Class H  | 814000 | 1707 |
| Resona Holdings, Inc.  | 177400 | 1682 |
| Allianz SE  | 3484 | 1598 |
| Ping An Insurance (Group) Co. of China, Ltd., Class H  | 188500 | 1586 |
| Munchener Ruckversicherungs-Gesellschaft AG  | 2235 | 1476 |
| Japan Post Bank Co., Ltd.  | 101247 | 1424 |
| Kotak Mahindra Bank, Ltd.  | 51877 | 1270 |
| Axis Bank, Ltd.  | 82195 | 1163 |
| Tokio Marine Holdings, Inc.  | 29600 | 1099 |
| Deutsche Bank AG  | 26134 | 1016 |
| Aon PLC, Class A  | 2825 | 997 |
| 3i Group PLC  | 20568 | 895 |
| Hiscox, Ltd.  | 46402 | 885 |
| Pluxee NV  | 55838 | 875 |
| Mizuho Financial Group, Inc.  | 23000 | 835 |
| Standard Chartered PLC  | 33124 | 809 |
| Canadian Imperial Bank of Commerce  | 8888 | 806 |
| Tryg A/S  | 30239 | 791 |
| CVC Capital Partners PLC  | 45723 | 766 |
| ING Groep NV  | 27110 | 762 |
| Credicorp, Ltd.  | 2641 | 758 |
| Abu Dhabi Islamic Bank PJSC  | 132924 | 751 |
| People's Insurance Co. (Group) of China, Ltd. (The), Class H  | 862000 | 745 |
| Plus500, Ltd.  | 15229 | 743 |
| T&D Holdings, Inc.  | 30700 | 707 |
| Adyen NV <sup>(a)</sup>  | 440 | 706 |
| XP, Inc., Class A  | 37915 | 621 |
| Etoro Group, Ltd., Class A <sup>(a)</sup>  | 17585 | 618 |
| Rakuten Bank, Ltd. <sup>(a)</sup>  | 14100 | 617 |
| Macquarie Group, Ltd.  | 4442 | 598 |
| Partners Group Holding AG  | 481 | 591 |
| Hana Financial Group, Inc.  | 8229 | 537 |
| Brookfield Corp., Class A (CAD denominated)  | 11523 | 529 |
| Grupo Financiero Banorte, SAB de CV, Series O  | 53789 | 499 |
| Abu Dhabi Commercial Bank PJSC  | 117171 | 456 |
| Samsung Life Insurance Co., Ltd.  | 4190 | 456 |
| Saudi National Bank (The)  | 43606 | 440 |
| Intesa Sanpaolo SpA  | 62539 | 433 |
| Sampo Oyj, Class A  | 35512 | 430 |
| Royal Bank of Canada  | 2381 | 406 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **62** |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| Banca Generali SpA  | 5981 | $401 |
| MS&AD Insurance Group Holdings, Inc.  | 15900 | 374 |
| Hong Kong Exchanges and Clearing, Ltd.  | 6400 | 334 |
| Grupo Financiero Inbursa, SAB de CV  | 133251 | 322 |
| FirstRand, Ltd.  | 55703 | 305 |
| BAWAG Group AG <sup>(a)</sup>  | 2019 | 303 |
| Bank Central Asia Tbk PT  | 602500 | 291 |
| Medibank Private, Ltd.  | 34548 | 110 |
| Edenred SA  | 3313 | 74 |
| Sberbank of Russia PJSC <sup>(b)</sup>  | 476388 | — <br><sup>(c)</sup><br>|
|  |  | 93743 |
| **Industrials 14.36%** |  |  |
| Airbus SE, non-registered shares  | 28600 | 6634 |
| BAE Systems PLC  | 270689 | 6223 |
| Ryanair Holdings PLC (ADR)  | 73850 | 5331 |
| Siemens AG  | 11417 | 3206 |
| Deutsche Post AG  | 42158 | 2309 |
| Hitachi, Ltd.  | 69400 | 2153 |
| RELX PLC  | 45021 | 1821 |
| DSV A/S  | 6897 | 1736 |
| Safran SA  | 4958 | 1725 |
| ABB, Ltd.  | 21982 | 1625 |
| ITOCHU Corp.  | 103000 | 1300 |
| Compagnie de Saint-Gobain SA, non-registered shares  | 12706 | 1290 |
| Canadian National Railway Co. (CAD denominated)  | 12406 | 1227 |
| Diploma PLC  | 17130 | 1223 |
| Deutsche Lufthansa AG  | 118669 | 1173 |
| Copa Holdings SA, Class A  | 9695 | 1169 |
| ASSA ABLOY AB, Class B  | 29656 | 1150 |
| Alliance Global Group, Inc.  | 7546600 | 1051 |
| Singapore Technologies Engineering, Ltd.  | 158800 | 1036 |
| Motiva Infraestrutura de Mobilidade SA  | 334768 | 916 |
| Epiroc AB, Class B  | 32965 | 665 |
| Epiroc AB, Class A  | 9201 | 208 |
| Rolls-Royce Holdings PLC  | 55860 | 868 |
| SPIE SA  | 15016 | 864 |
| Mitsui & Co., Ltd.  | 29200 | 863 |
| Bombardier, Inc., Class B <sup>(a)</sup>  | 4769 | 811 |
| IHI Corp.  | 45641 | 805 |
| Wolters Kluwer NV  | 7371 | 765 |
| Kanzhun, Ltd., Class A (ADR)  | 27807 | 567 |
| Kanzhun, Ltd., Class A  | 16700 | 169 |
| Full Truck Alliance Co., Ltd., Class A (ADR)  | 68004 | 730 |
| SGH, Ltd.  | 21792 | 672 |
| Caterpillar, Inc.  | 1129 | 647 |
| Komatsu, Ltd.  | 19300 | 617 |
| Volvo AB, Class B  | 17440 | 559 |
| Kingspan Group PLC  | 5764 | 498 |
| Daikin Industries, Ltd.  | 3800 | 488 |
| Grupo Aeroportuario del Pacifico, SAB de CV, Class B  | 18040 | 474 |
| Recruit Holdings Co., Ltd.  | 8000 | 456 |
| SMC Corp.  | 1200 | 418 |
| Jiangsu Hengli Hydraulic Co., Ltd., Class A  | 22500 | 353 |
| International Consolidated Airlines Group SA (CDI)  | 62974 | 349 |
| Brambles, Ltd.  | 20392 | 313 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **63** | American Funds Insurance Series |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Ashtead Group PLC  | 4377 | $299 |
| International Container Terminal Services, Inc.  | 30700 | 294 |
| Wizz Air Holdings PLC <sup>(a)</sup>  | 3748 | 64 |
|  |  | 58114 |
| **Information technology 13.46%** |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 383000 | 18711 |
| ASML Holding NV  | 7692 | 8222 |
| Samsung Electronics Co., Ltd.  | 65385 | 5449 |
| MediaTek, Inc.  | 91000 | 4123 |
| SK hynix, Inc.  | 6576 | 2978 |
| Broadcom, Inc.  | 7657 | 2650 |
| SAP SE  | 8332 | 2039 |
| NEC Corp.  | 53700 | 1811 |
| ASMPT, Ltd.  | 128900 | 1283 |
| Tokyo Electron, Ltd.  | 5400 | 1186 |
| Sage Group PLC (The)  | 61338 | 893 |
| Capgemini SE  | 4775 | 791 |
| Accton Technology Corp.  | 21000 | 786 |
| Halma PLC  | 13514 | 640 |
| Bechtle AG, non-registered shares  | 11841 | 608 |
| Lenovo Group, Ltd.  | 422000 | 500 |
| Fujitsu, Ltd.  | 14800 | 406 |
| ASM International NV  | 605 | 365 |
| Jentech Precision Industrial Co., Ltd.  | 4000 | 345 |
| Lumine Group, Inc., subordinate voting shares <sup>(a)</sup>  | 10019 | 198 |
| Keyence Corp.  | 500 | 181 |
| eMemory Technology, Inc.  | 3000 | 164 |
| Newgen Software Technologies, Ltd.  | 13433 | 126 |
|  |  | 54455 |
| **Consumer discretionary 9.16%** |  |  |
| Industria de Diseno Textil SA  | 84429 | 5561 |
| Trip.com Group, Ltd. (ADR)  | 34793 | 2502 |
| Trip.com Group, Ltd.  | 9800 | 703 |
| Prosus NV, Class N  | 46295 | 2859 |
| Renault SA  | 63846 | 2643 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 2789 | 2103 |
| MGM China Holdings, Ltd.  | 1130400 | 1897 |
| H World Group, Ltd. (ADR)  | 27339 | 1286 |
| Nitori Holdings Co., Ltd.  | 68900 | 1206 |
| Amadeus IT Group SA, Class A, non-registered shares  | 16285 | 1195 |
| Moncler SpA  | 17462 | 1122 |
| Midea Group Co., Ltd., Class A  | 88300 | 987 |
| Hyundai Motor Co.  | 4578 | 937 |
| Entain PLC  | 90259 | 930 |
| ANTA Sports Products, Ltd.  | 88200 | 911 |
| Compagnie Financiere Richemont SA, Class A  | 3955 | 854 |
| Evolution AB  | 12432 | 846 |
| InterContinental Hotels Group PLC  | 5768 | 808 |
| Suzuki Motor Corp.  | 48300 | 717 |
| Games Workshop Group PLC  | 2550 | 647 |
| B&M European Value Retail SA  | 255033 | 580 |
| Accor SA  | 9477 | 537 |
| Berkeley Group Holdings PLC  | 9423 | 495 |
| Restaurant Brands International, Inc. (CAD denominated)  | 7186 | 490 |
| Meituan, Class B <sup>(a)</sup>  | 36700 | 484 |
| Compagnie Generale des Etablissements Michelin  | 13559 | 450 |
| Galaxy Entertainment Group, Ltd.  | 87361 | 429 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **64** |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary (continued)** |  |  |
| Paltac Corp.  | 13700 | $422 |
| Dixon Technologies (India), Ltd.  | 3136 | 422 |
| D'Ieteren Group  | 2336 | 421 |
| Aristocrat Leisure, Ltd.  | 9860 | 383 |
| Maruti Suzuki India, Ltd.  | 1900 | 353 |
| Alibaba Group Holding, Ltd. (ADR)  | 2241 | 329 |
| Amber Enterprises India, Ltd. <sup>(a)</sup>  | 4286 | 305 |
| BYD Co., Ltd., Class A  | 17800 | 249 |
|  |  | 37063 |
| **Consumer staples 8.06%** |  |  |
| British American Tobacco PLC  | 121643 | 6894 |
| Nestle SA  | 48668 | 4837 |
| Philip Morris International, Inc.  | 23763 | 3812 |
| Pernod Ricard SA  | 31124 | 2665 |
| Imperial Brands PLC  | 47541 | 1999 |
| Carlsberg A/S, Class B  | 13206 | 1731 |
| Carrefour SA, non-registered shares  | 87378 | 1458 |
| KT&G Corp.  | 13480 | 1327 |
| Arca Continental, SAB de CV  | 122057 | 1321 |
| L'Oreal SA, non-registered shares  | 2952 | 1268 |
| Danone SA  | 12837 | 1158 |
| Anheuser-Busch InBev SA/NV  | 14891 | 955 |
| Yamazaki Baking Co., Ltd.  | 38000 | 800 |
| Kweichow Moutai Co., Ltd., Class A  | 2990 | 589 |
| Ocado Group PLC <sup>(a)</sup>  | 168153 | 534 |
| Unilever PLC  | 7516 | 491 |
| Tsingtao Brewery Co., Ltd., Class H  | 65738 | 411 |
| United Spirits, Ltd.  | 23192 | 373 |
|  |  | 32623 |
| **Materials 7.38%** |  |  |
| Barrick Mining Corp.  | 84106 | 3663 |
| Glencore PLC  | 562062 | 3057 |
| BASF SE  | 43621 | 2279 |
| Valterra Platinum, Ltd. (ZAR denominated)  | 21023 | 1780 |
| Valterra Platinum, Ltd. (GBP denominated)  | 1235 | 102 |
| Agnico Eagle Mines, Ltd.  | 10958 | 1858 |
| Heidelberg Materials AG, non-registered shares  | 7035 | 1842 |
| Amcor PLC  | 111303 | 928 |
| Amcor PLC (CDI)  | 83938 | 702 |
| Vale SA (ADR), ordinary nominative shares  | 71119 | 927 |
| Vale SA, ordinary nominative shares  | 31452 | 411 |
| Linde PLC  | 2521 | 1075 |
| Norsk Hydro ASA  | 136521 | 1055 |
| Anhui Conch Cement Co., Ltd., Class H  | 364000 | 1030 |
| Southern Copper Corp.  | 7079 | 1016 |
| Impala Platinum Holdings, Ltd.  | 60988 | 960 |
| Grupo Mexico, SAB de CV, Series B  | 96492 | 911 |
| Mitsubishi Chemical Group Corp.  | 148200 | 866 |
| Nutrien, Ltd. (CAD denominated) <sup>(d)</sup>  | 12924 | 798 |
| Air Liquide SA  | 3291 | 619 |
| Pan American Silver Corp.  | 10970 | 568 |
| Franco-Nevada Corp. (CAD denominated)  | 2507 | 520 |
| Shin-Etsu Chemical Co., Ltd.  | 15900 | 494 |
| Holcim, Ltd.  | 4384 | 430 |
| Saudi Basic Industries Corp. non-registered shares  | 30558 | 418 |
| Rio Tinto PLC  | 4810 | 384 |
| Fortescue, Ltd.  | 23214 | 339 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **65** | American Funds Insurance Series |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| Smurfit Westrock PLC  | 6985 | $270 |
| Givaudan SA  | 43 | 171 |
| Freeport-McMoRan, Inc.  | 2750 | 140 |
| Antofagasta PLC  | 3109 | 136 |
| Zijin Gold International Co., Ltd. <sup>(a)</sup>  | 5700 | 107 |
| Alrosa PJSC <sup>(a)(b)</sup>  | 53607 | — <br><sup>(c)</sup><br>|
|  |  | 29856 |
| **Health care 7.34%** |  |  |
| AstraZeneca PLC  | 38403 | 7074 |
| Sanofi  | 69990 | 6790 |
| Novo Nordisk AS, Class B  | 53114 | 2707 |
| Roche Holding AG, nonvoting non-registered shares  | 6476 | 2676 |
| EssilorLuxottica SA  | 7815 | 2471 |
| Bayer AG  | 41796 | 1803 |
| Chugai Pharmaceutical Co., Ltd.  | 23600 | 1241 |
| Grifols SA, Class B (ADR)  | 111869 | 1046 |
| bioMerieux SA  | 7827 | 1013 |
| Haleon PLC  | 171515 | 868 |
| Genus PLC  | 14818 | 516 |
| Jiangsu Hengrui Pharmaceutical Co., Ltd., Class H <sup>(a)</sup>  | 39000 | 356 |
| Max Healthcare Institute, Ltd.  | 29463 | 343 |
| Fresenius SE & Co. KGaA  | 5932 | 341 |
| Daiichi Sankyo Co., Ltd.  | 13300 | 283 |
| HOYA Corp.  | 1100 | 167 |
| Euroapi SA <sup>(a)</sup>  | 1412 | 4 |
|  |  | 29699 |
| **Communication services 6.89%** |  |  |
| Koninklijke KPN NV  | 788424 | 3688 |
| Tencent Holdings, Ltd.  | 41600 | 3188 |
| Singapore Telecommunications, Ltd.  | 888400 | 3148 |
| Orange  | 157504 | 2628 |
| Publicis Groupe SA  | 23008 | 2387 |
| Bharti Airtel, Ltd.  | 87940 | 2063 |
| BT Group PLC  | 457419 | 1131 |
| Nintendo Co., Ltd.  | 15800 | 1067 |
| MTN Group, Ltd.  | 99852 | 1020 |
| Nippon Television Holdings, Inc.  | 40600 | 984 |
| Swisscom AG <sup>(a)</sup>  | 1279 | 929 |
| NetEase, Inc.  | 32700 | 900 |
| HYBE Co., Ltd.  | 3482 | 794 |
| Advanced Info Service PCL, foreign registered shares  | 79600 | 791 |
| America Movil, SAB de CV, Class B (ADR)  | 28591 | 591 |
| Universal Music Group NV  | 19644 | 513 |
| Indus Towers, Ltd. <sup>(a)</sup>  | 95111 | 443 |
| Spotify Technology SA <sup>(a)</sup>  | 718 | 417 |
| Bezeq - The Israel Telecommunication Corp., Ltd.  | 179312 | 400 |
| KT Corp. (ADR)  | 21009 | 399 |
| Deutsche Telekom AG  | 11484 | 373 |
|  |  | 27854 |
| **Energy 4.09%** |  |  |
| TotalEnergies SE (EUR denominated)  | 61065 | 3980 |
| Cameco Corp. (CAD denominated)  | 30495 | 2792 |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 55772 | 1889 |
| Shell PLC (GBP denominated)  | 47821 | 1757 |
| Cenovus Energy, Inc. (CAD denominated)  | 82434 | 1395 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **66** |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Energy (continued)** |  |  |
| Cenovus Energy, Inc.  | 12261 | $207 |
| SLB, Ltd.  | 31870 | 1223 |
| Gaztransport & Technigaz SA  | 3851 | 706 |
| TC Energy Corp. (CAD denominated)  | 12547 | 691 |
| Petroleo Brasileiro SA PETROBRAS (ADR), ordinary nominative shares  | 44300 | 525 |
| BP PLC  | 80418 | 467 |
| ADNOC Drilling Co. PJSC  | 255406 | 371 |
| Tourmaline Oil Corp.  | 5853 | 263 |
| Adnoc Gas PLC  | 236746 | 229 |
| South Bow Corp.  | 2470 | 68 |
| Sovcomflot PAO <sup>(a)(b)</sup>  | 356717 | — <br><sup>(c)</sup><br>|
|  |  | 16563 |
| **Utilities 2.82%** |  |  |
| Engie SA  | 109339 | 2875 |
| RWE AG  | 42284 | 2250 |
| SSE PLC  | 76631 | 2247 |
| Iberdrola SA, non-registered shares  | 103600 | 2242 |
| Brookfield Infrastructure Partners, LP  | 17993 | 625 |
| Snam SpA  | 79832 | 530 |
| CPFL Energia SA  | 44362 | 431 |
| Veolia Environnement SA  | 6331 | 221 |
|  |  | 11421 |
| **Real estate 1.49%** |  |  |
| Mitsubishi Estate Co., Ltd.  | 76900 | 1873 |
| Prologis Property Mexico, SA de CV, REIT  | 183868 | 770 |
| CK Asset Holdings, Ltd.  | 120500 | 607 |
| Henderson Land Development Co., Ltd.  | 162000 | 585 |
| China Resources Land, Ltd.  | 152500 | 531 |
| Link REIT  | 91068 | 406 |
| Sun Hung Kai Properties, Ltd.  | 33000 | 400 |
| CapitaLand Integrated Commercial Trust REIT  | 207700 | 385 |
| Longfor Group Holdings, Ltd. <sup>(d)</sup>  | 236242 | 259 |
| Goodman Logistics (HK), Ltd. REIT  | 10467 | 215 |
|  |  | 6031 |
| **Total common stocks** (cost: $267,862,000) |  | 397422 |
| Preferred securities 0.05% |  |  |
| **Materials 0.05%** |  |  |
| Gerdau SA, preferred nominative shares  | 54142 | 201 |
| **Total preferred securities** (cost: $203,000) |  | 201 |
| Short-term securities 1.54% |  |  |
| **Money market investments 1.35%** | **Money market investments 1.35%** | **Money market investments 1.35%** |
| Capital Group Central Cash Fund 3.79% <sup>(e)(f)</sup>  | 54405 | 5441 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **67** | American Funds Insurance Series |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Short-term securities (continued) | Shares | Value<br> (000)<br>|
| **Money market investments purchased with collateral from securities on loan 0.19%** | **Money market investments purchased with collateral from securities on loan 0.19%** | **Money market investments purchased with collateral from securities on loan 0.19%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(e)(g)</sup>  | 762897 | $763 |
| **Total short-term securities** (cost: $6,203,000) |  | 6204 |
| **Total investment securities 99.81%** (cost: $274,268,000) |  | 403827 |
| Other assets less liabilities 0.19% |  | 788 |
| **Net assets 100.00%** |  | $404615 |

---

**Investments in affiliates** <sup>(f)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 1.35%** |  |  |  |  |  |  |  |
| **Money market investments 1.35%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(e)</sup>  | $11674 | &nbsp;&nbsp; $93352 | &nbsp;&nbsp; $99583 | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $(3)<br>| &nbsp;&nbsp; $5441 | &nbsp;&nbsp; $489 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Amount less than one thousand.

<sup>(d)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(e)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(f)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(g)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| CAD = Canadian dollars |
| CDI = CREST Depository Interest  |
| EUR = Euros |
| GBP = British pounds |
| HKD = Hong Kong dollars |
| REIT = Real Estate Investment Trust |
| ZAR = South African rand |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **68** |

---

------

Capital Income Builder

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 77.84% | Shares | Value<br> (000)<br>|
| **Financials 16.08%** |  |  |
| JPMorgan Chase & Co.  | 79207 | $25522 |
| NatWest Group PLC  | 1731569 | 15103 |
| Morgan Stanley  | 85027 | 15095 |
| Zurich Insurance Group AG  | 15915 | 12080 |
| Wells Fargo & Co.  | 121236 | 11299 |
| Munchener Ruckversicherungs-Gesellschaft AG  | 15382 | 10158 |
| BlackRock, Inc.  | 9038 | 9674 |
| ING Groep NV  | 336786 | 9467 |
| DBS Group Holdings, Ltd.  | 201816 | 8832 |
| PNC Financial Services Group, Inc.  | 42111 | 8790 |
| Progressive Corp.  | 31499 | 7173 |
| Truist Financial Corp.  | 133958 | 6592 |
| Banco Santander SA  | 543341 | 6376 |
| Tokio Marine Holdings, Inc.  | 169500 | 6293 |
| Banco Bilbao Vizcaya Argentaria SA  | 255877 | 5985 |
| KB Financial Group, Inc.  | 67948 | 5874 |
| American International Group, Inc.  | 61289 | 5243 |
| AIA Group, Ltd.  | 475600 | 4885 |
| TPG, Inc., Class A  | 74597 | 4762 |
| Sampo Oyj, Class A  | 382120 | 4632 |
| National Bank of Canada  | 34385 | 4324 |
| Power Corp. of Canada, subordinate voting shares  | 73430 | 3903 |
| Toronto-Dominion Bank (The) (CAD denominated)  | 39762 | 3747 |
| East West Bancorp, Inc.  | 32600 | 3664 |
| UniCredit SpA  | 43377 | 3601 |
| Intact Financial Corp.  | 16137 | 3359 |
| Euronext NV  | 21230 | 3186 |
| Hana Financial Group, Inc.  | 48224 | 3146 |
| 360 ONE WAM, Ltd.  | 229493 | 3031 |
| EFG International AG  | 108196 | 2587 |
| BNP Paribas SA  | 25427 | 2406 |
| PICC Property and Casualty Co., Ltd., Class H  | 1138000 | 2386 |
| Mizuho Financial Group, Inc.  | 64500 | 2342 |
| Skandinaviska Enskilda Banken AB, Class A  | 108326 | 2287 |
| 3i Group PLC  | 51598 | 2245 |
| Webster Financial Corp.  | 35040 | 2205 |
| Apollo Asset Management, Inc.  | 13850 | 2005 |
| Marsh & McLennan Cos., Inc.  | 10553 | 1958 |
| Banco BPM SpA  | 128347 | 1950 |
| London Stock Exchange Group PLC  | 15893 | 1914 |
| Deutsche Bank AG  | 49165 | 1912 |
| BPER Banca SpA  | 141331 | 1911 |
| Swiss Re AG  | 10507 | 1752 |
| State Street Corp.  | 12200 | 1574 |
| CME Group, Inc., Class A  | 5612 | 1533 |
| Bank Central Asia Tbk PT  | 2982500 | 1440 |
| Standard Chartered PLC  | 56936 | 1390 |
| Japan Post Bank Co., Ltd.  | 98700 | 1388 |
| Western Union Co. <sup>(a)</sup>  | 142256 | 1324 |
| Allianz SE  | 2883 | 1322 |
| Hong Kong Exchanges and Clearing, Ltd.  | 22700 | 1186 |
| Bank of America Corp.  | 21552 | 1185 |
| Canadian Imperial Bank of Commerce  | 12297 | 1115 |
| Patria Investments, Ltd., Class A  | 70098 | 1114 |
| Blackstone, Inc.  | 7179 | 1107 |
| Citizens Financial Group, Inc.  | 18221 | 1064 |
| SouthState Bank Corp.  | 10883 | 1024 |
| Vontobel Holding AG  | 10189 | 824 |
| Equitable Holdings, Inc.  | 16750 | 798 |
| Resona Holdings, Inc.  | 62400 | 592 |
| Houlihan Lokey, Inc., Class A  | 2796 | 487 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **69** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| T&D Holdings, Inc.  | 21000 | $484 |
| Medibank Private, Ltd.  | 134820 | 430 |
| Sberbank of Russia PJSC <sup>(b)</sup>  | 204176 | — <br><sup>(c)</sup><br>|
|  |  | 267037 |
| **Information technology 10.58%** |  |  |
| Broadcom, Inc.  | 198986 | 68869 |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 857800 | 41907 |
| Microsoft Corp.  | 48647 | 23527 |
| Accenture PLC, Class A  | 42563 | 11420 |
| Seagate Technology Holdings PLC  | 21770 | 5995 |
| KLA Corp.  | 3790 | 4605 |
| Texas Instruments, Inc.  | 19132 | 3319 |
| Tokyo Electron, Ltd.  | 14700 | 3228 |
| TE Connectivity PLC  | 11194 | 2547 |
| MediaTek, Inc.  | 52000 | 2356 |
| TDK Corp.  | 145400 | 2057 |
| SAP SE  | 8376 | 2049 |
| Analog Devices, Inc.  | 5814 | 1577 |
| Skyworks Solutions, Inc.  | 17043 | 1081 |
| Samsung Electronics Co., Ltd.  | 7752 | 646 |
| Capgemini SE  | 2465 | 408 |
|  |  | 175591 |
| **Health care 8.92%** |  |  |
| AbbVie, Inc.  | 110866 | 25332 |
| AstraZeneca PLC  | 95762 | 17638 |
| Abbott Laboratories  | 132522 | 16604 |
| Amgen, Inc.  | 48793 | 15970 |
| Gilead Sciences, Inc.  | 110674 | 13584 |
| Sanofi  | 116243 | 11278 |
| Johnson & Johnson  | 38511 | 7970 |
| UnitedHealth Group, Inc.  | 22859 | 7546 |
| Medtronic PLC  | 77419 | 7437 |
| Novo Nordisk AS, Class B  | 120968 | 6166 |
| CVS Health Corp.  | 46518 | 3692 |
| Takeda Pharmaceutical Co., Ltd.  | 108825 | 3381 |
| Bristol-Myers Squibb Co.  | 51448 | 2775 |
| Merck & Co., Inc.  | 20750 | 2184 |
| Sandoz Group AG  | 19286 | 1406 |
| EBOS Group, Ltd.  | 82604 | 1302 |
| Roche Holding AG, nonvoting non-registered shares  | 2615 | 1081 |
| GSK PLC  | 43796 | 1076 |
| Royalty Pharma PLC, Class A  | 24004 | 927 |
| EssilorLuxottica SA  | 2582 | 816 |
|  |  | 148165 |
| **Industrials 8.89%** |  |  |
| RTX Corp.  | 170579 | 31284 |
| Volvo AB, Class B  | 337790 | 10827 |
| Siemens AG  | 32234 | 9052 |
| Marubeni Corp.  | 248100 | 6904 |
| BAE Systems PLC  | 262306 | 6030 |
| Deutsche Post AG  | 105963 | 5804 |
| RELX PLC  | 135157 | 5467 |
| Mitsubishi Corp.  | 214081 | 4906 |
| Union Pacific Corp.  | 20631 | 4772 |
| Singapore Technologies Engineering, Ltd.  | 657600 | 4290 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **70** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| ITOCHU Corp.  | 307500 | $3881 |
| Bouygues SA  | 71499 | 3706 |
| Northrop Grumman Corp.  | 6044 | 3446 |
| Honeywell International, Inc.  | 17528 | 3420 |
| Paychex, Inc.  | 29637 | 3325 |
| Automatic Data Processing, Inc.  | 12517 | 3220 |
| Airbus SE, non-registered shares  | 12478 | 2894 |
| FedEx Corp.  | 9893 | 2858 |
| Watsco, Inc.  | 8477 | 2856 |
| Schneider Electric SE  | 9854 | 2701 |
| Broadridge Financial Solutions, Inc.  | 11281 | 2518 |
| Localiza Rent a Car SA, ordinary nominative shares  | 281769 | 2222 |
| Localiza Rent a Car SA <sup>(d)</sup>  | 10837 | 82 |
| Hikari Tsushin, Inc.  | 7100 | 1984 |
| Bureau Veritas SA  | 60554 | 1928 |
| Trinity Industries, Inc.  | 71017 | 1878 |
| Canadian National Railway Co. (CAD denominated)  | 17596 | 1740 |
| Wolters Kluwer NV  | 14975 | 1555 |
| Epiroc AB, Class A  | 60943 | 1379 |
| Epiroc AB, Class B  | 4933 | 100 |
| SPIE SA  | 24869 | 1432 |
| PACCAR, Inc.  | 12078 | 1323 |
| Ryanair Holdings PLC (ADR)  | 18149 | 1310 |
| UL Solutions, Inc., Class A  | 16361 | 1290 |
| Carrier Global Corp.  | 23347 | 1234 |
| Transurban Group  | 121112 | 1145 |
| Sulzer AG  | 3498 | 649 |
| Brambles, Ltd.  | 40982 | 628 |
| Caterpillar, Inc.  | 1059 | 607 |
| Computershare Ltd.  | 22570 | 513 |
| Robert Half, Inc.  | 16144 | 438 |
|  |  | 147598 |
| **Consumer staples 8.01%** |  |  |
| Philip Morris International, Inc.  | 243788 | 39104 |
| British American Tobacco PLC  | 522457 | 29612 |
| British American Tobacco PLC (ADR)  | 42214 | 2390 |
| Mondelez International, Inc., Class A  | 238135 | 12819 |
| Imperial Brands PLC  | 193418 | 8132 |
| Nestle SA  | 56409 | 5607 |
| Sysco Corp.  | 57332 | 4225 |
| Danone SA  | 46784 | 4221 |
| Coca-Cola Co.  | 50926 | 3560 |
| Altria Group, Inc.  | 60789 | 3505 |
| Procter & Gamble Co.  | 18551 | 2658 |
| Carlsberg A/S, Class B  | 18209 | 2387 |
| Kimberly-Clark Corp.  | 20235 | 2041 |
| WH Group, Ltd.  | 1742500 | 1940 |
| General Mills, Inc.  | 39690 | 1846 |
| Unilever PLC  | 23728 | 1551 |
| Marks and Spencer Group PLC  | 341848 | 1521 |
| PepsiCo, Inc.  | 8237 | 1182 |
| Dollar General Corp.  | 8654 | 1149 |
| Anheuser-Busch InBev SA/NV  | 12119 | 777 |
| ITC, Ltd.  | 169385 | 760 |
| Pernod Ricard SA  | 8821 | 755 |
| Molson Coors Beverage Co., Class B, restricted voting shares  | 15116 | 706 |
| Constellation Brands, Inc., Class A  | 4173 | 576 |
|  |  | 133024 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **71** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Utilities 5.67%** |  |  |
| Dominion Energy, Inc.  | 193401 | $11331 |
| National Grid PLC  | 593470 | 9146 |
| SSE PLC  | 303935 | 8912 |
| Engie SA  | 334941 | 8807 |
| Iberdrola SA, non-registered shares  | 368808 | 7983 |
| E.ON SE  | 279307 | 5295 |
| Pinnacle West Capital Corp.  | 58731 | 5209 |
| DTE Energy Co.  | 38794 | 5004 |
| CenterPoint Energy, Inc.  | 126239 | 4840 |
| Sempra  | 49773 | 4395 |
| Duke Energy Corp.  | 33977 | 3982 |
| RWE AG  | 59273 | 3154 |
| Atmos Energy Corp.  | 16350 | 2741 |
| Exelon Corp.  | 62697 | 2733 |
| AES Corp.  | 138163 | 1981 |
| Power Grid Corp. of India, Ltd.  | 637504 | 1875 |
| Entergy Corp.  | 17392 | 1608 |
| NextEra Energy, Inc.  | 19324 | 1551 |
| Southern Co. (The)  | 17393 | 1517 |
| SembCorp Industries, Ltd.  | 268900 | 1255 |
| Power Assets Holdings, Ltd.  | 127000 | 900 |
|  |  | 94219 |
| **Consumer discretionary 5.15%** |  |  |
| Industria de Diseno Textil SA  | 200194 | 13187 |
| McDonald's Corp.  | 28168 | 8609 |
| Starbucks Corp.  | 98994 | 8336 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 9855 | 7430 |
| Home Depot, Inc.  | 19641 | 6758 |
| YUM! Brands, Inc.  | 38261 | 5788 |
| Midea Group Co., Ltd., Class A  | 497866 | 5566 |
| Compagnie Generale des Etablissements Michelin  | 154783 | 5133 |
| Royal Caribbean Cruises, Ltd.  | 18121 | 5054 |
| Evolution AB  | 62107 | 4227 |
| Amadeus IT Group SA, Class A, non-registered shares  | 44461 | 3261 |
| Compagnie Financiere Richemont SA, Class A  | 11721 | 2530 |
| Tractor Supply Co.  | 38329 | 1917 |
| Restaurant Brands International, Inc.  | 27181 | 1855 |
| NEXT PLC  | 9190 | 1691 |
| Galaxy Entertainment Group, Ltd.  | 288000 | 1413 |
| Vail Resorts, Inc.  | 8836 | 1173 |
| Darden Restaurants, Inc.  | 3355 | 617 |
| Jumbo SA  | 15226 | 500 |
| Aristocrat Leisure, Ltd.  | 11598 | 450 |
|  |  | 85495 |
| **Energy 4.71%** |  |  |
| Exxon Mobil Corp.  | 138000 | 16607 |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 426351 | 14441 |
| Canadian Natural Resources, Ltd.  | 19944 | 675 |
| Shell PLC (GBP denominated)  | 231846 | 8517 |
| Shell PLC (ADR)  | 9821 | 721 |
| TC Energy Corp. (CAD denominated) <sup>(a)</sup>  | 133821 | 7369 |
| TotalEnergies SE (EUR denominated)  | 92774 | 6047 |
| ConocoPhillips  | 50076 | 4688 |
| South Bow Corp. <sup>(a)</sup>  | 155157 | 4267 |
| EQT Corp.  | 64885 | 3478 |
| EOG Resources, Inc.  | 28657 | 3009 |
| Chevron Corp.  | 18330 | 2794 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **72** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Energy (continued)** |  |  |
| ONEOK, Inc.  | 35701 | $2624 |
| DT Midstream, Inc.  | 10692 | 1280 |
| Cenovus Energy, Inc.  | 62889 | 1064 |
| Adnoc Gas PLC  | 656312 | 634 |
|  |  | 78215 |
| **Materials 3.55%** |  |  |
| Air Products and Chemicals, Inc.  | 30617 | 7563 |
| Smurfit Westrock PLC  | 158869 | 6143 |
| Nitto Denko Corp.  | 245538 | 5834 |
| Rio Tinto PLC  | 66849 | 5334 |
| International Paper Co.  | 134100 | 5282 |
| Barrick Mining Corp.  | 106459 | 4636 |
| Anglo American PLC  | 103247 | 4255 |
| Vale SA, ordinary nominative shares  | 217725 | 2847 |
| Vale SA (ADR), ordinary nominative shares  | 96273 | 1254 |
| Shin-Etsu Chemical Co., Ltd.  | 121262 | 3771 |
| Linde PLC  | 8159 | 3479 |
| Amcor PLC  | 301316 | 2513 |
| BASF SE  | 44227 | 2311 |
| Antofagasta PLC  | 51846 | 2276 |
| Eastman Chemical Co.  | 8693 | 555 |
| Air Liquide SA  | 2512 | 473 |
| Givaudan SA  | 110 | 437 |
|  |  | 58963 |
| **Communication services 3.52%** |  |  |
| Singapore Telecommunications, Ltd.  | 3937700 | 13951 |
| T-Mobile US, Inc.  | 38544 | 7826 |
| Publicis Groupe SA  | 68287 | 7084 |
| AT&T, Inc.  | 248999 | 6185 |
| Koninklijke KPN NV  | 1163701 | 5444 |
| Comcast Corp., Class A  | 134482 | 4020 |
| Verizon Communications, Inc.  | 67668 | 2756 |
| NetEase, Inc.  | 97400 | 2680 |
| Omnicom Group, Inc.  | 26622 | 2150 |
| Nintendo Co., Ltd.  | 23700 | 1601 |
| HKT Trust and HKT, Ltd., units  | 1023240 | 1512 |
| Deutsche Telekom AG  | 44105 | 1431 |
| America Movil, SAB de CV, Class B (ADR)  | 38200 | 790 |
| Telkom Indonesia (Persero) Tbk PT, Class B  | 2512000 | 523 |
| Swisscom AG <sup>(d)</sup>  | 566 | 411 |
|  |  | 58364 |
| **Real estate 2.76%** |  |  |
| Welltower, Inc. REIT  | 58648 | 10886 |
| Prologis, Inc. REIT  | 38994 | 4978 |
| American Tower Corp. REIT  | 26189 | 4598 |
| VICI Properties, Inc. REIT  | 160317 | 4508 |
| Rexford Industrial Realty, Inc. REIT  | 98470 | 3813 |
| Extra Space Storage, Inc. REIT  | 19058 | 2482 |
| Public Storage REIT  | 8874 | 2303 |
| Mindspace Business Parks REIT  | 413863 | 2187 |
| UDR, Inc. REIT  | 48752 | 1788 |
| CK Asset Holdings, Ltd.  | 328500 | 1655 |
| Equinix, Inc. REIT  | 1780 | 1364 |
| Link REIT  | 302148 | 1346 |
| CTP NV  | 56484 | 1183 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **73** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Real estate (continued)** |  |  |
| Sun Communities, Inc. REIT  | 5902 | $731 |
| Embassy Office Parks REIT  | 140661 | 681 |
| SBA Communications Corp. REIT, Class A  | 2744 | 531 |
| Longfor Group Holdings, Ltd.  | 357634 | 392 |
| Lineage, Inc. REIT  | 7600 | 266 |
| Kimco Realty Corp. REIT  | 5095 | 103 |
|  |  | 45795 |
| **Total common stocks** (cost: $866,080,000) |  | 1292466 |
| Convertible stocks 0.29% |  |  |
| **Information technology 0.16%** |  |  |
| Microchip Technology, Inc., Series A, cumulative convertible preferred depositary shares, 7.50% 3/15/2028  | 44749 | 2608 |
| **Utilities 0.09%** |  |  |
| NextEra Energy, Inc., convertible preferred shares, 7.234% 11/1/2027  | 31400 | 1531 |
| **Financials 0.04%** |  |  |
| KKR & Co., Inc., Class D, convertible preferred shares, 6.25% 3/1/2028  | 13000 | 674 |
| **Total convertible stocks** (cost: $4,335,000) |  | 4813 |
| Bonds, notes & other debt instruments 14.62% | Principal amount<br> (000)<br>|  |
| **U.S. Treasury bonds & notes 5.92%** | **U.S. Treasury bonds & notes 5.92%** | **U.S. Treasury bonds & notes 5.92%** |
| **U.S. Treasury 5.92%** |  |  |
| U.S. Treasury 4.00% 2/15/2026  | USD2,369 | 2370 |
| U.S. Treasury 0.75% 3/31/2026  | 1 | 1 |
| U.S. Treasury 0.75% 5/31/2026  | 3850 | 3806 |
| U.S. Treasury 1.875% 6/30/2026  | 3855 | 3825 |
| U.S. Treasury 1.125% 10/31/2026  | 995 | 975 |
| U.S. Treasury 2.00% 11/15/2026  | 2800 | 2763 |
| U.S. Treasury 4.625% 11/15/2026  | 1200 | 1211 |
| U.S. Treasury 4.00% 1/15/2027  | 6541 | 6573 |
| U.S. Treasury 0.50% 4/30/2027  | 2375 | 2284 |
| U.S. Treasury 2.625% 5/31/2027  | 80 | 79 |
| U.S. Treasury 3.50% 9/30/2027  | 1811 | 1812 |
| U.S. Treasury 3.375% 11/30/2027  | 9 | 9 |
| U.S. Treasury 3.375% 12/31/2027  | 17721 | 17687 |
| U.S. Treasury 4.00% 2/29/2028  | 745 | 753 |
| U.S. Treasury 1.25% 3/31/2028  | 1350 | 1285 |
| U.S. Treasury 3.625% 3/31/2028  | 3 | 4 |
| U.S. Treasury 3.50% 12/15/2028 <sup>(e)</sup>  | 10891 | 10878 |
| U.S. Treasury 4.00% 7/31/2029  | 25 | 25 |
| U.S. Treasury 6.25% 5/15/2030  | 345 | 381 |
| U.S. Treasury 3.625% 9/30/2030  | 809 | 806 |
| U.S. Treasury 3.625% 12/31/2030  | 12352 | 12295 |
| U.S. Treasury 3.75% 8/31/2031  | 297 | 296 |
| U.S. Treasury 4.125% 11/15/2032  | 9 | 9 |
| U.S. Treasury 3.875% 12/31/2032  | 6955 | 6927 |
| U.S. Treasury 4.375% 5/15/2034  | 18 | 18 |
| U.S. Treasury 4.00% 11/15/2035  | 6687 | 6596 |
| U.S. Treasury 4.50% 8/15/2039  | 1045 | 1048 |
| U.S. Treasury 4.75% 2/15/2041  | 1730 | 1764 |
| U.S. Treasury 2.00% 11/15/2041  | 300 | 210 |
| U.S. Treasury 4.625% 11/15/2045  | 679 | 664 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **74** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 2.375% 5/15/2051  | USD196 | $124 |
| U.S. Treasury 4.00% 11/15/2052  | 152 | 132 |
| U.S. Treasury 4.75% 8/15/2055  | 8884 | 8753 |
| U.S. Treasury 4.625% 11/15/2055  | 2038 | 1968 |
| **Total U.S. Treasury bonds & notes** |  | 98331 |
| **Mortgage-backed obligations 5.04%** | **Mortgage-backed obligations 5.04%** | **Mortgage-backed obligations 5.04%** |
| **Federal agency mortgage-backed obligations 4.20%** |  |  |
| Fannie Mae Pool #695412 5.00% 6/1/2033 <sup>(f)</sup>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| Fannie Mae Pool #FM2499 2.50% 2/1/2035 <sup>(f)</sup>  | 729 | 697 |
| Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(f)</sup>  | 1 | 1 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(f)</sup>  | 254 | 240 |
| Fannie Mae Pool #931768 5.00% 8/1/2039 <sup>(f)</sup>  | 1 | 1 |
| Fannie Mae Pool #AC0794 5.00% 10/1/2039 <sup>(f)</sup>  | 4 | 4 |
| Fannie Mae Pool #932606 5.00% 2/1/2040 <sup>(f)</sup>  | 1 | 2 |
| Fannie Mae Pool #AE0311 3.50% 8/1/2040 <sup>(f)</sup>  | 6 | 6 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041 <sup>(f)</sup>  | 7 | 7 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041 <sup>(f)</sup>  | 5 | 5 |
| Fannie Mae Pool #AE1274 5.00% 10/1/2041 <sup>(f)</sup>  | 4 | 4 |
| Fannie Mae Pool #AE1277 5.00% 11/1/2041 <sup>(f)</sup>  | 3 | 3 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041 <sup>(f)</sup>  | 1 | 1 |
| Fannie Mae Pool #AE1290 5.00% 2/1/2042 <sup>(f)</sup>  | 4 | 4 |
| Fannie Mae Pool #AT0300 3.50% 3/1/2043 <sup>(f)</sup>  | 1 | 1 |
| Fannie Mae Pool #AT3954 3.50% 4/1/2043 <sup>(f)</sup>  | 1 | 1 |
| Fannie Mae Pool #AY1829 3.50% 12/1/2044 <sup>(f)</sup>  | 2 | 2 |
| Fannie Mae Pool #BH3122 4.00% 6/1/2047 <sup>(f)</sup>  | 1 | 1 |
| Fannie Mae Pool #BJ5015 4.00% 12/1/2047 <sup>(f)</sup>  | 25 | 24 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048 <sup>(f)</sup>  | 14 | 14 |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048 <sup>(f)</sup>  | 20 | 19 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048 <sup>(f)</sup>  | 6 | 6 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048 <sup>(f)</sup>  | 3 | 3 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(f)</sup>  | 28 | 27 |
| Fannie Mae Pool #FS5372 3.50% 7/1/2049 <sup>(f)</sup>  | 154 | 145 |
| Fannie Mae Pool #FS5313 3.50% 1/1/2050 <sup>(f)</sup>  | 1759 | 1653 |
| Fannie Mae Pool #CA5540 3.00% 4/1/2050 <sup>(f)</sup>  | 2453 | 2212 |
| Fannie Mae Pool #CA6309 3.00% 7/1/2050 <sup>(f)</sup>  | 281 | 256 |
| Fannie Mae Pool #CA6349 3.00% 7/1/2050 <sup>(f)</sup>  | 111 | 98 |
| Fannie Mae Pool #CA6740 3.00% 8/1/2050 <sup>(f)</sup>  | 74 | 66 |
| Fannie Mae Pool #CA7048 3.00% 9/1/2050 <sup>(f)</sup>  | 40 | 36 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(f)</sup>  | 11 | 10 |
| Fannie Mae Pool #CA7381 3.00% 10/1/2050 <sup>(f)</sup>  | 117 | 104 |
| Fannie Mae Pool #FM5166 3.00% 12/1/2050 <sup>(f)</sup>  | 78 | 70 |
| Fannie Mae Pool #BR4104 2.00% 1/1/2051 <sup>(f)</sup>  | 40 | 33 |
| Fannie Mae Pool #FM5509 3.00% 1/1/2051 <sup>(f)</sup>  | 119 | 107 |
| Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(f)</sup>  | 179 | 145 |
| Fannie Mae Pool #MA4255 2.00% 2/1/2051 <sup>(f)</sup>  | 50 | 41 |
| Fannie Mae Pool #FS1086 2.00% 4/1/2051 <sup>(f)</sup>  | 21 | 17 |
| Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(f)</sup>  | 151 | 135 |
| Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(f)</sup>  | 18 | 16 |
| Fannie Mae Pool #BT1267 3.00% 6/1/2051 <sup>(f)</sup>  | 151 | 134 |
| Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(f)</sup>  | 14 | 12 |
| Fannie Mae Pool #FM8477 3.00% 8/1/2051 <sup>(f)</sup>  | 104 | 94 |
| Fannie Mae Pool #CB2527 2.00% 12/1/2051 <sup>(f)</sup>  | 167 | 136 |
| Fannie Mae Pool #CB2787 3.50% 12/1/2051 <sup>(f)</sup>  | 18 | 17 |
| Fannie Mae Pool #BU1450 2.00% 1/1/2052 <sup>(f)</sup>  | 4 | 3 |
| Fannie Mae Pool #BV0790 3.50% 1/1/2052 <sup>(f)</sup>  | 70 | 65 |
| Fannie Mae Pool #FS1885 2.50% 2/1/2052 <sup>(f)</sup>  | 148 | 126 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(f)</sup>  | 768 | 695 |
| Fannie Mae Pool #BU8803 3.00% 2/1/2052 <sup>(f)</sup>  | 99 | 88 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **75** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #FS0752 3.00% 3/1/2052 <sup>(f)</sup>  | USD443 | $393 |
| Fannie Mae Pool #CB3179 3.50% 3/1/2052 <sup>(f)</sup>  | 254 | 237 |
| Fannie Mae Pool #CB3353 2.50% 4/1/2052 <sup>(f)</sup>  | 214 | 182 |
| Fannie Mae Pool #FS8677 2.50% 4/1/2052 <sup>(f)</sup>  | 129 | 110 |
| Fannie Mae Pool #CB3379 4.00% 4/1/2052 <sup>(f)</sup>  | 4 | 4 |
| Fannie Mae Pool #MA4626 4.00% 6/1/2052 <sup>(f)</sup>  | 100 | 96 |
| Fannie Mae Pool #CB4021 4.00% 6/1/2052 <sup>(f)</sup>  | 8 | 8 |
| Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(f)</sup>  | 172 | 146 |
| Fannie Mae Pool #FS7879 2.50% 7/1/2052 <sup>(f)</sup>  | 143 | 121 |
| Fannie Mae Pool #CB4360 3.00% 8/1/2052 <sup>(f)</sup>  | 615 | 545 |
| Fannie Mae Pool #BV8976 5.00% 8/1/2052 <sup>(f)</sup>  | 49 | 50 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(f)</sup>  | 145 | 118 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(f)</sup>  | 103 | 105 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(f)</sup>  | 94 | 96 |
| Fannie Mae Pool #MA4842 5.50% 12/1/2052 <sup>(f)</sup>  | 138 | 141 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(f)</sup>  | 86 | 87 |
| Fannie Mae Pool #MA5036 3.00% 4/1/2053 <sup>(f)</sup>  | 174 | 154 |
| Fannie Mae Pool #CB6012 4.00% 4/1/2053 <sup>(f)</sup>  | 762 | 726 |
| Fannie Mae Pool #BX9827 5.00% 5/1/2053 <sup>(f)</sup>  | 223 | 224 |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(f)</sup>  | 57 | 57 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(f)</sup>  | 233 | 237 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(f)</sup>  | 1222 | 1261 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(f)</sup>  | 287 | 293 |
| Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(f)</sup>  | 335 | 345 |
| Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(f)</sup>  | 211 | 218 |
| Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(f)</sup>  | 155 | 160 |
| Fannie Mae Pool #MA5089 4.00% 7/1/2053 <sup>(f)</sup>  | 258 | 245 |
| Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(f)</sup>  | 95 | 93 |
| Fannie Mae Pool #MA5071 5.00% 7/1/2053 <sup>(f)</sup>  | 117 | 117 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(f)</sup>  | 755 | 768 |
| Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(f)</sup>  | 355 | 366 |
| Fannie Mae Pool #MA5177 4.00% 10/1/2053 <sup>(f)</sup>  | 876 | 833 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(f)</sup>  | 39 | 40 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(f)</sup>  | 586 | 604 |
| Fannie Mae Pool #CB7426 6.50% 11/1/2053 <sup>(f)</sup>  | 57 | 60 |
| Fannie Mae Pool #CB7626 6.50% 12/1/2053 <sup>(f)</sup>  | 22 | 23 |
| Fannie Mae Pool #CB8089 7.00% 12/1/2053 <sup>(f)</sup>  | 396 | 417 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(f)</sup>  | 23 | 25 |
| Fannie Mae Pool #CB8151 5.50% 3/1/2054 <sup>(f)</sup>  | 790 | 804 |
| Fannie Mae Pool #CB8168 6.00% 3/1/2054 <sup>(f)</sup>  | 106 | 109 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(f)</sup>  | 54 | 56 |
| Fannie Mae Pool #CB8328 5.50% 4/1/2054 <sup>(f)</sup>  | 884 | 904 |
| Fannie Mae Pool #MA5354 6.00% 5/1/2054 <sup>(f)</sup>  | 99 | 101 |
| Fannie Mae Pool #MA5388 5.50% 6/1/2054 <sup>(f)</sup>  | 65 | 66 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(f)</sup>  | 362 | 376 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(f)</sup>  | 105 | 108 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(f)</sup>  | 25 | 26 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(f)</sup>  | 17 | 18 |
| Fannie Mae Pool #FP0128 6.50% 6/1/2054 <sup>(f)</sup>  | 40 | 41 |
| Fannie Mae Pool #BU4699 5.50% 7/1/2054 <sup>(f)</sup>  | 143 | 146 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(f)</sup>  | 701 | 720 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(f)</sup>  | 164 | 169 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(f)</sup>  | 153 | 158 |
| Fannie Mae Pool #DB6905 6.00% 7/1/2054 <sup>(f)</sup>  | 94 | 96 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(f)</sup>  | 89 | 93 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(f)</sup>  | 67 | 68 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(f)</sup>  | 18 | 19 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(f)</sup>  | 2561 | 2660 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(f)</sup>  | 299 | 308 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(f)</sup>  | 9 | 9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **76** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(f)</sup>  | USD9 | $9 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(f)</sup>  | 9 | 9 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(f)</sup>  | 8 | 8 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(f)</sup>  | 6 | 6 |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(f)</sup>  | 32 | 33 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(f)</sup>  | 16 | 17 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(f)</sup>  | 217 | 220 |
| Fannie Mae Pool #FS9001 5.50% 9/1/2054 <sup>(f)</sup>  | 32 | 33 |
| Fannie Mae Pool #DC3262 6.00% 9/1/2054 <sup>(f)</sup>  | 3 | 3 |
| Fannie Mae Pool #DC3459 6.00% 9/1/2054 <sup>(f)</sup>  | 2 | 2 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(f)</sup>  | 94 | 97 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(f)</sup>  | 226 | 230 |
| Fannie Mae Pool #DC9197 4.50% 12/1/2054 <sup>(f)</sup>  | 553 | 543 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(f)</sup>  | 192 | 191 |
| Fannie Mae Pool #MB0294 4.00% 1/1/2055 <sup>(f)</sup>  | 302 | 286 |
| Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(f)</sup>  | 65 | 62 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(f)</sup>  | 38 | 39 |
| Fannie Mae Pool #MA5612 4.50% 2/1/2055 <sup>(f)</sup>  | 422 | 412 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(f)</sup>  | 524 | 538 |
| Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(f)</sup>  | 309 | 302 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(f)</sup>  | 31 | 32 |
| Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(f)</sup>  | 421 | 437 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(f)</sup>  | 236 | 246 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(f)</sup>  | 2011 | 2115 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(f)</sup>  | 247 | 234 |
| Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(f)</sup>  | 327 | 319 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(f)</sup>  | 67 | 68 |
| Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(f)</sup>  | 2 | 2 |
| Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(f)</sup>  | 2 | 2 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(f)</sup>  | 19 | 19 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(f)</sup>  | 178 | 183 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(f)</sup>  | 13 | 13 |
| Fannie Mae Pool #DD9889 6.00% 7/1/2055 <sup>(f)</sup>  | 911 | 936 |
| Fannie Mae Pool #MA5761 6.00% 7/1/2055 <sup>(f)</sup>  | 2 | 2 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(f)</sup>  | 855 | 888 |
| Fannie Mae Pool #FA2842 6.50% 7/1/2055 <sup>(f)</sup>  | 169 | 175 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(f)</sup>  | 150 | 152 |
| Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(f)</sup>  | 2 | 2 |
| Fannie Mae Pool #DE6152 6.50% 8/1/2055 <sup>(f)</sup>  | 104 | 108 |
| Fannie Mae Pool #FA2203 7.00% 8/1/2055 <sup>(f)</sup>  | 768 | 808 |
| Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(f)</sup>  | 246 | 250 |
| Fannie Mae Pool #BF0142 5.50% 8/1/2056 <sup>(f)</sup>  | 311 | 322 |
| Fannie Mae Pool #BF0342 5.50% 1/1/2059 <sup>(f)</sup>  | 213 | 218 |
| Fannie Mae Pool #BM6737 4.50% 11/1/2059 <sup>(f)</sup>  | 505 | 496 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(f)</sup>  | 356 | 310 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(f)</sup>  | 379 | 359 |
| Freddie Mac Pool #SB1388 2.50% 1/1/2038 <sup>(f)</sup>  | 105 | 100 |
| Freddie Mac Pool #SC0149 2.00% 3/1/2041 <sup>(f)</sup>  | 59 | 51 |
| Freddie Mac Pool #RB0544 2.00% 6/1/2041 <sup>(f)</sup>  | 102 | 89 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043 <sup>(f)</sup>  | 1 | 1 |
| Freddie Mac Pool #G67711 4.00% 3/1/2048 <sup>(f)</sup>  | 171 | 166 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048 <sup>(f)</sup>  | 12 | 12 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048 <sup>(f)</sup>  | 10 | 10 |
| Freddie Mac Pool #Q55970 4.00% 5/1/2048 <sup>(f)</sup>  | 6 | 6 |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048 <sup>(f)</sup>  | 21 | 20 |
| Freddie Mac Pool #Q57242 4.50% 7/1/2048 <sup>(f)</sup>  | 10 | 10 |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048 <sup>(f)</sup>  | 39 | 39 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048 <sup>(f)</sup>  | 18 | 18 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048 <sup>(f)</sup>  | 12 | 12 |
| Freddie Mac Pool #ZT1704 4.50% 1/1/2049 <sup>(f)</sup>  | 894 | 890 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **77** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(f)</sup>  | USD11 | $10 |
| Freddie Mac Pool #RA3506 3.00% 9/1/2050 <sup>(f)</sup>  | 129 | 115 |
| Freddie Mac Pool #QB6480 2.00% 12/1/2050 <sup>(f)</sup>  | 67 | 55 |
| Freddie Mac Pool #RA5901 3.00% 9/1/2051 <sup>(f)</sup>  | 60 | 54 |
| Freddie Mac Pool #RA6347 3.00% 11/1/2051 <sup>(f)</sup>  | 120 | 107 |
| Freddie Mac Pool #SD2629 2.50% 1/1/2052 <sup>(f)</sup>  | 46 | 39 |
| Freddie Mac Pool #SD0854 2.50% 1/1/2052 <sup>(f)</sup>  | 11 | 10 |
| Freddie Mac Pool #QD3812 3.00% 1/1/2052 <sup>(f)</sup>  | 101 | 90 |
| Freddie Mac Pool #RA6973 2.00% 3/1/2052 <sup>(f)</sup>  | 235 | 191 |
| Freddie Mac Pool #SD1156 3.00% 4/1/2052 <sup>(f)</sup>  | 107 | 95 |
| Freddie Mac Pool #QE1079 3.50% 4/1/2052 <sup>(f)</sup>  | 7 | 6 |
| Freddie Mac Pool #QE2352 2.50% 5/1/2052 <sup>(f)</sup>  | 440 | 374 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(f)</sup>  | 733 | 651 |
| Freddie Mac Pool #SD8214 3.50% 5/1/2052 <sup>(f)</sup>  | 217 | 201 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(f)</sup>  | 439 | 389 |
| Freddie Mac Pool #QE4383 4.00% 6/1/2052 <sup>(f)</sup>  | 284 | 271 |
| Freddie Mac Pool #RA7556 4.50% 6/1/2052 <sup>(f)</sup>  | 710 | 696 |
| Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(f)</sup>  | 765 | 648 |
| Freddie Mac Pool #SD5368 2.50% 7/1/2052 <sup>(f)</sup>  | 354 | 300 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(f)</sup>  | 141 | 125 |
| Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(f)</sup>  | 42 | 34 |
| Freddie Mac Pool #SD8242 3.00% 9/1/2052 <sup>(f)</sup>  | 107 | 95 |
| Freddie Mac Pool #SD1584 4.50% 9/1/2052 <sup>(f)</sup>  | 159 | 157 |
| Freddie Mac Pool #QE9222 5.00% 9/1/2052 <sup>(f)</sup>  | 536 | 537 |
| Freddie Mac Pool #QF0924 5.50% 9/1/2052 <sup>(f)</sup>  | 266 | 271 |
| Freddie Mac Pool #QF2223 4.00% 10/1/2052 <sup>(f)</sup>  | 26 | 24 |
| Freddie Mac Pool #SD5845 3.50% 11/1/2052 <sup>(f)</sup>  | 2337 | 2167 |
| Freddie Mac Pool #SD2948 5.50% 11/1/2052 <sup>(f)</sup>  | 98 | 100 |
| Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(f)</sup>  | 22 | 19 |
| Freddie Mac Pool #SD4116 4.50% 12/1/2052 <sup>(f)</sup>  | 415 | 406 |
| Freddie Mac Pool #SD8286 4.00% 1/1/2053 <sup>(f)</sup>  | 727 | 694 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(f)</sup>  | 88 | 88 |
| Freddie Mac Pool #SD8316 5.50% 4/1/2053 <sup>(f)</sup>  | 480 | 488 |
| Freddie Mac Pool #SD8324 5.50% 5/1/2053 <sup>(f)</sup>  | 362 | 369 |
| Freddie Mac Pool #SD8329 5.00% 6/1/2053 <sup>(f)</sup>  | 30 | 30 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(f)</sup>  | 906 | 921 |
| Freddie Mac Pool #SD3175 6.00% 6/1/2053 <sup>(f)</sup>  | 71 | 74 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(f)</sup>  | 14 | 14 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(f)</sup>  | 11 | 12 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(f)</sup>  | 11 | 12 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(f)</sup>  | 11 | 12 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(f)</sup>  | 8 | 8 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(f)</sup>  | 6 | 6 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(f)</sup>  | 4 | 4 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(f)</sup>  | 3 | 3 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(f)</sup>  | 30 | 30 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(f)</sup>  | 17 | 18 |
| Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(f)</sup>  | 16 | 16 |
| Freddie Mac Pool #SD8367 5.50% 10/1/2053 <sup>(f)</sup>  | 198 | 201 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(f)</sup>  | 587 | 588 |
| Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(f)</sup>  | 42 | 43 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(f)</sup>  | 9 | 9 |
| Freddie Mac Pool #SD8392 4.00% 12/1/2053 <sup>(f)</sup>  | 51 | 49 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(f)</sup>  | 6 | 7 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(f)</sup>  | 15 | 15 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(f)</sup>  | 1009 | 1038 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(f)</sup>  | 802 | 814 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(f)</sup>  | 17 | 17 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(f)</sup>  | 8 | 8 |
| Freddie Mac Pool #SD5303 6.00% 4/1/2054 <sup>(f)</sup>  | 419 | 434 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **78** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(f)</sup>  | USD8 | $8 |
| Freddie Mac Pool #RJ1512 5.50% 5/1/2054 <sup>(f)</sup>  | 261 | 267 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(f)</sup>  | 45 | 46 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(f)</sup>  | 16 | 17 |
| Freddie Mac Pool #QI7522 5.50% 6/1/2054 <sup>(f)</sup>  | 89 | 90 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(f)</sup>  | 22 | 23 |
| Freddie Mac Pool #SD8439 6.00% 6/1/2054 <sup>(f)</sup>  | 1 | 1 |
| Freddie Mac Pool #QI8872 5.50% 7/1/2054 <sup>(f)</sup>  | 72 | 73 |
| Freddie Mac Pool #SD8446 5.50% 7/1/2054 <sup>(f)</sup>  | 58 | 59 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(f)</sup>  | 272 | 284 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(f)</sup>  | 235 | 243 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(f)</sup>  | 79 | 81 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(f)</sup>  | 68 | 70 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(f)</sup>  | 16 | 16 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(f)</sup>  | 14 | 14 |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(f)</sup>  | 134 | 139 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(f)</sup>  | 146 | 150 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(f)</sup>  | 16 | 16 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(f)</sup>  | 9 | 9 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(f)</sup>  | 5 | 5 |
| Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(f)</sup>  | 2 | 2 |
| Freddie Mac Pool #SD8455 6.50% 8/1/2054 <sup>(f)</sup>  | 111 | 116 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(f)</sup>  | 35 | 37 |
| Freddie Mac Pool #QJ3725 6.00% 9/1/2054 <sup>(f)</sup>  | 23 | 24 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(f)</sup>  | 18 | 19 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(f)</sup>  | 17 | 17 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(f)</sup>  | 17 | 17 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(f)</sup>  | 8 | 8 |
| Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(f)</sup>  | 44 | 45 |
| Freddie Mac Pool #SD8470 6.00% 10/1/2054 <sup>(f)</sup>  | 104 | 106 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(f)</sup>  | 80 | 78 |
| Freddie Mac Pool #RJ2860 5.00% 11/1/2054 <sup>(f)</sup>  | 51 | 51 |
| Freddie Mac Pool #RJ2917 5.50% 11/1/2054 <sup>(f)</sup>  | 60 | 61 |
| Freddie Mac Pool #RJ2922 6.00% 11/1/2054 <sup>(f)</sup>  | 15 | 16 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(f)</sup>  | 320 | 325 |
| Freddie Mac Pool #SD8495 6.00% 12/1/2054 <sup>(f)</sup>  | 46 | 48 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(f)</sup>  | 21 | 22 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(f)</sup>  | 452 | 476 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(f)</sup>  | 36 | 35 |
| Freddie Mac Pool #SL0797 6.00% 2/1/2055 <sup>(f)</sup>  | 160 | 165 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(f)</sup>  | 85 | 87 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(f)</sup>  | 7 | 7 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(f)</sup>  | 97 | 100 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(f)</sup>  | 132 | 137 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(f)</sup>  | 12 | 12 |
| Freddie Mac Pool #SL1416 6.00% 4/1/2055 <sup>(f)</sup>  | 387 | 398 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(f)</sup>  | 293 | 301 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(f)</sup>  | 19 | 19 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(f)</sup>  | 36 | 37 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(f)</sup>  | 15 | 15 |
| Freddie Mac Pool #RQ0015 6.50% 6/1/2055 <sup>(f)</sup>  | 552 | 574 |
| Freddie Mac Pool #QY4677 6.50% 6/1/2055 <sup>(f)</sup>  | 261 | 271 |
| Freddie Mac Pool #RQ0026 5.00% 7/1/2055 <sup>(f)</sup>  | 492 | 491 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(f)</sup>  | 228 | 231 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(f)</sup>  | 324 | 333 |
| Freddie Mac Pool #SL2625 6.50% 7/1/2055 <sup>(f)</sup>  | 132 | 138 |
| Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(f)</sup>  | 4 | 4 |
| Freddie Mac Pool #RJ5151 6.50% 8/1/2055 <sup>(f)</sup>  | 450 | 467 |
| Freddie Mac Pool #RQ0049 5.50% 9/1/2055 <sup>(f)</sup>  | 1 | 1 |
| Freddie Mac Pool #RQ0050 6.00% 9/1/2055 <sup>(f)</sup>  | 37 | 38 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **79** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac, Series K156, Class A2, Multi Family, 4.43% 2/25/2033 <sup>(f)(g)</sup>  | USD160 | $161 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(f)</sup>  | 85 | 81 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(f)</sup>  | 177 | 169 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(f)(g)</sup>  | 170 | 162 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 <sup>(f)(g)</sup>  | 78 | 72 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/2057 <sup>(f)</sup>  | 65 | 60 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(f)(g)</sup>  | 13 | 12 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 7/25/2058 <sup>(f)</sup>  | 808 | 726 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/2058 <sup>(f)</sup>  | 268 | 262 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/26/2058 <sup>(f)</sup>  | 426 | 415 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MA, 3.50% 10/25/2058 <sup>(f)</sup>  | 11 | 11 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 <sup>(f)</sup>  | 8 | 7 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(f)</sup>  | 644 | 634 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-2, Class A1C, 2.75% 9/25/2029 <sup>(f)</sup>  | 927 | 893 |
| Government National Mortgage Assn. 4.50% 1/1/2056 <sup>(f)(h)</sup>  | 48 | 47 |
| Government National Mortgage Assn. Pool #MA5764 4.50% 2/20/2049 <sup>(f)</sup>  | 151 | 150 |
| Government National Mortgage Assn. Pool #MA8267 4.00% 9/20/2052 <sup>(f)</sup>  | 2647 | 2523 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(f)</sup>  | 56 | 53 |
| Government National Mortgage Assn. Pool #MA8723 4.00% 3/20/2053 <sup>(f)</sup>  | 199 | 190 |
| Government National Mortgage Assn. Pool #MA8947 5.00% 6/20/2053 <sup>(f)</sup>  | 358 | 359 |
| Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/2053 <sup>(f)</sup>  | 963 | 965 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(f)</sup>  | 24 | 23 |
| Government National Mortgage Assn. Pool #MB0205 5.50% 2/20/2055 <sup>(f)</sup>  | 432 | 437 |
| Government National Mortgage Assn. Pool #MB0259 5.50% 3/20/2055 <sup>(f)</sup>  | 95 | 96 |
| Government National Mortgage Assn. Pool #694836 5.683% 9/20/2059 <sup>(f)</sup>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| Government National Mortgage Assn. Pool #725893 5.20% 9/20/2064 <sup>(f)</sup>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(f)(h)</sup>  | 212 | 171 |
| Uniform Mortgage-Backed Security 3.00% 1/1/2056 <sup>(f)(h)</sup>  | 261 | 231 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(f)(h)</sup>  | 1 | 1 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(f)(h)</sup>  | 248 | 242 |
| Uniform Mortgage-Backed Security 5.00% 1/1/2056 <sup>(f)(h)</sup>  | 78 | 78 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(f)(h)</sup>  | 403 | 419 |
| Uniform Mortgage-Backed Security 7.00% 1/1/2056 <sup>(f)(h)</sup>  | 1166 | 1227 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(f)(h)</sup>  | 173 | 160 |
|  |  | 69743 |
| **Commercial mortgage-backed securities 0.45%** |  |  |
| Atrium Hotel Portfolio Trust, Series 2024-ATRM, Class A, 5.59% 11/10/2029 <sup>(f)(g)(i)</sup>  | 296 | 302 |
| Benchmark Mortgage Trust, Series 2024-V5, Class AM, 6.417% 1/10/2057 <sup>(f)(g)</sup>  | 41 | 43 |
| BMO Mortgage Trust, Series 2024-5C5, Class AS, 6.364% 2/15/2057 <sup>(f)(g)</sup>  | 122 | 128 |
| BX Commercial Mortgage Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) <br> 5.865% 6/15/2027 <sup>(f)(g)(i)</sup>  | 332 | 333 |
| BX Trust, Series 2024-KING, Class A, (1-month USD CME Term SOFR + 1.541%) 5.291% 5/15/2034 <sup>(f)(g)(i)</sup>  | 106 | 106 |
| BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.241% 4/15/2037 <sup>(f)(g)(i)</sup>  | 79 | 79 |
| BX Trust, Series 2021-ACNT, Class C, (1-month USD CME Term SOFR + 1.614%) 5.365% 11/15/2038 <sup>(f)(g)(i)</sup>  | 78 | 78 |
| BX Trust, Series 2024-BIO2, Class A, 5.413% 8/13/2041 <sup>(f)(g)(i)</sup>  | 590 | 599 |
| BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 5.442% 8/15/2041 <sup>(f)(g)(i)</sup>  | 169 | 170 |
| BX Trust, Series 2025-VOLT, Class A, (1-month USD CME Term SOFR + 1.70%) 5.70% 12/15/2044 <sup>(f)(g)(i)</sup>  | 732 | 734 |
| CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 5.641% <br> 7/15/2041 <sup>(f)(g)(i)</sup>  | 100 | 100 |
| CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.392% 8/15/2041 <sup>(f)(g)(i)</sup>  | 120 | 120 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(f)(g)(i)</sup>  | 237 | 244 |
| DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class A, 5.728% 8/12/2043 <sup>(f)(g)(i)</sup>  | 574 | 589 |
| ELM Trust 2024, Series 2024-ELM, Class B10, 6.195% 6/10/2039 <sup>(f)(g)(i)</sup>  | 213 | 214 |
| ELM Trust 2024, Series 2024-ELM, Class B15, 6.195% 6/10/2039 <sup>(f)(g)(i)</sup>  | 191 | 192 |
| ELM Trust 2024, Series 2024-ELM, Class C15, 6.396% 6/10/2039 <sup>(f)(g)(i)</sup>  | 133 | 134 |
| ELM Trust 2024, Series 2024-ELM, Class C10, 6.396% 6/10/2039 <sup>(f)(g)(i)</sup>  | 120 | 121 |
| ELM Trust 2024, Series 2024-ELM, Class D10, 6.847% 6/10/2039 <sup>(f)(g)(i)</sup>  | 100 | 100 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **80** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Commercial mortgage-backed securities (continued)** |  |  |
| ELM Trust 2024, Series 2024-ELM, Class D15, 6.897% 6/10/2039 <sup>(f)(g)(i)</sup>  | USD100 | $100 |
| FIVE Mortgage Trust, Series 2023-V1, Class A3, 5.668% 2/10/2056 <sup>(f)(g)</sup>  | 73 | 75 |
| GS Mortgage Securities Trust, Series 2024-70P, Class A, 5.487% 3/10/2041 <sup>(f)(g)(i)</sup>  | 592 | 599 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(f)(g)(i)</sup>  | 329 | 342 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.876% 5/10/2039 <sup>(f)(g)(i)</sup>  | 100 | 101 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class B, 6.555% 5/10/2039 <sup>(f)(g)(i)</sup>  | 243 | 247 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 <sup>(f)(g)(i)</sup>  | 541 | 561 |
| Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%) <br> 6.624% 7/25/2054 <sup>(f)(g)(i)</sup>  | 108 | 110 |
| NYC Commercial Mortgage Trust, Series 2025-28L, Class A, 4.668% 11/5/2038 <sup>(f)(g)(i)</sup>  | 312 | 313 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class D, (1-month USD CME Term SOFR + 2.591%) <br> 6.391% 2/15/2042 <sup>(f)(g)(i)</sup>  | 597 | 593 |
|  |  | 7427 |
| **Collateralized mortgage-backed obligations (privately originated) 0.39%** |  |  |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 <sup>(f)(g)(i)</sup>  | 72 | 66 |
| Atlas SP, Series 2024-RPL1, Class A1, 3.85% 4/25/2064 (4.85% on 8/1/2028) <sup>(f)(i)(j)</sup>  | 489 | 479 |
| BINOM Securitization Trust, Series 2022-RPL1, Class A1, 3.00% 2/25/2061 <sup>(f)(g)(i)</sup>  | 56 | 53 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(f)(g)(i)</sup>  | 142 | 141 |
| Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(f)(g)(i)</sup>  | 358 | 352 |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 <sup>(f)(g)(i)</sup>  | 131 | 125 |
| Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060 <sup>(f)(g)(i)</sup>  | 6 | 5 |
| Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) <br> 6.274% 12/25/2042 <sup>(f)(g)(i)</sup>  | 25 | 25 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) <br> 5.774% 6/25/2043 <sup>(f)(g)(i)</sup>  | 187 | 188 |
| Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) <br> 5.574% 7/25/2043 <sup>(f)(g)(i)</sup>  | 58 | 58 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, (30-day Average USD-SOFR + 1.10%) <br> 4.974% 5/25/2044 <sup>(f)(g)(i)</sup>  | 38 | 38 |
| Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M2, (30-day Average USD-SOFR + 1.60%) <br> 5.474% 9/25/2044 <sup>(f)(g)(i)</sup>  | 87 | 87 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average <br> USD-SOFR + 2.15%) 6.024% 9/25/2042 <sup>(f)(g)(i)</sup>  | 7 | 7 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average <br> USD-SOFR + 3.70%) 7.574% 9/25/2042 <sup>(f)(g)(i)</sup>  | 64 | 67 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class M1, (30-day Average <br> USD-SOFR + 1.20%) 5.074% 5/25/2044 <sup>(f)(g)(i)</sup>  | 160 | 160 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA3, Class M2, (30-day Average <br> USD-SOFR + 1.45%) 5.324% 10/25/2044 <sup>(f)(g)(i)</sup>  | 90 | 90 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(f)(i)(j)</sup>  | 81 | 81 |
| Home Partners of America Trust, Series 2022-1, Class A, 3.93% 4/17/2039 <sup>(f)(i)</sup>  | 48 | 48 |
| HOMES Trust, Series 2024-NQM1, Class A1, 5.915% 7/25/2069 (6.915% on 7/1/2028) <sup>(f)(i)(j)</sup>  | 670 | 677 |
| Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 5.75% 4/25/2061 <sup>(f)(i)</sup>  | 54 | 54 |
| Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 6.25% 7/25/2067 <sup>(f)(i)</sup>  | 90 | 90 |
| MFRA Trust, Series 2024-NQM2, Class A1, 5.272% 8/25/2069 (6.272% on 8/1/2028) <sup>(f)(i)(j)</sup>  | 392 | 393 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM2, Class A1, 6.386% 5/25/2069 (7.386% <br> on 5/1/2028) <sup>(f)(i)(j)</sup>  | 101 | 102 |
| Onslow Bay Financial Mortgage Loan Trust, Series 2024-HYB1, Class A1, 3.637% 3/25/2053 <sup>(f)(g)(i)</sup>  | 138 | 138 |
| Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(f)(i)(j)</sup>  | 141 | 143 |
| Onslow Bay Financial, LLC, Series 2024-NQM8, Class A1, 6.233% 5/25/2064 (7.233% on 5/1/2028) <sup>(f)(i)(j)</sup>  | 317 | 321 |
| Onslow Bay Financial, LLC, Series 2024-NQM11, Class A1, 5.875% 6/25/2064 (6.825% on 7/1/2028) <sup>(f)(i)(j)</sup>  | 814 | 823 |
| Progress Residential Trust, Series 2024-SFR5, Class B, 3.25% 8/9/2029 <sup>(f)(i)</sup>  | 554 | 527 |
| Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039 <sup>(f)(i)</sup>  | 95 | 94 |
| Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%) <br> 5.50% 10/17/2041 <sup>(f)(g)(i)</sup>  | 140 | 140 |
| Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 10/25/2057 <sup>(f)(g)(i)</sup>  | 13 | 13 |
| Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 3/25/2058 <sup>(f)(g)(i)</sup>  | 11 | 11 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **81** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25% 7/25/2058 <sup>(f)(g)(i)</sup>  | USD6 | $6 |
| Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060 <sup>(f)(i)</sup>  | 304 | 279 |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(b)(i)</sup>  | 100 | 100 |
| Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038 <sup>(f)(i)</sup>  | 195 | 193 |
| Tricon Residential Trust, Series 2024-SFR2, Class A, 4.75% 6/17/2040 <sup>(f)(i)</sup>  | 167 | 167 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(f)(i)(j)</sup>  | 64 | 65 |
| Verus Securitization Trust, Series 2024-8, Class A1, 5.364% 10/25/2069 <sup>(f)(g)(i)</sup>  | 87 | 88 |
|  |  | 6494 |
| **Total mortgage-backed obligations** |  | 83664 |
| **Corporate bonds and notes 2.84%** | **Corporate bonds and notes 2.84%** | **Corporate bonds and notes 2.84%** |
| **Financials 0.49%** |  |  |
| American Express Co. 4.90% 2/13/2026  | 28 | 28 |
| American Express Co. 5.085% 1/30/2031 (USD-SOFR + 1.02% on 1/30/2030) <sup>(j)</sup>  | 50 | 52 |
| American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(j)</sup>  | 28 | 29 |
| American International Group, Inc. 4.85% 5/7/2030  | 685 | 703 |
| American International Group, Inc. 5.125% 3/27/2033  | 17 | 18 |
| Aon Corp. 5.35% 2/28/2033  | 21 | 22 |
| Arthur J. Gallagher & Co. 4.85% 12/15/2029  | 125 | 128 |
| Arthur J. Gallagher & Co. 5.00% 2/15/2032  | 50 | 51 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030) <sup>(j)</sup>  | 22 | 20 |
| Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031) <sup>(j)</sup>  | 238 | 213 |
| Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033) <sup>(j)</sup>  | 118 | 122 |
| Bank of America Corp. 5.464% 5/9/2036 (USD-SOFR + 1.64% on 5/9/2035) <sup>(j)</sup>  | 75 | 78 |
| CaixaBank SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(i)(j)</sup>  | 400 | 416 |
| CaixaBank SA 6.037% 6/15/2035 (USD-SOFR + 2.26% on 9/15/2034) <sup>(i)(j)</sup>  | 200 | 213 |
| Capital One Financial Corp. 6.377% 6/8/2034 (USD-SOFR + 2.86% on 6/8/2033) <sup>(j)</sup>  | 45 | 49 |
| Capital One Financial Corp. 6.051% 2/1/2035 (USD-SOFR + 2.26% on 2/1/2034) <sup>(j)</sup>  | 95 | 101 |
| Chubb INA Holdings, LLC 5.00% 3/15/2034  | 35 | 36 |
| Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029) <sup>(j)</sup>  | 86 | 88 |
| Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032) <sup>(j)</sup>  | 35 | 32 |
| Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(j)</sup>  | 44 | 46 |
| Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(j)</sup>  | 55 | 56 |
| Corebridge Financial, Inc. 3.85% 4/5/2029  | 180 | 177 |
| Corebridge Financial, Inc. 3.90% 4/5/2032  | 32 | 30 |
| Corebridge Financial, Inc. 4.35% 4/5/2042  | 7 | 6 |
| Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on <br>4/1/2027) <sup>(i)(j)</sup>  | 200 | 200 |
| Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028) <sup>(j)</sup>  | 300 | 320 |
| Deutsche Bank AG 4.999% 9/11/2030 (USD-SOFR + 1.70% on 9/11/2029) <sup>(j)</sup>  | 150 | 152 |
| Fifth Third Bancorp 6.339% 7/27/2029 (USD-SOFR + 2.34% on 7/27/2028) <sup>(j)</sup>  | 5 | 5 |
| Goldman Sachs Group, Inc. 4.937% 4/23/2028 (USD-SOFR + 1.319% on 4/23/2027) <sup>(j)</sup>  | 45 | 46 |
| Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(j)</sup>  | 60 | 63 |
| Goldman Sachs Group, Inc. 4.369% 10/21/2031 (USD-SOFR + 1.06% on 10/21/2030) <sup>(j)</sup>  | 40 | 40 |
| JPMorgan Chase & Co. 4.979% 7/22/2028 (USD-SOFR + 0.93% on 7/22/2027) <sup>(j)</sup>  | 65 | 66 |
| JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(j)</sup>  | 50 | 52 |
| JPMorgan Chase & Co. 4.995% 7/22/2030 (USD-SOFR + 1.125% on 7/22/2029) <sup>(j)</sup>  | 198 | 203 |
| JPMorgan Chase & Co. 4.255% 10/22/2031 (USD-SOFR + 0.93% on 10/22/2030) <sup>(j)</sup>  | 52 | 52 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(j)</sup>  | 20 | 18 |
| JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(j)</sup>  | 328 | 339 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(j)</sup>  | 412 | 432 |
| Marsh & McLennan Cos., Inc. 5.00% 3/15/2035  | 25 | 25 |
| Marsh & McLennan Cos., Inc. 5.40% 3/15/2055  | 25 | 24 |
| Mastercard, Inc. 4.875% 3/9/2028  | 31 | 32 |
| Morgan Stanley 5.652% 4/13/2028 (USD-SOFR + 1.01% on 4/13/2027) <sup>(j)</sup>  | 25 | 26 |
| Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(j)</sup>  | 10 | 10 |
| Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(j)</sup>  | 140 | 146 |
| Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(j)</sup>  | 488 | 494 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **82** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** |  |  |
| Morgan Stanley 5.424% 7/21/2034 (USD-SOFR + 1.88% on 7/21/2033) <sup>(j)</sup>  | USD35 | $36 |
| Morgan Stanley 5.32% 7/19/2035 (USD-SOFR + 1.555% on 7/19/2034) <sup>(j)</sup>  | 57 | 59 |
| Morgan Stanley 4.892% 10/22/2036 (USD-SOFR + 1.314% on 10/22/2035) <sup>(j)</sup>  | 129 | 128 |
| Navient Corp. 5.00% 3/15/2027  | 150 | 150 |
| Navient Corp. 5.625% 8/1/2033  | 125 | 114 |
| New York Life Global Funding 3.00% 1/10/2028 <sup>(i)</sup>  | 150 | 147 |
| OneMain Finance Corp. 6.625% 5/15/2029  | 540 | 560 |
| Osaic Holdings, Inc. 6.75% 8/1/2032 <sup>(i)</sup>  | 25 | 26 |
| PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028) <sup>(j)</sup>  | 50 | 52 |
| Ryan Specialty, LLC 5.875% 8/1/2032 <sup>(i)</sup>  | 100 | 102 |
| Truist Financial Corp. 5.435% 1/24/2030 (USD-SOFR + 1.62% on 1/24/2029) <sup>(j)</sup>  | 11 | 11 |
| Truist Financial Corp. 5.153% 8/5/2032 (USD-SOFR + 1.571% on 8/5/2031) <sup>(j)</sup>  | 50 | 52 |
| Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033) <sup>(j)</sup>  | 10 | 11 |
| Truist Financial Corp. 5.711% 1/24/2035 (USD-SOFR + 1.922% on 1/24/2034) <sup>(j)</sup>  | 40 | 42 |
| Truist Financial Corp. 4.964% 10/23/2036 (USD-SOFR + 1.395% on 10/23/2035) <sup>(j)</sup>  | 97 | 96 |
| U.S. Bancorp 5.775% 6/12/2029 (USD-SOFR + 2.02% on 6/12/2028) <sup>(j)</sup>  | 70 | 73 |
| U.S. Bancorp 5.384% 1/23/2030 (USD-SOFR + 1.56% on 1/23/2029) <sup>(j)</sup>  | 85 | 88 |
| UBS Group AG 5.617% 9/13/2030 (1-year USD-ICE SOFR Swap + 1.34% on 9/13/2029) <sup>(i)(j)</sup>  | 200 | 209 |
| UBS Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030) <sup>(i)(j)</sup>  | 374 | 371 |
| Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(j)</sup>  | 98 | 100 |
| Wells Fargo & Co. 5.15% 4/23/2031 (USD-SOFR + 1.50% on 4/23/2030) <sup>(j)</sup>  | 55 | 57 |
| Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(j)</sup>  | 104 | 115 |
| Wells Fargo & Co. 5.605% 4/23/2036 (USD-SOFR + 1.74% on 4/23/2035) <sup>(j)</sup>  | 80 | 84 |
|  |  | 8142 |
| **Health care 0.36%** |  |  |
| AbbVie, Inc. 5.05% 3/15/2034  | 175 | 180 |
| AbbVie, Inc. 5.35% 3/15/2044  | 25 | 25 |
| AbbVie, Inc. 5.40% 3/15/2054  | 240 | 234 |
| AbbVie, Inc. 5.50% 3/15/2064  | 25 | 24 |
| Amgen, Inc. 5.15% 3/2/2028  | 55 | 56 |
| Amgen, Inc. 4.05% 8/18/2029  | 100 | 100 |
| Amgen, Inc. 5.25% 3/2/2030  | 124 | 129 |
| Amgen, Inc. 4.20% 3/1/2033  | 133 | 130 |
| Amgen, Inc. 5.25% 3/2/2033  | 71 | 74 |
| Amgen, Inc. 5.60% 3/2/2043  | 105 | 106 |
| Amgen, Inc. 4.20% 2/22/2052  | 19 | 15 |
| Amgen, Inc. 4.875% 3/1/2053  | 25 | 22 |
| Amgen, Inc. 5.65% 3/2/2053  | 37 | 36 |
| Amgen, Inc. 5.75% 3/2/2063  | 85 | 83 |
| AstraZeneca Finance, LLC 5.00% 2/26/2034  | 50 | 52 |
| Baxter International, Inc. 4.45% 2/15/2029  | 271 | 272 |
| Baxter International, Inc. 4.90% 12/15/2030  | 338 | 341 |
| Baxter International, Inc. 3.132% 12/1/2051  | 25 | 16 |
| Bristol-Myers Squibb Co. 5.10% 2/22/2031  | 260 | 271 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034  | 295 | 307 |
| Bristol-Myers Squibb Co. 5.50% 2/22/2044  | 25 | 25 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054  | 325 | 319 |
| Centene Corp. 4.625% 12/15/2029  | 530 | 515 |
| Centene Corp. 2.625% 8/1/2031  | 40 | 35 |
| CVS Health Corp. 5.125% 2/21/2030  | 50 | 51 |
| CVS Health Corp. 5.25% 2/21/2033  | 23 | 24 |
| CVS Health Corp. 5.70% 6/1/2034  | 97 | 102 |
| CVS Health Corp. 6.00% 6/1/2044  | 50 | 50 |
| CVS Health Corp. 6.05% 6/1/2054  | 50 | 50 |
| CVS Health Corp. 6.20% 9/15/2055  | 50 | 51 |
| Elevance Health, Inc. 4.95% 11/1/2031  | 30 | 31 |
| Elevance Health, Inc. 5.20% 2/15/2035  | 13 | 13 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **83** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Health care (continued)** |  |  |
| Gilead Sciences, Inc. 1.65% 10/1/2030  | USD8 | $7 |
| HCA, Inc. 2.375% 7/15/2031  | 18 | 16 |
| Humana, Inc. 3.70% 3/23/2029  | 12 | 12 |
| Humana, Inc. 5.375% 4/15/2031  | 35 | 36 |
| Medline Borrower, LP 6.25% 4/1/2029 <sup>(i)</sup>  | 380 | 393 |
| Merck & Co., Inc. 1.70% 6/10/2027  | 118 | 115 |
| Merck & Co., Inc. 3.40% 3/7/2029  | 110 | 108 |
| Merck & Co., Inc. 4.50% 5/17/2033  | 35 | 35 |
| Merck & Co., Inc. 4.90% 5/17/2044  | 35 | 33 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(i)</sup>  | 290 | 285 |
| Molina Healthcare, Inc. 3.875% 5/15/2032 <sup>(i)</sup>  | 40 | 36 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(i)</sup>  | 105 | 67 |
| Pfizer Investment Enterprises Pte., Ltd. 4.65% 5/19/2030  | 10 | 10 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033  | 23 | 23 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053  | 17 | 16 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | 362 | 366 |
| Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029  | 600 | 661 |
| Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046  | 89 | 67 |
|  |  | 6025 |
| **Communication services 0.34%** |  |  |
| Alphabet, Inc. 4.375% 11/15/2032  | 22 | 22 |
| Alphabet, Inc. 4.70% 11/15/2035  | 28 | 28 |
| America Movil, SAB de CV, 8.46% 12/18/2036  | MXN1,300 | 65 |
| AT&T, Inc. 3.50% 6/1/2041  | USD75 | 59 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(i)</sup>  | 25 | 23 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(i)</sup>  | 655 | 558 |
| Charter Communications Operating, LLC 6.10% 6/1/2029  | 41 | 43 |
| Charter Communications Operating, LLC 5.85% 12/1/2035  | 17 | 17 |
| Charter Communications Operating, LLC 6.70% 12/1/2055  | 10 | 10 |
| Discovery Communications, LLC 3.625% 5/15/2030  | 42 | 37 |
| EchoStar Corp. 10.75% 11/30/2029  | 64 | 71 |
| EchoStar Corp. 6.75% Cash 11/30/2030 <sup>(k)</sup>  | 313 | 321 |
| Lindblad Expeditions, LLC 7.00% 9/15/2030 <sup>(i)</sup>  | 195 | 203 |
| Meta Platforms, Inc. 4.30% 8/15/2029  | 40 | 40 |
| Meta Platforms, Inc. 4.75% 8/15/2034  | 53 | 53 |
| Meta Platforms, Inc. 4.875% 11/15/2035  | 325 | 325 |
| Meta Platforms, Inc. 5.50% 11/15/2045  | 134 | 130 |
| Meta Platforms, Inc. 5.40% 8/15/2054  | 29 | 27 |
| Meta Platforms, Inc. 5.625% 11/15/2055  | 287 | 276 |
| Meta Platforms, Inc. 5.55% 8/15/2064  | 40 | 37 |
| Meta Platforms, Inc. 5.75% 11/15/2065  | 138 | 132 |
| SBA Tower Trust 1.631% 11/15/2026 <sup>(i)</sup>  | 253 | 248 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(i)</sup>  | 780 | 763 |
| TEGNA, Inc. 5.00% 9/15/2029  | 360 | 357 |
| T-Mobile USA, Inc. 3.875% 4/15/2030  | 625 | 615 |
| T-Mobile USA, Inc. 2.55% 2/15/2031  | 203 | 185 |
| T-Mobile USA, Inc. 6.00% 6/15/2054  | 69 | 70 |
| Univision Communications, Inc. 7.375% 6/30/2030 <sup>(i)</sup>  | 340 | 347 |
| Verizon Communications, Inc. 1.75% 1/20/2031  | 142 | 125 |
| WarnerMedia Holdings, Inc. 4.054% 3/15/2029  | 250 | 232 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042  | 374 | 264 |
|  |  | 5683 |
| **Industrials 0.26%** |  |  |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(i)</sup>  | 200 | 207 |
| Boeing Co. (The) 2.75% 2/1/2026  | 91 | 91 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **84** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Industrials (continued)** |  |  |
| Boeing Co. (The) 6.259% 5/1/2027  | USD376 | $386 |
| Boeing Co. (The) 6.298% 5/1/2029  | 12 | 13 |
| Boeing Co. (The) 3.625% 2/1/2031  | 178 | 171 |
| Boeing Co. (The) 6.388% 5/1/2031  | 92 | 100 |
| Boeing Co. (The) 6.528% 5/1/2034  | 1291 | 1429 |
| Boeing Co. (The) 5.805% 5/1/2050  | 136 | 134 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041  | 25 | 19 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051  | 80 | 53 |
| CSX Corp. 4.75% 11/15/2048  | 50 | 45 |
| CSX Corp. 4.50% 11/15/2052  | 35 | 30 |
| EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(i)</sup>  | 430 | 455 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(i)</sup>  | 90 | 95 |
| Icahn Enterprises, LP 5.25% 5/15/2027  | 440 | 434 |
| L3Harris Technologies, Inc. 5.60% 7/31/2053  | 13 | 13 |
| L3Harris Technologies, Inc. 5.40% 7/31/2033  | 15 | 16 |
| Moog, Inc. 4.25% 12/9/2027 <sup>(i)</sup>  | 55 | 54 |
| Norfolk Southern Corp. 5.35% 8/1/2054  | 51 | 49 |
| Northrop Grumman Corp. 4.95% 3/15/2053  | 21 | 19 |
| QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(i)</sup>  | 190 | 199 |
| Republic Services, Inc. 5.00% 4/1/2034  | 13 | 13 |
| RTX Corp. 6.00% 3/15/2031  | 35 | 38 |
| RTX Corp. 6.10% 3/15/2034  | 27 | 29 |
| RTX Corp. 6.40% 3/15/2054  | 22 | 24 |
| Union Pacific Corp. 2.80% 2/14/2032  | 17 | 16 |
| Union Pacific Corp. 3.50% 2/14/2053  | 20 | 14 |
| Waste Management, Inc. 4.625% 2/15/2030  | 60 | 61 |
| Waste Management, Inc. 4.95% 3/15/2035  | 16 | 16 |
| Waste Management, Inc. 5.35% 10/15/2054  | 25 | 24 |
|  |  | 4247 |
| **Consumer discretionary 0.25%** |  |  |
| Advance Auto Parts, Inc. 3.90% 4/15/2030  | 8 | 7 |
| Advance Auto Parts, Inc. 3.50% 3/15/2032  | 7 | 6 |
| Amazon.com, Inc. 4.65% 11/20/2035  | 34 | 34 |
| Amazon.com, Inc. 5.45% 11/20/2055  | 155 | 151 |
| Amazon.com, Inc. 5.55% 11/20/2065  | 70 | 68 |
| BMW US Capital, LLC 4.15% 4/9/2030 <sup>(i)</sup>  | 290 | 288 |
| BMW US Capital, LLC 3.70% 4/1/2032 <sup>(i)</sup>  | 25 | 24 |
| Carnival Corp. 5.75% 3/15/2030 <sup>(i)</sup>  | 310 | 319 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(i)</sup>  | 175 | 181 |
| Ford Motor Credit Co., LLC 2.70% 8/10/2026  | 306 | 303 |
| Ford Motor Credit Co., LLC 4.95% 5/28/2027  | 604 | 607 |
| Ford Motor Credit Co., LLC 5.918% 3/20/2028  | 622 | 637 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028  | 200 | 210 |
| Ford Motor Credit Co., LLC 4.00% 11/13/2030  | 970 | 916 |
| General Motors Financial Co., Inc. 5.45% 9/6/2034  | 11 | 11 |
| General Motors Financial Co., Inc. 6.15% 7/15/2035  | 16 | 17 |
| Hyundai Capital America 5.275% 6/24/2027 <sup>(i)</sup>  | 55 | 56 |
| McDonald's Corp. 5.15% 9/9/2052  | 10 | 9 |
| Newell Brands, Inc. 6.375% 5/15/2030  | 160 | 157 |
| Nissan Motor Acceptance Co., LLC 6.125% 9/30/2030 <sup>(i)</sup>  | 150 | 150 |
|  |  | 4151 |
| **Information technology 0.23%** |  |  |
| Broadcom, Inc. 5.05% 7/12/2027  | 40 | 41 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(i)</sup>  | 3 | 3 |
| Broadcom, Inc. 5.05% 7/12/2029  | 45 | 46 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **85** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Information technology (continued)** |  |  |
| Broadcom, Inc. 5.15% 11/15/2031  | USD104 | $108 |
| Broadcom, Inc. 4.15% 4/15/2032 <sup>(i)</sup>  | 11 | 11 |
| Broadcom, Inc. 4.80% 10/15/2034  | 12 | 12 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(i)</sup>  | 2 | 2 |
| Cisco Systems, Inc. 4.95% 2/26/2031  | 11 | 11 |
| Cisco Systems, Inc. 5.05% 2/26/2034  | 4 | 4 |
| Cisco Systems, Inc. 5.10% 2/24/2035  | 14 | 14 |
| Cisco Systems, Inc. 5.30% 2/26/2054  | 8 | 8 |
| Cisco Systems, Inc. 5.35% 2/26/2064  | 11 | 10 |
| Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(i)</sup>  | 200 | 209 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(i)</sup>  | 250 | 267 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(i)</sup>  | 100 | 103 |
| Hughes Satellite Systems Corp. 5.25% 8/1/2026  | 832 | 796 |
| Hughes Satellite Systems Corp. 6.625% 8/1/2026  | 58 | 53 |
| Intel Corp. 3.05% 8/12/2051  | 10 | 6 |
| Intel Corp. 5.60% 2/21/2054  | 42 | 39 |
| Intel Corp. 3.10% 2/15/2060  | 110 | 62 |
| Oracle Corp. 4.80% 9/26/2032  | 55 | 53 |
| Oracle Corp. 5.50% 8/3/2035  | 18 | 18 |
| Oracle Corp. 5.20% 9/26/2035  | 405 | 388 |
| Oracle Corp. 5.875% 9/26/2045  | 40 | 36 |
| Oracle Corp. 6.00% 8/3/2055  | 110 | 97 |
| Oracle Corp. 5.95% 9/26/2055  | 95 | 84 |
| Oracle Corp. 6.10% 9/26/2065  | 40 | 35 |
| Synopsys, Inc. 4.65% 4/1/2028  | 40 | 41 |
| Synopsys, Inc. 4.85% 4/1/2030  | 40 | 41 |
| Synopsys, Inc. 5.00% 4/1/2032  | 40 | 41 |
| Synopsys, Inc. 5.15% 4/1/2035  | 780 | 793 |
| Synopsys, Inc. 5.70% 4/1/2055  | 380 | 377 |
| WULF Compute, LLC 7.75% 10/15/2030 <sup>(i)</sup>  | 75 | 77 |
|  |  | 3886 |
| **Energy 0.23%** |  |  |
| APA Corp. 4.25% 1/15/2030  | 385 | 379 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(i)</sup>  | 300 | 302 |
| Cenovus Energy, Inc. 5.40% 6/15/2047  | 44 | 40 |
| Columbia Pipelines Operating Co., LLC 5.927% 8/15/2030 <sup>(i)</sup>  | 9 | 10 |
| ConocoPhillips Co. 5.50% 1/15/2055  | 50 | 48 |
| Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(i)</sup>  | 270 | 256 |
| Energy Transfer, LP 6.10% 12/1/2028  | 41 | 43 |
| Energy Transfer, LP 5.25% 7/1/2029  | 23 | 24 |
| Energy Transfer, LP 6.40% 12/1/2030  | 34 | 37 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035  | 6 | 6 |
| EOG Resources, Inc. 5.95% 7/15/2055  | 110 | 112 |
| Equinor ASA 2.375% 5/22/2030  | 365 | 340 |
| Exxon Mobil Corp. 3.452% 4/15/2051  | 210 | 151 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(i)</sup>  | 35 | 36 |
| Hilcorp Energy I, LP 6.875% 5/15/2034 <sup>(i)</sup>  | 400 | 375 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(i)(l)</sup>  | 148 | 43 |
| Occidental Petroleum Corp. 5.55% 10/1/2034  | 124 | 127 |
| Petroleos Mexicanos 6.50% 1/23/2029  | 20 | 20 |
| Petroleos Mexicanos 8.75% 6/2/2029  | 177 | 189 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 300 | 305 |
| Sunoco, LP 5.625% 3/15/2031 <sup>(i)</sup>  | 20 | 20 |
| Sunoco, LP 5.875% 3/15/2034 <sup>(i)</sup>  | 20 | 20 |
| TotalEnergies Capital SA 4.724% 9/10/2034  | 17 | 17 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(i)</sup>  | 595 | 542 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **86** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** |  |  |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(i)</sup>  | USD195 | $200 |
| Venture Global Plaquemines LNG, LLC 6.50% 6/15/2034 <sup>(i)</sup>  | 100 | 102 |
| Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(i)</sup>  | 75 | 82 |
|  |  | 3826 |
| **Utilities 0.21%** |  |  |
| AEP Transmission Co., LLC 2.75% 8/15/2051  | 50 | 31 |
| DTE Energy Co. 3.00% 3/1/2032  | 42 | 39 |
| Duke Energy Florida, LLC 5.95% 11/15/2052  | 25 | 26 |
| Edison International 4.125% 3/15/2028  | 132 | 131 |
| Edison International 5.45% 6/15/2029  | 100 | 102 |
| Edison International 5.25% 3/15/2032  | 389 | 389 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate <br>T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(i)(j)</sup>  | 200 | 233 |
| FirstEnergy Corp. 2.65% 3/1/2030  | 393 | 367 |
| FirstEnergy Corp. 2.25% 9/1/2030  | 107 | 97 |
| Florida Power & Light Co. 5.10% 4/1/2033  | 35 | 36 |
| NiSource, Inc. 5.40% 6/30/2033  | 25 | 26 |
| Pacific Gas and Electric Co. 2.95% 3/1/2026  | 97 | 97 |
| Pacific Gas and Electric Co. 3.75% 7/1/2028  | 105 | 104 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028  | 284 | 286 |
| Pacific Gas and Electric Co. 2.50% 2/1/2031  | 375 | 338 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033  | 50 | 54 |
| Pacific Gas and Electric Co. 5.70% 3/1/2035  | 377 | 388 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050  | 162 | 137 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050  | 256 | 173 |
| Pacific Gas and Electric Co. 5.90% 10/1/2054  | 25 | 24 |
| PacifiCorp 5.50% 5/15/2054  | 95 | 85 |
| PacifiCorp 5.80% 1/15/2055  | 25 | 23 |
| Southern California Edison Co. 5.20% 6/1/2034  | 40 | 40 |
| Southern California Edison Co. 3.60% 2/1/2045  | 206 | 149 |
| Southern California Edison Co. 5.90% 3/1/2055  | 30 | 29 |
| Union Electric Co. 3.90% 4/1/2052  | 25 | 19 |
| WEC Energy Group, Inc. 5.15% 10/1/2027  | 25 | 26 |
|  |  | 3449 |
| **Real estate 0.18%** |  |  |
| American Tower Corp. 4.05% 3/15/2032  | 11 | 11 |
| Boston Properties, LP 2.45% 10/1/2033  | 7 | 6 |
| Boston Properties, LP 6.50% 1/15/2034  | 38 | 41 |
| Boston Properties, LP 5.75% 1/15/2035  | 95 | 98 |
| Crown Castle, Inc. 5.00% 1/11/2028  | 54 | 55 |
| Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(i)</sup>  | 530 | 505 |
| Kennedy-Wilson, Inc. 5.00% 3/1/2031  | 550 | 518 |
| Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(i)</sup>  | 20 | 21 |
| MPT Operating Partnership, LP 5.00% 10/15/2027  | 475 | 460 |
| Piedmont Operating Partnership, LP 5.625% 1/15/2033  | 99 | 100 |
| Prologis, LP 5.00% 3/15/2034  | 40 | 41 |
| Service Properties Trust 0% 9/30/2027 <sup>(i)</sup>  | 45 | 41 |
| Service Properties Trust 3.95% 1/15/2028  | 480 | 453 |
| Service Properties Trust 8.375% 6/15/2029  | 680 | 684 |
|  |  | 3034 |
| **Consumer staples 0.17%** |  |  |
| Altria Group, Inc. 4.875% 2/4/2028  | 13 | 13 |
| Altria Group, Inc. 5.25% 8/6/2035  | 48 | 49 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **87** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer staples (continued)** |  |  |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(i)</sup>  | USD260 | $256 |
| BAT Capital Corp. 6.343% 8/2/2030  | 9 | 10 |
| BAT Capital Corp. 5.35% 8/15/2032  | 413 | 430 |
| BAT Capital Corp. 6.421% 8/2/2033  | 38 | 42 |
| BAT Capital Corp. 7.079% 8/2/2043  | 31 | 35 |
| BAT Capital Corp. 4.54% 8/15/2047  | 55 | 46 |
| BAT Capital Corp. 4.758% 9/6/2049  | 121 | 102 |
| BAT Capital Corp. 7.081% 8/2/2053  | 69 | 78 |
| BAT International Finance PLC 4.448% 3/16/2028  | 150 | 151 |
| Coty, Inc. 5.60% 1/15/2031 <sup>(i)</sup>  | 119 | 120 |
| H.J. Heinz Co. 4.875% 10/1/2049  | 235 | 202 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(i)</sup>  | 25 | 26 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(i)</sup>  | 165 | 170 |
| Mars, Inc. 5.65% 5/1/2045 <sup>(i)</sup>  | 71 | 72 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(i)</sup>  | 145 | 144 |
| Mars, Inc. 5.80% 5/1/2065 <sup>(i)</sup>  | 24 | 24 |
| Mondelez International, Inc. 4.75% 8/28/2034  | 127 | 127 |
| Philip Morris International, Inc. 5.125% 11/17/2027  | 43 | 44 |
| Philip Morris International, Inc. 5.625% 11/17/2029  | 23 | 24 |
| Philip Morris International, Inc. 5.125% 2/15/2030  | 56 | 58 |
| Philip Morris International, Inc. 5.50% 9/7/2030  | 70 | 74 |
| Philip Morris International, Inc. 5.75% 11/17/2032  | 16 | 17 |
| Philip Morris International, Inc. 5.375% 2/15/2033  | 55 | 57 |
| Philip Morris International, Inc. 5.625% 9/7/2033  | 30 | 32 |
| Philip Morris International, Inc. 4.90% 11/1/2034  | 90 | 91 |
| Post Holdings, Inc. 6.375% 3/1/2033 <sup>(i)</sup>  | 330 | 334 |
|  |  | 2828 |
| **Materials 0.12%** |  |  |
| BHP Billiton Finance (USA), Ltd. 4.875% 2/27/2026  | 35 | 35 |
| BHP Billiton Finance (USA), Ltd. 4.75% 2/28/2028  | 35 | 36 |
| BHP Billiton Finance (USA), Ltd. 4.90% 2/28/2033  | 16 | 16 |
| BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033  | 7 | 7 |
| BHP Billiton Finance (USA), Ltd. 5.75% 9/5/2055  | 60 | 61 |
| Celanese US Holdings, LLC 6.85% 11/15/2028  | 36 | 38 |
| Celanese US Holdings, LLC 7.05% 11/15/2030  | 27 | 29 |
| Celanese US Holdings, LLC 6.879% 7/15/2032  | 10 | 10 |
| Celanese US Holdings, LLC 7.20% 11/15/2033  | 23 | 24 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(i)</sup>  | 545 | 575 |
| Cleveland-Cliffs, Inc. 7.625% 1/15/2034 <sup>(i)</sup>  | 40 | 42 |
| Consolidated Energy Finance SA 5.625% 10/15/2028 <sup>(i)</sup>  | 750 | 488 |
| Dow Chemical Co. (The) 5.35% 3/15/2035  | 7 | 7 |
| Dow Chemical Co. (The) 5.65% 3/15/2036  | 4 | 4 |
| Dow Chemical Co. (The) 5.55% 11/30/2048  | 15 | 13 |
| Dow Chemical Co. (The) 3.60% 11/15/2050  | 75 | 49 |
| Dow Chemical Co. (The) 6.90% 5/15/2053  | 6 | 6 |
| Dow Chemical Co. (The) 5.60% 2/15/2054  | 63 | 55 |
| LYB International Finance III, LLC 5.125% 1/15/2031  | 2 | 2 |
| LYB International Finance III, LLC 5.50% 3/1/2034  | 5 | 5 |
| LYB International Finance III, LLC 5.875% 1/15/2036  | 32 | 32 |
| LYB International Finance III, LLC 3.625% 4/1/2051  | 102 | 66 |
| NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(i)</sup>  | 10 | 11 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(i)</sup>  | 325 | 318 |
|  |  | 1929 |
| **Total corporate bonds and notes** |  | 47200 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **88** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations 0.73%** | **Asset-backed obligations 0.73%** | **Asset-backed obligations 0.73%** |
| **Other asset-backed securities 0.39%** |  |  |
| ACHD Trust, Series 2025-DS1, Class A, 5.978% 1/9/2034 <sup>(f)(i)</sup>  | USD100 | $100 |
| Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(f)(i)</sup>  | 215 | 215 |
| Auxilior Term Funding, LLC, Series 2024-1, Class A2, 5.84% 3/15/2027 <sup>(f)(i)</sup>  | 61 | 61 |
| AXIS Equipment Finance Receivables, LLC, Series 2024-2, Class A2, 5.19% 7/21/2031 <sup>(f)(i)</sup>  | 277 | 281 |
| Blue Owl Asset Leasing Trust, Series 2024-1A, Class A2, 5.05% 3/15/2029 <sup>(f)(i)</sup>  | 42 | 43 |
| Capteris Equipment Finance, Series 2024-1, Class A2, 5.58% 7/20/2032 <sup>(f)(i)</sup>  | 554 | 565 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(f)(i)</sup>  | 347 | 294 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(f)(i)</sup>  | 86 | 73 |
| CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060 <sup>(f)(i)</sup>  | 90 | 57 |
| CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060 <sup>(f)(i)</sup>  | 90 | 58 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(f)(i)</sup>  | 312 | 254 |
| CF Hippolyta, LLC, Series 2022-1A, Class A1, 5.97% 8/15/2062 <sup>(f)(i)</sup>  | 483 | 477 |
| Clarus Capital Funding, LLC, Series 2024-1A, Class A2, 4.71% 8/20/2032 <sup>(f)(i)</sup>  | 181 | 182 |
| EquipmentShare, Series 2024-2M, Class B, 6.43% 12/20/2032 <sup>(f)(i)</sup>  | 134 | 135 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 <sup>(f)(i)</sup>  | 322 | 309 |
| GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046 <sup>(f)(i)</sup>  | 60 | 56 |
| Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 8/17/2039 <sup>(f)(i)</sup>  | 73 | 72 |
| Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/2040 <sup>(f)(i)</sup>  | 278 | 267 |
| Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(f)(i)</sup>  | 354 | 359 |
| Merchants Fleet Funding, LLC, Series 2024-1, Class A, 5.82% 4/20/2037 <sup>(f)(i)</sup>  | 138 | 139 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(f)(i)</sup>  | 935 | 783 |
| NMEF Funding, LLC, Series 2024-A, Class A2, 5.15% 12/15/2031 <sup>(f)(i)</sup>  | 315 | 317 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(f)(i)</sup>  | 100 | 101 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-2A, Class A, 4.98% 10/17/2031 <sup>(f)(i)</sup>  | 127 | 128 |
| Oportun Funding, LLC, Series 2021-B, Class A, 1.47% 5/8/2031 <sup>(f)(i)</sup>  | 20 | 19 |
| PEAC Solutions Receivables, LLC, Series 2024-2A, Class A2, 4.74% 4/20/2027 <sup>(f)(i)</sup>  | 85 | 85 |
| PEAC Solutions Receivables, LLC, Series 2024-1A, Class A2, 5.79% 6/21/2027 <sup>(f)(i)</sup>  | 139 | 141 |
| PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028 <sup>(f)(i)</sup>  | 175 | 176 |
| PK ALIFT Loan Funding 4, LP, Series 2024-2, Class A, 5.052% 10/15/2039 <sup>(f)(i)</sup>  | 175 | 176 |
| Post Road Equipment Finance, Series 2024-1, Class A2, 5.59% 11/15/2029 <sup>(f)(i)</sup>  | 45 | 46 |
| Reach Financial, LLC, Series 2024-2, Class A, 5.88% 7/15/2031 <sup>(f)(i)</sup>  | 94 | 94 |
| SCF Equipment Leasing, LLC, Series 2024-1A, Class A2, 5.88% 11/20/2029 <sup>(f)(i)</sup>  | 28 | 28 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(f)(i)</sup>  | 72 | 70 |
| U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(f)(i)</sup>  | 189 | 190 |
| Verdant Receivables, LLC, Series 2024-1, Class A2, 5.68% 12/12/2031 <sup>(f)(i)</sup>  | 69 | 70 |
|  |  | 6421 |
| **Auto loan 0.27%** |  |  |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027 <sup>(f)(i)</sup>  | 66 | 66 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(f)(i)</sup>  | 33 | 33 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(f)(i)</sup>  | 339 | 353 |
| CPS Auto Receivables Trust, Series 2024-C, Class B, 5.68% 12/15/2028 <sup>(f)(i)</sup>  | 497 | 499 |
| Drive Auto Receivables Trust, Series 2024-2, Class A2, 4.94% 12/15/2027 <sup>(f)</sup>  | 11 | 11 |
| Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 <sup>(f)(i)</sup>  | 185 | 185 |
| Enterprise Fleet Financing, LLC, Series 2024-4, Class A2, 4.69% 7/20/2027 <sup>(f)(i)</sup>  | 150 | 151 |
| Enterprise Fleet Financing, LLC, Series 2024-1, Class A2, 5.23% 3/20/2030 <sup>(f)(i)</sup>  | 273 | 275 |
| Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85% 8/15/2035 <sup>(f)(i)</sup>  | 176 | 180 |
| Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 <sup>(f)(i)</sup>  | 181 | 187 |
| Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A1, 4.92% 5/15/2028 <sup>(f)(i)</sup>  | 188 | 189 |
| GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 <sup>(f)(i)</sup>  | 65 | 65 |
| GM Financial Revolving Receivables Trust, Series 2023-1, Class A, 5.12% 4/11/2035 <sup>(f)(i)</sup>  | 285 | 293 |
| GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035 <sup>(f)(i)</sup>  | 184 | 191 |
| GM Financial Securitized Term Auto Receivables Trust, Series 2023-2, Class A3, 4.47% 2/16/2028 <sup>(f)</sup>  | 10 | 10 |
| GM Financial Securitized Term Auto Receivables Trust, Series 2023-2, Class A4, 4.43% 10/16/2028 <sup>(f)</sup>  | 48 | 48 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(f)(i)</sup>  | 268 | 263 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(f)(i)</sup>  | 100 | 98 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(f)(i)</sup>  | 100 | 98 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(f)(i)</sup>  | 187 | 191 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **89** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Auto loan (continued)** |  |  |
| Hyundai Auto Receivables Trust, Series 2023-A, Class A3, 4.58% 4/15/2027 <sup>(f)</sup>  | USD5 | $5 |
| Hyundai Auto Receivables Trust, Series 2023-A, Class A4, 4.48% 7/17/2028 <sup>(f)</sup>  | 28 | 28 |
| Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/2034 <sup>(f)(i)</sup>  | 335 | 334 |
| Wheels Fleet Lease Funding, LLC, Series 2024-2A, Class A1, 4.87% 6/21/2039 <sup>(f)(i)</sup>  | 632 | 639 |
| Wheels Fleet Lease Funding, LLC, Series 2024-3A, Class A1, 4.80% 9/19/2039 <sup>(f)(i)</sup>  | 188 | 190 |
|  |  | 4582 |
| **Credit card 0.04%** |  |  |
| Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(f)(i)</sup>  | 400 | 401 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.06% 9/15/2031 <sup>(f)(i)</sup>  | 246 | 248 |
|  |  | 649 |
| **Student loan 0.03%** |  |  |
| Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069 <sup>(f)(i)</sup>  | 23 | 21 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(f)(i)</sup>  | 42 | 39 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(f)(i)</sup>  | 94 | 89 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 <sup>(f)(i)</sup>  | 188 | 178 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 4.588% <br> 4/20/2062 <sup>(f)(g)(i)</sup>  | 98 | 98 |
| SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 1/15/2053 <sup>(f)(i)</sup>  | 39 | 35 |
|  |  | 460 |
| **Total asset-backed obligations** |  | 12112 |
| **Bonds & notes of governments & government agencies outside the U.S. 0.05%** | **Bonds & notes of governments & government agencies outside the U.S. 0.05%** | **Bonds & notes of governments & government agencies outside the U.S. 0.05%** |
| **Mexico 0.03%** |  |  |
| United Mexican States 3.25% 4/16/2030  | 200 | 189 |
| United Mexican States 7.375% 5/13/2055  | 245 | 265 |
|  |  | 454 |
| **Saudi Arabia 0.01%** |  |  |
| Saudi Arabia (Kingdom of) 3.625% 3/4/2028  | 200 | 198 |
| **Peru 0.01%** |  |  |
| Peru (Republic of) 2.783% 1/23/2031  | 190 | 176 |
| **Total bonds & notes of governments & government agencies outside the U.S.** |  | 828 |
| **Municipals 0.02%** | **Municipals 0.02%** | **Municipals 0.02%** |
| **Illinois 0.01%** |  |  |
| GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033  | 196 | 201 |
| **Massachusetts 0.01%** |  |  |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2024-A, 6.352% 7/1/2049  | 135 | 140 |
| **Total municipals** |  | 341 |
| **Loans 0.02%** | **Loans 0.02%** | **Loans 0.02%** |
| **Financials 0.02%** |  |  |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) 7.61% <br> 11/17/2029 <sup>(b)(g)(i)(m)</sup>  | 221 | 220 |
| **Total bonds, notes & other debt instruments** (cost: $243,321,000) |  | 242696 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **90** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Investment funds 2.29% | Shares | Value<br> (000)<br>|
| Capital Group Central Corporate Bond Fund <sup>(n)</sup>  | 4482146 | $38098 |
| **Total investment funds** (cost: $40,853,000) |  | 38098 |
| Short-term securities 5.53% |  |  |
| **Money market investments 4.90%** | **Money market investments 4.90%** | **Money market investments 4.90%** |
| Capital Group Central Cash Fund 3.79% <sup>(n)(o)</sup>  | 814073 | 81415 |
| **Money market investments purchased with collateral from securities on loan 0.63%** | **Money market investments purchased with collateral from securities on loan 0.63%** | **Money market investments purchased with collateral from securities on loan 0.63%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(o)(p)</sup>  | 10408626 | 10409 |
| **Total short-term securities** (cost: $91,803,000) |  | 91824 |
| **Total investment securities 100.57%** (cost: $1,246,392,000) |  | 1669897 |
| Other assets less liabilities (0.57)% |  | (9521)<br>|
| **Net assets 100.00%** |  | $1660376 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 389 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD81,219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(17)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 251 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61)<br>|
| 10 Year U.S. Treasury Note Futures | Short | 21 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2361)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 40 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4601)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| 20 Year U.S. Treasury Bond Futures | Long | 32 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41)<br>|
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 99 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (196)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(279)<br>|

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| 3.16% | At maturity | U.S. Urban CPI | At maturity | &nbsp;&nbsp;&nbsp; 6/23/2026 | &nbsp;&nbsp;&nbsp; USD350 | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1 |
| U.S. Urban CPI | At maturity | 3.17% | At maturity | &nbsp;&nbsp;&nbsp; 6/23/2026 | &nbsp;&nbsp;&nbsp; USD338 | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1)<br>|
| SOFR | Annual | 3.055% | Annual | &nbsp;&nbsp;&nbsp; 4/6/2031 | &nbsp;&nbsp;&nbsp; USD6,700 | &nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 139 |
| SOFR | Annual | 4.1275% | Annual | &nbsp;&nbsp;&nbsp; 7/27/2050 | &nbsp;&nbsp;&nbsp; USD310 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3 |
| SOFR | Annual | 2.91% | Annual | &nbsp;&nbsp;&nbsp; 9/18/2050 | &nbsp;&nbsp;&nbsp; USD592 | &nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 118 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $260 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $260 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **91** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

**Swap contracts** (continued)

------

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <sup>(q)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <sup>(r)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.45 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,044 | &nbsp;&nbsp;&nbsp;&nbsp; $114 | &nbsp;&nbsp;&nbsp;&nbsp; $116 | &nbsp;&nbsp;&nbsp;&nbsp; $(2)<br>|

---

**Investments in affiliates** <sup>(n)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Investment funds 2.29%** |  |  |  |  |  |  |  |
| Capital Group Central Corporate Bond Fund  | $30920 | &nbsp;&nbsp; $6389 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $789 | &nbsp;&nbsp; $38098 | &nbsp;&nbsp; $1550 |
| **Short-term securities 4.90%** |  |  |  |  |  |  |  |
| **Money market investments 4.90%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(o)</sup>  | 60575 | &nbsp;&nbsp; 370953 | &nbsp;&nbsp; 350129 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; — | &nbsp;&nbsp; 81415 | &nbsp;&nbsp; 4186 |
| **Total 7.19%** |  |  |  | &nbsp;&nbsp; $16 | &nbsp;&nbsp; $789 | &nbsp;&nbsp; $119513 | &nbsp;&nbsp; $5736 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Amount less than one thousand.

<sup>(d)</sup> Non-income producing.

<sup>(e)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $1,717,000, which represented 0.10% of the net assets of the fund. 

<sup>(f)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(g)</sup> 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. 

<sup>(h)</sup> Represents securities transacted on a TBA basis.

<sup>(i)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $38,579,000, which represented 2.32% of the net assets of the fund. 

<sup>(j)</sup> Step bond; coupon rate may change at a later date.

<sup>(k)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

<sup>(l)</sup> Scheduled interest and/or principal payment was not received.

<sup>(m)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $219,000, which represented 0.01% of the net assets of the fund. 

<sup>(n)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(o)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(p)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(q)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>(r)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| Assn. = Association |
| Auth. = Authority |
| CAD = Canadian dollars |
| CME = CME Group |
| CPI = Consumer Price Index |

---

---

| |
|:---|
| EUR = Euros |
| Fncg. = Financing |
| GBP = British pounds |
| GO = General Obligation |
| ICE = Intercontinental Exchange, Inc. |
| MXN = Mexican pesos |

---

---

| |
|:---|
| REIT = Real Estate Investment Trust |
| Rev. = Revenue |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **92** |

---

------

Asset Allocation Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 65.21% | Shares | Value<br> (000)<br>|
| **Information technology 17.87%** |  |  |
| Broadcom, Inc.  | 3822547 | $1322984 |
| Microsoft Corp.  | 2068123 | 1000186 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)  | 2399280 | 729117 |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 2384000 | 116467 |
| NVIDIA Corp.  | 2011419 | 375130 |
| Apple, Inc.  | 1295354 | 352155 |
| Micron Technology, Inc.  | 764060 | 218070 |
| Intel Corp. <sup>(a)</sup>  | 5553952 | 204941 |
| Salesforce, Inc.  | 503780 | 133456 |
| International Business Machines Corp.  | 427285 | 126566 |
| ASML Holding NV (ADR)  | 93894 | 100453 |
| KLA Corp.  | 77592 | 94280 |
| Hewlett Packard Enterprise Co.  | 2023462 | 48604 |
| Strategy, Inc., Class A <sup>(a)</sup>  | 295563 | 44911 |
| Diebold Nixdorf, Inc. <sup>(a)</sup>  | 532940 | 36181 |
| Adobe, Inc. <sup>(a)</sup>  | 62600 | 21909 |
| Applied Materials, Inc.  | 79781 | 20503 |
|  |  | 4945913 |
| **Financials 10.49%** |  |  |
| Apollo Asset Management, Inc.  | 1920083 | 277951 |
| Arthur J. Gallagher & Co.  | 854008 | 221009 |
| Mastercard, Inc., Class A  | 361601 | 206431 |
| Synchrony Financial  | 2440754 | 203632 |
| Aon PLC, Class A  | 569972 | 201132 |
| Visa, Inc., Class A  | 553014 | 193948 |
| Bank of America Corp.  | 3142147 | 172818 |
| Capital One Financial Corp.  | 702338 | 170219 |
| Blue Owl Capital, Inc., Class A <sup>(b)</sup>  | 9813216 | 146609 |
| Ares Management Corp., Class A  | 845012 | 136579 |
| American Express Co.  | 337999 | 125043 |
| Wells Fargo & Co.  | 1334032 | 124332 |
| JPMorgan Chase & Co.  | 295492 | 95213 |
| Fiserv, Inc. <sup>(a)</sup>  | 1269859 | 85296 |
| Brookfield Corp., Class A  | 1805226 | 82842 |
| Citigroup, Inc.  | 700000 | 81683 |
| Brown & Brown, Inc.  | 964468 | 76868 |
| Chubb, Ltd.  | 235906 | 73631 |
| Progressive Corp.  | 280641 | 63908 |
| Intercontinental Exchange, Inc.  | 374162 | 60599 |
| Blackstone, Inc.  | 320000 | 49325 |
| Kinsale Capital Group, Inc.  | 65779 | 25728 |
| Goldman Sachs Group, Inc.  | 24707 | 21717 |
| Figure Technology Solutions, Inc. <sup>(a)(b)</sup>  | 152555 | 6230 |
| Sberbank of Russia PJSC <sup>(c)</sup>  | 8880000 | — <br><sup>(d)</sup><br>|
|  |  | 2902743 |
| **Industrials 9.72%** |  |  |
| ATI, Inc. <sup>(a)</sup>  | 3475291 | 398824 |
| Boeing Co. (The) <sup>(a)</sup>  | 1355000 | 294198 |
| TransDigm Group, Inc.  | 160869 | 213932 |
| L3Harris Technologies, Inc.  | 644021 | 189065 |
| General Electric Co.  | 602503 | 185589 |
| Deere & Co.  | 377997 | 175984 |
| Parker-Hannifin Corp.  | 183536 | 161321 |
| Union Pacific Corp.  | 677572 | 156736 |
| Caterpillar, Inc.  | 190000 | 108845 |
| Safran SA  | 312100 | 108605 |
| United Rentals, Inc.  | 125193 | 101321 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **93** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Northrop Grumman Corp.  | 173106 | $98707 |
| GE Vernova, Inc.  | 150939 | 98649 |
| Ingersoll-Rand, Inc.  | 1177013 | 93243 |
| Quanta Services, Inc.  | 152260 | 64263 |
| Airbus SE, non-registered shares  | 230632 | 53496 |
| Trane Technologies PLC  | 137366 | 53463 |
| FTAI Aviation, Ltd.  | 249989 | 49210 |
| CSX Corp.  | 1000000 | 36250 |
| Copart, Inc. <sup>(a)</sup>  | 835833 | 32723 |
| Carrier Global Corp.  | 283011 | 14954 |
|  |  | 2689378 |
| **Health care 6.97%** |  |  |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 720148 | 326486 |
| Gilead Sciences, Inc.  | 1904140 | 233714 |
| Eli Lilly and Co.  | 186995 | 200960 |
| UnitedHealth Group, Inc.  | 596573 | 196935 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 405917 | 161413 |
| Amgen, Inc.  | 441538 | 144520 |
| Thermo Fisher Scientific, Inc.  | 217042 | 125765 |
| CVS Health Corp.  | 1451353 | 115179 |
| Illumina, Inc. <sup>(a)</sup>  | 699527 | 91750 |
| Abbott Laboratories  | 637270 | 79844 |
| Cooper Cos., Inc. <sup>(a)</sup>  | 889428 | 72897 |
| Johnson & Johnson  | 311733 | 64513 |
| AbbVie, Inc.  | 129914 | 29684 |
| Boston Scientific Corp. <sup>(a)</sup>  | 300752 | 28677 |
| Centene Corp. <sup>(a)</sup>  | 675000 | 27776 |
| Rotech Healthcare, Inc. <sup>(a)(c)(e)</sup>  | 184138 | 12613 |
| Medline, Inc., Class A <sup>(a)(b)</sup>  | 272900 | 11462 |
| Mallinckrodt PLC <sup>(a)</sup>  | 36079 | 3227 |
| Par Health, Inc. <sup>(a)(f)</sup>  | 36079 | 338 |
| Carbon Health Technologies, Inc., Class A <sup>(a)(c)</sup>  | 4955500 | 50 |
|  |  | 1927803 |
| **Consumer discretionary 5.73%** |  |  |
| Booking Holdings, Inc.  | 52599 | 281685 |
| Royal Caribbean Cruises, Ltd.  | 648815 | 180967 |
| Amazon.com, Inc. <sup>(a)</sup>  | 780642 | 180188 |
| Starbucks Corp.  | 1513090 | 127417 |
| D.R. Horton, Inc.  | 700917 | 100953 |
| NIKE, Inc., Class B  | 1525710 | 97203 |
| Carnival Corp.  | 2758206 | 84236 |
| Darden Restaurants, Inc.  | 424583 | 78132 |
| Compagnie Financiere Richemont SA, Class A  | 346887 | 74864 |
| Home Depot, Inc.  | 191765 | 65986 |
| Texas Roadhouse, Inc.  | 385658 | 64019 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 1692984 | 62640 |
| Tesla, Inc. <sup>(a)</sup>  | 94134 | 42334 |
| Hilton Worldwide Holdings, Inc.  | 122663 | 35235 |
| Toll Brothers, Inc.  | 246730 | 33363 |
| Restaurant Brands International, Inc.  | 461542 | 31491 |
| AutoZone, Inc. <sup>(a)</sup>  | 7013 | 23785 |
| YUM! Brands, Inc.  | 91381 | 13824 |
| DraftKings, Inc., Class A <sup>(a)</sup>  | 237954 | 8200 |
| Aimbridge Topco, LLC <sup>(a)(c)</sup>  | 10722 | 793 |
|  |  | 1587315 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **94** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Communication services 4.71%** |  |  |
| Alphabet, Inc., Class C  | 1147684 | $360143 |
| Alphabet, Inc., Class A  | 1068646 | 334486 |
| Meta Platforms, Inc., Class A  | 553906 | 365628 |
| Comcast Corp., Class A  | 6199119 | 185292 |
| Netflix, Inc. <sup>(a)</sup>  | 346997 | 32534 |
| Tencent Holdings, Ltd.  | 321500 | 24636 |
|  |  | 1302719 |
| **Materials 4.10%** |  |  |
| Royal Gold, Inc.  | 1301065 | 289214 |
| Wheaton Precious Metals Corp.  | 2388702 | 280720 |
| Franco-Nevada Corp. (CAD denominated)  | 1179377 | 244468 |
| Lundin Mining Corp.  | 7678233 | 165027 |
| First Quantum Minerals, Ltd. <sup>(a)</sup>  | 3889750 | 104290 |
| Corteva, Inc.  | 466775 | 31288 |
| Air Products and Chemicals, Inc.  | 45664 | 11280 |
| Agnico Eagle Mines, Ltd.  | 56110 | 9515 |
| Venator Materials PLC <sup>(a)(c)</sup>  | 4096 | — <br><sup>(d)</sup><br>|
|  |  | 1135802 |
| **Consumer staples 3.48%** |  |  |
| Philip Morris International, Inc.  | 3615272 | 579890 |
| Constellation Brands, Inc., Class A  | 629955 | 86909 |
| Keurig Dr Pepper, Inc.  | 3042963 | 85233 |
| Nestle SA  | 617055 | 61331 |
| Costco Wholesale Corp.  | 69889 | 60268 |
| US Foods Holding Corp. <sup>(a)</sup>  | 514932 | 38785 |
| Estee Lauder Cos., Inc. (The), Class A  | 275858 | 28888 |
| Coca-Cola Co.  | 160431 | 11216 |
| Procter & Gamble Co.  | 75358 | 10799 |
|  |  | 963319 |
| **Utilities 1.01%** |  |  |
| Southern Co. (The)  | 1503479 | 131104 |
| DTE Energy Co.  | 848144 | 109394 |
| Vistra Corp.  | 144910 | 23378 |
| FirstEnergy Corp.  | 323684 | 14491 |
|  |  | 278367 |
| **Energy 0.92%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 3480603 | 117892 |
| ConocoPhillips  | 824000 | 77135 |
| EOG Resources, Inc.  | 222924 | 23409 |
| Halliburton Co.  | 593792 | 16781 |
| SLB, Ltd.  | 286500 | 10996 |
| Exxon Mobil Corp.  | 58185 | 7002 |
| Constellation Oil Services Holding SA (NDR) <sup>(a)</sup>  | 76004 | 897 |
| Altera Infrastructure, LP <sup>(c)</sup>  | 16129 | 655 |
| New Fortress Energy, Inc., Class A <sup>(a)</sup>  | 150315 | 171 |
| Expand Energy Corp.  | 636 | 70 |
|  |  | 255008 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **95** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Real estate 0.21%** |  |  |
| American Tower Corp. REIT  | 136942 | $24043 |
| Simon Property Group, Inc. REIT  | 114326 | 21163 |
| Crown Castle, Inc. REIT  | 134329 | 11938 |
|  |  | 57144 |
| **Total common stocks** (cost: $10,036,058,000) |  | 18045511 |
| Preferred securities 0.00% |  |  |
| **Industrials 0.00%** |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(a)(c)(f)</sup>  | 450 | 755 |
| **Total preferred securities** (cost: $465,000) |  | 755 |
| Rights & warrants 0.00% |  |  |
| **Energy 0.00%** |  |  |
| Expand Energy Corp., Class C, warrants, expire 2/9/2026 <sup>(a)</sup>  | 1201 | 119 |
| Constellation Oil Services Holding SA, Class D, warrants, expire 6/10/2071 <sup>(a)(c)</sup>  | 4 | — <br><sup>(d)</sup><br>|
| **Total rights & warrants** (cost: $875,000) |  | 119 |
| Convertible stocks 0.12% |  |  |
| **Industrials 0.07%** |  |  |
| Boeing Co., Series A, convertible preferred depositary shares, 6.00% 10/15/2027  | 262145 | 18104 |
| **Information technology 0.05%** |  |  |
| Strategy, Inc. 8.00% perpetual convertible preferred shares  | 189521 | 14926 |
| **Total convertible stocks** (cost: $30,331,000) |  | 33030 |
| Convertible bonds & notes 0.10% | Principal amount<br> (000)<br>|  |
| **Information technology 0.03%** |  |  |
| Macom Technology Solutions Holdings, convertible notes, 0.25% 3/15/2026  | USD1,529 | 3180 |
| Seagate HDD Cayman, convertible notes, 3.50% 6/1/2028  | 536 | 1803 |
| Terawulf, Inc., convertible notes, 1.00% 9/1/2031 <sup>(f)</sup>  | 1739 | 2060 |
| Western Digital Corp., convertible notes, 3.00% 11/15/2028  | 416 | 1908 |
|  |  | 8951 |
| **Communication services 0.02%** |  |  |
| EchoStar Corp., convertible notes, 3.875% Cash 11/30/2030 <sup>(g)</sup>  | 1290 | 4312 |
| Spotify USA, Inc., convertible notes, 0% 3/15/2026  | 1800 | 2048 |
|  |  | 6360 |
| **Real estate 0.02%** |  |  |
| Ventas Realty, LP, convertible notes, 3.75% 6/1/2026  | 1873 | 2649 |
| Welltower OP, LLC, convertible notes, 2.75% 5/15/2028 <sup>(f)</sup>  | 1422 | 2789 |
|  |  | 5438 |
| **Utilities 0.01%** |  |  |
| CenterPoint Energy, Inc., convertible notes, 3.00% 8/1/2028 <sup>(f)</sup>  | 2785 | 2822 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **96** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Convertible bonds & notes (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Health care 0.01%** |  |  |
| Halozyme Therapeutics, Inc. convertible notes, 1.00% 8/15/2028  | USD1,818 | $2417 |
| **Industrials 0.01%** |  |  |
| Axon Enterprise, Inc., convertible notes, 0.50% 12/15/2027  | 692 | 1743 |
| **Total convertible bonds & notes** (cost: $25,052,000) |  | 27731 |
| Bonds, notes & other debt instruments 28.07% |  |  |
| **Mortgage-backed obligations 10.22%** | **Mortgage-backed obligations 10.22%** | **Mortgage-backed obligations 10.22%** |
| **Federal agency mortgage-backed obligations 9.21%** |  |  |
| Fannie Mae Pool #AH6431 4.00% 2/1/2026 <sup>(h)</sup>  | 2 | 2 |
| Fannie Mae Pool #AH5618 4.00% 2/1/2026 <sup>(h)</sup>  | — <br><sup>(d)</sup><br>| — <br><sup>(d)</sup><br>|
| Fannie Mae Pool #890329 4.00% 4/1/2026 <sup>(h)</sup>  | — <br><sup>(d)</sup><br>| — <br><sup>(d)</sup><br>|
| Fannie Mae Pool #MA1109 4.00% 5/1/2027 <sup>(h)</sup>  | — <br><sup>(d)</sup><br>| — <br><sup>(d)</sup><br>|
| Fannie Mae Pool #MA3653 3.00% 3/1/2029 <sup>(h)</sup>  | 5 | 5 |
| Fannie Mae Pool #AL8347 4.00% 3/1/2029 <sup>(h)</sup>  | 2 | 2 |
| Fannie Mae Pool #254767 5.50% 6/1/2033 <sup>(h)</sup>  | 120 | 124 |
| Fannie Mae Pool #555956 5.50% 12/1/2033 <sup>(h)</sup>  | 76 | 78 |
| Fannie Mae Pool #BN1085 4.00% 1/1/2034 <sup>(h)</sup>  | 209 | 210 |
| Fannie Mae Pool #FM2499 2.50% 2/1/2035 <sup>(h)</sup>  | 221 | 211 |
| Fannie Mae Pool #929185 5.50% 1/1/2036 <sup>(h)</sup>  | 240 | 250 |
| Fannie Mae Pool #893641 6.00% 9/1/2036 <sup>(h)</sup>  | 475 | 503 |
| Fannie Mae Pool #893688 6.00% 10/1/2036 <sup>(h)</sup>  | 121 | 128 |
| Fannie Mae Pool #AS8554 3.00% 12/1/2036 <sup>(h)</sup>  | 3745 | 3567 |
| Fannie Mae Pool #907239 6.00% 12/1/2036 <sup>(h)</sup>  | 11 | 11 |
| Fannie Mae Pool #928031 6.00% 1/1/2037 <sup>(h)</sup>  | 39 | 42 |
| Fannie Mae Pool #888292 6.00% 3/1/2037 <sup>(h)</sup>  | 343 | 363 |
| Fannie Mae Pool #AD0249 5.50% 4/1/2037 <sup>(h)</sup>  | 62 | 64 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(h)</sup>  | 116 | 110 |
| Fannie Mae Pool #190379 5.50% 5/1/2037 <sup>(h)</sup>  | 37 | 38 |
| Fannie Mae Pool #924952 6.00% 8/1/2037 <sup>(h)</sup>  | 565 | 598 |
| Fannie Mae Pool #888637 6.00% 9/1/2037 <sup>(h)</sup>  | 7 | 7 |
| Fannie Mae Pool #995674 6.00% 5/1/2038 <sup>(h)</sup>  | 213 | 225 |
| Fannie Mae Pool #AD0119 6.00% 7/1/2038 <sup>(h)</sup>  | 663 | 703 |
| Fannie Mae Pool #995224 6.00% 9/1/2038 <sup>(h)</sup>  | 6 | 6 |
| Fannie Mae Pool #AE0021 6.00% 10/1/2038 <sup>(h)</sup>  | 208 | 221 |
| Fannie Mae Pool #AL7164 6.00% 10/1/2038 <sup>(h)</sup>  | 135 | 142 |
| Fannie Mae Pool #889983 6.00% 10/1/2038 <sup>(h)</sup>  | 12 | 13 |
| Fannie Mae Pool #AD0095 6.00% 11/1/2038 <sup>(h)</sup>  | 467 | 495 |
| Fannie Mae Pool #AB0538 6.00% 11/1/2038 <sup>(h)</sup>  | 65 | 68 |
| Fannie Mae Pool #995391 6.00% 11/1/2038 <sup>(h)</sup>  | 10 | 11 |
| Fannie Mae Pool #AD0833 6.00% 1/1/2039 <sup>(h)</sup>  | — <br><sup>(d)</sup><br>| — <br><sup>(d)</sup><br>|
| Fannie Mae Pool #AL0309 6.00% 1/1/2040 <sup>(h)</sup>  | 43 | 46 |
| Fannie Mae Pool #AL0013 6.00% 4/1/2040 <sup>(h)</sup>  | 128 | 136 |
| Fannie Mae Pool #AL7228 6.00% 4/1/2041 <sup>(h)</sup>  | 155 | 162 |
| Fannie Mae Pool #AB4536 6.00% 6/1/2041 <sup>(h)</sup>  | 324 | 342 |
| Fannie Mae Pool #MA4387 2.00% 7/1/2041 <sup>(h)</sup>  | 5259 | 4598 |
| Fannie Mae Pool #FS0305 1.50% 1/1/2042 <sup>(h)</sup>  | 16006 | 13515 |
| Fannie Mae Pool #AP2131 3.50% 8/1/2042 <sup>(h)</sup>  | 2339 | 2240 |
| Fannie Mae Pool #AU8813 4.00% 11/1/2043 <sup>(h)</sup>  | 1283 | 1254 |
| Fannie Mae Pool #AU9350 4.00% 11/1/2043 <sup>(h)</sup>  | 725 | 709 |
| Fannie Mae Pool #AU9348 4.00% 11/1/2043 <sup>(h)</sup>  | 690 | 675 |
| Fannie Mae Pool #AL8773 3.50% 2/1/2045 <sup>(h)</sup>  | 4040 | 3856 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045 <sup>(h)</sup>  | 6624 | 6291 |
| Fannie Mae Pool #AL8354 3.50% 10/1/2045 <sup>(h)</sup>  | 931 | 885 |
| Fannie Mae Pool #AL8522 3.50% 5/1/2046 <sup>(h)</sup>  | 2088 | 1982 |
| Fannie Mae Pool #BC7611 4.00% 5/1/2046 <sup>(h)</sup>  | 79 | 76 |
| Fannie Mae Pool #AS8310 3.00% 11/1/2046 <sup>(h)</sup>  | 273 | 251 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **97** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #BD9307 4.00% 11/1/2046 <sup>(h)</sup>  | USD1,089 | $1053 |
| Fannie Mae Pool #BD9699 3.50% 12/1/2046 <sup>(h)</sup>  | 1207 | 1137 |
| Fannie Mae Pool #BE1290 3.50% 2/1/2047 <sup>(h)</sup>  | 1785 | 1685 |
| Fannie Mae Pool #BM1179 3.00% 4/1/2047 <sup>(h)</sup>  | 358 | 328 |
| Fannie Mae Pool #256975 7.00% 10/1/2047 <sup>(h)</sup>  | 2 | 2 |
| Fannie Mae Pool #CA0770 3.50% 11/1/2047 <sup>(h)</sup>  | 1182 | 1110 |
| Fannie Mae Pool #MA3211 4.00% 12/1/2047 <sup>(h)</sup>  | 1788 | 1734 |
| Fannie Mae Pool #MA3277 4.00% 2/1/2048 <sup>(h)</sup>  | 7 | 7 |
| Fannie Mae Pool #BK5255 4.00% 5/1/2048 <sup>(h)</sup>  | 8 | 7 |
| Fannie Mae Pool #FM3278 3.50% 11/1/2048 <sup>(h)</sup>  | 12659 | 11913 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(h)</sup>  | 1711 | 1626 |
| Fannie Mae Pool #CA4756 3.00% 12/1/2049 <sup>(h)</sup>  | 1341 | 1215 |
| Fannie Mae Pool #BN7443 2.50% 3/1/2050 <sup>(h)</sup>  | 30 | 26 |
| Fannie Mae Pool #CA5968 2.50% 6/1/2050 <sup>(h)</sup>  | 4327 | 3740 |
| Fannie Mae Pool #BP5576 2.50% 6/1/2050 <sup>(h)</sup>  | 414 | 351 |
| Fannie Mae Pool #CA6168 2.50% 6/1/2050 <sup>(h)</sup>  | 298 | 253 |
| Fannie Mae Pool #CA6593 2.50% 8/1/2050 <sup>(h)</sup>  | 9745 | 8426 |
| Fannie Mae Pool #CA6987 2.00% 9/1/2050 <sup>(h)</sup>  | 515 | 418 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(h)</sup>  | 286 | 256 |
| Fannie Mae Pool #CA7529 2.50% 10/1/2050 <sup>(h)</sup>  | 1134 | 960 |
| Fannie Mae Pool #BQ7589 2.00% 11/1/2050 <sup>(h)</sup>  | 2292 | 1856 |
| Fannie Mae Pool #CA7737 2.50% 11/1/2050 <sup>(h)</sup>  | 7872 | 6762 |
| Fannie Mae Pool #CA7599 2.50% 11/1/2050 <sup>(h)</sup>  | 1248 | 1082 |
| Fannie Mae Pool #CA7743 2.50% 11/1/2050 <sup>(h)</sup>  | 685 | 581 |
| Fannie Mae Pool #FM5309 2.50% 11/1/2050 <sup>(h)</sup>  | 38 | 33 |
| Fannie Mae Pool #FM4897 3.00% 11/1/2050 <sup>(h)</sup>  | 10867 | 9832 |
| Fannie Mae Pool #FM5218 2.00% 12/1/2050 <sup>(h)</sup>  | 3688 | 2993 |
| Fannie Mae Pool #BQ7646 2.00% 12/1/2050 <sup>(h)</sup>  | 1924 | 1559 |
| Fannie Mae Pool #BQ8497 2.00% 12/1/2050 <sup>(h)</sup>  | 1584 | 1285 |
| Fannie Mae Pool #FS9792 4.50% 12/1/2050 <sup>(h)</sup>  | 920 | 914 |
| Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(h)</sup>  | 4967 | 4057 |
| Fannie Mae Pool #BR1283 2.00% 1/1/2051 <sup>(h)</sup>  | 196 | 159 |
| Fannie Mae Pool #CA8513 2.50% 1/1/2051 <sup>(h)</sup>  | 1079 | 916 |
| Fannie Mae Pool #FS5929 2.50% 1/1/2051 <sup>(h)</sup>  | 759 | 643 |
| Fannie Mae Pool #FM5944 2.50% 1/1/2051 <sup>(h)</sup>  | 74 | 63 |
| Fannie Mae Pool #FS3550 2.50% 1/1/2051 <sup>(h)</sup>  | 28 | 23 |
| Fannie Mae Pool #BR3255 2.00% 2/1/2051 <sup>(h)</sup>  | 5851 | 4750 |
| Fannie Mae Pool #BR2689 2.00% 2/1/2051 <sup>(h)</sup>  | 1860 | 1506 |
| Fannie Mae Pool #FM5963 2.00% 2/1/2051 <sup>(h)</sup>  | 1806 | 1467 |
| Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(h)</sup>  | 328 | 265 |
| Fannie Mae Pool #CA8828 2.50% 2/1/2051 <sup>(h)</sup>  | 3067 | 2642 |
| Fannie Mae Pool #CA9289 2.50% 2/1/2051 <sup>(h)</sup>  | 370 | 314 |
| Fannie Mae Pool #CA8962 2.50% 2/1/2051 <sup>(h)</sup>  | 59 | 50 |
| Fannie Mae Pool #CB0290 2.00% 4/1/2051 <sup>(h)</sup>  | 3989 | 3253 |
| Fannie Mae Pool #FS1086 2.00% 4/1/2051 <sup>(h)</sup>  | 1708 | 1383 |
| Fannie Mae Pool #CA9494 2.50% 4/1/2051 <sup>(h)</sup>  | 93 | 79 |
| Fannie Mae Pool #FM7407 2.50% 4/1/2051 <sup>(h)</sup>  | 40 | 34 |
| Fannie Mae Pool #FM6810 3.00% 4/1/2051 <sup>(h)</sup>  | 5630 | 4987 |
| Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(h)</sup>  | 4366 | 3899 |
| Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(h)</sup>  | 529 | 473 |
| Fannie Mae Pool #FM7751 2.00% 5/1/2051 <sup>(h)</sup>  | 1943 | 1573 |
| Fannie Mae Pool #FM7411 2.00% 5/1/2051 <sup>(h)</sup>  | 1933 | 1565 |
| Fannie Mae Pool #FM7222 2.50% 5/1/2051 <sup>(h)</sup>  | 4751 | 4022 |
| Fannie Mae Pool #BR0999 2.50% 5/1/2051 <sup>(h)</sup>  | 1336 | 1131 |
| Fannie Mae Pool #FM7304 2.50% 5/1/2051 <sup>(h)</sup>  | 365 | 309 |
| Fannie Mae Pool #BR9324 2.50% 5/1/2051 <sup>(h)</sup>  | 227 | 192 |
| Fannie Mae Pool #FM7408 2.50% 5/1/2051 <sup>(h)</sup>  | 137 | 116 |
| Fannie Mae Pool #FM8114 2.00% 6/1/2051 <sup>(h)</sup>  | 2078 | 1682 |
| Fannie Mae Pool #CB0910 2.50% 6/1/2051 <sup>(h)</sup>  | 33828 | 28636 |
| Fannie Mae Pool #FM7740 2.50% 6/1/2051 <sup>(h)</sup>  | 9006 | 7624 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **98** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(h)</sup>  | USD397 | $354 |
| Fannie Mae Pool #MA4378 2.00% 7/1/2051 <sup>(h)</sup>  | 149 | 121 |
| Fannie Mae Pool #FM9530 2.50% 7/1/2051 <sup>(h)</sup>  | 1988 | 1683 |
| Fannie Mae Pool #CB1134 2.50% 7/1/2051 <sup>(h)</sup>  | 1226 | 1038 |
| Fannie Mae Pool #FM8203 2.50% 7/1/2051 <sup>(h)</sup>  | 942 | 798 |
| Fannie Mae Pool #FM8453 3.00% 8/1/2051 <sup>(h)</sup>  | 3723 | 3377 |
| Fannie Mae Pool #CB1304 3.00% 8/1/2051 <sup>(h)</sup>  | 67 | 59 |
| Fannie Mae Pool #BT7309 2.00% 9/1/2051 <sup>(h)</sup>  | 1898 | 1536 |
| Fannie Mae Pool #FM8745 2.50% 9/1/2051 <sup>(h)</sup>  | 3960 | 3365 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(h)</sup>  | 1498 | 1268 |
| Fannie Mae Pool #BT7263 2.50% 9/1/2051 <sup>(h)</sup>  | 655 | 556 |
| Fannie Mae Pool #BT4725 2.50% 9/1/2051 <sup>(h)</sup>  | 301 | 255 |
| Fannie Mae Pool #BU0341 2.50% 9/1/2051 <sup>(h)</sup>  | 197 | 167 |
| Fannie Mae Pool #BT9289 2.50% 9/1/2051 <sup>(h)</sup>  | 34 | 28 |
| Fannie Mae Pool #FS5125 2.50% 10/1/2051 <sup>(h)</sup>  | 1462 | 1237 |
| Fannie Mae Pool #CB1868 2.50% 10/1/2051 <sup>(h)</sup>  | 766 | 648 |
| Fannie Mae Pool #FS3298 2.50% 10/1/2051 <sup>(h)</sup>  | 516 | 438 |
| Fannie Mae Pool #BU2530 2.50% 10/1/2051 <sup>(h)</sup>  | 131 | 111 |
| Fannie Mae Pool #FM9335 2.50% 10/1/2051 <sup>(h)</sup>  | 86 | 73 |
| Fannie Mae Pool #BU0968 2.00% 11/1/2051 <sup>(h)</sup>  | 11198 | 9064 |
| Fannie Mae Pool #MA4465 2.00% 11/1/2051 <sup>(h)</sup>  | 7447 | 6051 |
| Fannie Mae Pool #BU1027 2.00% 11/1/2051 <sup>(h)</sup>  | 4515 | 3655 |
| Fannie Mae Pool #CB2092 2.50% 11/1/2051 <sup>(h)</sup>  | 2938 | 2487 |
| Fannie Mae Pool #BU2803 2.50% 11/1/2051 <sup>(h)</sup>  | 998 | 845 |
| Fannie Mae Pool #CB2078 3.00% 11/1/2051 <sup>(h)</sup>  | 7616 | 6799 |
| Fannie Mae Pool #MA4492 2.00% 12/1/2051 <sup>(h)</sup>  | 2352 | 1910 |
| Fannie Mae Pool #CB2361 2.00% 12/1/2051 <sup>(h)</sup>  | 174 | 141 |
| Fannie Mae Pool #FS2824 2.50% 12/1/2051 <sup>(h)</sup>  | 41191 | 34868 |
| Fannie Mae Pool #CB2286 2.50% 12/1/2051 <sup>(h)</sup>  | 13649 | 11740 |
| Fannie Mae Pool #CB2375 2.50% 12/1/2051 <sup>(h)</sup>  | 6406 | 5514 |
| Fannie Mae Pool #CB2319 2.50% 12/1/2051 <sup>(h)</sup>  | 155 | 133 |
| Fannie Mae Pool #BT9510 2.50% 12/1/2051 <sup>(h)</sup>  | 74 | 64 |
| Fannie Mae Pool #BT9483 2.50% 12/1/2051 <sup>(h)</sup>  | 74 | 64 |
| Fannie Mae Pool #CB2372 2.50% 12/1/2051 <sup>(h)</sup>  | 74 | 63 |
| Fannie Mae Pool #BQ7006 2.00% 1/1/2052 <sup>(h)</sup>  | 2869 | 2331 |
| Fannie Mae Pool #BU1450 2.00% 1/1/2052 <sup>(h)</sup>  | 1189 | 965 |
| Fannie Mae Pool #FS0235 2.50% 1/1/2052 <sup>(h)</sup>  | 7061 | 5977 |
| Fannie Mae Pool #CB2555 2.50% 1/1/2052 <sup>(h)</sup>  | 982 | 831 |
| Fannie Mae Pool #FP0038 2.50% 1/1/2052 <sup>(h)</sup>  | 713 | 605 |
| Fannie Mae Pool #FS0392 2.50% 1/1/2052 <sup>(h)</sup>  | 695 | 589 |
| Fannie Mae Pool #FS0174 2.50% 1/1/2052 <sup>(h)</sup>  | 405 | 343 |
| Fannie Mae Pool #MA4512 2.50% 1/1/2052 <sup>(h)</sup>  | 119 | 101 |
| Fannie Mae Pool #FS3549 2.50% 1/1/2052 <sup>(h)</sup>  | 63 | 53 |
| Fannie Mae Pool #FS2534 2.50% 1/1/2052 <sup>(h)</sup>  | 23 | 20 |
| Fannie Mae Pool #FS5613 2.50% 1/1/2052 <sup>(h)</sup>  | 22 | 18 |
| Fannie Mae Pool #FS0182 3.00% 1/1/2052 <sup>(h)</sup>  | 9435 | 8425 |
| Fannie Mae Pool #BV3076 2.00% 2/1/2052 <sup>(h)</sup>  | 6414 | 5193 |
| Fannie Mae Pool #MA4547 2.00% 2/1/2052 <sup>(h)</sup>  | 4953 | 4020 |
| Fannie Mae Pool #BT1968 2.00% 2/1/2052 <sup>(h)</sup>  | 1800 | 1458 |
| Fannie Mae Pool #BV3083 2.00% 2/1/2052 <sup>(h)</sup>  | 963 | 780 |
| Fannie Mae Pool #FS2660 2.50% 2/1/2052 <sup>(h)</sup>  | 8024 | 6805 |
| Fannie Mae Pool #FS1080 2.50% 2/1/2052 <sup>(h)</sup>  | 1897 | 1606 |
| Fannie Mae Pool #CB3888 2.50% 2/1/2052 <sup>(h)</sup>  | 949 | 805 |
| Fannie Mae Pool #BV3674 2.50% 2/1/2052 <sup>(h)</sup>  | 675 | 574 |
| Fannie Mae Pool #FS1885 2.50% 2/1/2052 <sup>(h)</sup>  | 657 | 557 |
| Fannie Mae Pool #FS6380 2.50% 2/1/2052 <sup>(h)</sup>  | 548 | 465 |
| Fannie Mae Pool #BV2784 2.50% 2/1/2052 <sup>(h)</sup>  | 141 | 120 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(h)</sup>  | 51302 | 46443 |
| Fannie Mae Pool #CB2913 3.50% 2/1/2052 <sup>(h)</sup>  | 2077 | 1926 |
| Fannie Mae Pool #CB2912 3.50% 2/1/2052 <sup>(h)</sup>  | 38 | 35 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **99** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #BV3101 2.00% 3/1/2052 <sup>(h)</sup>  | USD2,845 | $2303 |
| Fannie Mae Pool #CB3040 2.00% 3/1/2052 <sup>(h)</sup>  | 2578 | 2092 |
| Fannie Mae Pool #FS1742 2.00% 3/1/2052 <sup>(h)</sup>  | 2382 | 1932 |
| Fannie Mae Pool #MA4562 2.00% 3/1/2052 <sup>(h)</sup>  | 1765 | 1432 |
| Fannie Mae Pool #BV4172 2.00% 3/1/2052 <sup>(h)</sup>  | 1261 | 1021 |
| Fannie Mae Pool #BV4169 2.00% 3/1/2052 <sup>(h)</sup>  | 1255 | 1016 |
| Fannie Mae Pool #FS1978 2.50% 3/1/2052 <sup>(h)</sup>  | 4296 | 3636 |
| Fannie Mae Pool #BV4173 2.50% 3/1/2052 <sup>(h)</sup>  | 786 | 669 |
| Fannie Mae Pool #CB3063 2.50% 3/1/2052 <sup>(h)</sup>  | 769 | 653 |
| Fannie Mae Pool #CB3031 2.50% 3/1/2052 <sup>(h)</sup>  | 611 | 520 |
| Fannie Mae Pool #BV4119 2.50% 3/1/2052 <sup>(h)</sup>  | 158 | 135 |
| Fannie Mae Pool #CB3744 2.50% 3/1/2052 <sup>(h)</sup>  | 24 | 20 |
| Fannie Mae Pool #FS0931 3.00% 3/1/2052 <sup>(h)</sup>  | 336 | 298 |
| Fannie Mae Pool #BV3799 3.50% 3/1/2052 <sup>(h)</sup>  | 40 | 37 |
| Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(h)</sup>  | 5722 | 4643 |
| Fannie Mae Pool #FS1598 2.00% 4/1/2052 <sup>(h)</sup>  | 2913 | 2363 |
| Fannie Mae Pool #CB3346 2.00% 4/1/2052 <sup>(h)</sup>  | 2069 | 1675 |
| Fannie Mae Pool #BV4182 2.50% 4/1/2052 <sup>(h)</sup>  | 871 | 741 |
| Fannie Mae Pool #BV5332 2.50% 4/1/2052 <sup>(h)</sup>  | 857 | 729 |
| Fannie Mae Pool #FS1749 2.50% 4/1/2052 <sup>(h)</sup>  | 856 | 728 |
| Fannie Mae Pool #BU9507 2.50% 4/1/2052 <sup>(h)</sup>  | 157 | 134 |
| Fannie Mae Pool #BV5370 2.50% 4/1/2052 <sup>(h)</sup>  | 134 | 114 |
| Fannie Mae Pool #BV6683 3.50% 4/1/2052 <sup>(h)</sup>  | 23 | 21 |
| Fannie Mae Pool #CB3379 4.00% 4/1/2052 <sup>(h)</sup>  | 615 | 587 |
| Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(h)</sup>  | 9376 | 7619 |
| Fannie Mae Pool #BT2353 2.00% 5/1/2052 <sup>(h)</sup>  | 998 | 808 |
| Fannie Mae Pool #BV9644 2.50% 5/1/2052 <sup>(h)</sup>  | 898 | 764 |
| Fannie Mae Pool #MA4598 2.50% 5/1/2052 <sup>(h)</sup>  | 836 | 711 |
| Fannie Mae Pool #BW2204 2.50% 5/1/2052 <sup>(h)</sup>  | 151 | 128 |
| Fannie Mae Pool #BW0462 2.50% 5/1/2052 <sup>(h)</sup>  | 151 | 128 |
| Fannie Mae Pool #BV8592 2.50% 5/1/2052 <sup>(h)</sup>  | 110 | 93 |
| Fannie Mae Pool #FS5033 2.50% 5/1/2052 <sup>(h)</sup>  | 40 | 34 |
| Fannie Mae Pool #BU8818 3.50% 5/1/2052 <sup>(h)</sup>  | 2584 | 2396 |
| Fannie Mae Pool #CB3597 3.50% 5/1/2052 <sup>(h)</sup>  | 44 | 41 |
| Fannie Mae Pool #FS7329 2.00% 6/1/2052 <sup>(h)</sup>  | 2335 | 1892 |
| Fannie Mae Pool #FS9860 2.00% 6/1/2052 <sup>(h)</sup>  | 1940 | 1571 |
| Fannie Mae Pool #FS6605 2.00% 6/1/2052 <sup>(h)</sup>  | 690 | 559 |
| Fannie Mae Pool #MA4623 2.50% 6/1/2052 <sup>(h)</sup>  | 1413 | 1202 |
| Fannie Mae Pool #FS6634 3.00% 6/1/2052 <sup>(h)</sup>  | 324 | 287 |
| Fannie Mae Pool #FS3546 3.50% 6/1/2052 <sup>(h)</sup>  | 38 | 35 |
| Fannie Mae Pool #MA4626 4.00% 6/1/2052 <sup>(h)</sup>  | 5004 | 4778 |
| Fannie Mae Pool #CB4021 4.00% 6/1/2052 <sup>(h)</sup>  | 1272 | 1214 |
| Fannie Mae Pool #BW2918 4.50% 6/1/2052 <sup>(h)</sup>  | 4482 | 4398 |
| Fannie Mae Pool #FS6986 2.00% 7/1/2052 <sup>(h)</sup>  | 4816 | 3904 |
| Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(h)</sup>  | 59903 | 50708 |
| Fannie Mae Pool #FS7879 2.50% 7/1/2052 <sup>(h)</sup>  | 14208 | 12049 |
| Fannie Mae Pool #FS6631 2.50% 7/1/2052 <sup>(h)</sup>  | 162 | 138 |
| Fannie Mae Pool #CB4315 3.00% 7/1/2052 <sup>(h)</sup>  | 99 | 88 |
| Fannie Mae Pool #CB4123 4.00% 7/1/2052 <sup>(h)</sup>  | 22 | 21 |
| Fannie Mae Pool #BV7912 2.50% 8/1/2052 <sup>(h)</sup>  | 154 | 131 |
| Fannie Mae Pool #BV8015 2.50% 8/1/2052 <sup>(h)</sup>  | 92 | 79 |
| Fannie Mae Pool #FA2841 3.00% 8/1/2052 <sup>(h)</sup>  | 2291 | 2029 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052 <sup>(h)</sup>  | 545 | 537 |
| Fannie Mae Pool #CB4620 5.00% 9/1/2052 <sup>(h)</sup>  | 862 | 868 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(h)</sup>  | 15984 | 12983 |
| Fannie Mae Pool #BX2841 4.00% 10/1/2052 <sup>(h)</sup>  | 15 | 14 |
| Fannie Mae Pool #CB4852 4.50% 10/1/2052 <sup>(h)</sup>  | 9021 | 8845 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052 <sup>(h)</sup>  | 832 | 817 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(h)</sup>  | 388 | 390 |
| Fannie Mae Pool #BX0463 4.00% 11/1/2052 <sup>(h)</sup>  | 866 | 826 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **100** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #BW1299 4.00% 11/1/2052 <sup>(h)</sup>  | USD862 | $823 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(h)</sup>  | 9335 | 9152 |
| Fannie Mae Pool #FS5554 4.50% 11/1/2052 <sup>(h)</sup>  | 2582 | 2534 |
| Fannie Mae Pool #CB5764 2.50% 12/1/2052 <sup>(h)</sup>  | 873 | 740 |
| Fannie Mae Pool #MA4842 5.50% 12/1/2052 <sup>(h)</sup>  | 2212 | 2255 |
| Fannie Mae Pool #BW5062 4.00% 1/1/2053 <sup>(h)</sup>  | 21 | 20 |
| Fannie Mae Pool #FS5520 4.50% 1/1/2053 <sup>(h)</sup>  | 2562 | 2512 |
| Fannie Mae Pool #BX3263 4.00% 2/1/2053 <sup>(h)</sup>  | 560 | 535 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(h)</sup>  | 907 | 921 |
| Fannie Mae Pool #FS8509 3.50% 3/1/2053 <sup>(h)</sup>  | 282 | 261 |
| Fannie Mae Pool #BW5000 4.00% 3/1/2053 <sup>(h)</sup>  | 887 | 847 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(h)</sup>  | 2321 | 2372 |
| Fannie Mae Pool #BX9358 4.00% 4/1/2053 <sup>(h)</sup>  | 301 | 287 |
| Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(h)</sup>  | 2028 | 2032 |
| Fannie Mae Pool #MA5027 4.00% 5/1/2053 <sup>(h)</sup>  | 6645 | 6336 |
| Fannie Mae Pool #MA5009 5.00% 5/1/2053 <sup>(h)</sup>  | 10165 | 10195 |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(h)</sup>  | 662 | 665 |
| Fannie Mae Pool #FS4840 5.50% 5/1/2053 <sup>(h)</sup>  | 896 | 910 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(h)</sup>  | 157 | 160 |
| Fannie Mae Pool #FS4736 6.50% 5/1/2053 <sup>(h)</sup>  | 211 | 220 |
| Fannie Mae Pool #MA5063 2.50% 6/1/2053 <sup>(h)</sup>  | 290 | 245 |
| Fannie Mae Pool #BW9618 3.00% 6/1/2053 <sup>(h)</sup>  | 279 | 247 |
| Fannie Mae Pool #MA5038 5.00% 6/1/2053 <sup>(h)</sup>  | 22288 | 22347 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(h)</sup>  | 564 | 574 |
| Fannie Mae Pool #CB6491 6.50% 6/1/2053 <sup>(h)</sup>  | 1105 | 1158 |
| Fannie Mae Pool #CB6490 6.50% 6/1/2053 <sup>(h)</sup>  | 402 | 419 |
| Fannie Mae Pool #CB6468 6.50% 6/1/2053 <sup>(h)</sup>  | 312 | 327 |
| Fannie Mae Pool #FS7823 2.00% 7/1/2053 <sup>(h)</sup>  | 11111 | 9008 |
| Fannie Mae Pool #FS9167 2.50% 7/1/2053 <sup>(h)</sup>  | 811 | 688 |
| Fannie Mae Pool #FS6632 2.50% 7/1/2053 <sup>(h)</sup>  | 758 | 643 |
| Fannie Mae Pool #MA5089 4.00% 7/1/2053 <sup>(h)</sup>  | 8193 | 7791 |
| Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(h)</sup>  | 13301 | 13030 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(h)</sup>  | 2137 | 2174 |
| Fannie Mae Pool #MA5107 5.50% 8/1/2053 <sup>(h)</sup>  | 93 | 95 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(h)</sup>  | 5144 | 5247 |
| Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(h)</sup>  | 17413 | 17924 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(h)</sup>  | 1621 | 1649 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(h)</sup>  | 3950 | 4066 |
| Fannie Mae Pool #BY1418 4.00% 11/1/2053 <sup>(h)</sup>  | 13131 | 12499 |
| Fannie Mae Pool #MA5207 4.00% 11/1/2053 <sup>(h)</sup>  | 12922 | 12314 |
| Fannie Mae Pool #FS6838 5.50% 11/1/2053 <sup>(h)</sup>  | 3788 | 3852 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(h)</sup>  | 6118 | 6297 |
| Fannie Mae Pool #MA5192 6.50% 11/1/2053 <sup>(h)</sup>  | 27 | 28 |
| Fannie Mae Pool #MA5262 3.50% 12/1/2053 <sup>(h)</sup>  | 33 | 31 |
| Fannie Mae Pool #BY1448 4.00% 12/1/2053 <sup>(h)</sup>  | 10954 | 10413 |
| Fannie Mae Pool #FS6668 5.50% 12/1/2053 <sup>(h)</sup>  | 260 | 264 |
| Fannie Mae Pool #MA5247 6.00% 1/1/2054 <sup>(h)</sup>  | 144 | 148 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(h)</sup>  | 6339 | 6599 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(h)</sup>  | 1895 | 1987 |
| Fannie Mae Pool #BY1343 4.00% 2/1/2054 <sup>(h)</sup>  | 12268 | 11652 |
| Fannie Mae Pool #FS7990 4.00% 2/1/2054 <sup>(h)</sup>  | 1869 | 1783 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(h)</sup>  | 575 | 584 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(h)</sup>  | 504 | 512 |
| Fannie Mae Pool #CB7932 6.00% 2/1/2054 <sup>(h)</sup>  | 3043 | 3135 |
| Fannie Mae Pool #CB7933 6.50% 2/1/2054 <sup>(h)</sup>  | 1800 | 1871 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(h)</sup>  | 10411 | 10571 |
| Fannie Mae Pool #CB8151 5.50% 3/1/2054 <sup>(h)</sup>  | 4423 | 4499 |
| Fannie Mae Pool #CB8163 6.00% 3/1/2054 <sup>(h)</sup>  | 805 | 831 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(h)</sup>  | 783 | 805 |
| Fannie Mae Pool #CB8168 6.00% 3/1/2054 <sup>(h)</sup>  | 8 | 8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **101** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #CB8337 5.50% 4/1/2054 <sup>(h)</sup>  | USD6,917 | $7037 |
| Fannie Mae Pool #MA5388 5.50% 6/1/2054 <sup>(h)</sup>  | 1025 | 1040 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(h)</sup>  | 1833 | 1885 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(h)</sup>  | 936 | 972 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(h)</sup>  | 931 | 960 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(h)</sup>  | 831 | 857 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(h)</sup>  | 754 | 781 |
| Fannie Mae Pool #FP0128 6.50% 6/1/2054 <sup>(h)</sup>  | 1843 | 1916 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(h)</sup>  | 909 | 948 |
| Fannie Mae Pool #DB5480 6.50% 6/1/2054 <sup>(h)</sup>  | 51 | 54 |
| Fannie Mae Pool #DB5213 5.50% 7/1/2054 <sup>(h)</sup>  | 5332 | 5414 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(h)</sup>  | 2307 | 2353 |
| Fannie Mae Pool #BU4699 5.50% 7/1/2054 <sup>(h)</sup>  | 1398 | 1426 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(h)</sup>  | 10396 | 10680 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(h)</sup>  | 1133 | 1164 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(h)</sup>  | 646 | 667 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(h)</sup>  | 415 | 428 |
| Fannie Mae Pool #BU4791 6.00% 7/1/2054 <sup>(h)</sup>  | 112 | 115 |
| Fannie Mae Pool #FS8619 6.50% 7/1/2054 <sup>(h)</sup>  | 4088 | 4294 |
| Fannie Mae Pool #FS8607 6.50% 7/1/2054 <sup>(h)</sup>  | 3177 | 3327 |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(h)</sup>  | 1383 | 1448 |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(h)</sup>  | 379 | 396 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(h)</sup>  | 229 | 240 |
| Fannie Mae Pool #CB8977 5.00% 8/1/2054 <sup>(h)</sup>  | 401 | 402 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(h)</sup>  | 1368 | 1391 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(h)</sup>  | 7916 | 8133 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(h)</sup>  | 2684 | 2787 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(h)</sup>  | 1347 | 1388 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(h)</sup>  | 1197 | 1234 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(h)</sup>  | 1088 | 1125 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(h)</sup>  | 1053 | 1082 |
| Fannie Mae Pool #BU4968 6.00% 8/1/2054 <sup>(h)</sup>  | 854 | 877 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(h)</sup>  | 308 | 319 |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(h)</sup>  | 260 | 270 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(h)</sup>  | 248 | 259 |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(h)</sup>  | 3859 | 4011 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(h)</sup>  | 1451 | 1518 |
| Fannie Mae Pool #FS8783 6.50% 8/1/2054 <sup>(h)</sup>  | 1212 | 1270 |
| Fannie Mae Pool #MA5467 4.00% 9/1/2054 <sup>(h)</sup>  | 1162 | 1103 |
| Fannie Mae Pool #CB9210 5.50% 9/1/2054 <sup>(h)</sup>  | 3687 | 3744 |
| Fannie Mae Pool #FS9025 5.50% 9/1/2054 <sup>(h)</sup>  | 2297 | 2345 |
| Fannie Mae Pool #CB9146 5.50% 9/1/2054 <sup>(h)</sup>  | 2080 | 2120 |
| Fannie Mae Pool #BU4946 5.50% 9/1/2054 <sup>(h)</sup>  | 1072 | 1088 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(h)</sup>  | 2704 | 2796 |
| Fannie Mae Pool #DC3262 6.00% 9/1/2054 <sup>(h)</sup>  | 372 | 382 |
| Fannie Mae Pool #DC3459 6.00% 9/1/2054 <sup>(h)</sup>  | 183 | 188 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(h)</sup>  | 11790 | 12256 |
| Fannie Mae Pool #MA5494 4.00% 10/1/2054 <sup>(h)</sup>  | 2115 | 2008 |
| Fannie Mae Pool #DC4862 4.00% 10/1/2054 <sup>(h)</sup>  | 494 | 470 |
| Fannie Mae Pool #DC3877 6.00% 10/1/2054 <sup>(h)</sup>  | 492 | 506 |
| Fannie Mae Pool #MA5498 6.00% 10/1/2054 <sup>(h)</sup>  | 114 | 117 |
| Fannie Mae Pool #FS9439 3.50% 11/1/2054 <sup>(h)</sup>  | 905 | 839 |
| Fannie Mae Pool #DC5642 4.00% 11/1/2054 <sup>(h)</sup>  | 1665 | 1585 |
| Fannie Mae Pool #DB7429 4.00% 11/1/2054 <sup>(h)</sup>  | 1059 | 1006 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(h)</sup>  | 1812 | 1846 |
| Fannie Mae Pool #DC6894 5.50% 11/1/2054 <sup>(h)</sup>  | 498 | 505 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(h)</sup>  | 285 | 289 |
| Fannie Mae Pool #BU5361 5.00% 12/1/2054 <sup>(h)</sup>  | 980 | 983 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(h)</sup>  | 83 | 83 |
| Fannie Mae Pool #CB9616 5.50% 12/1/2054 <sup>(h)</sup>  | 1406 | 1432 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **102** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #FA0287 6.00% 12/1/2054 <sup>(h)</sup>  | USD23,968 | $24641 |
| Fannie Mae Pool #DC7035 6.00% 12/1/2054 <sup>(h)</sup>  | 2749 | 2824 |
| Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(h)</sup>  | 273 | 281 |
| Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(h)</sup>  | 822 | 780 |
| Fannie Mae Pool #CB9736 4.50% 1/1/2055 <sup>(h)</sup>  | 13465 | 13156 |
| Fannie Mae Pool #CB9737 5.00% 1/1/2055 <sup>(h)</sup>  | 1773 | 1779 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(h)</sup>  | 4294 | 4412 |
| Fannie Mae Pool #DD0835 6.00% 1/1/2055 <sup>(h)</sup>  | 2640 | 2712 |
| Fannie Mae Pool #MA5635 3.50% 2/1/2055 <sup>(h)</sup>  | — <br><sup>(d)</sup><br>| — <br><sup>(d)</sup><br>|
| Fannie Mae Pool #MA5612 4.50% 2/1/2055 <sup>(h)</sup>  | 214 | 209 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(h)</sup>  | 1673 | 1698 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(h)</sup>  | 18858 | 19373 |
| Fannie Mae Pool #MA5643 4.00% 3/1/2055 <sup>(h)</sup>  | 1500 | 1424 |
| Fannie Mae Pool #MB0304 4.00% 3/1/2055 <sup>(h)</sup>  | 910 | 864 |
| Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(h)</sup>  | 11592 | 11326 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(h)</sup>  | 6556 | 6736 |
| Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(h)</sup>  | 40481 | 42078 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(h)</sup>  | 29589 | 30774 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(h)</sup>  | 4987 | 4735 |
| Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(h)</sup>  | 12283 | 12001 |
| Fannie Mae Pool #DD6453 5.50% 4/1/2055 <sup>(h)</sup>  | 190 | 193 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(h)</sup>  | 8403 | 8634 |
| Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(h)</sup>  | 282 | 290 |
| Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(h)</sup>  | 277 | 285 |
| Fannie Mae Pool #DD6102 4.00% 5/1/2055 <sup>(h)</sup>  | 414 | 393 |
| Fannie Mae Pool #MA5697 4.00% 5/1/2055 <sup>(h)</sup>  | 162 | 154 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(h)</sup>  | 16971 | 17438 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(h)</sup>  | 5642 | 5726 |
| Fannie Mae Pool #MA5761 6.00% 7/1/2055 <sup>(h)</sup>  | 2388 | 2454 |
| Fannie Mae Pool #DE2192 6.00% 7/1/2055 <sup>(h)</sup>  | 1206 | 1239 |
| Fannie Mae Pool #DD9889 6.00% 7/1/2055 <sup>(h)</sup>  | 957 | 984 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(h)</sup>  | 14216 | 14775 |
| Fannie Mae Pool #FA2842 6.50% 7/1/2055 <sup>(h)</sup>  | 9839 | 10233 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(h)</sup>  | 1763 | 1788 |
| Fannie Mae Pool #MA5793 6.00% 8/1/2055 <sup>(h)</sup>  | 2066 | 2123 |
| Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(h)</sup>  | 1184 | 1232 |
| Fannie Mae Pool #BV6044 3.50% 9/1/2055 <sup>(h)</sup>  | 2000 | 1854 |
| Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(h)</sup>  | 4496 | 4562 |
| Fannie Mae Pool #BV6254 4.00% 10/1/2055 <sup>(h)</sup>  | 592 | 562 |
| Fannie Mae Pool #MA5876 4.00% 11/1/2055 <sup>(h)</sup>  | 1294 | 1228 |
| Fannie Mae Pool #DF3744 4.00% 11/1/2055 <sup>(h)</sup>  | 550 | 522 |
| Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(h)</sup>  | 447 | 424 |
| Fannie Mae Pool #MA5942 4.00% 1/1/2056 <sup>(h)</sup>  | 442 | 419 |
| Fannie Mae Pool #BF0133 4.00% 8/1/2056 <sup>(h)</sup>  | 5242 | 4991 |
| Fannie Mae Pool #BM6736 4.50% 11/1/2059 <sup>(h)</sup>  | 9003 | 8883 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(h)</sup>  | 3211 | 2799 |
| Fannie Mae Pool #BF0546 2.50% 7/1/2061 <sup>(h)</sup>  | 8932 | 7368 |
| Fannie Mae Pool #BF0762 3.00% 9/1/2063 <sup>(h)</sup>  | 731 | 632 |
| Fannie Mae Pool #BF0784 3.50% 12/1/2063 <sup>(h)</sup>  | 3094 | 2816 |
| Fannie Mae Pool #BF0786 4.00% 12/1/2063 <sup>(h)</sup>  | 3366 | 3175 |
| Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/2041 <sup>(h)</sup>  | 18 | 19 |
| Fannie Mae, Series 2001-T10, Class A1, 7.00% 12/25/2041 <sup>(h)</sup>  | 50 | 52 |
| Fannie Mae, Series 2006-43, Class JO, principal only, 0% 6/25/2036 <sup>(h)</sup>  | 23 | 21 |
| Freddie Mac Pool #C91912 3.00% 2/1/2037 <sup>(h)</sup>  | 6741 | 6425 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(h)</sup>  | 173 | 163 |
| Freddie Mac Pool #SB1388 2.50% 1/1/2038 <sup>(h)</sup>  | 48 | 45 |
| Freddie Mac Pool #G03978 5.00% 3/1/2038 <sup>(h)</sup>  | 282 | 290 |
| Freddie Mac Pool #G04553 6.50% 9/1/2038 <sup>(h)</sup>  | 35 | 38 |
| Freddie Mac Pool #G08347 4.50% 6/1/2039 <sup>(h)</sup>  | 41 | 42 |
| Freddie Mac Pool #RB5071 2.00% 9/1/2040 <sup>(h)</sup>  | 17345 | 15228 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **103** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #C03518 5.00% 9/1/2040 <sup>(h)</sup>  | USD398 | $410 |
| Freddie Mac Pool #Q05807 4.00% 1/1/2042 <sup>(h)</sup>  | 1161 | 1138 |
| Freddie Mac Pool #Q23185 4.00% 11/1/2043 <sup>(h)</sup>  | 776 | 760 |
| Freddie Mac Pool #Q23190 4.00% 11/1/2043 <sup>(h)</sup>  | 510 | 499 |
| Freddie Mac Pool #760014 4.632% 8/1/2045 <sup>(h)(i)</sup>  | 135 | 135 |
| Freddie Mac Pool #Q37988 4.00% 12/1/2045 <sup>(h)</sup>  | 3402 | 3305 |
| Freddie Mac Pool #G60344 4.00% 12/1/2045 <sup>(h)</sup>  | 3205 | 3122 |
| Freddie Mac Pool #Z40130 3.00% 1/1/2046 <sup>(h)</sup>  | 3124 | 2905 |
| Freddie Mac Pool #Q41090 4.50% 6/1/2046 <sup>(h)</sup>  | 169 | 168 |
| Freddie Mac Pool #Q41909 4.50% 7/1/2046 <sup>(h)</sup>  | 149 | 149 |
| Freddie Mac Pool #760015 4.021% 1/1/2047 <sup>(h)(i)</sup>  | 320 | 315 |
| Freddie Mac Pool #Q46021 3.50% 2/1/2047 <sup>(h)</sup>  | 1036 | 979 |
| Freddie Mac Pool #SI2002 4.00% 3/1/2048 <sup>(h)</sup>  | 1757 | 1699 |
| Freddie Mac Pool #Z40273 4.50% 10/1/2048 <sup>(h)</sup>  | 1496 | 1489 |
| Freddie Mac Pool #RA3055 2.50% 7/1/2050 <sup>(h)</sup>  | 724 | 614 |
| Freddie Mac Pool #SI2046 2.50% 8/1/2050 <sup>(h)</sup>  | 2467 | 2095 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(h)</sup>  | 279 | 249 |
| Freddie Mac Pool #SD8106 2.00% 11/1/2050 <sup>(h)</sup>  | 24391 | 19925 |
| Freddie Mac Pool #SD7528 2.00% 11/1/2050 <sup>(h)</sup>  | 14020 | 11609 |
| Freddie Mac Pool #RA3952 2.00% 11/1/2050 <sup>(h)</sup>  | 1958 | 1589 |
| Freddie Mac Pool #QB7306 2.00% 1/1/2051 <sup>(h)</sup>  | 1755 | 1420 |
| Freddie Mac Pool #QB8422 2.00% 2/1/2051 <sup>(h)</sup>  | 2154 | 1743 |
| Freddie Mac Pool #QB8934 2.50% 2/1/2051 <sup>(h)</sup>  | 56 | 47 |
| Freddie Mac Pool #RA4542 2.50% 2/1/2051 <sup>(h)</sup>  | 23 | 20 |
| Freddie Mac Pool #SI2108 2.50% 4/1/2051 <sup>(h)</sup>  | 57 | 48 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(h)</sup>  | 25274 | 20734 |
| Freddie Mac Pool #SD3984 2.00% 5/1/2051 <sup>(h)</sup>  | 1958 | 1585 |
| Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(h)</sup>  | 51 | 41 |
| Freddie Mac Pool #SD1852 2.50% 6/1/2051 <sup>(h)</sup>  | 396 | 336 |
| Freddie Mac Pool #SD0862 2.50% 6/1/2051 <sup>(h)</sup>  | 51 | 43 |
| Freddie Mac Pool #SD3095 2.50% 7/1/2051 <sup>(h)</sup>  | 640 | 542 |
| Freddie Mac Pool #SD7544 3.00% 7/1/2051 <sup>(h)</sup>  | 318 | 287 |
| Freddie Mac Pool #SD8160 2.00% 8/1/2051 <sup>(h)</sup>  | 764 | 622 |
| Freddie Mac Pool #QC5527 2.50% 8/1/2051 <sup>(h)</sup>  | 857 | 725 |
| Freddie Mac Pool #QC5857 3.00% 8/1/2051 <sup>(h)</sup>  | 322 | 286 |
| Freddie Mac Pool #RA5782 2.50% 9/1/2051 <sup>(h)</sup>  | 7934 | 6858 |
| Freddie Mac Pool #SD7545 2.50% 9/1/2051 <sup>(h)</sup>  | 5449 | 4723 |
| Freddie Mac Pool #RA5759 2.50% 9/1/2051 <sup>(h)</sup>  | 1377 | 1166 |
| Freddie Mac Pool #SD2963 2.50% 9/1/2051 <sup>(h)</sup>  | 1093 | 925 |
| Freddie Mac Pool #SD5485 2.50% 9/1/2051 <sup>(h)</sup>  | 46 | 39 |
| Freddie Mac Pool #RA5971 3.00% 9/1/2051 <sup>(h)</sup>  | 5282 | 4768 |
| Freddie Mac Pool #QC6456 3.00% 9/1/2051 <sup>(h)</sup>  | 600 | 532 |
| Freddie Mac Pool #RA5841 3.00% 9/1/2051 <sup>(h)</sup>  | 93 | 83 |
| Freddie Mac Pool #RA6136 2.50% 10/1/2051 <sup>(h)</sup>  | 6616 | 5600 |
| Freddie Mac Pool #QC8196 2.50% 10/1/2051 <sup>(h)</sup>  | 298 | 252 |
| Freddie Mac Pool #SD0734 3.00% 10/1/2051 <sup>(h)</sup>  | 144 | 130 |
| Freddie Mac Pool #QD1841 2.00% 11/1/2051 <sup>(h)</sup>  | 3564 | 2888 |
| Freddie Mac Pool #QD2256 3.00% 11/1/2051 <sup>(h)</sup>  | 781 | 693 |
| Freddie Mac Pool #SD8182 2.00% 12/1/2051 <sup>(h)</sup>  | 1565 | 1270 |
| Freddie Mac Pool #SD1605 2.50% 12/1/2051 <sup>(h)</sup>  | 16714 | 14149 |
| Freddie Mac Pool #RA6483 2.50% 12/1/2051 <sup>(h)</sup>  | 5300 | 4562 |
| Freddie Mac Pool #QD3619 2.50% 12/1/2051 <sup>(h)</sup>  | 2929 | 2485 |
| Freddie Mac Pool #QD2923 2.50% 12/1/2051 <sup>(h)</sup>  | 153 | 130 |
| Freddie Mac Pool #QD6009 2.00% 1/1/2052 <sup>(h)</sup>  | 206 | 166 |
| Freddie Mac Pool #SD0838 2.00% 1/1/2052 <sup>(h)</sup>  | 74 | 60 |
| Freddie Mac Pool #SD2629 2.50% 1/1/2052 <sup>(h)</sup>  | 2530 | 2148 |
| Freddie Mac Pool #SD7552 2.50% 1/1/2052 <sup>(h)</sup>  | 1888 | 1631 |
| Freddie Mac Pool #RA6614 2.50% 1/1/2052 <sup>(h)</sup>  | 882 | 751 |
| Freddie Mac Pool #SD0853 2.50% 1/1/2052 <sup>(h)</sup>  | 24 | 20 |
| Freddie Mac Pool #QD5662 3.00% 1/1/2052 <sup>(h)</sup>  | 1983 | 1759 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **104** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD0813 3.00% 1/1/2052 <sup>(h)</sup>  | USD269 | $242 |
| Freddie Mac Pool #RA6771 2.00% 2/1/2052 <sup>(h)</sup>  | 4236 | 3429 |
| Freddie Mac Pool #QD7414 2.00% 2/1/2052 <sup>(h)</sup>  | 1623 | 1315 |
| Freddie Mac Pool #RA6114 2.00% 2/1/2052 <sup>(h)</sup>  | 1548 | 1253 |
| Freddie Mac Pool #QD5748 2.00% 2/1/2052 <sup>(h)</sup>  | 829 | 671 |
| Freddie Mac Pool #SD8193 2.00% 2/1/2052 <sup>(h)</sup>  | 800 | 650 |
| Freddie Mac Pool #QD7312 2.50% 2/1/2052 <sup>(h)</sup>  | 512 | 436 |
| Freddie Mac Pool #QD6848 2.50% 2/1/2052 <sup>(h)</sup>  | 66 | 56 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(h)</sup>  | 813 | 757 |
| Freddie Mac Pool #SD4526 2.00% 3/1/2052 <sup>(h)</sup>  | 7311 | 5925 |
| Freddie Mac Pool #SD5343 2.00% 3/1/2052 <sup>(h)</sup>  | 3659 | 2966 |
| Freddie Mac Pool #SD8199 2.00% 3/1/2052 <sup>(h)</sup>  | 2808 | 2279 |
| Freddie Mac Pool #QD7772 2.00% 3/1/2052 <sup>(h)</sup>  | 1702 | 1378 |
| Freddie Mac Pool #QD8408 2.00% 3/1/2052 <sup>(h)</sup>  | 1054 | 855 |
| Freddie Mac Pool #QD8103 2.00% 3/1/2052 <sup>(h)</sup>  | 823 | 667 |
| Freddie Mac Pool #QD8820 2.00% 3/1/2052 <sup>(h)</sup>  | 249 | 201 |
| Freddie Mac Pool #SD5745 2.00% 3/1/2052 <sup>(h)</sup>  | 54 | 44 |
| Freddie Mac Pool #QD9460 2.50% 3/1/2052 <sup>(h)</sup>  | 775 | 659 |
| Freddie Mac Pool #RA7091 2.50% 3/1/2052 <sup>(h)</sup>  | 28 | 24 |
| Freddie Mac Pool #QD7983 3.50% 3/1/2052 <sup>(h)</sup>  | 456 | 423 |
| Freddie Mac Pool #SD8204 2.00% 4/1/2052 <sup>(h)</sup>  | 2852 | 2314 |
| Freddie Mac Pool #QD9950 2.00% 4/1/2052 <sup>(h)</sup>  | 1682 | 1362 |
| Freddie Mac Pool #QD9791 2.00% 4/1/2052 <sup>(h)</sup>  | 1527 | 1237 |
| Freddie Mac Pool #QE0312 2.00% 4/1/2052 <sup>(h)</sup>  | 1023 | 828 |
| Freddie Mac Pool #QD9907 2.50% 4/1/2052 <sup>(h)</sup>  | 762 | 649 |
| Freddie Mac Pool #QE0812 2.50% 4/1/2052 <sup>(h)</sup>  | 577 | 490 |
| Freddie Mac Pool #QE1005 2.50% 4/1/2052 <sup>(h)</sup>  | 335 | 284 |
| Freddie Mac Pool #RA7177 2.50% 4/1/2052 <sup>(h)</sup>  | 133 | 112 |
| Freddie Mac Pool #SD3478 2.50% 4/1/2052 <sup>(h)</sup>  | 107 | 91 |
| Freddie Mac Pool #SD7554 2.50% 4/1/2052 <sup>(h)</sup>  | 73 | 63 |
| Freddie Mac Pool #QD9765 2.50% 4/1/2052 <sup>(h)</sup>  | 27 | 23 |
| Freddie Mac Pool #QE0744 3.50% 4/1/2052 <sup>(h)</sup>  | 349 | 323 |
| Freddie Mac Pool #QE1578 2.50% 5/1/2052 <sup>(h)</sup>  | 802 | 682 |
| Freddie Mac Pool #QE2020 2.50% 5/1/2052 <sup>(h)</sup>  | 153 | 130 |
| Freddie Mac Pool #QE2111 2.50% 5/1/2052 <sup>(h)</sup>  | 113 | 96 |
| Freddie Mac Pool #QE3448 2.50% 5/1/2052 <sup>(h)</sup>  | 24 | 20 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(h)</sup>  | 28843 | 25619 |
| Freddie Mac Pool #SD4807 2.00% 6/1/2052 <sup>(h)</sup>  | 3427 | 2786 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(h)</sup>  | 14498 | 12856 |
| Freddie Mac Pool #SD6203 3.00% 6/1/2052 <sup>(h)</sup>  | 282 | 250 |
| Freddie Mac Pool #QE4383 4.00% 6/1/2052 <sup>(h)</sup>  | 1748 | 1669 |
| Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(h)</sup>  | 10697 | 9055 |
| Freddie Mac Pool #SD5368 2.50% 7/1/2052 <sup>(h)</sup>  | 2478 | 2102 |
| Freddie Mac Pool #SD4815 2.50% 7/1/2052 <sup>(h)</sup>  | 336 | 285 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(h)</sup>  | 28640 | 25396 |
| Freddie Mac Pool #QE8277 3.50% 7/1/2052 <sup>(h)</sup>  | 36 | 34 |
| Freddie Mac Pool #SD7556 3.00% 8/1/2052 <sup>(h)</sup>  | 1110 | 994 |
| Freddie Mac Pool #QE7976 4.50% 8/1/2052 <sup>(h)</sup>  | 34523 | 34040 |
| Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(h)</sup>  | 157 | 154 |
| Freddie Mac Pool #SD8262 2.50% 9/1/2052 <sup>(h)</sup>  | 839 | 713 |
| Freddie Mac Pool #RA8252 2.50% 9/1/2052 <sup>(h)</sup>  | 712 | 607 |
| Freddie Mac Pool #SD1581 2.50% 9/1/2052 <sup>(h)</sup>  | 96 | 82 |
| Freddie Mac Pool #QF0925 3.00% 9/1/2052 <sup>(h)</sup>  | 1857 | 1646 |
| Freddie Mac Pool #QF0212 4.50% 9/1/2052 <sup>(h)</sup>  | 687 | 674 |
| Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(h)</sup>  | 161 | 158 |
| Freddie Mac Pool #SD1608 4.50% 9/1/2052 <sup>(h)</sup>  | 101 | 99 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052 <sup>(h)</sup>  | 875 | 879 |
| Freddie Mac Pool #QF2023 4.00% 10/1/2052 <sup>(h)</sup>  | 28 | 27 |
| Freddie Mac Pool #QF1236 4.50% 10/1/2052 <sup>(h)</sup>  | 997 | 978 |
| Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(h)</sup>  | 67 | 66 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **105** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(h)</sup>  | USD2,573 | $2523 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052 <sup>(h)</sup>  | 4928 | 4937 |
| Freddie Mac Pool #QF5938 2.50% 1/1/2053 <sup>(h)</sup>  | 221 | 187 |
| Freddie Mac Pool #SD8303 2.50% 1/1/2053 <sup>(h)</sup>  | 68 | 58 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(h)</sup>  | 11528 | 11302 |
| Freddie Mac Pool #RA8625 2.50% 2/1/2053 <sup>(h)</sup>  | 916 | 777 |
| Freddie Mac Pool #SD8297 4.00% 2/1/2053 <sup>(h)</sup>  | 1774 | 1685 |
| Freddie Mac Pool #RA8676 2.50% 3/1/2053 <sup>(h)</sup>  | 655 | 556 |
| Freddie Mac Pool #SD8305 4.00% 3/1/2053 <sup>(h)</sup>  | 2159 | 2061 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(h)</sup>  | 1008 | 1013 |
| Freddie Mac Pool #SD8321 4.00% 5/1/2053 <sup>(h)</sup>  | 9888 | 9394 |
| Freddie Mac Pool #RA8647 4.50% 5/1/2053 <sup>(h)</sup>  | 69 | 68 |
| Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(h)</sup>  | 9024 | 9040 |
| Freddie Mac Pool #SD8338 4.00% 6/1/2053 <sup>(h)</sup>  | 2887 | 2743 |
| Freddie Mac Pool #SD8329 5.00% 6/1/2053 <sup>(h)</sup>  | 3457 | 3462 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(h)</sup>  | 2536 | 2580 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(h)</sup>  | 531 | 556 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(h)</sup>  | 461 | 483 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(h)</sup>  | 437 | 462 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(h)</sup>  | 430 | 453 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(h)</sup>  | 301 | 318 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(h)</sup>  | 241 | 254 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(h)</sup>  | 147 | 153 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(h)</sup>  | 136 | 146 |
| Freddie Mac Pool #SD3417 2.50% 7/1/2053 <sup>(h)</sup>  | 844 | 717 |
| Freddie Mac Pool #SD8356 3.00% 7/1/2053 <sup>(h)</sup>  | 1684 | 1492 |
| Freddie Mac Pool #SD8353 4.00% 7/1/2053 <sup>(h)</sup>  | 7856 | 7462 |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(h)</sup>  | 27 | 27 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(h)</sup>  | 7840 | 7977 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(h)</sup>  | 654 | 682 |
| Freddie Mac Pool #SD8359 3.50% 8/1/2053 <sup>(h)</sup>  | 252 | 234 |
| Freddie Mac Pool #QH1153 4.00% 9/1/2053 <sup>(h)</sup>  | 339 | 326 |
| Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(h)</sup>  | 24494 | 24916 |
| Freddie Mac Pool #SD4550 2.50% 10/1/2053 <sup>(h)</sup>  | 812 | 689 |
| Freddie Mac Pool #SD4077 2.50% 10/1/2053 <sup>(h)</sup>  | 99 | 84 |
| Freddie Mac Pool #SD4053 6.00% 10/1/2053 <sup>(h)</sup>  | 4194 | 4321 |
| Freddie Mac Pool #SD8390 4.00% 11/1/2053 <sup>(h)</sup>  | 24 | 23 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(h)</sup>  | 83473 | 83578 |
| Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(h)</sup>  | 21615 | 21935 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(h)</sup>  | 670 | 698 |
| Freddie Mac Pool #SD8374 6.50% 11/1/2053 <sup>(h)</sup>  | 35 | 36 |
| Freddie Mac Pool #SD8396 6.00% 1/1/2054 <sup>(h)</sup>  | 42 | 44 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(h)</sup>  | 494 | 516 |
| Freddie Mac Pool #RJ0854 6.50% 1/1/2054 <sup>(h)</sup>  | 264 | 275 |
| Freddie Mac Pool #QI0231 5.00% 2/1/2054 <sup>(h)</sup>  | 38 | 38 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(h)</sup>  | 399 | 406 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(h)</sup>  | 10952 | 11261 |
| Freddie Mac Pool #RJ1871 4.00% 3/1/2054 <sup>(h)</sup>  | 299 | 284 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(h)</sup>  | 10736 | 10901 |
| Freddie Mac Pool #RJ1015 6.50% 3/1/2054 <sup>(h)</sup>  | 101 | 105 |
| Freddie Mac Pool #QI3548 4.00% 4/1/2054 <sup>(h)</sup>  | 664 | 630 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(h)</sup>  | 1452 | 1484 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(h)</sup>  | 1070 | 1088 |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(h)</sup>  | 343 | 357 |
| Freddie Mac Pool #RJ1417 5.50% 5/1/2054 <sup>(h)</sup>  | 14898 | 15226 |
| Freddie Mac Pool #RJ1419 5.50% 5/1/2054 <sup>(h)</sup>  | 7316 | 7436 |
| Freddie Mac Pool #RJ1448 5.50% 5/1/2054 <sup>(h)</sup>  | 2917 | 2965 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(h)</sup>  | 484 | 504 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(h)</sup>  | 413 | 422 |
| Freddie Mac Pool #RJ1785 6.00% 6/1/2054 <sup>(h)</sup>  | 1550 | 1604 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **106** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #RJ1779 6.00% 6/1/2054 <sup>(h)</sup>  | USD1,097 | $1141 |
| Freddie Mac Pool #RJ1797 6.50% 6/1/2054 <sup>(h)</sup>  | 1489 | 1550 |
| Freddie Mac Pool #RJ1725 6.50% 6/1/2054 <sup>(h)</sup>  | 454 | 479 |
| Freddie Mac Pool #QI8825 5.00% 7/1/2054 <sup>(h)</sup>  | 1882 | 1880 |
| Freddie Mac Pool #SD8446 5.50% 7/1/2054 <sup>(h)</sup>  | 932 | 946 |
| Freddie Mac Pool #QI8872 5.50% 7/1/2054 <sup>(h)</sup>  | 705 | 719 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(h)</sup>  | 611 | 623 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(h)</sup>  | 5767 | 5925 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(h)</sup>  | 2703 | 2789 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(h)</sup>  | 614 | 633 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(h)</sup>  | 179 | 184 |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(h)</sup>  | 9848 | 10237 |
| Freddie Mac Pool #RJ1986 6.50% 7/1/2054 <sup>(h)</sup>  | 4305 | 4481 |
| Freddie Mac Pool #SD5905 6.50% 7/1/2054 <sup>(h)</sup>  | 1824 | 1910 |
| Freddie Mac Pool #RJ2193 5.00% 8/1/2054 <sup>(h)</sup>  | 335 | 336 |
| Freddie Mac Pool #RJ2241 5.00% 8/1/2054 <sup>(h)</sup>  | 238 | 238 |
| Freddie Mac Pool #RJ2195 5.00% 8/1/2054 <sup>(h)</sup>  | 213 | 213 |
| Freddie Mac Pool #RJ2200 5.50% 8/1/2054 <sup>(h)</sup>  | 5901 | 6000 |
| Freddie Mac Pool #RJ2206 5.50% 8/1/2054 <sup>(h)</sup>  | 3678 | 3742 |
| Freddie Mac Pool #RJ2243 5.50% 8/1/2054 <sup>(h)</sup>  | 3436 | 3499 |
| Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(h)</sup>  | 1078 | 1102 |
| Freddie Mac Pool #RJ2203 5.50% 8/1/2054 <sup>(h)</sup>  | 618 | 630 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(h)</sup>  | 5363 | 5510 |
| Freddie Mac Pool #RJ2212 6.00% 8/1/2054 <sup>(h)</sup>  | 2685 | 2796 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(h)</sup>  | 2546 | 2624 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(h)</sup>  | 1659 | 1715 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(h)</sup>  | 860 | 885 |
| Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(h)</sup>  | 208 | 214 |
| Freddie Mac Pool #SD8455 6.50% 8/1/2054 <sup>(h)</sup>  | 2356 | 2449 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(h)</sup>  | 1562 | 1635 |
| Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(h)</sup>  | 1234 | 1290 |
| Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(h)</sup>  | 678 | 708 |
| Freddie Mac Pool #RJ2422 5.50% 9/1/2054 <sup>(h)</sup>  | 3467 | 3526 |
| Freddie Mac Pool #SD6328 5.50% 9/1/2054 <sup>(h)</sup>  | 2735 | 2799 |
| Freddie Mac Pool #QJ3044 5.50% 9/1/2054 <sup>(h)</sup>  | 2212 | 2246 |
| Freddie Mac Pool #RJ2298 5.50% 9/1/2054 <sup>(h)</sup>  | 2189 | 2226 |
| Freddie Mac Pool #RJ2415 5.50% 9/1/2054 <sup>(h)</sup>  | 1461 | 1496 |
| Freddie Mac Pool #RJ2408 5.50% 9/1/2054 <sup>(h)</sup>  | 1324 | 1348 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(h)</sup>  | 1071 | 1087 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(h)</sup>  | 5690 | 5867 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(h)</sup>  | 3067 | 3171 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(h)</sup>  | 2911 | 3030 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(h)</sup>  | 2831 | 2946 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(h)</sup>  | 1661 | 1712 |
| Freddie Mac Pool #SD8463 6.00% 9/1/2054 <sup>(h)</sup>  | 1611 | 1655 |
| Freddie Mac Pool #SD6271 6.50% 9/1/2054 <sup>(h)</sup>  | 1050 | 1097 |
| Freddie Mac Pool #QJ4693 6.50% 9/1/2054 <sup>(h)</sup>  | 532 | 558 |
| Freddie Mac Pool #RJ2474 6.50% 9/1/2054 <sup>(h)</sup>  | 340 | 354 |
| Freddie Mac Pool #RJ2411 6.50% 9/1/2054 <sup>(h)</sup>  | 200 | 209 |
| Freddie Mac Pool #RJ2470 6.50% 9/1/2054 <sup>(h)</sup>  | 99 | 103 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(h)</sup>  | 1457 | 1479 |
| Freddie Mac Pool #RJ2850 4.50% 11/1/2054 <sup>(h)</sup>  | 2016 | 1981 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(h)</sup>  | 116 | 114 |
| Freddie Mac Pool #RJ2860 5.00% 11/1/2054 <sup>(h)</sup>  | 5046 | 5041 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(h)</sup>  | 6112 | 6202 |
| Freddie Mac Pool #RJ2913 5.50% 11/1/2054 <sup>(h)</sup>  | 5252 | 5339 |
| Freddie Mac Pool #RJ3017 5.00% 12/1/2054 <sup>(h)</sup>  | 5602 | 5591 |
| Freddie Mac Pool #RJ3163 5.00% 12/1/2054 <sup>(h)</sup>  | 3365 | 3378 |
| Freddie Mac Pool #QX1743 5.00% 12/1/2054 <sup>(h)</sup>  | 849 | 852 |
| Freddie Mac Pool #QX2834 5.00% 12/1/2054 <sup>(h)</sup>  | 277 | 278 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **107** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(h)</sup>  | USD3,023 | $3068 |
| Freddie Mac Pool #QX0376 5.50% 12/1/2054 <sup>(h)</sup>  | 1208 | 1231 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(h)</sup>  | 277 | 281 |
| Freddie Mac Pool #SD8494 5.50% 1/1/2055 <sup>(h)</sup>  | 4043 | 4103 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(h)</sup>  | 9673 | 9938 |
| Freddie Mac Pool #QX4065 6.00% 1/1/2055 <sup>(h)</sup>  | 1671 | 1717 |
| Freddie Mac Pool #SD8503 4.00% 2/1/2055 <sup>(h)</sup>  | 3031 | 2878 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(h)</sup>  | 3536 | 3454 |
| Freddie Mac Pool #SD8506 5.50% 2/1/2055 <sup>(h)</sup>  | 165 | 168 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(h)</sup>  | 28738 | 29525 |
| Freddie Mac Pool #SL0588 3.50% 3/1/2055 <sup>(h)</sup>  | 231 | 214 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(h)</sup>  | 987 | 1002 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(h)</sup>  | 2499 | 2567 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(h)</sup>  | 13606 | 14143 |
| Freddie Mac Pool #QY1239 4.00% 4/1/2055 <sup>(h)</sup>  | 1683 | 1597 |
| Freddie Mac Pool #QX9668 4.00% 4/1/2055 <sup>(h)</sup>  | 470 | 446 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(h)</sup>  | 1655 | 1654 |
| Freddie Mac Pool #SL0796 6.00% 4/1/2055 <sup>(h)</sup>  | 4818 | 4951 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(h)</sup>  | 3113 | 3199 |
| Freddie Mac Pool #SL1416 6.00% 4/1/2055 <sup>(h)</sup>  | 84 | 86 |
| Freddie Mac Pool #QY2186 6.50% 4/1/2055 <sup>(h)</sup>  | 4230 | 4398 |
| Freddie Mac Pool #SD8533 5.50% 5/1/2055 <sup>(h)</sup>  | 3077 | 3122 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(h)(j)</sup>  | 61437 | 63132 |
| Freddie Mac Pool #QY3774 6.00% 5/1/2055 <sup>(h)</sup>  | 4291 | 4410 |
| Freddie Mac Pool #SL1138 6.00% 5/1/2055 <sup>(h)</sup>  | 664 | 682 |
| Freddie Mac Pool #SL1137 6.00% 5/1/2055 <sup>(h)</sup>  | 616 | 633 |
| Freddie Mac Pool #RJ4529 6.00% 5/1/2055 <sup>(h)</sup>  | 190 | 195 |
| Freddie Mac Pool #QY5967 4.00% 6/1/2055 <sup>(h)</sup>  | 1558 | 1479 |
| Freddie Mac Pool #RQ0010 4.00% 6/1/2055 <sup>(h)</sup>  | 526 | 499 |
| Freddie Mac Pool #RQ0013 5.50% 6/1/2055 <sup>(h)</sup>  | 75 | 76 |
| Freddie Mac Pool #RQ0015 6.50% 6/1/2055 <sup>(h)</sup>  | 7332 | 7621 |
| Freddie Mac Pool #RQ0024 4.00% 7/1/2055 <sup>(h)</sup>  | 331 | 314 |
| Freddie Mac Pool #RQ0026 5.00% 7/1/2055 <sup>(h)</sup>  | 3943 | 3935 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(h)</sup>  | 4154 | 4214 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(h)(j)</sup>  | 90173 | 92616 |
| Freddie Mac Pool #QY7786 6.00% 7/1/2055 <sup>(h)</sup>  | 415 | 427 |
| Freddie Mac Pool #SL1959 6.50% 7/1/2055 <sup>(h)</sup>  | 1072 | 1115 |
| Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(h)</sup>  | 2884 | 2962 |
| Freddie Mac Pool #RQ0049 5.50% 9/1/2055 <sup>(h)</sup>  | 297 | 301 |
| Freddie Mac Pool #RQ0050 6.00% 9/1/2055 <sup>(h)</sup>  | 253 | 260 |
| Freddie Mac Pool #RQ0061 4.00% 11/1/2055 <sup>(h)</sup>  | 1706 | 1619 |
| Freddie Mac, Series T041, Class 3A, 4.449% 7/25/2032 <sup>(h)(i)</sup>  | 139 | 129 |
| Freddie Mac, Series K755, Class A2, Multi Family, 5.203% 2/25/2031 <sup>(h)</sup>  | 10192 | 10682 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(h)</sup>  | 1948 | 1862 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 7/25/2056 <sup>(h)(i)</sup>  | 833 | 804 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(h)</sup>  | 3860 | 3666 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(h)(i)</sup>  | 3708 | 3540 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 <sup>(h)(i)</sup>  | 737 | 674 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/2057 <sup>(h)</sup>  | 614 | 561 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(h)(i)</sup>  | 1159 | 1139 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/2057 <sup>(h)</sup>  | 1582 | 1425 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/26/2058 <sup>(h)</sup>  | 6428 | 6267 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/2059 <sup>(h)</sup>  | 3766 | 3548 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(h)</sup>  | 1503 | 1481 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 5/25/2029 <sup>(h)</sup>  | 2920 | 2874 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A2, 3.50% 5/25/2029 <sup>(h)</sup>  | 2455 | 2396 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/2029 <sup>(h)</sup>  | 1831 | 1742 |
| Government National Mortgage Assn. Pool #BD7245 4.00% 1/20/2048 <sup>(h)</sup>  | 269 | 255 |
| Government National Mortgage Assn. Pool #MA5652 4.50% 12/20/2048 <sup>(h)</sup>  | 241 | 239 |
| Government National Mortgage Assn. Pool #MA6602 4.50% 4/20/2050 <sup>(h)</sup>  | 144 | 142 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **108** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(h)</sup>  | USD6,356 | $5271 |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(h)</sup>  | 63574 | 52712 |
| Government National Mortgage Assn. Pool #MA7259 4.50% 3/20/2051 <sup>(h)</sup>  | 1236 | 1226 |
| Government National Mortgage Assn. Pool #MA7316 4.50% 4/20/2051 <sup>(h)</sup>  | 344 | 342 |
| Government National Mortgage Assn. Pool #MA7827 2.50% 1/20/2052 <sup>(h)</sup>  | 132 | 114 |
| Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(h)</sup>  | 18684 | 16136 |
| Government National Mortgage Assn. Pool #MA7936 2.50% 3/20/2052 <sup>(h)</sup>  | 4536 | 3918 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(h)</sup>  | 17043 | 15345 |
| Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(h)</sup>  | 733 | 633 |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(h)</sup>  | 12969 | 11676 |
| Government National Mortgage Assn. Pool #MA8099 3.50% 6/20/2052 <sup>(h)</sup>  | 122 | 112 |
| Government National Mortgage Assn. Pool #MA8197 2.50% 8/20/2052 <sup>(h)</sup>  | 771 | 669 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(h)</sup>  | 600 | 554 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(h)</sup>  | 9110 | 8671 |
| Government National Mortgage Assn. Pool #MA8425 3.50% 11/20/2052 <sup>(h)</sup>  | 28825 | 26445 |
| Government National Mortgage Assn. Pool #MA8485 2.50% 12/20/2052 <sup>(h)</sup>  | 2027 | 1753 |
| Government National Mortgage Assn. Pool #MA8642 2.50% 2/20/2053 <sup>(h)</sup>  | 1747 | 1512 |
| Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(h)</sup>  | 2799 | 2742 |
| Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/2053 <sup>(h)</sup>  | 23698 | 23224 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(h)</sup>  | 5029 | 4780 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(h)</sup>  | 1995 | 1489 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(h)(k)</sup>  | 1152 | 932 |
| Uniform Mortgage-Backed Security 3.00% 1/1/2056 <sup>(h)(k)</sup>  | 4130 | 3654 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(h)(k)</sup>  | 1189 | 1099 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2056 <sup>(h)(k)</sup>  | 14723 | 13967 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(h)(k)</sup>  | 4947 | 4830 |
| Uniform Mortgage-Backed Security 6.00% 1/1/2056 <sup>(h)(k)</sup>  | 29825 | 30627 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(h)(k)</sup>  | 9035 | 9391 |
| Uniform Mortgage-Backed Security 2.00% 2/1/2056 <sup>(h)(k)</sup>  | 10503 | 8490 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(h)(k)</sup>  | 113416 | 104506 |
|  |  | 2549588 |
| **Commercial mortgage-backed securities 0.76%** |  |  |
| Bank Commercial Mortgage Trust, Series 2022-BNK43, Class A5, 4.399% 8/15/2055 <sup>(h)</sup>  | 1400 | 1376 |
| Bank Commercial Mortgage Trust, Series 2023-BNK45, Class A5, 5.203% 2/15/2056 <sup>(h)</sup>  | 645 | 660 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class A3, 6.50% 12/15/2056 <sup>(h)</sup>  | 5368 | 5651 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/2056 <sup>(h)(i)</sup>  | 857 | 914 |
| Bank Commercial Mortgage Trust, Series 2024-5YR9, Class A3, 5.614% 8/15/2057 <sup>(h)</sup>  | 4615 | 4806 |
| Bank Commercial Mortgage Trust, Series 2024-5YR8, Class A3, 5.884% 8/15/2057 <sup>(h)</sup>  | 1380 | 1446 |
| Bank Commercial Mortgage Trust, Series 2024-5YR12, Class A3, 5.902% 12/15/2057 <sup>(h)(i)</sup>  | 4062 | 4274 |
| Bank Commercial Mortgage Trust, Series 2024-5YR12, Class AS, 6.122% 12/15/2057 <sup>(h)(i)</sup>  | 1914 | 2003 |
| Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063 <sup>(h)</sup>  | 2909 | 2672 |
| Barclays Commercial Mortgage Securities, LLC, Series 2022-C16, Class A5, 4.60% 6/15/2055 <sup>(h)(i)</sup>  | 490 | 487 |
| Barclays Commercial Mortgage Securities, LLC, Series 2023-C19, Class A5, 5.451% 4/15/2056 <sup>(h)</sup>  | 3006 | 3120 |
| Barclays Commercial Mortgage Securities, LLC, Series 2023-C21, Class A5, 6.00% 9/15/2056 <sup>(h)(i)</sup>  | 1792 | 1930 |
| Barclays Commercial Mortgage Securities, LLC, Series 2024-5C31, Class AS, 5.852% 12/15/2057 <sup>(h)(i)</sup>  | 1828 | 1896 |
| Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 2/15/2051 <sup>(h)</sup>  | 1000 | 991 |
| Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 3/15/2053 <sup>(h)</sup>  | 2960 | 2679 |
| Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/2053 <sup>(h)(i)</sup>  | 750 | 754 |
| Benchmark Mortgage Trust, Series 2024-V9, Class A3, 5.602% 8/15/2057 <sup>(h)</sup>  | 2112 | 2196 |
| Benchmark Mortgage Trust, Series 2024-V9, Class AS, 6.064% 8/15/2057 <sup>(h)(i)</sup>  | 590 | 615 |
| Benchmark Mortgage Trust, Series 2024-V10, Class A3, 5.277% 9/15/2057 <sup>(h)</sup>  | 618 | 637 |
| BMO Mortgage Trust, Series 2022-C2, Class A5, 4.974% 7/15/2054 <sup>(h)(i)</sup>  | 1750 | 1776 |
| BMO Mortgage Trust, Series 2023-C5, Class A5, 5.765% 6/15/2056 <sup>(h)</sup>  | 1117 | 1171 |
| BMO Mortgage Trust, Series 2024-5C8, Class A3, 5.625% 12/15/2057 <sup>(h)(i)</sup>  | 6990 | 7282 |
| BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 <sup>(h)(i)</sup>  | 1450 | 1508 |
| BMO Mortgage Trust, Series 2025-5C9, Class A3, 5.779% 4/15/2058 <sup>(h)(i)</sup>  | 3334 | 3493 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **109** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Commercial mortgage-backed securities (continued)** |  |  |
| BOCA Commercial Mortgage Trust, Series 2025-BOCA, Class A, (1-month USD CME Term SOFR + 1.60%) <br> 5.45% 12/15/2042 <sup>(f)(h)(i)</sup>  | USD3,083 | $3092 |
| BX Trust, Series 2021-SDMF, Class A, (1-month USD CME Term SOFR + 0.703%) 4.454% 9/15/2034 <sup>(f)(h)(i)</sup>  | 5525 | 5513 |
| BX Trust, Series 2021-ACNT, Class A, (1-month USD CME Term SOFR + 0.964%) 4.715% 11/15/2038 <sup>(f)(h)(i)</sup>  | 4099 | 4097 |
| BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 4.74% 1/17/2039 <sup>(f)(h)(i)</sup>  | 6334 | 6332 |
| BX Trust, Series 2024-CNYN, Class A, (1-month USD CME Term SOFR + 1.442%) 5.192% 4/15/2041 <sup>(f)(h)(i)</sup>  | 4009 | 4017 |
| BX Trust, Series 2024-BIO2, Class A, 5.413% 8/13/2041 <sup>(f)(h)(i)</sup>  | 11410 | 11577 |
| BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 5.442% 8/15/2041 <sup>(f)(h)(i)</sup>  | 7395 | 7419 |
| CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 5.641% <br> 7/15/2041 <sup>(f)(h)(i)</sup>  | 1153 | 1156 |
| CALI Mortgage Trust, Series 24-SUN, Class B, (1-month USD CME Term SOFR + 2.34%) 6.091% <br> 7/15/2041 <sup>(f)(h)(i)</sup>  | 1414 | 1420 |
| CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.392% 8/15/2041 <sup>(f)(h)(i)</sup>  | 5162 | 5161 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(f)(h)(i)</sup>  | 3606 | 3718 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class A, 6.314% 9/12/2040 <sup>(f)(h)</sup>  | 3677 | 3789 |
| Durst Commercial Mortgage Trust, Series 2025-151, Class A, 5.317% 8/10/2042 <sup>(f)(h)(i)</sup>  | 5942 | 6067 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.20% 12/15/2039 <sup>(f)(h)(i)</sup>  | 2748 | 2757 |
| Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 12/10/2040 <sup>(f)(h)</sup>  | 3795 | 3409 |
| Great Wolf Trust, Series 2024-WLF2, Class A, (1-month USD CME Term SOFR + 1.691%) 5.441% <br> 5/15/2041 <sup>(f)(h)(i)</sup>  | 8302 | 8335 |
| GS Mortgage Securities Trust, Series 2023-SHIP, Class B, 4.936% 9/10/2038 <sup>(f)(h)(i)</sup>  | 1214 | 1215 |
| GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053 <sup>(h)</sup>  | 2489 | 2292 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.143% <br>3/15/2042 <sup>(f)(h)(i)</sup>  | 2059 | 2064 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(f)(h)(i)</sup>  | 5246 | 5445 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 <sup>(f)(h)(i)</sup>  | 10151 | 10533 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039 <sup>(f)(h)</sup>  | 1522 | 1378 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.377% 1/5/2039 <sup>(f)(h)</sup>  | 578 | 523 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.45% 1/5/2039 <sup>(f)(h)(i)</sup>  | 100 | 84 |
| JW Commercial Mortgage Trust 2024-MRCO, Series 2024-BERY, Class A, (1-month USD CME Term SOFR + <br> 1.593%) 5.343% 11/15/2039 <sup>(f)(h)(i)</sup>  | 1960 | 1966 |
| Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 9/10/2039 <sup>(f)(h)</sup>  | 13772 | 13256 |
| Morgan Stanley Capital I Trust, Series 2022-L8, Class A5, 3.791% 4/15/2055 <sup>(h)(i)</sup>  | 370 | 349 |
| Multifamily Connecticut Avenue Securities, Series 2025-01, Class M1, (30-day Average USD-SOFR + 2.40%) <br> 6.274% 5/25/2055 <sup>(f)(h)(i)</sup>  | 577 | 580 |
| NYC Commercial Mortgage Trust, Series 2025-28L, Class A, 4.668% 11/5/2038 <sup>(f)(h)(i)</sup>  | 627 | 629 |
| SCG Hotel Issuer, Inc., Series 2025-SNIP, Class A, 5.25% 9/15/2042 <sup>(f)(h)(i)</sup>  | 1543 | 1548 |
| SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A, (1-month USD CME Term SOFR + 1.392%) <br> 5.142% 5/15/2039 <sup>(f)(h)(i)</sup>  | 3964 | 3963 |
| SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041 <sup>(f)(h)</sup>  | 2194 | 1964 |
| SREIT Trust, Series 2021-MFP, Class A, (1-month USD CME Term SOFR + 0.845%) 4.595% 11/15/2038 <sup>(f)(h)(i)</sup>  | 4033 | 4032 |
| StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class A, (1-month USD CME Term SOFR + <br> 1.00%) 4.75% 1/15/2039 <sup>(f)(h)(i)</sup>  | 10709 | 10712 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) <br> 5.193% 2/15/2042 <sup>(f)(h)(i)</sup>  | 9322 | 9250 |
| Wells Fargo Commercial Mortgage Trust, Series 2025-1918, Class A, 5.761% 9/15/2040 <sup>(f)(h)(i)</sup>  | 345 | 349 |
| Wells Fargo Commercial Mortgage Trust, Series 2022-C62, Class A4, 4.00% 4/15/2055 <sup>(h)(i)</sup>  | 1620 | 1553 |
| Wells Fargo Commercial Mortgage Trust, Series 2024-5C1, Class AS, 6.52% 7/15/2057 <sup>(h)</sup>  | 430 | 451 |
| WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + <br> 2.789%) 6.539% 11/15/2027 <sup>(f)(h)(i)</sup>  | 5000 | 5040 |
|  |  | 211372 |
| **Collateralized mortgage-backed obligations (privately originated) 0.25%** |  |  |
| Angel Oak Mortgage Trust, Series 2024-7, Class A1, 5.621% 5/25/2069 (6.621% on 7/1/2028) <sup>(f)(h)(l)</sup>  | 5331 | 5374 |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 <sup>(f)(h)(i)</sup>  | 563 | 510 |
| BRAVO Residential Funding Trust, Series 2025-NQM5, Class A1, 5.496% 2/25/2065 (6.496% on <br>5/1/2027) <sup>(f)(h)(l)</sup>  | 461 | 465 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **110** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(f)(h)(i)</sup>  | USD5,105 | $5011 |
| CIM Trust, Series 2025-R1, Class A1, 5.00% 2/25/2099 (8.00% on 3/1/2028) <sup>(f)(h)(l)</sup>  | 1487 | 1483 |
| COLT Funding, LLC, Series 2024-INV3, Class A1, 5.443% 9/25/2069 (6.443% on 8/1/2028) <sup>(f)(h)(l)</sup>  | 2457 | 2474 |
| CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 9/25/2034 <sup>(h)</sup>  | 104 | 106 |
| Finance of America Structured Securities Trust, Series 2025-PC1, Class A1, 4.50% 5/25/2075 <sup>(f)(h)</sup>  | 6393 | 6198 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average <br> USD-SOFR + 2.15%) 6.024% 9/25/2042 <sup>(f)(h)(i)</sup>  | 180 | 181 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class A1, (30-day Average <br> USD-SOFR + 1.25%) 5.124% 5/25/2044 <sup>(f)(h)(i)</sup>  | 3385 | 3399 |
| Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026 <sup>(f)(h)</sup>  | 3062 | 2999 |
| IRV Trust, Series 2025-200P, Class A, 5.295% 3/14/2047 <sup>(f)(h)(i)</sup>  | 6890 | 7081 |
| MASTR Alternative Loan Trust, Series 2004-2, Class 2A1, 6.00% 2/25/2034 <sup>(h)</sup>  | 180 | 180 |
| MFRA Trust, Series 2025-NQM3, Class A1, 5.261% 8/25/2070 (6.261% on 7/1/2029) <sup>(f)(h)(l)</sup>  | 1943 | 1950 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM2, Class A1, 6.386% 5/25/2069 (7.386% <br> on 5/1/2028) <sup>(f)(h)(l)</sup>  | 2073 | 2101 |
| Onslow Bay Financial Mortgage Loan Trust, Series 2025-NQM8, Class A1, 5.472% 3/25/2065 (6.472% on <br> 5/1/2029) <sup>(f)(h)(l)</sup>  | 567 | 572 |
| Onslow Bay Financial, LLC, Series 2022-NQM6, Class A1, 4.70% 7/25/2062 (5.70% on 6/1/2026) <sup>(f)(h)(l)</sup>  | 4261 | 4237 |
| Onslow Bay Financial, LLC, Series 2025-NQM14, Class A1A, 5.162% 7/25/2065 (6.162% on 7/1/2029) <sup>(f)(h)(l)</sup>  | 1833 | 1843 |
| Progress Residential Trust, Series 2021-SFR6, Class A, 1.524% 7/17/2038 <sup>(f)(h)</sup>  | 2436 | 2405 |
| Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2042 <sup>(f)(h)</sup>  | 2635 | 2513 |
| Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%) <br> 5.50% 10/17/2041 <sup>(f)(h)(i)</sup>  | 4921 | 4941 |
| Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.201% 2/17/2042 <sup>(f)(h)(i)</sup>  | 674 | 675 |
| Towd Point Mortgage Trust, Series 2023-1, Class A1, 3.75% 1/25/2063 <sup>(f)(h)</sup>  | 2312 | 2250 |
| Verus Securitization Trust, Series 2025-R1, Class A1, 5.402% 5/25/2065 (6.402% on 7/1/2029) <sup>(f)(h)(l)</sup>  | 1048 | 1056 |
| Verus Securitization Trust, Series 2023-5, Class A5, 6.476% 6/25/2068 (7.476% on 6/1/2027) <sup>(f)(h)(l)</sup>  | 1616 | 1623 |
| Verus Securitization Trust, Series 2024-R1, Class A1, 5.218% 9/25/2069 <sup>(f)(h)(i)</sup>  | 1754 | 1757 |
| Verus Securitization Trust, Series 2025-5, Class A1, 5.427% 6/25/2070 (6.427% on 6/1/2029) <sup>(f)(h)(l)</sup>  | 1104 | 1114 |
| Verus Securitization Trust, Series 2025-7, Class A1, 5.129% 8/25/2070 (6.129% on 8/1/2029) <sup>(f)(h)(l)</sup>  | 492 | 494 |
| Verus Securitization Trust, Series 2025-8, Class A1A, 4.869% 9/25/2070 (5.869% on 9/1/2029) <sup>(f)(h)(l)</sup>  | 2504 | 2507 |
|  |  | 67499 |
| **Total mortgage-backed obligations** |  | 2828459 |
| **U.S. Treasury bonds & notes 8.24%** | **U.S. Treasury bonds & notes 8.24%** | **U.S. Treasury bonds & notes 8.24%** |
| **U.S. Treasury 8.20%** |  |  |
| U.S. Treasury 0.50% 2/28/2026  | 42515 | 42299 |
| U.S. Treasury 4.625% 2/28/2026  | 1878 | 1881 |
| U.S. Treasury 3.625% 5/15/2026  | 1071 | 1071 |
| U.S. Treasury 4.625% 6/30/2026  | 17210 | 17301 |
| U.S. Treasury 4.125% 2/15/2027  | 1258 | 1266 |
| U.S. Treasury 2.625% 5/31/2027  | 96250 | 95098 |
| U.S. Treasury 0.50% 6/30/2027  | 28098 | 26887 |
| U.S. Treasury 3.75% 6/30/2027  | 18100 | 18170 |
| U.S. Treasury 4.125% 9/30/2027  | 90000 | 90969 |
| U.S. Treasury 3.375% 11/30/2027  | 118 | 118 |
| U.S. Treasury 4.00% 12/15/2027  | 40000 | 40391 |
| U.S. Treasury 3.375% 12/31/2027  | 233676 | 233229 |
| U.S. Treasury 4.00% 2/29/2028  | 46200 | 46687 |
| U.S. Treasury 3.625% 3/31/2028  | 9 | 9 |
| U.S. Treasury 3.50% 4/30/2028  | 5600 | 5599 |
| U.S. Treasury 3.50% 12/15/2028  | 66245 | 66170 |
| U.S. Treasury 4.00% 1/31/2029  | 8844 | 8958 |
| U.S. Treasury 2.875% 4/30/2029  | 50000 | 48902 |
| U.S. Treasury 4.25% 6/30/2029  | 28885 | 29502 |
| U.S. Treasury 4.00% 3/31/2030  | 83865 | 84946 |
| U.S. Treasury 0.625% 5/15/2030  | 9358 | 8214 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **111** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 3.875% 6/30/2030  | USD21,920 | $22087 |
| U.S. Treasury 4.00% 7/31/2030  | 8160 | 8265 |
| U.S. Treasury 4.875% 10/31/2030  | 35491 | 37293 |
| U.S. Treasury 3.50% 11/30/2030  | 7890 | 7813 |
| U.S. Treasury 3.625% 12/31/2030  | 426135 | 424188 |
| U.S. Treasury 4.25% 6/30/2031  | 17165 | 17561 |
| U.S. Treasury 2.875% 5/15/2032  | 50000 | 47164 |
| U.S. Treasury 4.00% 6/30/2032  | 17325 | 17435 |
| U.S. Treasury 4.125% 11/15/2032  | 648 | 656 |
| U.S. Treasury 3.875% 12/31/2032  | 97124 | 96737 |
| U.S. Treasury 3.50% 2/15/2033  | 27034 | 26284 |
| U.S. Treasury 3.875% 8/15/2033 <sup>(j)</sup>  | 114911 | 114031 |
| U.S. Treasury 4.375% 5/15/2034  | 14285 | 14611 |
| U.S. Treasury 4.25% 11/15/2034  | 2075 | 2098 |
| U.S. Treasury 4.00% 11/15/2035  | 126327 | 124610 |
| U.S. Treasury 1.375% 11/15/2040  | 51338 | 33394 |
| U.S. Treasury 1.75% 8/15/2041  | 24960 | 16877 |
| U.S. Treasury 2.00% 11/15/2041  | 1058 | 740 |
| U.S. Treasury 4.625% 5/15/2044  | 14927 | 14680 |
| U.S. Treasury 5.00% 5/15/2045  | 3325 | 3418 |
| U.S. Treasury 4.625% 11/15/2045  | 100612 | 98443 |
| U.S. Treasury 2.50% 2/15/2046  | 3365 | 2347 |
| U.S. Treasury 3.00% 5/15/2047  | 8383 | 6305 |
| U.S. Treasury 3.00% 2/15/2048  | 301 | 225 |
| U.S. Treasury 2.25% 2/15/2052  | 72025 | 43815 |
| U.S. Treasury 4.00% 11/15/2052  | 5700 | 4953 |
| U.S. Treasury 3.625% 2/15/2053 <sup>(j)</sup>  | 121025 | 98188 |
| U.S. Treasury 3.625% 5/15/2053  | 18989 | 15393 |
| U.S. Treasury 4.25% 2/15/2054  | 17191 | 15578 |
| U.S. Treasury 4.25% 8/15/2054  | 37315 | 33817 |
| U.S. Treasury 4.625% 2/15/2055  | 6175 | 5961 |
| U.S. Treasury 4.75% 8/15/2055  | 46670 | 45984 |
|  |  | 2268618 |
| **U.S. Treasury inflation-protected securities 0.04%** |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2030 <sup>(m)</sup>  | 12655 | 12008 |
| **Total U.S. Treasury bonds & notes** |  | 2280626 |
| **Corporate bonds and notes 7.15%** | **Corporate bonds and notes 7.15%** | **Corporate bonds and notes 7.15%** |
| **Financials 1.38%** |  |  |
| AerCap Ireland Capital DAC 2.45% 10/29/2026  | 4890 | 4825 |
| AG Issuer, LLC 6.25% 3/1/2028 <sup>(f)</sup>  | 4470 | 4505 |
| Alliant Holdings Intermediate, LLC 4.25% 10/15/2027 <sup>(f)</sup>  | 1940 | 1936 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(f)</sup>  | 2295 | 2305 |
| Ally Financial, Inc. 8.00% 11/1/2031  | 2688 | 3054 |
| American Express Co. 6.489% 10/30/2031 (USD-SOFR + 1.94% on 10/30/2030) <sup>(l)</sup>  | 2407 | 2630 |
| American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(l)</sup>  | 2885 | 2998 |
| American International Group, Inc. 5.125% 3/27/2033  | 2187 | 2252 |
| American International Group, Inc. 5.45% 5/7/2035  | 530 | 552 |
| AmWINS Group, Inc. 4.875% 6/30/2029 <sup>(f)</sup>  | 1348 | 1327 |
| Aon North America, Inc. 5.45% 3/1/2034  | 600 | 624 |
| Ardonagh Group Finance, Ltd. 8.875% 2/15/2032 <sup>(f)</sup>  | 2415 | 2520 |
| Aretec Group, Inc. 7.50% 4/1/2029 <sup>(f)</sup>  | 1250 | 1261 |
| Arthur J. Gallagher & Co. 5.15% 2/15/2035  | 3194 | 3229 |
| Arthur J. Gallagher & Co. 5.55% 2/15/2055  | 567 | 545 |
| Asurion, LLC 8.00% 12/31/2032 <sup>(f)</sup>  | 3600 | 3737 |
| Athene Holding, Ltd. 6.625% 5/19/2055  | 770 | 785 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **112** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** |  |  |
| Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.90% on 9/25/2029) <sup>(l)</sup>  | USD2,176 | $2066 |
| Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028) <sup>(l)</sup>  | 485 | 463 |
| Bank of America Corp. 5.819% 9/15/2029 (USD-SOFR + 1.57% on 9/15/2028) <sup>(l)</sup>  | 5533 | 5776 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030) <sup>(l)</sup>  | 1000 | 895 |
| Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033) <sup>(l)</sup>  | 4064 | 4185 |
| Bank of Montreal 4.10% 12/15/2027 (USD-SOFR + 0.525% on 12/15/2026) <sup>(l)</sup>  | 2000 | 2005 |
| BBVA Bancomer SA 7.625% 2/11/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.375% on <br> 2/11/2030) <sup>(f)(l)</sup>  | 2220 | 2337 |
| Berkshire Hathaway, Inc. 3.125% 3/15/2026  | 448 | 447 |
| Blackstone Private Credit Fund 5.95% 7/16/2029  | 8721 | 8902 |
| Blackstone Private Credit Fund 6.00% 11/22/2034  | 2020 | 2041 |
| Block, Inc. 5.625% 8/15/2030 <sup>(f)</sup>  | 2110 | 2154 |
| Block, Inc. 3.50% 6/1/2031  | 2325 | 2187 |
| Blue Owl Credit Income Corp. 4.70% 2/8/2027  | 1230 | 1226 |
| Blue Owl Credit Income Corp. 6.65% 3/15/2031  | 800 | 825 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028) <sup>(f)(l)</sup>  | 2535 | 2400 |
| Boost Newco Borrower, LLC 7.50% 1/15/2031 <sup>(f)</sup>  | 1150 | 1223 |
| BPCE SA 5.876% 1/14/2031 (USD-SOFR + 1.68% on 1/14/2030) <sup>(f)(l)</sup>  | 8155 | 8527 |
| Brown & Brown, Inc. 4.60% 12/23/2026  | 1250 | 1257 |
| Brown & Brown, Inc. 5.25% 6/23/2032  | 358 | 367 |
| Brown & Brown, Inc. 5.55% 6/23/2035  | 7665 | 7864 |
| Brown & Brown, Inc. 6.25% 6/23/2055  | 5952 | 6197 |
| CaixaBank SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028) <sup>(f)(l)</sup>  | 938 | 975 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026  | 880 | 878 |
| Chubb INA Holdings, LLC 5.00% 3/15/2034  | 4623 | 4731 |
| Chubb INA Holdings, LLC 4.90% 8/15/2035  | 600 | 603 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045  | 400 | 350 |
| Cipher Compute, LLC 7.125% 11/15/2030 <sup>(f)</sup>  | 1845 | 1881 |
| Citibank, NA 4.914% 5/29/2030  | 4825 | 4965 |
| Citigroup, Inc. 4.786% 3/4/2029 (USD-SOFR + 0.87% on 3/4/2028) <sup>(l)</sup>  | 6497 | 6591 |
| Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029) <sup>(l)</sup>  | 2242 | 2301 |
| Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029) <sup>(l)</sup>  | 4257 | 4294 |
| Citigroup, Inc. 2.572% 6/3/2031 (USD-SOFR + 2.107% on 6/3/2030) <sup>(l)</sup>  | 53 | 49 |
| Citigroup, Inc. 2.52% 11/3/2032 (USD-SOFR + 1.177% on 11/3/2031) <sup>(l)</sup>  | 2506 | 2246 |
| Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(l)</sup>  | 1299 | 1361 |
| Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(l)</sup>  | 1551 | 1587 |
| CME Group, Inc. 3.75% 6/15/2028  | 3069 | 3074 |
| Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(f)</sup>  | 6514 | 6211 |
| Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(f)</sup>  | 5766 | 5145 |
| Corebridge Financial, Inc. 3.65% 4/5/2027  | 914 | 909 |
| Corebridge Financial, Inc. 3.85% 4/5/2029  | 556 | 547 |
| Corebridge Financial, Inc. 3.90% 4/5/2032  | 315 | 299 |
| Corebridge Financial, Inc. 4.35% 4/5/2042  | 182 | 156 |
| Corebridge Financial, Inc. 4.40% 4/5/2052  | 438 | 356 |
| Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027) <sup>(l)</sup>  | 6650 | 6542 |
| Deutsche Bank AG 5.706% 2/8/2028 (USD-SOFR + 1.594% on 2/8/2027) <sup>(l)</sup>  | 1109 | 1127 |
| Deutsche Bank AG 6.72% 1/18/2029 (USD-SOFR + 3.18% on 1/18/2028) <sup>(l)</sup>  | 2016 | 2111 |
| Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028) <sup>(l)</sup>  | 750 | 801 |
| Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030) <sup>(l)</sup>  | 300 | 286 |
| Freedom Mortgage Holdings, LLC 6.875% 5/1/2031 <sup>(f)</sup>  | 3600 | 3604 |
| Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026) <sup>(l)</sup>  | 1970 | 1937 |
| Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027) <sup>(l)</sup>  | 3584 | 3529 |
| Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(l)</sup>  | 1375 | 1437 |
| Goldman Sachs Group, Inc. 4.692% 10/23/2030 (USD-SOFR + 1.135% on 10/23/2029) <sup>(l)</sup>  | 2184 | 2214 |
| Goldman Sachs Group, Inc. 4.369% 10/21/2031 (USD-SOFR + 1.06% on 10/21/2030) <sup>(l)</sup>  | 5033 | 5022 |
| Goldman Sachs Group, Inc. 4.939% 10/21/2036 (USD-SOFR + 1.33% on 10/21/2035) <sup>(l)</sup>  | 1443 | 1433 |
| Goldman Sachs Group, Inc. 3.21% 4/22/2042 (USD-SOFR + 1.513% on 4/22/2041) <sup>(l)</sup>  | 1792 | 1389 |
| HSBC Holdings PLC 2.804% 5/24/2032 (USD-SOFR + 1.187% on 5/24/2031) <sup>(l)</sup>  | 937 | 858 |
| HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031) <sup>(l)</sup>  | 873 | 794 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **113** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** |  |  |
| HSBC Holdings PLC 5.45% 3/3/2036 (USD-SOFR + 1.56% on 3/3/2035) <sup>(l)</sup>  | USD15,084 | $15569 |
| HSBC Holdings PLC 5.79% 5/13/2036 (USD-SOFR + 1.88% on 5/13/2035) <sup>(l)</sup>  | 809 | 855 |
| HSBC Holdings PLC 5.133% 11/6/2036 (USD-SOFR + 1.43% on 11/6/2035) <sup>(l)</sup>  | 480 | 481 |
| HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(l)</sup>  | 537 | 589 |
| HUB International, Ltd. 7.375% 1/31/2032 <sup>(f)</sup>  | 690 | 725 |
| Intercontinental Exchange, Inc. 5.25% 6/15/2031  | 2020 | 2117 |
| Intesa Sanpaolo SpA 8.248% 11/21/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 4.40% <br> on 11/21/2032) <sup>(f)(l)</sup>  | 4122 | 4869 |
| ION Platform Finance US, Inc. 9.50% 5/30/2029 <sup>(f)</sup>  | 560 | 568 |
| ION Platform Finance US, Inc. 7.875% 9/30/2032 <sup>(f)</sup>  | 1485 | 1411 |
| Jane Street Group, LLC 6.75% 5/1/2033 <sup>(f)</sup>  | 4700 | 4909 |
| Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(f)</sup>  | 330 | 347 |
| JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(l)</sup>  | 2666 | 2659 |
| JPMorgan Chase & Co. 5.04% 1/23/2028 (USD-SOFR + 1.19% on 1/23/2027) <sup>(l)</sup>  | 1066 | 1077 |
| JPMorgan Chase & Co. 4.323% 4/26/2028 (USD-SOFR + 1.56% on 4/26/2027) <sup>(l)</sup>  | 1550 | 1557 |
| JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027) <sup>(l)</sup>  | 3351 | 3395 |
| JPMorgan Chase & Co. 4.505% 10/22/2028 (USD-SOFR + 0.86% on 10/22/2027) <sup>(l)</sup>  | 3630 | 3666 |
| JPMorgan Chase & Co. 6.087% 10/23/2029 (USD-SOFR + 1.57% on 10/23/2028) <sup>(l)</sup>  | 4250 | 4478 |
| JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(l)</sup>  | 927 | 967 |
| JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(l)</sup>  | 4261 | 4322 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(l)</sup>  | 2360 | 2105 |
| JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(l)</sup>  | 1081 | 1116 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(l)</sup>  | 2931 | 3076 |
| Kasikornbank PCL (Hong Kong Branch) 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 1.70% on 10/2/2026) <sup>(l)</sup>  | 1222 | 1207 |
| Marsh & McLennan Cos., Inc. 4.375% 3/15/2029  | 1705 | 1723 |
| Marsh & McLennan Cos., Inc. 4.85% 11/15/2031  | 7000 | 7184 |
| Marsh & McLennan Cos., Inc. 5.00% 3/15/2035  | 2250 | 2280 |
| Marsh & McLennan Cos., Inc. 4.90% 3/15/2049  | 719 | 652 |
| Marsh & McLennan Cos., Inc. 2.90% 12/15/2051  | 920 | 586 |
| Marsh & McLennan Cos., Inc. 5.40% 3/15/2055  | 2000 | 1927 |
| Mastercard, Inc. 4.35% 1/15/2032  | 551 | 554 |
| Mastercard, Inc. 4.85% 3/9/2033  | 258 | 265 |
| Metropolitan Life Global Funding I 5.15% 3/28/2033 <sup>(f)</sup>  | 1600 | 1647 |
| Morgan Stanley 3.125% 7/27/2026  | 325 | 324 |
| Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(l)</sup>  | 2013 | 2053 |
| Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028) <sup>(l)</sup>  | 3995 | 4086 |
| Morgan Stanley 5.449% 7/20/2029 (USD-SOFR + 1.63% on 7/20/2028) <sup>(l)</sup>  | 1547 | 1597 |
| Morgan Stanley 5.042% 7/19/2030 (USD-SOFR + 1.215% on 7/19/2029) <sup>(l)</sup>  | 3121 | 3201 |
| Morgan Stanley 5.23% 1/15/2031 (USD-SOFR + 1.108% on 1/15/2030) <sup>(l)</sup>  | 875 | 903 |
| Morgan Stanley 2.699% 1/22/2031 (USD-SOFR + 1.143% on 1/22/2030) <sup>(l)</sup>  | 575 | 540 |
| Morgan Stanley 5.192% 4/17/2031 (USD-SOFR + 1.51% on 4/17/2030) <sup>(l)</sup>  | 410 | 423 |
| Morgan Stanley 4.356% 10/22/2031 (USD-SOFR + 1.074% on 10/22/2030) <sup>(l)</sup>  | 3906 | 3894 |
| Morgan Stanley 4.892% 10/22/2036 (USD-SOFR + 1.314% on 10/22/2035) <sup>(l)</sup>  | 6468 | 6413 |
| Navient Corp. 6.75% 6/15/2026  | 150 | 152 |
| Navient Corp. 5.50% 3/15/2029  | 11105 | 11032 |
| Navient Corp. 11.50% 3/15/2031  | 4860 | 5447 |
| Navient Corp. 7.875% 6/15/2032  | 1095 | 1147 |
| New York Life Global Funding 2.35% 7/14/2026 <sup>(f)</sup>  | 529 | 525 |
| New York Life Global Funding 4.55% 1/28/2033 <sup>(f)</sup>  | 1132 | 1129 |
| Northwestern Mutual Global Funding 1.75% 1/11/2027 <sup>(f)</sup>  | 2240 | 2194 |
| PayPal Holdings, Inc. 2.65% 10/1/2026  | 593 | 588 |
| PayPal Holdings, Inc. 2.30% 6/1/2030  | 552 | 511 |
| PennyMac Financial Services, Inc. 6.875% 2/15/2033 <sup>(f)</sup>  | 1375 | 1436 |
| Planet Financial Group, LLC 10.50% 12/15/2029 <sup>(f)</sup>  | 221 | 233 |
| PNC Bank, NA 4.543% 5/13/2027 (USD-SOFR + 0.63% on 5/13/2026) <sup>(l)</sup>  | 1720 | 1723 |
| PNC Bank, NA 5.373% 7/21/2036 (USD-SOFR + 1.417% on 7/21/2035) <sup>(l)</sup>  | 442 | 455 |
| PNC Financial Services Group, Inc. 5.575% 1/29/2036 (USD-SOFR + 1.394% on 1/29/2035) <sup>(l)</sup>  | 596 | 622 |
| Power Finance Corp., Ltd. 5.25% 8/10/2028  | 383 | 392 |
| Power Finance Corp., Ltd. 6.15% 12/6/2028  | 350 | 368 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **114** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** |  |  |
| Power Finance Corp., Ltd. 4.50% 6/18/2029  | USD554 | $554 |
| Power Finance Corp., Ltd. 3.95% 4/23/2030  | 1213 | 1183 |
| Prudential Financial, Inc. 4.35% 2/25/2050  | 1976 | 1644 |
| Prudential Financial, Inc. 3.70% 3/13/2051  | 677 | 507 |
| Rocket Companies, Inc. 7.125% 2/1/2032 <sup>(f)</sup>  | 1230 | 1295 |
| Rocket Mortgage, LLC 2.875% 10/15/2026 <sup>(f)</sup>  | 2110 | 2081 |
| Rocket Mortgage, LLC 3.625% 3/1/2029 <sup>(f)</sup>  | 1505 | 1455 |
| SLM Corp. 6.50% 1/31/2030  | 1460 | 1513 |
| Starwood Property Trust, Inc. 4.375% 1/15/2027 <sup>(f)</sup>  | 3580 | 3560 |
| Starwood Property Trust, Inc. 5.25% 10/15/2028 <sup>(f)</sup>  | 4650 | 4701 |
| Starwood Property Trust, Inc. 7.25% 4/1/2029 <sup>(f)</sup>  | 970 | 1026 |
| Swiss Re Finance (Luxembourg) SA 5.00% 4/2/2049 (5-year UST Yield Curve Rate T Note Constant Maturity <br> + 3.582% on 4/2/2029) <sup>(f)(l)</sup>  | 1000 | 1008 |
| Travelers Cos., Inc. 4.00% 5/30/2047  | 771 | 629 |
| Truist Bank 4.671% 5/20/2027 (USD-SOFR + 0.59% on 5/20/2026) <sup>(l)</sup>  | 2000 | 2004 |
| Truist Financial Corp. 7.161% 10/30/2029 (USD-SOFR + 2.446% on 10/30/2028) <sup>(l)</sup>  | 1677 | 1809 |
| Truist Financial Corp. 5.071% 5/20/2031 (USD-SOFR + 1.309% on 5/20/2030) <sup>(l)</sup>  | 506 | 520 |
| U.S. Bancorp 2.375% 7/22/2026  | 3584 | 3558 |
| U.S. Bancorp 5.424% 2/12/2036 (USD-SOFR + 1.411% on 2/12/2035) <sup>(l)</sup>  | 3808 | 3959 |
| UBS Group AG 3.869% 1/12/2029 (3-month USD CME Term SOFR + 1.672% on 1/12/2028) <sup>(f)(l)</sup>  | 800 | 796 |
| UBS Group AG 5.428% 2/8/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.52% on <br>2/8/2029) <sup>(f)(l)</sup>  | 3575 | 3699 |
| UniCredit SpA 4.625% 4/12/2027 <sup>(f)</sup>  | 625 | 629 |
| Voyager Parent, LLC 9.25% 7/1/2032 <sup>(f)</sup>  | 5950 | 6317 |
| Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(l)</sup>  | 6295 | 6426 |
| Wells Fargo & Co. 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027) <sup>(l)</sup>  | 358 | 350 |
| Wells Fargo & Co. 6.303% 10/23/2029 (USD-SOFR + 1.79% on 10/23/2028) <sup>(l)</sup>  | 6474 | 6842 |
| Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(l)</sup>  | 3360 | 3721 |
| Westpac Banking Corp. 2.668% 11/15/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.75% on 11/15/2030) <sup>(l)</sup>  | 2980 | 2701 |
| Westpac Banking Corp. 2.963% 11/16/2040  | 1344 | 1025 |
| WEX, Inc. 6.50% 3/15/2033 <sup>(f)</sup>  | 1025 | 1053 |
|  |  | 381858 |
| **Communication services 1.00%** |  |  |
| Alphabet, Inc. 4.375% 11/15/2032  | 177 | 178 |
| Alphabet, Inc. 4.70% 11/15/2035  | 4643 | 4646 |
| Alphabet, Inc. 5.25% 5/15/2055  | 4660 | 4467 |
| Alphabet, Inc. 5.45% 11/15/2055  | 7155 | 7024 |
| Alphabet, Inc. 5.30% 5/15/2065  | 1654 | 1557 |
| Altice France 6.50% 4/15/2032 <sup>(f)</sup>  | 3440 | 3300 |
| AT&T, Inc. 3.50% 9/15/2053  | 5140 | 3442 |
| CCO Holdings, LLC 5.125% 5/1/2027 <sup>(f)</sup>  | 3200 | 3197 |
| CCO Holdings, LLC 4.75% 3/1/2030 <sup>(f)</sup>  | 1350 | 1290 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(f)</sup>  | 3115 | 2849 |
| CCO Holdings, LLC 4.50% 5/1/2032  | 7189 | 6457 |
| CCO Holdings, LLC 4.50% 6/1/2033 <sup>(f)</sup>  | 2085 | 1828 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(f)</sup>  | 3260 | 2775 |
| Charter Communications Operating, LLC 4.40% 4/1/2033  | 1000 | 942 |
| Charter Communications Operating, LLC 4.80% 3/1/2050  | 4823 | 3627 |
| Charter Communications Operating, LLC 3.70% 4/1/2051  | 5493 | 3471 |
| Charter Communications Operating, LLC 3.90% 6/1/2052  | 11863 | 7667 |
| Charter Communications Operating, LLC 5.25% 4/1/2053  | 4965 | 3933 |
| Charter Communications Operating, LLC 6.70% 12/1/2055  | 1048 | 1006 |
| Comcast Corp. 2.35% 1/15/2027  | 57 | 56 |
| Connect Finco SARL 9.00% 9/15/2029 <sup>(f)</sup>  | 8125 | 8629 |
| CSC Holdings, LLC 5.50% 4/15/2027 <sup>(f)</sup>  | 1400 | 1201 |
| DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(f)</sup>  | 2352 | 2367 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **115** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Communication services (continued)** |  |  |
| DIRECTV Financing, LLC 8.875% 2/1/2030 <sup>(f)</sup>  | USD2,825 | $2862 |
| Discovery Communications, LLC 4.125% 5/15/2029  | 1100 | 1064 |
| DISH Network Corp. 11.75% 11/15/2027 <sup>(f)</sup>  | 10154 | 10574 |
| EchoStar Corp. 10.75% 11/30/2029  | 6925 | 7663 |
| EchoStar Corp. 6.75% Cash 11/30/2030 <sup>(g)</sup>  | 3759 | 3855 |
| Embarq, LLC 7.995% 6/1/2036  | 8084 | 3355 |
| Frontier Communications Holdings, LLC 6.75% 5/1/2029 <sup>(f)</sup>  | 6550 | 6604 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029  | 5591 | 5663 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(f)</sup>  | 3196 | 3253 |
| Frontier Communications Holdings, LLC 8.75% 5/15/2030 <sup>(f)</sup>  | 1100 | 1150 |
| Gray Media, Inc. 10.50% 7/15/2029 <sup>(f)</sup>  | 6574 | 7081 |
| Gray Media, Inc. 4.75% 10/15/2030 <sup>(f)</sup>  | 1656 | 1286 |
| Gray Media, Inc. 5.375% 11/15/2031 <sup>(f)</sup>  | 4790 | 3596 |
| Gray Media, Inc. 9.625% 7/15/2032 <sup>(f)</sup>  | 495 | 514 |
| Ligado Networks, LLC 17.50% PIK 11/1/2023 <sup>(f)(g)(n)</sup>  | 7520 | 1918 |
| Lindblad Expeditions, LLC 7.00% 9/15/2030 <sup>(f)</sup>  | 815 | 851 |
| Meta Platforms, Inc. 4.60% 11/15/2032  | 10688 | 10777 |
| Meta Platforms, Inc. 4.875% 11/15/2035  | 11777 | 11766 |
| Meta Platforms, Inc. 5.50% 11/15/2045  | 3092 | 3004 |
| Meta Platforms, Inc. 5.40% 8/15/2054  | 7084 | 6596 |
| Meta Platforms, Inc. 5.625% 11/15/2055  | 4890 | 4697 |
| Meta Platforms, Inc. 5.75% 11/15/2065  | 3180 | 3036 |
| Nexstar Media, Inc. 5.625% 7/15/2027 <sup>(f)</sup>  | 1875 | 1886 |
| Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(f)</sup>  | 2950 | 2930 |
| SBA Tower Trust 1.631% 11/15/2026 <sup>(f)</sup>  | 7802 | 7635 |
| Sinclair Television Group, Inc. 8.125% 2/15/2033 <sup>(f)</sup>  | 1375 | 1437 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(f)</sup>  | 6650 | 6509 |
| Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(f)</sup>  | 7282 | 6931 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(f)</sup>  | 7547 | 6955 |
| Take-Two Interactive Software, Inc. 4.00% 4/14/2032  | 2185 | 2120 |
| T-Mobile USA, Inc. 1.50% 2/15/2026  | 52 | 52 |
| T-Mobile USA, Inc. 2.05% 2/15/2028  | 34 | 33 |
| T-Mobile USA, Inc. 4.95% 3/15/2028  | 1918 | 1955 |
| T-Mobile USA, Inc. 4.80% 7/15/2028  | 416 | 424 |
| T-Mobile USA, Inc. 5.30% 5/15/2035  | 3347 | 3433 |
| T-Mobile USA, Inc. 4.95% 11/15/2035  | 833 | 828 |
| Univision Communications, Inc. 8.00% 8/15/2028 <sup>(f)</sup>  | 300 | 311 |
| Univision Communications, Inc. 4.50% 5/1/2029 <sup>(f)</sup>  | 6234 | 5993 |
| Univision Communications, Inc. 7.375% 6/30/2030 <sup>(f)</sup>  | 1216 | 1240 |
| Univision Communications, Inc. 9.375% 8/1/2032 <sup>(f)</sup>  | 1375 | 1479 |
| Verizon Communications, Inc. 2.55% 3/21/2031  | 410 | 375 |
| Verizon Communications, Inc. 2.355% 3/15/2032  | 4078 | 3595 |
| Verizon Communications, Inc. 4.75% 1/15/2033  | 3196 | 3194 |
| Verizon Communications, Inc. 5.05% 5/9/2033  | 1946 | 1997 |
| Verizon Communications, Inc. 5.25% 4/2/2035  | 5810 | 5907 |
| Verizon Communications, Inc. 5.00% 1/15/2036  | 6873 | 6817 |
| Verizon Communications, Inc. 5.401% 7/2/2037 <sup>(f)</sup>  | 181 | 183 |
| Verizon Communications, Inc. 2.85% 9/3/2041  | 238 | 172 |
| Verizon Communications, Inc. 5.75% 11/30/2045  | 1493 | 1483 |
| Verizon Communications, Inc. 5.875% 11/30/2055  | 2781 | 2750 |
| Verizon Communications, Inc. 2.987% 10/30/2056  | 1537 | 916 |
| Verizon Communications, Inc. 6.00% 11/30/2065  | 1681 | 1661 |
| Versant Media Group, Inc. 7.25% 1/30/2031 <sup>(f)</sup>  | 1445 | 1492 |
| WarnerMedia Holdings, Inc. 3.755% 3/15/2027  | 2163 | 2152 |
| WarnerMedia Holdings, Inc. 4.054% 3/15/2029  | 825 | 803 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032  | 6050 | 5318 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042  | 9640 | 6808 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052  | 1425 | 942 |
|  |  | 275790 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **116** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer discretionary 0.91%** |  |  |
| Alibaba Group Holding, Ltd. 2.125% 2/9/2031  | USD501 | $455 |
| Alibaba Group Holding, Ltd. 4.50% 11/28/2034  | 766 | 757 |
| Alibaba Group Holding, Ltd. 4.00% 12/6/2037  | 200 | 184 |
| Amazon.com, Inc. 4.10% 11/20/2030  | 1700 | 1702 |
| Amazon.com, Inc. 4.65% 11/20/2035  | 7700 | 7672 |
| Amazon.com, Inc. 5.45% 11/20/2055  | 6392 | 6243 |
| Asbury Automotive Group, Inc. 4.625% 11/15/2029 <sup>(f)</sup>  | 2115 | 2081 |
| Beach Acquisition Bidco, LLC 10.75% PIK or 10.00% Cash 7/15/2033 <sup>(f)(g)</sup>  | 7125 | 7871 |
| Carnival Corp. 4.00% 8/1/2028 <sup>(f)</sup>  | 2375 | 2341 |
| Carnival Corp. 5.125% 5/1/2029 <sup>(f)</sup>  | 1500 | 1517 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(f)</sup>  | 1270 | 1312 |
| Daimler Trucks Finance North America, LLC 4.95% 1/13/2028 <sup>(f)</sup>  | 6570 | 6672 |
| Daimler Trucks Finance North America, LLC 5.125% 1/19/2028 <sup>(f)</sup>  | 604 | 616 |
| Daimler Trucks Finance North America, LLC 2.375% 12/14/2028 <sup>(f)</sup>  | 1350 | 1285 |
| Daimler Trucks Finance North America, LLC 5.125% 9/25/2029 <sup>(f)</sup>  | 3281 | 3370 |
| Daimler Trucks Finance North America, LLC 5.25% 1/13/2030 <sup>(f)</sup>  | 8140 | 8387 |
| Flutter Treasury DAC 5.875% 6/4/2031 <sup>(f)</sup>  | 5937 | 6023 |
| Flutter Treasury DAC 6.125% 6/4/2031  | GBP1,700 | 2312 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028  | USD2,111 | 2215 |
| Ford Motor Credit Co., LLC 5.80% 3/8/2029  | 3385 | 3460 |
| Ford Motor Credit Co., LLC 5.875% 11/7/2029  | 6830 | 7014 |
| Ford Motor Credit Co., LLC 5.73% 9/5/2030  | 6818 | 6926 |
| Ford Motor Credit Co., LLC 6.532% 3/19/2032  | 4600 | 4813 |
| Ford Motor Credit Co., LLC 7.122% 11/7/2033  | 1425 | 1531 |
| Ford Motor Credit Co., LLC 6.125% 3/8/2034  | 10930 | 11111 |
| Ford Motor Credit Co., LLC 6.50% 2/7/2035  | 4800 | 4975 |
| Ford Motor Credit Co., LLC 5.869% 10/31/2035  | 16021 | 15829 |
| General Motors Financial Co., Inc. 5.35% 1/7/2030  | 10705 | 11058 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035  | 5417 | 5651 |
| Great Canadian Gaming Corp. 8.75% 11/15/2029 <sup>(f)</sup>  | 3525 | 3563 |
| Group 1 Automotive, Inc. 6.375% 1/15/2030 <sup>(f)</sup>  | 1385 | 1428 |
| Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(f)</sup>  | 1885 | 1806 |
| Hilton Grand Vacations Borrower, LLC 5.00% 6/1/2029 <sup>(f)</sup>  | 3580 | 3480 |
| Home Depot, Inc. 1.50% 9/15/2028  | 3000 | 2832 |
| Home Depot, Inc. 3.90% 12/6/2028  | 825 | 828 |
| Home Depot, Inc. 2.95% 6/15/2029  | 1174 | 1136 |
| Home Depot, Inc. 1.875% 9/15/2031  | 3000 | 2646 |
| Home Depot, Inc. 4.50% 12/6/2048  | 428 | 370 |
| Home Depot, Inc. 5.30% 6/25/2054  | 3000 | 2872 |
| Hyatt Hotels Corp. 5.05% 3/30/2028  | 3726 | 3796 |
| Hyatt Hotels Corp. 5.75% 3/30/2032  | 3520 | 3690 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(f)</sup>  | 762 | 753 |
| Hyundai Capital America 5.45% 6/24/2026 <sup>(f)</sup>  | 3905 | 3929 |
| Hyundai Capital America 4.875% 6/23/2027 <sup>(f)</sup>  | 1334 | 1349 |
| Hyundai Capital America 5.275% 6/24/2027 <sup>(f)</sup>  | 6273 | 6381 |
| Hyundai Capital America 2.375% 10/15/2027 <sup>(f)</sup>  | 2311 | 2244 |
| Hyundai Capital America 4.90% 6/23/2028 <sup>(f)</sup>  | 4992 | 5071 |
| Hyundai Capital America 2.10% 9/15/2028 <sup>(f)</sup>  | 2756 | 2608 |
| Hyundai Capital America 5.30% 1/8/2030 <sup>(f)</sup>  | 10081 | 10392 |
| Hyundai Capital America 5.10% 6/24/2030 <sup>(f)</sup>  | 4980 | 5098 |
| Hyundai Capital America 5.40% 1/8/2031 <sup>(f)</sup>  | 991 | 1024 |
| International Game Technology PLC 5.25% 1/15/2029 <sup>(f)</sup>  | 2445 | 2448 |
| KB Home 7.25% 7/15/2030  | 1295 | 1339 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(f)</sup>  | 440 | 434 |
| LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(f)</sup>  | 1025 | 1085 |
| Lithia Motors, Inc. 3.875% 6/1/2029 <sup>(f)</sup>  | 2900 | 2806 |
| Lithia Motors, Inc. 4.375% 1/15/2031 <sup>(f)</sup>  | 1025 | 986 |
| Marriott International, Inc. 4.90% 4/15/2029  | 1207 | 1236 |
| Marriott International, Inc. 2.75% 10/15/2033  | 2500 | 2188 |
| Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(f)</sup>  | 528 | 505 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **117** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer discretionary (continued)** |  |  |
| McDonald's Corp. 4.60% 9/9/2032  | USD642 | $654 |
| Melco Resorts Finance, Ltd. 5.75% 7/21/2028 <sup>(f)</sup>  | 1710 | 1711 |
| Newell Brands, Inc. 8.50% 6/1/2028 <sup>(f)</sup>  | 715 | 751 |
| Newell Brands, Inc. 6.625% 9/15/2029  | 1850 | 1846 |
| Newell Brands, Inc. 6.375% 5/15/2030  | 535 | 523 |
| Newell Brands, Inc. 6.625% 5/15/2032  | 385 | 374 |
| Newell Brands, Inc. 7.375% 4/1/2036  | 1025 | 964 |
| Newell Brands, Inc. 7.50% 4/1/2046  | 475 | 397 |
| Nissan Motor Acceptance Corp. 1.85% 9/16/2026 <sup>(f)</sup>  | 320 | 313 |
| Nissan Motor Co., Ltd. 7.50% 7/17/2030 <sup>(f)</sup>  | 1940 | 2037 |
| Nissan Motor Co., Ltd. 7.75% 7/17/2032 <sup>(f)</sup>  | 1600 | 1701 |
| Nissan Motor Co., Ltd. 8.125% 7/17/2035 <sup>(f)</sup>  | 1220 | 1297 |
| Party City Holdings, Inc. 0% 8/27/2030 <sup>(c)</sup>  | 1355 | 27 |
| Royal Caribbean Cruises, Ltd. 5.375% 7/15/2027 <sup>(f)</sup>  | 910 | 917 |
| Royal Caribbean Cruises, Ltd. 6.00% 2/1/2033 <sup>(f)</sup>  | 1030 | 1059 |
| Royal Caribbean Cruises, Ltd. 5.375% 1/15/2036  | 6767 | 6798 |
| Sally Holdings, LLC 6.75% 3/1/2032  | 920 | 962 |
| Sands China, Ltd. 2.30% 3/8/2027  | 1859 | 1817 |
| Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(f)</sup>  | 530 | 471 |
| Starbucks Corp. 5.00% 2/15/2034  | 1457 | 1489 |
| Starbucks Corp. 5.40% 5/15/2035  | 2997 | 3118 |
| Toyota Motor Credit Corp. 0.80% 1/9/2026  | 384 | 384 |
| Toyota Motor Credit Corp. 1.90% 1/13/2027  | 2240 | 2199 |
| Travel + Leisure Co. 4.50% 12/1/2029 <sup>(f)</sup>  | 2100 | 2057 |
| Universal Entertainment Corp. 9.875% 8/1/2029 <sup>(f)</sup>  | 1475 | 1449 |
|  |  | 251021 |
| **Health care 0.80%** |  |  |
| 1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(f)</sup>  | 5606 | 5834 |
| AbbVie, Inc. 5.20% 3/15/2035  | 3056 | 3166 |
| AbbVie, Inc. 5.40% 3/15/2054  | 4085 | 3975 |
| AbbVie, Inc. 5.60% 3/15/2055  | 2261 | 2268 |
| AdaptHealth, LLC 6.125% 8/1/2028 <sup>(f)</sup>  | 545 | 551 |
| AdaptHealth, LLC 4.625% 8/1/2029 <sup>(f)</sup>  | 1990 | 1937 |
| AdaptHealth, LLC 5.125% 3/1/2030 <sup>(f)</sup>  | 945 | 926 |
| Amgen, Inc. 5.25% 3/2/2030  | 129 | 134 |
| Amgen, Inc. 5.25% 3/2/2033  | 4050 | 4194 |
| Amgen, Inc. 5.60% 3/2/2043  | 1500 | 1510 |
| Amgen, Inc. 5.65% 3/2/2053  | 2464 | 2414 |
| Amgen, Inc. 4.40% 2/22/2062  | 1521 | 1190 |
| Amgen, Inc. 5.75% 3/2/2063  | 231 | 226 |
| AstraZeneca Finance, LLC 1.75% 5/28/2028  | 1677 | 1603 |
| AstraZeneca Finance, LLC 4.90% 2/26/2031  | 1658 | 1717 |
| AstraZeneca Finance, LLC 2.25% 5/28/2031  | 665 | 606 |
| AstraZeneca Finance, LLC 5.00% 2/26/2034  | 3181 | 3293 |
| Bausch Health Americas, Inc. 8.50% 1/31/2027 <sup>(f)</sup>  | 4000 | 3964 |
| Bausch Health Cos., Inc. 4.875% 6/1/2028 <sup>(f)</sup>  | 1236 | 1107 |
| Bausch Health Cos., Inc. 11.00% 9/30/2028 <sup>(f)</sup>  | 620 | 643 |
| Bausch Health Cos., Inc. 5.25% 2/15/2031 <sup>(f)</sup>  | 1000 | 656 |
| Baxter International, Inc. 1.915% 2/1/2027  | 2061 | 2012 |
| Baxter International, Inc. 2.272% 12/1/2028  | 3180 | 3003 |
| Baxter International, Inc. 4.45% 2/15/2029  | 259 | 260 |
| Baxter International, Inc. 4.90% 12/15/2030  | 941 | 949 |
| Baxter International, Inc. 5.65% 12/15/2035  | 682 | 690 |
| Bayer US Finance, LLC 6.125% 11/21/2026 <sup>(f)</sup>  | 5419 | 5498 |
| Bayer US Finance, LLC 6.25% 1/21/2029 <sup>(f)</sup>  | 3092 | 3254 |
| Bristol-Myers Squibb Co. 5.10% 2/22/2031  | 187 | 195 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034  | 825 | 858 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **118** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Health care (continued)** |  |  |
| CHS / Community Health Systems, Inc. 6.00% 1/15/2029 <sup>(f)</sup>  | USD1,750 | $1756 |
| CHS / Community Health Systems, Inc. 10.875% 1/15/2032 <sup>(f)</sup>  | 257 | 281 |
| Cigna Group (The) 5.25% 1/15/2036  | 7390 | 7528 |
| Cigna Group (The) 6.00% 1/15/2056  | 4957 | 5101 |
| CVS Health Corp. 5.00% 1/30/2029  | 3831 | 3913 |
| CVS Health Corp. 5.40% 6/1/2029  | 4144 | 4294 |
| CVS Health Corp. 5.55% 6/1/2031  | 3039 | 3182 |
| CVS Health Corp. 5.70% 6/1/2034  | 4053 | 4249 |
| CVS Health Corp. 6.20% 9/15/2055  | 4630 | 4704 |
| DaVita, Inc. 3.75% 2/15/2031 <sup>(f)</sup>  | 2865 | 2653 |
| DaVita, Inc. 6.875% 9/1/2032 <sup>(f)</sup>  | 810 | 844 |
| DaVita, Inc. 6.75% 7/15/2033 <sup>(f)</sup>  | 1600 | 1660 |
| Elevance Health, Inc. 5.20% 2/15/2035  | 610 | 624 |
| Elevance Health, Inc. 5.125% 2/15/2053  | 308 | 279 |
| Elevance Health, Inc. 5.70% 9/15/2055  | 7000 | 6863 |
| Eli Lilly and Co. 5.10% 2/12/2035  | 8075 | 8351 |
| Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(f)</sup>  | 2200 | 2328 |
| GE HealthCare Technologies, Inc. 4.80% 8/14/2029  | 1522 | 1556 |
| Gilead Sciences, Inc. 5.25% 10/15/2033  | 2642 | 2777 |
| Gilead Sciences, Inc. 5.10% 6/15/2035  | 500 | 513 |
| Humana, Inc. 5.375% 4/15/2031  | 2862 | 2960 |
| Humana, Inc. 5.55% 5/1/2035  | 6289 | 6424 |
| Humana, Inc. 5.75% 4/15/2054  | 1359 | 1284 |
| Insulet Corp. 6.50% 4/1/2033 <sup>(f)</sup>  | 2885 | 3018 |
| Medline Borrower, LP 6.25% 4/1/2029 <sup>(f)</sup>  | 2050 | 2122 |
| Medtronic Global Holdings S.C.A. 4.25% 3/30/2028  | 1983 | 1998 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(f)</sup>  | 545 | 536 |
| Novant Health, Inc. 3.168% 11/1/2051  | 3360 | 2246 |
| Novartis Capital Corp. 2.00% 2/14/2027  | 570 | 560 |
| Owens & Minor, Inc. 4.50% 3/31/2029 <sup>(f)</sup>  | 6269 | 4260 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(f)</sup>  | 2300 | 1470 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053  | 1000 | 947 |
| Radiology Partners, Inc. 8.50% 7/15/2032 <sup>(f)</sup>  | 4445 | 4649 |
| Roche Holdings, Inc. 4.203% 9/9/2029 <sup>(f)</sup>  | 3450 | 3476 |
| Roche Holdings, Inc. 4.592% 9/9/2034 <sup>(f)</sup>  | 2244 | 2240 |
| Summa Health 3.511% 11/15/2051  | 1483 | 1200 |
| Takeda U.S. Financing, Inc. 5.20% 7/7/2035  | 8987 | 9158 |
| Takeda U.S. Financing, Inc. 5.90% 7/7/2055  | 656 | 664 |
| Tenet Healthcare Corp. 4.625% 6/15/2028  | 645 | 649 |
| Tenet Healthcare Corp. 4.25% 6/1/2029  | 1975 | 1947 |
| Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026  | 5360 | 5310 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | 11995 | 12140 |
| Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031  | 2000 | 2305 |
| UnitedHealth Group, Inc. 4.95% 1/15/2032  | 5863 | 6012 |
| UnitedHealth Group, Inc. 5.15% 7/15/2034  | 3650 | 3740 |
| UnitedHealth Group, Inc. 5.30% 6/15/2035  | 5621 | 5822 |
| UnitedHealth Group, Inc. 5.625% 7/15/2054  | 5400 | 5303 |
| UnitedHealth Group, Inc. 5.95% 6/15/2055  | 4549 | 4674 |
| Viatris, Inc. 4.00% 6/22/2050  | 2937 | 1957 |
|  |  | 221160 |
| **Information technology 0.67%** |  |  |
| Accenture Capital, Inc. 4.25% 10/4/2031  | 4734 | 4740 |
| Accenture Capital, Inc. 4.50% 10/4/2034  | 4453 | 4393 |
| Amphenol Corp. 3.90% 11/15/2028  | 1500 | 1499 |
| Amphenol Corp. 4.40% 2/15/2033  | 743 | 735 |
| Amphenol Corp. 4.625% 2/15/2036  | 12046 | 11806 |
| Amphenol Corp. 5.30% 11/15/2055  | 5758 | 5505 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **119** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Information technology (continued)** |  |  |
| ams-OSRAM AG 12.25% 3/30/2029 <sup>(f)</sup>  | USD1,340 | $1430 |
| Analog Devices, Inc. 5.05% 4/1/2034  | 1148 | 1187 |
| Analog Devices, Inc. 5.30% 4/1/2054  | 1579 | 1521 |
| Broadcom, Inc. 5.20% 7/15/2035  | 190 | 195 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(f)</sup>  | 600 | 517 |
| Broadcom, Inc. 4.90% 2/15/2038  | 6167 | 6049 |
| Cisco Systems, Inc. 5.10% 2/24/2035  | 8669 | 8911 |
| Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(f)</sup>  | 4125 | 4182 |
| Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(f)</sup>  | 3750 | 3908 |
| Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(f)</sup>  | 2975 | 3111 |
| CommScope Technologies, LLC 5.00% 3/15/2027 <sup>(f)</sup>  | 5703 | 5694 |
| CommScope, LLC 8.25% 3/1/2027 <sup>(f)</sup>  | 1527 | 1540 |
| CommScope, LLC 7.125% 7/1/2028 <sup>(f)</sup>  | 1973 | 1985 |
| CommScope, LLC 9.50% 12/15/2031 <sup>(f)</sup>  | 325 | 329 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(f)</sup>  | 7575 | 8080 |
| Fair Isaac Corp. 4.00% 6/15/2028 <sup>(f)</sup>  | 1050 | 1039 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(f)</sup>  | 3925 | 4044 |
| Gen Digital, Inc. 6.25% 4/1/2033 <sup>(f)</sup>  | 1375 | 1424 |
| Hughes Satellite Systems Corp. 5.25% 8/1/2026  | 12971 | 12405 |
| Hughes Satellite Systems Corp. 6.625% 8/1/2026  | 9228 | 8437 |
| Intel Corp. 3.05% 8/12/2051  | 3212 | 1977 |
| Intel Corp. 5.60% 2/21/2054  | 6636 | 6131 |
| Microchip Technology, Inc. 5.05% 3/15/2029  | 2688 | 2744 |
| NCR Atleos Corp. 9.50% 4/1/2029 <sup>(f)</sup>  | 4144 | 4500 |
| Oracle Corp. 5.25% 2/3/2032  | 493 | 493 |
| Oracle Corp. 5.50% 8/3/2035  | 647 | 634 |
| Oracle Corp. 5.20% 9/26/2035  | 7845 | 7519 |
| Oracle Corp. 5.875% 9/26/2045  | 280 | 253 |
| Oracle Corp. 6.00% 8/3/2055  | 4451 | 3929 |
| Oracle Corp. 5.95% 9/26/2055  | 4112 | 3646 |
| Oracle Corp. 6.10% 9/26/2065  | 3733 | 3295 |
| Pagaya US Holding Co., LLC 8.875% 8/1/2030 <sup>(f)</sup>  | 3700 | 3231 |
| Roper Technologies, Inc. 5.10% 9/15/2035  | 357 | 360 |
| Shift4 Payments, LLC 6.75% 8/15/2032 <sup>(f)</sup>  | 2400 | 2479 |
| Synopsys, Inc. 5.15% 4/1/2035  | 4181 | 4251 |
| Synopsys, Inc. 5.70% 4/1/2055  | 2521 | 2503 |
| Texas Instruments, Inc. 4.60% 2/8/2029  | 2222 | 2271 |
| Texas Instruments, Inc. 4.85% 2/8/2034  | 1203 | 1234 |
| Texas Instruments, Inc. 5.10% 5/23/2035  | 4500 | 4642 |
| Texas Instruments, Inc. 5.15% 2/8/2054  | 4750 | 4495 |
| UKG, Inc. 6.875% 2/1/2031 <sup>(f)</sup>  | 950 | 977 |
| Unisys Corp. 10.625% 1/15/2031 <sup>(f)</sup>  | 1228 | 1259 |
| Viasat, Inc. 5.625% 4/15/2027 <sup>(f)</sup>  | 6733 | 6748 |
| Viasat, Inc. 6.50% 7/15/2028 <sup>(f)</sup>  | 1900 | 1849 |
| Viasat, Inc. 7.50% 5/30/2031 <sup>(f)</sup>  | 3626 | 3452 |
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(e)(g)</sup>  | 945 | 1030 |
| WULF Compute, LLC 7.75% 10/15/2030 <sup>(f)</sup>  | 2770 | 2856 |
| X.AI Corp. 12.50% 6/30/2030  | 2485 | 2651 |
|  |  | 186075 |
| **Energy 0.54%** |  |  |
| Antero Midstream Partners, LP 5.375% 6/15/2029 <sup>(f)</sup>  | 2390 | 2392 |
| Antero Midstream Partners, LP 6.625% 2/1/2032 <sup>(f)</sup>  | 175 | 181 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(f)</sup>  | 1270 | 1278 |
| Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(f)</sup>  | 510 | 529 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(f)</sup>  | 430 | 445 |
| Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(f)</sup>  | 2960 | 2979 |
| Borr IHC, Ltd. 10.375% 11/15/2030 <sup>(f)</sup>  | 203 | 203 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **120** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** |  |  |
| Canadian Natural Resources, Ltd. 4.95% 6/1/2047  | USD1,397 | $1235 |
| Chord Energy Corp. 6.75% 3/15/2033 <sup>(f)</sup>  | 1325 | 1371 |
| Civitas Resources, Inc. 5.00% 10/15/2026 <sup>(f)</sup>  | 480 | 480 |
| Civitas Resources, Inc. 8.375% 7/1/2028 <sup>(f)</sup>  | 2780 | 2868 |
| Civitas Resources, Inc. 8.625% 11/1/2030 <sup>(f)</sup>  | 525 | 551 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(f)</sup>  | 735 | 763 |
| CNX Midstream Partners, LP 4.75% 4/15/2030 <sup>(f)</sup>  | 1055 | 1028 |
| CNX Resources Corp. 6.00% 1/15/2029 <sup>(f)</sup>  | 2675 | 2696 |
| CNX Resources Corp. 7.375% 1/15/2031 <sup>(f)</sup>  | 553 | 575 |
| CNX Resources Corp. 7.25% 3/1/2032 <sup>(f)</sup>  | 1180 | 1233 |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(f)</sup>  | 2320 | 2415 |
| Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(f)</sup>  | 1510 | 1465 |
| Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(f)</sup>  | 1210 | 1149 |
| Devon Energy Corp. 5.20% 9/15/2034  | 1933 | 1925 |
| Devon Energy Corp. 5.75% 9/15/2054  | 7476 | 6874 |
| Diamondback Energy, Inc. 5.75% 4/18/2054  | 2481 | 2347 |
| Enbridge, Inc. 3.70% 7/15/2027  | 56 | 56 |
| Enterprise Products Operating, LLC 5.05% 1/10/2026  | 3153 | 3153 |
| Enterprise Products Operating, LLC 5.20% 1/15/2036  | 987 | 1005 |
| Enterprise Products Operating, LLC 4.90% 5/15/2046  | 448 | 406 |
| EOG Resources, Inc. 4.40% 7/15/2028  | 410 | 415 |
| EOG Resources, Inc. 5.65% 12/1/2054  | 3079 | 3014 |
| EQT Corp. 7.50% 6/1/2030  | 642 | 707 |
| EQT Corp. 4.75% 1/15/2031  | 1635 | 1646 |
| Equinor ASA 4.25% 11/23/2041  | 1792 | 1593 |
| Expand Energy Corp. 4.875% 4/15/2022 <sup>(n)</sup>  | 7225 | 1 |
| Expand Energy Corp. 5.875% 2/1/2029 <sup>(f)</sup>  | 790 | 790 |
| Expand Energy Corp. 5.375% 3/15/2030  | 1645 | 1668 |
| Expand Energy Corp. 4.75% 2/1/2032  | 810 | 799 |
| Exxon Mobil Corp. 2.44% 8/16/2029  | 213 | 204 |
| Exxon Mobil Corp. 3.452% 4/15/2051  | 555 | 399 |
| Genesis Energy, LP 7.75% 2/1/2028  | 350 | 352 |
| Genesis Energy, LP 8.25% 1/15/2029  | 670 | 702 |
| Genesis Energy, LP 8.875% 4/15/2030  | 884 | 934 |
| Genesis Energy, LP 7.875% 5/15/2032  | 1120 | 1168 |
| Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(f)</sup>  | 420 | 427 |
| Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(f)</sup>  | 190 | 198 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(f)</sup>  | 750 | 767 |
| Hess Midstream Operations, LP 5.125% 6/15/2028 <sup>(f)</sup>  | 1655 | 1663 |
| Hess Midstream Operations, LP 4.25% 2/15/2030 <sup>(f)</sup>  | 960 | 942 |
| Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(f)</sup>  | 400 | 407 |
| Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(f)</sup>  | 465 | 454 |
| Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(f)</sup>  | 540 | 515 |
| Hilcorp Energy I, LP 8.375% 11/1/2033 <sup>(f)</sup>  | 475 | 487 |
| Matador Resources Co. 6.50% 4/15/2032 <sup>(f)</sup>  | 1325 | 1345 |
| MPLX, LP 4.125% 3/1/2027  | 448 | 448 |
| MPLX, LP 5.40% 9/15/2035  | 1329 | 1339 |
| Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(f)</sup>  | 1745 | 1831 |
| New Fortress Energy, Inc. 6.50% 9/30/2026 <sup>(f)</sup>  | 1375 | 106 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(f)(n)</sup>  | 20423 | 5923 |
| Northern Oil and Gas, Inc. 8.75% 6/15/2031 <sup>(f)</sup>  | 300 | 303 |
| Northern Oil and Gas, Inc. 7.875% 10/15/2033 <sup>(f)</sup>  | 725 | 706 |
| Occidental Petroleum Corp. 6.60% 3/15/2046  | 2268 | 2353 |
| Occidental Petroleum Corp. 6.05% 10/1/2054  | 6482 | 6203 |
| Permian Resources Operating, LLC 9.875% 7/15/2031 <sup>(f)</sup>  | 586 | 632 |
| Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(f)</sup>  | 1020 | 1067 |
| Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(f)</sup>  | 800 | 821 |
| Petrobras Global Finance BV 5.125% 9/10/2030  | 5550 | 5446 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 1925 | 1956 |
| Petroleos Mexicanos 5.95% 1/28/2031  | 1925 | 1864 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **121** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** |  |  |
| Petroleos Mexicanos 6.50% 6/2/2041  | USD41 | $36 |
| Petroleos Mexicanos 6.375% 1/23/2045  | 16 | 13 |
| Petroleos Mexicanos 6.75% 9/21/2047  | 139 | 114 |
| Petroleos Mexicanos 6.35% 2/12/2048  | 23 | 18 |
| Petroleos Mexicanos 7.69% 1/23/2050  | 2548 | 2285 |
| Petroleos Mexicanos 6.95% 1/28/2060  | 163 | 133 |
| Plains All American Pipeline, LP 3.80% 9/15/2030  | 101 | 98 |
| Saudi Arabian Oil Co. 5.75% 7/17/2054 <sup>(f)</sup>  | 3799 | 3711 |
| Seadrill Finance, Ltd. 8.375% 8/1/2030 <sup>(f)</sup>  | 625 | 650 |
| South Bow USA Infrastructure Holdings, LLC 5.026% 10/1/2029  | 1668 | 1693 |
| Sunoco, LP 5.875% 7/15/2027 <sup>(f)</sup>  | 1550 | 1559 |
| Sunoco, LP 7.00% 9/15/2028 <sup>(f)</sup>  | 1475 | 1527 |
| Sunoco, LP 4.50% 5/15/2029  | 925 | 909 |
| Sunoco, LP 4.50% 4/30/2030  | 1105 | 1080 |
| Sunoco, LP 4.625% 5/1/2030 <sup>(f)</sup>  | 510 | 496 |
| Sunoco, LP 5.625% 3/15/2031 <sup>(f)</sup>  | 550 | 554 |
| Sunoco, LP 6.25% 7/1/2033 <sup>(f)</sup>  | 530 | 543 |
| Sunoco, LP 5.875% 3/15/2034 <sup>(f)</sup>  | 580 | 580 |
| Sunoco, LP 7.875% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 4.23% on 9/18/2030) <sup>(f)(l)</sup>  | 1470 | 1511 |
| Talos Production, Inc. 9.00% 2/1/2029 <sup>(f)</sup>  | 500 | 521 |
| Talos Production, Inc. 9.375% 2/1/2031 <sup>(f)</sup>  | 85 | 89 |
| TGS ASA 8.50% 1/15/2030 <sup>(f)</sup>  | 1235 | 1294 |
| Tidewater, Inc. 9.125% 7/15/2030 <sup>(f)</sup>  | 445 | 478 |
| TotalEnergies Capital SA 5.275% 9/10/2054  | 3750 | 3527 |
| TransCanada Pipelines, Ltd. 4.25% 5/15/2028  | 977 | 979 |
| TransCanada Pipelines, Ltd. 4.10% 4/15/2030  | 536 | 530 |
| Transocean International, Ltd. 7.875% 10/15/2032 <sup>(f)</sup>  | 1125 | 1180 |
| Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(f)</sup>  | 358 | 366 |
| Transocean, Inc. 8.50% 5/15/2031 <sup>(f)</sup>  | 2000 | 1982 |
| Valero Energy Corp. 4.00% 4/1/2029  | 3584 | 3558 |
| Venture Global LNG, Inc. 8.125% 6/1/2028 <sup>(f)</sup>  | 3625 | 3674 |
| Venture Global LNG, Inc. 8.375% 6/1/2031 <sup>(f)</sup>  | 3680 | 3662 |
| Venture Global LNG, Inc. 9.00% junior subordinated perpetual preferred bonds (5-year UST Yield Curve <br> Rate T Note Constant Maturity + 5.44% on 9/30/2029) <sup>(f)(l)</sup>  | 2000 | 1581 |
| Venture Global Plaquemines LNG, LLC 6.125% 12/15/2030 <sup>(f)</sup>  | 925 | 942 |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(f)</sup>  | 5730 | 5872 |
| Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(f)</sup>  | 2035 | 2085 |
| Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(f)</sup>  | 3298 | 3383 |
| Weatherford International, Ltd. 6.75% 10/15/2033 <sup>(f)</sup>  | 3030 | 3105 |
|  |  | 150515 |
| **Industrials 0.49%** |  |  |
| AAdvantage Loyalty IP, Ltd. 5.50% 4/20/2026 <sup>(f)</sup>  | 167 | 168 |
| Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(f)</sup>  | 3525 | 3693 |
| Axon Enterprise, Inc. 6.125% 3/15/2030 <sup>(f)</sup>  | 5175 | 5355 |
| Axon Enterprise, Inc. 6.25% 3/15/2033 <sup>(f)</sup>  | 5835 | 6095 |
| BAE Systems PLC 5.125% 3/26/2029 <sup>(f)</sup>  | 3403 | 3502 |
| BAE Systems PLC 5.25% 3/26/2031 <sup>(f)</sup>  | 2663 | 2769 |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(f)</sup>  | 2772 | 2872 |
| BAE Systems PLC 5.50% 3/26/2054 <sup>(f)</sup>  | 599 | 603 |
| Boeing Co. (The) 3.10% 5/1/2026  | 251 | 250 |
| Boeing Co. (The) 3.25% 2/1/2028  | 2000 | 1968 |
| Boeing Co. (The) 5.15% 5/1/2030  | 945 | 971 |
| Boeing Co. (The) 3.625% 2/1/2031  | 178 | 171 |
| Boeing Co. (The) 6.388% 5/1/2031  | 227 | 246 |
| Boeing Co. (The) 3.60% 5/1/2034  | 2500 | 2276 |
| Boeing Co. (The) 6.528% 5/1/2034  | 6029 | 6672 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **122** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Industrials (continued)** |  |  |
| Boeing Co. (The) 5.805% 5/1/2050  | USD3,605 | $3551 |
| Boeing Co. (The) 6.858% 5/1/2054  | 2113 | 2375 |
| Boeing Co. (The) 7.008% 5/1/2064  | 1301 | 1484 |
| Brink's Co. (The) 4.625% 10/15/2027 <sup>(f)</sup>  | 2385 | 2386 |
| Brink's Co. (The) 6.50% 6/15/2029 <sup>(f)</sup>  | 485 | 502 |
| Brink's Co. (The) 6.75% 6/15/2032 <sup>(f)</sup>  | 850 | 890 |
| Canadian Pacific Railway Co. 1.75% 12/2/2026  | 1385 | 1358 |
| Canadian Pacific Railway Co. 5.20% 3/30/2035  | 2705 | 2786 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041  | 209 | 157 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051  | 653 | 434 |
| Carpenter Technology Corp. 5.625% 3/1/2034 <sup>(f)</sup>  | 1795 | 1825 |
| Chart Industries, Inc. 7.50% 1/1/2030 <sup>(f)</sup>  | 1347 | 1406 |
| CSX Corp. 4.25% 3/15/2029  | 1062 | 1072 |
| CSX Corp. 5.05% 6/15/2035  | 6111 | 6218 |
| FTAI Aviation Investors, LLC 5.50% 5/1/2028 <sup>(f)</sup>  | 1540 | 1545 |
| General Electric Co. 4.90% 1/29/2036  | 1627 | 1653 |
| Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(f)</sup>  | 1510 | 1590 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(f)</sup>  | 505 | 536 |
| Icahn Enterprises, LP 4.375% 2/1/2029  | 2500 | 2166 |
| L3Harris Technologies, Inc. 5.40% 7/31/2033  | 4059 | 4229 |
| Lockheed Martin Corp. 5.70% 11/15/2054  | 1657 | 1675 |
| Norfolk Southern Corp. 4.45% 3/1/2033  | 1515 | 1511 |
| Norfolk Southern Corp. 5.10% 5/1/2035  | 2842 | 2912 |
| Norfolk Southern Corp. 3.05% 5/15/2050  | 2746 | 1813 |
| Norfolk Southern Corp. 5.35% 8/1/2054  | 4136 | 3954 |
| Northrop Grumman Corp. 3.25% 1/15/2028  | 3132 | 3093 |
| OneSky Flight, LLC 8.875% 12/15/2029 <sup>(f)</sup>  | 1125 | 1205 |
| Otis Worldwide Corp. 2.293% 4/5/2027  | 1913 | 1875 |
| Paychex, Inc. 5.60% 4/15/2035  | 427 | 447 |
| QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(f)</sup>  | 1455 | 1521 |
| Reworld Holding Corp. 4.875% 12/1/2029 <sup>(f)</sup>  | 1035 | 996 |
| RTX Corp. 5.15% 2/27/2033  | 2669 | 2758 |
| RTX Corp. 5.375% 2/27/2053  | 3950 | 3816 |
| Science Applications International Corp. 5.875% 11/1/2033 <sup>(f)</sup>  | 480 | 487 |
| Siemens Funding BV 5.80% 5/28/2055 <sup>(f)</sup>  | 6288 | 6588 |
| Siemens Funding BV 5.90% 5/28/2065 <sup>(f)</sup>  | 5581 | 5861 |
| Standard Building Solutions, Inc. 6.25% 8/1/2033 <sup>(f)</sup>  | 2480 | 2535 |
| Texas Combined Tirz I, LLC 0% 12/7/2062 <sup>(c)(f)</sup>  | 393 | 393 |
| TransDigm, Inc. 6.625% 3/1/2032 <sup>(f)</sup>  | 1485 | 1547 |
| TransDigm, Inc. 6.25% 1/31/2034 <sup>(f)</sup>  | 4100 | 4257 |
| TransDigm, Inc. 6.75% 1/31/2034 <sup>(f)</sup>  | 2625 | 2736 |
| Union Pacific Corp. 2.40% 2/5/2030  | 2163 | 2026 |
| Union Pacific Corp. 5.10% 2/20/2035  | 2865 | 2958 |
| Union Pacific Corp. 3.50% 2/14/2053  | 42 | 30 |
| Union Pacific Corp. 5.60% 12/1/2054  | 2614 | 2609 |
| Union Pacific Corp. 3.839% 3/20/2060  | 546 | 395 |
| Union Pacific Corp. 3.799% 4/6/2071  | 545 | 375 |
|  |  | 136147 |
| **Consumer staples 0.37%** |  |  |
| 7-Eleven, Inc. 0.95% 2/10/2026 <sup>(f)</sup>  | 739 | 736 |
| Albertsons Cos., Inc. 4.875% 2/15/2030 <sup>(f)</sup>  | 1000 | 993 |
| Albertsons Cos., Inc. 5.50% 3/31/2031 <sup>(f)</sup>  | 2960 | 2995 |
| Albertsons Cos., Inc. 5.75% 3/31/2034 <sup>(f)</sup>  | 2750 | 2765 |
| B&G Foods, Inc. 5.25% 9/15/2027  | 2090 | 2049 |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(f)</sup>  | 2010 | 1980 |
| BAT Capital Corp. 6.343% 8/2/2030  | 124 | 134 |
| BAT Capital Corp. 4.625% 3/22/2033  | 2026 | 2015 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **123** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer staples (continued)** |  |  |
| BAT Capital Corp. 6.421% 8/2/2033  | USD134 | $148 |
| BAT Capital Corp. 5.625% 8/15/2035  | 631 | 658 |
| BAT Capital Corp. 4.54% 8/15/2047  | 627 | 521 |
| BAT Capital Corp. 6.25% 8/15/2055  | 6250 | 6482 |
| Campbell's Co. (The) 4.75% 3/23/2035  | 952 | 920 |
| Coca-Cola Co. 1.00% 3/15/2028  | 842 | 795 |
| Constellation Brands, Inc. 3.60% 2/15/2028  | 560 | 555 |
| Constellation Brands, Inc. 2.25% 8/1/2031  | 1333 | 1183 |
| Coty, Inc. 5.60% 1/15/2031 <sup>(f)</sup>  | 507 | 512 |
| Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(f)</sup>  | 400 | 420 |
| Imperial Brands Finance PLC 4.50% 6/30/2028 <sup>(f)</sup>  | 1400 | 1412 |
| Imperial Brands Finance PLC 5.625% 7/1/2035 <sup>(f)</sup>  | 2250 | 2314 |
| Imperial Brands Finance PLC 6.375% 7/1/2055 <sup>(f)</sup>  | 2101 | 2148 |
| J. M. Smucker Co. (The) 5.90% 11/15/2028  | 2385 | 2500 |
| J. M. Smucker Co. (The) 6.20% 11/15/2033  | 1554 | 1685 |
| J. M. Smucker Co. (The) 6.50% 11/15/2043  | 229 | 246 |
| J. M. Smucker Co. (The) 6.50% 11/15/2053  | 806 | 873 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(f)</sup>  | 3408 | 3483 |
| Mars, Inc. 5.00% 3/1/2032 <sup>(f)</sup>  | 1855 | 1913 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(f)</sup>  | 385 | 396 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(f)</sup>  | 6678 | 6657 |
| Mondelez International, Inc. 5.125% 5/6/2035  | 2176 | 2227 |
| Philip Morris International, Inc. 5.125% 11/17/2027  | 319 | 326 |
| Philip Morris International, Inc. 4.875% 2/15/2028  | 623 | 635 |
| Philip Morris International, Inc. 4.625% 11/1/2029  | 703 | 716 |
| Philip Morris International, Inc. 5.625% 11/17/2029  | 154 | 162 |
| Philip Morris International, Inc. 5.125% 2/15/2030  | 433 | 448 |
| Philip Morris International, Inc. 5.125% 2/13/2031  | 2275 | 2359 |
| Philip Morris International, Inc. 4.75% 11/1/2031  | 6194 | 6328 |
| Philip Morris International, Inc. 4.25% 10/29/2032  | 770 | 758 |
| Philip Morris International, Inc. 4.90% 11/1/2034  | 6755 | 6812 |
| Philip Morris International, Inc. 4.875% 4/30/2035  | 6407 | 6431 |
| Philip Morris International, Inc. 4.625% 10/29/2035  | 5859 | 5735 |
| Post Holdings, Inc. 4.625% 4/15/2030 <sup>(f)</sup>  | 2886 | 2813 |
| Post Holdings, Inc. 6.25% 2/15/2032 <sup>(f)</sup>  | 13279 | 13660 |
| Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(f)</sup>  | 1115 | 1045 |
| Reynolds American, Inc. 5.85% 8/15/2045  | 2030 | 2004 |
|  |  | 101947 |
| **Real estate 0.35%** |  |  |
| Alexandria Real Estate Equities, Inc. 3.80% 4/15/2026  | 282 | 282 |
| Alexandria Real Estate Equities, Inc. 3.95% 1/15/2028  | 1093 | 1089 |
| Alexandria Real Estate Equities, Inc. 2.75% 12/15/2029  | 1738 | 1632 |
| Alexandria Real Estate Equities, Inc. 3.375% 8/15/2031  | 1183 | 1107 |
| Alexandria Real Estate Equities, Inc. 1.875% 2/1/2033  | 3670 | 3011 |
| Alexandria Real Estate Equities, Inc. 4.85% 4/15/2049  | 367 | 311 |
| American Tower Corp. 1.45% 9/15/2026  | 246 | 242 |
| American Tower Corp. 3.55% 7/15/2027  | 1277 | 1268 |
| American Tower Corp. 3.60% 1/15/2028  | 896 | 888 |
| American Tower Corp. 1.50% 1/31/2028  | 2240 | 2128 |
| American Tower Corp. 2.30% 9/15/2031  | 1344 | 1194 |
| American Tower Corp. 2.95% 1/15/2051  | 1792 | 1146 |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(f)</sup>  | 3040 | 2955 |
| Anywhere Real Estate Group, LLC 7.00% 4/15/2030 <sup>(f)</sup>  | 1975 | 1975 |
| Boston Properties, LP 6.50% 1/15/2034  | 2223 | 2395 |
| Boston Properties, LP 5.75% 1/15/2035  | 3143 | 3234 |
| Extra Space Storage, LP 2.35% 3/15/2032  | 1241 | 1087 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(f)</sup>  | 1705 | 1713 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **124** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Real estate (continued)** |  |  |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(f)</sup>  | USD2,855 | $2777 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(f)</sup>  | 3900 | 3716 |
| Invitation Homes Operating Partnership, LP 2.00% 8/15/2031  | 2152 | 1883 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(f)</sup>  | 3785 | 3742 |
| Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(f)</sup>  | 2650 | 2528 |
| Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030  | 1884 | 1929 |
| MPT Operating Partnership, LP 5.00% 10/15/2027  | 5137 | 4979 |
| MPT Operating Partnership, LP 4.625% 8/1/2029  | 630 | 528 |
| MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(f)</sup>  | 3968 | 4240 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(f)</sup>  | 2280 | 2228 |
| Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(f)</sup>  | 1000 | 1030 |
| Piedmont Operating Partnership, LP 5.625% 1/15/2033  | 101 | 102 |
| Prologis, LP 4.875% 6/15/2028  | 1357 | 1390 |
| Prologis, LP 4.75% 6/15/2033  | 2359 | 2383 |
| Prologis, LP 5.00% 3/15/2034  | 1850 | 1887 |
| Prologis, LP 5.00% 1/31/2035  | 1033 | 1048 |
| Public Storage Operating Co. 1.85% 5/1/2028  | 2231 | 2131 |
| Public Storage Operating Co. 1.95% 11/9/2028  | 1816 | 1721 |
| Public Storage Operating Co. 2.30% 5/1/2031  | 644 | 583 |
| Scentre Group Trust 1 3.75% 3/23/2027 <sup>(f)</sup>  | 2178 | 2169 |
| Service Properties Trust 0% 9/30/2027 <sup>(f)</sup>  | 1000 | 905 |
| Service Properties Trust 5.50% 12/15/2027  | 655 | 647 |
| Service Properties Trust 3.95% 1/15/2028  | 1815 | 1715 |
| Service Properties Trust 8.375% 6/15/2029  | 4228 | 4254 |
| Service Properties Trust 4.95% 10/1/2029  | 2715 | 2368 |
| Service Properties Trust 4.375% 2/15/2030  | 705 | 598 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(f)</sup>  | 6775 | 7130 |
| Service Properties Trust 8.875% 6/15/2032  | 4628 | 4569 |
| Sun Communities Operating, LP 2.30% 11/1/2028  | 1653 | 1574 |
| Sun Communities Operating, LP 2.70% 7/15/2031  | 785 | 714 |
| Trust 2401 7.70% 1/23/2032 <sup>(f)</sup>  | 396 | 438 |
| Trust Fibra Uno 7.70% 1/23/2032 <sup>(f)</sup>  | 789 | 865 |
| UDR, Inc. 2.95% 9/1/2026  | 681 | 677 |
|  |  | 97105 |
| **Materials 0.33%** |  |  |
| Avient Corp. 7.125% 8/1/2030 <sup>(f)</sup>  | 855 | 884 |
| Avient Corp. 6.25% 11/1/2031 <sup>(f)</sup>  | 170 | 175 |
| BHP Billiton Finance (USA), Ltd. 5.75% 9/5/2055  | 2648 | 2703 |
| Celanese US Holdings, LLC 6.665% 7/15/2027  | 1996 | 2059 |
| Celanese US Holdings, LLC 7.05% 11/15/2030  | 2501 | 2637 |
| Celanese US Holdings, LLC 7.00% 2/15/2031  | 705 | 722 |
| Celanese US Holdings, LLC 7.20% 11/15/2033  | 1618 | 1711 |
| Century Aluminum Co. 6.875% 8/1/2032 <sup>(f)</sup>  | 1300 | 1341 |
| Cleveland-Cliffs, Inc. 4.625% 3/1/2029 <sup>(f)</sup>  | 3625 | 3573 |
| Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(f)</sup>  | 1650 | 1710 |
| Cleveland-Cliffs, Inc. 6.75% 4/15/2030 <sup>(f)</sup>  | 2275 | 2342 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(f)</sup>  | 775 | 747 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(f)</sup>  | 2000 | 2111 |
| Cleveland-Cliffs, Inc. 7.00% 3/15/2032 <sup>(f)</sup>  | 2695 | 2766 |
| Cleveland-Cliffs, Inc. 7.625% 1/15/2034 <sup>(f)</sup>  | 900 | 941 |
| Consolidated Energy Finance SA 12.00% 2/15/2031 <sup>(f)</sup>  | 1480 | 1048 |
| Dow Chemical Co. (The) 4.80% 1/15/2031  | 1290 | 1283 |
| Dow Chemical Co. (The) 5.35% 3/15/2035  | 1735 | 1720 |
| Dow Chemical Co. (The) 5.65% 3/15/2036  | 920 | 917 |
| Dow Chemical Co. (The) 4.80% 5/15/2049  | 435 | 343 |
| Dow Chemical Co. (The) 3.60% 11/15/2050  | 1057 | 683 |
| Dow Chemical Co. (The) 5.95% 3/15/2055  | 4720 | 4299 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **125** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Materials (continued)** |  |  |
| First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(f)</sup>  | USD5,370 | $5661 |
| FXI Holdings, Inc. 16.00% PIK 11/15/2029 (14.00% on 11/15/2028) <sup>(f)(g)(l)</sup>  | 2659 | 1516 |
| FXI Holdings, Inc. 11.00% 11/15/2030 <sup>(f)</sup>  | 4548 | 4093 |
| International Flavors & Fragrances, Inc. 1.832% 10/15/2027 <sup>(f)</sup>  | 1406 | 1350 |
| JH North America Holdings, Inc. 5.875% 1/31/2031 <sup>(f)</sup>  | 1700 | 1738 |
| JH North America Holdings, Inc. 6.125% 7/31/2032 <sup>(f)</sup>  | 1335 | 1371 |
| Linde, Inc. 1.10% 8/10/2030  | 2633 | 2314 |
| LYB International Finance III, LLC 5.50% 3/1/2034  | 778 | 770 |
| LYB International Finance III, LLC 6.15% 5/15/2035  | 560 | 574 |
| LYB International Finance III, LLC 5.875% 1/15/2036  | 5842 | 5817 |
| Minera Mexico, SA de CV, 5.625% 2/12/2032 <sup>(f)</sup>  | 6734 | 6976 |
| Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(f)</sup>  | 945 | 993 |
| Mineral Resources, Ltd. 8.50% 5/1/2030 <sup>(f)</sup>  | 1525 | 1587 |
| Mosaic Co. 4.05% 11/15/2027  | 941 | 941 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(f)</sup>  | 1270 | 1243 |
| NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(f)</sup>  | 3775 | 4036 |
| NOVA Chemicals Corp. 7.00% 12/1/2031 <sup>(f)</sup>  | 1130 | 1207 |
| Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(f)</sup>  | 1050 | 1097 |
| Rio Tinto Finance (USA) PLC 5.25% 3/14/2035  | 1339 | 1380 |
| Rio Tinto Finance (USA) PLC 5.75% 3/14/2055  | 3244 | 3312 |
| Sherwin-Williams Co. 5.15% 8/15/2035  | 473 | 482 |
| Solstice Advanced Materials, Inc. 5.625% 9/30/2033 <sup>(f)</sup>  | 1290 | 1302 |
| Synergy Infrastructure Holdings, LLC 7.875% 12/1/2030 <sup>(f)</sup>  | 1110 | 1154 |
| Veritiv Operating Co. 10.50% 11/30/2030 <sup>(f)</sup>  | 640 | 689 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(f)</sup>  | 2212 | 2265 |
| Westlake Corp. 4.375% 11/15/2047  | 448 | 348 |
|  |  | 90931 |
| **Utilities 0.31%** |  |  |
| Calpine Corp. 3.75% 3/1/2031 <sup>(f)</sup>  | 1975 | 1910 |
| CMS Energy Corp., junior subordinated, 6.50% 6/1/2055 (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 1.961% on 6/1/2035) <sup>(l)</sup>  | 1375 | 1415 |
| Commonwealth Edison Co. 4.35% 11/15/2045  | 972 | 827 |
| Commonwealth Edison Co. 3.85% 3/15/2052  | 2330 | 1755 |
| Connecticut Light and Power Co. (The) 4.95% 8/15/2034  | 1837 | 1856 |
| Consumers Energy Co. 5.05% 5/15/2035  | 525 | 534 |
| Duke Energy Florida, LLC 4.85% 12/1/2035  | 2725 | 2714 |
| Duke Energy Indiana, LLC 3.25% 10/1/2049  | 850 | 582 |
| Duke Energy Progress, LLC 3.70% 10/15/2046  | 457 | 350 |
| Duke Energy Progress, LLC 2.50% 8/15/2050  | 202 | 118 |
| Duke Energy Progress, LLC 2.90% 8/15/2051  | 91 | 58 |
| Edison International 4.125% 3/15/2028  | 1225 | 1212 |
| Edison International 5.25% 11/15/2028  | 1537 | 1558 |
| Edison International 5.45% 6/15/2029  | 1419 | 1446 |
| Edison International 6.95% 11/15/2029  | 2280 | 2430 |
| Edison International 6.25% 3/15/2030  | 3493 | 3655 |
| Edison International 5.25% 3/15/2032  | 6672 | 6680 |
| Electricite de France SA 6.25% 5/23/2033 <sup>(f)</sup>  | 1075 | 1165 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate <br>T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(f)(l)</sup>  | 1475 | 1721 |
| Emera US Finance, LP 3.55% 6/15/2026  | 287 | 286 |
| Enel Finance International NV 5.00% 9/30/2035 <sup>(f)</sup>  | 1280 | 1275 |
| Exelon Corp., junior subordinated, 6.50% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity <br> + 1.975% on 3/15/2035) <sup>(l)</sup>  | 1000 | 1041 |
| FirstEnergy Transmission, LLC 2.866% 9/15/2028 <sup>(f)</sup>  | 605 | 585 |
| Florida Power & Light Co. 4.70% 2/15/2036  | 1525 | 1511 |
| Florida Power & Light Co. 5.60% 2/15/2066  | 100 | 99 |
| Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(f)</sup>  | 1000 | 1036 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **126** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Utilities (continued)** |  |  |
| MidAmerican Energy Co. 5.85% 9/15/2054  | USD875 | $904 |
| NextEra Energy Capital Holdings, Inc. 4.685% 9/1/2027  | 700 | 709 |
| Northern States Power Co. 5.40% 3/15/2054  | 175 | 171 |
| Pacific Gas and Electric Co. 2.10% 8/1/2027  | 125 | 121 |
| Pacific Gas and Electric Co. 3.00% 6/15/2028  | 450 | 437 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033  | 192 | 207 |
| Pacific Gas and Electric Co. 6.95% 3/15/2034  | 4588 | 5106 |
| Pacific Gas and Electric Co. 5.70% 3/1/2035  | 5359 | 5513 |
| Pacific Gas and Electric Co. 6.00% 8/15/2035  | 4962 | 5219 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040  | 90 | 68 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050  | 2744 | 2322 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050  | 206 | 139 |
| PacifiCorp 5.30% 2/15/2031  | 1258 | 1296 |
| PacifiCorp 5.45% 2/15/2034  | 796 | 808 |
| PacifiCorp 5.35% 12/1/2053  | 3298 | 2900 |
| PacifiCorp 5.80% 1/15/2055  | 575 | 537 |
| Public Service Electric and Gas Co. 3.60% 12/1/2047  | 548 | 413 |
| Rockies Express Pipeline, LLC 4.95% 7/15/2029 <sup>(f)</sup>  | 2689 | 2685 |
| Southern California Edison Co. 2.85% 8/1/2029  | 3988 | 3783 |
| Southern California Edison Co. 2.50% 6/1/2031  | 260 | 233 |
| Southern California Edison Co. 5.45% 6/1/2031  | 2240 | 2319 |
| Southern California Edison Co. 5.20% 6/1/2034  | 2260 | 2273 |
| Southern California Edison Co. 5.75% 4/1/2035  | 605 | 625 |
| Southern California Edison Co. 5.35% 7/15/2035  | 2688 | 2707 |
| Southern California Edison Co. 4.50% 9/1/2040  | 452 | 396 |
| Southern California Edison Co. 3.65% 2/1/2050  | 693 | 485 |
| Southern California Edison Co. 2.95% 2/1/2051  | 128 | 78 |
| Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(f)</sup>  | 400 | 424 |
| Virginia Electric & Power 2.40% 3/30/2032  | 2307 | 2055 |
| Wisconsin Electric Power Co. 4.15% 10/15/2030  | 2000 | 2000 |
| Xcel Energy, Inc. 5.60% 4/15/2035  | 23 | 24 |
| XPLR Infrastructure Operating Partners, LP 8.375% 1/15/2031 <sup>(f)</sup>  | 1150 | 1209 |
|  |  | 85985 |
| **Total corporate bonds and notes** |  | 1978534 |
| **Asset-backed obligations 1.91%** | **Asset-backed obligations 1.91%** | **Asset-backed obligations 1.91%** |
| **Auto loan 0.84%** |  |  |
| American Credit Acceptance Receivables Trust, Series 2024-4, Class A, 4.81% 3/13/2028 <sup>(f)(h)</sup>  | 76 | 76 |
| American Credit Acceptance Receivables Trust, Series 2024-3, Class B, 5.66% 8/14/2028 <sup>(f)(h)</sup>  | 1131 | 1133 |
| American Credit Acceptance Receivables Trust, Series 2025-2, Class B, 4.85% 5/14/2029 <sup>(f)(h)</sup>  | 232 | 233 |
| American Credit Acceptance Receivables Trust, Series 2024-3, Class C, 5.73% 7/12/2030 <sup>(f)(h)</sup>  | 3332 | 3365 |
| American Credit Acceptance Receivables Trust, Series 2024-4, Class C, 4.91% 8/12/2031 <sup>(f)(h)</sup>  | 1005 | 1011 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027 <sup>(f)(h)</sup>  | 6748 | 6735 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(f)(h)</sup>  | 46 | 46 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/2027 <sup>(f)(h)</sup>  | 10410 | 10290 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/2028 <sup>(f)(h)</sup>  | 29013 | 29532 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(f)(h)</sup>  | 4960 | 5164 |
| BofA Auto Trust, Series 2024-1, Class A3, 5.35% 11/15/2028 <sup>(f)(h)</sup>  | 2074 | 2096 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A2, 4.84% 9/15/2027 <sup>(h)</sup>  | 52 | 52 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-3, Class A3, 5.34% 4/17/2028 <sup>(h)</sup>  | 950 | 952 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A3, 4.72% 9/15/2028 <sup>(h)</sup>  | 856 | 858 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class B, 4.77% 8/15/2030 <sup>(h)</sup>  | 1679 | 1687 |
| CarMax Auto Owner Trust, Series 2024-2, Class A2A, 5.65% 5/17/2027 <sup>(h)</sup>  | 48 | 48 |
| CarMax Auto Owner Trust, Series 2024-3, Class A3, 4.89% 7/16/2029 <sup>(h)</sup>  | 8604 | 8712 |
| CarMax Select Receivables Trust, Series 2024-A, Class A2A, 5.78% 9/15/2027 <sup>(h)</sup>  | 193 | 193 |
| Chase Auto Owner Trust, Series 2024-4A, Class A2, 5.25% 9/27/2027 <sup>(f)(h)</sup>  | 359 | 360 |
| Chase Auto Owner Trust, Series 2024-3, Class A2, 5.53% 9/27/2027 <sup>(f)(h)</sup>  | 174 | 174 |
| Chase Auto Owner Trust, Series 2024-4A, Class A3, 4.94% 7/25/2029 <sup>(f)(h)</sup>  | 5309 | 5362 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **127** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Auto loan (continued)** |  |  |
| Chase Auto Owner Trust, Series 2024-3, Class A3, 5.22% 7/25/2029 <sup>(f)(h)</sup>  | USD4,257 | $4308 |
| CPS Auto Receivables Trust, Series 2024-C, Class A, 5.88% 2/15/2028 <sup>(f)(h)</sup>  | 161 | 161 |
| Credit Acceptance Auto Loan Trust, Series 2023-3, Class A, 6.39% 8/15/2033 <sup>(f)(h)</sup>  | 1025 | 1030 |
| Enterprise Fleet Financing, LLC, Series 2024-2, Class A2, 5.74% 12/20/2026 <sup>(f)(h)</sup>  | 317 | 318 |
| Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 <sup>(f)(h)</sup>  | 1744 | 1750 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029 <sup>(f)(h)</sup>  | 136 | 136 |
| Enterprise Fleet Financing, LLC, Series 2022-4, Class A2, 5.76% 10/22/2029 <sup>(f)(h)</sup>  | 458 | 460 |
| Exeter Automobile Receivables Trust, Series 2025-1A, Class A2, 4.70% 9/15/2027 <sup>(h)</sup>  | 249 | 249 |
| Exeter Automobile Receivables Trust, Series 2025-1A, Class A3, 4.67% 8/15/2028 <sup>(h)</sup>  | 930 | 932 |
| Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 <sup>(f)(h)</sup>  | 5998 | 6205 |
| Ford Credit Auto Owner Trust, Series 2024-1, Class A, 4.87% 8/15/2036 <sup>(f)(h)(i)</sup>  | 13442 | 13799 |
| Ford Credit Floorplan Master Owner Trust, Series 2024-3, Class A1, 4.30% 9/15/2029 <sup>(f)(h)</sup>  | 3235 | 3263 |
| Ford Credit Floorplan Master Owner Trust, Series 2025-2, Class A1, 4.06% 9/15/2030 <sup>(h)</sup>  | 7319 | 7350 |
| GLS Auto Receivables Trust, Series 2025-2A, Class A2, 4.75% 3/15/2028 <sup>(f)(h)</sup>  | 364 | 365 |
| GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 <sup>(f)(h)</sup>  | 667 | 669 |
| GLS Auto Select Receivables Trust, Series 2025-1A, Class A2, 4.71% 4/15/2030 <sup>(f)(h)</sup>  | 623 | 628 |
| GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77% 8/11/2036 <sup>(f)(h)</sup>  | 8654 | 9090 |
| GM Financial Revolving Receivables Trust, Series 2024-2, Class A, 4.52% 3/11/2037 <sup>(f)(h)</sup>  | 6768 | 6887 |
| GM Financial Securitized Term Auto Receivables Trust, Series 2024-1, Class A3, 4.85% 12/18/2028 <sup>(h)</sup>  | 1762 | 1774 |
| Hertz Vehicle Financing III, LLC, Series 2022-2A, Class A, 2.33% 6/26/2028 <sup>(f)(h)</sup>  | 4391 | 4291 |
| Hertz Vehicle Financing III, LLC, Series 2022-5A, Class A, 3.89% 9/25/2028 <sup>(f)(h)</sup>  | 4445 | 4423 |
| Hertz Vehicle Financing III, LLC, Series 2023-4, Class A, 6.15% 3/25/2030 <sup>(f)(h)</sup>  | 4585 | 4807 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(f)(h)</sup>  | 9236 | 9064 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(f)(h)</sup>  | 685 | 672 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(f)(h)</sup>  | 429 | 421 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(f)(h)</sup>  | 4771 | 4875 |
| Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(f)(h)</sup>  | 1448 | 1467 |
| Hertz Vehicle Financing, LLC, Series 2025-5A, Class A, 4.62% 5/25/2030 <sup>(f)(h)</sup>  | 1610 | 1609 |
| Honda Auto Receivables Owner Trust, Series 2023-1, Class A3, 5.04% 4/21/2027 <sup>(h)</sup>  | 238 | 239 |
| Hyundai Auto Receivables Trust, Series 2024-A, Class A3, 4.99% 2/15/2029 <sup>(h)</sup>  | 3179 | 3207 |
| Hyundai Floorplan Master Owner Trust, Series 2025-1A, Class A, 4.01% 10/15/2030 <sup>(f)(h)</sup>  | 3632 | 3636 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A2, 4.64% 11/15/2027 <sup>(f)(h)</sup>  | 448 | 449 |
| LAD Auto Receivables Trust, Series 2023-4, Class A3, 6.10% 12/15/2027 <sup>(f)(h)</sup>  | 249 | 250 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A3, 4.52% 3/15/2029 <sup>(f)(h)</sup>  | 954 | 958 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A4, 4.60% 12/17/2029 <sup>(f)(h)</sup>  | 504 | 509 |
| Santander Drive Auto Receivables Trust, Series 2024-1, Class A3, 5.25% 4/17/2028 <sup>(h)</sup>  | 117 | 117 |
| Santander Drive Auto Receivables Trust, Series 2024-2, Class A3, 5.63% 11/15/2028 <sup>(h)</sup>  | 2889 | 2899 |
| Santander Drive Auto Receivables Trust, Series 2023-4, Class B, 5.77% 12/15/2028 <sup>(h)</sup>  | 5062 | 5111 |
| Santander Drive Auto Receivables Trust, Series 2024-4, Class A3, 4.85% 1/16/2029 <sup>(h)</sup>  | 4123 | 4134 |
| SBNA Auto Lease Trust, Series 2024-A, Class A3, 5.39% 11/20/2026 <sup>(f)(h)</sup>  | 695 | 696 |
| SBNA Auto Lease Trust, Series 2024-B, Class A3, 5.56% 11/22/2027 <sup>(f)(h)</sup>  | 1037 | 1042 |
| SFS Auto Receivables Securitization Trust, Series 2024-3A, Class A2, 4.71% 5/22/2028 <sup>(f)(h)</sup>  | 498 | 499 |
| SFS Auto Receivables Securitization Trust, Series 2023-1, Class A3, 5.47% 10/20/2028 <sup>(f)(h)</sup>  | 1713 | 1725 |
| SFS Auto Receivables Securitization Trust, Series 2025-2A, Class A2, 4.52% 11/20/2028 <sup>(f)(h)</sup>  | 401 | 402 |
| SFS Auto Receivables Securitization Trust, Series 2024-3A, Class A3, 4.55% 6/20/2030 <sup>(f)(h)</sup>  | 2966 | 2987 |
| Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/2034 <sup>(f)(h)</sup>  | 6503 | 6475 |
| Toyota Auto Receivables Owner Trust, Series 2023-C, Class A3, 5.16% 4/17/2028 <sup>(h)</sup>  | 2960 | 2977 |
| Toyota Auto Receivables Owner Trust, Series 2023-C, Class A4, 5.01% 2/15/2029 <sup>(h)</sup>  | 1822 | 1851 |
| Truist Bank Auto Credit-Linked Notes, Series 2025-1, Class B, 4.728% 9/26/2033 <sup>(f)(h)</sup>  | 864 | 866 |
| United Auto Credit Securitization Trust, Series 2025-1, Class A, 4.80% 6/10/2027 <sup>(f)(h)</sup>  | 156 | 156 |
| Westlake Automobile Receivables Trust, Series 2025-1A, Class A2A, 4.66% 1/18/2028 <sup>(f)(h)</sup>  | 3372 | 3379 |
| Westlake Automobile Receivables Trust, Series 2025-P1, Class A2, 4.65% 2/15/2028 <sup>(f)(h)</sup>  | 376 | 377 |
| Westlake Automobile Receivables Trust, Series 2024-3A, Class A3, 4.71% 4/17/2028 <sup>(f)(h)</sup>  | 2142 | 2149 |
| Westlake Automobile Receivables Trust, Series 2025-2A, Class A2A, 4.66% 9/15/2028 <sup>(f)(h)</sup>  | 1052 | 1055 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class B, 5.92% 9/15/2028 <sup>(f)(h)</sup>  | 2001 | 2005 |
| Westlake Automobile Receivables Trust, Series 2024-3A, Class B, 4.72% 11/15/2029 <sup>(f)(h)</sup>  | 6520 | 6550 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **128** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Auto loan (continued)** |  |  |
| Westlake Automobile Receivables Trust, Series 2025-1A, Class C, 5.14% 10/15/2030 <sup>(f)(h)</sup>  | USD1,973 | $1995 |
| World OMNI Select Auto Trust, Series 2024-A, Class A2A, 5.37% 2/15/2028 <sup>(h)</sup>  | 285 | 285 |
| World OMNI Select Auto Trust, Series 2024-A, Class A3, 4.98% 2/15/2030 <sup>(h)</sup>  | 4143 | 4165 |
|  |  | 232227 |
| **Other asset-backed securities 0.81%** |  |  |
| Affirm Asset Securitization Trust, Series 2024-B, Class A, 4.62% 9/15/2029 <sup>(f)(h)</sup>  | 10457 | 10487 |
| Affirm Master Trust, Series 2025-3A, Class A, 4.45% 10/16/2034 <sup>(f)(h)</sup>  | 1923 | 1931 |
| Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(f)(h)</sup>  | 2962 | 2967 |
| Affirm, Inc., Series 2024-X2, Class A, 5.22% 12/17/2029 <sup>(f)(h)</sup>  | 109 | 109 |
| Ansley Park Capital, LLC, Series 2025-A, Class A2, 4.43% 4/20/2035 <sup>(f)(h)</sup>  | 2934 | 2944 |
| APL Finance, LLC, Series 2025-1A, Class A, 4.81% 3/20/2036 <sup>(f)(h)</sup>  | 1870 | 1878 |
| Apollo Aviation Securitization Equity Trust, Series 2025-3A, Class A, 5.243% 2/16/2050 <sup>(f)(h)</sup>  | 6878 | 6906 |
| Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(f)(h)</sup>  | 3772 | 3802 |
| Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 11/17/2033 <sup>(f)(h)</sup>  | 58 | 58 |
| CAL Funding IV, Ltd., Series 2020-1A, Class A, 2.22% 9/25/2045 <sup>(f)(h)</sup>  | 826 | 793 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037 <sup>(f)(h)</sup>  | 3998 | 3794 |
| Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041 <sup>(f)(h)</sup>  | 36 | 36 |
| Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(f)(h)</sup>  | 4526 | 4605 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(f)(h)</sup>  | 5080 | 4316 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(f)(h)</sup>  | 1686 | 1426 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(f)(h)</sup>  | 5962 | 4846 |
| CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045 <sup>(f)(h)</sup>  | 872 | 824 |
| CLI Funding VI, LLC, Series 2020-1A, Class A, 2.08% 9/18/2045 <sup>(f)(h)</sup>  | 3301 | 3119 |
| CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045 <sup>(f)(h)</sup>  | 689 | 652 |
| CLI Funding VIII, LLC, Series 2021-1A, Class A, 1.64% 2/18/2046 <sup>(f)(h)</sup>  | 940 | 876 |
| CNH Equipment Trust, Series 2024-B, Class A2A, 5.42% 10/15/2027 <sup>(h)</sup>  | 680 | 681 |
| Daimler Trucks Retail Trust, Series 2024-1, Class A3, 5.49% 12/15/2027 <sup>(h)</sup>  | 2518 | 2540 |
| Dext ABS, LLC, Series 2025-2, Class A2, 4.10% 4/17/2028 <sup>(f)(h)</sup>  | 320 | 320 |
| EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045 <sup>(f)(h)</sup>  | 192 | 180 |
| EquipmentShare, Series 2024-2M, Class A, 5.70% 12/20/2032 <sup>(f)(h)</sup>  | 2350 | 2386 |
| EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(f)(h)</sup>  | 862 | 868 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 <sup>(f)(h)</sup>  | 388 | 373 |
| GCI Funding I, LLC, Series 2020-1, Class B, 3.81% 10/18/2045 <sup>(f)(h)</sup>  | 175 | 167 |
| GGAM Master Trust International, Ltd., Series 2025-1A, Class A, 5.923% 9/30/2060 <sup>(f)(h)</sup>  | 4277 | 4314 |
| Global SC Finance SRL, Series 2025-1H, Class A, 6.169% 9/20/2045 <sup>(f)(h)</sup>  | 6241 | 6258 |
| Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 8/17/2039 <sup>(f)(h)</sup>  | 1344 | 1319 |
| Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/2040 <sup>(f)(h)</sup>  | 5750 | 5527 |
| Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040 <sup>(f)(h)</sup>  | 7403 | 7120 |
| Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041 <sup>(f)(h)</sup>  | 2510 | 2351 |
| Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041 <sup>(f)(h)</sup>  | 3708 | 3495 |
| Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041 <sup>(f)(h)</sup>  | 293 | 274 |
| Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(f)(h)</sup>  | 2453 | 2483 |
| John Deere Owner Trust, Series 2024-A, Class A3, 4.96% 11/15/2028 <sup>(h)</sup>  | 2894 | 2920 |
| MMP Capital, Series 2025-A, Class A, 5.36% 12/15/2031 <sup>(f)(h)</sup>  | 118 | 119 |
| Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046 <sup>(f)(h)</sup>  | 4586 | 4385 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(f)(h)</sup>  | 26263 | 22003 |
| NMEF Funding, LLC, Series 2025-B, Class A2, 4.64% 1/18/2033 <sup>(f)(h)</sup>  | 677 | 680 |
| PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 <sup>(f)(h)</sup>  | 1069 | 1076 |
| PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028 <sup>(f)(h)</sup>  | 5298 | 5323 |
| PG&E Wildfire Recovery Funding, LLC, Series 2022-A, Class A2, 4.263% 6/1/2038 <sup>(h)</sup>  | 2442 | 2380 |
| PK ALIFT Loan Funding, Series 2025-2, Class A, 4.75% 3/15/2043 <sup>(f)(h)</sup>  | 418 | 420 |
| PK ALIFT Loan Funding 3, LP, Series 2024-1, Class AF, (1-month USD CME Term SOFR + 1.70%) 5.45% <br>9/15/2039 <sup>(f)(h)(i)</sup>  | 496 | 502 |
| PK ALIFT Loan Funding 3, LP, Series 2024-1, Class A1, 5.842% 9/15/2039 <sup>(f)(h)</sup>  | 682 | 698 |
| SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046 <sup>(f)(h)</sup>  | 2586 | 2470 |
| SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046 <sup>(f)(h)</sup>  | 1636 | 1602 |
| Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041 <sup>(f)(h)</sup>  | 1440 | 1420 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **129** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Other asset-backed securities (continued)** |  |  |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(f)(h)</sup>  | USD843 | $823 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033 <sup>(f)(h)</sup>  | 691 | 674 |
| Subway Funding, LLC, Series 2024-3, Class A2I, 5.246% 7/30/2054 <sup>(f)(h)</sup>  | 5226 | 5217 |
| Subway Funding, LLC, Series 2024-3A, Class A2II, 5.566% 7/30/2054 <sup>(f)(h)</sup>  | 6170 | 6132 |
| SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075 <sup>(f)(h)</sup>  | 1132 | 1106 |
| Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/2029 <sup>(h)</sup>  | 2840 | 2864 |
| Synchrony Card Issuance Trust, Series 2025-A1, Class A, 4.78% 2/15/2031 <sup>(h)</sup>  | 4155 | 4229 |
| Synchrony Card Issuance Trust, Series 2025-A3, Class A, 4.06% 11/15/2031 <sup>(h)</sup>  | 5377 | 5406 |
| TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045 <sup>(f)(h)</sup>  | 1069 | 1025 |
| Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045 <sup>(f)(h)</sup>  | 497 | 472 |
| Textainer Marine Containers, Ltd., Series 2021-1, Class A, 1.68% 2/20/2046 <sup>(f)(h)</sup>  | 664 | 626 |
| Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046 <sup>(f)(h)</sup>  | 1924 | 1825 |
| Textainer Marine Containers, Ltd., Series 2025-1H, Class A, 6.43% 7/23/2050 <sup>(f)(h)</sup>  | 1947 | 1959 |
| T-Mobile US Trust, Series 2024-1, Class A, 5.05% 9/20/2029 <sup>(f)(h)</sup>  | 5582 | 5617 |
| Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045 <sup>(f)(h)</sup>  | 7083 | 6693 |
| Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046 <sup>(f)(h)</sup>  | 1277 | 1189 |
| U.S. Bank National Association, Series 2025-SUP2, Class B1, 4.818% 9/25/2032 <sup>(f)(h)</sup>  | 1660 | 1670 |
| Verdant Receivables, LLC, Series 2025-1A, Class A2, 4.85% 3/13/2028 <sup>(f)(h)</sup>  | 623 | 626 |
| Verdant Receivables, LLC, Series 2024-1, Class A2, 5.68% 12/12/2031 <sup>(f)(h)</sup>  | 941 | 960 |
| Verizon Master Trust, Series 2023-1, Class A, 4.49% 1/22/2029 (5.24% on 1/20/2026) <sup>(h)(l)</sup>  | 6704 | 6706 |
| Verizon Master Trust, Series 2024-3, Class A1A, 5.34% 4/22/2030 <sup>(h)</sup>  | 9409 | 9597 |
| Verizon Master Trust, Series 2025-9, Class A1A, 3.96% 10/21/2030 (4.67% on 10/20/2027) <sup>(h)(l)</sup>  | 1462 | 1470 |
| Verizon Master Trust, Series 2023-3, Class A, 4.73% 4/21/2031 <sup>(f)(h)</sup>  | 8048 | 8195 |
| Verizon Master Trust, Series 2025-7, Class A1A, 3.96% 8/20/2031 <sup>(h)</sup>  | 4253 | 4268 |
| Verizon Master Trust, Series 24-5, Class A, 5.00% 6/21/2032 <sup>(f)(h)</sup>  | 934 | 964 |
| Volvo Financial Equipment, LLC, Series 2025-1A, Class A2, 4.41% 11/15/2027 <sup>(f)(h)</sup>  | 1879 | 1883 |
| Wingspire Equipment Finance, LLC, Series 2024-1A, Class A2, 4.99% 9/20/2032 <sup>(f)(h)</sup>  | 389 | 391 |
| Wingspire Equipment Finance, LLC, Series 2025-1A, Class A2, 4.33% 9/20/2033 <sup>(f)(h)</sup>  | 137 | 137 |
|  |  | 225747 |
| **Credit card 0.14%** |  |  |
| Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(f)(h)</sup>  | 8500 | 8521 |
| Avant Credit Card Master Trust, Series 2024-2A, Class B, 5.73% 5/15/2029 <sup>(f)(h)</sup>  | 4100 | 4115 |
| Avant Credit Card Master Trust, Series 2024-2A, Class C, 6.41% 5/15/2029 <sup>(f)(h)</sup>  | 2715 | 2733 |
| Barclays Dryrock Issuance Trust, Series 2025-1, Class A, 3.97% 7/15/2031 <sup>(h)</sup>  | 4171 | 4182 |
| First National Master Note Trust, Series 2025-1, Class A, 4.85% 2/15/2030 <sup>(h)</sup>  | 4558 | 4652 |
| First National Master Note Trust, Series 2024-1, Class A, 5.34% 5/15/2030 <sup>(h)</sup>  | 3970 | 4050 |
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class A, 4.84% 9/15/2029 <sup>(f)(h)</sup>  | 2043 | 2049 |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78% 12/16/2030 <sup>(f)(h)</sup>  | 404 | 406 |
| World Financial Network Credit Card Master Trust, Series 2023-A, Class A, 5.02% 3/15/2030 <sup>(h)</sup>  | 7030 | 7058 |
|  |  | 37766 |
| **Student loan 0.08%** |  |  |
| Navient Education Loan Trust, Series 2025-A, Class A, 5.02% 7/15/2055 <sup>(f)(h)</sup>  | 2480 | 2510 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(f)(h)</sup>  | 2485 | 2281 |
| Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070 <sup>(f)(h)</sup>  | 3240 | 2947 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFX, 1.32% 4/20/2062 <sup>(f)(h)</sup>  | 4222 | 3968 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(f)(h)</sup>  | 2626 | 2485 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 <sup>(f)(h)</sup>  | 4441 | 4213 |
| SMB Private Education Loan Trust, Series 2021-A, Class A2A2, (1-month USD CME Term SOFR + 0.844%) <br> 4.595% 1/15/2053 <sup>(f)(h)(i)</sup>  | 3493 | 3462 |
|  |  | 21866 |
| **Collateralized loan obligations 0.04%** |  |  |
| Flatiron CLO, Ltd., Series 2024-1A, Class A1R, (3-month USD CME Term SOFR + 1.08%) 4.985% <br> 7/15/2036 <sup>(f)(h)(i)</sup>  | 3240 | 3246 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **130** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Collateralized loan obligations (continued)** |  |  |
| Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD CME Term SOFR + 1.232%) 5.09% <br>7/25/2030 <sup>(f)(h)(i)</sup>  | USD321 | $322 |
| Palmer Square Loan Funding, Ltd., CLO, Series 2024-2A, Class A1N, (3-month USD CME Term SOFR + <br> 1.00%) 4.905% 1/15/2033 <sup>(f)(h)(i)</sup>  | 3469 | 3470 |
| Thompson Park CLO, Ltd., Series 2021-1A, Class A1R, (3-month USD CME Term SOFR + 1.05%) 4.955% <br> 4/15/2034 <sup>(f)(h)(i)</sup>  | 3229 | 3231 |
| Trinitas CLO, Ltd., Series 2020-12A, Class A1R2, (3-month USD CME Term SOFR + 1.05%) 4.908% <br>4/25/2033 <sup>(f)(h)(i)</sup>  | 1285 | 1286 |
|  |  | 11555 |
| **Total asset-backed obligations** |  | 529161 |
| **Bonds & notes of governments & government agencies outside the U.S. 0.32%** | **Bonds & notes of governments & government agencies outside the U.S. 0.32%** | **Bonds & notes of governments & government agencies outside the U.S. 0.32%** |
| **Mexico 0.16%** |  |  |
| Eagle Funding LuxCo SARL 5.50% 8/17/2030  | 18285 | 18648 |
| Eagle Funding LuxCo SARL 5.50% 8/17/2030 <sup>(f)</sup>  | 10645 | 10856 |
| United Mexican States 4.75% 4/27/2032  | 2305 | 2249 |
| United Mexican States 5.375% 3/22/2033  | 1295 | 1288 |
| United Mexican States 3.50% 2/12/2034  | 1790 | 1552 |
| United Mexican States 6.875% 5/13/2037  | 2720 | 2909 |
| United Mexican States 6.625% 1/29/2038  | 200 | 209 |
| United Mexican States 7.375% 5/13/2055  | 4235 | 4573 |
| United Mexican States 3.771% 5/24/2061  | 1528 | 946 |
|  |  | 43230 |
| **Canada 0.07%** |  |  |
| CPPIB Capital, Inc. 2.75% 11/2/2027 <sup>(f)</sup>  | 5914 | 5824 |
| OMERS Finance Trust 3.50% 4/19/2032 <sup>(f)</sup>  | 3867 | 3719 |
| OMERS Finance Trust 4.00% 4/19/2052 <sup>(f)</sup>  | 3867 | 2980 |
| Ontario (Province of) 3.90% 9/4/2030  | 8228 | 8238 |
|  |  | 20761 |
| **Kuwait 0.04%** |  |  |
| Kuwait (State of) 4.652% 10/9/2035 <sup>(f)</sup>  | 11750 | 11764 |
| **Peru 0.02%** |  |  |
| Peru (Republic of) 1.862% 12/1/2032  | 2525 | 2091 |
| Peru (Republic of) 5.875% 8/8/2054  | 2310 | 2294 |
| Peru (Republic of) 2.78% 12/1/2060  | 3383 | 1845 |
|  |  | 6230 |
| **Panama 0.02%** |  |  |
| Panama (Republic of) 7.50% 3/1/2031  | 1765 | 1961 |
| Panama (Republic of) 2.252% 9/29/2032  | 4306 | 3568 |
|  |  | 5529 |
| **Qatar 0.01%** |  |  |
| Qatar (State of) 4.00% 3/14/2029 <sup>(f)</sup>  | 745 | 748 |
| Qatar (State of) 4.817% 3/14/2049 <sup>(f)</sup>  | 750 | 708 |
|  |  | 1456 |
| **Total bonds & notes of governments & government agencies outside the U.S.** |  | 88970 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **131** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Loans 0.15%** | **Loans 0.15%** | **Loans 0.15%** |
| **Communication services 0.05%** |  |  |
| Connect Finco SARL, Term Loan B, (1-month USD CME Term SOFR + 4.50%) 8.216% 9/27/2029 <sup>(i)(o)</sup>  | USD2,344 | $2344 |
| CSC Holdings, LLC, Term Loan B, (USD Prime Rate + 1.50%) 8.75% 4/15/2027 <sup>(i)(o)</sup>  | 967 | 847 |
| Gray Television, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.123% 6/4/2029 <sup>(i)(o)</sup>  | 22 | 22 |
| Ligado Networks, LLC, Term Loan, 17.50% PIK 5/5/2028 <sup>(c)(g)(o)</sup>  | 2157 | 2157 |
| Peroton Corp., Term Loan B, (3-month USD CME Term SOFR + 7.85%) 11.672% 2/1/2029 <sup>(i)(o)</sup>  | 2285 | 1812 |
| Versant Media Group, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.50%) 7.537% 10/23/2030 <sup>(i)(o)</sup>  | 1280 | 1283 |
| X Corp., Term Loan B3, 9.50% 10/26/2029 <sup>(o)</sup>  | 2675 | 2671 |
| X Corp., Term Loan B, (USD-SOFR + 6.75%) 10.448% 10/26/2029 <sup>(i)(o)</sup>  | 2762 | 2718 |
|  |  | 13854 |
| **Information technology 0.04%** |  |  |
| CommScope, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 12/17/2029 <sup>(i)(o)</sup>  | 485 | 487 |
| Ellucian Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 11/22/2032 <sup>(i)(o)</sup>  | 225 | 227 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 10.973% 9/13/2029 <sup>(e)(i)(o)</sup>  | 724 | 729 |
| Finastra USA, Inc., Term Loan, (1-month USD CME Term SOFR + 4.00%) 7.688% 7/30/2032 <sup>(i)(o)</sup>  | 2180 | 2138 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.716% 3/20/2032 <sup>(i)(o)</sup>  | 1737 | 1740 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 8.716% 3/20/2033 <sup>(i)(o)</sup>  | 900 | 882 |
| Viasat, Inc., Term Loan B, (1-month USD CME Term SOFR + 4.614%) 8.331% 3/2/2029 <sup>(i)(o)</sup>  | 4031 | 4026 |
| Viasat, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.348% 5/30/2030 <sup>(i)(o)</sup>  | 105 | 104 |
|  |  | 10333 |
| **Financials 0.03%** |  |  |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) 7.61% 11/17/2029 <sup>(c)(f)(i)(o)</sup>  | 4566 | 4532 |
| CRC Insurance Group, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% 5/6/2032 <sup>(i)(o)</sup>  | 2190 | 2223 |
| Denali Intermediate Holdings, Inc., Term Loan, (1-month CME Term SOFR + 5.50%) 9.227% 8/26/2032 <sup>(i)(o)</sup>  | 2036 | 2064 |
|  |  | 8819 |
| **Health care 0.01%** |  |  |
| Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 7.466% 4/23/2031 <sup>(i)(o)</sup>  | 2543 | 2527 |
| **Consumer discretionary 0.01%** |  |  |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 5.614%) 9.35% <br> 3/11/2030 <sup>(c)(i)(o)</sup>  | 127 | 127 |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 7.614%) 6.00% PIK and <br>5.573% Cash 3/11/2030 <sup>(c)(g)(i)(o)</sup>  | 120 | 120 |
| Voyager Parent, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.75%) 8.422% 7/1/2032 <sup>(i)(o)</sup>  | 2109 | 2113 |
|  |  | 2360 |
| **Materials 0.01%** |  |  |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 7.00% PIK 7/16/2026 <sup>(c)(g)(i)(n)(o)</sup>  | 797 | 252 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 7.00% PIK 7/16/2026 <sup>(c)(g)(i)(n)(o)</sup>  | 802 | 254 |
| Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 7.00% PIK 10/12/2028 <sup>(c)(g)(i)(n)(o)</sup>  | 1319 | 418 |
|  |  | 924 |
| **Industrials 0.00%** |  |  |
| Peraton Corp., Term Loan B, (3-month USD CME Term SOFR + 3.85%) 7.69% 2/1/2028 <sup>(i)(o)</sup>  | 982 | 914 |
| **Total loans** |  | 39731 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **132** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Municipals 0.08%** | **Municipals 0.08%** | **Municipals 0.08%** |
| **Florida 0.03%** |  |  |
| Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 7/1/2027  | USD4,781 | $4639 |
| Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 7/1/2030  | 4808 | 4426 |
|  |  | 9065 |
| **Illinois 0.01%** |  |  |
| GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033  | 3224 | 3312 |
| **Ohio 0.02%** |  |  |
| Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), <br> Series 2021, 4.425% 5/1/2031  | 4930 | 4480 |
| **Puerto Rico 0.00%** |  |  |
| GO Taxable Bonds, CAB, Series 2022, 0% 11/1/2051  | 418 | 274 |
| **Wisconsin 0.02%** |  |  |
| Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034  | 5735 | 5696 |
| **Total municipals** |  | 22827 |
| **Total bonds, notes & other debt instruments** (cost: $7,832,741,000) |  | 7768308 |
| Investment funds 3.06% | Shares |  |
| Capital Group Central Corporate Bond Fund <sup>(p)</sup>  | 99619082 | 846762 |
| **Total investment funds** (cost: $864,770,000) |  | 846762 |
| Short-term securities 3.70% |  |  |
| **Money market investments 3.63%** | **Money market investments 3.63%** | **Money market investments 3.63%** |
| Capital Group Central Cash Fund 3.79% <sup>(p)(q)</sup>  | 10047098 | 1004810 |
| **Money market investments purchased with collateral from securities on loan 0.07%** | **Money market investments purchased with collateral from securities on loan 0.07%** | **Money market investments purchased with collateral from securities on loan 0.07%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(q)(r)</sup>  | 18905590 | 18905 |
| **Total short-term securities** (cost: $1,023,511,000) |  | 1023715 |
| **Total investment securities 100.26%** (cost: $19,813,803,000) |  | 27745931 |
| Other assets less liabilities (0.26)% |  | (70891)<br>|
| **Net assets 100.00%** |  | $27675040 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **133** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 8836 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD1,844,860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(403)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 4708 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1134)<br>|
| 10 Year U.S. Treasury Note Futures | Long | 3234 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2694)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Short | 262 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30134)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| 20 Year U.S. Treasury Bond Futures | Long | 1200 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1838)<br>|
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 794 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (93692)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1825 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(4144)<br>|

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 3.473% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD112,900 | &nbsp;&nbsp;&nbsp;&nbsp; $814 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $814 |
| SOFR | Annual | 3.4805% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD37,800 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 255 |
| SOFR | Annual | 3.48% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,601 | &nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 86 |
| SOFR | Annual | 3.4815% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,612 | &nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 84 |
| SOFR | Annual | 3.482% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,286 | &nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82 |
| SOFR | Annual | 3.50061% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/3/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD74,795 | &nbsp;&nbsp;&nbsp;&nbsp; 442 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 442 |
| SOFR | Annual | 3.6385% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD55,884 | &nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 685 |
| SOFR | Annual | 3.6775% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/8/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD55,754 | &nbsp;&nbsp;&nbsp;&nbsp; 511 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 511 |
| SOFR | Annual | 3.66593% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/3/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD55,430 | &nbsp;&nbsp;&nbsp;&nbsp; 584 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 584 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $3543 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3543 |

---

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.45 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD3,826 | &nbsp;&nbsp;&nbsp;&nbsp; $(87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1)<br>|
| CDX.NA.HY.45 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 38950 | &nbsp;&nbsp;&nbsp;&nbsp; (2976)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2542)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (434)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(3063)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2628)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(435)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **134** |

---

------

Asset Allocation Fund (continued)

**Investments in affiliates** <sup>(p)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Investment funds 3.06%** |  |  |  |  |  |  |  |
| Capital Group Central Corporate Bond Fund  | $1368034 | &nbsp;&nbsp; $95934 | &nbsp;&nbsp; $634718 | &nbsp;&nbsp; $(136730)<br>| &nbsp;&nbsp; $154242 | &nbsp;&nbsp; $846762 | &nbsp;&nbsp; $47796 |
| **Short-term securities 3.63%** |  |  |  |  |  |  |  |
| **Money market investments 3.63%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(q)</sup>  | 855747 | &nbsp;&nbsp; 6829389 | &nbsp;&nbsp; 6680500 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; (11)<br>| &nbsp;&nbsp; 1004810 | &nbsp;&nbsp; 61071 |
| **Total 6.69%** |  |  |  | &nbsp;&nbsp; $(136545)<br>| &nbsp;&nbsp; $154231 | &nbsp;&nbsp; $1851572 | &nbsp;&nbsp; $108867 |

---

**Restricted securities** <sup>(e)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Rotech Healthcare, Inc. <sup>(a)(c)</sup> <br>| 8/22/2014 | $6949 | $12613 | 0.05<br> %<br>|
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(g)</sup> <br>| 9/29/2025 | 937 | 1030 | 0.00 <br><sup>(s)</sup><br>|
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) <br> 10.973% 9/13/2029 <sup>(i)(o)</sup> <br>| 9/13/2023 | 714 | 729 | 0.00 <br><sup>(s)</sup><br>|
| **Total** |  | $8600 | $14372 | 0.05<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Value determined using significant unobservable inputs.

<sup>(d)</sup> Amount less than one thousand.

<sup>(e)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(f)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,434,326,000, which represented 5.18% of the net assets of the fund. 

<sup>(g)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

<sup>(h)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(i)</sup> 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. 

<sup>(j)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $41,456,000, which represented 0.15% of the net assets of the fund. 

<sup>(k)</sup> Represents securities transacted on a TBA basis.

<sup>(l)</sup> Step bond; coupon rate may change at a later date.

<sup>(m)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(n)</sup> Scheduled interest and/or principal payment was not received.

<sup>(o)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $39,730,000, which represented 0.14% of the net assets of the fund. 

<sup>(p)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(q)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(r)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(s)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| Assn. = Association |
| Auth. = Authority |
| CAB = Capital Appreciation Bonds |
| CAD = Canadian dollars |
| CLO = Collateralized Loan Obligations |
| CME = CME Group |

---

---

| |
|:---|
| DAC = Designated Activity Company |
| Fin. = Finance |
| Fncg. = Financing |
| GBP = British pounds |
| GO = General Obligation |
| NDR = Norwegian Depositary Receipts |
| PIK = Payment In Kind |

---

---

| |
|:---|
| REIT = Real Estate Investment Trust |
| Rev. = Revenue |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **135** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 63.00% | Shares | Value<br> (000)<br>|
| **Information technology 11.69%** |  |  |
| Broadcom, Inc.  | 34396 | $11904 |
| Microsoft Corp.  | 21713 | 10501 |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 214000 | 10455 |
| NVIDIA Corp.  | 54735 | 10208 |
| Apple, Inc.  | 13709 | 3727 |
| Corning, Inc.  | 37498 | 3283 |
| ARM Holdings PLC (ADR) <sup>(a)</sup>  | 9479 | 1036 |
| Applied Materials, Inc.  | 3494 | 898 |
| Accenture PLC, Class A  | 2486 | 667 |
|  |  | 52679 |
| **Financials 10.05%** |  |  |
| B3 SA - Brasil, Bolsa, Balcao  | 1689969 | 4399 |
| Standard Chartered PLC  | 149081 | 3641 |
| ING Groep NV  | 129152 | 3631 |
| Banco Bilbao Vizcaya Argentaria SA  | 138658 | 3243 |
| JPMorgan Chase & Co.  | 9865 | 3179 |
| Chubb, Ltd.  | 9664 | 3016 |
| Marsh & McLennan Cos., Inc.  | 13476 | 2500 |
| HDFC Bank, Ltd. (ADR)  | 49471 | 1808 |
| HDFC Bank, Ltd.  | 46716 | 516 |
| Morgan Stanley  | 10778 | 1913 |
| Mastercard, Inc., Class A  | 3306 | 1887 |
| BlackRock, Inc.  | 1721 | 1842 |
| Munchener Ruckversicherungs-Gesellschaft AG  | 2492 | 1646 |
| Zurich Insurance Group AG  | 1994 | 1513 |
| Banco BPM SpA  | 95108 | 1445 |
| NatWest Group PLC  | 154953 | 1351 |
| Mizuho Financial Group, Inc.  | 34600 | 1256 |
| BNP Paribas SA  | 10716 | 1014 |
| Swiss Re AG  | 5412 | 902 |
| AIA Group, Ltd.  | 74200 | 762 |
| Wells Fargo & Co.  | 7990 | 745 |
| PICC Property and Casualty Co., Ltd., Class H  | 320000 | 671 |
| 3i Group PLC  | 15320 | 667 |
| U.S. Bancorp  | 12427 | 663 |
| BPER Banca SpA  | 39690 | 537 |
| Hannover Rueck SE  | 1705 | 533 |
|  |  | 45280 |
| **Industrials 9.63%** |  |  |
| RTX Corp.  | 46281 | 8488 |
| IHI Corp.  | 186108 | 3282 |
| Hitachi, Ltd.  | 82300 | 2553 |
| Volvo AB, Class B  | 76848 | 2463 |
| General Dynamics Corp.  | 7150 | 2407 |
| TransDigm Group, Inc.  | 1573 | 2092 |
| BAE Systems PLC  | 85249 | 1960 |
| Deutsche Post AG  | 35349 | 1936 |
| Union Pacific Corp.  | 8297 | 1919 |
| Airbus SE, non-registered shares  | 7673 | 1780 |
| Waste Management, Inc.  | 7570 | 1663 |
| Uber Technologies, Inc. <sup>(a)</sup>  | 20061 | 1639 |
| ITOCHU Corp.  | 128500 | 1622 |
| Rolls-Royce Holdings PLC  | 90309 | 1404 |
| Automatic Data Processing, Inc.  | 4193 | 1079 |
| Ryanair Holdings PLC  | 21391 | 743 |
| Bouygues SA  | 13919 | 722 |
| Bombardier, Inc., Class B <sup>(a)</sup>  | 4123 | 701 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **136** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Safran SA  | 1987 | $691 |
| PACCAR, Inc.  | 6185 | 677 |
| Qantas Airways, Ltd.  | 97783 | 675 |
| United Rentals, Inc.  | 817 | 661 |
| Paychex, Inc.  | 5809 | 652 |
| Caterpillar, Inc.  | 1022 | 585 |
| GFL Environmental, Inc., subordinate voting shares  | 11594 | 498 |
| AtkinsRealis Group, Inc.  | 7290 | 471 |
|  |  | 43363 |
| **Health care 7.73%** |  |  |
| Eli Lilly and Co.  | 7436 | 7991 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 11410 | 5173 |
| Novo Nordisk AS, Class B  | 67966 | 3464 |
| Abbott Laboratories  | 27403 | 3433 |
| Sanofi  | 25714 | 2495 |
| Gilead Sciences, Inc.  | 18827 | 2311 |
| UnitedHealth Group, Inc.  | 6188 | 2043 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 3997 | 1589 |
| Medtronic PLC  | 13170 | 1265 |
| Stryker Corp.  | 3371 | 1185 |
| AbbVie, Inc.  | 5175 | 1183 |
| AstraZeneca PLC  | 3470 | 639 |
| BioMarin Pharmaceutical, Inc. <sup>(a)</sup>  | 10659 | 634 |
| Molina Healthcare, Inc. <sup>(a)</sup>  | 3573 | 620 |
| GE HealthCare Technologies, Inc.  | 5321 | 436 |
| Cencora, Inc.  | 1074 | 363 |
|  |  | 34824 |
| **Consumer discretionary 4.68%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup>  | 28311 | 6535 |
| Ferrari NV  | 3878 | 1433 |
| Ferrari NV (EUR denominated)  | 1664 | 620 |
| Starbucks Corp.  | 23917 | 2014 |
| Midea Group Co., Ltd., Class A  | 166950 | 1866 |
| Maruti Suzuki India, Ltd.  | 9473 | 1761 |
| Compagnie Financiere Richemont SA, Class A  | 6565 | 1417 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 1773 | 1337 |
| Compagnie Generale des Etablissements Michelin  | 33369 | 1107 |
| Royal Caribbean Cruises, Ltd.  | 3526 | 983 |
| Viking Holdings, Ltd. <sup>(a)</sup>  | 9998 | 714 |
| Compass Group PLC  | 21303 | 678 |
| Accor SA  | 10541 | 597 |
|  |  | 21062 |
| **Materials 4.32%** |  |  |
| Nitto Denko Corp.  | 122500 | 2911 |
| Grupo Mexico, SAB de CV, Series B  | 295899 | 2794 |
| Lundin Gold, Inc.  | 31847 | 2645 |
| Vale SA, ordinary nominative shares  | 120881 | 1581 |
| Vale SA (ADR), ordinary nominative shares  | 53750 | 700 |
| Franco-Nevada Corp.  | 5241 | 1086 |
| Franco-Nevada Corp. (CAD denominated)  | 4075 | 845 |
| Anglo American PLC  | 43941 | 1811 |
| Smurfit Westrock PLC  | 40261 | 1557 |
| Air Products and Chemicals, Inc.  | 4593 | 1134 |
| Freeport-McMoRan, Inc.  | 19198 | 975 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **137** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| Newmont Corp.  | 7198 | $719 |
| Air Liquide SA  | 2774 | 522 |
| Celanese Corp.  | 4784 | 202 |
|  |  | 19482 |
| **Communication services 4.18%** |  |  |
| Alphabet, Inc., Class A  | 19544 | 6117 |
| Alphabet, Inc., Class C  | 6924 | 2173 |
| AT&T, Inc.  | 134741 | 3347 |
| Meta Platforms, Inc., Class A  | 4442 | 2932 |
| Comcast Corp., Class A  | 41626 | 1244 |
| Omnicom Group, Inc.  | 12053 | 973 |
| Netflix, Inc. <sup>(a)</sup>  | 9170 | 860 |
| SoftBank Group Corp.  | 21252 | 599 |
| Nintendo Co., Ltd.  | 8400 | 568 |
|  |  | 18813 |
| **Utilities 4.00%** |  |  |
| Dominion Energy, Inc.  | 72580 | 4252 |
| DTE Energy Co.  | 17918 | 2311 |
| National Grid PLC  | 125726 | 1938 |
| Power Grid Corp. of India, Ltd.  | 588187 | 1730 |
| Duke Energy Corp.  | 14059 | 1648 |
| E.ON SE  | 67347 | 1277 |
| PG&E Corp.  | 78708 | 1265 |
| Constellation Energy Corp.  | 3350 | 1183 |
| Pinnacle West Capital Corp.  | 12517 | 1110 |
| NextEra Energy, Inc.  | 12754 | 1024 |
| SembCorp Industries, Ltd.  | 57400 | 268 |
|  |  | 18006 |
| **Consumer staples 3.38%** |  |  |
| Philip Morris International, Inc.  | 28949 | 4643 |
| Imperial Brands PLC  | 108137 | 4546 |
| British American Tobacco PLC  | 75162 | 4260 |
| Nestle SA  | 9977 | 992 |
| Sysco Corp.  | 10540 | 777 |
|  |  | 15218 |
| **Energy 2.76%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 245684 | 8321 |
| Shell PLC (GBP denominated)  | 45924 | 1687 |
| Chevron Corp.  | 6750 | 1029 |
| Cameco Corp. (CAD denominated)  | 7668 | 702 |
| Expand Energy Corp.  | 6349 | 701 |
|  |  | 12440 |
| **Real estate 0.58%** |  |  |
| CTP NV  | 50979 | 1068 |
| Embassy Office Parks REIT  | 181378 | 879 |
| Goodman Logistics (HK), Ltd. REIT  | 31735 | 652 |
|  |  | 2599 |
| **Total common stocks** (cost: $198,233,000) |  | 283766 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **138** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Convertible stocks 0.65% | Shares | Value<br> (000)<br>|
| **Financials 0.35%** |  |  |
| Apollo Global Management, Inc., Class A, cumulative convertible preferred shares, 6.75% 7/31/2026  | 20865 | $1576 |
| **Utilities 0.30%** |  |  |
| NextEra Energy, Inc., convertible preferred shares, 7.234% 11/1/2027  | 27600 | 1345 |
| **Total convertible stocks** (cost: $2,894,000) |  | 2921 |
| Bonds, notes & other debt instruments 29.38% | Principal amount<br> (000)<br>|  |
| **Bonds & notes of governments & government agencies outside the U.S. 12.73%** | **Bonds & notes of governments & government agencies outside the U.S. 12.73%** | **Bonds & notes of governments & government agencies outside the U.S. 12.73%** |
| **Japan 2.26%** |  |  |
| Japan, Series 150, 0.005% 12/20/2026  | JPY84,950 | 538 |
| Japan, Series 346, 0.10% 3/20/2027  | 134150 | 848 |
| Japan, Series 474, 0.70% 7/1/2027  | 106550 | 677 |
| Japan, Series 358, 0.10% 3/20/2030  | 37400 | 225 |
| Japan, Series 363, 0.10% 6/20/2031  | 174700 | 1028 |
| Japan, Series 373, 0.60% 12/20/2033  | 55750 | 323 |
| Japan, Series 152, 1.20% 3/20/2035  | 465250 | 2774 |
| Japan, Series 173, 0.40% 6/20/2040  | 50350 | 238 |
| Japan, Series 176, 0.50% 3/20/2041  | 109950 | 516 |
| Japan, Series 179, 0.50% 12/20/2041  | 50500 | 231 |
| Japan, Series 42, 1.70% 3/20/2044  | 86550 | 463 |
| Japan, Series 192, 2.40% 3/20/2045  | 165550 | 979 |
| Japan, Series 37, 0.60% 6/20/2050  | 26950 | 95 |
| Japan, Series 74, 1.00% 3/20/2052  | 84000 | 316 |
| Japan, Series 76, 1.40% 9/20/2052  | 41100 | 172 |
| Japan, Series 77, 1.60% 12/20/2052  | 76750 | 337 |
| Japan, Series 84, 2.10% 9/20/2054  | 82450 | 404 |
|  |  | 10164 |
| **China 1.23%** |  |  |
| Agricultural Development Bank of China 3.75% 1/25/2029  | CNY550 | 83 |
| China (People's Republic of), Series INBK, 2.64% 1/15/2028  | 4100 | 602 |
| China (People's Republic of), Series INBK, 2.37% 1/15/2029  | 3860 | 568 |
| China (People's Republic of), Series INBK, 2.62% 6/25/2030  | 6220 | 930 |
| China (People's Republic of), Series INBK, 2.88% 2/25/2033  | 2870 | 443 |
| China (People's Republic of), Series INBK, 2.27% 5/25/2034  | 2410 | 357 |
| China (People's Republic of), Series INBK, 1.65% 5/15/2035  | 3980 | 560 |
| China (People's Republic of), Series INBK, 3.00% 10/15/2053  | 360 | 58 |
| China (People's Republic of), Series INBK, 1.92% 1/15/2055  | 1520 | 201 |
| China Development Bank Corp., Series 2004, 3.43% 1/14/2027  | 1060 | 155 |
| China Development Bank Corp., Series 2009, 3.39% 7/10/2027  | 8580 | 1259 |
| China Development Bank Corp., Series 1805, 4.88% 2/9/2028  | 2040 | 311 |
|  |  | 5527 |
| **Supra National 1.07%** |  |  |
| Asian Development Bank 6.72% 2/8/2028  | INR18,000 | 201 |
| European Bank for Reconstruction and Development 5.25% 1/12/2027  | 10100 | 111 |
| European Bank for Reconstruction and Development 6.30% 10/26/2027  | 4300 | 48 |
| European Bank for Reconstruction and Development 6.75% 1/13/2032  | 43800 | 487 |
| European Investment Bank 0.375% 9/15/2027  | EUR110 | 126 |
| European Investment Bank 6.95% 3/1/2029  | INR5,700 | 64 |
| European Investment Bank 0.25% 1/20/2032  | EUR860 | 873 |
| European Investment Bank 7.40% 10/23/2033  | INR19,300 | 222 |
| European Investment Bank 2.875% 1/15/2035  | EUR45 | 52 |
| European Union 2.50% 10/14/2030  | 80 | 93 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **139** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| **Supra National (continued)** |  |  |
| European Union 2.75% 12/13/2032  | EUR70 | $82 |
| European Union 3.375% 10/4/2039  | 40 | 46 |
| European Union 3.625% 12/12/2040  | 1475 | 1728 |
| European Union 4.00% 10/12/2055  | 215 | 249 |
| Inter-American Development Bank 7.00% 1/25/2029  | INR22,000 | 247 |
| International Bank for Reconstruction and Development 6.75% 7/13/2029  | 16200 | 181 |
|  |  | 4810 |
| **Germany 1.05%** |  |  |
| Germany (Federal Republic of) 0% 8/15/2030  | EUR2,459 | 2592 |
| Germany (Federal Republic of) 0% 2/15/2032  | 540 | 544 |
| Germany (Federal Republic of) 1.70% 8/15/2032  | 674 | 750 |
| Germany (Federal Republic of) 2.30% 2/15/2033  | 300 | 345 |
| Germany (Federal Republic of) 2.50% 2/15/2035  | 130 | 149 |
| Germany (Federal Republic of) 1.00% 5/15/2038  | 180 | 166 |
| Germany (Federal Republic of) 0% 8/15/2050  | 300 | 152 |
| Germany (Federal Republic of) 0% 8/15/2052  | 80 | 38 |
|  |  | 4736 |
| **United Kingdom 1.00%** |  |  |
| United Kingdom 1.25% 7/22/2027  | GBP410 | 533 |
| United Kingdom 0.375% 10/22/2030  | 210 | 240 |
| United Kingdom 1.00% 1/31/2032  | 750 | 845 |
| United Kingdom 4.25% 6/7/2032  | 785 | 1068 |
| United Kingdom 3.25% 1/31/2033  | 330 | 418 |
| United Kingdom 3.25% 1/22/2044  | 644 | 680 |
| United Kingdom 1.25% 7/31/2051  | 413 | 247 |
| United Kingdom 4.375% 7/31/2054  | 205 | 242 |
| United Kingdom 2.50% 7/22/2065  | 340 | 256 |
|  |  | 4529 |
| **Italy 0.84%** |  |  |
| Italy (Republic of) 1.35% 4/1/2030  | EUR250 | 279 |
| Italy (Republic of) 4.40% 5/1/2033  | 10 | 13 |
| Italy (Republic of) 4.35% 11/1/2033  | 740 | 937 |
| Italy (Republic of) 4.20% 3/1/2034  | 900 | 1127 |
| Italy (Republic of) 3.65% 8/1/2035  | 795 | 949 |
| Italy (Republic of) 4.50% 10/1/2053  | 210 | 253 |
| Italy (Republic of) 4.30% 10/1/2054  | 200 | 233 |
|  |  | 3791 |
| **Brazil 0.77%** |  |  |
| Brazil (Federative Republic of) 0% 1/1/2026  | BRL10,887 | 1985 |
| Brazil (Federative Republic of) 10.00% 1/1/2029  | 2230 | 377 |
| Brazil (Federative Republic of) 10.00% 1/1/2031  | 1142 | 183 |
| Brazil (Federative Republic of) 10.00% 1/1/2035  | 4075 | 610 |
| Brazil (Federative Republic of) 6.00% 8/15/2040 <sup>(b)</sup>  | 229 | 37 |
| Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(b)</sup>  | 1653 | 263 |
| Brazil (Federative Republic of) 6.00% 8/15/2060 <sup>(b)</sup>  | 229 | 36 |
|  |  | 3491 |
| **France 0.66%** |  |  |
| French Republic O.A.T. 0.75% 2/25/2028  | EUR410 | 466 |
| French Republic O.A.T. 0% 11/25/2030  | 1320 | 1355 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **140** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| **France (continued)** |  |  |
| French Republic O.A.T. 2.00% 11/25/2032  | EUR610 | $667 |
| French Republic O.A.T. 3.25% 5/25/2045  | 160 | 166 |
| French Republic O.A.T. 3.75% 5/25/2056  | 295 | 305 |
|  |  | 2959 |
| **Hungary 0.56%** |  |  |
| Hungary (Republic of) 3.00% 8/21/2030  | HUF548,270 | 1456 |
| Hungary (Republic of) 4.50% 5/27/2032  | 336000 | 920 |
| Magyar Export-Import Bank 6.00% 5/16/2029  | EUR100 | 126 |
|  |  | 2502 |
| **Spain 0.53%** |  |  |
| Spain (Kingdom of) 0% 1/31/2027  | 335 | 385 |
| Spain (Kingdom of) 0.80% 7/30/2027  | 490 | 564 |
| Spain (Kingdom of) 0.50% 10/31/2031  | 165 | 171 |
| Spain (Kingdom of) 3.15% 4/30/2033  | 317 | 376 |
| Spain (Kingdom of) 3.55% 10/31/2033  | 370 | 450 |
| Spain (Kingdom of) 3.25% 4/30/2034  | 120 | 142 |
| Spain (Kingdom of) 3.45% 10/31/2034  | 240 | 288 |
|  |  | 2376 |
| **South Korea 0.46%** |  |  |
| South Korea (Republic of), Series 2712, 2.375% 12/10/2027  | KRW348,590 | 240 |
| South Korea (Republic of), Series 3212, 4.25% 12/10/2032  | 1830410 | 1339 |
| South Korea (Republic of), Series 3512, 3.25% 12/10/2035  | 688360 | 474 |
|  |  | 2053 |
| **Australia 0.45%** |  |  |
| Australia (Commonwealth of), Series 157, 1.50% 6/21/2031  | AUD115 | 66 |
| Australia (Commonwealth of), Series 166, 3.00% 11/21/2033  | 725 | 433 |
| Australia (Commonwealth of), Series 167, 3.75% 5/21/2034  | 905 | 567 |
| New South Wales Treasury Corp. 4.25% 2/20/2036  | 340 | 208 |
| Treasury Corp. of Victoria 5.50% 9/15/2039  | 813 | 530 |
| Treasury Corp. of Victoria 3.625% 9/29/2040  | EUR200 | 231 |
|  |  | 2035 |
| **Malaysia 0.36%** |  |  |
| Malaysia (Federation of), Series 0419, 3.828% 7/5/2034  | MYR3,466 | 876 |
| Malaysia (Federation of), Series 0124, 4.054% 4/18/2039  | 601 | 152 |
| Malaysia (Federation of), Series 0221, 4.417% 9/30/2041  | 180 | 48 |
| Malaysia (Federation of), Series 0223, 4.291% 8/14/2043  | 653 | 170 |
| Malaysia (Federation of), Series 0224, 4.18% 5/16/2044  | 1307 | 336 |
| Malaysia (Federation of), Series 0417, 4.895% 5/8/2047  | 93 | 26 |
|  |  | 1608 |
| **Canada 0.31%** |  |  |
| Canada (Government) 0.25% 3/1/2026  | CAD246 | 179 |
| Canada (Government) 3.50% 3/1/2028  | 1119 | 830 |
| Canada (Government) 1.50% 12/1/2031  | 60 | 40 |
| Nova Scotia (Province of) 3.15% 12/1/2051  | 170 | 95 |
| Ontario (Province of) 3.25% 7/3/2035  | EUR200 | 233 |
|  |  | 1377 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **141** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| **Panama 0.18%** |  |  |
| Panama (Republic of) 7.50% 3/1/2031  | USD560 | $622 |
| Panama (Republic of) 6.40% 2/14/2035  | 200 | 212 |
|  |  | 834 |
| **Greece 0.17%** |  |  |
| Greece (Hellenic Republic of) 3.875% 6/15/2028  | EUR65 | 79 |
| Greece (Hellenic Republic of) 1.50% 6/18/2030  | 90 | 101 |
| Greece (Hellenic Republic of) 1.75% 6/18/2032  | 530 | 578 |
|  |  | 758 |
| **Mexico 0.15%** |  |  |
| United Mexican States, Series M, 5.75% 3/5/2026  | MXN10,710 | 593 |
| United Mexican States, Series M, 8.00% 7/31/2053  | 881 | 42 |
| United Mexican States, Series S, 4.00% 10/29/2054 <sup>(b)</sup>  | 543 | 28 |
|  |  | 663 |
| **Republic of Austria 0.14%** |  |  |
| Austria (Republic of) 0% 2/20/2031  | EUR500 | 514 |
| Austria (Republic of) 2.90% 2/20/2034  | 120 | 140 |
|  |  | 654 |
| **Indonesia 0.11%** |  |  |
| Indonesia (Republic of), Series FR87, 6.50% 2/15/2031  | IDR1,253,000 | 77 |
| Indonesia (Republic of), Series FR96, 7.00% 2/15/2033  | 2543000 | 161 |
| Indonesia (Republic of), Series FR100, 6.625% 2/15/2034  | 1026000 | 64 |
| Indonesia (Republic of), Series 103, 6.75% 7/15/2035  | 2889000 | 182 |
|  |  | 484 |
| **Colombia 0.08%** |  |  |
| Colombia (Republic of) 7.375% 4/25/2030  | USD335 | 355 |
| **Belgium 0.07%** |  |  |
| Belgium (Kingdom of), Series 97, 3.00% 6/22/2033  | EUR270 | 316 |
| **Turkey 0.05%** |  |  |
| Turkey (Republic of) 7.125% 7/17/2032  | USD200 | 212 |
| **Ireland 0.04%** |  |  |
| Ireland (Republic of) 2.60% 10/18/2034  | EUR100 | 114 |
| Ireland (Republic of) 3.00% 10/18/2043  | 80 | 88 |
|  |  | 202 |
| **Estonia 0.04%** |  |  |
| Estonia (Republic of) 3.25% 1/17/2034  | 160 | 187 |
| **Bulgaria 0.03%** |  |  |
| Bulgaria (Republic of) 4.50% 1/27/2033  | 120 | 152 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **142** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| **Portugal 0.03%** |  |  |
| Portugal (Republic of) 0.475% 10/18/2030  | EUR50 | $53 |
| Portugal (Republic of) 3.375% 6/15/2040  | 5 | 6 |
| Portugal (Republic of) 3.625% 6/12/2054  | 70 | 77 |
|  |  | 136 |
| **Philippines 0.03%** |  |  |
| Philippines (Republic of) 0.875% 5/17/2027  | 110 | 126 |
| **Netherlands 0.03%** |  |  |
| Netherlands (Kingdom of the) 5.50% 1/15/2028  | 100 | 125 |
| **Poland 0.02%** |  |  |
| Poland (Republic of), Series 1029, 2.75% 10/25/2029  | PLN410 | 108 |
| **Chile 0.01%** |  |  |
| Chile (Republic of) 4.70% 9/1/2030  | CLP55,000 | 60 |
| **Total bonds & notes of governments & government agencies outside the U.S.** |  | 57330 |
| **U.S. Treasury bonds & notes 5.53%** | **U.S. Treasury bonds & notes 5.53%** | **U.S. Treasury bonds & notes 5.53%** |
| **U.S. Treasury 5.05%** |  |  |
| U.S. Treasury 4.50% 4/15/2027  | USD1,160 | 1174 |
| U.S. Treasury 3.75% 4/30/2027  | 1710 | 1715 |
| U.S. Treasury 3.75% 6/30/2027  | 1510 | 1516 |
| U.S. Treasury 4.00% 6/30/2028 <sup>(c)</sup>  | 4484 | 4537 |
| U.S. Treasury 4.625% 9/30/2028  | 1875 | 1928 |
| U.S. Treasury 4.125% 3/31/2029  | 822 | 836 |
| U.S. Treasury 3.50% 9/30/2029  | 755 | 752 |
| U.S. Treasury 4.00% 2/28/2030  | 1094 | 1108 |
| U.S. Treasury 4.00% 5/31/2030  | 1090 | 1104 |
| U.S. Treasury 3.875% 6/30/2030  | 2117 | 2133 |
| U.S. Treasury 3.50% 11/30/2030  | 210 | 208 |
| U.S. Treasury 2.875% 5/15/2032  | 306 | 289 |
| U.S. Treasury 4.625% 2/15/2035 <sup>(c)</sup>  | 1544 | 1604 |
| U.S. Treasury 4.25% 5/15/2035  | 326 | 329 |
| U.S. Treasury 4.00% 11/15/2035  | 390 | 385 |
| U.S. Treasury 1.875% 2/15/2041  | 285 | 199 |
| U.S. Treasury 2.25% 5/15/2041  | 873 | 643 |
| U.S. Treasury 2.875% 11/15/2046  | 200 | 148 |
| U.S. Treasury 1.25% 5/15/2050  | 1155 | 554 |
| U.S. Treasury 1.375% 8/15/2050  | 570 | 281 |
| U.S. Treasury 2.375% 5/15/2051  | 510 | 322 |
| U.S. Treasury 2.00% 8/15/2051  | 560 | 322 |
| U.S. Treasury 4.00% 11/15/2052  | 270 | 235 |
| U.S. Treasury 3.625% 2/15/2053  | 149 | 121 |
| U.S. Treasury 4.25% 8/15/2054  | 320 | 290 |
|  |  | 22733 |
| **U.S. Treasury inflation-protected securities 0.48%** |  |  |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2027 <sup>(b)</sup>  | 377 | 373 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **143** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury inflation-protected securities (continued)** |  |  |
| U.S. Treasury Inflation-Protected Security 2.375% 10/15/2028 <sup>(b)</sup>  | USD698 | $719 |
| U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049 <sup>(b)</sup>  | 272 | 196 |
| U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(b)</sup>  | 934 | 886 |
|  |  | 2174 |
| **Total U.S. Treasury bonds & notes** |  | 24907 |
| **Mortgage-backed obligations 5.43%** | **Mortgage-backed obligations 5.43%** | **Mortgage-backed obligations 5.43%** |
| **Federal agency mortgage-backed obligations 4.11%** |  |  |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(d)</sup>  | 32 | 31 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(d)</sup>  | 242 | 248 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(d)</sup>  | 64 | 67 |
| Fannie Mae Pool #BW9648 3.50% 7/1/2053 <sup>(d)</sup>  | 86 | 79 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(d)</sup>  | 319 | 325 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(d)</sup>  | 387 | 398 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(d)</sup>  | 19 | 19 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(d)</sup>  | 14 | 14 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(d)</sup>  | 2458 | 2526 |
| Fannie Mae Pool #FS8131 5.50% 6/1/2054 <sup>(d)</sup>  | 88 | 90 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(d)</sup>  | 68 | 71 |
| Fannie Mae Pool #DB8491 5.50% 7/1/2054 <sup>(d)</sup>  | 467 | 475 |
| Fannie Mae Pool #FS8467 5.50% 7/1/2054 <sup>(d)</sup>  | 178 | 182 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(d)</sup>  | 133 | 135 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(d)</sup>  | 94 | 97 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(d)</sup>  | 67 | 69 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(d)</sup>  | 85 | 86 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(d)</sup>  | 72 | 75 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(d)</sup>  | 67 | 69 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(d)</sup>  | 51 | 53 |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(d)</sup>  | 6 | 7 |
| Fannie Mae Pool #DC0495 5.50% 9/1/2054 <sup>(d)</sup>  | 316 | 320 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(d)</sup>  | 3 | 3 |
| Fannie Mae Pool #MA5471 6.00% 9/1/2054 <sup>(d)</sup>  | 999 | 1026 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(d)</sup>  | 84 | 87 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(d)</sup>  | 14 | 15 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(d)</sup>  | 10 | 10 |
| Fannie Mae Pool #DC7042 4.50% 12/1/2054 <sup>(d)</sup>  | 281 | 275 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(d)</sup>  | 13 | 13 |
| Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(d)</sup>  | 177 | 168 |
| Fannie Mae Pool #MA5612 4.50% 2/1/2055 <sup>(d)</sup>  | 395 | 386 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(d)</sup>  | 99 | 101 |
| Fannie Mae Pool #DD2618 4.00% 3/1/2055 <sup>(d)</sup>  | 931 | 883 |
| Fannie Mae Pool #DD0782 5.50% 3/1/2055 <sup>(d)</sup>  | 39 | 40 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(d)</sup>  | 37 | 38 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(d)</sup>  | 1470 | 1547 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(d)</sup>  | 38 | 36 |
| Fannie Mae Pool #MA5697 4.00% 5/1/2055 <sup>(d)</sup>  | 57 | 54 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(d)</sup>  | 98 | 98 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(d)</sup>  | 50 | 50 |
| Fannie Mae Pool #MA5737 6.50% 6/1/2055 <sup>(d)</sup>  | 41 | 43 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(d)</sup>  | 235 | 238 |
| Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(d)</sup>  | 155 | 147 |
| Fannie Mae Pool #DF7614 6.50% 12/1/2055 <sup>(d)</sup>  | 81 | 86 |
| Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(d)</sup>  | 323 | 262 |
| Freddie Mac Pool #QE1079 3.50% 4/1/2052 <sup>(d)</sup>  | 66 | 61 |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(d)</sup>  | 95 | 93 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(d)</sup>  | 53 | 52 |
| Freddie Mac Pool #SL1880 6.50% 11/1/2053 <sup>(d)</sup>  | 14 | 14 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(d)</sup>  | 448 | 455 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **144** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(d)</sup>  | USD195 | $198 |
| Freddie Mac Pool #RJ1855 5.00% 6/1/2054 <sup>(d)</sup>  | 26 | 26 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(d)</sup>  | 40 | 41 |
| Freddie Mac Pool #RJ1779 6.00% 6/1/2054 <sup>(d)</sup>  | 78 | 81 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(d)</sup>  | 35 | 35 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(d)</sup>  | 102 | 106 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(d)</sup>  | 64 | 66 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(d)</sup>  | 52 | 54 |
| Freddie Mac Pool #SD8453 5.50% 8/1/2054 <sup>(d)</sup>  | 21 | 21 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(d)</sup>  | 5 | 5 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(d)</sup>  | 151 | 156 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(d)</sup>  | 76 | 79 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(d)</sup>  | 75 | 78 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(d)</sup>  | 72 | 75 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(d)</sup>  | 32 | 33 |
| Freddie Mac Pool #SD8484 4.00% 11/1/2054 <sup>(d)</sup>  | 175 | 166 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(d)</sup>  | 72 | 70 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(d)</sup>  | 64 | 65 |
| Freddie Mac Pool #SD8487 4.00% 12/1/2054 <sup>(d)</sup>  | 94 | 89 |
| Freddie Mac Pool #SD8491 5.00% 12/1/2054 <sup>(d)</sup>  | 205 | 205 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(d)</sup>  | 60 | 61 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(d)</sup>  | 1 | 1 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(d)</sup>  | 330 | 347 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(d)</sup>  | 961 | 975 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(d)</sup>  | 43 | 43 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(d)</sup>  | 89 | 89 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(d)</sup>  | 237 | 237 |
| Freddie Mac Pool #RQ0026 5.00% 7/1/2055 <sup>(d)</sup>  | 874 | 873 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(d)(e)</sup>  | 1030 | 833 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(d)(e)</sup>  | 7 | 7 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2056 <sup>(d)(e)</sup>  | 485 | 460 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(d)(e)</sup>  | 338 | 330 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2056 <sup>(d)(e)</sup>  | 483 | 490 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(d)(e)</sup>  | 20 | 20 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(d)(e)</sup>  | 392 | 361 |
|  |  | 18493 |
| **Commercial mortgage-backed securities 0.61%** |  |  |
| BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 <sup>(d)(f)</sup>  | 55 | 57 |
| BX Trust, Series 2025-BIO3, Class A, 6.138% 2/10/2042 <sup>(d)(g)</sup>  | 140 | 144 |
| BX Trust, Series 2025-ARIA, Class A, 5.031% 12/13/2042 <sup>(d)(f)(g)</sup>  | 335 | 339 |
| BX Trust, Series 2025-VOLT, Class A, (1-month USD CME Term SOFR + 1.70%) 5.70% 12/15/2044 <sup>(d)(f)(g)</sup>  | 298 | 299 |
| Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/2028 <sup>(d)(f)(g)</sup>  | 100 | 104 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(d)(f)(g)</sup>  | 135 | 139 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.20% 12/15/2039 <sup>(d)(f)(g)</sup>  | 24 | 24 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.143% <br>3/15/2042 <sup>(d)(f)(g)</sup>  | 100 | 100 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(d)(f)(g)</sup>  | 157 | 163 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.876% 5/10/2039 <sup>(d)(f)(g)</sup>  | 100 | 101 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 <sup>(d)(f)(g)</sup>  | 131 | 136 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 5.10% <br>3/15/2042 <sup>(d)(f)(g)</sup>  | 295 | 296 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%) <br> 5.293% 12/15/2039 <sup>(d)(f)(g)</sup>  | 139 | 139 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **145** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Commercial mortgage-backed securities (continued)** |  |  |
| Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%) <br> 6.624% 7/25/2054 <sup>(d)(f)(g)</sup>  | USD50 | $51 |
| NYC Commercial Mortgage Trust, Series 2025-28L, Class A, 4.668% 11/5/2038 <sup>(d)(f)(g)</sup>  | 128 | 128 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) <br> 5.193% 2/15/2042 <sup>(d)(f)(g)</sup>  | 555 | 551 |
|  |  | 2771 |
| **Collateralized mortgage-backed obligations (privately originated) 0.49%** |  |  |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(d)(f)(g)</sup>  | 66 | 66 |
| Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) <br> 6.174% 5/25/2043 <sup>(d)(f)(g)</sup>  | 122 | 124 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) <br> 5.774% 6/25/2043 <sup>(d)(f)(g)</sup>  | 55 | 55 |
| Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) <br> 5.574% 7/25/2043 <sup>(d)(f)(g)</sup>  | 35 | 35 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (30-day Average USD-SOFR + 1.80%) <br> 5.674% 1/25/2044 <sup>(d)(f)(g)</sup>  | 55 | 55 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, (30-day Average USD-SOFR + 1.10%) <br> 4.974% 5/25/2044 <sup>(d)(f)(g)</sup>  | 36 | 36 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M2, (30-day Average USD-SOFR + 1.65%) <br> 5.524% 5/25/2044 <sup>(d)(f)(g)</sup>  | 121 | 122 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%) <br> 4.874% 2/25/2045 <sup>(d)(f)(g)</sup>  | 20 | 20 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%) <br> 5.024% 2/25/2045 <sup>(d)(f)(g)</sup>  | 35 | 36 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA1, Class A1, (30-day Average <br> USD-SOFR + 0.95%) 4.824% 1/25/2045 <sup>(d)(f)(g)</sup>  | 23 | 23 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(d)(g)(h)</sup>  | 189 | 191 |
| MFRA Trust, Series 2024-NQM3, Class A1, 5.722% 12/25/2069 (6.722% on 12/1/2028) <sup>(d)(g)(h)</sup>  | 98 | 99 |
| MFRA Trust, Series 2025-NQM3, Class A1, 5.261% 8/25/2070 (6.261% on 7/1/2029) <sup>(d)(g)(h)</sup>  | 96 | 97 |
| New York Mortgage Trust, Series 2024-CP1, Class A1, 3.75% 2/25/2068 <sup>(d)(f)(g)</sup>  | 82 | 77 |
| Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 1/25/2064 (6.988% on 3/1/2028) <sup>(d)(g)(h)</sup>  | 70 | 70 |
| Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(d)(g)(h)</sup>  | 136 | 138 |
| Onslow Bay Financial, LLC, Series 2025-NQM3, Class A1, 5.648% 12/1/2064 (6.648% on 2/1/2029) <sup>(d)(g)(h)</sup>  | 180 | 182 |
| Onslow Bay Financial, LLC, Series 2025-NQM1, Class A1, 5.547% 12/25/2064 (6.547% on <br>12/1/2028) <sup>(d)(g)(h)</sup>  | 197 | 198 |
| Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.201% 2/17/2042 <sup>(d)(f)(g)</sup>  | 100 | 100 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(d)(g)(h)</sup>  | 196 | 199 |
| Verus Securitization Trust, Series 2024-4, Class A2, 6.572% 6/25/2069 (7.572% on 5/1/2028) <sup>(d)(g)(h)</sup>  | 98 | 100 |
| Verus Securitization Trust, Series 2024-9, Class A1, 5.438% 11/25/2069 <sup>(d)(f)(g)</sup>  | 84 | 84 |
| Verus Securitization Trust, Series 2025-7, Class A1, 5.129% 8/25/2070 (6.129% on 8/1/2029) <sup>(d)(g)(h)</sup>  | 120 | 120 |
|  |  | 2227 |
| **Other mortgage-backed securities 0.22%** |  |  |
| Nykredit Realkredit AS, Series 01E, 1.50% 10/1/2037 <sup>(d)</sup>  | DKK397 | 58 |
| Nykredit Realkredit AS, Series 01E, 1.50% 10/1/2040 <sup>(d)</sup>  | 1054 | 151 |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2043 <sup>(d)</sup>  | 4925 | 637 |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2050 <sup>(d)</sup>  | 438 | 50 |
| Nykredit Realkredit AS, Series CCE, 1.00% 10/1/2050 <sup>(d)</sup>  | 530 | 65 |
| Realkredit Danmark AS 1.00% 10/1/2053 <sup>(d)</sup>  | 176 | 22 |
|  |  | 983 |
| **Total mortgage-backed obligations** |  | 24474 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **146** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes 5.05%** | **Corporate bonds and notes 5.05%** | **Corporate bonds and notes 5.05%** |
| **Financials 1.32%** |  |  |
| 200 Park Funding Trust 5.74% 2/15/2055 <sup>(g)</sup>  | USD100 | $100 |
| AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Mid-Swap + 1.10% on 9/9/2028) <sup>(h)</sup>  | EUR230 | 257 |
| AIB Group PLC 5.75% 2/16/2029 (1-year EUR Mid-Swap + 2.85% on 2/16/2028) <sup>(h)</sup>  | 100 | 125 |
| Banco de Sabadell SA 5.25% 2/7/2029 (1-year EUR Mid-Swap + 2.40% on 2/7/2028) <sup>(h)</sup>  | 100 | 123 |
| Banco de Sabadell SA 5.125% 6/27/2034 (5-year EUR Mid-Swap + 2.40% on 6/7/2029) <sup>(h)</sup>  | 100 | 124 |
| Barclays PLC 7.09% 11/6/2029 (1-year GBP-OIS SONIO/N + 2.553% on 11/6/2028) <sup>(h)</sup>  | GBP100 | 143 |
| Barclays PLC 4.616% 3/26/2037 (5-year EUR Mid-Swap + 2.05% on 3/26/2032) <sup>(h)</sup>  | EUR100 | 121 |
| BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on <br> 6/29/2033) <sup>(h)</sup>  | USD200 | 221 |
| BPCE SA 4.50% 1/13/2033  | EUR100 | 123 |
| Brown & Brown, Inc. 5.55% 6/23/2035  | USD7 | 7 |
| CaixaBank SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028) <sup>(g)(h)</sup>  | 200 | 208 |
| CaixaBank SA 4.375% 8/8/2036 (5-year EUR-ICE Swap EURIBOR + 1.95% on 8/8/2031) <sup>(h)</sup>  | EUR200 | 242 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026  | USD10 | 10 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045  | 20 | 17 |
| Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029) <sup>(h)</sup>  | 70 | 71 |
| Corebridge Financial, Inc. 3.90% 4/5/2032  | 59 | 56 |
| Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026) <sup>(h)</sup>  | 160 | 157 |
| Deutsche Bank AG 1.75% 11/19/2030 (3-month EUR-EURIBOR + 2.05% on 11/19/2029) <sup>(h)</sup>  | EUR200 | 222 |
| DNB Bank ASA 4.00% 8/17/2027 (1-year GBP-GILT + 2.15% on 8/17/2026) <sup>(h)</sup>  | GBP100 | 135 |
| Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(h)</sup>  | USD135 | 141 |
| HSBC Holdings PLC 7.39% 11/3/2028 (USD-SOFR + 7.39% on 11/3/2027) <sup>(h)</sup>  | 360 | 381 |
| HSBC Holdings PLC 4.619% 11/6/2031 (USD-SOFR + 1.19% on 11/6/2030) <sup>(h)</sup>  | 200 | 201 |
| HSBC Holdings PLC 7.399% 11/13/2034 (USD-SOFR + 3.02% on 11/13/2033) <sup>(h)</sup>  | 290 | 331 |
| ING Groep NV 5.25% 11/14/2033 (3-month EUR-EURIBOR + 2.15% on 11/14/2032) <sup>(h)</sup>  | EUR100 | 130 |
| JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(h)</sup>  | USD85 | 86 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(h)</sup>  | 280 | 250 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(h)</sup>  | 220 | 231 |
| Mastercard, Inc. 2.00% 11/18/2031  | 102 | 91 |
| Mizuho Financial Group, Inc. 5.778% 7/6/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.65% on 7/6/2028) <sup>(h)</sup>  | 294 | 306 |
| Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(h)</sup>  | 150 | 156 |
| NatWest Group PLC 0.78% 2/26/2030 (3-month EUR-EURIBOR + 0.949% on 2/26/2029) <sup>(h)</sup>  | EUR175 | 192 |
| New York Life Insurance Co. 3.75% 5/15/2050 <sup>(g)</sup>  | USD23 | 17 |
| PNC Financial Services Group, Inc. 6.875% 10/20/2034 (USD-SOFR + 2.284% on 10/20/2033) <sup>(h)</sup>  | 65 | 74 |
| PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(h)</sup>  | 25 | 26 |
| PT Bank Negara Indonesia (Persero) Tbk 5.28% 4/5/2029  | 280 | 287 |
| Standard Chartered PLC 5.244% 5/13/2031 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.35% <br> on 5/13/2030) <sup>(g)(h)</sup>  | 330 | 340 |
| Toronto-Dominion Bank (The) 4.808% 6/3/2030  | 75 | 77 |
| Wells Fargo & Co. 3.90% 7/22/2032 (3-month EUR-EURIBOR + 1.22% on 7/22/2031) <sup>(h)(i)</sup>  | EUR150 | 181 |
|  |  | 5960 |
| **Utilities 0.61%** |  |  |
| Alfa Transmisora De Energia SA 4.55% 9/27/2051  | USD197 | 159 |
| CMS Energy Corp. 3.00% 5/15/2026  | 180 | 179 |
| Duke Energy Corp. 3.75% 4/1/2031  | EUR100 | 119 |
| Electricite de France SA 4.25% 1/25/2032  | 100 | 123 |
| Electricite de France SA 4.00% 5/7/2037  | 100 | 117 |
| Electricite de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on <br> 6/1/2028) <sup>(h)</sup>  | 200 | 230 |
| Electricite de France SA 7.50% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 4.86% on <br> 12/6/2028) <sup>(h)</sup>  | 200 | 256 |
| Enel Finance International NV 2.125% 7/12/2028 <sup>(g)</sup>  | USD200 | 190 |
| Enfragen Energia Sur SA 5.375% 12/30/2030  | 200 | 186 |
| Engie SA 7.00% 10/30/2028  | GBP50 | 72 |
| Exelon Corp. 3.40% 4/15/2026  | USD75 | 75 |
| Interstate Power and Light Co. 2.30% 6/1/2030  | 50 | 46 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **147** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Utilities (continued)** |  |  |
| Pacific Gas and Electric Co. 6.15% 1/15/2033  | USD78 | $83 |
| Pacific Gas and Electric Co. 6.00% 8/15/2035  | 120 | 126 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050  | 120 | 102 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050  | 137 | 93 |
| Public Service Co. of Colorado 2.70% 1/15/2051  | 125 | 76 |
| Southern California Edison Co. 5.45% 3/1/2035  | 150 | 152 |
| Southern California Edison Co. 6.20% 9/15/2055  | 60 | 61 |
| SP Transmission PLC 2.00% 11/13/2031  | GBP100 | 117 |
| Xcel Energy, Inc. 3.35% 12/1/2026  | USD200 | 199 |
|  |  | 2761 |
| **Energy 0.59%** |  |  |
| Ecopetrol SA 8.625% 1/19/2029  | 125 | 134 |
| Empresa Nacional del Petroleo 5.95% 7/30/2034 <sup>(g)</sup>  | 200 | 210 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035  | 25 | 25 |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(g)</sup>  | 225 | 236 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 1455 | 1479 |
| Petroleos Mexicanos 6.95% 1/28/2060  | 80 | 65 |
| Qatar Energy 3.125% 7/12/2041 <sup>(g)</sup>  | 320 | 247 |
| Raizen Fuels Finance SA 6.45% 3/5/2034 <sup>(g)</sup>  | 200 | 163 |
| TotalEnergies Capital SA 5.488% 4/5/2054  | 85 | 82 |
|  |  | 2641 |
| **Communication services 0.57%** |  |  |
| America Movil, SAB de CV, 10.125% 1/22/2029  | MXN9,100 | 522 |
| America Movil, SAB de CV, 9.50% 1/27/2031  | 2000 | 113 |
| America Movil, SAB de CV, 10.30% 1/30/2034  | 2000 | 117 |
| AT&T, Inc. 2.75% 6/1/2031  | USD165 | 152 |
| AT&T, Inc. 5.20% 11/18/2033  | GBP100 | 136 |
| AT&T, Inc. 2.55% 12/1/2033  | USD64 | 55 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(g)</sup>  | 75 | 64 |
| Comcast Corp. 3.55% 5/1/2028  | 70 | 69 |
| Comcast Corp. 0.25% 9/14/2029  | EUR250 | 267 |
| Deutsche Telekom International Finance BV 9.25% 6/1/2032  | USD45 | 56 |
| Orange 3.625% 11/16/2031  | EUR100 | 120 |
| Orange 5.625% 1/23/2034  | GBP90 | 127 |
| T-Mobile USA, Inc. 2.05% 2/15/2028  | USD200 | 192 |
| T-Mobile USA, Inc. 3.15% 2/11/2032  | EUR100 | 116 |
| T-Mobile USA, Inc. 5.15% 4/15/2034  | USD115 | 118 |
| Verizon Communications, Inc. 0.375% 3/22/2029  | EUR140 | 152 |
| Verizon Communications, Inc. 2.355% 3/15/2032  | USD100 | 88 |
| Verizon Communications, Inc. 0.75% 3/22/2032  | EUR100 | 101 |
|  |  | 2565 |
| **Industrials 0.43%** |  |  |
| Boeing Co. (The) 6.298% 5/1/2029  | USD95 | 101 |
| Boeing Co. (The) 6.528% 5/1/2034  | 604 | 668 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041  | 42 | 32 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051  | 129 | 86 |
| Carrier Global Corp. 2.493% 2/15/2027  | 7 | 7 |
| CSX Corp. 3.80% 4/15/2050  | 6 | 5 |
| CSX Corp. 2.50% 5/15/2051  | 75 | 45 |
| GE Capital International Funding Co. Unlimited Co. 4.418% 11/15/2035  | 200 | 195 |
| Honeywell International, Inc. 3.75% 3/1/2036  | EUR100 | 116 |
| Lima Metro Line 2 Finance, Ltd. 5.875% 7/5/2034 <sup>(g)</sup>  | USD76 | 79 |
| MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027 <sup>(g)</sup>  | 200 | 199 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **148** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Industrials (continued)** |  |  |
| RTX Corp. 4.125% 11/16/2028  | USD100 | $100 |
| RTX Corp. 6.10% 3/15/2034  | 55 | 60 |
| RTX Corp. 4.50% 6/1/2042  | 70 | 63 |
| Veralto Corp. 4.15% 9/19/2031  | EUR100 | 122 |
| Veralto Corp. 5.45% 9/18/2033  | USD40 | 42 |
|  |  | 1920 |
| **Consumer discretionary 0.33%** |  |  |
| BMW International Investment BV 4.75% 9/4/2030  | GBP100 | 137 |
| Ford Motor Credit Co., LLC 3.622% 7/27/2028  | EUR200 | 237 |
| Ford Motor Credit Co., LLC 5.73% 9/5/2030  | USD200 | 203 |
| Ford Motor Credit Co., LLC 6.50% 2/7/2035  | 200 | 207 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035  | 140 | 146 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(g)</sup>  | 100 | 99 |
| Hyundai Capital America 5.10% 6/24/2030 <sup>(g)</sup>  | 72 | 74 |
| Hyundai Capital America 4.50% 9/18/2030 <sup>(g)</sup>  | 100 | 100 |
| McDonald's Corp. 1.60% 3/15/2031 <sup>(i)</sup>  | EUR100 | 109 |
| Sands China, Ltd. 4.375% 6/18/2030  | USD200 | 197 |
|  |  | 1509 |
| **Health care 0.33%** |  |  |
| AbbVie, Inc. 5.05% 3/15/2034  | 25 | 26 |
| AbbVie, Inc. 5.35% 3/15/2044  | 25 | 25 |
| AbbVie, Inc. 5.40% 3/15/2054  | 25 | 24 |
| AbbVie, Inc. 5.50% 3/15/2064  | 25 | 24 |
| Amgen, Inc. 2.20% 2/21/2027  | 200 | 196 |
| Amgen, Inc. 4.20% 3/1/2033  | 200 | 196 |
| Amgen, Inc. 5.65% 3/2/2053  | 300 | 294 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054  | 60 | 59 |
| CVS Health Corp. 5.40% 6/1/2029  | 125 | 129 |
| GE HealthCare Technologies, Inc. 4.80% 8/14/2029  | 33 | 34 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033  | 107 | 108 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053  | 21 | 20 |
| Takeda Pharmaceutical Co., Ltd. 2.25% 11/21/2026  | EUR100 | 117 |
| UnitedHealth Group, Inc. 4.00% 5/15/2029  | USD150 | 150 |
| UnitedHealth Group, Inc. 5.625% 7/15/2054  | 65 | 64 |
|  |  | 1466 |
| **Consumer staples 0.32%** |  |  |
| Altria Group, Inc. 2.20% 6/15/2027  | EUR170 | 199 |
| BAT Capital Corp. 3.215% 9/6/2026  | USD62 | 62 |
| BAT Capital Corp. 3.557% 8/15/2027  | 105 | 104 |
| BAT Capital Corp. 3.462% 9/6/2029  | 75 | 73 |
| BAT Capital Corp. 5.625% 8/15/2035  | 243 | 253 |
| Campbell's Co. (The) 4.75% 3/23/2035  | 47 | 45 |
| Coca-Cola Co. 4.65% 8/14/2034  | 61 | 62 |
| Coca-Cola Co. 3.75% 8/15/2053  | EUR125 | 133 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(g)</sup>  | USD105 | 108 |
| Minerva Luxembourg SA 8.875% 9/13/2033  | 200 | 219 |
| Philip Morris International, Inc. 4.00% 10/29/2030  | 60 | 60 |
| Philip Morris International, Inc. 5.75% 11/17/2032  | 110 | 118 |
|  |  | 1436 |
| **Materials 0.30%** |  |  |
| Braskem Netherlands Finance BV 4.50% 1/31/2030  | 220 | 86 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **149** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Materials (continued)** |  |  |
| Braskem Netherlands Finance BV 8.50% 1/12/2031  | USD400 | $157 |
| First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(g)</sup>  | 250 | 263 |
| Nickel Industries, Ltd. 9.00% 9/30/2030 <sup>(g)</sup>  | 200 | 208 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(h)(j)</sup>  | 276 | 280 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(g)(h)(j)</sup>  | 46 | 47 |
| Vale Overseas, Ltd. 3.75% 7/8/2030  | 94 | 91 |
| Verallia SAS 3.875% 11/4/2032  | EUR200 | 229 |
|  |  | 1361 |
| **Information technology 0.15%** |  |  |
| Amphenol Corp. 3.125% 6/16/2032  | 100 | 116 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(g)</sup>  | USD21 | 21 |
| Broadcom, Inc. 4.15% 11/15/2030  | 30 | 30 |
| Broadcom, Inc. 3.469% 4/15/2034  | 123 | 112 |
| Oracle Corp. 2.65% 7/15/2026  | 216 | 214 |
| SK hynix, Inc. 1.50% 1/19/2026  | 200 | 200 |
|  |  | 693 |
| **Real estate 0.10%** |  |  |
| American Tower Corp. 0.875% 5/21/2029  | EUR130 | 143 |
| Equinix Europe 2 Financing Corp., LLC 5.50% 6/15/2034  | USD100 | 103 |
| Equinix, Inc. 2.15% 7/15/2030  | 176 | 160 |
| Essex Portfolio, LP 3.375% 4/15/2026  | 40 | 40 |
|  |  | 446 |
| **Total corporate bonds and notes** |  | 22758 |
| **Asset-backed obligations 0.54%** | **Asset-backed obligations 0.54%** | **Asset-backed obligations 0.54%** |
| **Other asset-backed securities 0.29%** |  |  |
| Apollo Aviation Securitization Equity Trust, Series 2025-3A, Class A, 5.243% 2/16/2050 <sup>(d)(g)</sup>  | 323 | 324 |
| Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(d)(g)</sup>  | 93 | 95 |
| NMEF Funding, LLC, Series 2025-A, Class A2, 4.72% 7/15/2032 <sup>(d)(g)</sup>  | 76 | 76 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(d)(g)</sup>  | 208 | 211 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class B, 7.15% 6/17/2031 <sup>(d)(g)</sup>  | 100 | 101 |
| PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 <sup>(d)(g)</sup>  | 86 | 87 |
| SCF Equipment Trust, LLC, Series 2025-1A, Class A3, 5.11% 11/21/2033 <sup>(d)(g)</sup>  | 231 | 236 |
| U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(d)(g)</sup>  | 161 | 162 |
|  |  | 1292 |
| **Credit card 0.11%** |  |  |
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class A, 4.84% 9/15/2029 <sup>(d)(g)</sup>  | 100 | 100 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class A1, 6.20% 8/15/2029 <sup>(d)(g)</sup>  | 113 | 114 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class B, 6.59% 8/15/2029 <sup>(d)(g)</sup>  | 100 | 100 |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78% 12/16/2030 <sup>(d)(g)</sup>  | 100 | 101 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.06% 9/15/2031 <sup>(d)(g)</sup>  | 100 | 101 |
|  |  | 516 |
| **Auto loan 0.09%** |  |  |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class A, 5.20% 10/20/2027 <sup>(d)(g)</sup>  | 125 | 126 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(d)(g)</sup>  | 148 | 154 |
| Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(d)(g)</sup>  | 100 | 101 |
| Securitized Term Auto Receivables Trust, Series 2025-A, Class B, 5.038% 7/25/2031 <sup>(d)(g)</sup>  | 10 | 10 |
|  |  | 391 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **150** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Collateralized loan obligations 0.04%** |  |  |
| Steele Creek CLO, Ltd., Series 2019-2A, Class ARR, (3-month USD CME Term SOFR + 1.00%) 4.905% <br>7/15/2032 <sup>(d)(f)(g)</sup>  | USD181 | $180 |
| **Student loan 0.01%** |  |  |
| SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) 5.534% <br> 11/15/2052 <sup>(d)(f)(g)</sup>  | 62 | 63 |
| **Total asset-backed obligations** |  | 2442 |
| **Federal agency bonds & notes 0.07%** | **Federal agency bonds & notes 0.07%** | **Federal agency bonds & notes 0.07%** |
| Export-Import Bank of Thailand 5.354% 5/16/2029  | 200 | 208 |
| Korea Development Bank 6.75% 7/1/2030  | INR10,000 | 110 |
|  |  | 318 |
| **Municipals 0.03%** | **Municipals 0.03%** | **Municipals 0.03%** |
| **Ohio 0.02%** |  |  |
| Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, <br> 3.216% 2/15/2048  | USD100 | 74 |
| **Texas 0.01%** |  |  |
| Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% <br> 10/1/2052  | 80 | 55 |
| **Total municipals** |  | 129 |
| **Total bonds, notes & other debt instruments** (cost: $134,692,000) |  | 132358 |
| Investment funds 0.94% | Shares |  |
| Capital Group Central Corporate Bond Fund <sup>(k)</sup>  | 499957 | 4250 |
| **Total investment funds** (cost: $3,967,000) |  | 4250 |
| Short-term securities 6.16% |  |  |
| **Money market investments 6.16%** | **Money market investments 6.16%** | **Money market investments 6.16%** |
| Capital Group Central Cash Fund 3.79% <sup>(k)(l)</sup>  | 277543 | 27757 |
| **Total short-term securities** (cost: $27,752,000) |  | 27757 |
| Options purchased (equity style) 0.00% |  |  |
| Options purchased (equity style)\* |  | 2 |
| **Total options purchased (equity style)** (cost: $10,000) |  | 2 |
| **Total investment securities 100.13%** (cost: $367,548,000) |  | 451054 |
| Other assets less liabilities (0.13)% |  | (587)<br>|
| **Net assets 100.00%** |  | $450467 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **151** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

**\*Options purchased (equity style)**

------

**Options on foreign currencies** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| USD/JPY Foreign Currency Options | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPY147.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD2,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2 |

---

**Options purchased (futures style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| 10 Year Euro-Bund Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR126.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR1,800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(m)</sup><br>|

---

**Options written (futures style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| 10 Year Euro-Bund Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR131.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR(1,800)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 3 Month CORRA Futures | Long | 96 | 6/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD17,086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $52 |
| 3 Month CORRA Futures | Short | 4 | 9/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (712)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| 2 Year Italy Government Bond Futures | Long | 44 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)<br>|
| 2 Year Euro-Schatz Futures | Short | 22 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2761)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| 2 Year Canadian Government Bond Futures | Long | 12 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 111 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| 5 Year Euro-Bobl Futures | Long | 22 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15)<br>|
| 5 Year Canadian Government Bond Futures | Long | 14 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 15 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| 10 Year Euro-Bund Futures | Long | 5 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| 10 Year French Government Bond Futures | Short | 3 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (425)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| 10 Year Italy Government Bond Futures | Short | 8 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1130)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **152** |

---

------

American Funds Global Balanced Fund (continued)

**Futures contracts** (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of<br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration<br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value and<br> unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 10 Year Australian Treasury Bond Futures | Long | 8 | 3/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 |
| 10 Year Japanese Government Bond Futures | Short | 3 | 3/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2536)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| 10 Year U.S. Treasury Note Futures | Long | 26 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Long | 6 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)<br>|
| 10 Year UK Gilt Futures | Short | 2 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (246)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| 10 Year Canadian Government Bond Futures | Short | 7 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (617)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| 20 Year U.S. Treasury Bond Futures | Long | 15 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| 30 Year Euro-Buxl Futures | Short | 8 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1035)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 13 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(14)<br>|

---

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br>(000) | Currency purchased <br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| TRY | 13630 | USD | 312 | Citibank | 1/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 |
| USD | 899 | MYR | 3710 | JPMorgan Chase | 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>|
| USD | 725 | JPY | 112210 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| USD | 355 | JPY | 54745 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| USD | 277 | JPY | 42750 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| CHF | 130 | USD | 163 | JPMorgan Chase | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| CZK | 13595 | EUR | 562 | JPMorgan Chase | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| USD | 21 | CLP | 19505 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| USD | 464 | IDR | 7740641 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| JPY | 33170 | USD | 212 | BNP Paribas | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| USD | 244 | MXN | 4405 | Morgan Stanley | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| USD | 78 | COP | 300000 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 517 | CHF | 410 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| JPY | 10610 | USD | 69 | Morgan Stanley | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 339 | CHF | 270 | Goldman Sachs | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 1134 | INR | 102200 | HSBC Bank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 415 | CZK | 8586 | JPMorgan Chase | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 334 | GBP | 250 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 291 | MXN | 5330 | UBS AG | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 606 | EUR | 520 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)<br>|
| USD | 443 | KRW | 655190 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|
| USD | 1103 | CAD | 1535 | Barclays Bank PLC | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>|
| USD | 1614 | KRW | 2363730 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| CNH | 17205 | USD | 2438 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| ZAR | 3460 | USD | 202 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| CNH | 4541 | USD | 646 | Goldman Sachs | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| EUR | 186 | CAD | 300 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| NZD | 47 | USD | 27 | Bank of America | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| EUR | 411 | GBP | 360 | UBS AG | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 64 | NOK | 651 | Morgan Stanley | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 71 | RON | 310 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 123 | SGD | 160 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 264 | MXN | 4785 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 107 | PLN | 390 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 93 | SEK | 870 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 2079 | AUD | 3141 | Morgan Stanley | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **153** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

**Forward currency contracts** (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased<br> (000) | Currency purchased<br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| USD | 2316 | HUF | 767740 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(29)<br>|
| USD | 668 | THB | 20965 | UBS AG | 1/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| USD | 8604 | JPY | 1330280 | Goldman Sachs | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| EUR | 395 | DKK | 2950 | HSBC Bank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| EUR | 160 | USD | 188 | JPMorgan Chase | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| USD | 93 | ILS | 300 | HSBC Bank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 2540 | EUR | 2180 | Morgan Stanley | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| USD | 7733 | CNH | 54343 | Goldman Sachs | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65)<br>|
| EUR | 529 | GBP | 465 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| USD | 3966 | GBP | 2966 | Citibank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32)<br>|
| GBP | 466 | EUR | 530 | HSBC Bank | 1/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| USD | 631 | GBP | 470 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 2832 | BRL | 15446 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| USD | 288 | BRL | 1600 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 26139 | EUR | 22194 | HSBC Bank | 1/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| EUR | 1365 | USD | 1610 | Standard Chartered Bank | 1/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| EUR | 3015 | USD | 3548 | Morgan Stanley | 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| EUR | 1050 | USD | 1236 | Morgan Stanley | 3/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(52)<br>|

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| 3.79165% | Annual | SOFR | Annual | &nbsp;&nbsp; 1/13/2026 | &nbsp;&nbsp; USD865 | &nbsp;&nbsp; $— <br><sup>(m)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— <br><sup>(m)</sup><br>|
| 4.254% | Annual | SONIA | Annual | &nbsp;&nbsp; 5/9/2027 | &nbsp;&nbsp; GBP70 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| 3.5175% | Annual | SOFR | Annual | &nbsp;&nbsp; 8/15/2027 | &nbsp;&nbsp; USD210 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| SOFR | Annual | 3.4925% | Annual | &nbsp;&nbsp; 8/19/2027 | &nbsp;&nbsp; USD8,340 | &nbsp;&nbsp; (21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (21)<br>|
| SOFR | Annual | 3.3395% | Annual | &nbsp;&nbsp; 9/23/2027 | &nbsp;&nbsp; USD8,510 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2)<br>|
| 4.98038% | Annual | SONIA | Annual | &nbsp;&nbsp; 6/21/2028 | &nbsp;&nbsp; GBP267 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12 |
| SOFR | Annual | 3.29015% | Annual | &nbsp;&nbsp; 1/13/2030 | &nbsp;&nbsp; USD2,870 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12 |
| 6-month EURIBOR | Semi-annual | 2.2577% | Annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; EUR310 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 |
| 6-month EURIBOR | Semi-annual | 2.2562% | Annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; EUR310 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 |
| 6-month EURIBOR | Semi-annual | 2.2592% | Annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; EUR310 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| 3.925% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; NOK3,700 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2)<br>|
| 6-month EURIBOR | Semi-annual | 2.1912% | Annual | &nbsp;&nbsp; 3/6/2030 | &nbsp;&nbsp; EUR280 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/24/2030 | &nbsp;&nbsp; NOK1,500 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| 4.1703% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/24/2030 | &nbsp;&nbsp; NOK960 | &nbsp;&nbsp; — <br><sup>(m)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| 4.162% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/24/2030 | &nbsp;&nbsp; NOK970 | &nbsp;&nbsp; — <br><sup>(m)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/25/2030 | &nbsp;&nbsp; NOK3,540 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| 6-month NOK-NIBOR | Semi-annual | 3.99% | Annual | &nbsp;&nbsp; 9/22/2030 | &nbsp;&nbsp; NOK2,420 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| 6-month NOK-NIBOR | Semi-annual | 4.08% | Annual | &nbsp;&nbsp; 9/23/2030 | &nbsp;&nbsp; NOK2,390 | &nbsp;&nbsp; — <br><sup>(m)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| 6-month NOK-NIBOR | Semi-annual | 4.095% | Annual | &nbsp;&nbsp; 9/23/2030 | &nbsp;&nbsp; NOK2,390 | &nbsp;&nbsp; — <br><sup>(m)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| 6-month NOK-NIBOR | Semi-annual | 4.09% | Annual | &nbsp;&nbsp; 9/23/2030 | &nbsp;&nbsp; NOK1,220 | &nbsp;&nbsp; — <br><sup>(m)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| SONIA | Annual | 4.36738% | Annual | &nbsp;&nbsp; 6/21/2033 | &nbsp;&nbsp; GBP62 | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **154** |

---

------

American Funds Global Balanced Fund (continued)

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Expiration<br> date | Notional<br> amount<br> (000) | Value at<br> 12/31/2025<br> (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| Rate | &nbsp;&nbsp; Payment<br> frequency<br>| Rate | &nbsp;&nbsp; Payment<br> frequency<br>| Expiration<br> date | Notional<br> amount<br> (000) | Value at<br> 12/31/2025<br> (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| 6-month EURIBOR | Semi-annual | 2.8972% | Annual | &nbsp;&nbsp; 9/11/2055 | &nbsp;&nbsp; EUR180 | &nbsp;&nbsp; $14 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14 |
| SOFR | Annual | 3.9305% | Annual | &nbsp;&nbsp; 9/23/2055 | &nbsp;&nbsp; USD940 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38 |
|  |  |  |  |  |  | &nbsp;&nbsp; $68 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $68 |

---

**Bilateral interest rate swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Counterparty | &nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp; Notional <br>amount <br>(000) | &nbsp;&nbsp; Value at <br>12/31/2025 <br>(000) | &nbsp;&nbsp; Upfront <br>premium <br>paid <br>(received) <br>(000) | &nbsp;&nbsp; Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Counterparty | &nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp; Notional <br>amount <br>(000) | &nbsp;&nbsp; Value at <br>12/31/2025 <br>(000) | &nbsp;&nbsp; Upfront <br>premium <br>paid <br>(received) <br>(000) | &nbsp;&nbsp; Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| 11.91% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL2,940 | &nbsp;&nbsp; $(22)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(22)<br>|
| 13.995% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL6,010 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22 |
| 14.115% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL1,660 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8 |
| 14.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL1,210 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 |
| 14.05% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL740 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| 11.495% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL1,530 | &nbsp;&nbsp; (22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (22)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $(6)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6)<br>|

---

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| ITRAXX.EUR.44 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; EUR1,520 | &nbsp;&nbsp;&nbsp;&nbsp; $(41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(3)<br>|

---

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <sup>(n)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <sup>(o)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.45 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,928 | &nbsp;&nbsp;&nbsp;&nbsp; $44 | &nbsp;&nbsp;&nbsp;&nbsp; $44 | &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(m)</sup><br>|

---

**Investments in affiliates** <sup>(k)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Investment funds 0.94%** |  |  |  |  |  |  |  |
| Capital Group Central Corporate Bond Fund  | $3953 | &nbsp;&nbsp; $195 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $102 | &nbsp;&nbsp; $4250 | &nbsp;&nbsp; $195 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **155** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

**Investments in affiliates** <sup>(k)</sup> (continued)

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> 1/1/2025<br> (000)<br>| Additions<br> (000)<br>| Reductions<br> (000)<br>| Net<br> realized<br> gain (loss)<br> (000)<br>| Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000)<br>| Value at<br> 12/31/2025<br> (000)<br>| Dividend<br> or interest<br> income<br> (000)<br>|
| **Short-term securities 6.16%** |  |  |  |  |  |  |  |
| **Money market investments 6.16%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(l)</sup>  | $22187 | &nbsp;&nbsp; $115565 | &nbsp;&nbsp; $109995 | &nbsp;&nbsp; $(2)<br>| &nbsp;&nbsp; $2 | &nbsp;&nbsp; $27757 | &nbsp;&nbsp; $1158 |
| **Total 7.10%** |  |  |  | &nbsp;&nbsp; $(2)<br>| &nbsp;&nbsp; $104 | &nbsp;&nbsp; $32007 | &nbsp;&nbsp; $1353 |

---

**Restricted securities** <sup>(i)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Wells Fargo & Co. 3.90% 7/22/2032 (3-month EUR-EURIBOR + 1.22% on <br> 7/22/2031) <sup>(h)</sup> <br>| 12/4/2024 | $163 | $181 | 0.04<br> %<br>|
| McDonald's Corp. 1.60% 3/15/2031  | 9/30/2024 | 104 | 109 | 0.02 |
| **Total** |  | $267 | $290 | 0.06<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(c)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $899,000, which represented 0.20% of the net assets of the fund. 

<sup>(d)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(e)</sup> Represents securities transacted on a TBA basis.

<sup>(f)</sup> 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. 

<sup>(g)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $10,356,000, which represented 2.30% of the net assets of the fund. 

<sup>(h)</sup> Step bond; coupon rate may change at a later date.

<sup>(i)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(j)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

<sup>(k)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(l)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(m)</sup> Amount less than one thousand.

<sup>(n)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>(o)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **156** |

---

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| AUD = Australian dollars |
| BRL = Brazilian reais |
| BZDIOVER = Overnight Brazilian Interbank Deposit Rate |
| CAD = Canadian dollars |
| CHF = Swiss francs |
| CLO = Collateralized Loan Obligations |
| CLP = Chilean pesos |
| CME = CME Group |
| CNH = Chinese yuan renminbi |
| CNY = Chinese yuan renminbi |
| COP = Colombian pesos |
| CORRA = Canadian Overnight Repo Rate Average |
| CZK = Czech korunas |
| DKK = Danish kroner |
| EUR = Euros |
| EURIBOR = Euro Interbank Offered Rate |
| GBP = British pounds |
| HUF = Hungarian forints |
| ICE = Intercontinental Exchange, Inc. |
| IDR = Indonesian rupiah |
| ILS = Israeli shekels |
| INR = Indian rupees |
| JPY = Japanese yen |

---

---

| |
|:---|
| KRW = South Korean won |
| MXN = Mexican pesos |
| MYR = Malaysian ringgits |
| NIBOR = Norwegian Interbank Offered Rate |
| NOK = Norwegian kroner |
| NZD = New Zealand dollars |
| OIS = Overnight Index Swap |
| PIK = Payment In Kind |
| PLN = Polish zloty |
| Ref. = Refunding |
| REIT = Real Estate Investment Trust |
| Rev. = Revenue |
| RON = Romanian leu |
| SEK = Swedish kronor |
| SGD = Singapore dollars |
| SOFR = Secured Overnight Financing Rate |
| SONIA = Sterling Overnight Interbank Average Rate |
| SONIO/N = Sonio O/N Deposit Rates Swap |
| TBA = To be announced |
| THB = Thai baht |
| TRY = Turkish lira |
| USD = U.S. dollars |
| UST = U.S. Treasury |
| ZAR = South African rand |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **157** | American Funds Insurance Series |

---

------

The Bond Fund of America

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 95.01% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations 32.02%** | **Mortgage-backed obligations 32.02%** | **Mortgage-backed obligations 32.02%** |
| **Federal agency mortgage-backed obligations 25.58%** |  |  |
| Fannie Mae Pool #AR3058 3.00% 1/1/2028 <sup>(a)</sup>  | USD17 | $17 |
| Fannie Mae Pool #AS8018 3.00% 9/1/2031 <sup>(a)</sup>  | 22 | 22 |
| Fannie Mae Pool #BM4741 3.00% 4/1/2032 <sup>(a)</sup>  | 9 | 9 |
| Fannie Mae Pool #FM2499 2.50% 2/1/2035 <sup>(a)</sup>  | 1896 | 1813 |
| Fannie Mae Pool #CB2248 2.50% 11/1/2036 <sup>(a)</sup>  | 93 | 88 |
| Fannie Mae Pool #913966 6.00% 2/1/2037 <sup>(a)</sup>  | 29 | 31 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(a)</sup>  | 1645 | 1557 |
| Fannie Mae Pool #MA4665 2.50% 7/1/2037 <sup>(a)</sup>  | 677 | 640 |
| Fannie Mae Pool #945680 6.00% 9/1/2037 <sup>(a)</sup>  | 316 | 334 |
| Fannie Mae Pool #924866 6.015% 10/1/2037 <sup>(a)(b)</sup>  | 125 | 127 |
| Fannie Mae Pool #988588 5.50% 8/1/2038 <sup>(a)</sup>  | 140 | 146 |
| Fannie Mae Pool #889982 5.50% 11/1/2038 <sup>(a)</sup>  | 594 | 620 |
| Fannie Mae Pool #AB1297 5.00% 8/1/2040 <sup>(a)</sup>  | 134 | 138 |
| Fannie Mae Pool #AH8144 5.00% 4/1/2041 <sup>(a)</sup>  | 671 | 686 |
| Fannie Mae Pool #AH9479 5.00% 4/1/2041 <sup>(a)</sup>  | 666 | 685 |
| Fannie Mae Pool #FM7365 2.00% 5/1/2041 <sup>(a)</sup>  | 102235 | 89225 |
| Fannie Mae Pool #AI1862 5.00% 5/1/2041 <sup>(a)</sup>  | 639 | 658 |
| Fannie Mae Pool #AI3510 5.00% 6/1/2041 <sup>(a)</sup>  | 322 | 331 |
| Fannie Mae Pool #AJ0704 5.00% 9/1/2041 <sup>(a)</sup>  | 292 | 300 |
| Fannie Mae Pool #AJ5391 5.00% 11/1/2041 <sup>(a)</sup>  | 161 | 166 |
| Fannie Mae Pool #AZ3904 4.00% 5/1/2045 <sup>(a)</sup>  | 38 | 37 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045 <sup>(a)</sup>  | 1540 | 1462 |
| Fannie Mae Pool #MA5786 7.00% 7/1/2045 <sup>(a)</sup>  | 231 | 243 |
| Fannie Mae Pool #AL8522 3.50% 5/1/2046 <sup>(a)</sup>  | 667 | 633 |
| Fannie Mae Pool #BD1968 4.00% 7/1/2046 <sup>(a)</sup>  | 727 | 703 |
| Fannie Mae Pool #BD5477 4.00% 7/1/2046 <sup>(a)</sup>  | 115 | 111 |
| Fannie Mae Pool #BM5148 4.00% 10/1/2046 <sup>(a)</sup>  | 4084 | 3963 |
| Fannie Mae Pool #BE0592 4.00% 11/1/2046 <sup>(a)</sup>  | 289 | 276 |
| Fannie Mae Pool #BE8885 4.00% 3/1/2047 <sup>(a)</sup>  | 702 | 681 |
| Fannie Mae Pool #MA3058 4.00% 7/1/2047 <sup>(a)</sup>  | 31 | 30 |
| Fannie Mae Pool #CA0770 3.50% 11/1/2047 <sup>(a)</sup>  | 3647 | 3424 |
| Fannie Mae Pool #BJ1515 4.00% 11/1/2047 <sup>(a)</sup>  | 1721 | 1668 |
| Fannie Mae Pool #CA0706 4.00% 11/1/2047 <sup>(a)</sup>  | 64 | 62 |
| Fannie Mae Pool #BM4413 4.50% 12/1/2047 <sup>(a)</sup>  | 1995 | 1983 |
| Fannie Mae Pool #CA1189 3.50% 2/1/2048 <sup>(a)</sup>  | 1043 | 979 |
| Fannie Mae Pool #BJ5749 4.00% 5/1/2048 <sup>(a)</sup>  | 14 | 13 |
| Fannie Mae Pool #BF0293 3.00% 7/1/2048 <sup>(a)</sup>  | 5216 | 4728 |
| Fannie Mae Pool #BF0318 3.50% 8/1/2048 <sup>(a)</sup>  | 3839 | 3614 |
| Fannie Mae Pool #BM5349 4.00% 9/1/2048 <sup>(a)</sup>  | 16627 | 16110 |
| Fannie Mae Pool #FM4891 3.50% 10/1/2048 <sup>(a)</sup>  | 15508 | 14679 |
| Fannie Mae Pool #BM4676 4.00% 10/1/2048 <sup>(a)</sup>  | 9 | 9 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(a)</sup>  | 399 | 379 |
| Fannie Mae Pool #CA3807 3.00% 7/1/2049 <sup>(a)</sup>  | 1046 | 951 |
| Fannie Mae Pool #CA3806 3.00% 7/1/2049 <sup>(a)</sup>  | 703 | 640 |
| Fannie Mae Pool #FS5372 3.50% 7/1/2049 <sup>(a)</sup>  | 2075 | 1957 |
| Fannie Mae Pool #FM1262 4.00% 7/1/2049 <sup>(a)</sup>  | 16776 | 16198 |
| Fannie Mae Pool #FM0007 3.50% 9/1/2049 <sup>(a)</sup>  | 11941 | 11207 |
| Fannie Mae Pool #FM1589 3.50% 9/1/2049 <sup>(a)</sup>  | 3203 | 2996 |
| Fannie Mae Pool #FM1954 3.50% 11/1/2049 <sup>(a)</sup>  | 5177 | 4840 |
| Fannie Mae Pool #FS5313 3.50% 1/1/2050 <sup>(a)</sup>  | 23734 | 22304 |
| Fannie Mae Pool #CA5504 2.50% 4/1/2050 <sup>(a)</sup>  | 11 | 9 |
| Fannie Mae Pool #CA5659 2.50% 5/1/2050 <sup>(a)</sup>  | 249 | 212 |
| Fannie Mae Pool #CA5968 2.50% 6/1/2050 <sup>(a)</sup>  | 4712 | 4072 |
| Fannie Mae Pool #CA6168 2.50% 6/1/2050 <sup>(a)</sup>  | 520 | 441 |
| Fannie Mae Pool #BP5576 2.50% 6/1/2050 <sup>(a)</sup>  | 40 | 33 |
| Fannie Mae Pool #FM5507 3.00% 7/1/2050 <sup>(a)</sup>  | 14584 | 13192 |
| Fannie Mae Pool #CA6309 3.00% 7/1/2050 <sup>(a)</sup>  | 4986 | 4532 |
| Fannie Mae Pool #CA6349 3.00% 7/1/2050 <sup>(a)</sup>  | 1623 | 1441 |
| Fannie Mae Pool #CA6727 2.50% 8/1/2050 <sup>(a)</sup>  | 4629 | 3931 |
| Fannie Mae Pool #CA6918 2.50% 8/1/2050 <sup>(a)</sup>  | 926 | 785 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **158** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #FP0058 2.50% 8/1/2050 <sup>(a)</sup>  | USD595 | $505 |
| Fannie Mae Pool #CA6740 3.00% 8/1/2050 <sup>(a)</sup>  | 927 | 824 |
| Fannie Mae Pool #BQ1226 2.00% 9/1/2050 <sup>(a)</sup>  | 1561 | 1277 |
| Fannie Mae Pool #BP6715 2.00% 9/1/2050 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #CA7040 2.50% 9/1/2050 <sup>(a)</sup>  | 16492 | 13964 |
| Fannie Mae Pool #FM4256 2.50% 9/1/2050 <sup>(a)</sup>  | 2472 | 2140 |
| Fannie Mae Pool #CA7028 2.50% 9/1/2050 <sup>(a)</sup>  | 854 | 739 |
| Fannie Mae Pool #FM7195 2.50% 9/1/2050 <sup>(a)</sup>  | 405 | 343 |
| Fannie Mae Pool #BQ2400 2.50% 9/1/2050 <sup>(a)</sup>  | 56 | 48 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(a)</sup>  | 289 | 258 |
| Fannie Mae Pool #CA7529 2.50% 10/1/2050 <sup>(a)</sup>  | 872 | 738 |
| Fannie Mae Pool #CA7257 2.50% 10/1/2050 <sup>(a)</sup>  | 241 | 209 |
| Fannie Mae Pool #FM4684 2.50% 10/1/2050 <sup>(a)</sup>  | 185 | 158 |
| Fannie Mae Pool #FP0034 2.50% 10/1/2050 <sup>(a)</sup>  | 174 | 148 |
| Fannie Mae Pool #CA7381 3.00% 10/1/2050 <sup>(a)</sup>  | 1369 | 1216 |
| Fannie Mae Pool #FM4870 2.00% 11/1/2050 <sup>(a)</sup>  | 1748 | 1418 |
| Fannie Mae Pool #CA7599 2.50% 11/1/2050 <sup>(a)</sup>  | 5795 | 5023 |
| Fannie Mae Pool #FM5309 2.50% 11/1/2050 <sup>(a)</sup>  | 1078 | 916 |
| Fannie Mae Pool #BQ7564 2.50% 11/1/2050 <sup>(a)</sup>  | 650 | 551 |
| Fannie Mae Pool #CA7743 2.50% 11/1/2050 <sup>(a)</sup>  | 24 | 21 |
| Fannie Mae Pool #FM4897 3.00% 11/1/2050 <sup>(a)</sup>  | 14135 | 12789 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050 <sup>(a)</sup>  | 1008 | 823 |
| Fannie Mae Pool #CA8025 2.50% 12/1/2050 <sup>(a)</sup>  | 925 | 786 |
| Fannie Mae Pool #FM5166 3.00% 12/1/2050 <sup>(a)</sup>  | 979 | 870 |
| Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(a)</sup>  | 6320 | 5161 |
| Fannie Mae Pool #BR4104 2.00% 1/1/2051 <sup>(a)</sup>  | 4745 | 3878 |
| Fannie Mae Pool #CA8587 2.00% 1/1/2051 <sup>(a)</sup>  | 40 | 33 |
| Fannie Mae Pool #FM6113 2.50% 1/1/2051 <sup>(a)</sup>  | 20212 | 17285 |
| Fannie Mae Pool #FS5929 2.50% 1/1/2051 <sup>(a)</sup>  | 1512 | 1282 |
| Fannie Mae Pool #FS3550 2.50% 1/1/2051 <sup>(a)</sup>  | 886 | 751 |
| Fannie Mae Pool #FM6293 3.00% 1/1/2051 <sup>(a)</sup>  | 62 | 55 |
| Fannie Mae Pool #BR3283 2.00% 2/1/2051 <sup>(a)</sup>  | 3228 | 2613 |
| Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(a)</sup>  | 693 | 561 |
| Fannie Mae Pool #BR2666 2.00% 2/1/2051 <sup>(a)</sup>  | 364 | 300 |
| Fannie Mae Pool #CA8828 2.50% 2/1/2051 <sup>(a)</sup>  | 4808 | 4141 |
| Fannie Mae Pool #CA9289 2.50% 2/1/2051 <sup>(a)</sup>  | 3395 | 2880 |
| Fannie Mae Pool #FM6556 2.00% 3/1/2051 <sup>(a)</sup>  | 342 | 277 |
| Fannie Mae Pool #FM6764 2.50% 3/1/2051 <sup>(a)</sup>  | 7274 | 6157 |
| Fannie Mae Pool #CA9390 2.50% 3/1/2051 <sup>(a)</sup>  | 1651 | 1398 |
| Fannie Mae Pool #BQ7729 2.50% 3/1/2051 <sup>(a)</sup>  | 938 | 794 |
| Fannie Mae Pool #BR3771 2.00% 4/1/2051 <sup>(a)</sup>  | 8416 | 6815 |
| Fannie Mae Pool #BR7191 2.00% 4/1/2051 <sup>(a)</sup>  | 1803 | 1460 |
| Fannie Mae Pool #BR7719 2.00% 4/1/2051 <sup>(a)</sup>  | 563 | 456 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051 <sup>(a)</sup>  | 27 | 22 |
| Fannie Mae Pool #BN9135 2.50% 4/1/2051 <sup>(a)</sup>  | 4788 | 4053 |
| Fannie Mae Pool #FM6871 2.50% 4/1/2051 <sup>(a)</sup>  | 4506 | 3814 |
| Fannie Mae Pool #MA4306 2.50% 4/1/2051 <sup>(a)</sup>  | 2365 | 2020 |
| Fannie Mae Pool #CB0006 2.50% 4/1/2051 <sup>(a)</sup>  | 415 | 353 |
| Fannie Mae Pool #FM6965 2.50% 4/1/2051 <sup>(a)</sup>  | 313 | 265 |
| Fannie Mae Pool #FS0030 2.50% 4/1/2051 <sup>(a)</sup>  | 168 | 142 |
| Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(a)</sup>  | 2923 | 2610 |
| Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(a)</sup>  | 354 | 317 |
| Fannie Mae Pool #BT0519 2.00% 5/1/2051 <sup>(a)</sup>  | 10452 | 8460 |
| Fannie Mae Pool #FM7411 2.00% 5/1/2051 <sup>(a)</sup>  | 1714 | 1387 |
| Fannie Mae Pool #BR1035 2.00% 5/1/2051 <sup>(a)</sup>  | 16 | 13 |
| Fannie Mae Pool #FM7325 2.50% 5/1/2051 <sup>(a)</sup>  | 1856 | 1578 |
| Fannie Mae Pool #CB0396 2.50% 5/1/2051 <sup>(a)</sup>  | 1744 | 1476 |
| Fannie Mae Pool #FM7408 2.50% 5/1/2051 <sup>(a)</sup>  | 573 | 485 |
| Fannie Mae Pool #BR0999 2.50% 5/1/2051 <sup>(a)</sup>  | 464 | 393 |
| Fannie Mae Pool #FM7409 2.50% 5/1/2051 <sup>(a)</sup>  | 157 | 133 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **159** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #FM7222 2.50% 5/1/2051 <sup>(a)</sup>  | USD32 | $27 |
| Fannie Mae Pool #FM7304 2.50% 5/1/2051 <sup>(a)</sup>  | 26 | 22 |
| Fannie Mae Pool #BT0136 2.00% 6/1/2051 <sup>(a)</sup>  | 1826 | 1478 |
| Fannie Mae Pool #FM7803 2.00% 6/1/2051 <sup>(a)</sup>  | 480 | 397 |
| Fannie Mae Pool #FM7740 2.50% 6/1/2051 <sup>(a)</sup>  | 1359 | 1150 |
| Fannie Mae Pool #CB0844 2.50% 6/1/2051 <sup>(a)</sup>  | 756 | 640 |
| Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(a)</sup>  | 265 | 237 |
| Fannie Mae Pool #FM7510 3.00% 6/1/2051 <sup>(a)</sup>  | 188 | 168 |
| Fannie Mae Pool #MA4378 2.00% 7/1/2051 <sup>(a)</sup>  | 74 | 61 |
| Fannie Mae Pool #CB0988 2.50% 7/1/2051 <sup>(a)</sup>  | 8398 | 7214 |
| Fannie Mae Pool #BT0849 2.50% 7/1/2051 <sup>(a)</sup>  | 4659 | 3954 |
| Fannie Mae Pool #FM9530 2.50% 7/1/2051 <sup>(a)</sup>  | 4300 | 3640 |
| Fannie Mae Pool #CB1134 2.50% 7/1/2051 <sup>(a)</sup>  | 2294 | 1942 |
| Fannie Mae Pool #FM8315 2.50% 7/1/2051 <sup>(a)</sup>  | 950 | 808 |
| Fannie Mae Pool #BT1288 2.50% 7/1/2051 <sup>(a)</sup>  | 545 | 462 |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051 <sup>(a)</sup>  | 408 | 353 |
| Fannie Mae Pool #CB1066 2.50% 7/1/2051 <sup>(a)</sup>  | 204 | 174 |
| Fannie Mae Pool #CB0998 3.00% 7/1/2051 <sup>(a)</sup>  | 1940 | 1718 |
| Fannie Mae Pool #CB1394 2.50% 8/1/2051 <sup>(a)</sup>  | 764 | 647 |
| Fannie Mae Pool #FM8442 2.50% 8/1/2051 <sup>(a)</sup>  | 191 | 162 |
| Fannie Mae Pool #CB1304 3.00% 8/1/2051 <sup>(a)</sup>  | 1275 | 1129 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(a)</sup>  | 3030 | 2565 |
| Fannie Mae Pool #FM8761 2.50% 9/1/2051 <sup>(a)</sup>  | 1894 | 1607 |
| Fannie Mae Pool #FM8658 2.50% 9/1/2051 <sup>(a)</sup>  | 1343 | 1139 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051 <sup>(a)</sup>  | 991 | 849 |
| Fannie Mae Pool #CB1552 2.50% 9/1/2051 <sup>(a)</sup>  | 467 | 398 |
| Fannie Mae Pool #FS4711 2.50% 9/1/2051 <sup>(a)</sup>  | 423 | 358 |
| Fannie Mae Pool #BQ7428 2.50% 9/1/2051 <sup>(a)</sup>  | 297 | 253 |
| Fannie Mae Pool #BT7263 2.50% 9/1/2051 <sup>(a)</sup>  | 289 | 245 |
| Fannie Mae Pool #FM8692 2.50% 9/1/2051 <sup>(a)</sup>  | 54 | 46 |
| Fannie Mae Pool #CB1868 2.50% 10/1/2051 <sup>(a)</sup>  | 1890 | 1600 |
| Fannie Mae Pool #FS5125 2.50% 10/1/2051 <sup>(a)</sup>  | 309 | 261 |
| Fannie Mae Pool #BT9147 2.50% 10/1/2051 <sup>(a)</sup>  | 21 | 18 |
| Fannie Mae Pool #FS4628 3.00% 10/1/2051 <sup>(a)</sup>  | 2949 | 2633 |
| Fannie Mae Pool #MA4465 2.00% 11/1/2051 <sup>(a)</sup>  | 4282 | 3479 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051 <sup>(a)</sup>  | 125 | 102 |
| Fannie Mae Pool #CB2092 2.50% 11/1/2051 <sup>(a)</sup>  | 1978 | 1674 |
| Fannie Mae Pool #CB2088 2.50% 11/1/2051 <sup>(a)</sup>  | 92 | 78 |
| Fannie Mae Pool #FM9810 3.00% 11/1/2051 <sup>(a)</sup>  | 843 | 751 |
| Fannie Mae Pool #MA4492 2.00% 12/1/2051 <sup>(a)</sup>  | 784 | 637 |
| Fannie Mae Pool #FS2824 2.50% 12/1/2051 <sup>(a)</sup>  | 31768 | 26892 |
| Fannie Mae Pool #FM9672 2.50% 12/1/2051 <sup>(a)</sup>  | 1865 | 1583 |
| Fannie Mae Pool #FM9693 2.50% 12/1/2051 <sup>(a)</sup>  | 1577 | 1335 |
| Fannie Mae Pool #CB2404 2.50% 12/1/2051 <sup>(a)</sup>  | 300 | 254 |
| Fannie Mae Pool #BT5284 3.00% 12/1/2051 <sup>(a)</sup>  | 27 | 24 |
| Fannie Mae Pool #CB2787 3.50% 12/1/2051 <sup>(a)</sup>  | 21 | 20 |
| Fannie Mae Pool #BQ7006 2.00% 1/1/2052 <sup>(a)</sup>  | 1799 | 1462 |
| Fannie Mae Pool #FS0235 2.50% 1/1/2052 <sup>(a)</sup>  | 5999 | 5078 |
| Fannie Mae Pool #CB2644 2.50% 1/1/2052 <sup>(a)</sup>  | 5816 | 4923 |
| Fannie Mae Pool #FS6479 2.50% 1/1/2052 <sup>(a)</sup>  | 4273 | 3623 |
| Fannie Mae Pool #FS0392 2.50% 1/1/2052 <sup>(a)</sup>  | 2043 | 1729 |
| Fannie Mae Pool #FS0174 2.50% 1/1/2052 <sup>(a)</sup>  | 1913 | 1622 |
| Fannie Mae Pool #CB2555 2.50% 1/1/2052 <sup>(a)</sup>  | 1695 | 1435 |
| Fannie Mae Pool #FS0370 2.50% 1/1/2052 <sup>(a)</sup>  | 1120 | 948 |
| Fannie Mae Pool #FS4203 2.50% 1/1/2052 <sup>(a)</sup>  | 1086 | 919 |
| Fannie Mae Pool #FS5613 2.50% 1/1/2052 <sup>(a)</sup>  | 329 | 279 |
| Fannie Mae Pool #BU3083 2.50% 1/1/2052 <sup>(a)</sup>  | 295 | 251 |
| Fannie Mae Pool #FS0454 3.00% 1/1/2052 <sup>(a)</sup>  | 897 | 803 |
| Fannie Mae Pool #BV0273 3.00% 1/1/2052 <sup>(a)</sup>  | 568 | 503 |
| Fannie Mae Pool #BU1410 3.00% 1/1/2052 <sup>(a)</sup>  | 540 | 479 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **160** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #BV3076 2.00% 2/1/2052 <sup>(a)</sup>  | USD14,514 | $11751 |
| Fannie Mae Pool #MA4547 2.00% 2/1/2052 <sup>(a)</sup>  | 2418 | 1962 |
| Fannie Mae Pool #BV3083 2.00% 2/1/2052 <sup>(a)</sup>  | 787 | 637 |
| Fannie Mae Pool #BT1967 2.50% 2/1/2052 <sup>(a)</sup>  | 1624 | 1383 |
| Fannie Mae Pool #CB3888 2.50% 2/1/2052 <sup>(a)</sup>  | 1367 | 1160 |
| Fannie Mae Pool #MA4548 2.50% 2/1/2052 <sup>(a)</sup>  | 849 | 723 |
| Fannie Mae Pool #FS1080 2.50% 2/1/2052 <sup>(a)</sup>  | 712 | 603 |
| Fannie Mae Pool #FS1885 2.50% 2/1/2052 <sup>(a)</sup>  | 490 | 416 |
| Fannie Mae Pool #FS2660 2.50% 2/1/2052 <sup>(a)</sup>  | 473 | 401 |
| Fannie Mae Pool #CB3099 2.50% 2/1/2052 <sup>(a)</sup>  | 253 | 215 |
| Fannie Mae Pool #BV2784 2.50% 2/1/2052 <sup>(a)</sup>  | 30 | 26 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(a)</sup>  | 31130 | 28182 |
| Fannie Mae Pool #BV3101 2.00% 3/1/2052 <sup>(a)</sup>  | 1510 | 1222 |
| Fannie Mae Pool #MA4562 2.00% 3/1/2052 <sup>(a)</sup>  | 1214 | 985 |
| Fannie Mae Pool #FS1742 2.00% 3/1/2052 <sup>(a)</sup>  | 1039 | 842 |
| Fannie Mae Pool #BV4172 2.00% 3/1/2052 <sup>(a)</sup>  | 841 | 681 |
| Fannie Mae Pool #BV4133 2.50% 3/1/2052 <sup>(a)</sup>  | 2639 | 2238 |
| Fannie Mae Pool #CB3031 2.50% 3/1/2052 <sup>(a)</sup>  | 1681 | 1431 |
| Fannie Mae Pool #BV5800 2.50% 3/1/2052 <sup>(a)</sup>  | 1000 | 849 |
| Fannie Mae Pool #FS4433 2.50% 3/1/2052 <sup>(a)</sup>  | 627 | 535 |
| Fannie Mae Pool #BV4119 2.50% 3/1/2052 <sup>(a)</sup>  | 377 | 321 |
| Fannie Mae Pool #MA4563 2.50% 3/1/2052 <sup>(a)</sup>  | 34 | 29 |
| Fannie Mae Pool #BV4199 3.00% 3/1/2052 <sup>(a)</sup>  | 4985 | 4417 |
| Fannie Mae Pool #FS1374 3.00% 3/1/2052 <sup>(a)</sup>  | 973 | 862 |
| Fannie Mae Pool #CB3346 2.00% 4/1/2052 <sup>(a)</sup>  | 5431 | 4396 |
| Fannie Mae Pool #FS1598 2.00% 4/1/2052 <sup>(a)</sup>  | 1603 | 1300 |
| Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(a)</sup>  | 724 | 587 |
| Fannie Mae Pool #CB3354 2.50% 4/1/2052 <sup>(a)</sup>  | 30865 | 26126 |
| Fannie Mae Pool #BV4656 2.50% 4/1/2052 <sup>(a)</sup>  | 1508 | 1282 |
| Fannie Mae Pool #BV8126 2.50% 4/1/2052 <sup>(a)</sup>  | 161 | 137 |
| Fannie Mae Pool #CB3379 4.00% 4/1/2052 <sup>(a)</sup>  | 1361 | 1301 |
| Fannie Mae Pool #FS1655 4.00% 4/1/2052 <sup>(a)</sup>  | 251 | 240 |
| Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(a)</sup>  | 3598 | 2923 |
| Fannie Mae Pool #FS8650 2.50% 5/1/2052 <sup>(a)</sup>  | 20039 | 17013 |
| Fannie Mae Pool #BV9644 2.50% 5/1/2052 <sup>(a)</sup>  | 2089 | 1778 |
| Fannie Mae Pool #FS5033 2.50% 5/1/2052 <sup>(a)</sup>  | 1000 | 851 |
| Fannie Mae Pool #MA4598 2.50% 5/1/2052 <sup>(a)</sup>  | 931 | 792 |
| Fannie Mae Pool #FS7060 3.00% 5/1/2052 <sup>(a)</sup>  | 6239 | 5526 |
| Fannie Mae Pool #CB3780 3.50% 5/1/2052 <sup>(a)</sup>  | 1992 | 1847 |
| Fannie Mae Pool #FS5035 2.50% 6/1/2052 <sup>(a)</sup>  | 1366 | 1157 |
| Fannie Mae Pool #FS7953 2.50% 6/1/2052 <sup>(a)</sup>  | 941 | 798 |
| Fannie Mae Pool #MA4623 2.50% 6/1/2052 <sup>(a)</sup>  | 144 | 123 |
| Fannie Mae Pool #FS7062 3.00% 6/1/2052 <sup>(a)</sup>  | 128 | 113 |
| Fannie Mae Pool #CB4021 4.00% 6/1/2052 <sup>(a)</sup>  | 2816 | 2689 |
| Fannie Mae Pool #BW1931 5.00% 6/1/2052 <sup>(a)</sup>  | 3048 | 3051 |
| Fannie Mae Pool #BT8262 5.00% 6/1/2052 <sup>(a)</sup>  | 1360 | 1364 |
| Fannie Mae Pool #FS7879 2.50% 7/1/2052 <sup>(a)</sup>  | 11030 | 9354 |
| Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(a)</sup>  | 2866 | 2426 |
| Fannie Mae Pool #FS6631 2.50% 7/1/2052 <sup>(a)</sup>  | 713 | 606 |
| Fannie Mae Pool #FS7057 2.50% 7/1/2052 <sup>(a)</sup>  | 486 | 412 |
| Fannie Mae Pool #CB4274 2.50% 7/1/2052 <sup>(a)</sup>  | 416 | 354 |
| Fannie Mae Pool #FS5493 2.50% 7/1/2052 <sup>(a)</sup>  | 131 | 112 |
| Fannie Mae Pool #CB4370 3.50% 7/1/2052 <sup>(a)</sup>  | 133 | 123 |
| Fannie Mae Pool #BW0959 5.00% 7/1/2052 <sup>(a)</sup>  | 2763 | 2770 |
| Fannie Mae Pool #FA2841 3.00% 8/1/2052 <sup>(a)</sup>  | 4079 | 3613 |
| Fannie Mae Pool #FS3955 3.50% 8/1/2052 <sup>(a)</sup>  | 988 | 917 |
| Fannie Mae Pool #BV8976 5.00% 8/1/2052 <sup>(a)</sup>  | 521 | 527 |
| Fannie Mae Pool #FS2805 2.50% 9/1/2052 <sup>(a)</sup>  | 436 | 371 |
| Fannie Mae Pool #FA1404 3.00% 9/1/2052 <sup>(a)</sup>  | 97 | 86 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052 <sup>(a)</sup>  | 246 | 243 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **161** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #BW8497 4.50% 9/1/2052 <sup>(a)</sup>  | USD57 | $56 |
| Fannie Mae Pool #CB4620 5.00% 9/1/2052 <sup>(a)</sup>  | 8089 | 8150 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(a)</sup>  | 8787 | 7137 |
| Fannie Mae Pool #CB4852 4.50% 10/1/2052 <sup>(a)</sup>  | 9197 | 9018 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052 <sup>(a)</sup>  | 2496 | 2452 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(a)</sup>  | 2325 | 2333 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(a)</sup>  | 2676 | 2726 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(a)</sup>  | 2446 | 2492 |
| Fannie Mae Pool #MA4820 6.50% 10/1/2052 <sup>(a)</sup>  | 203 | 212 |
| Fannie Mae Pool #BX1132 4.50% 11/1/2052 <sup>(a)</sup>  | 747 | 732 |
| Fannie Mae Pool #BX5673 5.00% 12/1/2052 <sup>(a)</sup>  | 132 | 132 |
| Fannie Mae Pool #CB5778 6.00% 12/1/2052 <sup>(a)</sup>  | 31 | 32 |
| Fannie Mae Pool #MA4932 3.00% 1/1/2053 <sup>(a)</sup>  | 571 | 506 |
| Fannie Mae Pool #BX5927 4.00% 1/1/2053 <sup>(a)</sup>  | 269 | 257 |
| Fannie Mae Pool #FS6769 5.00% 1/1/2053 <sup>(a)</sup>  | 19964 | 20043 |
| Fannie Mae Pool #FS4435 2.50% 2/1/2053 <sup>(a)</sup>  | 666 | 566 |
| Fannie Mae Pool #MA4916 4.00% 2/1/2053 <sup>(a)</sup>  | 4448 | 4245 |
| Fannie Mae Pool #MA4918 5.00% 2/1/2053 <sup>(a)</sup>  | 562 | 563 |
| Fannie Mae Pool #BW5268 4.00% 3/1/2053 <sup>(a)</sup>  | 292 | 279 |
| Fannie Mae Pool #CB5986 5.00% 3/1/2053 <sup>(a)</sup>  | 146 | 146 |
| Fannie Mae Pool #BX7779 5.50% 3/1/2053 <sup>(a)</sup>  | 3619 | 3693 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(a)</sup>  | 391 | 399 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(a)</sup>  | 771 | 800 |
| Fannie Mae Pool #BY0255 2.50% 4/1/2053 <sup>(a)</sup>  | 415 | 352 |
| Fannie Mae Pool #MA4993 4.00% 4/1/2053 <sup>(a)</sup>  | 4195 | 3985 |
| Fannie Mae Pool #MA4977 4.50% 4/1/2053 <sup>(a)</sup>  | 630 | 616 |
| Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(a)</sup>  | 14804 | 14830 |
| Fannie Mae Pool #BX9041 5.00% 4/1/2053 <sup>(a)</sup>  | 79 | 79 |
| Fannie Mae Pool #BY0130 5.50% 4/1/2053 <sup>(a)</sup>  | 900 | 917 |
| Fannie Mae Pool #CB6033 6.00% 4/1/2053 <sup>(a)</sup>  | 16585 | 17191 |
| Fannie Mae Pool #MA5027 4.00% 5/1/2053 <sup>(a)</sup>  | 4543 | 4332 |
| Fannie Mae Pool #CB6985 4.00% 5/1/2053 <sup>(a)</sup>  | 398 | 380 |
| Fannie Mae Pool #CB6297 4.00% 5/1/2053 <sup>(a)</sup>  | 29 | 28 |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(a)</sup>  | 2798 | 2811 |
| Fannie Mae Pool #MA5009 5.00% 5/1/2053 <sup>(a)</sup>  | 2618 | 2626 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(a)</sup>  | 5432 | 5531 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(a)</sup>  | 6260 | 6463 |
| Fannie Mae Pool #BW9618 3.00% 6/1/2053 <sup>(a)</sup>  | 602 | 534 |
| Fannie Mae Pool #CB6471 4.50% 6/1/2053 <sup>(a)</sup>  | 2798 | 2740 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(a)</sup>  | 5834 | 5938 |
| Fannie Mae Pool #FS5192 5.50% 6/1/2053 <sup>(a)</sup>  | 4483 | 4552 |
| Fannie Mae Pool #BY3612 5.50% 6/1/2053 <sup>(a)</sup>  | 307 | 313 |
| Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(a)</sup>  | 3478 | 3580 |
| Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(a)</sup>  | 2196 | 2263 |
| Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(a)</sup>  | 1608 | 1666 |
| Fannie Mae Pool #FS7823 2.00% 7/1/2053 <sup>(a)</sup>  | 5869 | 4759 |
| Fannie Mae Pool #FS9167 2.50% 7/1/2053 <sup>(a)</sup>  | 3516 | 2981 |
| Fannie Mae Pool #FS6037 2.50% 7/1/2053 <sup>(a)</sup>  | 147 | 125 |
| Fannie Mae Pool #CB6626 4.00% 7/1/2053 <sup>(a)</sup>  | 74 | 70 |
| Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(a)</sup>  | 19056 | 18668 |
| Fannie Mae Pool #BY4459 5.00% 7/1/2053 <sup>(a)</sup>  | 573 | 575 |
| Fannie Mae Pool #BU4112 5.00% 7/1/2053 <sup>(a)</sup>  | 93 | 93 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(a)</sup>  | 3147 | 3203 |
| Fannie Mae Pool #CB6768 6.50% 7/1/2053 <sup>(a)</sup>  | 6667 | 6985 |
| Fannie Mae Pool #MA5107 5.50% 8/1/2053 <sup>(a)</sup>  | 16853 | 17147 |
| Fannie Mae Pool #FS6666 5.50% 8/1/2053 <sup>(a)</sup>  | 11483 | 11698 |
| Fannie Mae Pool #CB7108 5.50% 9/1/2053 <sup>(a)</sup>  | 5803 | 5912 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(a)</sup>  | 499 | 509 |
| Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(a)</sup>  | 4344 | 4471 |
| Fannie Mae Pool #FS5749 6.50% 9/1/2053 <sup>(a)</sup>  | 12932 | 13443 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **162** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #MA5177 4.00% 10/1/2053 <sup>(a)</sup>  | USD7,282 | $6932 |
| Fannie Mae Pool #CB7332 5.50% 10/1/2053 <sup>(a)</sup>  | 11429 | 11637 |
| Fannie Mae Pool #CB7331 5.50% 10/1/2053 <sup>(a)</sup>  | 6228 | 6344 |
| Fannie Mae Pool #DA1557 6.00% 10/1/2053 <sup>(a)</sup>  | 122 | 126 |
| Fannie Mae Pool #BY1399 3.50% 11/1/2053 <sup>(a)</sup>  | 996 | 924 |
| Fannie Mae Pool #FS7252 5.00% 11/1/2053 <sup>(a)</sup>  | 59822 | 59898 |
| Fannie Mae Pool #CB7426 6.50% 11/1/2053 <sup>(a)</sup>  | 1777 | 1855 |
| Fannie Mae Pool #MA5192 6.50% 11/1/2053 <sup>(a)</sup>  | 26 | 27 |
| Fannie Mae Pool #FS6668 5.50% 12/1/2053 <sup>(a)</sup>  | 1830 | 1859 |
| Fannie Mae Pool #CB7626 6.50% 12/1/2053 <sup>(a)</sup>  | 692 | 728 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(a)</sup>  | 4556 | 4777 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(a)</sup>  | 1089 | 1134 |
| Fannie Mae Pool #FS9507 4.50% 2/1/2054 <sup>(a)</sup>  | 2852 | 2787 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(a)</sup>  | 2362 | 2399 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(a)</sup>  | 1652 | 1678 |
| Fannie Mae Pool #FS7031 6.00% 2/1/2054 <sup>(a)</sup>  | 6318 | 6548 |
| Fannie Mae Pool #DA7831 6.00% 2/1/2054 <sup>(a)</sup>  | 1519 | 1563 |
| Fannie Mae Pool #BY8083 4.00% 3/1/2054 <sup>(a)</sup>  | 24 | 23 |
| Fannie Mae Pool #FS9508 4.50% 3/1/2054 <sup>(a)</sup>  | 13809 | 13524 |
| Fannie Mae Pool #CB8151 5.50% 3/1/2054 <sup>(a)</sup>  | 17416 | 17717 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(a)</sup>  | 1474 | 1497 |
| Fannie Mae Pool #FS7507 6.00% 3/1/2054 <sup>(a)</sup>  | 4540 | 4705 |
| Fannie Mae Pool #CB8168 6.00% 3/1/2054 <sup>(a)</sup>  | 3068 | 3162 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(a)</sup>  | 1522 | 1564 |
| Fannie Mae Pool #FS7653 6.50% 3/1/2054 <sup>(a)</sup>  | 3733 | 3921 |
| Fannie Mae Pool #CB8328 5.50% 4/1/2054 <sup>(a)</sup>  | 4653 | 4755 |
| Fannie Mae Pool #DB1235 6.00% 4/1/2054 <sup>(a)</sup>  | 5114 | 5317 |
| Fannie Mae Pool #DB5160 5.50% 5/1/2054 <sup>(a)</sup>  | 508 | 517 |
| Fannie Mae Pool #MA5354 6.00% 5/1/2054 <sup>(a)</sup>  | 330 | 339 |
| Fannie Mae Pool #DB2495 6.00% 5/1/2054 <sup>(a)</sup>  | 180 | 185 |
| Fannie Mae Pool #MA5388 5.50% 6/1/2054 <sup>(a)</sup>  | 2472 | 2509 |
| Fannie Mae Pool #FS8131 5.50% 6/1/2054 <sup>(a)</sup>  | 1796 | 1836 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(a)</sup>  | 17336 | 18002 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(a)</sup>  | 1183 | 1220 |
| Fannie Mae Pool #DB5030 6.00% 6/1/2054 <sup>(a)</sup>  | 988 | 1017 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(a)</sup>  | 9692 | 10110 |
| Fannie Mae Pool #FP0128 6.50% 6/1/2054 <sup>(a)</sup>  | 1788 | 1858 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(a)</sup>  | 6662 | 6796 |
| Fannie Mae Pool #FS8467 5.50% 7/1/2054 <sup>(a)</sup>  | 1423 | 1454 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(a)</sup>  | 22751 | 23374 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(a)</sup>  | 4671 | 4862 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(a)</sup>  | 2409 | 2490 |
| Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(a)</sup>  | 2072 | 2152 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(a)</sup>  | 1995 | 2050 |
| Fannie Mae Pool #DB7685 6.00% 7/1/2054 <sup>(a)</sup>  | 1192 | 1228 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(a)</sup>  | 1011 | 1039 |
| Fannie Mae Pool #DB5214 6.00% 7/1/2054 <sup>(a)</sup>  | 476 | 489 |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(a)</sup>  | 14751 | 15441 |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(a)</sup>  | 4002 | 4177 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(a)</sup>  | 2375 | 2495 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(a)</sup>  | 132 | 135 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(a)</sup>  | 37577 | 38607 |
| Fannie Mae Pool #DC0299 6.00% 8/1/2054 <sup>(a)</sup>  | 1276 | 1312 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(a)</sup>  | 1163 | 1195 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(a)</sup>  | 805 | 828 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(a)</sup>  | 211 | 219 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(a)</sup>  | 98 | 101 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(a)</sup>  | 88 | 91 |
| Fannie Mae Pool #FS8783 6.50% 8/1/2054 <sup>(a)</sup>  | 2102 | 2201 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(a)</sup>  | 1776 | 1858 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **163** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(a)</sup>  | USD83 | $86 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(a)</sup>  | 3274 | 3323 |
| Fannie Mae Pool #FS9001 5.50% 9/1/2054 <sup>(a)</sup>  | 1600 | 1639 |
| Fannie Mae Pool #FS9025 5.50% 9/1/2054 <sup>(a)</sup>  | 1203 | 1229 |
| Fannie Mae Pool #DC3262 6.00% 9/1/2054 <sup>(a)</sup>  | 362 | 372 |
| Fannie Mae Pool #DC1547 6.00% 9/1/2054 <sup>(a)</sup>  | 212 | 218 |
| Fannie Mae Pool #DC3459 6.00% 9/1/2054 <sup>(a)</sup>  | 177 | 182 |
| Fannie Mae Pool #DC2270 6.00% 9/1/2054 <sup>(a)</sup>  | 82 | 85 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(a)</sup>  | 254 | 264 |
| Fannie Mae Pool #MA5498 6.00% 10/1/2054 <sup>(a)</sup>  | 765 | 786 |
| Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(a)</sup>  | 1794 | 1791 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(a)</sup>  | 4170 | 4231 |
| Fannie Mae Pool #MA5532 6.00% 11/1/2054 <sup>(a)</sup>  | 3008 | 3091 |
| Fannie Mae Pool #MA5550 4.00% 12/1/2054 <sup>(a)</sup>  | 9840 | 9342 |
| Fannie Mae Pool #DC7042 4.50% 12/1/2054 <sup>(a)</sup>  | 263 | 257 |
| Fannie Mae Pool #CB9770 4.50% 12/1/2054 <sup>(a)</sup>  | 89 | 87 |
| Fannie Mae Pool #CB9768 4.50% 12/1/2054 <sup>(a)</sup>  | 31 | 31 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(a)</sup>  | 137 | 137 |
| Fannie Mae Pool #CB9675 6.00% 12/1/2054 <sup>(a)</sup>  | 3685 | 3821 |
| Fannie Mae Pool #BU5233 6.00% 12/1/2054 <sup>(a)</sup>  | 1407 | 1451 |
| Fannie Mae Pool #DC7035 6.00% 12/1/2054 <sup>(a)</sup>  | 426 | 437 |
| Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(a)</sup>  | 320 | 329 |
| Fannie Mae Pool #BU5358 6.00% 12/1/2054 <sup>(a)</sup>  | 286 | 295 |
| Fannie Mae Pool #FP0130 6.50% 12/1/2054 <sup>(a)</sup>  | 726 | 754 |
| Fannie Mae Pool #MA5586 5.50% 1/1/2055 <sup>(a)</sup>  | 1747 | 1772 |
| Fannie Mae Pool #CB9821 6.00% 1/1/2055 <sup>(a)</sup>  | 1418 | 1464 |
| Fannie Mae Pool #DD0835 6.00% 1/1/2055 <sup>(a)</sup>  | 408 | 419 |
| Fannie Mae Pool #CB9840 6.50% 1/1/2055 <sup>(a)</sup>  | 1703 | 1774 |
| Fannie Mae Pool #CB9836 6.50% 1/1/2055 <sup>(a)</sup>  | 1201 | 1259 |
| Fannie Mae Pool #MA5612 4.50% 2/1/2055 <sup>(a)</sup>  | 2295 | 2242 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(a)</sup>  | 2689 | 2729 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(a)</sup>  | 11644 | 11962 |
| Fannie Mae Pool #MA5646 5.50% 3/1/2055 <sup>(a)</sup>  | 456 | 463 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(a)</sup>  | 4785 | 4916 |
| Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(a)</sup>  | 3293 | 3423 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(a)</sup>  | 638 | 664 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(a)</sup>  | 24751 | 26039 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(a)</sup>  | 7959 | 7557 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(a)</sup>  | 4581 | 4707 |
| Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(a)</sup>  | 273 | 281 |
| Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(a)</sup>  | 271 | 278 |
| Fannie Mae Pool #DD6277 7.00% 4/1/2055 <sup>(a)</sup>  | 1000 | 1057 |
| Fannie Mae Pool #MA5697 4.00% 5/1/2055 <sup>(a)</sup>  | 1744 | 1656 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(a)</sup>  | 271 | 271 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(a)</sup>  | 4402 | 4523 |
| Fannie Mae Pool #DD8411 7.00% 5/1/2055 <sup>(a)</sup>  | 1000 | 1053 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(a)</sup>  | 9433 | 9573 |
| Fannie Mae Pool #DD7303 5.50% 6/1/2055 <sup>(a)</sup>  | 456 | 463 |
| Fannie Mae Pool #MA5761 6.00% 7/1/2055 <sup>(a)</sup>  | 9679 | 9946 |
| Fannie Mae Pool #DE2192 6.00% 7/1/2055 <sup>(a)</sup>  | 4428 | 4550 |
| Fannie Mae Pool #FA2842 6.50% 7/1/2055 <sup>(a)</sup>  | 1916 | 1993 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(a)</sup>  | 1720 | 1788 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(a)</sup>  | 5302 | 5379 |
| Fannie Mae Pool #CC0859 5.50% 8/1/2055 <sup>(a)</sup>  | 3902 | 3991 |
| Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(a)</sup>  | 2134 | 2221 |
| Fannie Mae Pool #MA5793 6.00% 8/1/2055 <sup>(a)</sup>  | 266 | 273 |
| Fannie Mae Pool #FA2203 7.00% 8/1/2055 <sup>(a)</sup>  | 7268 | 7648 |
| Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(a)</sup>  | 1778 | 1804 |
| Fannie Mae Pool #MA5850 4.00% 10/1/2055 <sup>(a)</sup>  | 3032 | 2878 |
| Fannie Mae Pool #DF4985 3.50% 11/1/2055 <sup>(a)</sup>  | 117 | 108 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **164** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(a)</sup>  | USD64 | $60 |
| Fannie Mae Pool #BF0145 3.50% 3/1/2057 <sup>(a)</sup>  | 9299 | 8557 |
| Fannie Mae Pool #BF0264 3.50% 5/1/2058 <sup>(a)</sup>  | 6890 | 6331 |
| Fannie Mae Pool #BF0332 3.00% 1/1/2059 <sup>(a)</sup>  | 14526 | 12733 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(a)</sup>  | 17453 | 15210 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061 <sup>(a)</sup>  | 955 | 934 |
| Fannie Mae Pool #BF0784 3.50% 12/1/2063 <sup>(a)</sup>  | 4507 | 4102 |
| Fannie Mae, Series 2001-50, Class BA, 7.00% 10/25/2041 <sup>(a)</sup>  | 3 | 3 |
| Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/2041 <sup>(a)</sup>  | 13 | 14 |
| Fannie Mae, Series 2002-W1, Class 2A, 4.346% 2/25/2042 <sup>(a)(b)</sup>  | 14 | 14 |
| Freddie Mac Pool #ZS8507 3.00% 11/1/2028 <sup>(a)</sup>  | 38 | 37 |
| Freddie Mac Pool #ZK7590 3.00% 1/1/2029 <sup>(a)</sup>  | 645 | 639 |
| Freddie Mac Pool #A15120 5.50% 10/1/2033 <sup>(a)</sup>  | 34 | 35 |
| Freddie Mac Pool #QN1073 3.00% 12/1/2034 <sup>(a)</sup>  | 29 | 28 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(a)</sup>  | 2359 | 2233 |
| Freddie Mac Pool #G05196 5.50% 10/1/2038 <sup>(a)</sup>  | 35 | 37 |
| Freddie Mac Pool #G05267 5.50% 12/1/2038 <sup>(a)</sup>  | 27 | 28 |
| Freddie Mac Pool #G06020 5.50% 12/1/2039 <sup>(a)</sup>  | 50 | 52 |
| Freddie Mac Pool #G05860 5.50% 2/1/2040 <sup>(a)</sup>  | 165 | 172 |
| Freddie Mac Pool #RB5071 2.00% 9/1/2040 <sup>(a)</sup>  | 1723 | 1512 |
| Freddie Mac Pool #A93948 4.50% 9/1/2040 <sup>(a)</sup>  | 123 | 124 |
| Freddie Mac Pool #SC0149 2.00% 3/1/2041 <sup>(a)</sup>  | 5103 | 4420 |
| Freddie Mac Pool #G06868 4.50% 4/1/2041 <sup>(a)</sup>  | 123 | 124 |
| Freddie Mac Pool #RB0544 2.00% 6/1/2041 <sup>(a)</sup>  | 8835 | 7709 |
| Freddie Mac Pool #G06841 5.50% 6/1/2041 <sup>(a)</sup>  | 284 | 296 |
| Freddie Mac Pool #Z40130 3.00% 1/1/2046 <sup>(a)</sup>  | 14578 | 13555 |
| Freddie Mac Pool #RA6996 2.50% 3/1/2047 <sup>(a)</sup>  | 53 | 46 |
| Freddie Mac Pool #ZT2100 3.00% 4/1/2047 <sup>(a)</sup>  | 86 | 77 |
| Freddie Mac Pool #SD0470 4.00% 11/1/2047 <sup>(a)</sup>  | 764 | 737 |
| Freddie Mac Pool #G08789 4.00% 11/1/2047 <sup>(a)</sup>  | 467 | 454 |
| Freddie Mac Pool #G61733 3.00% 12/1/2047 <sup>(a)</sup>  | 3819 | 3493 |
| Freddie Mac Pool #G67709 3.50% 3/1/2048 <sup>(a)</sup>  | 9857 | 9326 |
| Freddie Mac Pool #ZT2265 4.00% 8/1/2048 <sup>(a)</sup>  | 722 | 698 |
| Freddie Mac Pool #G61628 3.50% 9/1/2048 <sup>(a)</sup>  | 229 | 216 |
| Freddie Mac Pool #Q58494 4.00% 9/1/2048 <sup>(a)</sup>  | 927 | 898 |
| Freddie Mac Pool #ZN4842 3.50% 4/1/2049 <sup>(a)</sup>  | 489 | 459 |
| Freddie Mac Pool #RA1369 3.50% 9/1/2049 <sup>(a)</sup>  | 1487 | 1395 |
| Freddie Mac Pool #SD7508 3.50% 10/1/2049 <sup>(a)</sup>  | 7977 | 7515 |
| Freddie Mac Pool #QA4673 3.00% 11/1/2049 <sup>(a)</sup>  | 21733 | 19714 |
| Freddie Mac Pool #QB1368 2.50% 7/1/2050 <sup>(a)</sup>  | 4364 | 3777 |
| Freddie Mac Pool #RA3055 2.50% 7/1/2050 <sup>(a)</sup>  | 26 | 22 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(a)</sup>  | 281 | 251 |
| Freddie Mac Pool #RA3515 2.50% 9/1/2050 <sup>(a)</sup>  | 1774 | 1506 |
| Freddie Mac Pool #RA3528 2.50% 9/1/2050 <sup>(a)</sup>  | 62 | 52 |
| Freddie Mac Pool #RA3506 3.00% 9/1/2050 <sup>(a)</sup>  | 1677 | 1497 |
| Freddie Mac Pool #SD7525 2.50% 10/1/2050 <sup>(a)</sup>  | 5209 | 4516 |
| Freddie Mac Pool #QB4847 2.50% 10/1/2050 <sup>(a)</sup>  | 1176 | 997 |
| Freddie Mac Pool #QB5799 2.50% 11/1/2050 <sup>(a)</sup>  | 54 | 46 |
| Freddie Mac Pool #QB5838 2.50% 11/1/2050 <sup>(a)</sup>  | 24 | 20 |
| Freddie Mac Pool #RA4206 2.50% 12/1/2050 <sup>(a)</sup>  | 1866 | 1581 |
| Freddie Mac Pool #RA4242 2.50% 1/1/2051 <sup>(a)</sup>  | 929 | 794 |
| Freddie Mac Pool #QB7973 3.00% 1/1/2051 <sup>(a)</sup>  | 627 | 556 |
| Freddie Mac Pool #SD0776 2.00% 2/1/2051 <sup>(a)</sup>  | 1676 | 1360 |
| Freddie Mac Pool #QB8605 2.00% 2/1/2051 <sup>(a)</sup>  | 402 | 331 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051 <sup>(a)</sup>  | 95 | 77 |
| Freddie Mac Pool #SI2114 2.50% 2/1/2051 <sup>(a)</sup>  | 110 | 93 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051 <sup>(a)</sup>  | 60614 | 49440 |
| Freddie Mac Pool #SD0537 2.00% 3/1/2051 <sup>(a)</sup>  | 1716 | 1391 |
| Freddie Mac Pool #QB9901 2.50% 3/1/2051 <sup>(a)</sup>  | 2236 | 1893 |
| Freddie Mac Pool #SD0934 2.00% 4/1/2051 <sup>(a)</sup>  | 2150 | 1751 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **165** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #QC0416 2.50% 4/1/2051 <sup>(a)</sup>  | USD217 | $183 |
| Freddie Mac Pool #SI2108 2.50% 4/1/2051 <sup>(a)</sup>  | 156 | 132 |
| Freddie Mac Pool #QC2062 2.00% 5/1/2051 <sup>(a)</sup>  | 1783 | 1443 |
| Freddie Mac Pool #RA5204 2.00% 5/1/2051 <sup>(a)</sup>  | 1748 | 1415 |
| Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(a)</sup>  | 1566 | 1268 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(a)</sup>  | 1219 | 1000 |
| Freddie Mac Pool #RA5267 3.00% 5/1/2051 <sup>(a)</sup>  | 1050 | 937 |
| Freddie Mac Pool #QC3423 2.00% 6/1/2051 <sup>(a)</sup>  | 1882 | 1523 |
| Freddie Mac Pool #QC2817 2.50% 6/1/2051 <sup>(a)</sup>  | 2221 | 1918 |
| Freddie Mac Pool #QC3428 2.50% 6/1/2051 <sup>(a)</sup>  | 736 | 623 |
| Freddie Mac Pool #QC3532 2.50% 6/1/2051 <sup>(a)</sup>  | 65 | 56 |
| Freddie Mac Pool #SD1852 2.50% 6/1/2051 <sup>(a)</sup>  | 57 | 48 |
| Freddie Mac Pool #SD3095 2.50% 7/1/2051 <sup>(a)</sup>  | 1869 | 1583 |
| Freddie Mac Pool #SD0926 2.50% 7/1/2051 <sup>(a)</sup>  | 539 | 458 |
| Freddie Mac Pool #SD7544 3.00% 7/1/2051 <sup>(a)</sup>  | 5474 | 4938 |
| Freddie Mac Pool #SD8160 2.00% 8/1/2051 <sup>(a)</sup>  | 752 | 612 |
| Freddie Mac Pool #RA5836 2.50% 9/1/2051 <sup>(a)</sup>  | 9553 | 8201 |
| Freddie Mac Pool #SD2963 2.50% 9/1/2051 <sup>(a)</sup>  | 7375 | 6243 |
| Freddie Mac Pool #QC7739 2.50% 9/1/2051 <sup>(a)</sup>  | 2089 | 1768 |
| Freddie Mac Pool #SD5485 2.50% 9/1/2051 <sup>(a)</sup>  | 1784 | 1515 |
| Freddie Mac Pool #RA5759 2.50% 9/1/2051 <sup>(a)</sup>  | 869 | 736 |
| Freddie Mac Pool #RA5767 2.50% 9/1/2051 <sup>(a)</sup>  | 445 | 377 |
| Freddie Mac Pool #QC6761 2.50% 9/1/2051 <sup>(a)</sup>  | 49 | 42 |
| Freddie Mac Pool #RA5841 3.00% 9/1/2051 <sup>(a)</sup>  | 1824 | 1616 |
| Freddie Mac Pool #RA5901 3.00% 9/1/2051 <sup>(a)</sup>  | 966 | 863 |
| Freddie Mac Pool #SD1345 2.50% 10/1/2051 <sup>(a)</sup>  | 1848 | 1568 |
| Freddie Mac Pool #SD2880 3.00% 10/1/2051 <sup>(a)</sup>  | 6114 | 5458 |
| Freddie Mac Pool #SD0734 3.00% 10/1/2051 <sup>(a)</sup>  | 1727 | 1557 |
| Freddie Mac Pool #SD0740 3.50% 10/1/2051 <sup>(a)</sup>  | 1991 | 1854 |
| Freddie Mac Pool #QD1841 2.00% 11/1/2051 <sup>(a)</sup>  | 2230 | 1807 |
| Freddie Mac Pool #QC9944 2.50% 11/1/2051 <sup>(a)</sup>  | 2658 | 2250 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051 <sup>(a)</sup>  | 1316 | 1138 |
| Freddie Mac Pool #RA6411 2.50% 11/1/2051 <sup>(a)</sup>  | 101 | 85 |
| Freddie Mac Pool #RA6347 3.00% 11/1/2051 <sup>(a)</sup>  | 1081 | 966 |
| Freddie Mac Pool #QD0981 3.00% 11/1/2051 <sup>(a)</sup>  | 519 | 460 |
| Freddie Mac Pool #SL1735 2.00% 12/1/2051 <sup>(a)</sup>  | 1638 | 1329 |
| Freddie Mac Pool #SD8182 2.00% 12/1/2051 <sup>(a)</sup>  | 782 | 635 |
| Freddie Mac Pool #QD3619 2.50% 12/1/2051 <sup>(a)</sup>  | 5000 | 4242 |
| Freddie Mac Pool #RA6433 2.50% 12/1/2051 <sup>(a)</sup>  | 2487 | 2105 |
| Freddie Mac Pool #SD3729 2.50% 12/1/2051 <sup>(a)</sup>  | 1071 | 910 |
| Freddie Mac Pool #QD2659 2.50% 12/1/2051 <sup>(a)</sup>  | 1000 | 848 |
| Freddie Mac Pool #SD1605 2.50% 12/1/2051 <sup>(a)</sup>  | 625 | 529 |
| Freddie Mac Pool #QD3209 3.00% 12/1/2051 <sup>(a)</sup>  | 30 | 27 |
| Freddie Mac Pool #QD3310 3.00% 12/1/2051 <sup>(a)</sup>  | 18 | 16 |
| Freddie Mac Pool #SD2629 2.50% 1/1/2052 <sup>(a)</sup>  | 3958 | 3360 |
| Freddie Mac Pool #SD0855 2.50% 1/1/2052 <sup>(a)</sup>  | 2538 | 2162 |
| Freddie Mac Pool #QD4840 2.50% 1/1/2052 <sup>(a)</sup>  | 656 | 555 |
| Freddie Mac Pool #RA6634 2.50% 1/1/2052 <sup>(a)</sup>  | 481 | 409 |
| Freddie Mac Pool #QD5254 2.50% 1/1/2052 <sup>(a)</sup>  | 461 | 393 |
| Freddie Mac Pool #SD0854 2.50% 1/1/2052 <sup>(a)</sup>  | 9 | 7 |
| Freddie Mac Pool #SD0813 3.00% 1/1/2052 <sup>(a)</sup>  | 3749 | 3379 |
| Freddie Mac Pool #SD2269 3.00% 1/1/2052 <sup>(a)</sup>  | 620 | 550 |
| Freddie Mac Pool #RA6114 2.00% 2/1/2052 <sup>(a)</sup>  | 1583 | 1281 |
| Freddie Mac Pool #SD8193 2.00% 2/1/2052 <sup>(a)</sup>  | 800 | 650 |
| Freddie Mac Pool #QD7187 2.50% 2/1/2052 <sup>(a)</sup>  | 962 | 816 |
| Freddie Mac Pool #SD0847 2.50% 2/1/2052 <sup>(a)</sup>  | 681 | 577 |
| Freddie Mac Pool #SI2095 2.50% 2/1/2052 <sup>(a)</sup>  | 386 | 328 |
| Freddie Mac Pool #SD8194 2.50% 2/1/2052 <sup>(a)</sup>  | 221 | 188 |
| Freddie Mac Pool #QD7360 2.50% 2/1/2052 <sup>(a)</sup>  | 163 | 139 |
| Freddie Mac Pool #QD7312 2.50% 2/1/2052 <sup>(a)</sup>  | 59 | 50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **166** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(a)</sup>  | USD590 | $549 |
| Freddie Mac Pool #SD5343 2.00% 3/1/2052 <sup>(a)</sup>  | 2211 | 1793 |
| Freddie Mac Pool #SD8199 2.00% 3/1/2052 <sup>(a)</sup>  | 1749 | 1419 |
| Freddie Mac Pool #QD8010 2.00% 3/1/2052 <sup>(a)</sup>  | 895 | 724 |
| Freddie Mac Pool #QD8103 2.00% 3/1/2052 <sup>(a)</sup>  | 823 | 666 |
| Freddie Mac Pool #RA6973 2.00% 3/1/2052 <sup>(a)</sup>  | 477 | 387 |
| Freddie Mac Pool #QD8820 2.00% 3/1/2052 <sup>(a)</sup>  | 166 | 134 |
| Freddie Mac Pool #SD3226 2.50% 3/1/2052 <sup>(a)</sup>  | 1000 | 848 |
| Freddie Mac Pool #SD8200 2.50% 3/1/2052 <sup>(a)</sup>  | 777 | 661 |
| Freddie Mac Pool #QE0888 2.50% 3/1/2052 <sup>(a)</sup>  | 719 | 612 |
| Freddie Mac Pool #QE0957 2.50% 3/1/2052 <sup>(a)</sup>  | 69 | 58 |
| Freddie Mac Pool #SD2494 3.50% 3/1/2052 <sup>(a)</sup>  | 985 | 914 |
| Freddie Mac Pool #QD8689 3.50% 3/1/2052 <sup>(a)</sup>  | 968 | 897 |
| Freddie Mac Pool #SD8204 2.00% 4/1/2052 <sup>(a)</sup>  | 1222 | 992 |
| Freddie Mac Pool #SD3478 2.50% 4/1/2052 <sup>(a)</sup>  | 1649 | 1396 |
| Freddie Mac Pool #QE0521 2.50% 4/1/2052 <sup>(a)</sup>  | 536 | 454 |
| Freddie Mac Pool #QE0292 2.50% 4/1/2052 <sup>(a)</sup>  | 249 | 212 |
| Freddie Mac Pool #QE1102 2.50% 4/1/2052 <sup>(a)</sup>  | 217 | 184 |
| Freddie Mac Pool #QE1585 2.50% 4/1/2052 <sup>(a)</sup>  | 189 | 160 |
| Freddie Mac Pool #QE0322 2.50% 4/1/2052 <sup>(a)</sup>  | 120 | 101 |
| Freddie Mac Pool #SD1658 2.50% 4/1/2052 <sup>(a)</sup>  | 116 | 99 |
| Freddie Mac Pool #QD9585 3.50% 4/1/2052 <sup>(a)</sup>  | 1386 | 1286 |
| Freddie Mac Pool #SD8212 2.50% 5/1/2052 <sup>(a)</sup>  | 1626 | 1383 |
| Freddie Mac Pool #RA7139 2.50% 5/1/2052 <sup>(a)</sup>  | 359 | 305 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(a)</sup>  | 40800 | 36239 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(a)</sup>  | 3495 | 3099 |
| Freddie Mac Pool #SD6203 3.00% 6/1/2052 <sup>(a)</sup>  | 46 | 41 |
| Freddie Mac Pool #RA7258 3.50% 6/1/2052 <sup>(a)</sup>  | 743 | 689 |
| Freddie Mac Pool #QE4084 6.50% 6/1/2052 <sup>(a)</sup>  | 96 | 101 |
| Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(a)</sup>  | 63490 | 53744 |
| Freddie Mac Pool #SD5368 2.50% 7/1/2052 <sup>(a)</sup>  | 8319 | 7055 |
| Freddie Mac Pool #SD4074 2.50% 7/1/2052 <sup>(a)</sup>  | 1927 | 1631 |
| Freddie Mac Pool #SD3416 2.50% 7/1/2052 <sup>(a)</sup>  | 856 | 724 |
| Freddie Mac Pool #SD3632 2.50% 7/1/2052 <sup>(a)</sup>  | 462 | 392 |
| Freddie Mac Pool #SD2600 2.50% 7/1/2052 <sup>(a)</sup>  | 184 | 156 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(a)</sup>  | 4157 | 3686 |
| Freddie Mac Pool #SL0643 3.00% 7/1/2052 <sup>(a)</sup>  | 825 | 732 |
| Freddie Mac Pool #QE8971 3.50% 7/1/2052 <sup>(a)</sup>  | 165 | 153 |
| Freddie Mac Pool #QE5698 5.00% 7/1/2052 <sup>(a)</sup>  | 1534 | 1538 |
| Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(a)</sup>  | 86 | 70 |
| Freddie Mac Pool #SD1408 2.50% 8/1/2052 <sup>(a)</sup>  | 185 | 158 |
| Freddie Mac Pool #SD7556 3.00% 8/1/2052 <sup>(a)</sup>  | 534 | 478 |
| Freddie Mac Pool #SD3324 3.50% 8/1/2052 <sup>(a)</sup>  | 382 | 354 |
| Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(a)</sup>  | 71 | 70 |
| Freddie Mac Pool #SD8242 3.00% 9/1/2052 <sup>(a)</sup>  | 3868 | 3430 |
| Freddie Mac Pool #SD6584 3.50% 9/1/2052 <sup>(a)</sup>  |  | — <br><sup>(c)</sup><br>|
| Freddie Mac Pool #QF0212 4.50% 9/1/2052 <sup>(a)</sup>  | 310 | 304 |
| Freddie Mac Pool #QF1205 4.50% 9/1/2052 <sup>(a)</sup>  | 283 | 277 |
| Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(a)</sup>  | 73 | 71 |
| Freddie Mac Pool #SD1608 4.50% 9/1/2052 <sup>(a)</sup>  | 46 | 45 |
| Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(a)</sup>  | 30 | 30 |
| Freddie Mac Pool #RA8059 5.50% 10/1/2052 <sup>(a)</sup>  | 5497 | 5618 |
| Freddie Mac Pool #SD1896 4.00% 11/1/2052 <sup>(a)</sup>  | 15322 | 14777 |
| Freddie Mac Pool #SD1894 4.00% 11/1/2052 <sup>(a)</sup>  | 5294 | 5128 |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(a)</sup>  | 15567 | 15265 |
| Freddie Mac Pool #QF2692 5.00% 11/1/2052 <sup>(a)</sup>  | 3449 | 3457 |
| Freddie Mac Pool #QF2926 5.00% 11/1/2052 <sup>(a)</sup>  | 3079 | 3086 |
| Freddie Mac Pool #SD2948 5.50% 11/1/2052 <sup>(a)</sup>  | 1951 | 1987 |
| Freddie Mac Pool #QF2862 6.50% 11/1/2052 <sup>(a)</sup>  | 61 | 63 |
| Freddie Mac Pool #SD8280 6.50% 11/1/2052 <sup>(a)</sup>  | 37 | 39 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **167** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(a)</sup>  | USD1,005 | $891 |
| Freddie Mac Pool #SD2065 4.00% 12/1/2052 <sup>(a)</sup>  | 970 | 926 |
| Freddie Mac Pool #RA8200 4.00% 12/1/2052 <sup>(a)</sup>  | 509 | 485 |
| Freddie Mac Pool #RA8309 6.00% 12/1/2052 <sup>(a)</sup>  | 1035 | 1077 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(a)</sup>  | 14659 | 14371 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053 <sup>(a)</sup>  | 184 | 184 |
| Freddie Mac Pool #RA8423 6.00% 1/1/2053 <sup>(a)</sup>  | 2713 | 2812 |
| Freddie Mac Pool #SD8299 5.00% 2/1/2053 <sup>(a)</sup>  | 2093 | 2097 |
| Freddie Mac Pool #SD2462 5.50% 2/1/2053 <sup>(a)</sup>  | 35993 | 36698 |
| Freddie Mac Pool #RA8544 5.50% 2/1/2053 <sup>(a)</sup>  | 22138 | 22561 |
| Freddie Mac Pool #QF8083 6.00% 2/1/2053 <sup>(a)</sup>  | 12706 | 13106 |
| Freddie Mac Pool #QF9463 4.00% 3/1/2053 <sup>(a)</sup>  | 2564 | 2443 |
| Freddie Mac Pool #SD2610 4.00% 3/1/2053 <sup>(a)</sup>  | 1624 | 1544 |
| Freddie Mac Pool #SD8305 4.00% 3/1/2053 <sup>(a)</sup>  | 72 | 69 |
| Freddie Mac Pool #RA8720 4.00% 4/1/2053 <sup>(a)</sup>  | 2530 | 2414 |
| Freddie Mac Pool #SD8314 4.50% 4/1/2053 <sup>(a)</sup>  | 186 | 182 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(a)</sup>  | 4268 | 4289 |
| Freddie Mac Pool #QG1268 5.00% 4/1/2053 <sup>(a)</sup>  | 576 | 577 |
| Freddie Mac Pool #SD8315 5.00% 4/1/2053 <sup>(a)</sup>  | 516 | 515 |
| Freddie Mac Pool #QG2977 4.00% 5/1/2053 <sup>(a)</sup>  | 185 | 177 |
| Freddie Mac Pool #RA8647 4.50% 5/1/2053 <sup>(a)</sup>  | 31 | 31 |
| Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(a)</sup>  | 7837 | 7851 |
| Freddie Mac Pool #SD8324 5.50% 5/1/2053 <sup>(a)</sup>  | 7503 | 7638 |
| Freddie Mac Pool #QG3365 5.50% 5/1/2053 <sup>(a)</sup>  | 3211 | 3279 |
| Freddie Mac Pool #SD3369 5.50% 5/1/2053 <sup>(a)</sup>  | 2167 | 2199 |
| Freddie Mac Pool #SD2861 6.00% 5/1/2053 <sup>(a)</sup>  | 12391 | 12781 |
| Freddie Mac Pool #QG5002 4.00% 6/1/2053 <sup>(a)</sup>  | 572 | 544 |
| Freddie Mac Pool #SD8329 5.00% 6/1/2053 <sup>(a)</sup>  | 5257 | 5265 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(a)</sup>  | 17958 | 18267 |
| Freddie Mac Pool #SD3177 6.00% 6/1/2053 <sup>(a)</sup>  | 5679 | 5852 |
| Freddie Mac Pool #SD3083 6.00% 6/1/2053 <sup>(a)</sup>  | 2746 | 2829 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(a)</sup>  | 604 | 633 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(a)</sup>  | 523 | 548 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(a)</sup>  | 497 | 524 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(a)</sup>  | 489 | 515 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(a)</sup>  | 343 | 362 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(a)</sup>  | 275 | 289 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(a)</sup>  | 166 | 173 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(a)</sup>  | 155 | 166 |
| Freddie Mac Pool #QG7153 4.00% 7/1/2053 <sup>(a)</sup>  | 5072 | 4841 |
| Freddie Mac Pool #QG6067 4.00% 7/1/2053 <sup>(a)</sup>  | 537 | 510 |
| Freddie Mac Pool #QG7958 4.00% 7/1/2053 <sup>(a)</sup>  | 65 | 62 |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(a)</sup>  | 243 | 243 |
| Freddie Mac Pool #SD3386 5.50% 7/1/2053 <sup>(a)</sup>  | 6917 | 7046 |
| Freddie Mac Pool #QG7411 5.50% 7/1/2053 <sup>(a)</sup>  | 456 | 465 |
| Freddie Mac Pool #RA9474 6.00% 7/1/2053 <sup>(a)</sup>  | 7709 | 7974 |
| Freddie Mac Pool #SD3434 6.00% 7/1/2053 <sup>(a)</sup>  | 2669 | 2751 |
| Freddie Mac Pool #QG8958 4.00% 8/1/2053 <sup>(a)</sup>  | 471 | 448 |
| Freddie Mac Pool #QG9629 4.00% 8/1/2053 <sup>(a)</sup>  | 393 | 373 |
| Freddie Mac Pool #QG9084 5.50% 8/1/2053 <sup>(a)</sup>  | 2170 | 2208 |
| Freddie Mac Pool #QG9008 5.50% 8/1/2053 <sup>(a)</sup>  | 2138 | 2177 |
| Freddie Mac Pool #QG9628 5.50% 8/1/2053 <sup>(a)</sup>  | 1725 | 1755 |
| Freddie Mac Pool #QG9141 5.50% 8/1/2053 <sup>(a)</sup>  | 1330 | 1355 |
| Freddie Mac Pool #SD3639 6.00% 8/1/2053 <sup>(a)</sup>  | 4095 | 4223 |
| Freddie Mac Pool #QH1059 6.00% 9/1/2053 <sup>(a)</sup>  | 8774 | 9055 |
| Freddie Mac Pool #SD3916 6.00% 9/1/2053 <sup>(a)</sup>  | 1324 | 1374 |
| Freddie Mac Pool #RA9854 6.00% 9/1/2053 <sup>(a)</sup>  | 1002 | 1042 |
| Freddie Mac Pool #SD3825 6.50% 9/1/2053 <sup>(a)</sup>  | 45147 | 46931 |
| Freddie Mac Pool #SD4997 5.00% 10/1/2053 <sup>(a)</sup>  | 761 | 762 |
| Freddie Mac Pool #SD8368 6.00% 10/1/2053 <sup>(a)</sup>  | 12533 | 12903 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **168** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD8369 6.50% 10/1/2053 <sup>(a)</sup>  | USD3,006 | $3128 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(a)</sup>  | 572 | 573 |
| Freddie Mac Pool #SD4571 5.50% 11/1/2053 <sup>(a)</sup>  | 17181 | 17495 |
| Freddie Mac Pool #SD8373 6.00% 11/1/2053 <sup>(a)</sup>  | 1888 | 1942 |
| Freddie Mac Pool #SD4318 6.50% 11/1/2053 <sup>(a)</sup>  | 11557 | 12126 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(a)</sup>  | 1610 | 1678 |
| Freddie Mac Pool #SD8374 6.50% 11/1/2053 <sup>(a)</sup>  | 34 | 35 |
| Freddie Mac Pool #RJ0440 6.00% 12/1/2053 <sup>(a)</sup>  | 4609 | 4749 |
| Freddie Mac Pool #QH5936 6.00% 12/1/2053 <sup>(a)</sup>  | 2681 | 2790 |
| Freddie Mac Pool #QH9285 2.50% 1/1/2054 <sup>(a)</sup>  | 108 | 91 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(a)</sup>  | 543 | 566 |
| Freddie Mac Pool #SD5910 4.00% 2/1/2054 <sup>(a)</sup>  | 184 | 176 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(a)</sup>  | 703 | 714 |
| Freddie Mac Pool #QI0006 6.00% 2/1/2054 <sup>(a)</sup>  | 4478 | 4607 |
| Freddie Mac Pool #SD4897 6.00% 2/1/2054 <sup>(a)</sup>  | 3302 | 3400 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(a)</sup>  | 164 | 169 |
| Freddie Mac Pool #SD4966 6.50% 2/1/2054 <sup>(a)</sup>  | 4155 | 4351 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(a)</sup>  | 376 | 382 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(a)</sup>  | 2336 | 2388 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(a)</sup>  | 1714 | 1742 |
| Freddie Mac Pool #RJ1435 6.00% 4/1/2054 <sup>(a)</sup>  | 7087 | 7322 |
| Freddie Mac Pool #SD5303 6.00% 4/1/2054 <sup>(a)</sup>  | 4925 | 5097 |
| Freddie Mac Pool #QI2895 6.00% 4/1/2054 <sup>(a)</sup>  | 4176 | 4339 |
| Freddie Mac Pool #RJ1346 6.00% 4/1/2054 <sup>(a)</sup>  | 1879 | 1956 |
| Freddie Mac Pool #SD8421 6.00% 4/1/2054 <sup>(a)</sup>  | 145 | 150 |
| Freddie Mac Pool #SD5316 6.00% 4/1/2054 <sup>(a)</sup>  | 20 | 21 |
| Freddie Mac Pool #SD5221 6.50% 4/1/2054 <sup>(a)</sup>  | 5247 | 5510 |
| Freddie Mac Pool #SD8430 5.00% 5/1/2054 <sup>(a)</sup>  | 1868 | 1865 |
| Freddie Mac Pool #RJ1417 5.50% 5/1/2054 <sup>(a)</sup>  | 35963 | 36756 |
| Freddie Mac Pool #RJ1512 5.50% 5/1/2054 <sup>(a)</sup>  | 4545 | 4653 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(a)</sup>  | 2621 | 2693 |
| Freddie Mac Pool #RJ1447 6.50% 5/1/2054 <sup>(a)</sup>  | 5138 | 5371 |
| Freddie Mac Pool #RJ1857 5.50% 6/1/2054 <sup>(a)</sup>  | 2633 | 2689 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(a)</sup>  | 925 | 946 |
| Freddie Mac Pool #RJ1859 6.00% 6/1/2054 <sup>(a)</sup>  | 22984 | 23769 |
| Freddie Mac Pool #SD8439 6.00% 6/1/2054 <sup>(a)</sup>  | 103 | 106 |
| Freddie Mac Pool #SD5701 6.50% 6/1/2054 <sup>(a)</sup>  | 5550 | 5829 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(a)</sup>  | 1766 | 1801 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(a)</sup>  | 19112 | 19635 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(a)</sup>  | 12328 | 12863 |
| Freddie Mac Pool #SD5949 6.00% 7/1/2054 <sup>(a)</sup>  | 2726 | 2810 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(a)</sup>  | 2538 | 2625 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(a)</sup>  | 207 | 213 |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(a)</sup>  | 6231 | 6477 |
| Freddie Mac Pool #QI9151 6.50% 7/1/2054 <sup>(a)</sup>  | 2247 | 2358 |
| Freddie Mac Pool #RJ2193 5.00% 8/1/2054 <sup>(a)</sup>  | 2034 | 2044 |
| Freddie Mac Pool #RJ2241 5.00% 8/1/2054 <sup>(a)</sup>  | 1389 | 1392 |
| Freddie Mac Pool #RJ2195 5.00% 8/1/2054 <sup>(a)</sup>  | 1302 | 1302 |
| Freddie Mac Pool #SD8453 5.50% 8/1/2054 <sup>(a)</sup>  | 3 | 3 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(a)</sup>  | 7892 | 8108 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(a)</sup>  | 4491 | 4623 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(a)</sup>  | 2184 | 2252 |
| Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(a)</sup>  | 523 | 539 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(a)</sup>  | 128 | 133 |
| Freddie Mac Pool #QJ1440 6.00% 8/1/2054 <sup>(a)</sup>  | 62 | 64 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(a)</sup>  | 11370 | 11901 |
| Freddie Mac Pool #SD6034 6.50% 8/1/2054 <sup>(a)</sup>  | 10081 | 10552 |
| Freddie Mac Pool #SD8455 6.50% 8/1/2054 <sup>(a)</sup>  | 6028 | 6266 |
| Freddie Mac Pool #SD6047 6.50% 8/1/2054 <sup>(a)</sup>  | 4125 | 4326 |
| Freddie Mac Pool #SD6035 6.50% 8/1/2054 <sup>(a)</sup>  | 2688 | 2815 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **169** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(a)</sup>  | USD1,700 | $1776 |
| Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(a)</sup>  | 887 | 925 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(a)</sup>  | 7 | 7 |
| Freddie Mac Pool #SD6578 6.00% 9/1/2054 <sup>(a)</sup>  | 4124 | 4292 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(a)</sup>  | 453 | 467 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(a)</sup>  | 237 | 245 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(a)</sup>  | 224 | 233 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(a)</sup>  | 216 | 225 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(a)</sup>  | 138 | 142 |
| Freddie Mac Pool #QJ3982 6.00% 9/1/2054 <sup>(a)</sup>  | 42 | 43 |
| Freddie Mac Pool #QJ3945 6.00% 9/1/2054 <sup>(a)</sup>  | 22 | 23 |
| Freddie Mac Pool #RJ2320 6.50% 9/1/2054 <sup>(a)</sup>  | 4015 | 4192 |
| Freddie Mac Pool #SD6271 6.50% 9/1/2054 <sup>(a)</sup>  | 2325 | 2430 |
| Freddie Mac Pool #RJ2325 6.50% 9/1/2054 <sup>(a)</sup>  | 1696 | 1770 |
| Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(a)</sup>  | 1067 | 1109 |
| Freddie Mac Pool #QJ4693 6.50% 9/1/2054 <sup>(a)</sup>  | 922 | 967 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(a)</sup>  | 955 | 969 |
| Freddie Mac Pool #QJ5971 6.00% 10/1/2054 <sup>(a)</sup>  | 144 | 149 |
| Freddie Mac Pool #QJ5733 6.00% 10/1/2054 <sup>(a)</sup>  | 46 | 47 |
| Freddie Mac Pool #SD8470 6.00% 10/1/2054 <sup>(a)</sup>  | 22 | 23 |
| Freddie Mac Pool #SD6733 6.50% 10/1/2054 <sup>(a)</sup>  | 4703 | 4900 |
| Freddie Mac Pool #QJ7714 6.50% 10/1/2054 <sup>(a)</sup>  | 123 | 128 |
| Freddie Mac Pool #SD8484 4.00% 11/1/2054 <sup>(a)</sup>  | 4196 | 3984 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(a)</sup>  | 4697 | 4590 |
| Freddie Mac Pool #RJ2860 5.00% 11/1/2054 <sup>(a)</sup>  | 2596 | 2593 |
| Freddie Mac Pool #RJ2917 5.50% 11/1/2054 <sup>(a)</sup>  | 10494 | 10659 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(a)</sup>  | 10239 | 10390 |
| Freddie Mac Pool #RJ2922 6.00% 11/1/2054 <sup>(a)</sup>  | 2822 | 2904 |
| Freddie Mac Pool #RJ3017 5.00% 12/1/2054 <sup>(a)</sup>  | 3344 | 3338 |
| Freddie Mac Pool #RJ3163 5.00% 12/1/2054 <sup>(a)</sup>  | 6 | 6 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(a)</sup>  | 253 | 256 |
| Freddie Mac Pool #QX0376 5.50% 12/1/2054 <sup>(a)</sup>  | 13 | 13 |
| Freddie Mac Pool #QX1881 6.00% 12/1/2054 <sup>(a)</sup>  | 260 | 268 |
| Freddie Mac Pool #QX0548 6.50% 12/1/2054 <sup>(a)</sup>  | 673 | 700 |
| Freddie Mac Pool #SD8494 5.50% 1/1/2055 <sup>(a)</sup>  | 1300 | 1319 |
| Freddie Mac Pool #RJ3240 6.00% 1/1/2055 <sup>(a)</sup>  | 5110 | 5292 |
| Freddie Mac Pool #RJ3301 6.00% 1/1/2055 <sup>(a)</sup>  | 2130 | 2217 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(a)</sup>  | 2041 | 2097 |
| Freddie Mac Pool #RJ3305 6.00% 1/1/2055 <sup>(a)</sup>  | 1547 | 1603 |
| Freddie Mac Pool #QX4065 6.00% 1/1/2055 <sup>(a)</sup>  | 517 | 531 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(a)</sup>  | 5331 | 5609 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(a)</sup>  | 4537 | 4432 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(a)</sup>  | 2707 | 2781 |
| Freddie Mac Pool #SL0797 6.00% 2/1/2055 <sup>(a)</sup>  | 1637 | 1692 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(a)</sup>  | 4159 | 4273 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(a)</sup>  | 6166 | 6409 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(a)</sup>  | 6852 | 7040 |
| Freddie Mac Pool #SL0796 6.00% 4/1/2055 <sup>(a)</sup>  | 749 | 770 |
| Freddie Mac Pool #QY1898 7.00% 4/1/2055 <sup>(a)</sup>  | 1000 | 1061 |
| Freddie Mac Pool #QY0611 7.00% 4/1/2055 <sup>(a)</sup>  | 1000 | 1056 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(a)</sup>  | 190 | 190 |
| Freddie Mac Pool #SD8533 5.50% 5/1/2055 <sup>(a)</sup>  | 5143 | 5218 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(a)</sup>  | 3005 | 3088 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(a)</sup>  | 859 | 858 |
| Freddie Mac Pool #RJ4979 5.50% 6/1/2055 <sup>(a)</sup>  | 222 | 225 |
| Freddie Mac Pool #RQ0026 5.00% 7/1/2055 <sup>(a)</sup>  | 3937 | 3929 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(a)</sup>  | 11844 | 12016 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(a)</sup>  | 17994 | 18482 |
| Freddie Mac Pool #QY7483 6.00% 7/1/2055 <sup>(a)</sup>  | 640 | 658 |
| Freddie Mac Pool #SL2625 6.50% 7/1/2055 <sup>(a)</sup>  | 2080 | 2162 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **170** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(a)</sup>  | USD7,619 | $7826 |
| Freddie Mac Pool #RQ0050 6.00% 9/1/2055 <sup>(a)</sup>  | 3830 | 3935 |
| Freddie Mac Pool #RQ0056 5.50% 10/1/2055 <sup>(a)</sup>  | 1894 | 1921 |
| Freddie Mac Pool #RQ0081 3.50% 1/1/2056 <sup>(a)</sup>  | 949 | 880 |
| Freddie Mac Pool #RQ0082 4.00% 1/1/2056 <sup>(a)</sup>  | 4000 | 3796 |
| Freddie Mac, Series 3061, Class PN, 5.50% 11/15/2035 <sup>(a)</sup>  | 33 | 34 |
| Freddie Mac, Series 3318, Class JT, 5.50% 5/15/2037 <sup>(a)</sup>  | 88 | 92 |
| Freddie Mac, Series K156, Class A2, Multi Family, 4.43% 2/25/2033 <sup>(a)(b)</sup>  | 3461 | 3484 |
| Freddie Mac, Series 3146, Class PO, principal only, 0% 4/15/2036 <sup>(a)</sup>  | 77 | 68 |
| Freddie Mac, Series 3156, Class PO, principal only, 0% 5/15/2036 <sup>(a)</sup>  | 69 | 61 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(a)(b)</sup>  | 5318 | 5222 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/26/2058 <sup>(a)</sup>  | 1306 | 1273 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 <sup>(a)</sup>  | 7344 | 7165 |
| Government National Mortgage Assn. 2.00% 1/1/2056 <sup>(a)(d)</sup>  | 6176 | 5117 |
| Government National Mortgage Assn. 2.50% 1/1/2056 <sup>(a)(d)</sup>  | 4300 | 3710 |
| Government National Mortgage Assn. 5.00% 1/1/2056 <sup>(a)(d)</sup>  | 135 | 135 |
| Government National Mortgage Assn. Pool #MA5817 4.00% 3/20/2049 <sup>(a)</sup>  | 8842 | 8480 |
| Government National Mortgage Assn. Pool #MA6042 5.00% 7/20/2049 <sup>(a)</sup>  | 24 | 24 |
| Government National Mortgage Assn. Pool #MA6221 4.50% 10/20/2049 <sup>(a)</sup>  | 3633 | 3619 |
| Government National Mortgage Assn. Pool #MA6600 3.50% 4/20/2050 <sup>(a)</sup>  | 8144 | 7513 |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(a)</sup>  | 1845 | 1530 |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(a)</sup>  | 3200 | 2653 |
| Government National Mortgage Assn. Pool #785607 2.50% 8/20/2051 <sup>(a)</sup>  | 7322 | 6269 |
| Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 <sup>(a)</sup>  | 2712 | 2317 |
| Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 <sup>(a)</sup>  | 2624 | 2247 |
| Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(a)</sup>  | 3845 | 3320 |
| Government National Mortgage Assn. Pool #785998 2.50% 3/20/2052 <sup>(a)</sup>  | 3308 | 2836 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(a)</sup>  | 214 | 193 |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(a)</sup>  | 165 | 149 |
| Government National Mortgage Assn. Pool #MA8044 3.50% 5/20/2052 <sup>(a)</sup>  | 4422 | 4076 |
| Government National Mortgage Assn. Pool #MA8148 3.00% 7/20/2052 <sup>(a)</sup>  | 4579 | 4123 |
| Government National Mortgage Assn. Pool #MA8199 3.50% 8/20/2052 <sup>(a)</sup>  | 3773 | 3460 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(a)</sup>  | 20329 | 18786 |
| Government National Mortgage Assn. Pool #MA8267 4.00% 9/20/2052 <sup>(a)</sup>  | 7218 | 6880 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(a)</sup>  | 5056 | 4813 |
| Government National Mortgage Assn. Pool #MA8799 4.50% 4/20/2053 <sup>(a)</sup>  | 3238 | 3176 |
| Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(a)</sup>  | 11481 | 11248 |
| Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/2053 <sup>(a)</sup>  | 2951 | 2958 |
| Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/2053 <sup>(a)</sup>  | 7397 | 7249 |
| Government National Mortgage Assn. Pool #MA9169 4.50% 9/20/2053 <sup>(a)</sup>  | 12305 | 12036 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(a)</sup>  | 1705 | 1621 |
| Government National Mortgage Assn. Pool #MB0024 4.50% 11/20/2054 <sup>(a)</sup>  | 20281 | 19787 |
| Government National Mortgage Assn. Pool #MB0147 5.50% 1/20/2055 <sup>(a)</sup>  | 3466 | 3505 |
| Government National Mortgage Assn. Pool #MB0205 5.50% 2/20/2055 <sup>(a)</sup>  | 2039 | 2062 |
| Government National Mortgage Assn. Pool #MB0424 5.50% 6/20/2055 <sup>(a)</sup>  | 7908 | 7992 |
| Government National Mortgage Assn. Pool #MB0485 5.50% 7/20/2055 <sup>(a)</sup>  | 12832 | 12970 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(a)</sup>  | 1451 | 1083 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2041 <sup>(a)(d)</sup>  | 5845 | 5413 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(a)(d)</sup>  | 53078 | 42918 |
| Uniform Mortgage-Backed Security 3.00% 1/1/2056 <sup>(a)(d)</sup>  | 4335 | 3835 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(a)(d)</sup>  | 154 | 142 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(a)(d)</sup>  | 20135 | 19659 |
| Uniform Mortgage-Backed Security 5.00% 1/1/2056 <sup>(a)(d)</sup>  | 23668 | 23607 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(a)(d)</sup>  | 1089 | 1132 |
| Uniform Mortgage-Backed Security 7.00% 1/1/2056 <sup>(a)(d)</sup>  | 12098 | 12733 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(a)(d)</sup>  | 27516 | 25355 |
| Uniform Mortgage-Backed Security 4.00% 2/1/2056 <sup>(a)(d)</sup>  | 17770 | 16847 |
|  |  | 2904435 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **171** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Commercial mortgage-backed securities 3.57%** |  |  |
| ALA Trust, Series 2025-OANA, Class A, (1-month USD CME Term SOFR + 1.743%) 5.494% 6/15/2040 <sup>(a)(b)(e)</sup>  | USD11,443 | $11504 |
| AMSR Trust, Series 2025-SFR1, Class A, 3.655% 6/17/2042 <sup>(a)(e)</sup>  | 11892 | 11486 |
| ARES Commercial Mortgage Trust, Series 24-IND, Class A, (1-month USD CME Term SOFR + 1.69%) 5.442% <br> 7/15/2041 <sup>(a)(b)(e)</sup>  | 1251 | 1254 |
| Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 2/15/2052 <sup>(a)</sup>  | 770 | 764 |
| Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 4/15/2052 <sup>(a)</sup>  | 100 | 98 |
| Bank Commercial Mortgage Trust, Series 2023-5YR3, Class AS, 7.315% 9/15/2056 <sup>(a)(b)</sup>  | 684 | 731 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/2056 <sup>(a)(b)</sup>  | 500 | 534 |
| Bank Commercial Mortgage Trust, Series 2024-5YR11, Class AS, 6.139% 11/15/2057 <sup>(a)</sup>  | 3537 | 3702 |
| Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 2/17/2061 <sup>(a)</sup>  | 123 | 121 |
| Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 8/15/2061 <sup>(a)</sup>  | 1018 | 965 |
| Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063 <sup>(a)</sup>  | 295 | 271 |
| Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 1/15/2052 <sup>(a)</sup>  | 2541 | 2522 |
| Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/2053 <sup>(a)(b)</sup>  | 781 | 785 |
| Benchmark Mortgage Trust, Series 2024-V5, Class AM, 6.417% 1/10/2057 <sup>(a)(b)</sup>  | 3361 | 3507 |
| Benchmark Mortgage Trust, Series 2024-V11, Class AM, 6.201% 11/15/2057 <sup>(a)(b)</sup>  | 2174 | 2275 |
| BMO Mortgage Trust, Series 2024-5C5, Class AS, 6.364% 2/15/2057 <sup>(a)(b)</sup>  | 2774 | 2910 |
| BMO Mortgage Trust, Series 2025-5C9, Class A3, 5.779% 4/15/2058 <sup>(a)(b)</sup>  | 7780 | 8150 |
| BX Commercial Mortgage Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) <br> 5.865% 6/15/2027 <sup>(a)(b)(e)</sup>  | 8476 | 8500 |
| BX Trust, Series 2024-KING, Class A, (1-month USD CME Term SOFR + 1.541%) 5.291% 5/15/2034 <sup>(a)(b)(e)</sup>  | 2183 | 2186 |
| BX Trust, Series 2021-RISE, Class A, (1-month USD CME Term SOFR + 0.862%) 4.612% 11/15/2036 <sup>(a)(b)(e)</sup>  | 10670 | 10664 |
| BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.241% 4/15/2037 <sup>(a)(b)(e)</sup>  | 2778 | 2783 |
| BX Trust, Series 2021-ACNT, Class A, (1-month USD CME Term SOFR + 0.964%) 4.715% 11/15/2038 <sup>(a)(b)(e)</sup>  | 7785 | 7782 |
| BX Trust, Series 2021-ACNT, Class B, (1-month USD CME Term SOFR + 1.364%) 5.115% 11/15/2038 <sup>(a)(b)(e)</sup>  | 264 | 264 |
| BX Trust, Series 2021-ACNT, Class C, (1-month USD CME Term SOFR + 1.614%) 5.365% 11/15/2038 <sup>(a)(b)(e)</sup>  | 78 | 78 |
| BX Trust, Series 2021-ACNT, Class D, (1-month USD CME Term SOFR + 1.964%) 5.715% 11/15/2038 <sup>(a)(b)(e)</sup>  | 118 | 118 |
| BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 4.74% 1/17/2039 <sup>(a)(b)(e)</sup>  | 8600 | 8597 |
| BX Trust, Series 2024-BIO2, Class A, 5.413% 8/13/2041 <sup>(a)(b)(e)</sup>  | 26909 | 27302 |
| BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 5.442% 8/15/2041 <sup>(a)(b)(e)</sup>  | 7715 | 7740 |
| BX Trust, Series 2025-ARIA, Class A, 5.031% 12/13/2042 <sup>(a)(b)(e)</sup>  | 28535 | 28830 |
| BX Trust, Series 2025-VOLT, Class A, (1-month USD CME Term SOFR + 1.70%) 5.70% 12/15/2044 <sup>(a)(b)(e)</sup>  | 25957 | 26020 |
| CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 5.641% <br> 7/15/2041 <sup>(a)(b)(e)</sup>  | 1514 | 1518 |
| CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.392% 8/15/2041 <sup>(a)(b)(e)</sup>  | 5461 | 5460 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(a)(b)(e)</sup>  | 19044 | 19637 |
| Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 2/10/2049 <sup>(a)</sup>  | 244 | 243 |
| DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class A, 5.728% 8/12/2043 <sup>(a)(b)(e)</sup>  | 8924 | 9165 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class A, 6.314% 9/12/2040 <sup>(a)(e)</sup>  | 966 | 996 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class B, 6.804% 9/12/2040 <sup>(a)(e)</sup>  | 1121 | 1157 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class C, 7.14% 9/12/2040 <sup>(a)(b)(e)</sup>  | 862 | 893 |
| Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 5/10/2049 <sup>(a)</sup>  | 200 | 198 |
| Durst Commercial Mortgage Trust, Series 2025-151, Class A, 5.317% 8/10/2042 <sup>(a)(b)(e)</sup>  | 7301 | 7455 |
| Extended Stay America Trust, Series 2025-ESH, Class A, (1-month USD CME Term SOFR + 1.30%) 5.05% <br> 10/15/2042 <sup>(a)(b)(e)</sup>  | 9486 | 9514 |
| FIVE Mortgage Trust, Series 2023-V1, Class A3, 5.668% 2/10/2056 <sup>(a)(b)</sup>  | 2432 | 2494 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.20% 12/15/2039 <sup>(a)(b)(e)</sup>  | 1508 | 1513 |
| GS Mortgage Securities Trust, Series 2024-70P, Class A, 5.487% 3/10/2041 <sup>(a)(b)(e)</sup>  | 10443 | 10568 |
| GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 8/10/2050 <sup>(a)</sup>  | 400 | 395 |
| GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 2/10/2052 <sup>(a)</sup>  | 100 | 98 |
| GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053 <sup>(a)</sup>  | 1536 | 1414 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.143% <br>3/15/2042 <sup>(a)(b)(e)</sup>  | 8260 | 8278 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(a)(b)(e)</sup>  | 15120 | 15694 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.876% 5/10/2039 <sup>(a)(b)(e)</sup>  | 1478 | 1497 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 <sup>(a)(b)(e)</sup>  | 24720 | 25650 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 5.10% <br>3/15/2042 <sup>(a)(b)(e)</sup>  | 28416 | 28487 |
| JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 3/15/2050 <sup>(a)</sup>  | 640 | 633 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **172** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Commercial mortgage-backed securities (continued)** |  |  |
| JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 10/15/2050 <sup>(a)</sup>  | USD240 | $236 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039 <sup>(a)(e)</sup>  | 6854 | 6204 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% <br> 12/15/2049 <sup>(a)(b)</sup>  | 2040 | 2024 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%) <br> 5.293% 12/15/2039 <sup>(a)(b)(e)</sup>  | 13015 | 13029 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A-4, 3.306% 4/15/2048 <sup>(a)</sup>  | 59 | 58 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A-4, 3.72% 12/15/2049 <sup>(a)</sup>  | 245 | 243 |
| NYC Commercial Mortgage Trust, Series 2025-28L, Class A, 4.668% 11/5/2038 <sup>(a)(b)(e)</sup>  | 4409 | 4422 |
| SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A, (1-month USD CME Term SOFR + 1.392%) <br> 5.142% 5/15/2039 <sup>(a)(b)(e)</sup>  | 3848 | 3847 |
| SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041 <sup>(a)(e)</sup>  | 4065 | 3639 |
| SREIT Trust, Series 2021-MFP, Class B, (1-month USD CME Term SOFR + 1.194%) 4.944% 11/15/2038 <sup>(a)(b)(e)</sup>  | 221 | 221 |
| SREIT Trust, Series 2021-MFP, Class C, (1-month USD CME Term SOFR + 1.443%) 5.194% 11/15/2038 <sup>(a)(b)(e)</sup>  | 118 | 118 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) <br> 5.193% 2/15/2042 <sup>(a)(b)(e)</sup>  | 26882 | 26674 |
| Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 12/15/2049 <sup>(a)</sup>  | 2550 | 2540 |
| Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 12/15/2052 <sup>(a)</sup>  | 1019 | 975 |
| Wells Fargo Commercial Mortgage Trust, Series 2024-5C2, Class A3, 5.92% 11/15/2057 <sup>(a)(b)</sup>  | 5667 | 5970 |
| Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 1/15/2060 <sup>(a)</sup>  | 205 | 204 |
|  |  | 405804 |
| **Collateralized mortgage-backed obligations (privately originated) 2.87%** |  |  |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 <sup>(a)(b)(e)</sup>  | 1464 | 1328 |
| Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 3/25/2055 <sup>(a)(e)</sup>  | 49 | 47 |
| Arroyo Mortgage Trust, Series 2022-1, Class A1A, 2.495% 12/25/2056 (3.495% on 2/25/2026) <sup>(a)(e)(f)</sup>  | 3728 | 3648 |
| Atlas SP, Series 2024-RPL1, Class A1, 3.85% 4/25/2064 (4.85% on 8/1/2028) <sup>(a)(e)(f)</sup>  | 11242 | 11004 |
| BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 5/25/2059 <sup>(a)(b)(e)</sup>  | 532 | 504 |
| BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 5/26/2059 <sup>(a)(b)(e)</sup>  | 159 | 157 |
| BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/2061 <sup>(a)(e)</sup>  | 631 | 582 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(a)(b)(e)</sup>  | 1869 | 1865 |
| Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(a)(b)(e)</sup>  | 12435 | 12207 |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 <sup>(a)(b)(e)</sup>  | 4882 | 4673 |
| Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060 <sup>(a)(b)(e)</sup>  | 107 | 101 |
| COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066 <sup>(a)(b)(e)</sup>  | 969 | 884 |
| Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) <br> 6.274% 12/25/2042 <sup>(a)(b)(e)</sup>  | 411 | 420 |
| Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) <br> 6.174% 5/25/2043 <sup>(a)(b)(e)</sup>  | 2028 | 2067 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) <br> 5.774% 6/25/2043 <sup>(a)(b)(e)</sup>  | 1083 | 1091 |
| Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) <br> 5.574% 7/25/2043 <sup>(a)(b)(e)</sup>  | 517 | 519 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M1, (30-day Average USD-SOFR + 1.05%) <br> 4.924% 1/25/2044 <sup>(a)(b)(e)</sup>  | 2503 | 2501 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (30-day Average USD-SOFR + 1.80%) <br> 5.674% 1/25/2044 <sup>(a)(b)(e)</sup>  | 507 | 511 |
| Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M1, (30-day Average USD-SOFR + 1.10%) <br> 4.974% 2/25/2044 <sup>(a)(b)(e)</sup>  | 242 | 242 |
| Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M2, (30-day Average USD-SOFR + 1.80%) <br> 5.674% 2/25/2044 <sup>(a)(b)(e)</sup>  | 1053 | 1060 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, (30-day Average USD-SOFR + 1.10%) <br> 4.974% 5/25/2044 <sup>(a)(b)(e)</sup>  | 1578 | 1577 |
| Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M1, (30-day Average USD-SOFR + 1.05%) <br> 4.924% 9/25/2044 <sup>(a)(b)(e)</sup>  | 167 | 167 |
| Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M2, (30-day Average USD-SOFR + 1.60%) <br> 5.474% 9/25/2044 <sup>(a)(b)(e)</sup>  | 1584 | 1586 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **173** | American Funds Insurance Series |

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------

The Bond Fund of America (continued)

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| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%) <br> 4.874% 2/25/2045 <sup>(a)(b)(e)</sup>  | USD1,955 | $1959 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%) <br> 5.024% 2/25/2045 <sup>(a)(b)(e)</sup>  | 3390 | 3397 |
| Connecticut Avenue Securities Trust, Series 2025-R04, Class 1M1, (30-day Average USD-SOFR + 1.20%) <br> 5.074% 5/25/2045 <sup>(a)(b)(e)</sup>  | 5187 | 5202 |
| Flagstar Mortgage Trust, Series 2021-8INV, Class A3, 2.50% 9/25/2051 <sup>(a)(b)(e)</sup>  | 1632 | 1365 |
| Flagstar Mortgage Trust, Series 2021-11INV, Class A4, 2.50% 11/25/2051 <sup>(a)(b)(e)</sup>  | 1791 | 1498 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1A, (30-day Average <br> USD-SOFR + 2.95%) 6.824% 6/25/2042 <sup>(a)(b)(e)</sup>  | 101 | 103 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average <br> USD-SOFR + 2.15%) 6.024% 9/25/2042 <sup>(a)(b)(e)</sup>  | 123 | 124 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average <br> USD-SOFR + 3.70%) 7.574% 9/25/2042 <sup>(a)(b)(e)</sup>  | 1519 | 1585 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA1, Class M1, (30-day Average <br> USD-SOFR + 1.35%) 5.224% 2/25/2044 <sup>(a)(b)(e)</sup>  | 2438 | 2440 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class M1, (30-day Average <br> USD-SOFR + 1.20%) 5.074% 5/25/2044 <sup>(a)(b)(e)</sup>  | 10256 | 10273 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA3, Class M1, (30-day Average <br> USD-SOFR + 1.00%) 4.874% 10/25/2044 <sup>(a)(b)(e)</sup>  | 62 | 62 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA3, Class M2, (30-day Average <br> USD-SOFR + 1.45%) 5.324% 10/25/2044 <sup>(a)(b)(e)</sup>  | 1648 | 1648 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA2, Class A1, (30-day Average <br> USD-SOFR + 1.10%) 4.974% 5/25/2045 <sup>(a)(b)(e)</sup>  | 2282 | 2288 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA2, Class M1, (30-day Average <br> USD-SOFR + 1.20%) 5.074% 5/25/2045 <sup>(a)(b)(e)</sup>  | 6559 | 6560 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(a)(e)(f)</sup>  | 3684 | 3725 |
| GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/2066 <sup>(a)(b)(e)</sup>  | 1568 | 1444 |
| GS Mortgage-Backed Securities Trust, Series 2024-RPL2, Class A1, 3.75% 7/25/2061 (4.75% on <br>2/1/2028) <sup>(a)(e)(f)</sup>  | 655 | 644 |
| Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026 <sup>(a)(e)</sup>  | 3828 | 3748 |
| HOMES Trust, Series 2024-NQM1, Class A1, 5.915% 7/25/2069 (6.915% on 7/1/2028) <sup>(a)(e)(f)</sup>  | 13470 | 13613 |
| JP Morgan Mortgage Trust, Series 2024-INV1, Class A2, 6.00% 4/25/2055 <sup>(a)(b)(e)</sup>  | 537 | 548 |
| Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 5.75% 4/25/2061 <sup>(a)(e)</sup>  | 591 | 592 |
| Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 6.25% 7/25/2067 <sup>(a)(e)</sup>  | 1805 | 1808 |
| MFRA Trust, Series 2021-RPL1, Class A1, 1.131% 7/25/2060 <sup>(a)(b)(e)</sup>  | 1819 | 1679 |
| MFRA Trust, Series 2024-NQM2, Class A1, 5.272% 8/25/2069 (6.272% on 8/1/2028) <sup>(a)(e)(f)</sup>  | 17976 | 18016 |
| MFRA Trust, Series 2025-NQM3, Class A1, 5.261% 8/25/2070 (6.261% on 7/1/2029) <sup>(a)(e)(f)</sup>  | 3098 | 3108 |
| Onslow Bay Financial Mortgage Loan Trust, Series 2024-HYB1, Class A1, 3.637% 3/25/2053 <sup>(a)(b)(e)</sup>  | 2237 | 2233 |
| Onslow Bay Financial, LLC, Series 2024-HYB2, Class A1, 3.695% 4/25/2053 <sup>(a)(b)(e)</sup>  | 1698 | 1685 |
| Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 1/25/2064 (6.988% on 3/1/2028) <sup>(a)(e)(f)</sup>  | 5345 | 5395 |
| Onslow Bay Financial, LLC, Series 2024-NQM4, Class A1, 6.067% 1/25/2064 (7.067% on 2/1/2028) <sup>(a)(e)(f)</sup>  | 2650 | 2674 |
| Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(a)(e)(f)</sup>  | 5910 | 5981 |
| Onslow Bay Financial, LLC, Series 2024-NQM10, Class A1, 6.18% 5/25/2064 (7.18% on 6/1/2028) <sup>(a)(e)(f)</sup>  | 5619 | 5690 |
| Onslow Bay Financial, LLC, Series 2024-NQM8, Class A1, 6.233% 5/25/2064 (7.233% on 5/1/2028) <sup>(a)(e)(f)</sup>  | 14545 | 14727 |
| Onslow Bay Financial, LLC, Series 2024-NQM13, Class A1, 5.116% 6/25/2064 (6.116% on 8/1/2028) <sup>(a)(e)(f)</sup>  | 4358 | 4369 |
| Onslow Bay Financial, LLC, Series 2024-NQM11, Class A1, 5.875% 6/25/2064 (6.825% on 7/1/2028) <sup>(a)(e)(f)</sup>  | 16390 | 16559 |
| Onslow Bay Financial, LLC, Series 2025-NQM19, Class A1, 4.869% 10/25/2065 <sup>(a)(b)(e)</sup>  | 7668 | 7687 |
| PRKCM Trust, Series 2021-AFC2, Class A1, 2.071% 11/25/2056 <sup>(a)(b)(e)</sup>  | 1245 | 1117 |
| Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039 <sup>(a)(e)</sup>  | 1077 | 1063 |
| Progress Residential Trust, Series 2024-SFR2, Class B, 3.40% 4/17/2041 <sup>(a)(b)(e)</sup>  | 1044 | 1005 |
| Progress Residential Trust, Series 2025-SFR2, Class A, 3.305% 4/17/2042 <sup>(a)(e)</sup>  | 14298 | 13641 |
| Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2042 <sup>(a)(e)</sup>  | 4038 | 3852 |
| PRP Advisors, LLC, Series 2025-RPL3, Class A1, 3.25% 4/25/2055 (4.25% on 4/1/2028) <sup>(a)(e)(f)</sup>  | 2983 | 2892 |
| Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%) <br> 5.50% 10/17/2041 <sup>(a)(b)(e)</sup>  | 6364 | 6389 |
| Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060 <sup>(a)(e)</sup>  | 6910 | 6344 |
| Towd Point Mortgage Trust, Series 2024-3, Class A1A, 5.03% 7/25/2065 <sup>(a)(b)(e)</sup>  | 3039 | 3071 |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(e)(g)</sup>  | 1368 | 1368 |
| Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038 <sup>(a)(e)</sup>  | 5017 | 4955 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **174** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| Tricon Residential Trust, Series 2024-SFR2, Class A, 4.75% 6/17/2040 <sup>(a)(e)</sup>  | USD8,559 | $8592 |
| Tricon Residential Trust, Series 2024-SFR3, Class A, 4.50% 8/17/2041 <sup>(a)(e)</sup>  | 7453 | 7456 |
| Tricon Residential Trust, Series 2024-SFR4, Class A, 4.30% 11/17/2041 <sup>(a)(e)</sup>  | 3343 | 3324 |
| Verus Securitization Trust, Series 2024-3, Class A1, 6.338% 4/25/2069 (7.338% on 4/1/2028) <sup>(a)(e)(f)</sup>  | 12295 | 12443 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(a)(e)(f)</sup>  | 5466 | 5541 |
| Verus Securitization Trust, Series 2024-6, Class A1, 5.799% 7/25/2069 (6.799% on 7/1/2028) <sup>(a)(e)(f)</sup>  | 11832 | 11940 |
| Verus Securitization Trust, Series 2024-8, Class A1, 5.364% 10/25/2069 <sup>(a)(b)(e)</sup>  | 3935 | 3959 |
| Verus Securitization Trust, Series 2025-5, Class A1, 5.427% 6/25/2070 (6.427% on 6/1/2029) <sup>(a)(e)(f)</sup>  | 19755 | 19928 |
| Verus Securitization Trust, Series 2025-7, Class A1, 5.129% 8/25/2070 (6.129% on 8/1/2029) <sup>(a)(e)(f)</sup>  | 4404 | 4425 |
|  |  | 326475 |
| **Total mortgage-backed obligations** |  | 3636714 |
| **Corporate bonds and notes 30.21%** | **Corporate bonds and notes 30.21%** | **Corporate bonds and notes 30.21%** |
| **Financials 9.16%** |  |  |
| AerCap Ireland Capital DAC 1.75% 1/30/2026  | 2841 | 2836 |
| AerCap Ireland Capital DAC 2.45% 10/29/2026  | 10289 | 10152 |
| AerCap Ireland Capital DAC 6.45% 4/15/2027  | 3994 | 4104 |
| AIB Group PLC 6.608% 9/13/2029 (USD-SOFR + 2.33% on 9/13/2028) <sup>(e)(f)</sup>  | 1597 | 1696 |
| AIB Group PLC 5.871% 3/28/2035 (USD-SOFR + 1.91% on 3/28/2034) <sup>(e)(f)</sup>  | 1995 | 2109 |
| Alpha Bank SA 7.50% 6/16/2027 (1-year EUR Mid-Swap + 5.084% on 6/16/2026) <sup>(f)</sup>  | EUR437 | 524 |
| Alpha Bank SA 6.875% 6/27/2029 (1-year EUR-ICE Swap EURIBOR + 3.793% on 6/27/2028) <sup>(f)</sup>  | 2840 | 3647 |
| Alpha Bank SA 5.00% 5/12/2030 (1-year EUR-ICE Swap EURIBOR + 2.432% on 5/12/2029) <sup>(f)</sup>  | 4065 | 5061 |
| American Express Co. 6.489% 10/30/2031 (USD-SOFR + 1.94% on 10/30/2030) <sup>(f)</sup>  | USD359 | 392 |
| American Express Co. 5.043% 5/1/2034 (USD-SOFR + 1.835% on 5/1/2033) <sup>(f)</sup>  | 1618 | 1661 |
| American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(f)</sup>  | 4927 | 5120 |
| American Express Co. 5.667% 4/25/2036 (USD-SOFR + 1.79% on 4/25/2035) <sup>(f)</sup>  | 2464 | 2603 |
| American International Group, Inc. 4.85% 5/7/2030  | 24445 | 25070 |
| American International Group, Inc. 5.125% 3/27/2033  | 2749 | 2831 |
| Aon Corp. 5.35% 2/28/2033  | 1083 | 1128 |
| Aon North America, Inc. 5.15% 3/1/2029  | 3015 | 3103 |
| Aon North America, Inc. 5.30% 3/1/2031  | 1005 | 1048 |
| Aon North America, Inc. 5.45% 3/1/2034  | 2550 | 2651 |
| Aon North America, Inc. 5.75% 3/1/2054  | 1163 | 1158 |
| Arthur J. Gallagher & Co. 4.85% 12/15/2029  | 3140 | 3215 |
| Arthur J. Gallagher & Co. 5.15% 2/15/2035  | 1845 | 1866 |
| Arthur J. Gallagher & Co. 5.55% 2/15/2055  | 1845 | 1772 |
| Banco Santander SA 1.722% 9/14/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.90% on <br> 9/14/2026) <sup>(f)</sup>  | 1400 | 1377 |
| Bank of America Corp. 2.551% 2/4/2028 (USD-SOFR + 1.05% on 2/4/2027) <sup>(f)</sup>  | 4295 | 4226 |
| Bank of America Corp. 4.376% 4/27/2028 (USD-SOFR + 1.58% on 4/27/2027) <sup>(f)</sup>  | 2635 | 2646 |
| Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028) <sup>(f)</sup>  | 3202 | 3055 |
| Bank of America Corp. 5.819% 9/15/2029 (USD-SOFR + 1.57% on 9/15/2028) <sup>(f)</sup>  | 339 | 354 |
| Bank of America Corp. 3.974% 2/7/2030 (3-month USD CME Term SOFR + 1.472% on 2/7/2029) <sup>(f)</sup>  | 1150 | 1144 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030) <sup>(f)</sup>  | 24072 | 21536 |
| Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031) <sup>(f)</sup>  | 41179 | 36834 |
| Bank of Nova Scotia (The) 5.25% 6/12/2028  | 1370 | 1411 |
| Banque Federative du Credit Mutuel 0.82% 10/16/2026  | JPY300,000 | 1909 |
| Barclays PLC 4.837% 9/10/2028 (USD-SOFR + 1.34% on 9/10/2027) <sup>(f)</sup>  | USD2,585 | 2617 |
| Block, Inc. 2.75% 6/1/2026  | 1975 | 1964 |
| Block, Inc. 5.625% 8/15/2030 <sup>(e)</sup>  | 1735 | 1771 |
| BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027) <sup>(e)(f)</sup>  | 13134 | 12934 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028) <sup>(e)(f)</sup>  | 3594 | 3403 |
| BPCE SA 0.895% 12/14/2026  | JPY100,000 | 636 |
| BPCE SA 5.975% 1/18/2027 (USD-SOFR + 2.10% on 1/18/2026) <sup>(e)(f)</sup>  | USD2,150 | 2151 |
| BPCE SA 6.714% 10/19/2029 (USD-SOFR + 2.27% on 10/19/2028) <sup>(e)(f)</sup>  | 5000 | 5307 |
| BPCE SA 5.716% 1/18/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.959% on <br> 1/18/2029) <sup>(e)(f)</sup>  | 1285 | 1331 |
| BPCE SA 5.876% 1/14/2031 (USD-SOFR + 1.68% on 1/14/2030) <sup>(e)(f)</sup>  | 1845 | 1929 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **175** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** |  |  |
| BPCE SA 5.389% 5/28/2031 (USD-SOFR + 1.581% on 5/28/2030) <sup>(e)(f)</sup>  | USD3,814 | $3917 |
| BPCE SA 5.936% 5/30/2035 (USD-SOFR + 1.85% on 5/30/2034) <sup>(e)(f)</sup>  | 4503 | 4698 |
| CaixaBank SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(e)(f)</sup>  | 10948 | 11375 |
| CaixaBank SA 6.84% 9/13/2034 (USD-SOFR + 2.77% on 9/13/2033) <sup>(e)(f)</sup>  | 1900 | 2121 |
| Capital One Financial Corp. 5.468% 2/1/2029 (USD-SOFR + 2.08% on 2/1/2028) <sup>(f)</sup>  | 515 | 529 |
| Capital One Financial Corp. 6.377% 6/8/2034 (USD-SOFR + 2.86% on 6/8/2033) <sup>(f)</sup>  | 1204 | 1302 |
| Capital One Financial Corp. 6.051% 2/1/2035 (USD-SOFR + 2.26% on 2/1/2034) <sup>(f)</sup>  | 2920 | 3110 |
| Charles Schwab Corp. (The) 5.643% 5/19/2029 (USD-SOFR + 2.21% on 5/19/2028) <sup>(f)</sup>  | 2445 | 2539 |
| China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 8/12/2031  | 526 | 483 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026  | 2020 | 2017 |
| Chubb INA Holdings, LLC 5.00% 3/15/2034  | 4400 | 4503 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045  | 2015 | 1761 |
| Citibank, NA 5.803% 9/29/2028  | 4100 | 4300 |
| Citigroup, Inc. 4.60% 3/9/2026  | 1800 | 1801 |
| Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029) <sup>(f)</sup>  | 7800 | 8006 |
| Citigroup, Inc. 4.412% 3/31/2031 (USD-SOFR + 3.914% on 3/31/2030) <sup>(f)</sup>  | 933 | 933 |
| Citigroup, Inc. 4.952% 5/7/2031 (USD-SOFR + 1.463% on 5/7/2030) <sup>(f)</sup>  | 20610 | 21059 |
| Citigroup, Inc. 2.561% 5/1/2032 (USD-SOFR + 1.167% on 5/1/2031) <sup>(f)</sup>  | 3937 | 3574 |
| Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032) <sup>(f)</sup>  | 990 | 907 |
| Citigroup, Inc. 3.785% 3/17/2033 (USD-SOFR + 1.939% on 3/17/2032) <sup>(f)</sup>  | 3090 | 2951 |
| Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(f)</sup>  | 123 | 129 |
| Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(f)</sup>  | 1874 | 1918 |
| Corebridge Financial, Inc. 3.65% 4/5/2027  | 3913 | 3890 |
| Corebridge Financial, Inc. 3.85% 4/5/2029  | 3534 | 3479 |
| Corebridge Financial, Inc. 3.90% 4/5/2032  | 3964 | 3764 |
| Corebridge Financial, Inc. 4.35% 4/5/2042  | 361 | 310 |
| Credit Agricole SA 1.247% 1/26/2027 (USD-SOFR + 0.892% on 1/26/2026) <sup>(e)(f)</sup>  | 2450 | 2445 |
| Danske Bank AS 1.549% 9/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.73% on <br> 9/10/2026) <sup>(e)(f)</sup>  | 2990 | 2940 |
| Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on <br>4/1/2027) <sup>(e)(f)</sup>  | 2975 | 2982 |
| Deutsche Bank AG 4.10% 1/13/2026  | 7305 | 7305 |
| Deutsche Bank AG 4.10% 1/13/2026  | 857 | 857 |
| Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027) <sup>(f)</sup>  | 17595 | 17308 |
| Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030) <sup>(f)</sup>  | 1590 | 1518 |
| Deutsche Bank AG 5.403% 9/11/2035 (USD-SOFR + 2.05% on 9/11/2034) <sup>(f)</sup>  | 3200 | 3265 |
| DNB Bank ASA 1.535% 5/25/2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.72% on <br>5/25/2026) <sup>(e)(f)</sup>  | 1200 | 1188 |
| Eurobank SA 2.00% 5/5/2027 (1-year EUR Mid-Swap + 2.398% on 5/5/2026) <sup>(f)</sup>  | EUR1,845 | 2165 |
| Eurobank SA 2.25% 3/14/2028 (1-year EUR Mid-Swap + 2.634% on 3/14/2027) <sup>(f)</sup>  | 4230 | 4954 |
| Eurobank SA 7.00% 1/26/2029 (1-year EUR Mid-Swap + 4.418% on 1/26/2028) <sup>(f)</sup>  | 3855 | 4900 |
| Eurobank SA 5.875% 11/28/2029 (1-year EUR Mid-Swap + 2.83% on 11/28/2028) <sup>(f)</sup>  | 12035 | 15267 |
| Eurobank SA 4.875% 4/30/2031 (5-year EUR Mid-Swap + 2.165% on 4/30/2030) <sup>(f)</sup>  | 390 | 487 |
| Fifth Third Bancorp 6.339% 7/27/2029 (USD-SOFR + 2.34% on 7/27/2028) <sup>(f)</sup>  | USD205 | 216 |
| Fifth Third Bancorp 4.895% 9/6/2030 (USD-SOFR + 1.486% on 9/6/2029) <sup>(f)</sup>  | 1968 | 2000 |
| Fifth Third Bancorp 5.631% 1/29/2032 (USD-SOFR + 1.84% on 1/29/2031) <sup>(f)</sup>  | 11396 | 11964 |
| Goldman Sachs Group, Inc. 1.431% 3/9/2027 (USD-SOFR + 0.795% on 3/9/2026) <sup>(f)</sup>  | 3030 | 3015 |
| Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026) <sup>(f)</sup>  | 13275 | 13046 |
| Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026) <sup>(f)</sup>  | 12997 | 12780 |
| Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027) <sup>(f)</sup>  | 3703 | 3646 |
| Goldman Sachs Group, Inc. 3.615% 3/15/2028 (USD-SOFR + 1.846% on 3/15/2027) <sup>(f)</sup>  | 5534 | 5505 |
| Goldman Sachs Group, Inc. 4.937% 4/23/2028 (USD-SOFR + 1.319% on 4/23/2027) <sup>(f)</sup>  | 4895 | 4952 |
| Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(f)</sup>  | 20687 | 21617 |
| Goldman Sachs Group, Inc. 5.218% 4/23/2031 (USD-SOFR + 1.58% on 4/23/2030) <sup>(f)</sup>  | 14659 | 15144 |
| Goldman Sachs Group, Inc. 4.369% 10/21/2031 (USD-SOFR + 1.06% on 10/21/2030) <sup>(f)</sup>  | 12107 | 12081 |
| Goldman Sachs Group, Inc. 2.908% 7/21/2042 (USD-SOFR + 1.40% on 7/21/2041) <sup>(f)</sup>  | 3160 | 2319 |
| HSBC Holdings PLC 2.206% 8/17/2029 (USD-SOFR + 1.285% on 8/17/2028) <sup>(f)</sup>  | 14232 | 13551 |
| HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031) <sup>(f)</sup>  | 9437 | 8581 |
| HSBC Holdings PLC 5.45% 3/3/2036 (USD-SOFR + 1.56% on 3/3/2035) <sup>(f)</sup>  | 2000 | 2064 |
| ING Groep NV 6.083% 9/11/2027 (USD-SOFR + 1.56% on 9/11/2026) <sup>(f)</sup>  | 1680 | 1703 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **176** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** |  |  |
| Intesa Sanpaolo SpA 5.71% 1/15/2026 <sup>(e)</sup>  | USD15,400 | $15408 |
| Intesa Sanpaolo SpA 3.875% 7/14/2027 <sup>(e)</sup>  | 6250 | 6235 |
| Intesa Sanpaolo SpA 3.875% 1/12/2028 <sup>(e)</sup>  | 1986 | 1973 |
| Intesa Sanpaolo SpA 7.778% 6/20/2054 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.90% on <br> 6/20/2053) <sup>(e)(f)</sup>  | 5100 | 6064 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(e)</sup>  | 705 | 673 |
| JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(f)</sup>  | 323 | 322 |
| JPMorgan Chase & Co. 6.07% 10/22/2027 (USD-SOFR + 1.33% on 10/22/2026) <sup>(f)</sup>  | 1400 | 1422 |
| JPMorgan Chase & Co. 5.04% 1/23/2028 (USD-SOFR + 1.19% on 1/23/2027) <sup>(f)</sup>  | 20000 | 20213 |
| JPMorgan Chase & Co. 5.571% 4/22/2028 (USD-SOFR + 0.93% on 4/22/2027) <sup>(f)</sup>  | 2678 | 2732 |
| JPMorgan Chase & Co. 4.979% 7/22/2028 (USD-SOFR + 0.93% on 7/22/2027) <sup>(f)</sup>  | 8670 | 8805 |
| JPMorgan Chase & Co. 4.203% 7/23/2029 (3-month USD CME Term SOFR + 1.522% on 7/23/2028) <sup>(f)</sup>  | 11980 | 12022 |
| JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(f)</sup>  | 6480 | 6762 |
| JPMorgan Chase & Co. 4.995% 7/22/2030 (USD-SOFR + 1.125% on 7/22/2029) <sup>(f)</sup>  | 10724 | 11012 |
| JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(f)</sup>  | 6549 | 6643 |
| JPMorgan Chase & Co. 5.14% 1/24/2031 (USD-SOFR + 0.90% on 1/24/2030) <sup>(f)</sup>  | 3870 | 4001 |
| JPMorgan Chase & Co. 4.255% 10/22/2031 (USD-SOFR + 0.93% on 10/22/2030) <sup>(f)</sup>  | 700 | 698 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(f)</sup>  | 791 | 706 |
| JPMorgan Chase & Co. 2.545% 11/8/2032 (USD-SOFR + 1.18% on 11/8/2031) <sup>(f)</sup>  | 5313 | 4796 |
| JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(f)</sup>  | 19889 | 20526 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(f)</sup>  | 51163 | 53698 |
| Kasikornbank PCL (Hong Kong Branch) 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 1.70% on 10/2/2026) <sup>(f)</sup>  | 2415 | 2386 |
| KBC Groep NV 5.796% 1/19/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.10% on <br>1/19/2028) <sup>(e)(f)</sup>  | 1375 | 1420 |
| Lloyds Banking Group PLC 5.985% 8/7/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.48% on 8/7/2026) <sup>(f)</sup>  | 1625 | 1643 |
| Lloyds Banking Group PLC 5.462% 1/5/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.375% on 1/5/2027) <sup>(f)</sup>  | 200 | 203 |
| Lloyds Banking Group PLC 5.679% 1/5/2035 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.75% on 1/5/2034) <sup>(f)</sup>  | 1979 | 2084 |
| Marsh & McLennan Cos., Inc. 5.00% 3/15/2035  | 2285 | 2316 |
| Marsh & McLennan Cos., Inc. 5.35% 11/15/2044  | 250 | 245 |
| Marsh & McLennan Cos., Inc. 5.40% 3/15/2055  | 2060 | 1985 |
| MetLife Capital Trust IV, junior subordinated, 7.875% 12/15/2067 (3-month USD CME Term SOFR + 4.222% <br> on 12/15/2037) <sup>(e)(f)</sup>  | 1405 | 1559 |
| MetLife, Inc. 5.375% 7/15/2033  | 1279 | 1349 |
| Metropolitan Life Global Funding I 5.40% 9/12/2028 <sup>(e)</sup>  | 840 | 870 |
| Metropolitan Life Global Funding I 4.85% 1/8/2029 <sup>(e)</sup>  | 2050 | 2093 |
| Metropolitan Life Global Funding I 5.15% 3/28/2033 <sup>(e)</sup>  | 619 | 637 |
| Mitsubishi UFJ Financial Group, Inc. 1.538% 7/20/2027 (1-year UST Yield Curve Rate T Note Constant <br> Maturity + 0.75% on 7/20/2026) <sup>(f)</sup>  | 6200 | 6114 |
| Mitsubishi UFJ Financial Group, Inc. 1.64% 10/13/2027 (1-year UST Yield Curve Rate T Note Constant <br> Maturity + 0.67% on 10/13/2026) <sup>(f)</sup>  | 2225 | 2185 |
| Mitsubishi UFJ Financial Group, Inc. 5.422% 2/22/2029 (1-year UST Yield Curve Rate T Note Constant <br> Maturity + 1.38% on 2/22/2028) <sup>(f)</sup>  | 1430 | 1472 |
| Mitsubishi UFJ Financial Group, Inc. 5.133% 7/20/2033 (1-year UST Yield Curve Rate T Note Constant <br> Maturity + 2.125% on 7/20/2032) <sup>(f)</sup>  | 763 | 784 |
| Mizuho Financial Group, Inc. 1.554% 7/9/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 0.75% on 7/9/2026) <sup>(f)</sup>  | 1367 | 1349 |
| Mizuho Financial Group, Inc. 5.778% 7/6/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.65% on 7/6/2028) <sup>(f)</sup>  | 1701 | 1769 |
| Mizuho Financial Group, Inc. 5.376% 5/26/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.12% on 5/26/2029) <sup>(f)</sup>  | 2020 | 2090 |
| Morgan Stanley 1.512% 7/20/2027 (USD-SOFR + 0.858% on 7/20/2026) <sup>(f)</sup>  | 13336 | 13148 |
| Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(f)</sup>  | 350 | 357 |
| Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028) <sup>(f)</sup>  | 21869 | 22369 |
| Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(f)</sup>  | 21784 | 22702 |
| Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(f)</sup>  | 1704 | 1725 |
| Morgan Stanley 5.192% 4/17/2031 (USD-SOFR + 1.51% on 4/17/2030) <sup>(f)</sup>  | 4664 | 4810 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **177** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** |  |  |
| Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031) <sup>(f)</sup>  | USD3,031 | $2665 |
| Morgan Stanley 5.424% 7/21/2034 (USD-SOFR + 1.88% on 7/21/2033) <sup>(f)</sup>  | 11313 | 11773 |
| Morgan Stanley 5.32% 7/19/2035 (USD-SOFR + 1.555% on 7/19/2034) <sup>(f)</sup>  | 3069 | 3160 |
| Morgan Stanley 4.892% 10/22/2036 (USD-SOFR + 1.314% on 10/22/2035) <sup>(f)</sup>  | 23571 | 23371 |
| Morgan Stanley Bank, N.A. 5.882% 10/30/2026  | 2775 | 2817 |
| MSCI, Inc. 3.25% 8/15/2033 <sup>(e)</sup>  | 695 | 624 |
| NatWest Group PLC 5.847% 3/2/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on <br> 3/2/2026) <sup>(f)</sup>  | 3555 | 3565 |
| NatWest Group PLC 5.583% 3/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.10% on <br> 3/1/2027) <sup>(f)</sup>  | 2170 | 2209 |
| Navient Corp. 5.625% 8/1/2033  | 2470 | 2260 |
| Northwestern Mutual Life Insurance Co. (The) 4.90% 6/12/2028 <sup>(e)</sup>  | 2090 | 2139 |
| OneMain Finance Corp. 7.125% 3/15/2026  | 87 | 88 |
| Piraeus Bank SA 7.25% 7/13/2028 (1-year EUR Mid-Swap + 3.692% on 7/13/2027) <sup>(f)</sup>  | EUR565 | 709 |
| Piraeus Bank SA 4.625% 7/17/2029 (1-year EUR Mid-Swap + 1.723% on 7/17/2028) <sup>(f)</sup>  | 165 | 202 |
| Piraeus Bank SA 6.75% 12/5/2029 (1-year EUR Mid-Swap + 3.837% on 12/5/2028) <sup>(f)</sup>  | 1345 | 1742 |
| PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028) <sup>(f)</sup>  | USD4,594 | 4766 |
| PNC Financial Services Group, Inc. 6.875% 10/20/2034 (USD-SOFR + 2.284% on 10/20/2033) <sup>(f)</sup>  | 12265 | 13887 |
| PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(f)</sup>  | 635 | 670 |
| Royal Bank of Canada 4.95% 2/1/2029  | 1360 | 1397 |
| Santander Holdings USA, Inc. 6.499% 3/9/2029 (USD-SOFR + 2.356% on 3/9/2028) <sup>(f)</sup>  | 5100 | 5316 |
| Santander Holdings USA, Inc. 5.353% 9/6/2030 (USD-SOFR + 1.94% on 9/6/2029) <sup>(f)</sup>  | 3706 | 3792 |
| Standard Chartered PLC 5.905% 5/14/2035 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.45% <br> on 5/14/2034) <sup>(e)(f)</sup>  | 546 | 577 |
| Sumitomo Mitsui Financial Group, Inc. 5.88% 7/13/2026  | 1429 | 1443 |
| Sumitomo Mitsui Financial Group, Inc. 2.174% 1/14/2027  | 1100 | 1080 |
| Sumitomo Mitsui Financial Group, Inc. 5.80% 7/13/2028  | 1045 | 1089 |
| Sumitomo Mitsui Financial Group, Inc. 5.766% 1/13/2033  | 373 | 398 |
| Sumitomo Mitsui Trust Bank, Ltd. 5.55% 9/14/2028 <sup>(e)</sup>  | 1400 | 1459 |
| Swedbank AB 6.136% 9/12/2026 <sup>(e)</sup>  | 2100 | 2131 |
| Truist Financial Corp. 6.047% 6/8/2027 (USD-SOFR + 2.05% on 6/8/2026) <sup>(f)</sup>  | 1370 | 1381 |
| Truist Financial Corp. 4.873% 1/26/2029 (USD-SOFR + 1.435% on 1/26/2028) <sup>(f)</sup>  | 2605 | 2647 |
| Truist Financial Corp. 7.161% 10/30/2029 (USD-SOFR + 2.446% on 10/30/2028) <sup>(f)</sup>  | 2396 | 2585 |
| Truist Financial Corp. 5.435% 1/24/2030 (USD-SOFR + 1.62% on 1/24/2029) <sup>(f)</sup>  | 1741 | 1803 |
| Truist Financial Corp. 5.153% 8/5/2032 (USD-SOFR + 1.571% on 8/5/2031) <sup>(f)</sup>  | 4707 | 4866 |
| Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033) <sup>(f)</sup>  | 1586 | 1688 |
| Truist Financial Corp. 5.711% 1/24/2035 (USD-SOFR + 1.922% on 1/24/2034) <sup>(f)</sup>  | 2440 | 2568 |
| U.S. Bancorp 4.653% 2/1/2029 (USD-SOFR + 1.23% on 2/1/2028) <sup>(f)</sup>  | 2115 | 2142 |
| U.S. Bancorp 5.384% 1/23/2030 (USD-SOFR + 1.56% on 1/23/2029) <sup>(f)</sup>  | 7300 | 7562 |
| U.S. Bancorp 4.839% 2/1/2034 (USD-SOFR + 1.60% on 2/1/2033) <sup>(f)</sup>  | 2839 | 2861 |
| U.S. Bancorp 5.836% 6/12/2034 (USD-SOFR + 2.26% on 6/10/2033) <sup>(f)</sup>  | 1712 | 1827 |
| UBS Group AG 1.305% 2/2/2027 (USD-SOFR + 0.98% on 2/2/2026) <sup>(e)(f)</sup>  | 11200 | 11169 |
| UBS Group AG 1.494% 8/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on <br>8/10/2026) <sup>(e)(f)</sup>  | 6623 | 6519 |
| UBS Group AG 5.428% 2/8/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.52% on <br>2/8/2029) <sup>(e)(f)</sup>  | 17490 | 18094 |
| UBS Group AG 5.617% 9/13/2030 (1-year USD-ICE SOFR Swap + 1.34% on 9/13/2029) <sup>(e)(f)</sup>  | 14459 | 15109 |
| UBS Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030) <sup>(e)(f)</sup>  | 9636 | 9548 |
| UBS Group AG 2.095% 2/11/2032 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on <br>2/11/2031) <sup>(e)(f)</sup>  | 1392 | 1235 |
| UBS Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031) <sup>(e)(f)</sup>  | 20425 | 18972 |
| UBS Group AG 2.746% 2/11/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.10% on <br>2/11/2032) <sup>(e)(f)</sup>  | 4038 | 3623 |
| UniCredit SpA 4.625% 4/12/2027 <sup>(e)</sup>  | 1395 | 1404 |
| Vigorous Champion International, Ltd. 4.25% 5/28/2029  | 462 | 462 |
| Wells Fargo & Co. 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027) <sup>(f)</sup>  | 6615 | 6573 |
| Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(f)</sup>  | 11151 | 11384 |
| Wells Fargo & Co. 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027) <sup>(f)</sup>  | 1003 | 980 |
| Wells Fargo & Co. 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027) <sup>(f)</sup>  | 8357 | 8452 |
| Wells Fargo & Co. 5.574% 7/25/2029 (USD-SOFR + 1.74% on 7/25/2028) <sup>(f)</sup>  | 2545 | 2638 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **178** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** |  |  |
| Wells Fargo & Co. 5.15% 4/23/2031 (USD-SOFR + 1.50% on 4/23/2030) <sup>(f)</sup>  | USD7,187 | $7420 |
| Wells Fargo & Co. 5.389% 4/24/2034 (USD-SOFR + 2.02% on 4/24/2033) <sup>(f)</sup>  | 6025 | 6271 |
| Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(f)</sup>  | 4062 | 4499 |
| Wells Fargo & Co. 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052) <sup>(f)</sup>  | 5719 | 4925 |
|  |  | 1040334 |
| **Health care 4.08%** |  |  |
| AbbVie, Inc. 5.05% 3/15/2034  | 18501 | 19019 |
| AbbVie, Inc. 5.35% 3/15/2044  | 800 | 791 |
| AbbVie, Inc. 5.40% 3/15/2054  | 15770 | 15345 |
| AbbVie, Inc. 5.50% 3/15/2064  | 550 | 535 |
| Amgen, Inc. 5.15% 3/2/2028  | 5326 | 5452 |
| Amgen, Inc. 4.05% 8/18/2029  | 7429 | 7425 |
| Amgen, Inc. 2.45% 2/21/2030  | 5131 | 4787 |
| Amgen, Inc. 5.25% 3/2/2030  | 2854 | 2964 |
| Amgen, Inc. 4.20% 3/1/2033  | 8502 | 8314 |
| Amgen, Inc. 5.25% 3/2/2033  | 20793 | 21530 |
| Amgen, Inc. 4.875% 3/1/2053  | 3360 | 2960 |
| Amgen, Inc. 4.40% 2/22/2062  | 196 | 153 |
| AstraZeneca Finance, LLC 5.00% 2/26/2034  | 6925 | 7170 |
| Baxter International, Inc. 4.45% 2/15/2029  | 9503 | 9539 |
| Baxter International, Inc. 2.539% 2/1/2032  | 3906 | 3405 |
| Bristol-Myers Squibb Co. 5.10% 2/22/2031  | 3990 | 4156 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034  | 22685 | 23590 |
| Bristol-Myers Squibb Co. 5.50% 2/22/2044  | 425 | 426 |
| Bristol-Myers Squibb Co. 2.55% 11/13/2050  | 2113 | 1252 |
| Bristol-Myers Squibb Co. 3.70% 3/15/2052  | 2197 | 1616 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054  | 12840 | 12619 |
| Centene Corp. 4.25% 12/15/2027  | 14860 | 14782 |
| Centene Corp. 2.45% 7/15/2028  | 12410 | 11630 |
| Centene Corp. 4.625% 12/15/2029  | 14945 | 14506 |
| Centene Corp. 3.375% 2/15/2030  | 15718 | 14489 |
| Cigna Group (The) 5.125% 5/15/2031  | 2095 | 2166 |
| Cigna Group (The) 5.25% 2/15/2034  | 3745 | 3858 |
| Cigna Group (The) 6.00% 1/15/2056  | 1600 | 1646 |
| CVS Health Corp. 5.125% 2/21/2030  | 1720 | 1768 |
| CVS Health Corp. 5.25% 1/30/2031  | 960 | 992 |
| CVS Health Corp. 5.55% 6/1/2031  | 3707 | 3881 |
| CVS Health Corp. 5.00% 9/15/2032  | 5853 | 5976 |
| CVS Health Corp. 5.25% 2/21/2033  | 2122 | 2185 |
| CVS Health Corp. 5.70% 6/1/2034  | 7706 | 8078 |
| CVS Health Corp. 5.45% 9/15/2035  | 4471 | 4578 |
| CVS Health Corp. 6.05% 6/1/2054  | 1995 | 1985 |
| CVS Health Corp. 6.20% 9/15/2055  | 6535 | 6640 |
| CVS Health Corp. 6.00% 6/1/2063  | 1076 | 1044 |
| Elevance Health, Inc. 4.95% 11/1/2031  | 2322 | 2377 |
| Elevance Health, Inc. 5.20% 2/15/2035  | 7577 | 7746 |
| Elevance Health, Inc. 4.55% 5/15/2052  | 271 | 226 |
| Elevance Health, Inc. 5.125% 2/15/2053  | 784 | 710 |
| Elevance Health, Inc. 5.70% 2/15/2055  | 995 | 973 |
| Eli Lilly and Co. 5.10% 2/12/2035  | 23057 | 23845 |
| Eli Lilly and Co. 5.50% 2/12/2055  | 7907 | 7923 |
| Gilead Sciences, Inc. 5.25% 10/15/2033  | 3340 | 3511 |
| HCA, Inc. 5.20% 6/1/2028  | 4165 | 4268 |
| HCA, Inc. 2.375% 7/15/2031  | 2233 | 2005 |
| HCA, Inc. 3.625% 3/15/2032  | 2400 | 2270 |
| HCA, Inc. 4.625% 3/15/2052  | 226 | 185 |
| Humana, Inc. 5.375% 4/15/2031  | 5530 | 5719 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **179** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Health care (continued)** |  |  |
| Humana, Inc. 5.55% 5/1/2035  | USD1,735 | $1772 |
| Humana, Inc. 5.75% 4/15/2054  | 954 | 902 |
| Johnson & Johnson 4.80% 6/1/2029  | 3970 | 4101 |
| Johnson & Johnson 4.90% 6/1/2031  | 4175 | 4361 |
| Merck & Co., Inc. 1.70% 6/10/2027  | 3093 | 3014 |
| Pfizer Investment Enterprises Pte., Ltd. 4.45% 5/19/2028  | 1375 | 1393 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033  | 7942 | 8029 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053  | 5622 | 5327 |
| Roche Holdings, Inc. 1.93% 12/13/2028 <sup>(e)</sup>  | 7545 | 7164 |
| Roche Holdings, Inc. 4.592% 9/9/2034 <sup>(e)</sup>  | 765 | 763 |
| Roche Holdings, Inc. 2.607% 12/13/2051 <sup>(e)</sup>  | 645 | 395 |
| Shire Acquisitions Investments Ireland DAC 3.20% 9/23/2026  | 306 | 304 |
| Stryker Corp. 4.85% 2/10/2030  | 1235 | 1269 |
| Stryker Corp. 5.20% 2/10/2035  | 1110 | 1140 |
| Takeda U.S. Financing, Inc. 5.20% 7/7/2035  | 12074 | 12303 |
| Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028  | 28059 | 29142 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | 4431 | 4485 |
| Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029  | 3720 | 4097 |
| Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031  | 2935 | 3383 |
| Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032  | 725 | 761 |
| Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046  | 26266 | 19898 |
| UnitedHealth Group, Inc. 4.80% 1/15/2030  | 395 | 405 |
| UnitedHealth Group, Inc. 2.00% 5/15/2030  | 466 | 425 |
| UnitedHealth Group, Inc. 4.95% 1/15/2032  | 1910 | 1958 |
| UnitedHealth Group, Inc. 4.20% 5/15/2032  | 1654 | 1633 |
| UnitedHealth Group, Inc. 5.15% 7/15/2034  | 15956 | 16348 |
| UnitedHealth Group, Inc. 3.05% 5/15/2041  | 1300 | 986 |
| UnitedHealth Group, Inc. 4.25% 6/15/2048  | 960 | 786 |
| UnitedHealth Group, Inc. 3.25% 5/15/2051  | 572 | 388 |
| UnitedHealth Group, Inc. 5.625% 7/15/2054  | 10472 | 10283 |
| UnitedHealth Group, Inc. 4.95% 5/15/2062  | 69 | 60 |
| Viatris, Inc. 4.00% 6/22/2050  | 1761 | 1173 |
|  |  | 463458 |
| **Consumer discretionary 3.73%** |  |  |
| Advance Auto Parts, Inc. 7.375% 8/1/2033 <sup>(e)</sup>  | 3110 | 3124 |
| Allied Universal Holdco, LLC 4.625% 6/1/2028 <sup>(e)</sup>  | 335 | 331 |
| Amazon.com, Inc. 1.65% 5/12/2028  | 3860 | 3685 |
| Amazon.com, Inc. 3.45% 4/13/2029  | 600 | 593 |
| Amazon.com, Inc. 4.65% 11/20/2035  | 4048 | 4033 |
| Amazon.com, Inc. 5.45% 11/20/2055  | 10475 | 10231 |
| Amazon.com, Inc. 3.25% 5/12/2061  | 4100 | 2625 |
| Amazon.com, Inc. 4.10% 4/13/2062  | 470 | 363 |
| Amazon.com, Inc. 5.55% 11/20/2065  | 4765 | 4626 |
| BMW US Capital, LLC 3.45% 4/1/2027 <sup>(e)</sup>  | 1075 | 1069 |
| BMW US Capital, LLC 3.70% 4/1/2032 <sup>(e)</sup>  | 1350 | 1286 |
| Carnival Corp. 5.125% 5/1/2029 <sup>(e)</sup>  | 3500 | 3541 |
| Carnival Corp. 5.75% 8/1/2032 <sup>(e)</sup>  | 5880 | 6042 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(e)</sup>  | 4115 | 4251 |
| Ford Motor Co. 3.25% 2/12/2032  | 620 | 547 |
| Ford Motor Credit Co., LLC 6.95% 3/6/2026  | 855 | 857 |
| Ford Motor Credit Co., LLC 6.95% 6/10/2026  | 755 | 762 |
| Ford Motor Credit Co., LLC 5.125% 11/5/2026  | 4795 | 4822 |
| Ford Motor Credit Co., LLC 4.271% 1/9/2027  | 13882 | 13815 |
| Ford Motor Credit Co., LLC 5.80% 3/5/2027  | 3145 | 3185 |
| Ford Motor Credit Co., LLC 5.85% 5/17/2027  | 1940 | 1971 |
| Ford Motor Credit Co., LLC 4.125% 8/17/2027  | 37170 | 36884 |
| Ford Motor Credit Co., LLC 3.815% 11/2/2027  | 3990 | 3931 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **180** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer discretionary (continued)** |  |  |
| Ford Motor Credit Co., LLC 7.35% 11/4/2027  | USD1,674 | $1748 |
| Ford Motor Credit Co., LLC 5.918% 3/20/2028  | 24035 | 24608 |
| Ford Motor Credit Co., LLC 6.80% 5/12/2028  | 2030 | 2119 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028  | 762 | 800 |
| Ford Motor Credit Co., LLC 2.90% 2/10/2029  | 1065 | 1001 |
| Ford Motor Credit Co., LLC 5.80% 3/8/2029  | 6740 | 6889 |
| Ford Motor Credit Co., LLC 5.113% 5/3/2029  | 9854 | 9872 |
| Ford Motor Credit Co., LLC 5.303% 9/6/2029  | 5407 | 5452 |
| Ford Motor Credit Co., LLC 7.35% 3/6/2030  | 10668 | 11454 |
| Ford Motor Credit Co., LLC 7.20% 6/10/2030  | 1015 | 1089 |
| Ford Motor Credit Co., LLC 4.00% 11/13/2030  | 18420 | 17402 |
| Ford Motor Credit Co., LLC 6.05% 3/5/2031  | 12074 | 12420 |
| Ford Motor Credit Co., LLC 3.625% 6/17/2031  | 3037 | 2784 |
| Ford Motor Credit Co., LLC 6.054% 11/5/2031  | 19460 | 19961 |
| Ford Motor Credit Co., LLC 7.122% 11/7/2033  | 3167 | 3403 |
| Ford Motor Credit Co., LLC 6.125% 3/8/2034  | 12096 | 12297 |
| General Motors Financial Co., Inc. 1.50% 6/10/2026  | 6712 | 6637 |
| General Motors Financial Co., Inc. 2.35% 2/26/2027  | 9771 | 9579 |
| General Motors Financial Co., Inc. 5.45% 7/15/2030  | 8013 | 8324 |
| General Motors Financial Co., Inc. 5.625% 4/4/2032  | 1201 | 1251 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035  | 2888 | 3013 |
| Home Depot, Inc. 2.95% 6/15/2029  | 1966 | 1903 |
| Home Depot, Inc. 4.85% 6/25/2031  | 2559 | 2647 |
| Home Depot, Inc. 4.95% 6/25/2034  | 4749 | 4859 |
| Home Depot, Inc. 4.50% 12/6/2048  | 1915 | 1655 |
| Home Depot, Inc. 5.30% 6/25/2054  | 2234 | 2138 |
| Hyatt Hotels Corp. 5.05% 3/30/2028  | 8567 | 8728 |
| Hyundai Capital America 1.30% 1/8/2026 <sup>(e)</sup>  | 6000 | 5997 |
| Hyundai Capital America 5.50% 3/30/2026 <sup>(e)</sup>  | 705 | 707 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(e)</sup>  | 7475 | 7390 |
| Hyundai Capital America 1.65% 9/17/2026 <sup>(e)</sup>  | 7275 | 7158 |
| Hyundai Capital America 3.00% 2/10/2027 <sup>(e)</sup>  | 9000 | 8903 |
| Hyundai Capital America 5.275% 6/24/2027 <sup>(e)</sup>  | 1650 | 1678 |
| Hyundai Capital America 2.375% 10/15/2027 <sup>(e)</sup>  | 7543 | 7325 |
| Hyundai Capital America 5.60% 3/30/2028 <sup>(e)</sup>  | 1385 | 1426 |
| Hyundai Capital America 5.30% 6/24/2029 <sup>(e)</sup>  | 1523 | 1568 |
| Hyundai Capital America 5.15% 3/27/2030 <sup>(e)</sup>  | 25720 | 26370 |
| Hyundai Capital America 5.40% 6/24/2031 <sup>(e)</sup>  | 3365 | 3484 |
| Hyundai Capital Services, Inc. 1.25% 2/8/2026 <sup>(e)</sup>  | 3695 | 3684 |
| Marriott International, Inc. 5.00% 10/15/2027  | 4470 | 4549 |
| Marriott International, Inc. 4.90% 4/15/2029  | 653 | 668 |
| Marriott International, Inc. 5.35% 3/15/2035  | 1365 | 1405 |
| McDonald's Corp. 5.00% 5/17/2029  | 1305 | 1344 |
| McDonald's Corp. 4.95% 3/3/2035  | 786 | 797 |
| McDonald's Corp. 4.45% 3/1/2047  | 3535 | 3027 |
| McDonald's Corp. 3.625% 9/1/2049  | 2938 | 2165 |
| Nissan Motor Co., Ltd. 4.81% 9/17/2030 <sup>(e)</sup>  | 267 | 252 |
| Nissan Motor Co., Ltd. 8.125% 7/17/2035 <sup>(e)</sup>  | 8860 | 9423 |
| Royal Caribbean Cruises, Ltd. 5.375% 1/15/2036  | 10252 | 10299 |
| Sands China, Ltd. 2.30% 3/8/2027  | 2368 | 2314 |
| Toyota Motor Credit Corp. 3.375% 4/1/2030  | 4954 | 4824 |
| Toyota Motor Credit Corp. 4.55% 5/17/2030  | 1625 | 1655 |
| Toyota Motor Credit Corp. 5.55% 11/20/2030  | 690 | 732 |
| Travel + Leisure Co. 6.625% 7/31/2026 <sup>(e)</sup>  | 675 | 682 |
| Volkswagen Group of America Finance, LLC 4.95% 8/15/2029 <sup>(e)</sup>  | 1635 | 1657 |
| Volkswagen Group of America Finance, LLC 6.45% 11/16/2030 <sup>(e)</sup>  | 5190 | 5577 |
| Wynn Resorts Finance, LLC 5.125% 10/1/2029 <sup>(e)</sup>  | 410 | 413 |
|  |  | 424080 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **181** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Utilities 3.30%** |  |  |
| AEP Texas, Inc. 3.45% 5/15/2051  | USD1,380 | $937 |
| AEP Transmission Co., LLC 5.375% 6/15/2035  | 1075 | 1111 |
| Alabama Power Co. 3.00% 3/15/2052  | 3219 | 2095 |
| Alfa Transmisora De Energia SA 4.55% 9/27/2051 <sup>(e)</sup>  | 410 | 331 |
| Baltimore Gas and Electric Co. 4.55% 6/1/2052  | 525 | 445 |
| Berkshire Hathaway Energy Co. 4.50% 2/1/2045  | 5895 | 5127 |
| Berkshire Hathaway Energy Co. 4.60% 5/1/2053  | 1017 | 857 |
| Cleveland Electric Illuminating Co. (The) 3.50% 4/1/2028 <sup>(e)</sup>  | 2400 | 2361 |
| Comision Federal de Electricidad 4.688% 5/15/2029 <sup>(e)</sup>  | 3655 | 3623 |
| Connecticut Light and Power Co. (The) 2.05% 7/1/2031  | 1775 | 1581 |
| DTE Energy Co. 5.10% 3/1/2029  | 7900 | 8098 |
| DTE Energy Co. 3.00% 3/1/2032  | 259 | 240 |
| Duke Energy Carolinas, LLC 5.35% 1/15/2053  | 332 | 320 |
| Duke Energy Florida, LLC 5.875% 11/15/2033  | 370 | 400 |
| Duke Energy Florida, LLC 3.40% 10/1/2046  | 5669 | 4158 |
| Duke Energy Florida, LLC 3.00% 12/15/2051  | 293 | 191 |
| Duke Energy Florida, LLC 5.95% 11/15/2052  | 575 | 597 |
| Duke Energy Progress, LLC 3.70% 9/1/2028  | 3750 | 3738 |
| Duke Energy Progress, LLC 2.00% 8/15/2031  | 1775 | 1577 |
| Duke Energy Progress, LLC 2.50% 8/15/2050  | 644 | 377 |
| Edison International 4.125% 3/15/2028  | 6768 | 6696 |
| Edison International 6.95% 11/15/2029  | 1575 | 1678 |
| Electricite de France SA 5.65% 4/22/2029 <sup>(e)</sup>  | 1420 | 1479 |
| Electricite de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on <br> 6/1/2028) <sup>(f)</sup>  | EUR2,800 | 3217 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate <br>T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(e)(f)</sup>  | USD1,575 | 1838 |
| Emera US Finance, LP 2.639% 6/15/2031  | 4400 | 3984 |
| ENN Clean Energy International Investment, Ltd. 3.375% 5/12/2026 <sup>(e)</sup>  | 1310 | 1302 |
| Entergy Louisiana, LLC 4.20% 9/1/2048  | 5637 | 4561 |
| Eversource Energy 5.00% 1/1/2027  | 3415 | 3446 |
| FirstEnergy Corp. 2.25% 9/1/2030  | 12602 | 11418 |
| Florida Power & Light Co. 4.40% 5/15/2028  | 1655 | 1677 |
| Florida Power & Light Co. 5.10% 4/1/2033  | 7431 | 7711 |
| Florida Power & Light Co. 4.80% 5/15/2033  | 2929 | 2987 |
| Florida Power & Light Co. 5.30% 4/1/2053  | 1255 | 1203 |
| Georgia Power Co. 4.95% 5/17/2033  | 1845 | 1882 |
| Georgia Power Co. 5.25% 3/15/2034  | 3200 | 3305 |
| Georgia Power Co. 3.70% 1/30/2050  | 190 | 143 |
| Jersey Central Power & Light Co. 2.75% 3/1/2032 <sup>(e)</sup>  | 525 | 472 |
| NiSource, Inc. 5.40% 6/30/2033  | 650 | 675 |
| Pacific Gas and Electric Co. 3.15% 1/1/2026  | 27543 | 27543 |
| Pacific Gas and Electric Co. 2.95% 3/1/2026  | 10850 | 10824 |
| Pacific Gas and Electric Co. 2.10% 8/1/2027  | 2026 | 1965 |
| Pacific Gas and Electric Co. 3.30% 12/1/2027  | 7105 | 7000 |
| Pacific Gas and Electric Co. 3.00% 6/15/2028  | 2542 | 2466 |
| Pacific Gas and Electric Co. 3.75% 7/1/2028  | 13760 | 13595 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028  | 7900 | 7960 |
| Pacific Gas and Electric Co. 4.55% 7/1/2030  | 35449 | 35312 |
| Pacific Gas and Electric Co. 2.50% 2/1/2031  | 21597 | 19464 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033  | 11619 | 12552 |
| Pacific Gas and Electric Co. 6.95% 3/15/2034  | 1294 | 1440 |
| Pacific Gas and Electric Co. 5.80% 5/15/2034  | 3581 | 3721 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040  | 10340 | 7854 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050  | 15807 | 10679 |
| Pacific Gas and Electric Co. 5.90% 10/1/2054  | 2410 | 2321 |
| PacifiCorp 3.30% 3/15/2051  | 325 | 209 |
| PacifiCorp 2.90% 6/15/2052  | 586 | 344 |
| PacifiCorp 5.80% 1/15/2055  | 7735 | 7224 |
| PECO Energy Co. 5.25% 9/15/2054  | 1775 | 1680 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **182** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Utilities (continued)** |  |  |
| Public Service Electric and Gas Co. 3.20% 5/15/2029  | USD6,000 | $5850 |
| Public Service Electric and Gas Co. 5.20% 8/1/2033  | 1200 | 1246 |
| Public Service Electric and Gas Co. 5.50% 3/1/2055  | 1503 | 1476 |
| Southern California Edison Co. 4.90% 6/1/2026  | 1177 | 1179 |
| Southern California Edison Co. 3.65% 3/1/2028  | 225 | 222 |
| Southern California Edison Co. 5.30% 3/1/2028  | 3601 | 3679 |
| Southern California Edison Co. 4.20% 3/1/2029  | 7286 | 7244 |
| Southern California Edison Co. 2.85% 8/1/2029  | 7498 | 7112 |
| Southern California Edison Co. 5.25% 3/15/2030  | 19378 | 19884 |
| Southern California Edison Co. 2.50% 6/1/2031  | 5044 | 4527 |
| Southern California Edison Co. 5.45% 6/1/2031  | 8795 | 9106 |
| Southern California Edison Co. 5.20% 6/1/2034  | 5196 | 5226 |
| Southern California Edison Co. 5.45% 3/1/2035  | 1845 | 1872 |
| Southern California Edison Co. 5.75% 4/1/2035  | 4549 | 4702 |
| Southern California Edison Co. 5.35% 7/15/2035  | 6450 | 6496 |
| Southern California Edison Co. 5.625% 2/1/2036  | 7051 | 7138 |
| Southern California Edison Co. 3.60% 2/1/2045  | 2417 | 1748 |
| Southern California Edison Co. 2.95% 2/1/2051  | 738 | 451 |
| Southwestern Electric Power Co. 1.65% 3/15/2026  | 3550 | 3531 |
| Southwestern Electric Power Co. 3.25% 11/1/2051  | 2075 | 1372 |
| Virginia Electric & Power 2.40% 3/30/2032  | 2575 | 2294 |
| Wisconsin Power and Light Co. 1.95% 9/16/2031  | 525 | 461 |
| Wisconsin Power and Light Co. 3.65% 4/1/2050  | 1075 | 785 |
| Wisconsin Public Service Corp. 2.85% 12/1/2051  | 375 | 238 |
| Xcel Energy, Inc. 5.50% 3/15/2034  | 4230 | 4370 |
|  |  | 374200 |
| **Communication services 2.48%** |  |  |
| Alphabet, Inc. 4.70% 11/15/2035  | 2576 | 2578 |
| Alphabet, Inc. 5.35% 11/15/2045  | 2455 | 2441 |
| Alphabet, Inc. 5.45% 11/15/2055  | 5534 | 5433 |
| Alphabet, Inc. 5.70% 11/15/2075  | 6080 | 5989 |
| AT&T, Inc. 1.70% 3/25/2026  | 17807 | 17718 |
| AT&T, Inc. 1.65% 2/1/2028  | 4700 | 4481 |
| AT&T, Inc. 4.30% 2/15/2030  | 15940 | 15966 |
| AT&T, Inc. 2.55% 12/1/2033  | 12748 | 10884 |
| AT&T, Inc. 5.40% 2/15/2034  | 442 | 458 |
| AT&T, Inc. 4.50% 5/15/2035  | 174 | 167 |
| CCO Holdings, LLC 5.125% 5/1/2027 <sup>(e)</sup>  | 9505 | 9497 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(e)</sup>  | 1265 | 1157 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(e)</sup>  | 3875 | 3299 |
| Charter Communications Operating, LLC 6.10% 6/1/2029  | 1360 | 1420 |
| Charter Communications Operating, LLC 2.80% 4/1/2031  | 6057 | 5453 |
| Charter Communications Operating, LLC 4.40% 4/1/2033  | 1092 | 1029 |
| Charter Communications Operating, LLC 5.85% 12/1/2035  | 1302 | 1299 |
| Charter Communications Operating, LLC 5.75% 4/1/2048  | 5000 | 4270 |
| Charter Communications Operating, LLC 4.80% 3/1/2050  | 5134 | 3860 |
| Charter Communications Operating, LLC 3.70% 4/1/2051  | 2519 | 1592 |
| Charter Communications Operating, LLC 3.90% 6/1/2052  | 6148 | 3974 |
| Charter Communications Operating, LLC 5.25% 4/1/2053  | 1065 | 844 |
| Charter Communications Operating, LLC 6.70% 12/1/2055  | 1058 | 1015 |
| Comcast Corp. 3.15% 2/15/2028  | 7200 | 7088 |
| Comcast Corp. 4.55% 1/15/2029  | 1610 | 1636 |
| Comcast Corp. 4.80% 5/15/2033  | 1841 | 1857 |
| Comcast Corp. 2.887% 11/1/2051  | 18 | 11 |
| Comcast Corp. 5.65% 6/1/2054  | 3313 | 3108 |
| Comcast Corp. 5.50% 5/15/2064  | 250 | 224 |
| Discovery Communications, LLC 3.625% 5/15/2030  | 1125 | 979 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **183** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Communication services (continued)** |  |  |
| Meta Platforms, Inc. 4.20% 11/15/2030  | USD152 | $152 |
| Meta Platforms, Inc. 4.60% 11/15/2032  | 11473 | 11569 |
| Meta Platforms, Inc. 4.875% 11/15/2035  | 13299 | 13286 |
| Meta Platforms, Inc. 5.50% 11/15/2045  | 4233 | 4113 |
| Meta Platforms, Inc. 5.625% 11/15/2055  | 9090 | 8731 |
| Meta Platforms, Inc. 5.75% 11/15/2065  | 4352 | 4155 |
| News Corp. 5.125% 2/15/2032 <sup>(e)</sup>  | 1300 | 1282 |
| SBA Tower Trust 1.631% 11/15/2026 <sup>(e)</sup>  | 6741 | 6596 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(e)</sup>  | 675 | 661 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(e)</sup>  | 12000 | 11059 |
| T-Mobile USA, Inc. 2.625% 4/15/2026  | 4416 | 4399 |
| T-Mobile USA, Inc. 3.75% 4/15/2027  | 5000 | 4986 |
| T-Mobile USA, Inc. 4.95% 3/15/2028  | 705 | 719 |
| T-Mobile USA, Inc. 4.80% 7/15/2028  | 175 | 178 |
| T-Mobile USA, Inc. 4.85% 1/15/2029  | 2725 | 2784 |
| T-Mobile USA, Inc. 3.875% 4/15/2030  | 4500 | 4426 |
| T-Mobile USA, Inc. 2.875% 2/15/2031  | 14691 | 13643 |
| T-Mobile USA, Inc. 5.125% 5/15/2032  | 4970 | 5117 |
| T-Mobile USA, Inc. 5.05% 7/15/2033  | 832 | 849 |
| T-Mobile USA, Inc. 5.75% 1/15/2034  | 730 | 775 |
| T-Mobile USA, Inc. 3.00% 2/15/2041  | 2100 | 1566 |
| T-Mobile USA, Inc. 6.00% 6/15/2054  | 920 | 940 |
| T-Mobile USA, Inc. 5.50% 1/15/2055  | 406 | 385 |
| Verizon Communications, Inc. 1.75% 1/20/2031  | 9144 | 8053 |
| Verizon Communications, Inc. 2.55% 3/21/2031  | 5047 | 4611 |
| Verizon Communications, Inc. 2.355% 3/15/2032  | 4786 | 4219 |
| Verizon Communications, Inc. 4.75% 1/15/2033  | 7614 | 7610 |
| Verizon Communications, Inc. 4.78% 2/15/2035  | 1552 | 1529 |
| Verizon Communications, Inc. 3.55% 3/22/2051  | 625 | 444 |
| Verizon Communications, Inc. 3.875% 3/1/2052  | 4006 | 2970 |
| WarnerMedia Holdings, Inc. 3.755% 3/15/2027  | 356 | 354 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032  | 22605 | 19871 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042  | 12281 | 8674 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052  | 1030 | 681 |
| ZipRecruiter, Inc. 5.00% 1/15/2030 <sup>(e)</sup>  | 490 | 385 |
|  |  | 281499 |
| **Industrials 1.78%** |  |  |
| ADT Security Corp. 4.125% 8/1/2029 <sup>(e)</sup>  | 510 | 499 |
| Aeropuerto Internacional de Tocumen SA 4.00% 8/11/2041 <sup>(e)</sup>  | 730 | 613 |
| Aeropuerto Internacional de Tocumen SA 5.125% 8/11/2061 <sup>(e)</sup>  | 565 | 460 |
| Air Lease Corp. 2.875% 1/15/2026  | 10172 | 10167 |
| Air Lease Corp. 2.20% 1/15/2027  | 4341 | 4254 |
| Air Lease Corp. 5.20% 7/15/2031  | 3650 | 3711 |
| BAE Systems PLC 5.00% 3/26/2027 <sup>(e)</sup>  | 1200 | 1215 |
| BAE Systems PLC 5.125% 3/26/2029 <sup>(e)</sup>  | 3482 | 3584 |
| BAE Systems PLC 5.25% 3/26/2031 <sup>(e)</sup>  | 2156 | 2242 |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(e)</sup>  | 570 | 590 |
| Boeing Co. (The) 2.75% 2/1/2026  | 11211 | 11198 |
| Boeing Co. (The) 2.196% 2/4/2026  | 9781 | 9763 |
| Boeing Co. (The) 2.70% 2/1/2027  | 6473 | 6382 |
| Boeing Co. (The) 5.04% 5/1/2027  | 13539 | 13683 |
| Boeing Co. (The) 6.259% 5/1/2027  | 4214 | 4326 |
| Boeing Co. (The) 3.25% 2/1/2028  | 11810 | 11618 |
| Boeing Co. (The) 3.25% 3/1/2028  | 1925 | 1891 |
| Boeing Co. (The) 6.298% 5/1/2029  | 1507 | 1600 |
| Boeing Co. (The) 5.15% 5/1/2030  | 25342 | 26048 |
| Boeing Co. (The) 3.625% 2/1/2031  | 751 | 722 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **184** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Industrials (continued)** |  |  |
| Boeing Co. (The) 6.388% 5/1/2031  | USD5,632 | $6114 |
| Boeing Co. (The) 6.528% 5/1/2034  | 1381 | 1528 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041  | 578 | 434 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051  | 1801 | 1196 |
| CK Hutchison International (23), Ltd. 4.75% 4/21/2028 <sup>(e)</sup>  | 1260 | 1280 |
| CSX Corp. 4.10% 11/15/2032  | 1886 | 1852 |
| CSX Corp. 5.20% 11/15/2033  | 1333 | 1388 |
| CSX Corp. 4.50% 11/15/2052  | 4470 | 3797 |
| General Dynamics Corp. 3.75% 5/15/2028  | 479 | 480 |
| General Dynamics Corp. 3.625% 4/1/2030  | 387 | 380 |
| L3Harris Technologies, Inc. 5.40% 7/31/2033  | 1126 | 1173 |
| LG Energy Solution, Ltd. 5.25% 4/2/2028 <sup>(e)</sup>  | 13205 | 13464 |
| MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027 <sup>(e)</sup>  | 2690 | 2674 |
| Norfolk Southern Corp. 5.05% 8/1/2030  | 1734 | 1798 |
| Norfolk Southern Corp. 5.35% 8/1/2054  | 1458 | 1394 |
| Northrop Grumman Corp. 4.70% 3/15/2033  | 2909 | 2938 |
| Northrop Grumman Corp. 4.95% 3/15/2053  | 1124 | 1014 |
| Republic Services, Inc. 2.375% 3/15/2033  | 1635 | 1428 |
| Republic Services, Inc. 5.00% 4/1/2034  | 15 | 15 |
| RTX Corp. 5.75% 11/8/2026  | 550 | 558 |
| RTX Corp. 3.125% 5/4/2027  | 4551 | 4505 |
| RTX Corp. 4.125% 11/16/2028  | 4974 | 4995 |
| RTX Corp. 5.75% 1/15/2029  | 410 | 429 |
| RTX Corp. 6.00% 3/15/2031  | 550 | 593 |
| RTX Corp. 2.375% 3/15/2032  | 451 | 403 |
| RTX Corp. 6.10% 3/15/2034  | 401 | 439 |
| RTX Corp. 2.82% 9/1/2051  | 665 | 415 |
| RTX Corp. 3.03% 3/15/2052  | 1190 | 777 |
| RTX Corp. 6.40% 3/15/2054  | 1006 | 1108 |
| Summit Digitel Infrastructure Pvt, Ltd. 2.875% 8/12/2031 <sup>(e)</sup>  | 2550 | 2319 |
| TransDigm, Inc. 6.25% 1/31/2034 <sup>(e)</sup>  | 2405 | 2497 |
| Triton Container International, Ltd. 3.15% 6/15/2031 <sup>(e)</sup>  | 2482 | 2240 |
| Union Pacific Corp. 2.15% 2/5/2027  | 2213 | 2174 |
| Union Pacific Corp. 2.40% 2/5/2030  | 4454 | 4173 |
| Union Pacific Corp. 2.375% 5/20/2031  | 2298 | 2108 |
| Union Pacific Corp. 2.80% 2/14/2032  | 5244 | 4824 |
| Union Pacific Corp. 5.10% 2/20/2035  | 2104 | 2172 |
| Union Pacific Corp. 2.95% 3/10/2052  | 1405 | 898 |
| Union Pacific Corp. 5.60% 12/1/2054  | 470 | 469 |
| Waste Management, Inc. 1.50% 3/15/2031  | 419 | 366 |
| Waste Management, Inc. 4.80% 3/15/2032  | 4135 | 4234 |
|  |  | 201609 |
| **Energy 1.64%** |  |  |
| Antero Resources Corp. 5.375% 3/1/2030 <sup>(e)</sup>  | 280 | 284 |
| APA Corp. 4.25% 1/15/2030  | 2465 | 2423 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(e)</sup>  | 395 | 409 |
| Baker Hughes Holdings, LLC 2.061% 12/15/2026  | 1136 | 1117 |
| Cenovus Energy, Inc. 2.65% 1/15/2032  | 2969 | 2640 |
| Cenovus Energy, Inc. 5.25% 6/15/2037  | 289 | 281 |
| Cenovus Energy, Inc. 3.75% 2/15/2052  | 19 | 13 |
| Chevron Corp. 2.954% 5/16/2026  | 3365 | 3355 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(e)</sup>  | 22400 | 23266 |
| Columbia Pipelines Operating Co., LLC 5.927% 8/15/2030 <sup>(e)</sup>  | 268 | 284 |
| Devon Energy Corp. 5.75% 9/15/2054  | 2068 | 1902 |
| Ecopetrol SA 8.875% 1/13/2033  | 15325 | 16377 |
| Energy Transfer, LP 5.25% 7/1/2029  | 979 | 1008 |
| Energy Transfer, LP 6.40% 12/1/2030  | 479 | 518 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **185** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** |  |  |
| Enterprise Products Operating, LLC 4.60% 1/15/2031  | USD5,332 | $5399 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035  | 1465 | 1483 |
| EOG Resources, Inc. 5.95% 7/15/2055  | 5080 | 5177 |
| Equinor ASA 3.625% 9/10/2028  | 4928 | 4916 |
| Equinor ASA 3.125% 4/6/2030  | 20000 | 19285 |
| Equinor ASA 3.25% 11/18/2049  | 5687 | 3970 |
| Exxon Mobil Corp. 3.043% 3/1/2026  | 4625 | 4619 |
| Exxon Mobil Corp. 3.452% 4/15/2051  | 6510 | 4676 |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(e)</sup>  | 7490 | 7844 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(e)</sup>  | 1470 | 1503 |
| Occidental Petroleum Corp. 6.625% 9/1/2030  | 5120 | 5516 |
| Occidental Petroleum Corp. 5.55% 10/1/2034  | 5200 | 5307 |
| Odebrecht Drilling Services, LLC 7.50% 6/15/2030 <sup>(e)</sup>  | 6 | 6 |
| Oleoducto Central SA 4.00% 7/14/2027 <sup>(e)</sup>  | 1715 | 1693 |
| Oleoducto Central SA 4.00% 7/14/2027  | 350 | 346 |
| Petroleos Mexicanos 6.50% 1/23/2029  | 22614 | 22990 |
| Petroleos Mexicanos 8.75% 6/2/2029  | 14185 | 15216 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 11164 | 11344 |
| Shell Finance US, Inc. 2.75% 4/6/2030  | 377 | 358 |
| South Bow USA Infrastructure Holdings, LLC 4.911% 9/1/2027  | 809 | 817 |
| Sunoco, LP 5.625% 3/15/2031 <sup>(e)</sup>  | 595 | 600 |
| TotalEnergies Capital International SA 3.455% 2/19/2029  | 885 | 872 |
| TotalEnergies Capital SA 5.275% 9/10/2054  | 6805 | 6400 |
| Venture Global Plaquemines LNG, LLC 6.50% 6/15/2034 <sup>(e)</sup>  | 2395 | 2448 |
|  |  | 186662 |
| **Consumer staples 1.60%** |  |  |
| Altria Group, Inc. 4.40% 2/14/2026  | 4585 | 4585 |
| Altria Group, Inc. 4.875% 2/4/2028  | 1330 | 1352 |
| Anheuser-Busch InBev Worldwide, Inc. 5.55% 1/23/2049  | 4715 | 4710 |
| BAT Capital Corp. 3.557% 8/15/2027  | 9271 | 9206 |
| BAT Capital Corp. 2.259% 3/25/2028  | 2353 | 2265 |
| BAT Capital Corp. 6.343% 8/2/2030  | 2210 | 2391 |
| BAT Capital Corp. 4.742% 3/16/2032  | 2675 | 2701 |
| BAT Capital Corp. 5.35% 8/15/2032  | 18664 | 19427 |
| BAT Capital Corp. 6.421% 8/2/2033  | 4665 | 5153 |
| BAT Capital Corp. 5.625% 8/15/2035  | 12170 | 12684 |
| BAT Capital Corp. 7.079% 8/2/2043  | 1323 | 1492 |
| BAT Capital Corp. 5.65% 3/16/2052  | 120 | 114 |
| BAT International Finance PLC 1.668% 3/25/2026  | 4070 | 4048 |
| BAT International Finance PLC 4.448% 3/16/2028  | 2925 | 2949 |
| Constellation Brands, Inc. 3.50% 5/9/2027  | 7500 | 7449 |
| Constellation Brands, Inc. 4.35% 5/9/2027  | 890 | 894 |
| Constellation Brands, Inc. 4.80% 5/1/2030  | 1618 | 1646 |
| Constellation Brands, Inc. 2.25% 8/1/2031  | 1487 | 1320 |
| Constellation Brands, Inc. 4.75% 5/9/2032  | 1978 | 1987 |
| Constellation Brands, Inc. 4.90% 5/1/2033  | 2807 | 2822 |
| Coty, Inc. 5.60% 1/15/2031 <sup>(e)</sup>  | 2726 | 2753 |
| H.J. Heinz Co. 4.875% 10/1/2049  | 2725 | 2346 |
| Imperial Brands Finance PLC 4.50% 6/30/2028 <sup>(e)</sup>  | 24345 | 24547 |
| Indofood CBP Sukses Makmur Tbk PT 3.398% 6/9/2031  | 3110 | 2926 |
| Indofood CBP Sukses Makmur Tbk PT 4.745% 6/9/2051  | 685 | 589 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(e)</sup>  | 4670 | 4774 |
| Mars, Inc. 5.00% 3/1/2032 <sup>(e)</sup>  | 3640 | 3753 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(e)</sup>  | 15670 | 16112 |
| Mars, Inc. 5.65% 5/1/2045 <sup>(e)</sup>  | 2371 | 2391 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(e)</sup>  | 13235 | 13193 |
| Mondelez International, Inc. 4.75% 8/28/2034  | 5520 | 5509 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **186** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer staples (continued)** |  |  |
| Philip Morris International, Inc. 5.25% 9/7/2028  | USD2,800 | $2894 |
| Philip Morris International, Inc. 5.125% 2/15/2030  | 982 | 1015 |
| Philip Morris International, Inc. 5.50% 9/7/2030  | 4565 | 4805 |
| Philip Morris International, Inc. 4.75% 11/1/2031  | 830 | 848 |
| Philip Morris International, Inc. 5.375% 2/15/2033  | 1644 | 1720 |
| Walmart, Inc. 4.90% 4/28/2035  | 1013 | 1042 |
| Walmart, Inc. 4.50% 4/15/2053  | 1416 | 1253 |
|  |  | 181665 |
| **Information technology 1.06%** |  |  |
| Analog Devices, Inc. 2.10% 10/1/2031  | 270 | 240 |
| Analog Devices, Inc. 5.05% 4/1/2034  | 717 | 741 |
| Analog Devices, Inc. 2.80% 10/1/2041  | 521 | 385 |
| Broadcom, Inc. 5.05% 7/12/2027  | 2545 | 2592 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(e)</sup>  | 609 | 607 |
| Broadcom, Inc. 5.05% 7/12/2029  | 2177 | 2242 |
| Broadcom, Inc. 5.15% 11/15/2031  | 5186 | 5383 |
| Broadcom, Inc. 4.15% 4/15/2032 <sup>(e)</sup>  | 630 | 617 |
| Broadcom, Inc. 3.469% 4/15/2034  | 11652 | 10628 |
| Broadcom, Inc. 4.80% 10/15/2034  | 1063 | 1065 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(e)</sup>  | 847 | 730 |
| Broadcom, Inc. 4.926% 5/15/2037 <sup>(e)</sup>  | 2879 | 2843 |
| Cisco Systems, Inc. 4.95% 2/26/2031  | 991 | 1028 |
| Cisco Systems, Inc. 5.05% 2/26/2034  | 843 | 868 |
| Cisco Systems, Inc. 5.10% 2/24/2035  | 2675 | 2750 |
| Cisco Systems, Inc. 5.30% 2/26/2054  | 784 | 752 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(e)</sup>  | 1300 | 1339 |
| Intel Corp. 3.05% 8/12/2051  | 1530 | 942 |
| Intel Corp. 5.60% 2/21/2054  | 7880 | 7280 |
| Microchip Technology, Inc. 5.05% 3/15/2029  | 4350 | 4441 |
| Oracle Corp. 1.65% 3/25/2026  | 4867 | 4837 |
| Oracle Corp. 4.80% 8/3/2028  | 615 | 618 |
| Oracle Corp. 4.45% 9/26/2030  | 2610 | 2554 |
| Oracle Corp. 5.25% 2/3/2032  | 1340 | 1340 |
| Oracle Corp. 4.80% 9/26/2032  | 5105 | 4930 |
| Oracle Corp. 5.50% 8/3/2035  | 2374 | 2327 |
| Oracle Corp. 5.20% 9/26/2035  | 6715 | 6436 |
| Oracle Corp. 5.875% 9/26/2045  | 2800 | 2530 |
| Oracle Corp. 6.00% 8/3/2055  | 5970 | 5269 |
| Oracle Corp. 5.95% 9/26/2055  | 9220 | 8175 |
| Oracle Corp. 6.10% 9/26/2065  | 2295 | 2026 |
| Roper Technologies, Inc. 5.10% 9/15/2035  | 1813 | 1827 |
| Synopsys, Inc. 5.15% 4/1/2035  | 21470 | 21829 |
| Synopsys, Inc. 5.70% 4/1/2055  | 8055 | 7999 |
|  |  | 120170 |
| **Materials 0.72%** |  |  |
| Air Products and Chemicals, Inc. 2.70% 5/15/2040  | 2911 | 2192 |
| BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033  | 138 | 143 |
| BHP Billiton Finance (USA), Ltd. 5.75% 9/5/2055  | 4050 | 4134 |
| Braskem Netherlands Finance BV 7.25% 2/13/2033 <sup>(e)</sup>  | 700 | 272 |
| Celanese US Holdings, LLC 6.665% 7/15/2027  | 6297 | 6495 |
| Celanese US Holdings, LLC 6.85% 11/15/2028  | 3575 | 3743 |
| Celanese US Holdings, LLC 6.83% 7/15/2029  | 13862 | 14553 |
| Celanese US Holdings, LLC 7.05% 11/15/2030  | 4530 | 4777 |
| Celanese US Holdings, LLC 6.879% 7/15/2032  | 800 | 833 |
| Celanese US Holdings, LLC 7.20% 11/15/2033  | 1031 | 1090 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **187** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Materials (continued)** |  |  |
| Chevron Phillips Chemical Co., LLC 4.75% 5/15/2030 <sup>(e)</sup>  | USD834 | $845 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(e)</sup>  | 7250 | 7653 |
| Dow Chemical Co. (The) 5.35% 3/15/2035  | 129 | 128 |
| Dow Chemical Co. (The) 5.65% 3/15/2036  | 66 | 66 |
| Dow Chemical Co. (The) 5.55% 11/30/2048  | 142 | 125 |
| Dow Chemical Co. (The) 6.90% 5/15/2053  | 62 | 64 |
| Dow Chemical Co. (The) 5.60% 2/15/2054  | 764 | 665 |
| LYB International Finance III, LLC 5.125% 1/15/2031  | 469 | 471 |
| LYB International Finance III, LLC 5.50% 3/1/2034  | 745 | 737 |
| LYB International Finance III, LLC 5.875% 1/15/2036  | 5210 | 5188 |
| NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(e)</sup>  | 205 | 215 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(e)</sup>  | 300 | 294 |
| POSCO 5.75% 1/17/2028 <sup>(e)</sup>  | 745 | 768 |
| Rio Tinto Finance (USA) PLC 4.875% 3/14/2030  | 25776 | 26494 |
|  |  | 81945 |
| **Real estate 0.66%** |  |  |
| American Tower Corp. 3.65% 3/15/2027  | 1375 | 1370 |
| Boston Properties, LP 2.90% 3/15/2030  | 4630 | 4346 |
| Boston Properties, LP 3.25% 1/30/2031  | 463 | 435 |
| Boston Properties, LP 2.55% 4/1/2032  | 1674 | 1462 |
| Boston Properties, LP 2.45% 10/1/2033  | 1335 | 1105 |
| Boston Properties, LP 6.50% 1/15/2034  | 10849 | 11689 |
| Boston Properties, LP 5.75% 1/15/2035  | 11874 | 12219 |
| COPT Defense Properties, LP 2.00% 1/15/2029  | 1139 | 1064 |
| COPT Defense Properties, LP 2.75% 4/15/2031  | 1547 | 1412 |
| COPT Defense Properties, LP 2.90% 12/1/2033  | 564 | 482 |
| Corp. Inmobiliaria Vesta, SAB de CV, 3.625% 5/13/2031 <sup>(e)</sup>  | 395 | 368 |
| Crown Castle, Inc. 5.00% 1/11/2028  | 4874 | 4953 |
| FibraSOMA 4.375% 7/22/2031 <sup>(e)</sup>  | 1475 | 1301 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(e)</sup>  | 1755 | 1763 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(e)</sup>  | 2755 | 2680 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(e)</sup>  | 3135 | 2987 |
| Iron Mountain, Inc. 5.25% 3/15/2028 <sup>(e)</sup>  | 3020 | 3038 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(e)</sup>  | 675 | 667 |
| Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030  | 2097 | 2147 |
| Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(e)</sup>  | 4683 | 4969 |
| Prologis, LP 4.875% 6/15/2028  | 1040 | 1066 |
| Prologis, LP 4.75% 6/15/2033  | 1409 | 1423 |
| Prologis, LP 5.125% 1/15/2034  | 6175 | 6350 |
| Prologis, LP 5.00% 3/15/2034  | 360 | 367 |
| Prologis, LP 5.25% 6/15/2053  | 117 | 112 |
| Service Properties Trust 3.95% 1/15/2028  | 1710 | 1616 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(e)</sup>  | 3040 | 3199 |
|  |  | 74590 |
| **Total corporate bonds and notes** |  | 3430212 |
| **U.S. Treasury bonds & notes 24.98%** | **U.S. Treasury bonds & notes 24.98%** | **U.S. Treasury bonds & notes 24.98%** |
| **U.S. Treasury 24.19%** |  |  |
| U.S. Treasury 3.625% 5/15/2026  | 1926 | 1927 |
| U.S. Treasury 4.625% 6/30/2026  | 198 | 199 |
| U.S. Treasury 4.375% 7/31/2026  | 271 | 272 |
| U.S. Treasury 0.75% 8/31/2026  | 8871 | 8710 |
| U.S. Treasury 4.625% 11/15/2026  | 3589 | 3621 |
| U.S. Treasury 4.00% 1/15/2027  | 3741 | 3759 |
| U.S. Treasury 1.875% 2/28/2027  | 4000 | 3926 |
| U.S. Treasury 2.625% 5/31/2027  | 43530 | 43009 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **188** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 2.25% 11/15/2027  | USD105,830 | $103496 |
| U.S. Treasury 6.125% 11/15/2027  | 24000 | 25141 |
| U.S. Treasury 3.375% 11/30/2027  | 241 | 240 |
| U.S. Treasury 3.375% 12/31/2027  | 477291 | 476377 |
| U.S. Treasury 1.125% 2/29/2028  | 9895 | 9412 |
| U.S. Treasury 4.00% 2/29/2028  | 4750 | 4800 |
| U.S. Treasury 3.625% 3/31/2028  | 13 | 13 |
| U.S. Treasury 1.00% 7/31/2028  | 5630 | 5283 |
| U.S. Treasury 1.125% 8/31/2028  | 13555 | 12735 |
| U.S. Treasury 5.25% 11/15/2028  | 5700 | 5964 |
| U.S. Treasury 3.50% 12/15/2028  | 199754 | 199527 |
| U.S. Treasury 2.375% 5/15/2029  | 4070 | 3915 |
| U.S. Treasury 4.00% 7/31/2029  | 334 | 338 |
| U.S. Treasury 3.875% 12/31/2029  | 44049 | 44426 |
| U.S. Treasury 3.75% 5/31/2030  | 13300 | 13335 |
| U.S. Treasury 4.125% 8/31/2030  | 11215 | 11414 |
| U.S. Treasury 3.625% 9/30/2030  | 90415 | 90087 |
| U.S. Treasury 4.875% 10/31/2030  | 92133 | 96812 |
| U.S. Treasury 3.625% 12/31/2030  | 390618 | 388833 |
| U.S. Treasury 4.125% 10/31/2031  | 1408 | 1431 |
| U.S. Treasury 4.125% 11/30/2031  | 985 | 1000 |
| U.S. Treasury 4.125% 11/15/2032  | 114 | 115 |
| U.S. Treasury 3.875% 12/31/2032  | 97978 | 97588 |
| U.S. Treasury 4.375% 5/15/2034  | 100 | 102 |
| U.S. Treasury 4.00% 11/15/2035 <sup>(h)</sup>  | 279661 | 275859 |
| U.S. Treasury 4.25% 5/15/2039  | 125497 | 123105 |
| U.S. Treasury 1.375% 11/15/2040  | 24540 | 15963 |
| U.S. Treasury 1.875% 2/15/2041  | 24272 | 16986 |
| U.S. Treasury 4.75% 2/15/2041  | 75066 | 76525 |
| U.S. Treasury 2.00% 11/15/2041  | 57 | 40 |
| U.S. Treasury 2.375% 2/15/2042  | 2701 | 1992 |
| U.S. Treasury 3.25% 5/15/2042  | 10848 | 9065 |
| U.S. Treasury 4.625% 11/15/2045  | 135934 | 133003 |
| U.S. Treasury 3.00% 2/15/2049  | 124633 | 92014 |
| U.S. Treasury 2.875% 5/15/2049  | 19228 | 13825 |
| U.S. Treasury 2.875% 5/15/2052  | 990 | 694 |
| U.S. Treasury 4.00% 11/15/2052  | 7328 | 6368 |
| U.S. Treasury 4.125% 8/15/2053  | 213 | 189 |
| U.S. Treasury 4.75% 8/15/2055 <sup>(h)</sup>  | 299333 | 294934 |
| U.S. Treasury 4.625% 11/15/2055  | 29639 | 28616 |
|  |  | 2746985 |
| **U.S. Treasury inflation-protected securities 0.79%** |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026 <sup>(i)</sup>  | 6136 | 6080 |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2030 <sup>(i)</sup>  | 7763 | 7367 |
| U.S. Treasury Inflation-Protected Security 1.875% 7/15/2035 <sup>(i)</sup>  | 32118 | 32048 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(i)</sup>  |  | — <br><sup>(c)</sup><br>|
| U.S. Treasury Inflation-Protected Security 1.50% 2/15/2053 <sup>(i)</sup>  | 6206 | 4840 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(i)</sup>  | 2329 | 2095 |
| U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(i)</sup>  | 38874 | 36904 |
|  |  | 89334 |
| **Total U.S. Treasury bonds & notes** |  | 2836319 |
| **Asset-backed obligations 4.39%** | **Asset-backed obligations 4.39%** | **Asset-backed obligations 4.39%** |
| **Other asset-backed securities 2.53%** |  |  |
| Affirm Asset Securitization Trust, Series 2024-B, Class A, 4.62% 9/15/2029 <sup>(a)(e)</sup>  | 9848 | 9876 |
| Affirm, Inc., Series 2024, Class 1A, 5.61% 2/15/2029 <sup>(a)(e)</sup>  | 11785 | 11804 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **189** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Other asset-backed securities (continued)** |  |  |
| Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(a)(e)</sup>  | USD3,485 | $3491 |
| Affirm, Inc., Series 2024-X2, Class A, 5.22% 12/17/2029 <sup>(a)(e)</sup>  | 331 | 331 |
| Apollo Aviation Securitization Equity Trust, Series 2025-3A, Class A, 5.243% 2/16/2050 <sup>(a)(e)</sup>  | 6839 | 6867 |
| Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(a)(e)</sup>  | 4747 | 4785 |
| AXIS Equipment Finance Receivables, LLC, Series 2024-2, Class A2, 5.19% 7/21/2031 <sup>(a)(e)</sup>  | 4471 | 4531 |
| Bankers Healthcare Group Securitization Trust, Series 2021-B, Class B, 1.67% 10/17/2034 <sup>(a)(e)</sup>  | 114 | 113 |
| Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class A, <br> 2.443% 7/15/2046 <sup>(a)(e)</sup>  | 2926 | 2782 |
| Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class B, <br> 3.446% 7/15/2046 <sup>(a)(e)</sup>  | 337 | 324 |
| Blue Owl Asset Leasing Trust, Series 2024-1A, Class A2, 5.05% 3/15/2029 <sup>(a)(e)</sup>  | 643 | 645 |
| Business Jet Securities, LLC, Series 2024-2A, Class A, 5.364% 9/15/2039 <sup>(a)(e)</sup>  | 5912 | 5968 |
| Capteris Equipment Finance, Series 2024-1, Class A2, 5.58% 7/20/2032 <sup>(a)(e)</sup>  | 11152 | 11364 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037 <sup>(a)(e)</sup>  | 13267 | 12589 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 3.464% 5/11/2037 <sup>(a)(e)</sup>  | 5184 | 4903 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 6.171% 5/11/2037 <sup>(a)(e)</sup>  | 581 | 578 |
| Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041 <sup>(a)(e)</sup>  | 44 | 44 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(a)(e)</sup>  | 18279 | 15529 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(a)(e)</sup>  | 1884 | 1593 |
| CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060 <sup>(a)(e)</sup>  | 3362 | 2137 |
| CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060 <sup>(a)(e)</sup>  | 364 | 236 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(a)(e)</sup>  | 5923 | 4814 |
| CF Hippolyta, LLC, Series 2021-1, Class B1, 1.98% 3/15/2061 <sup>(a)(e)</sup>  | 1898 | 1184 |
| CF Hippolyta, LLC, Series 2022-1A, Class A1, 5.97% 8/15/2062 <sup>(a)(e)</sup>  | 14807 | 14622 |
| CF Hippolyta, LLC, Series 2022-1A, Class A2, 6.11% 8/15/2062 <sup>(a)(e)</sup>  | 6495 | 6325 |
| Clarus Capital Funding, LLC, Series 2024-1A, Class A2, 4.71% 8/20/2032 <sup>(a)(e)</sup>  | 4137 | 4154 |
| CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045 <sup>(a)(e)</sup>  | 1386 | 1310 |
| CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045 <sup>(a)(e)</sup>  | 2826 | 2675 |
| CLI Funding VIII, LLC, Series 2021-1A, Class A, 2.38% 2/18/2046 <sup>(a)(e)</sup>  | 255 | 237 |
| EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045 <sup>(a)(e)</sup>  | 234 | 220 |
| EquipmentShare, Series 2024-2M, Class A, 5.70% 12/20/2032 <sup>(a)(e)</sup>  | 7169 | 7280 |
| EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(a)(e)</sup>  | 3764 | 3793 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 <sup>(a)(e)</sup>  | 1315 | 1262 |
| GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046 <sup>(a)(e)</sup>  | 996 | 937 |
| GCI Funding I, LLC, Series 2021-1, Class B, 3.04% 6/18/2046 <sup>(a)(e)</sup>  | 111 | 101 |
| Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040 <sup>(a)(e)</sup>  | 1655 | 1592 |
| Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041 <sup>(a)(e)</sup>  | 6116 | 5728 |
| Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041 <sup>(a)(e)</sup>  | 1695 | 1597 |
| Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041 <sup>(a)(e)</sup>  | 1428 | 1334 |
| Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(a)(e)</sup>  | 8887 | 8995 |
| Merchants Fleet Funding, LLC, Series 2023-1, Class A, 7.21% 5/20/2036 <sup>(a)(e)</sup>  | 443 | 445 |
| Merchants Fleet Funding, LLC, Series 2024-1, Class A, 5.82% 4/20/2037 <sup>(a)(e)</sup>  | 5615 | 5652 |
| Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046 <sup>(a)(e)</sup>  | 3178 | 3039 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(a)(e)</sup>  | 50765 | 42529 |
| NMEF Funding, LLC, Series 2024-A, Class A2, 5.15% 12/15/2031 <sup>(a)(e)</sup>  | 3741 | 3766 |
| NMEF Funding, LLC, Series 2025-B, Class A2, 4.64% 1/18/2033 <sup>(a)(e)</sup>  | 5756 | 5781 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-2A, Class A, 4.98% 10/17/2031 <sup>(a)(e)</sup>  | 2314 | 2326 |
| OWN Equipment Fund III, Series 2025-2M, Class C, 8.77% 3/27/2034 <sup>(a)(e)</sup>  | 1707 | 1713 |
| PEAC Solutions Receivables, LLC, Series 2024-2A, Class A2, 4.74% 4/20/2027 <sup>(a)(e)</sup>  | 1546 | 1550 |
| PEAC Solutions Receivables, LLC, Series 2024-1A, Class A2, 5.79% 6/21/2027 <sup>(a)(e)</sup>  | 2281 | 2299 |
| PFS Financing Corp., Series 2023-A, Class A, 5.80% 3/15/2028 <sup>(a)(e)</sup>  | 1710 | 1716 |
| PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028 <sup>(a)(e)</sup>  | 4558 | 4579 |
| PFS Financing Corp., Series 2023-C, Class A, 5.52% 10/15/2028 <sup>(a)(e)</sup>  | 909 | 920 |
| PK ALIFT Loan Funding 4, LP, Series 2024-2, Class A, 5.052% 10/15/2039 <sup>(a)(e)</sup>  | 4300 | 4320 |
| Post Road Equipment Finance, Series 2024-1, Class A2, 5.59% 11/15/2029 <sup>(a)(e)</sup>  | 735 | 738 |
| SCF Equipment Leasing, LLC, Series 2024-1A, Class A2, 5.88% 11/20/2029 <sup>(a)(e)</sup>  | 858 | 862 |
| SLAM, Ltd., Series 2021-1, Class A, 2.434% 6/15/2046 <sup>(a)(e)</sup>  | 2088 | 1996 |
| SLAM, Ltd., Series 2021-1, Class B, 3.422% 6/15/2046 <sup>(a)(e)</sup>  | 385 | 369 |
| SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046 <sup>(a)(e)</sup>  | 1792 | 1711 |
| SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046 <sup>(a)(e)</sup>  | 1097 | 1074 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **190** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Other asset-backed securities (continued)** |  |  |
| Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041 <sup>(a)(e)</sup>  | USD136 | $134 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(a)(e)</sup>  | 422 | 413 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033 <sup>(a)(e)</sup>  | 486 | 474 |
| SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075 <sup>(a)(e)</sup>  | 793 | 774 |
| TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045 <sup>(a)(e)</sup>  | 1746 | 1673 |
| Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 8/21/2045 <sup>(a)(e)</sup>  | 666 | 646 |
| Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045 <sup>(a)(e)</sup>  | 1378 | 1310 |
| Textainer Marine Containers, Ltd., Series 2021-1, Class A, 1.68% 2/20/2046 <sup>(a)(e)</sup>  | 4449 | 4193 |
| Textainer Marine Containers, Ltd., Series 2021-1, Class B, 2.52% 2/20/2046 <sup>(a)(e)</sup>  | 249 | 233 |
| Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046 <sup>(a)(e)</sup>  | 3760 | 3566 |
| TIF Funding II, LLC, Series 2020-1A, Class A, 2.09% 8/20/2045 <sup>(a)(e)</sup>  | 3080 | 2952 |
| TIF Funding II, LLC, Series 2021-1A, Class B, 2.54% 2/20/2046 <sup>(a)(e)</sup>  | 92 | 84 |
| Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045 <sup>(a)(e)</sup>  | 7133 | 6740 |
| Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046 <sup>(a)(e)</sup>  | 2496 | 2324 |
| Triton Container Finance VIII, LLC, Series 2021-1A, Class B, 2.58% 3/20/2046 <sup>(a)(e)</sup>  | 243 | 224 |
| Verizon Master Trust, Series 2023-3, Class A, 4.73% 4/21/2031 <sup>(a)(e)</sup>  | 5380 | 5478 |
|  |  | 287253 |
| **Auto loan 1.26%** |  |  |
| Ally Auto Receivables Trust, Series 2023-1, Class A3, 5.46% 5/15/2028 <sup>(a)</sup>  | 275 | 277 |
| AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01% 1/19/2027 <sup>(a)</sup>  | 23 | 23 |
| AmeriCredit Automobile Receivables Trust, Series 2021-2, Class D, 1.29% 6/18/2027 <sup>(a)</sup>  | 2613 | 2609 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027 <sup>(a)(e)</sup>  | 809 | 807 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(a)(e)</sup>  | 208 | 207 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class C, 4.25% 2/20/2027 <sup>(a)(e)</sup>  | 426 | 426 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/2027 <sup>(a)(e)</sup>  | 3445 | 3405 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class B, 1.63% 8/20/2027 <sup>(a)(e)</sup>  | 531 | 525 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class C, 2.13% 8/20/2027 <sup>(a)(e)</sup>  | 193 | 191 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/2028 <sup>(a)(e)</sup>  | 6724 | 6844 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2025-1A, Class A, 4.80% 8/20/2029 <sup>(a)(e)</sup>  | 1348 | 1371 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(a)(e)</sup>  | 5059 | 5267 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2024-1, Class A, 5.36% 6/20/2030 <sup>(a)(e)</sup>  | 4665 | 4817 |
| BMW Vehicle Owner Trust, Series 2023-A, Class A3, 5.47% 2/25/2028 <sup>(a)</sup>  | 90 | 91 |
| Bridgecrest Lending Auto Securitization Trust, Series 2023-1, Class B, 6.80% 8/15/2029 <sup>(a)</sup>  | 769 | 772 |
| Carvana Auto Receivables Trust, Series 2023-P3, Class A3, 5.82% 8/10/2028 <sup>(a)(e)</sup>  | 231 | 233 |
| Carvana Auto Receivables Trust, Series 2023-P3, Class A4, 5.71% 7/10/2029 <sup>(a)(e)</sup>  | 172 | 176 |
| Chesapeake Funding II, LLC, Series 2023-2, Class A1, 6.16% 10/15/2035 <sup>(a)(e)</sup>  | 435 | 440 |
| Citizens Auto Receivables Trust, Series 2023-2, Class A3, 5.83% 2/15/2028 <sup>(a)(e)</sup>  | 875 | 881 |
| Citizens Auto Receivables Trust, Series 2023-2, Class A4, 5.74% 10/15/2030 <sup>(a)(e)</sup>  | 799 | 814 |
| CPS Auto Receivables Trust, Series 2024-A, Class B, 5.65% 5/15/2028 <sup>(a)(e)</sup>  | 455 | 455 |
| CPS Auto Receivables Trust, Series 2024-D, Class A, 4.91% 6/15/2028 <sup>(a)(e)</sup>  | 434 | 435 |
| Drive Auto Receivables Trust, Series 2024-2, Class A2, 4.94% 12/15/2027 <sup>(a)</sup>  | 86 | 86 |
| Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 <sup>(a)(e)</sup>  | 1484 | 1490 |
| Enterprise Fleet Financing, LLC, Series 2024-4, Class A2, 4.69% 7/20/2027 <sup>(a)(e)</sup>  | 6817 | 6842 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A3, 4.29% 7/20/2029 <sup>(a)(e)</sup>  | 897 | 899 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029 <sup>(a)(e)</sup>  | 58 | 58 |
| Enterprise Fleet Financing, LLC, Series 2024-1, Class A2, 5.23% 3/20/2030 <sup>(a)(e)</sup>  | 7335 | 7391 |
| Exeter Automobile Receivables Trust, Series 2021-2, Class D, 1.40% 4/15/2027 <sup>(a)</sup>  | 642 | 639 |
| Exeter Automobile Receivables Trust, Series 2023-5A, Class B, 6.58% 4/17/2028 <sup>(a)</sup>  | 1028 | 1030 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class C, 6.21% 6/15/2028 <sup>(a)</sup>  | 226 | 227 |
| Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56% 7/17/2028 <sup>(a)</sup>  | 194 | 194 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class D, 6.68% 4/16/2029 <sup>(a)</sup>  | 758 | 776 |
| Exeter Automobile Receivables Trust, Series 2023-1A, Class D, 6.69% 6/15/2029 <sup>(a)</sup>  | 462 | 469 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class E, 9.98% 1/15/2031 <sup>(a)(e)</sup>  | 1014 | 1102 |
| Ford Credit Auto Owner Trust, Series 2023-B, Class A3, 5.23% 5/15/2028 <sup>(a)</sup>  | 435 | 438 |
| Ford Credit Auto Owner Trust, Series 2023-B, Class A4, 5.06% 2/15/2029 <sup>(a)</sup>  | 597 | 605 |
| Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85% 8/15/2035 <sup>(a)(e)</sup>  | 4218 | 4305 |
| Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A1, 4.92% 5/15/2028 <sup>(a)(e)</sup>  | 5833 | 5853 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **191** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Auto loan (continued)** |  |  |
| GLS Auto Receivables Trust, Series 2023-3, Class B, 5.89% 1/18/2028 <sup>(a)(e)</sup>  | USD218 | $218 |
| GLS Auto Receivables Trust, Series 2023-3, Class C, 6.01% 5/15/2029 <sup>(a)(e)</sup>  | 561 | 566 |
| GLS Auto Receivables Trust, Series 2023-3, Class D, 6.44% 5/15/2029 <sup>(a)(e)</sup>  | 507 | 520 |
| GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 <sup>(a)(e)</sup>  | 1772 | 1779 |
| GLS Auto Select Receivables Trust, Series 2024-2, Class A2, 5.58% 6/17/2030 <sup>(a)(e)</sup>  | 1066 | 1079 |
| GM Financial Automobile Leasing Trust, Series 2023-3, Class A4, 5.44% 8/20/2027 <sup>(a)</sup>  | 18 | 18 |
| GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A3, 5.45% 6/16/2028 <sup>(a)</sup>  | 272 | 274 |
| GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A4, 5.34% 12/18/2028 <sup>(a)</sup>  | 320 | 325 |
| GM Financial Revolving Receivables Trust, Series 2023-1, Class A, 5.12% 4/11/2035 <sup>(a)(e)</sup>  | 4815 | 4949 |
| GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035 <sup>(a)(e)</sup>  | 2703 | 2802 |
| GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77% 8/11/2036 <sup>(a)(e)</sup>  | 3984 | 4185 |
| GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1, 5.34% 6/15/2028 <sup>(a)(e)</sup>  | 1600 | 1610 |
| GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A, 5.34% 6/15/2030 <sup>(a)(e)</sup>  | 948 | 979 |
| Hertz Vehicle Financing III, LLC, Series 2023-1, Class 1D, 9.13% 6/25/2027 <sup>(a)(e)</sup>  | 330 | 333 |
| Hertz Vehicle Financing III, LLC, Series 2022-2, Class D, 5.16% 6/26/2028 <sup>(a)(e)</sup>  | 1174 | 1152 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(a)(e)</sup>  | 17770 | 17440 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(a)(e)</sup>  | 1264 | 1240 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(a)(e)</sup>  | 859 | 843 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(a)(e)</sup>  | 3007 | 3073 |
| Honda Auto Receivables Owner Trust, Series 2023-1, Class A3, 5.04% 4/21/2027 <sup>(a)</sup>  | 80 | 80 |
| Honda Auto Receivables Owner Trust, Series 2023-1, Class A4, 4.97% 6/21/2029 <sup>(a)</sup>  | 188 | 189 |
| Hyundai Auto Receivables Trust, Series 2023-B, Class A3, 5.48% 4/17/2028 <sup>(a)</sup>  | 84 | 85 |
| Hyundai Auto Receivables Trust, Series 2023-B, Class A4, 5.31% 8/15/2029 <sup>(a)</sup>  | 160 | 163 |
| LAD Auto Receivables Trust, Series 2022-1, Class B, 5.87% 9/15/2027 <sup>(a)(e)</sup>  | 191 | 192 |
| LAD Auto Receivables Trust, Series 2023-4, Class A3, 6.10% 12/15/2027 <sup>(a)(e)</sup>  | 174 | 174 |
| LAD Auto Receivables Trust, Series 2023-2, Class A3, 5.42% 2/15/2028 <sup>(a)(e)</sup>  | 101 | 101 |
| LAD Auto Receivables Trust, Series 2023-2, Class B, 5.45% 4/15/2028 <sup>(a)(e)</sup>  | 615 | 616 |
| LAD Auto Receivables Trust, Series 2023-3, Class B, 6.09% 6/15/2028 <sup>(a)(e)</sup>  | 848 | 856 |
| LAD Auto Receivables Trust, Series 2023-2, Class C, 5.58% 9/15/2028 <sup>(a)(e)</sup>  | 1361 | 1370 |
| LAD Auto Receivables Trust, Series 2023-4, Class B, 6.39% 10/16/2028 <sup>(a)(e)</sup>  | 3223 | 3279 |
| LAD Auto Receivables Trust, Series 2023-3, Class C, 6.43% 12/15/2028 <sup>(a)(e)</sup>  | 714 | 728 |
| LAD Auto Receivables Trust, Series 2022-1, Class C, 6.85% 4/15/2030 <sup>(a)(e)</sup>  | 623 | 630 |
| LAD Auto Receivables Trust, Series 2023-3, Class D, 6.92% 12/16/2030 <sup>(a)(e)</sup>  | 483 | 498 |
| LAD Auto Receivables Trust, Series 2023-2, Class D, 6.30% 2/15/2031 <sup>(a)(e)</sup>  | 123 | 125 |
| Mercedes-Benz Auto Receivables Trust, Series 2023-2, Class A3, 5.95% 11/15/2028 <sup>(a)</sup>  | 707 | 717 |
| Nissan Auto Receivables Owner Trust, Series 2023-B, Class A3, 5.93% 3/15/2028 <sup>(a)</sup>  | 351 | 354 |
| Santander Drive Auto Receivables Trust, Series 2024-1, Class A3, 5.25% 4/17/2028 <sup>(a)</sup>  | 111 | 112 |
| Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.74% 10/16/2028 <sup>(a)</sup>  | 204 | 204 |
| Santander Drive Auto Receivables Trust, Series 2023-4, Class B, 5.77% 12/15/2028 <sup>(a)</sup>  | 700 | 707 |
| SBNA Auto Lease Trust, Series 2024-A, Class A3, 5.39% 11/20/2026 <sup>(a)(e)</sup>  | 1082 | 1084 |
| SFS Auto Receivables Securitization Trust, Series 2023-1, Class A3, 5.47% 10/20/2028 <sup>(a)(e)</sup>  | 334 | 336 |
| SFS Auto Receivables Securitization Trust, Series 2023-1, Class A4, 5.47% 12/20/2029 <sup>(a)(e)</sup>  | 361 | 367 |
| Westlake Automobile Receivables Trust, Series 2023-4, Class A3, 6.24% 7/15/2027 <sup>(a)(e)</sup>  | 909 | 910 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class B, 5.92% 9/15/2028 <sup>(a)(e)</sup>  | 939 | 941 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class C, 6.02% 9/15/2028 <sup>(a)(e)</sup>  | 2219 | 2243 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class D, 6.47% 3/15/2029 <sup>(a)(e)</sup>  | 1236 | 1265 |
| Wheels Fleet Lease Funding, LLC, Series 2024-2A, Class A1, 4.87% 6/21/2039 <sup>(a)(e)</sup>  | 9559 | 9657 |
| Wheels Fleet Lease Funding, LLC, Series 2024-3A, Class A1, 4.80% 9/19/2039 <sup>(a)(e)</sup>  | 8464 | 8557 |
| World Omni Auto Receivables Trust, Series 2023-C, Class A3, 5.15% 11/15/2028 <sup>(a)</sup>  | 174 | 175 |
| World Omni Auto Receivables Trust, Series 2023-C, Class A4, 5.03% 11/15/2029 <sup>(a)</sup>  | 232 | 235 |
|  |  | 143805 |
| **Student loan 0.36%** |  |  |
| Navient Education Loan Trust, Series 2025-A, Class A, 5.02% 7/15/2055 <sup>(a)(e)</sup>  | 6374 | 6450 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(a)(e)</sup>  | 1434 | 1316 |
| Navient Student Loan Trust, Series 2021-EA, Class A, 0.97% 12/16/2069 <sup>(a)(e)</sup>  | 845 | 763 |
| Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070 <sup>(a)(e)</sup>  | 542 | 493 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **192** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Student loan (continued)** |  |  |
| Nelnet Student Loan Trust, Series 2025-AA, Class A1B, (30-day Average USD-SOFR + 1.10%) 5.084% <br> 3/15/2057 <sup>(a)(b)(e)</sup>  | USD14,884 | $14850 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFX, 1.32% 4/20/2062 <sup>(a)(e)</sup>  | 141 | 133 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(a)(e)</sup>  | 2397 | 2269 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 <sup>(a)(e)</sup>  | 5464 | 5184 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 4.588% <br> 4/20/2062 <sup>(a)(b)(e)</sup>  | 1816 | 1813 |
| Prodigy Finance DAC, Series 2021-1A, Class A, (1-month USD CME Term SOFR + 1.364%) 5.092% <br>7/25/2051 <sup>(a)(b)(e)</sup>  | 146 | 146 |
| SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) 5.534% <br> 11/15/2052 <sup>(a)(b)(e)</sup>  | 628 | 635 |
| SMB Private Education Loan Trust, Series 2023-C, Class A1A, 5.67% 11/15/2052 <sup>(a)(e)</sup>  | 569 | 585 |
| SMB Private Education Loan Trust, Series 2025-A, Class A1A, 5.13% 4/15/2054 <sup>(a)(e)</sup>  | 6322 | 6422 |
|  |  | 41059 |
| **Credit card 0.24%** |  |  |
| Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(a)(e)</sup>  | 13550 | 13583 |
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class A, 4.84% 9/15/2029 <sup>(a)(e)</sup>  | 2456 | 2463 |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78% 12/16/2030 <sup>(a)(e)</sup>  | 2416 | 2429 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.06% 9/15/2031 <sup>(a)(e)</sup>  | 8461 | 8526 |
|  |  | 27001 |
| **Collateralized loan obligations 0.00%** |  |  |
| Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD CME Term SOFR + 1.232%) 5.09% <br>7/25/2030 <sup>(a)(b)(e)</sup>  | 50 | 50 |
| **Total asset-backed obligations** |  | 499168 |
| **Bonds & notes of governments & government agencies outside the U.S. 1.78%** | **Bonds & notes of governments & government agencies outside the U.S. 1.78%** | **Bonds & notes of governments & government agencies outside the U.S. 1.78%** |
| **Mexico 1.22%** |  |  |
| Eagle Funding LuxCo SARL 5.50% 8/17/2030 <sup>(e)</sup>  | 74976 | 76464 |
| Eagle Funding LuxCo SARL 5.50% 8/17/2030  | 7183 | 7326 |
| United Mexican States 6.00% 5/13/2030  | 2960 | 3107 |
| United Mexican States 6.00% 5/7/2036  | 32486 | 32998 |
| United Mexican States 6.875% 5/13/2037  | 3200 | 3422 |
| United Mexican States 7.375% 5/13/2055  | 14311 | 15452 |
|  |  | 138769 |
| **Greece 0.46%** |  |  |
| Greece (Hellenic Republic of) 1.50% 6/18/2030  | EUR10,830 | 12140 |
| Greece (Hellenic Republic of) 0.75% 6/18/2031  | 9600 | 10112 |
| Greece (Hellenic Republic of) 4.25% 6/15/2033  | 23825 | 29987 |
|  |  | 52239 |
| **Dominican Republic 0.08%** |  |  |
| Dominican Republic (Government of) 5.95% 1/25/2027 <sup>(e)</sup>  | USD8,100 | 8198 |
| Dominican Republic (Government of) 7.05% 2/3/2031 <sup>(e)</sup>  | 680 | 731 |
|  |  | 8929 |
| **Poland 0.01%** |  |  |
| Poland (Republic of), Series 10Y, 5.75% 11/16/2032  | 555 | 597 |
| Poland (Republic of), Series 10Y, 4.875% 10/4/2033  | 830 | 845 |
|  |  | 1442 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **193** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| **Chile 0.01%** |  |  |
| Chile (Republic of) 4.00% 1/31/2052  | USD580 | $461 |
| **Paraguay 0.00%** |  |  |
| Paraguay (Republic of) 5.00% 4/15/2026  | 285 | 287 |
| **Total bonds & notes of governments & government agencies outside the U.S.** |  | 202127 |
| **Municipals 1.47%** | **Municipals 1.47%** | **Municipals 1.47%** |
| **California 0.02%** |  |  |
| GO Bonds, Series 2009, 7.50% 4/1/2034  | 2100 | 2452 |
| **Illinois 1.28%** |  |  |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2010-C, 6.319% <br> 11/1/2029  | 65 | 65 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2009-E, 6.138% <br> 12/1/2039  | 31050 | 29238 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2010-D, 6.519% <br> 12/1/2040  | 8945 | 8512 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2023-A, 6.00% <br> 12/1/2049  | 865 | 876 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2025-A, 6.25% <br> 12/1/2050  | 1610 | 1683 |
| GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033  | 102799 | 105401 |
|  |  | 145775 |
| **Massachusetts 0.07%** |  |  |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2024-A, 6.352% 7/1/2049  | 7500 | 7763 |
| **New York 0.03%** |  |  |
| New York City GO Bonds, Fiscal 2026, Series 2026-E-1, 5.559% 10/1/2045  | 1640 | 1632 |
| New York City GO Bonds, Fiscal 2026, Series 2026-E-1, 5.372% 10/1/2051  | 1175 | 1146 |
| New York City GO Bonds, Fiscal 2026, Series 2026-E-2, 5.392% 10/1/2055  | 460 | 445 |
|  |  | 3223 |
| **Texas 0.03%** |  |  |
| Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% <br> 10/1/2052  | 4075 | 2827 |
| **Wisconsin 0.04%** |  |  |
| Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034  | 4490 | 4459 |
| **Total municipals** |  | 166499 |
| **Federal agency bonds & notes 0.10%** | **Federal agency bonds & notes 0.10%** | **Federal agency bonds & notes 0.10%** |
| Federal National Mortgage Association 2.125% 4/24/2026  | 11910 | 11855 |
| **Loans 0.06%** | **Loans 0.06%** | **Loans 0.06%** |
| **Financials 0.06%** |  |  |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) 7.61% <br> 11/17/2029 <sup>(b)(e)(g)(j)</sup>  | 6407 | 6359 |
| **Total bonds, notes & other debt instruments** (cost: $10,859,504,000) |  | 10789253 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **194** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Common stocks 0.00% | Shares | Value<br> (000)<br>|
| **Energy 0.00%** |  |  |
| FORESEA Holding SA, Class C, nonvoting shares <sup>(e)</sup>  | 555 | $13 |
| FORESEA Holding SA, Class B <sup>(e)</sup>  | 61 | 1 |
| **Total common stocks** (cost: $8,000) |  | 14 |
| Short-term securities 5.50% |  |  |
| **Money market investments 5.50%** | **Money market investments 5.50%** | **Money market investments 5.50%** |
| Capital Group Central Cash Fund 3.79% <sup>(k)(l)</sup>  | 6241739 | 624236 |
| **Total short-term securities** (cost: $624,125,000) | **Total short-term securities** (cost: $624,125,000) | 624236 |
| **Total investment securities 100.51%** (cost: $11,483,637,000) |  | 11413503 |
| Other assets less liabilities (0.51)% |  | (57477)<br>|
| **Net assets 100.00%** |  | $11356026 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 30 Day Federal Funds Futures | Long | 62 | 2/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD24,898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8 |
| 30 Day Federal Funds Futures | Long | 548 | 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| 3 Month SOFR Futures | Long | 57 | 3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| 3 Month SOFR Futures | Long | 103 | 9/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 14354 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2996958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (497)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 9930 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1085396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2942)<br>|
| 10 Year Italy Government Bond Futures | Long | 329 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (141)<br>|
| 10 Year Euro-Bund Futures | Short | 1003 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (150370)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1021 |
| 10 Year U.S. Treasury Note Futures | Long | 949 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1018)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Short | 1244 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (143079)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| 20 Year U.S. Treasury Bond Futures | Short | 9 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1040)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 2865 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5192)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(8582)<br>|

---

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br>(000) | Currency purchased <br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| USD | 27382 | JPY | 4230230 | Bank of America | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $338 |
| USD | 17388 | EUR | 14926 | Morgan Stanley | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (165)<br>|
| JPY | 3901364 | EUR | 21383 | Citibank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (207)<br>|
| BRL | 24015 | USD | 4403 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48)<br>|
| USD | 53133 | EUR | 45113 | HSBC Bank | 1/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(34)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **195** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 3.39981% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD88,200 | &nbsp;&nbsp;&nbsp;&nbsp; $(19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(19)<br>|
| SOFR | Annual | 3.2465% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD56,300 | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66 |
| SOFR | Annual | 3.249% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD56,260 | &nbsp;&nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 63 |
| SOFR | Annual | 3.34% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/3/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD106,170 | &nbsp;&nbsp;&nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (30)<br>|
| SOFR | Annual | 3.2715% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD43,510 | &nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37 |
| 3.998% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2028 | &nbsp;&nbsp;&nbsp;&nbsp; USD40,040 | &nbsp;&nbsp;&nbsp;&nbsp; 734 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 734 |
| SOFR | Annual | 3.945% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD20,090 | &nbsp;&nbsp;&nbsp;&nbsp; (372)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (372)<br>|
| SOFR | Annual | 3.3125% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD11,993 | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32 |
| SOFR | Annual | 3.4445% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,052 | &nbsp;&nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14)<br>|
| SOFR | Annual | 3.4805% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,052 | &nbsp;&nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (20)<br>|
| SOFR | Annual | 3.552% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,000 | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>|
| SOFR | Annual | 3.455% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,103 | &nbsp;&nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (29)<br>|
| SOFR | Annual | 3.543% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,052 | &nbsp;&nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (33)<br>|
| SOFR | Annual | 3.551% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,103 | &nbsp;&nbsp;&nbsp;&nbsp; (70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (70)<br>|
| SOFR | Annual | 3.965% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/14/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD30,465 | &nbsp;&nbsp;&nbsp;&nbsp; (631)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (631)<br>|
| SOFR | Annual | 3.9195% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD8,240 | &nbsp;&nbsp;&nbsp;&nbsp; (157)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (157)<br>|
| SOFR | Annual | 3.763% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 12/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD11,790 | &nbsp;&nbsp;&nbsp;&nbsp; (160)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (160)<br>|
| SOFR | Annual | 3.4415% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD18,470 | &nbsp;&nbsp;&nbsp;&nbsp; (24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| SOFR | Annual | 3.797% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,774 | &nbsp;&nbsp;&nbsp;&nbsp; (42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (42)<br>|
| SOFR | Annual | 3.794% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,301 | &nbsp;&nbsp;&nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (79)<br>|
| SOFR | Annual | 3.796% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,301 | &nbsp;&nbsp;&nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (79)<br>|
| SOFR | Annual | 3.7815% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD10,484 | &nbsp;&nbsp;&nbsp;&nbsp; (151)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (151)<br>|
| SOFR | Annual | 3.6065% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD9,910 | &nbsp;&nbsp;&nbsp;&nbsp; (73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (73)<br>|
| SOFR | Annual | 3.325% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD27,360 | &nbsp;&nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 108 |
| SOFR | Annual | 3.2175% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD15,786 | &nbsp;&nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 158 |
| SOFR | Annual | 3.2385% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD8,168 | &nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 74 |
| SOFR | Annual | 3.2145% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD3,938 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| SOFR | Annual | 3.2155% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD3,938 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| SOFR | Annual | 3.237% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD26,480 | &nbsp;&nbsp;&nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 254 |
| 3.488% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; USD21,160 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| 3.43574% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; USD24,673 | &nbsp;&nbsp;&nbsp;&nbsp; (54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (54)<br>|
| SOFR | Annual | 3.48% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD22,935 | &nbsp;&nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 156 |
| SOFR | Annual | 3.4815% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD22,954 | &nbsp;&nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 154 |
| SOFR | Annual | 3.482% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD22,361 | &nbsp;&nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 149 |
| SOFR | Annual | 3.34% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD19,580 | &nbsp;&nbsp;&nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 304 |
| SOFR | Annual | 3.475% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/3/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD27,370 | &nbsp;&nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 204 |
| SOFR | Annual | 3.50061% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/3/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD27,360 | &nbsp;&nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 162 |
| SOFR | Annual | 3.486% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD18,500 | &nbsp;&nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 127 |
| SOFR | Annual | 3.6025% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/2034 | &nbsp;&nbsp;&nbsp;&nbsp; USD16,295 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85 |
| SOFR | Annual | 3.665% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD14,000 | &nbsp;&nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 127 |
| SOFR | Annual | 3.648% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD20,270 | &nbsp;&nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 233 |
| TONAR | Annual | 1.52125% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/6/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY1,100,000 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 210 |
| TONAR | Annual | 1.52% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/6/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY400,000 | &nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| TONAR | Annual | 1.51812% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY2,185,658 | &nbsp;&nbsp;&nbsp;&nbsp; 422 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 422 |
| SOFR | Annual | 3.6775% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/8/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD20,240 | &nbsp;&nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 186 |
| TONAR | Annual | 1.4925% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/8/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY368,643 | &nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| SOFR | Annual | 3.663% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/9/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD14,500 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 150 |
| TONAR | Annual | 1.53% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/9/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY370,941 | &nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69 |
| TONAR | Annual | 1.5225% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY375,998 | &nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
| TONAR | Annual | 1.51% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/14/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY375,998 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 75 |
| TONAR | Annual | 1.491% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY375,998 | &nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79 |
| TONAR | Annual | 1.475% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY231,314 | &nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **196** |

---

------

The Bond Fund of America (continued)

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 3.504% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD14,510 | &nbsp;&nbsp;&nbsp;&nbsp; $344 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $344 |
| SOFR | Annual | 3.66593% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/3/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD20,280 | &nbsp;&nbsp;&nbsp;&nbsp; 214 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 214 |
| SOFR | Annual | 3.79168% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2036 | &nbsp;&nbsp;&nbsp;&nbsp; USD27,050 | &nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 109 |
| SOFR | Annual | 3.801% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2036 | &nbsp;&nbsp;&nbsp;&nbsp; USD23,409 | &nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
| SOFR | Annual | 3.883% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/2045 | &nbsp;&nbsp;&nbsp;&nbsp; USD33,965 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1300 |
| SOFR | Annual | 4.137% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/2045 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,100 | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16 |
| SOFR | Annual | 4.052% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,880 | &nbsp;&nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 146 |
| 2.477% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/6/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY200,000 | &nbsp;&nbsp;&nbsp;&nbsp; (92)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (92)<br>|
| 2.47825% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/6/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY500,000 | &nbsp;&nbsp;&nbsp;&nbsp; (228)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (228)<br>|
| 2.47% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY904,764 | &nbsp;&nbsp;&nbsp;&nbsp; (423)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (423)<br>|
| 2.5425% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/8/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY153,945 | &nbsp;&nbsp;&nbsp;&nbsp; (57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (57)<br>|
| SOFR | Annual | 3.953% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/9/2055 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,960 | &nbsp;&nbsp;&nbsp;&nbsp; 257 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 257 |
| 2.57% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/9/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY155,295 | &nbsp;&nbsp;&nbsp;&nbsp; (52)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (52)<br>|
| 2.515% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY156,196 | &nbsp;&nbsp;&nbsp;&nbsp; (64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (64)<br>|
| 2.52% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/14/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY156,646 | &nbsp;&nbsp;&nbsp;&nbsp; (63)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (63)<br>|
| 2.50% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY156,196 | &nbsp;&nbsp;&nbsp;&nbsp; (67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (67)<br>|
| 2.51625% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY96,259 | &nbsp;&nbsp;&nbsp;&nbsp; (39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (39)<br>|
| SOFR | Annual | 3.8185% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/2055 | &nbsp;&nbsp;&nbsp;&nbsp; USD13,760 | &nbsp;&nbsp;&nbsp;&nbsp; 824 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 824 |
| 4.13862% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2056 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,555 | &nbsp;&nbsp;&nbsp;&nbsp; (42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (42)<br>|
| 4.097% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2056 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,701 | &nbsp;&nbsp;&nbsp;&nbsp; (76)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (76)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $4801 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4801 |

---

**Bilateral interest rate swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Counterparty | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Counterparty | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| 14.5956% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL160,970 | &nbsp;&nbsp; $1285 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1285 |
| 14.24% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL88,380 | &nbsp;&nbsp; 578 | &nbsp;&nbsp; — | &nbsp;&nbsp; 578 |
| 14.585% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL19,180 | &nbsp;&nbsp; 152 | &nbsp;&nbsp; — | &nbsp;&nbsp; 152 |
| 13.31% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL76,120 | &nbsp;&nbsp; (63)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (63)<br>|
| 13.18% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL56,000 | &nbsp;&nbsp; (81)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (81)<br>|
| 13.04% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL41,300 | &nbsp;&nbsp; (102)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (102)<br>|
| 12.99% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL36,820 | &nbsp;&nbsp; (106)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (106)<br>|
| 12.99% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL41,300 | &nbsp;&nbsp; (118)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (118)<br>|
| 13.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL77,000 | &nbsp;&nbsp; (184)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (184)<br>|
| 12.32% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL25,300 | &nbsp;&nbsp; (200)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (200)<br>|
| 12.365% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL38,509 | &nbsp;&nbsp; (289)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (289)<br>|
| 12.36% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL38,753 | &nbsp;&nbsp; (293)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (293)<br>|
| 12.3075% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL38,500 | &nbsp;&nbsp; (307)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (307)<br>|
| 12.36% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL77,020 | &nbsp;&nbsp; (582)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (582)<br>|
| 12.35% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL76,900 | &nbsp;&nbsp; (588)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (588)<br>|
| 12.303% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL75,919 | &nbsp;&nbsp; (607)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (607)<br>|
| 13.115% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp; 1/2/2031 | &nbsp;&nbsp; BRL19,400 | &nbsp;&nbsp; (49)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (49)<br>|
| 13.105% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp; 1/2/2031 | &nbsp;&nbsp; BRL19,625 | &nbsp;&nbsp; (51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (51)<br>|
| 13.03% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/2/2031 | &nbsp;&nbsp; BRL41,625 | &nbsp;&nbsp; (136)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (136)<br>|
| 13.135% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2031 | &nbsp;&nbsp; BRL80,500 | &nbsp;&nbsp; (187)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (187)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $(1928)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1928)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **197** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

**Swap contracts** (continued)

------

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.HY.45 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD183,800 | &nbsp;&nbsp;&nbsp;&nbsp; $(14043)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(13869)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(174)<br>|

---

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <sup>(m)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <sup>(n)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.45 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD67,870 | &nbsp;&nbsp;&nbsp;&nbsp; $1538 | &nbsp;&nbsp;&nbsp;&nbsp; $1546 | &nbsp;&nbsp;&nbsp;&nbsp; $(8)<br>|

---

**Investments in affiliates** <sup>(l)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 5.50%** |  |  |  |  |  |  |  |
| **Money market investments 5.50%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(k)</sup>  | $730121 | &nbsp;&nbsp; $5041681 | &nbsp;&nbsp; $5147668 | &nbsp;&nbsp; $284 | &nbsp;&nbsp; $(182)<br>| &nbsp;&nbsp; $624236 | &nbsp;&nbsp; $32185 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Amount less than one thousand.

<sup>(d)</sup> Represents securities transacted on a TBA basis.

<sup>(e)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,803,804,000, which represented 15.88% of the net assets of the fund. 

<sup>(f)</sup> Step bond; coupon rate may change at a later date.

<sup>(g)</sup> Value determined using significant unobservable inputs.

<sup>(h)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $85,685,000, which represented 0.75% of the net assets of the fund. 

<sup>(i)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(j)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $6,359,000, which represented 0.06% of the net assets of the fund. 

<sup>(k)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(l)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(m)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>(n)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **198** |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| Assn. = Association |
| Auth. = Authority |
| BRL = Brazilian reais |
| BZDIOVER = Overnight Brazilian Interbank Deposit Rate |
| CLO = Collateralized Loan Obligations |
| CME = CME Group |
| DAC = Designated Activity Company |
| EUR = Euros |
| EURIBOR = Euro Interbank Offered Rate |
| Fin. = Finance |
| Fncg. = Financing |
| GO = General Obligation |
| ICE = Intercontinental Exchange, Inc. |
| JPY = Japanese yen |
| Ref. = Refunding |
| Rev. = Revenue |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| TONAR = Tokyo Overnight Average Rate |
| USD = U.S. dollars |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **199** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup>

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 90.93% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Euros 20.50%** |  |  |
| AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Mid-Swap + 1.10% on 9/9/2028) <sup>(a)</sup>  | EUR2,800 | $3125 |
| Albania (Republic of) 4.75% 2/14/2035  | 2290 | 2729 |
| Alpha Bank SA 6.875% 6/27/2029 (1-year EUR-ICE Swap EURIBOR + 3.793% on 6/27/2028) <sup>(a)</sup>  | 500 | 642 |
| Alpha Bank SA 5.00% 5/12/2030 (1-year EUR-ICE Swap EURIBOR + 2.432% on 5/12/2029) <sup>(a)</sup>  | 100 | 124 |
| Altria Group, Inc. 3.125% 6/15/2031  | 800 | 929 |
| American Tower Corp. 0.45% 1/15/2027  | 2525 | 2908 |
| American Tower Corp. 0.875% 5/21/2029  | 1470 | 1616 |
| Amprion Gmbh 4.125% 9/7/2034  | 2600 | 3153 |
| Amprion Gmbh 3.875% 6/5/2036  | 1800 | 2112 |
| Anheuser-Busch InBev SA/NV 1.125% 7/1/2027  | 2000 | 2310 |
| AT&T, Inc. 1.60% 5/19/2028  | 2350 | 2698 |
| Banco de Credito Social Cooperativo SA 4.125% 9/3/2030 (1-year EUR-ICE Swap EURIBOR + 1.70% on <br>9/3/2029) <sup>(a)</sup>  | 1000 | 1211 |
| Banco de Sabadell SA 5.25% 2/7/2029 (1-year EUR Mid-Swap + 2.40% on 2/7/2028) <sup>(a)</sup>  | 900 | 1110 |
| Banco de Sabadell SA 5.50% 9/8/2029 (1-year EUR-ICE Swap EURIBOR + 2.40% on 9/8/2028) <sup>(a)</sup>  | 700 | 877 |
| Bank Gospodarstwa Krajowego 4.25% 9/13/2044  | 290 | 329 |
| Bank of America Corp. 3.648% 3/31/2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028) <sup>(a)(b)</sup>  | 5000 | 5993 |
| Banque Federative du Credit Mutuel 3.875% 6/16/2032 (5-year EUR Mid-Swap + 2.20% on 6/16/2027) <sup>(a)</sup>  | 2800 | 3331 |
| Belgium (Kingdom of), Series 98, 3.30% 6/22/2054  | 880 | 869 |
| BMS Ireland Capital Funding DAC 3.857% 11/10/2038  | 290 | 336 |
| BMS Ireland Capital Funding DAC 4.289% 11/10/2045  | 220 | 254 |
| BMS Ireland Capital Funding DAC 4.581% 11/10/2055  | 1680 | 1930 |
| BPCE SA 4.50% 1/13/2033  | 1400 | 1728 |
| BPCE SA 4.875% 2/26/2036 (5-year EUR-ICE Swap EURIBOR + 2.30% on 2/26/2031) <sup>(a)</sup>  | 900 | 1112 |
| Bulgaria (Republic of) 3.375% 7/18/2035  | 1340 | 1552 |
| Coca-Cola Co. 3.375% 8/15/2037  | 155 | 177 |
| Commerzbank AG 4.625% 1/17/2031 (3-month EUR-EURIBOR + 2.10% on 1/17/2030) <sup>(a)</sup>  | 1900 | 2348 |
| Croatia (Republic of) 3.25% 2/11/2037  | 1005 | 1145 |
| Deutsche Bank AG 1.75% 11/19/2030 (3-month EUR-EURIBOR + 2.05% on 11/19/2029) <sup>(a)</sup>  | 4000 | 4441 |
| Deutsche Telekom AG 3.25% 6/4/2035  | 1990 | 2305 |
| Deutsche Telekom International Finance BV 7.50% 1/24/2033  | 200 | 297 |
| Dow Chemical Co. (The) 1.125% 3/15/2032  | 827 | 835 |
| Egypt (Arab Republic of) 5.625% 4/16/2030  | 300 | 352 |
| Electricite de France SA 4.25% 1/25/2032  | 1300 | 1602 |
| Electricite de France SA 4.00% 5/7/2037  | 500 | 583 |
| Electricite de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on <br> 6/1/2028) <sup>(a)</sup>  | 5000 | 5744 |
| Electricite de France SA 7.50% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 4.86% on <br> 12/6/2028) <sup>(a)</sup>  | 1200 | 1538 |
| Enel Finance International NV 4.00% 2/20/2031  | 465 | 567 |
| Engie SA 3.875% 1/6/2031  | 1000 | 1215 |
| Equinor ASA 1.375% 5/22/2032  | 3650 | 3841 |
| Eurobank SA 5.875% 11/28/2029 (1-year EUR Mid-Swap + 2.83% on 11/28/2028) <sup>(a)</sup>  | 240 | 304 |
| Eurobank SA 4.875% 4/30/2031 (5-year EUR Mid-Swap + 2.165% on 4/30/2030) <sup>(a)</sup>  | 2030 | 2537 |
| Eurobank SA 4.00% 2/7/2036 (1-year EUR-ICE Swap EURIBOR + 1.70% on 2/7/2035) <sup>(a)</sup>  | 1375 | 1613 |
| European Investment Bank 0.25% 1/20/2032  | 2075 | 2106 |
| European Investment Bank 1.50% 6/15/2032  | 1000 | 1088 |
| European Investment Bank 2.875% 1/12/2033  | 4500 | 5300 |
| European Investment Bank 2.875% 1/15/2035  | 395 | 458 |
| European Union 0.25% 10/22/2026  | 610 | 707 |
| European Union 2.875% 12/6/2027  | 1060 | 1261 |
| European Union 2.875% 10/5/2029  | 170 | 203 |
| European Union 2.50% 10/14/2030  | 1375 | 1607 |
| European Union 3.125% 12/4/2030  | 190 | 228 |
| European Union 0% 7/4/2031  | 705 | 716 |
| European Union 2.75% 12/13/2032  | 2010 | 2343 |
| European Union 3.25% 7/4/2034  | 380 | 453 |
| European Union 0% 7/4/2035  | 220 | 191 |
| European Union 3.375% 12/12/2035  | 10230 | 12201 |
| European Union 3.625% 12/12/2040  | 9495 | 11123 |
| European Union 3.75% 10/12/2045  | 635 | 736 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **200** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Euros (continued)** |  |  |
| European Union 0.70% 7/6/2051  | EUR3,000 | $1724 |
| European Union 3.375% 10/5/2054  | 540 | 562 |
| European Union 4.00% 10/12/2055  | 2070 | 2400 |
| Finland (Republic of) 3.00% 9/15/2033  | 2370 | 2792 |
| Ford Motor Credit Co., LLC 3.622% 7/27/2028  | 960 | 1137 |
| French Republic O.A.T. 0.75% 2/25/2028  | 980 | 1114 |
| French Republic O.A.T. 2.75% 2/25/2029  | 1790 | 2119 |
| French Republic O.A.T. 0% 11/25/2030  | 19550 | 20068 |
| French Republic O.A.T. 0% 5/25/2032  | 2120 | 2056 |
| French Republic O.A.T. 2.00% 11/25/2032  | 3170 | 3467 |
| French Republic O.A.T. 3.00% 5/25/2033  | 1920 | 2225 |
| French Republic O.A.T. 3.00% 11/25/2034  | 4430 | 5039 |
| French Republic O.A.T. 0.50% 5/25/2040  | 600 | 440 |
| French Republic O.A.T. 0.75% 5/25/2052  | 180 | 93 |
| French Republic O.A.T. 3.75% 5/25/2056  | 400 | 414 |
| Germany (Federal Republic of) 0% 10/9/2026  | 2305 | 2668 |
| Germany (Federal Republic of) 0% 11/15/2027  | 1400 | 1583 |
| Germany (Federal Republic of) 1.70% 8/15/2032  | 930 | 1034 |
| Germany (Federal Republic of) 2.50% 2/15/2035  | 23125 | 26485 |
| Germany (Federal Republic of) 1.00% 5/15/2038  | 1300 | 1203 |
| Germany (Federal Republic of) 0% 8/15/2050  | 1200 | 609 |
| Germany (Federal Republic of) 2.90% 8/15/2056  | 1190 | 1247 |
| Greece (Hellenic Republic of) 3.875% 6/15/2028  | 615 | 750 |
| Greece (Hellenic Republic of) 1.50% 6/18/2030  | 690 | 773 |
| Greece (Hellenic Republic of) 1.75% 6/18/2032  | 1915 | 2089 |
| Greece (Hellenic Republic of) 3.90% 1/30/2033  | 3200 | 3943 |
| Greece (Hellenic Republic of) 3.625% 6/15/2035  | 2895 | 3455 |
| Greece (Hellenic Republic of) 4.125% 6/15/2054  | 640 | 734 |
| Hungary (Republic of) 4.875% 3/22/2040  | 305 | 358 |
| ING Groep NV 5.25% 11/14/2033 (3-month EUR-EURIBOR + 2.15% on 11/14/2032) <sup>(a)</sup>  | 1200 | 1558 |
| Ireland (Republic of) 2.60% 10/18/2034  | 1820 | 2073 |
| Ireland (Republic of) 3.00% 10/18/2043  | 1130 | 1245 |
| Ireland (Republic of) 3.15% 10/18/2055  | 755 | 791 |
| Italy (Republic of) 3.10% 8/28/2026  | 3425 | 4052 |
| Italy (Republic of) 1.35% 4/1/2030  | 7 | 8 |
| Italy (Republic of) 2.70% 10/1/2030  | 1365 | 1600 |
| Italy (Republic of) 3.25% 11/15/2032  | 2595 | 3075 |
| Italy (Republic of) 4.20% 3/1/2034  | 1430 | 1791 |
| Italy (Republic of) 3.65% 8/1/2035  | 5600 | 6685 |
| Italy (Republic of) 3.85% 10/1/2040  | 2180 | 2549 |
| Italy (Republic of) 4.30% 10/1/2054  | 4875 | 5687 |
| Johnson & Johnson 3.35% 2/26/2037  | 360 | 414 |
| Lithuania (Republic of) 3.50% 7/3/2031  | 1170 | 1406 |
| Lithuania (Republic of) 2.125% 6/1/2032  | 2665 | 2942 |
| Lithuania (Republic of) 3.50% 2/13/2034  | 1620 | 1919 |
| Lloyds Banking Group PLC 3.875% 5/14/2032 (1-year EUR-ICE Swap EURIBOR + 1.18% on 5/14/2031) <sup>(a)</sup>  | 100 | 120 |
| Magyar Export-Import Bank 6.00% 5/16/2029  | 1430 | 1802 |
| Metropolitan Life Global Funding I 0.55% 6/16/2027 <sup>(b)</sup>  | 2000 | 2287 |
| MPT Finance Corp. 7.00% 2/15/2032  | 100 | 123 |
| NatWest Group PLC 0.78% 2/26/2030 (3-month EUR-EURIBOR + 0.949% on 2/26/2029) <sup>(a)</sup>  | 2725 | 2989 |
| NatWest Group PLC 1.043% 9/14/2032 (5-year EUR Mid-Swap + 1.27% on 9/14/2027) <sup>(a)</sup>  | 185 | 211 |
| Ontario (Province of) 3.25% 7/3/2035  | 2420 | 2816 |
| Orange 3.50% 5/19/2035  | 1600 | 1856 |
| PepsiCo, Inc. 0.75% 10/14/2033  | 2000 | 1947 |
| Philip Morris International, Inc. 2.75% 6/6/2029  | 770 | 899 |
| Piraeus Bank SA 6.75% 12/5/2029 (1-year EUR Mid-Swap + 3.837% on 12/5/2028) <sup>(a)</sup>  | 320 | 414 |
| Piraeus Bank SA 5.00% 4/16/2030 (1-year EUR-ICE Swap EURIBOR + 2.245% on 4/16/2029) <sup>(a)</sup>  | 730 | 907 |
| Portugal (Republic of) 0.475% 10/18/2030  | 350 | 375 |
| Portugal (Republic of) 3.00% 6/15/2035  | 1720 | 1998 |
| Portugal (Republic of) 3.375% 6/15/2040  | 715 | 822 |
| Portugal (Republic of) 3.625% 6/12/2054  | 685 | 755 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **201** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Euros (continued)** |  |  |
| Prysmian SpA 3.875% 11/28/2031  | EUR435 | $524 |
| Romania 2.125% 3/7/2028  | 500 | 579 |
| Severn Trent Utilities Finance PLC 4.00% 3/5/2034  | 475 | 571 |
| Shell International Finance BV 1.50% 4/7/2028  | 2000 | 2299 |
| Slovak Republic, Series 250, 3.75% 3/6/2034  | 640 | 773 |
| Spain (Kingdom of) 0% 1/31/2028  | 900 | 1012 |
| Spain (Kingdom of) 1.40% 7/30/2028  | 1650 | 1898 |
| Spain (Kingdom of) 1.45% 4/30/2029  | 1890 | 2156 |
| Spain (Kingdom of) 1.25% 10/31/2030  | 1295 | 1428 |
| Spain (Kingdom of) 0.50% 10/31/2031  | 1247 | 1289 |
| Spain (Kingdom of) 3.55% 10/31/2033  | 5005 | 6082 |
| Spain (Kingdom of) 3.25% 4/30/2034  | 1980 | 2347 |
| Spain (Kingdom of) 3.20% 10/31/2035  | 510 | 595 |
| Spain (Kingdom of) 1.90% 10/31/2052  | 1010 | 775 |
| State Grid Overseas Investment (2016), Ltd. 2.125% 5/2/2030  | 200 | 229 |
| Stryker Corp. 1.00% 12/3/2031  | 450 | 466 |
| T-Mobile USA, Inc. 3.15% 2/11/2032  | 1705 | 1984 |
| Toyota Motor Credit Corp. 0.125% 11/5/2027  | 1850 | 2079 |
| Treasury Corp. of Victoria 3.625% 9/29/2040  | 2230 | 2571 |
| United Mexican States 3.50% 9/19/2029  | 650 | 763 |
| Verallia SAS 3.875% 11/4/2032  | 4500 | 5161 |
| Verizon Communications, Inc. 3.50% 6/28/2032  | 1620 | 1914 |
|  |  | 303335 |
| **Japanese yen 7.20%** |  |  |
| Indonesia (Republic of), Series 20, 0.57% 5/27/2026  | JPY100,000 | 637 |
| Indonesia (Republic of), Series 31, 0.99% 5/27/2027  | 400000 | 2534 |
| Indonesia (Republic of), Series 32, 1.33% 5/25/2029  | 300000 | 1869 |
| Japan, Series 474, 0.70% 7/1/2027  | 762850 | 4845 |
| Japan, Series 352, 0.10% 9/20/2028  | 2585750 | 16016 |
| Japan, Series 356, 0.10% 9/20/2029  | 1029800 | 6266 |
| Japan, Series 116, 2.20% 3/20/2030  | 576100 | 3787 |
| Japan, Series 362, 0.10% 3/20/2031  | 514000 | 3041 |
| Japan, Series 374, 0.80% 3/20/2034  | 68200 | 399 |
| Japan, Series 30, 0.005% 3/10/2035 <sup>(c)</sup>  | 646511 | 4027 |
| Japan, Series 152, 1.20% 3/20/2035  | 1239550 | 7390 |
| Japan, Series 21, 2.30% 12/20/2035  | 720000 | 4696 |
| Japan, Series 162, 0.60% 9/20/2037  | 1966150 | 10429 |
| Japan, Series 173, 0.40% 6/20/2040  | 270900 | 1282 |
| Japan, Series 179, 0.50% 12/20/2041  | 196950 | 903 |
| Japan, Series 182, 1.10% 9/20/2042  | 619850 | 3096 |
| Japan, Series 186, 1.50% 9/20/2043  | 1341900 | 7016 |
| Japan, Series 188, 1.60% 3/20/2044  | 69000 | 363 |
| Japan, Series 192, 2.40% 3/20/2045  | 1387100 | 8201 |
| Japan, Series 53, 0.60% 12/20/2046  | 781600 | 3136 |
| Japan, Series 37, 0.60% 6/20/2050  | 694500 | 2460 |
| Japan, Series 73, 0.70% 12/20/2051  | 1568700 | 5419 |
| Japan, Series 74, 1.00% 3/20/2052  | 246100 | 926 |
| Japan, Series 76, 1.40% 9/20/2052  | 5800 | 24 |
| Japan, Series 79, 1.20% 6/20/2053  | 612200 | 2395 |
| Japan, Series 81, 1.60% 12/20/2053  | 168700 | 732 |
| Japan, Series 84, 2.10% 9/20/2054  | 958150 | 4694 |
|  |  | 106583 |
| **British pounds 4.42%** |  |  |
| Credit Agricole SA 5.375% 1/15/2029 (1-year GBP-GILT + 1.65% on 1/15/2028) <sup>(a)</sup>  | GBP800 | 1098 |
| Electricite de France SA 5.50% 3/27/2037  | 900 | 1174 |
| Lloyds Banking Group PLC 2.707% 12/3/2035 (5-year GBP-GILT + 2.40% on 12/3/2030) <sup>(a)</sup>  | 900 | 1089 |
| Quebec (Province of) 2.25% 9/15/2026  | 1870 | 2493 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **202** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **British pounds (continued)** |  |  |
| United Kingdom 0.125% 1/30/2026  | GBP425 | $572 |
| United Kingdom 4.25% 12/7/2027  | 3785 | 5161 |
| United Kingdom 1.625% 10/22/2028  | 3690 | 4706 |
| United Kingdom 4.125% 7/22/2029  | 2015 | 2741 |
| United Kingdom 4.75% 12/7/2030  | 4770 | 6678 |
| United Kingdom 0.25% 7/31/2031  | 12845 | 14159 |
| United Kingdom 1.00% 1/31/2032  | 7120 | 8017 |
| United Kingdom 4.25% 6/7/2032  | 1310 | 1782 |
| United Kingdom 3.25% 1/31/2033  | 1090 | 1380 |
| United Kingdom 0.625% 7/31/2035  | 210 | 199 |
| United Kingdom 0.875% 1/31/2046  | 4917 | 3125 |
| United Kingdom 3.75% 10/22/2053  | 1870 | 1980 |
| United Kingdom 4.375% 7/31/2054  | 5570 | 6584 |
| United Kingdom 2.50% 7/22/2065  | 3313 | 2495 |
|  |  | 65433 |
| **Brazilian reais 2.30%** |  |  |
| Brazil (Federative Republic of) 0% 1/1/2026  | BRL102,863 | 18761 |
| Brazil (Federative Republic of) 10.00% 1/1/2031  | 17384 | 2788 |
| Brazil (Federative Republic of) 10.00% 1/1/2035  | 43767 | 6549 |
| Brazil (Federative Republic of) 6.00% 8/15/2040 <sup>(c)</sup>  | 2152 | 351 |
| Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(c)</sup>  | 27098 | 4307 |
| Brazil (Federative Republic of) 6.00% 8/15/2060 <sup>(c)</sup>  | 8019 | 1254 |
|  |  | 34010 |
| **South Korean won 1.81%** |  |  |
| South Korea (Republic of), Series 2709, 3.125% 9/10/2027  | KRW4,513,500 | 3150 |
| South Korea (Republic of), Series 2712, 2.375% 12/10/2027  | 5158930 | 3550 |
| South Korea (Republic of), Series 2803, 3.25% 3/10/2028  | 3998100 | 2797 |
| South Korea (Republic of), Series 3212, 4.25% 12/10/2032  | 18379880 | 13445 |
| South Korea (Republic of), Series 3512, 3.25% 12/10/2035  | 5519130 | 3804 |
|  |  | 26746 |
| **Chinese yuan renminbi 1.76%** |  |  |
| China (People's Republic of), Series INBK, 1.49% 12/25/2031  | CNY39,540 | 5590 |
| China (People's Republic of), Series INBK, 2.75% 2/17/2032  | 1160 | 176 |
| China (People's Republic of), Series INBK, 1.57% 5/15/2032  | 17280 | 2448 |
| China (People's Republic of), Series INBK, 2.88% 2/25/2033  | 22230 | 3431 |
| China (People's Republic of), Series INBK, 2.27% 5/25/2034  | 54910 | 8127 |
| China (People's Republic of), Series INBK, 3.53% 10/18/2051  | 800 | 140 |
| China (People's Republic of), Series INBK, 3.12% 10/25/2052  | 4740 | 781 |
| China (People's Republic of), Series INBK, 3.19% 4/15/2053  | 4720 | 788 |
| China (People's Republic of), Series INBK, 3.00% 10/15/2053  | 5150 | 834 |
| China (People's Republic of), Series INBK, 1.92% 1/15/2055  | 28690 | 3791 |
|  |  | 26106 |
| **Australian dollars 1.58%** |  |  |
| Australia (Commonwealth of), Series 157, 1.50% 6/21/2031  | AUD3,640 | 2096 |
| Australia (Commonwealth of), Series 163, 1.00% 11/21/2031  | 5789 | 3189 |
| Australia (Commonwealth of), Series 167, 3.75% 5/21/2034  | 4415 | 2766 |
| New South Wales Treasury Corp. 5.25% 2/24/2038  | 3956 | 2570 |
| Treasury Corp. of Victoria 5.50% 9/15/2039  | 19544 | 12734 |
|  |  | 23355 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **203** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Indian rupees 1.29%** |  |  |
| Asian Development Bank 6.72% 2/8/2028  | INR144,700 | $1617 |
| European Bank for Reconstruction and Development 5.25% 1/12/2027  | 81400 | 891 |
| European Bank for Reconstruction and Development 6.30% 10/26/2027  | 34000 | 379 |
| European Bank for Reconstruction and Development 6.75% 3/14/2031  | 248500 | 2745 |
| European Bank for Reconstruction and Development 6.75% 1/13/2032  | 547100 | 6083 |
| European Investment Bank 6.95% 3/1/2029  | 46200 | 519 |
| European Investment Bank 7.40% 10/23/2033  | 388300 | 4468 |
| Inter-American Development Bank 7.00% 1/25/2029  | 18000 | 202 |
| International Bank for Reconstruction and Development 6.75% 9/8/2027  | 126400 | 1412 |
| Korea Development Bank 6.75% 7/1/2030  | 73000 | 805 |
|  |  | 19121 |
| **Canadian dollars 1.26%** |  |  |
| Canada (Government) 3.50% 3/1/2028  | CAD15,013 | 11134 |
| Canada (Government) 3.25% 12/1/2033  | 7330 | 5334 |
| Canada (Government) 2.75% 12/1/2048  | 3500 | 2142 |
|  |  | 18610 |
| **Malaysian ringgits 1.22%** |  |  |
| Malaysia (Federation of), Series 0419, 3.828% 7/5/2034  | MYR5,412 | 1368 |
| Malaysia (Federation of), Series 0124, 4.054% 4/18/2039  | 6143 | 1559 |
| Malaysia (Federation of), Series 0519, 3.757% 5/22/2040  | 10588 | 2601 |
| Malaysia (Federation of), Series 0221, 4.417% 9/30/2041  | 2484 | 657 |
| Malaysia (Federation of), Series 0223, 4.291% 8/14/2043  | 9030 | 2350 |
| Malaysia (Federation of), Series 0224, 4.18% 5/16/2044  | 35614 | 9149 |
| Malaysia (Federation of), Series 0417, 4.895% 5/8/2047  | 1277 | 361 |
|  |  | 18045 |
| **Hungarian forints 1.11%** |  |  |
| Hungary (Republic of) 3.00% 8/21/2030  | HUF2,824,560 | 7500 |
| Hungary (Republic of) 4.50% 5/27/2032  | 1731010 | 4742 |
| Hungary (Republic of) 4.75% 11/24/2032  | 1494300 | 4117 |
|  |  | 16359 |
| **Indonesian rupiah 0.52%** |  |  |
| Indonesia (Republic of), Series FR84, 7.25% 2/15/2026  | IDR22,733,000 | 1370 |
| Indonesia (Republic of), Series FR64, 6.125% 5/15/2028  | 1556000 | 95 |
| Indonesia (Republic of), Series FR71, 9.00% 3/15/2029  | 26010000 | 1725 |
| Indonesia (Republic of), Series FR82, 7.00% 9/15/2030  | 2930000 | 185 |
| Indonesia (Republic of), Series FR100, 6.625% 2/15/2034  | 29412000 | 1826 |
| Indonesia (Republic of), Series FR68, 8.375% 3/15/2034  | 6937000 | 475 |
| Indonesia (Republic of), Series 103, 6.75% 7/15/2035  | 32954000 | 2079 |
|  |  | 7755 |
| **Mexican pesos 0.44%** |  |  |
| America Movil, SAB de CV, 10.125% 1/22/2029  | MXN13,920 | 798 |
| America Movil, SAB de CV, 9.50% 1/27/2031  | 41870 | 2369 |
| America Movil, SAB de CV, 10.30% 1/30/2034  | 19710 | 1156 |
| United Mexican States, Series M30, 8.50% 11/18/2038  | 21100 | 1100 |
| United Mexican States, Series M, 8.00% 7/31/2053  | 21739 | 1031 |
|  |  | 6454 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **204** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Danish kroner 0.43%** |  |  |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2043 <sup>(d)</sup>  | DKK46,626 | $6029 |
| Realkredit Danmark AS 1.00% 10/1/2053 <sup>(d)</sup>  | 2461 | 299 |
|  |  | 6328 |
| **Colombian pesos 0.30%** |  |  |
| Colombia (Republic of), Series B, 7.25% 10/18/2034  | COP11,132,100 | 2098 |
| Colombia (Republic of), Series B, 11.75% 1/24/2035  | 4779600 | 1183 |
| Colombia (Republic of), Series B, 7.25% 10/26/2050  | 7150600 | 1090 |
|  |  | 4371 |
| **South African rand 0.28%** |  |  |
| South Africa (Republic of), Series R-2030, 8.00% 1/31/2030  | ZAR8,400 | 518 |
| South Africa (Republic of), Series R-2032, 8.25% 3/31/2032  | 59870 | 3703 |
|  |  | 4221 |
| **Chilean pesos 0.28%** |  |  |
| Chile (Republic of) 1.50% 3/1/2026 <sup>(c)</sup>  | CLP914,184 | 1013 |
| Chile (Republic of) 5.00% 10/1/2028  | 955000 | 1069 |
| Chile (Republic of) 6.00% 4/1/2033  | 1720000 | 1992 |
|  |  | 4074 |
| **Polish zloty 0.27%** |  |  |
| Poland (Republic of), Series 1029, 2.75% 10/25/2029  | PLN4,900 | 1294 |
| Poland (Republic of), Series 1033, 6.00% 10/25/2033  | 9280 | 2766 |
|  |  | 4060 |
| **New Zealand dollars 0.20%** |  |  |
| New Zealand 4.25% 5/15/2036  | NZD3,397 | 1915 |
| New Zealand 3.25% 9/20/2050 <sup>(c)</sup>  | 1729 | 1025 |
|  |  | 2940 |
| **Turkish lira 0.12%** |  |  |
| Turkey (Republic of), Series 2Y, 36.00% 8/12/2026  | TRY70,000 | 1644 |
| Turkey (Republic of), Series 10Y, 17.80% 7/13/2033  | 12175 | 201 |
|  |  | 1845 |
| **Philippine pesos 0.08%** |  |  |
| Asian Development Bank 5.25% 4/29/2035  | PHP45,900 | 769 |
| Philippines (Republic of) 6.75% 9/15/2032  | 27600 | 491 |
|  |  | 1260 |
| **Czech korunas 0.06%** |  |  |
| Czech Republic 6.00% 2/26/2026  | CZK17,550 | 857 |
| **U.S. dollars 43.50%** |  |  |
| 1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(e)</sup>  | USD200 | 208 |
| AAR Escrow Issuer, LLC 6.75% 3/15/2029 <sup>(e)</sup>  | 27 | 28 |
| AbbVie, Inc. 5.05% 3/15/2034  | 2790 | 2868 |
| AbbVie, Inc. 5.35% 3/15/2044  | 75 | 74 |
| AbbVie, Inc. 5.50% 3/15/2064  | 150 | 146 |
| ACHV ABS Trust, Series 2024-3AL, Class C, 5.68% 12/26/2031 <sup>(d)(e)</sup>  | 54 | 55 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **205** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Advance Auto Parts, Inc. 5.95% 3/9/2028  | USD45 | $46 |
| AerCap Ireland Capital DAC 2.45% 10/29/2026  | 2102 | 2074 |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) 7.61% <br> 11/17/2029 <sup>(e)(f)(g)(h)</sup>  | 442 | 439 |
| Aeropuerto Internacional de Tocumen SA 5.125% 8/11/2061 <sup>(e)</sup>  | 660 | 537 |
| AG Issuer, LLC 6.25% 3/1/2028 <sup>(e)</sup>  | 165 | 166 |
| AIB Group PLC 6.608% 9/13/2029 (USD-SOFR + 2.33% on 9/13/2028) <sup>(a)(e)</sup>  | 1147 | 1218 |
| AIB Group PLC 5.871% 3/28/2035 (USD-SOFR + 1.91% on 3/28/2034) <sup>(a)(e)</sup>  | 2985 | 3156 |
| Albertsons Cos., Inc. 3.50% 3/15/2029 <sup>(e)</sup>  | 140 | 135 |
| Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(e)</sup>  | 200 | 210 |
| Alera Group Intermediate Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 5.50%) 9.216% <br>5/30/2033 <sup>(g)(h)</sup>  | 65 | 66 |
| Alfa Transmisora De Energia SA 4.55% 9/27/2051  | 1295 | 1047 |
| Allegro CLO, Ltd., Series 2019-1, Class ARR, (3-month USD CME Term SOFR + 1.13%) 5.014% <br> 4/20/2032 <sup>(d)(e)(h)</sup>  | 284 | 284 |
| Alliance Resource Operating Partners, LP 8.625% 6/15/2029 <sup>(e)</sup>  | 50 | 53 |
| Alliant Holdings Intermediate, LLC 6.75% 10/15/2027 <sup>(e)</sup>  | 145 | 147 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(e)</sup>  | 120 | 121 |
| Alliant Holdings Intermediate, LLC 7.00% 1/15/2031 <sup>(e)</sup>  | 180 | 187 |
| Alliant Holdings Intermediate, LLC 6.50% 10/1/2031 <sup>(e)</sup>  | 65 | 67 |
| Alliant Holdings Intermediate, LLC 7.375% 10/1/2032 <sup>(e)</sup>  | 70 | 73 |
| Allied Universal Holdco, LLC 6.00% 6/1/2029 <sup>(e)</sup>  | 300 | 297 |
| Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/2029 <sup>(e)</sup>  | 200 | 208 |
| Amazon.com, Inc. 1.50% 6/3/2030  | 2040 | 1840 |
| Amazon.com, Inc. 5.45% 11/20/2055  | 578 | 565 |
| Amentum Holdings, Inc. 7.25% 8/1/2032 <sup>(e)</sup>  | 98 | 103 |
| Amer Sports Co. 6.75% 2/16/2031 <sup>(e)</sup>  | 35 | 37 |
| American Express Co. 5.532% 4/25/2030 (USD-SOFR + 1.09% on 4/25/2029) <sup>(a)</sup>  | 1030 | 1075 |
| Amgen, Inc. 2.20% 2/21/2027  | 445 | 437 |
| Amgen, Inc. 5.25% 3/2/2030  | 981 | 1019 |
| Amgen, Inc. 5.25% 3/2/2033  | 2687 | 2782 |
| Amgen, Inc. 5.65% 3/2/2053  | 1284 | 1258 |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(e)</sup>  | 110 | 107 |
| Anywhere Real Estate Group, LLC 5.25% 4/15/2030 <sup>(e)</sup>  | 115 | 108 |
| AP Core Holdings II, LLC, Term Loan B, (3-month USD CME Term SOFR + 5.614%) 9.331% 9/1/2027 <sup>(g)(h)</sup>  | 95 | 95 |
| Apollo Aviation Securitization Equity Trust, Series 2025-3A, Class A, 5.243% 2/16/2050 <sup>(d)(e)</sup>  | 3541 | 3555 |
| Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(d)(e)</sup>  | 958 | 966 |
| Apollo Aviation Securitization Equity Trust, Series 2025-1A, Class A, 5.943% 2/16/2050 <sup>(d)(e)</sup>  | 537 | 549 |
| Apple Bidco, LLC, Term Loan, (3-month USD CME Term SOFR + 2.50%) 6.216% 9/23/2031 <sup>(g)(h)</sup>  | 144 | 145 |
| Aretec Group, Inc. 7.50% 4/1/2029 <sup>(e)</sup>  | 245 | 247 |
| Aretec Group, Inc. 10.00% 8/15/2030 <sup>(e)</sup>  | 45 | 49 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(e)</sup>  | 55 | 55 |
| Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(e)</sup>  | 25 | 26 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(e)</sup>  | 15 | 16 |
| AT&T, Inc. 3.50% 9/15/2053  | 2070 | 1386 |
| ATI, Inc. 7.25% 8/15/2030  | 60 | 63 |
| Avantor Funding, Inc. 3.875% 11/1/2029 <sup>(e)</sup>  | 122 | 117 |
| Avient Corp. 6.25% 11/1/2031 <sup>(e)</sup>  | 25 | 26 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class A, 5.20% 10/20/2027 <sup>(d)(e)</sup>  | 1817 | 1829 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(d)(e)</sup>  | 996 | 1037 |
| B&G Foods, Inc. 5.25% 9/15/2027  | 210 | 206 |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(e)</sup>  | 25 | 25 |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(e)</sup>  | 865 | 896 |
| Baldwin Insurance Group Holdings, LLC 7.125% 5/15/2031 <sup>(e)</sup>  | 20 | 21 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/2056 <sup>(d)(h)</sup>  | 219 | 234 |
| Bank Gospodarstwa Krajowego 5.75% 7/9/2034 <sup>(e)</sup>  | 950 | 1001 |
| Bank Gospodarstwa Krajowego 6.25% 7/9/2054 <sup>(e)</sup>  | 425 | 442 |
| Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031) <sup>(a)</sup>  | 4040 | 3614 |
| Bank of America Corp. 5.464% 5/9/2036 (USD-SOFR + 1.64% on 5/9/2035) <sup>(a)</sup>  | 1535 | 1599 |
| BAT Capital Corp. 3.215% 9/6/2026  | 955 | 950 |
| BAT Capital Corp. 4.625% 3/22/2033  | 188 | 187 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **206** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| BAT Capital Corp. 5.625% 8/15/2035  | USD5,501 | $5733 |
| Bath & Body Works, Inc. 6.625% 10/1/2030 <sup>(e)</sup>  | 120 | 123 |
| Bath & Body Works, Inc. 6.875% 11/1/2035  | 75 | 76 |
| BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on <br> 6/29/2033) <sup>(a)</sup>  | 3056 | 3382 |
| Becton, Dickinson and Co. 4.298% 8/22/2032  | 320 | 316 |
| BIP-V Chinook Holdco, LLC 5.50% 6/15/2031 <sup>(e)</sup>  | 400 | 396 |
| Block, Inc. 5.625% 8/15/2030 <sup>(e)</sup>  | 40 | 41 |
| Block, Inc. 6.50% 5/15/2032  | 240 | 250 |
| BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 <sup>(d)(h)</sup>  | 1070 | 1113 |
| BMW US Capital, LLC 4.15% 4/9/2030 <sup>(e)</sup>  | 900 | 895 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028) <sup>(a)(e)</sup>  | 700 | 663 |
| BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031) <sup>(a)(e)</sup>  | 1275 | 1166 |
| Boeing Co. (The) 6.259% 5/1/2027  | 45 | 46 |
| Boeing Co. (The) 5.15% 5/1/2030  | 2451 | 2519 |
| Boeing Co. (The) 3.625% 2/1/2031  | 718 | 690 |
| Boeing Co. (The) 6.388% 5/1/2031  | 723 | 785 |
| Boeing Co. (The) 6.528% 5/1/2034  | 457 | 506 |
| Boeing Co. (The) 5.805% 5/1/2050  | 50 | 49 |
| Boeing Co. (The) 6.858% 5/1/2054  | 526 | 591 |
| Boost Newco Borrower, LLC 7.50% 1/15/2031 <sup>(e)</sup>  | 25 | 27 |
| Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(e)</sup>  | 277 | 279 |
| Boyd Gaming Corp. 4.75% 6/15/2031 <sup>(e)</sup>  | 45 | 44 |
| Boyne USA, Inc. 4.75% 5/15/2029 <sup>(e)</sup>  | 107 | 106 |
| Braskem Netherlands Finance BV 4.50% 1/31/2030  | 2228 | 873 |
| Braskem Netherlands Finance BV 8.50% 1/12/2031  | 2329 | 913 |
| Braskem Netherlands Finance BV 8.50% 1/12/2031 <sup>(e)</sup>  | 525 | 206 |
| Braskem Netherlands Finance BV 7.25% 2/13/2033  | 793 | 308 |
| BRAVO Residential Funding Trust, Series 2025-NQM5, Class A1, 5.496% 2/25/2065 (6.496% on <br>5/1/2027) <sup>(a)(d)(e)</sup>  | 1348 | 1360 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034  | 1925 | 2002 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054  | 2200 | 2162 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(e)</sup>  | 250 | 249 |
| Broadcom, Inc. 3.469% 4/15/2034  | 746 | 680 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(e)</sup>  | 185 | 159 |
| Brookfield Property REIT, Inc. 5.75% 5/15/2026 <sup>(e)</sup>  | 63 | 63 |
| Brown & Brown, Inc. 5.25% 6/23/2032  | 100 | 102 |
| Brown & Brown, Inc. 6.25% 6/23/2055  | 70 | 73 |
| Burlington Northern Santa Fe, LLC 5.50% 3/15/2055  | 232 | 229 |
| BWX Technologies, Inc. 4.125% 4/15/2029 <sup>(e)</sup>  | 175 | 171 |
| BX Trust, Series 2025-BIO3, Class A, 6.138% 2/10/2042 <sup>(d)(e)</sup>  | 1724 | 1772 |
| BX Trust, Series 2025-ARIA, Class A, 5.031% 12/13/2042 <sup>(d)(e)(h)</sup>  | 3685 | 3723 |
| BX Trust, Series 2025-VOLT, Class A, (1-month USD CME Term SOFR + 1.70%) 5.70% 12/15/2044 <sup>(d)(e)(h)</sup>  | 3368 | 3376 |
| Caesars Entertainment, Inc. 7.00% 2/15/2030 <sup>(e)</sup>  | 64 | 66 |
| Caesars Entertainment, Inc. 6.50% 2/15/2032 <sup>(e)</sup>  | 45 | 46 |
| CaixaBank SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(a)(e)</sup>  | 1633 | 1697 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041  | 349 | 262 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051  | 1085 | 721 |
| CAN-PACK Spolka Akcyjna 3.875% 11/15/2029 <sup>(e)</sup>  | 90 | 86 |
| Cascade Funding Mortgage Trust, Series 2024-NR1, Class A1, 6.405% 11/25/2029 (9.405% on <br>11/25/2027) <sup>(a)(d)(e)</sup>  | 156 | 156 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class M1, 4.00% 8/25/2034 <sup>(d)(e)(h)</sup>  | 614 | 604 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(d)(e)(h)</sup>  | 90 | 90 |
| Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(d)(e)</sup>  | 801 | 815 |
| Caturus Energy, LLC 8.50% 2/15/2030 <sup>(e)</sup>  | 15 | 16 |
| CCO Holdings, LLC 5.125% 5/1/2027 <sup>(e)</sup>  | 125 | 125 |
| CCO Holdings, LLC 4.75% 3/1/2030 <sup>(e)</sup>  | 135 | 129 |
| CCO Holdings, LLC 4.50% 8/15/2030 <sup>(e)</sup>  | 240 | 226 |
| CCO Holdings, LLC 4.25% 2/1/2031 <sup>(e)</sup>  | 155 | 143 |
| CCO Holdings, LLC 4.50% 6/1/2033 <sup>(e)</sup>  | 147 | 129 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(e)</sup>  | 55 | 47 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **207** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Centene Corp. 2.45% 7/15/2028  | USD40 | $37 |
| Centene Corp. 4.625% 12/15/2029  | 35 | 34 |
| Centene Corp. 2.50% 3/1/2031  | 65 | 56 |
| Central Garden & Pet Co. 4.125% 10/15/2030  | 74 | 71 |
| Central Garden & Pet Co. 4.125% 4/30/2031 <sup>(e)</sup>  | 110 | 104 |
| Charter Communications Operating, LLC 3.75% 2/15/2028  | 2650 | 2613 |
| Charter Communications Operating, LLC 5.85% 12/1/2035  | 641 | 640 |
| Charter Communications Operating, LLC 4.80% 3/1/2050  | 384 | 289 |
| Charter Communications Operating, LLC 3.70% 4/1/2051  | 188 | 119 |
| Charter Communications Operating, LLC 3.90% 6/1/2052  | 458 | 296 |
| Charter Communications Operating, LLC 5.25% 4/1/2053  | 17 | 13 |
| Charter Communications Operating, LLC 6.70% 12/1/2055  | 3618 | 3472 |
| Cheniere Energy Partners, LP 3.25% 1/31/2032  | 26 | 24 |
| China Oil and Gas Group, Ltd. 4.70% 6/30/2026  | 1130 | 1115 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026  | 195 | 195 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045  | 425 | 371 |
| Cipher Compute, LLC 7.125% 11/15/2030 <sup>(e)</sup>  | 35 | 36 |
| Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/2028 <sup>(d)(e)(h)</sup>  | 805 | 839 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(d)(e)(h)</sup>  | 1240 | 1279 |
| Citizens Financial Group, Inc. 5.718% 7/23/2032 (USD-SOFR + 1.91% on 7/23/2031) <sup>(a)</sup>  | 421 | 442 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(e)</sup>  | 90 | 93 |
| Civitas Resources, Inc. 9.625% 6/15/2033 <sup>(e)</sup>  | 15 | 16 |
| Clarivate Science Holdings Corp. 3.875% 7/1/2028 <sup>(e)</sup>  | 45 | 44 |
| Clarivate Science Holdings Corp. 4.875% 7/1/2029 <sup>(e)</sup>  | 5 | 5 |
| Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(e)</sup>  | 100 | 104 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(e)</sup>  | 75 | 72 |
| Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(e)</sup>  | 235 | 238 |
| Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(e)</sup>  | 175 | 182 |
| CMS Energy Corp. 3.00% 5/15/2026  | 1200 | 1196 |
| CNX Resources Corp. 7.25% 3/1/2032 <sup>(e)</sup>  | 110 | 115 |
| Coca-Cola Co. 4.65% 8/14/2034  | 336 | 343 |
| Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(e)</sup>  | 55 | 52 |
| Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(e)</sup>  | 85 | 76 |
| Colombia (Republic of) 3.875% 4/25/2027  | 350 | 347 |
| Colombia (Republic of) 7.375% 4/25/2030  | 2400 | 2540 |
| Colombia (Republic of) 3.125% 4/15/2031  | 3000 | 2607 |
| Colombia (Republic of) 8.00% 11/14/2035  | 347 | 371 |
| Comcast Corp. 4.80% 5/15/2033  | 4100 | 4137 |
| Compass Group Diversified Holdings, LLC 5.25% 4/15/2029 <sup>(e)</sup>  | 198 | 183 |
| Compass Group Diversified Holdings, LLC 5.00% 1/15/2032 <sup>(e)</sup>  | 67 | 60 |
| Comstock Resources, Inc. 5.875% 1/15/2030 <sup>(e)</sup>  | 65 | 63 |
| Connect Finco SARL 9.00% 9/15/2029 <sup>(e)</sup>  | 200 | 212 |
| Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) <br> 6.174% 5/25/2043 <sup>(d)(e)(h)</sup>  | 1032 | 1052 |
| Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M2, (30-day Average USD-SOFR + 3.55%) <br> 7.424% 5/25/2043 <sup>(d)(e)(h)</sup>  | 804 | 844 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) <br> 5.774% 6/25/2043 <sup>(d)(e)(h)</sup>  | 503 | 508 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M2, (30-day Average USD-SOFR + 3.10%) <br> 6.974% 6/25/2043 <sup>(d)(e)(h)</sup>  | 305 | 317 |
| Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) <br> 5.574% 7/25/2043 <sup>(d)(e)(h)</sup>  | 326 | 328 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (30-day Average USD-SOFR + 1.80%) <br> 5.674% 1/25/2044 <sup>(d)(e)(h)</sup>  | 206 | 207 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M2, (30-day Average USD-SOFR + 1.65%) <br> 5.524% 5/25/2044 <sup>(d)(e)(h)</sup>  | 1148 | 1153 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%) <br> 4.874% 2/25/2045 <sup>(d)(e)(h)</sup>  | 252 | 253 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%) <br> 5.024% 2/25/2045 <sup>(d)(e)(h)</sup>  | 437 | 438 |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(e)</sup>  | 200 | 208 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **208** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| COPT Defense Properties, LP 2.75% 4/15/2031  | USD1,212 | $1107 |
| Corebridge Financial, Inc. 3.90% 4/5/2032  | 748 | 710 |
| CoreLogic, Inc. 4.50% 5/1/2028 <sup>(e)</sup>  | 384 | 378 |
| CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.614%) 10.331% 6/4/2029 <sup>(g)(h)</sup>  | 65 | 66 |
| Coty, Inc. 4.75% 1/15/2029 <sup>(e)</sup>  | 65 | 64 |
| Coty, Inc. 5.60% 1/15/2031 <sup>(e)</sup>  | 355 | 359 |
| Cougar JV Subsidiary, LLC 8.00% 5/15/2032 <sup>(e)</sup>  | 65 | 70 |
| CRC Insurance Group, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% 5/6/2032 <sup>(g)(h)</sup>  | 124 | 126 |
| Crescent Energy Finance, LLC 9.25% 2/15/2028 <sup>(e)</sup>  | 128 | 132 |
| Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(e)</sup>  | 165 | 160 |
| Crown Castle, Inc. 2.50% 7/15/2031  | 767 | 686 |
| CSN Inova Ventures 6.75% 1/28/2028 <sup>(b)</sup>  | 2740 | 2542 |
| CSX Corp. 3.80% 4/15/2050  | 75 | 57 |
| Darling Ingredients, Inc. 6.00% 6/15/2030 <sup>(e)</sup>  | 10 | 10 |
| DaVita, Inc. 6.75% 7/15/2033 <sup>(e)</sup>  | 40 | 42 |
| Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026) <sup>(a)</sup>  | 1160 | 1141 |
| Deutsche Telekom International Finance BV 9.25% 6/1/2032  | 930 | 1160 |
| Diamond Sports Net, LLC, Term Loan, 15.00% PIK 1/2/2028 <sup>(g)(i)</sup>  | 9 | 3 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(e)</sup>  | 125 | 133 |
| DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(e)</sup>  | 21 | 21 |
| DIRECTV Financing, LLC 8.875% 2/1/2030 <sup>(e)</sup>  | 60 | 61 |
| DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.262%) 9.102% 8/2/2027 <sup>(g)(h)</sup>  | 5 | 5 |
| DISH Network Corp. 11.75% 11/15/2027 <sup>(e)</sup>  | 296 | 308 |
| Duke Energy Florida, LLC 4.85% 12/1/2035  | 175 | 174 |
| Durst Commercial Mortgage Trust, Series 2025-151, Class A, 5.317% 8/10/2042 <sup>(d)(e)(h)</sup>  | 1597 | 1631 |
| EchoStar Corp. 10.75% 11/30/2029  | 105 | 116 |
| Edison International 5.25% 11/15/2028  | 1862 | 1888 |
| Edison International 5.45% 6/15/2029  | 75 | 76 |
| Edison International 6.95% 11/15/2029  | 350 | 373 |
| Edison International 5.25% 3/15/2032  | 705 | 706 |
| Egypt (Arab Republic of) 9.45% 2/4/2033 <sup>(e)</sup>  | 460 | 529 |
| Electricite de France SA 5.65% 4/22/2029 <sup>(e)</sup>  | 800 | 833 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate <br>T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(a)</sup>  | 435 | 508 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate <br>T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(a)(e)</sup>  | 300 | 350 |
| Element Solutions, Inc. 3.875% 9/1/2028 <sup>(e)</sup>  | 105 | 103 |
| Ellucian Holdings, Inc. 6.50% 12/1/2029 <sup>(e)</sup>  | 25 | 26 |
| Ellucian Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 11/22/2032 <sup>(g)(h)</sup>  | 25 | 25 |
| Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(e)</sup>  | 190 | 201 |
| Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 7.466% 4/23/2031 <sup>(g)(h)</sup>  | 84 | 83 |
| Enel Finance International NV 1.625% 7/12/2026 <sup>(e)</sup>  | 1248 | 1232 |
| Enel Finance International NV 2.125% 7/12/2028 <sup>(e)</sup>  | 1227 | 1167 |
| Enel Finance International NV 4.125% 9/30/2028 <sup>(e)</sup>  | 2125 | 2122 |
| Enfragen Energia Sur SA 5.375% 12/30/2030  | 3329 | 3099 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035  | 168 | 170 |
| Enviri Corp. 5.75% 7/31/2027 <sup>(e)</sup>  | 145 | 145 |
| EQT Corp. 6.375% 4/1/2029  | 20 | 21 |
| EQT Corp. 7.50% 6/1/2030  | 45 | 50 |
| EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(d)(e)</sup>  | 498 | 502 |
| EquipmentShare.com, Inc. 9.00% 5/15/2028 <sup>(e)</sup>  | 90 | 94 |
| EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(e)</sup>  | 15 | 16 |
| Evergreen Credit Card Trust, Series 2025-CRT5, Class B, 5.24% 5/15/2029 <sup>(d)(e)</sup>  | 148 | 150 |
| Exeter Automobile Receivables Trust, Series 2023-5A, Class B, 6.58% 4/17/2028 <sup>(d)</sup>  | 16 | 16 |
| Expand Energy Corp. 4.875% 4/15/2022 <sup>(j)</sup>  | 915 | — <br><sup>(k)</sup><br>|
| Expand Energy Corp. 6.75% 4/15/2029 <sup>(e)</sup>  | 30 | 30 |
| Expand Energy Corp. 5.375% 3/15/2030  | 55 | 56 |
| Expand Energy Corp. 4.75% 2/1/2032  | 15 | 15 |
| Export-Import Bank of Thailand 5.354% 5/16/2029  | 1420 | 1472 |
| Fair Isaac Corp. 4.00% 6/15/2028 <sup>(e)</sup>  | 15 | 15 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(e)</sup>  | 125 | 129 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **209** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Fannie Mae Pool #MA5696 7.00% 3/1/2045 <sup>(d)</sup>  | USD51 | $54 |
| Fannie Mae Pool #BP5576 2.50% 6/1/2050 <sup>(d)</sup>  | 6 | 5 |
| Fannie Mae Pool #FP0015 2.50% 9/1/2050 <sup>(d)</sup>  | 1 | 1 |
| Fannie Mae Pool #FS9792 4.50% 12/1/2050 <sup>(d)</sup>  | 117 | 116 |
| Fannie Mae Pool #FM9672 2.50% 12/1/2051 <sup>(d)</sup>  | 240 | 203 |
| Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(d)</sup>  | 1365 | 1107 |
| Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(d)</sup>  | 1332 | 1082 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(d)</sup>  | 3320 | 2697 |
| Fannie Mae Pool #CB4852 4.50% 10/1/2052 <sup>(d)</sup>  | 3753 | 3680 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(d)</sup>  | 48 | 48 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(d)</sup>  | 1614 | 1582 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(d)</sup>  | 86 | 87 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(d)</sup>  | 188 | 192 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(d)</sup>  | 407 | 422 |
| Fannie Mae Pool #BY0943 4.00% 4/1/2053 <sup>(d)</sup>  | 19 | 18 |
| Fannie Mae Pool #FS4840 5.50% 5/1/2053 <sup>(d)</sup>  | 495 | 503 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(d)</sup>  | 15 | 15 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(d)</sup>  | 53 | 54 |
| Fannie Mae Pool #BW9648 3.50% 7/1/2053 <sup>(d)</sup>  | 27 | 25 |
| Fannie Mae Pool #CB6626 4.00% 7/1/2053 <sup>(d)</sup>  | 28 | 26 |
| Fannie Mae Pool #MA5071 5.00% 7/1/2053 <sup>(d)</sup>  | 398 | 399 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(d)</sup>  | 202 | 206 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(d)</sup>  | 1443 | 1472 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(d)</sup>  | 766 | 779 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(d)</sup>  | 1595 | 1642 |
| Fannie Mae Pool #FS6838 5.50% 11/1/2053 <sup>(d)</sup>  | 400 | 407 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(d)</sup>  | 1912 | 1968 |
| Fannie Mae Pool #DA4667 6.50% 1/1/2054 <sup>(d)</sup>  | 568 | 590 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(d)</sup>  | 575 | 584 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(d)</sup>  | 204 | 207 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(d)</sup>  | 419 | 425 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(d)</sup>  | 242 | 249 |
| Fannie Mae Pool #MA5401 3.50% 4/1/2054 <sup>(d)</sup>  | 149 | 138 |
| Fannie Mae Pool #BU4479 5.50% 4/1/2054 <sup>(d)</sup>  | 310 | 316 |
| Fannie Mae Pool #DB2495 6.00% 5/1/2054 <sup>(d)</sup>  | 210 | 216 |
| Fannie Mae Pool #FS8131 5.50% 6/1/2054 <sup>(d)</sup>  | 1575 | 1609 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(d)</sup>  | 695 | 722 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(d)</sup>  | 605 | 624 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(d)</sup>  | 389 | 400 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(d)</sup>  | 212 | 218 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(d)</sup>  | 184 | 191 |
| Fannie Mae Pool #MA5389 6.00% 6/1/2054 <sup>(d)</sup>  | 23 | 23 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(d)</sup>  | 3843 | 3921 |
| Fannie Mae Pool #BU4699 5.50% 7/1/2054 <sup>(d)</sup>  | 971 | 991 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(d)</sup>  | 742 | 766 |
| Fannie Mae Pool #DB5214 6.00% 7/1/2054 <sup>(d)</sup>  | 553 | 568 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(d)</sup>  | 537 | 552 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(d)</sup>  | 384 | 400 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(d)</sup>  | 237 | 243 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(d)</sup>  | 199 | 206 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(d)</sup>  | 164 | 169 |
| Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(d)</sup>  | 4 | 5 |
| Fannie Mae Pool #FS8786 6.50% 7/1/2054 <sup>(d)</sup>  | 13 | 14 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(d)</sup>  | 383 | 390 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(d)</sup>  | 461 | 479 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(d)</sup>  | 322 | 331 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(d)</sup>  | 284 | 292 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(d)</sup>  | 216 | 223 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(d)</sup>  | 186 | 192 |
| Fannie Mae Pool #DC0299 6.00% 8/1/2054 <sup>(d)</sup>  | 185 | 190 |
| Fannie Mae Pool #DB7692 6.00% 8/1/2054 <sup>(d)</sup>  | 179 | 185 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **210** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Fannie Mae Pool #BU4968 6.00% 8/1/2054 <sup>(d)</sup>  | USD150 | $154 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(d)</sup>  | 81 | 84 |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(d)</sup>  | 69 | 72 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(d)</sup>  | 60 | 62 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(d)</sup>  | 35 | 36 |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(d)</sup>  | 57 | 60 |
| Fannie Mae Pool #DC0503 6.00% 9/1/2054 <sup>(d)</sup>  | 835 | 858 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(d)</sup>  | 422 | 437 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(d)</sup>  | 171 | 178 |
| Fannie Mae Pool #DC3877 6.00% 10/1/2054 <sup>(d)</sup>  | 697 | 717 |
| Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(d)</sup>  | 1739 | 1736 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(d)</sup>  | 114 | 116 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(d)</sup>  | 46 | 46 |
| Fannie Mae Pool #MA5586 5.50% 1/1/2055 <sup>(d)</sup>  | 23 | 23 |
| Fannie Mae Pool #DC9957 6.00% 1/1/2055 <sup>(d)</sup>  | 660 | 679 |
| Fannie Mae Pool #MA5612 4.50% 2/1/2055 <sup>(d)</sup>  | 3973 | 3882 |
| Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(d)</sup>  | 594 | 580 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(d)</sup>  | 87 | 89 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(d)</sup>  | 429 | 446 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(d)</sup>  | 4129 | 4344 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(d)</sup>  | 194 | 184 |
| Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(d)</sup>  | 630 | 615 |
| Fannie Mae Pool #DD6324 5.00% 4/1/2055 <sup>(d)</sup>  | 367 | 367 |
| Fannie Mae Pool #MA5697 4.00% 5/1/2055 <sup>(d)</sup>  | 289 | 275 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(d)</sup>  | 337 | 337 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(d)</sup>  | 1042 | 1071 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(d)</sup>  | 1564 | 1560 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(d)</sup>  | 377 | 382 |
| Fannie Mae Pool #MA5737 6.50% 6/1/2055 <sup>(d)</sup>  | 349 | 363 |
| Fannie Mae Pool #DD9889 6.00% 7/1/2055 <sup>(d)</sup>  | 727 | 747 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(d)</sup>  | 73 | 74 |
| Fannie Mae Pool #DE6152 6.50% 8/1/2055 <sup>(d)</sup>  | 151 | 157 |
| Fannie Mae Pool #DE6383 7.00% 8/1/2055 <sup>(d)</sup>  | 425 | 447 |
| Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(d)</sup>  | 186 | 188 |
| Fannie Mae Pool #MA5962 7.00% 1/1/2056 <sup>(d)</sup>  | 338 | 356 |
| Farmer Mac Agricultural Real Estate Trust, Series 2024-2, Class B, 5.591% 8/1/2054 <sup>(d)(e)(h)</sup>  | 315 | 286 |
| Fertitta Entertainment, LLC 6.75% 1/15/2030 <sup>(e)</sup>  | 25 | 24 |
| Fiesta Purchaser, Inc. 7.875% 3/1/2031 <sup>(e)</sup>  | 150 | 157 |
| Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(e)</sup>  | 30 | 32 |
| Fiesta Purchaser, Inc., Term Loan B, (1-month USD CME Term SOFR + 2.75%) 6.466% 2/12/2031 <sup>(g)(h)</sup>  | 15 | 15 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 10.973% 9/13/2029 <sup>(b)(g)(h)</sup>  | 26 | 27 |
| First Student Bidco, Inc. 4.00% 7/31/2029 <sup>(e)</sup>  | 45 | 44 |
| FirstEnergy Corp., Series B, 3.90% 7/15/2027  | 1763 | 1757 |
| Flutter Treasury DAC 5.875% 6/4/2031 <sup>(e)</sup>  | 200 | 203 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.20% 12/15/2039 <sup>(d)(e)(h)</sup>  | 483 | 485 |
| Ford Motor Co. 6.10% 8/19/2032  | 30 | 31 |
| Ford Motor Credit Co., LLC 5.85% 5/17/2027  | 2175 | 2209 |
| Ford Motor Credit Co., LLC 4.95% 5/28/2027  | 300 | 301 |
| Ford Motor Credit Co., LLC 3.815% 11/2/2027  | 200 | 197 |
| Ford Motor Credit Co., LLC 7.35% 11/4/2027  | 200 | 209 |
| Ford Motor Credit Co., LLC 2.90% 2/16/2028  | 200 | 193 |
| Ford Motor Credit Co., LLC 5.80% 3/8/2029  | 3000 | 3066 |
| Ford Motor Credit Co., LLC 5.73% 9/5/2030  | 1590 | 1615 |
| Ford Motor Credit Co., LLC 4.00% 11/13/2030  | 125 | 118 |
| Ford Motor Credit Co., LLC 6.50% 2/7/2035  | 3100 | 3213 |
| Ford Otomotiv Sanayi AS 7.125% 4/25/2029 <sup>(e)</sup>  | 255 | 265 |
| Freddie Mac, Series K153, Class A2, Multi Family, 3.82% 1/25/2033 <sup>(d)</sup>  | 1680 | 1632 |
| Freddie Mac Pool #RB5111 2.00% 5/1/2041 <sup>(d)</sup>  | 1990 | 1737 |
| Freddie Mac Pool #Z40273 4.50% 10/1/2048 <sup>(d)</sup>  | 184 | 183 |
| Freddie Mac Pool #RA6114 2.00% 2/1/2052 <sup>(d)</sup>  | 586 | 475 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **211** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Freddie Mac Pool #QE3878 3.50% 6/1/2052 <sup>(d)</sup>  | USD23 | $21 |
| Freddie Mac Pool #QE6084 5.00% 7/1/2052 <sup>(d)</sup>  | 860 | 862 |
| Freddie Mac Pool #SD2986 3.50% 9/1/2052 <sup>(d)</sup>  | 827 | 767 |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(d)</sup>  | 356 | 349 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052 <sup>(d)</sup>  | 947 | 948 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(d)</sup>  | 2677 | 2625 |
| Freddie Mac Pool #SD8327 3.50% 4/1/2053 <sup>(d)</sup>  | 23 | 21 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(d)</sup>  | 240 | 244 |
| Freddie Mac Pool #QG6918 3.50% 7/1/2053 <sup>(d)</sup>  | 91 | 84 |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(d)</sup>  | 21 | 21 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(d)</sup>  | 648 | 659 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(d)</sup>  | 163 | 170 |
| Freddie Mac Pool #SD3512 6.00% 8/1/2053 <sup>(d)</sup>  | 54 | 55 |
| Freddie Mac Pool #RA9795 4.00% 9/1/2053 <sup>(d)</sup>  | 34 | 32 |
| Freddie Mac Pool #SD8363 6.00% 9/1/2053 <sup>(d)</sup>  | 613 | 631 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(d)</sup>  | 11766 | 11781 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(d)</sup>  | 116 | 121 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(d)</sup>  | 177 | 180 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(d)</sup>  | 1515 | 1558 |
| Freddie Mac Pool #QI1357 4.00% 3/1/2054 <sup>(d)</sup>  | 920 | 873 |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(d)</sup>  | 88 | 91 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(d)</sup>  | 119 | 124 |
| Freddie Mac Pool #RJ1855 5.00% 6/1/2054 <sup>(d)</sup>  | 260 | 261 |
| Freddie Mac Pool #RJ1857 5.50% 6/1/2054 <sup>(d)</sup>  | 14117 | 14417 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(d)</sup>  | 772 | 789 |
| Freddie Mac Pool #RJ1859 6.00% 6/1/2054 <sup>(d)</sup>  | 37 | 39 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(d)</sup>  | 1019 | 1039 |
| Freddie Mac Pool #QI8872 5.50% 7/1/2054 <sup>(d)</sup>  | 490 | 500 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(d)</sup>  | 1278 | 1313 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(d)</sup>  | 480 | 500 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(d)</sup>  | 469 | 484 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(d)</sup>  | 310 | 319 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(d)</sup>  | 305 | 316 |
| Freddie Mac Pool #SD5873 6.00% 7/1/2054 <sup>(d)</sup>  | 193 | 199 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(d)</sup>  | 160 | 165 |
| Freddie Mac Pool #RJ2243 5.50% 8/1/2054 <sup>(d)</sup>  | 3336 | 3397 |
| Freddie Mac Pool #RJ2203 5.50% 8/1/2054 <sup>(d)</sup>  | 600 | 612 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(d)</sup>  | 282 | 292 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(d)</sup>  | 24 | 25 |
| Freddie Mac Pool #RJ2298 5.50% 9/1/2054 <sup>(d)</sup>  | 609 | 619 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(d)</sup>  | 1012 | 1043 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(d)</sup>  | 532 | 550 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(d)</sup>  | 506 | 527 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(d)</sup>  | 487 | 507 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(d)</sup>  | 300 | 309 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(d)</sup>  | 406 | 413 |
| Freddie Mac Pool #SD8470 6.00% 10/1/2054 <sup>(d)</sup>  | 23 | 24 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(d)</sup>  | 415 | 405 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(d)</sup>  | 1073 | 1089 |
| Freddie Mac Pool #SD8491 5.00% 12/1/2054 <sup>(d)</sup>  | 502 | 501 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(d)</sup>  | 321 | 326 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(d)</sup>  | 12 | 12 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(d)</sup>  | 21 | 22 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(d)</sup>  | 926 | 975 |
| Freddie Mac Pool #SD8501 7.00% 1/1/2055 <sup>(d)</sup>  | 237 | 249 |
| Freddie Mac Pool #QX6724 6.00% 2/1/2055 <sup>(d)</sup>  | 58 | 60 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(d)</sup>  | 49 | 50 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(d)</sup>  | 149 | 149 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(d)</sup>  | 526 | 540 |
| Freddie Mac Pool #QY1579 6.50% 4/1/2055 <sup>(d)</sup>  | 81 | 85 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(d)</sup>  | 311 | 311 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **212** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Freddie Mac Pool #SD8533 5.50% 5/1/2055 <sup>(d)</sup>  | USD206 | $209 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(d)</sup>  | 144 | 148 |
| Freddie Mac Pool #QY4408 7.00% 5/1/2055 <sup>(d)</sup>  | 302 | 318 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(d)</sup>  | 438 | 437 |
| Freddie Mac Pool #RQ0024 4.00% 7/1/2055 <sup>(d)</sup>  | 4994 | 4740 |
| Freddie Mac Pool #RQ0026 5.00% 7/1/2055 <sup>(d)</sup>  | 169 | 169 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(d)</sup>  | 171 | 173 |
| Freddie Mac Pool #QY7483 6.00% 7/1/2055 <sup>(d)</sup>  | 765 | 786 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1B, (30-day Average <br> USD-SOFR + 2.90%) 6.774% 4/25/2042 <sup>(d)(e)(h)</sup>  | 441 | 452 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA1, Class A1, (30-day Average <br> USD-SOFR + 0.95%) 4.824% 1/25/2045 <sup>(d)(e)(h)</sup>  | 200 | 200 |
| Frontier Communications Holdings, LLC 5.00% 5/1/2028 <sup>(e)</sup>  | 25 | 25 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029  | 65 | 66 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(e)</sup>  | 103 | 105 |
| FXI Holdings, Inc. 16.00% PIK 11/15/2029 (14.00% on 11/15/2028) <sup>(a)(e)(i)</sup>  | 197 | 112 |
| FXI Holdings, Inc. 11.00% 11/15/2030 <sup>(e)</sup>  | 337 | 304 |
| Garda World Security Corp. 8.375% 11/15/2032 <sup>(e)</sup>  | 65 | 66 |
| Gartner, Inc. 3.75% 10/1/2030 <sup>(e)</sup>  | 70 | 66 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(a)(d)(e)</sup>  | 951 | 962 |
| Genesis Energy, LP 8.25% 1/15/2029  | 25 | 26 |
| Genesis Energy, LP 8.875% 4/15/2030  | 38 | 40 |
| Genesis Energy, LP 7.875% 5/15/2032  | 60 | 63 |
| Georgia (Republic of) 2.75% 4/22/2026 <sup>(e)</sup>  | 400 | 396 |
| Gilead Sciences, Inc. 5.25% 10/15/2033  | 1342 | 1411 |
| Glatfelter Corp., Term Loan B, (3-month USD CME Term SOFR + 4.25%) 8.072% 11/4/2031 <sup>(g)(h)</sup>  | 49 | 49 |
| Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026) <sup>(a)</sup>  | 1080 | 1061 |
| Government National Mortgage Assn. 6.50% 1/1/2056 <sup>(d)(l)</sup>  | 1708 | 1766 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(d)</sup>  | 744 | 555 |
| Gray Media, Inc. 5.375% 11/15/2031 <sup>(e)</sup>  | 19 | 14 |
| Greenko Dutch BV 3.85% 3/29/2026  | 1488 | 1477 |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(e)</sup>  | 1645 | 1723 |
| Group 1 Automotive, Inc. 4.00% 8/15/2028 <sup>(e)</sup>  | 115 | 113 |
| Grupo Energia Bogota SA ESP 4.875% 5/15/2030 <sup>(e)</sup>  | 660 | 654 |
| Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(e)</sup>  | 25 | 25 |
| Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(e)</sup>  | 25 | 26 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.143% <br>3/15/2042 <sup>(d)(e)(h)</sup>  | 1066 | 1068 |
| HCA, Inc. 5.625% 9/1/2028  | 120 | 124 |
| Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(e)</sup>  | 65 | 68 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(e)</sup>  | 30 | 32 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(d)(e)</sup>  | 249 | 254 |
| Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(d)(e)</sup>  | 1188 | 1203 |
| Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(e)</sup>  | 14 | 14 |
| Hightower Holding, LLC 6.75% 4/15/2029 <sup>(e)</sup>  | 235 | 234 |
| Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(e)</sup>  | 105 | 102 |
| Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(e)</sup>  | 25 | 24 |
| Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(e)</sup>  | 115 | 110 |
| Honduras (Republic of) 6.25% 1/19/2027  | 653 | 660 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(d)(e)(h)</sup>  | 1949 | 2023 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(e)</sup>  | 175 | 176 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(e)</sup>  | 195 | 190 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(e)</sup>  | 120 | 114 |
| Howden UK Refinance 2 PLC 8.125% 2/15/2032 <sup>(e)</sup>  | 200 | 207 |
| HSBC Holdings PLC 4.755% 6/9/2028 (USD-SOFR + 2.11% on 6/9/2027) <sup>(a)</sup>  | 1700 | 1716 |
| HSBC Holdings PLC 4.619% 11/6/2031 (USD-SOFR + 1.19% on 11/6/2030) <sup>(a)</sup>  | 1020 | 1023 |
| HSBC Holdings PLC 7.399% 11/13/2034 (USD-SOFR + 3.02% on 11/13/2033) <sup>(a)</sup>  | 2000 | 2283 |
| HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(a)</sup>  | 1200 | 1315 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.876% 5/10/2039 <sup>(d)(e)(h)</sup>  | 396 | 401 |
| HUB International, Ltd. 7.375% 1/31/2032 <sup>(e)</sup>  | 130 | 137 |
| HUB International, Ltd., Term Loan, (3-month USD CME Term SOFR + 2.25%) 6.12% 6/20/2030 <sup>(g)(h)</sup>  | 3 | 3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **213** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 <sup>(d)(e)(h)</sup>  | USD2,712 | $2814 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(e)</sup>  | 2375 | 2348 |
| Hyundai Capital America 1.65% 9/17/2026 <sup>(e)</sup>  | 269 | 265 |
| Hyundai Capital America 2.00% 6/15/2028 <sup>(e)</sup>  | 600 | 569 |
| Hyundai Capital America 4.25% 9/18/2028 <sup>(e)</sup>  | 2577 | 2578 |
| Hyundai Capital America 6.50% 1/16/2029 <sup>(e)</sup>  | 132 | 140 |
| Icahn Enterprises, LP 9.75% 1/15/2029  | 65 | 65 |
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class A, 4.84% 9/15/2029 <sup>(d)(e)</sup>  | 480 | 481 |
| Indonesia Asahan Aluminium (Persero) PT 5.45% 5/15/2030 <sup>(e)</sup>  | 500 | 516 |
| Ingles Markets, Inc. 4.00% 6/15/2031 <sup>(e)</sup>  | 130 | 123 |
| Intel Corp. 3.05% 8/12/2051  | 740 | 455 |
| Intel Corp. 5.60% 2/21/2054  | 168 | 155 |
| Intercontinental Exchange, Inc. 4.20% 3/15/2031  | 588 | 589 |
| Intesa Sanpaolo SpA 7.778% 6/20/2054 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.90% on <br> 6/20/2053) <sup>(a)(e)</sup>  | 1500 | 1784 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 5.10% <br>3/15/2042 <sup>(d)(e)(h)</sup>  | 3679 | 3688 |
| ION Platform Finance US, Inc. 8.75% 5/1/2029 <sup>(e)</sup>  | 200 | 203 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(e)</sup>  | 55 | 53 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(e)</sup>  | 235 | 232 |
| Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(e)</sup>  | 200 | 207 |
| Jane Street Group, LLC 6.75% 5/1/2033 <sup>(e)</sup>  | 80 | 84 |
| Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(e)</sup>  | 80 | 84 |
| JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(a)</sup>  | 1243 | 1240 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(a)</sup>  | 3441 | 3612 |
| JPMorgan Chase & Co. 4.81% 10/22/2036 (USD-SOFR + 1.19% on 10/22/2035) <sup>(a)</sup>  | 1330 | 1321 |
| JPMorgan Chase & Co. 5.534% 11/29/2045 (USD-SOFR + 1.55% on 11/29/2044) <sup>(a)</sup>  | 730 | 742 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.716% 3/20/2032 <sup>(g)(h)</sup>  | 74 | 75 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 8.716% 3/20/2033 <sup>(g)(h)</sup>  | 50 | 49 |
| KB Home 6.875% 6/15/2027  | 50 | 51 |
| Kennedy-Wilson, Inc. 4.75% 3/1/2029  | 20 | 20 |
| Kennedy-Wilson, Inc. 4.75% 2/1/2030  | 245 | 231 |
| Kodiak Gas Services, LLC 7.25% 2/15/2029 <sup>(e)</sup>  | 10 | 10 |
| Korea Electric Power Corp. 5.375% 7/31/2026 <sup>(e)</sup>  | 1290 | 1300 |
| Korea Electric Power Corp. 4.75% 2/13/2028 <sup>(e)</sup>  | 2250 | 2286 |
| Korea Gas Corp. 5.00% 7/8/2029 <sup>(e)</sup>  | 225 | 232 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%) <br> 5.293% 12/15/2039 <sup>(d)(e)(h)</sup>  | 1207 | 1208 |
| LAD Auto Receivables Trust, Series 2023-4, Class B, 6.39% 10/16/2028 <sup>(d)(e)</sup>  | 194 | 197 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A3, 4.52% 3/15/2029 <sup>(d)(e)</sup>  | 219 | 220 |
| Lamar Media Corp. 3.75% 2/15/2028  | 10 | 10 |
| Lamar Media Corp. 3.625% 1/15/2031  | 120 | 113 |
| Lamb Weston Holdings, Inc. 4.125% 1/31/2030 <sup>(e)</sup>  | 30 | 29 |
| LATAM Airlines Group SA 7.875% 4/15/2030 <sup>(e)</sup>  | 25 | 26 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(e)</sup>  | 110 | 108 |
| LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(e)</sup>  | 40 | 42 |
| Levi Strauss & Co. 3.50% 3/1/2031 <sup>(e)</sup>  | 115 | 108 |
| Live Nation Entertainment, Inc. 4.75% 10/15/2027 <sup>(e)</sup>  | 130 | 130 |
| Lloyds Banking Group PLC 1.627% 5/11/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 0.85% on 5/11/2026) <sup>(a)</sup>  | 7000 | 6937 |
| Lockheed Martin Corp. 5.20% 2/15/2064  | 309 | 287 |
| LPL Holdings, Inc. 4.375% 5/15/2031 <sup>(e)</sup>  | 10 | 10 |
| LSB Industries, Inc. 6.25% 10/15/2028 <sup>(e)</sup>  | 90 | 90 |
| Magnetite CLO, Ltd., Series 2019-22, Class ARR, (3-month USD CME Term SOFR + 1.25%) 5.155% <br>7/15/2036 <sup>(d)(e)(h)</sup>  | 563 | 563 |
| Marriott International, Inc. 2.75% 10/15/2033  | 5 | 4 |
| Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(e)</sup>  | 45 | 43 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(e)</sup>  | 2925 | 2990 |
| Mars, Inc. 5.00% 3/1/2032 <sup>(e)</sup>  | 3575 | 3686 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(e)</sup>  | 1475 | 1517 |
| Marsh & McLennan Cos., Inc. 5.70% 9/15/2053  | 282 | 285 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **214** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Mastercard, Inc. 2.00% 11/18/2031  | USD600 | $535 |
| Matador Resources Co. 6.50% 4/15/2032 <sup>(e)</sup>  | 50 | 51 |
| Matador Resources Co. 6.25% 4/15/2033 <sup>(e)</sup>  | 45 | 45 |
| Melco Resorts Finance, Ltd. 5.625% 7/17/2027 <sup>(e)</sup>  | 393 | 393 |
| Meta Platforms, Inc. 5.50% 11/15/2045  | 269 | 261 |
| Meta Platforms, Inc. 5.625% 11/15/2055  | 576 | 553 |
| Meta Platforms, Inc. 5.75% 11/15/2065  | 276 | 264 |
| Methanex Corp. 5.125% 10/15/2027  | 55 | 55 |
| Methanex Corp. 5.25% 12/15/2029  | 5 | 5 |
| MFRA Trust, Series 2024-NQM3, Class A1, 5.722% 12/25/2069 (6.722% on 12/1/2028) <sup>(a)(d)(e)</sup>  | 1208 | 1219 |
| MFRA Trust, Series 2025-NQM3, Class A1, 5.261% 8/25/2070 (6.261% on 7/1/2029) <sup>(a)(d)(e)</sup>  | 1000 | 1003 |
| MGM Resorts International 5.50% 4/15/2027  | 90 | 91 |
| Microchip Technology, Inc. 5.05% 2/15/2030  | 709 | 724 |
| Mineral Resources, Ltd. 8.00% 11/1/2027 <sup>(e)</sup>  | 155 | 159 |
| Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(e)</sup>  | 85 | 89 |
| Minerva Luxembourg SA 8.875% 9/13/2033  | 2161 | 2364 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class A1, 6.20% 8/15/2029 <sup>(d)(e)</sup>  | 1094 | 1101 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class B, 6.59% 8/15/2029 <sup>(d)(e)</sup>  | 539 | 542 |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78% 12/16/2030 <sup>(d)(e)</sup>  | 472 | 475 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.06% 9/15/2031 <sup>(d)(e)</sup>  | 1136 | 1145 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(e)</sup>  | 80 | 79 |
| Molina Healthcare, Inc. 3.875% 11/15/2030 <sup>(e)</sup>  | 75 | 70 |
| Molina Healthcare, Inc. 6.25% 1/15/2033 <sup>(e)</sup>  | 115 | 117 |
| Moog, Inc. 4.25% 12/9/2027 <sup>(e)</sup>  | 120 | 119 |
| Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(a)</sup>  | 3700 | 3746 |
| Morgan Stanley 4.356% 10/22/2031 (USD-SOFR + 1.074% on 10/22/2030) <sup>(a)</sup>  | 1480 | 1475 |
| Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031) <sup>(a)</sup>  | 1433 | 1260 |
| Motherson Global Investments BV 5.625% 7/11/2029 <sup>(e)</sup>  | 595 | 608 |
| MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(e)</sup>  | 35 | 37 |
| MSCI, Inc. 3.625% 11/1/2031 <sup>(e)</sup>  | 210 | 197 |
| Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%) <br> 6.624% 7/25/2054 <sup>(d)(e)(h)</sup>  | 485 | 492 |
| Murphy Oil Corp. 6.00% 10/1/2032  | 25 | 25 |
| Murphy Oil USA, Inc. 4.75% 9/15/2029  | 48 | 48 |
| Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(e)</sup>  | 160 | 168 |
| National Australia Bank, Ltd. 5.181% 6/11/2034 <sup>(e)</sup>  | 1250 | 1300 |
| Navient Corp. 5.00% 3/15/2027  | 45 | 45 |
| Navient Corp. 4.875% 3/15/2028  | 145 | 143 |
| Navient Corp. 7.875% 6/15/2032  | 55 | 58 |
| New York Life Global Funding 1.20% 8/7/2030 <sup>(e)</sup>  | 2725 | 2385 |
| New York Life Global Funding 5.00% 1/9/2034 <sup>(e)</sup>  | 1500 | 1525 |
| New York Mortgage Trust, Series 2024-CP1, Class A1, 3.75% 2/25/2068 <sup>(d)(e)(h)</sup>  | 515 | 481 |
| Newell Brands, Inc. 8.50% 6/1/2028 <sup>(e)</sup>  | 30 | 31 |
| Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(e)</sup>  | 165 | 164 |
| NextEra Energy Capital Holdings, Inc. 4.685% 9/1/2027  | 1025 | 1038 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(e)(j)</sup>  | 709 | 206 |
| NGL Energy Operating, LLC 8.125% 2/15/2029 <sup>(e)</sup>  | 55 | 57 |
| NGL Energy Operating, LLC 8.375% 2/15/2032 <sup>(e)</sup>  | 70 | 73 |
| Nickel Industries, Ltd. 9.00% 9/30/2030 <sup>(e)</sup>  | 900 | 934 |
| Nissan Motor Co., Ltd. 7.75% 7/17/2032 <sup>(e)</sup>  | 200 | 213 |
| Nissan Motor Co., Ltd. 8.125% 7/17/2035 <sup>(e)</sup>  | 200 | 213 |
| NMEF Funding, LLC, Series 2025-A, Class A2, 4.72% 7/15/2032 <sup>(d)(e)</sup>  | 500 | 502 |
| Norfolk Southern Corp. 5.35% 8/1/2054  | 496 | 474 |
| Northern Oil and Gas, Inc. 7.875% 10/15/2033 <sup>(e)</sup>  | 50 | 49 |
| NOVA Chemicals Corp. 5.25% 6/1/2027 <sup>(e)</sup>  | 20 | 20 |
| NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(e)</sup>  | 90 | 96 |
| NuStar Logistics, LP 5.625% 4/28/2027  | 80 | 81 |
| Occidental Petroleum Corp. 6.375% 9/1/2028  | 54 | 57 |
| OCP SA 3.75% 6/23/2031  | 500 | 469 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(d)(e)</sup>  | 269 | 273 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class B, 7.15% 6/17/2031 <sup>(d)(e)</sup>  | 120 | 122 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **215** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| OneMain Finance Corp. 7.125% 9/15/2032  | USD25 | $26 |
| OneSky Flight, LLC 8.875% 12/15/2029 <sup>(e)</sup>  | 35 | 37 |
| Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 1/25/2064 (6.988% on 3/1/2028) <sup>(a)(d)(e)</sup>  | 631 | 637 |
| Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(a)(d)(e)</sup>  | 1222 | 1237 |
| Onslow Bay Financial, LLC, Series 2025-NQM3, Class A1, 5.648% 12/1/2064 (6.648% on 2/1/2029) <sup>(a)(d)(e)</sup>  | 2219 | 2243 |
| Onslow Bay Financial, LLC, Series 2025-NQM1, Class A1, 5.547% 12/25/2064 (6.547% on <br>12/1/2028) <sup>(a)(d)(e)</sup>  | 2400 | 2421 |
| Open Text Corp. 3.875% 2/15/2028 <sup>(e)</sup>  | 25 | 25 |
| Oracle Corp. 2.65% 7/15/2026  | 2327 | 2308 |
| Oracle Corp. 3.25% 11/15/2027  | 1880 | 1840 |
| Oracle Corp. 4.45% 9/26/2030  | 4475 | 4379 |
| Oracle Corp. 3.95% 3/25/2051  | 22 | 14 |
| Oracle Corp. 6.00% 8/3/2055  | 1500 | 1324 |
| Orange 9.00% 3/1/2031 <sup>(a)</sup>  | 2434 | 2930 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(e)</sup>  | 40 | 26 |
| Pacific Gas and Electric Co. 3.15% 1/1/2026  | 3000 | 3000 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028  | 542 | 546 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033  | 1500 | 1621 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040  | 4525 | 3437 |
| PacifiCorp 3.30% 3/15/2051  | 150 | 96 |
| PacifiCorp 2.90% 6/15/2052  | 280 | 164 |
| PacifiCorp 5.35% 12/1/2053  | 525 | 462 |
| PacifiCorp 5.50% 5/15/2054  | 980 | 877 |
| PacifiCorp 5.80% 1/15/2055  | 500 | 467 |
| Panama (Republic of) 3.75% 4/17/2026  | 465 | 466 |
| Panama (Republic of) 7.50% 3/1/2031  | 2325 | 2583 |
| Park Intermediate Holdings, LLC 5.875% 10/1/2028 <sup>(e)</sup>  | 65 | 65 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(e)</sup>  | 65 | 64 |
| Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(e)</sup>  | 55 | 57 |
| Party City Holdings, Inc. 0% 8/27/2030 <sup>(f)</sup>  | 2 | — <br><sup>(k)</sup><br>|
| PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 <sup>(d)(e)</sup>  | 1059 | 1066 |
| Performance Food Group, Inc. 5.50% 10/15/2027 <sup>(e)</sup>  | 11 | 11 |
| Permian Resources Operating, LLC 9.875% 7/15/2031 <sup>(e)</sup>  | 3 | 3 |
| Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(e)</sup>  | 25 | 26 |
| Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(e)</sup>  | 106 | 109 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 20114 | 20438 |
| Petroleos Mexicanos 5.95% 1/28/2031  | 65 | 63 |
| Petroleos Mexicanos 6.70% 2/16/2032  | 779 | 777 |
| Petroleos Mexicanos 6.95% 1/28/2060  | 55 | 45 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033  | 2128 | 2151 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053  | 188 | 178 |
| PG&E Corp. 5.00% 7/1/2028  | 235 | 235 |
| PG&E Corp. 5.25% 7/1/2030  | 175 | 174 |
| PG&E Corp., junior subordinated, 7.375% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity <br> + 3.883% on 3/15/2030) <sup>(a)</sup>  | 145 | 151 |
| Philip Morris International, Inc. 5.125% 11/17/2027  | 315 | 322 |
| Philip Morris International, Inc. 2.10% 5/1/2030  | 634 | 581 |
| Philip Morris International, Inc. 5.75% 11/17/2032  | 1554 | 1663 |
| Philip Morris International, Inc. 5.375% 2/15/2033  | 1382 | 1446 |
| PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(a)</sup>  | 375 | 396 |
| POSCO 4.875% 1/23/2027 <sup>(e)</sup>  | 510 | 514 |
| Post Holdings, Inc. 4.625% 4/15/2030 <sup>(e)</sup>  | 444 | 433 |
| Post Holdings, Inc. 6.25% 2/15/2032 <sup>(e)</sup>  | 33 | 34 |
| Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(e)</sup>  | 120 | 113 |
| Procter & Gamble Co. 3.00% 3/25/2030  | 338 | 326 |
| Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2042 <sup>(d)(e)</sup>  | 902 | 860 |
| PRP Advisors, LLC, Series 2025-RPL3, Class A1, 3.25% 4/25/2055 (4.25% on 4/1/2028) <sup>(a)(d)(e)</sup>  | 403 | 390 |
| PT Bank Negara Indonesia (Persero) Tbk 4.30% junior subordinated perpetual bonds (5-year UST Yield <br> Curve Rate T Note Constant Maturity + 3.466% on 3/24/2027) <sup>(a)</sup>  | 2755 | 2696 |
| PT Freeport Indonesia 5.315% 4/14/2032  | 449 | 458 |
| Quikrete Holdings, Inc. 6.375% 3/1/2032 <sup>(e)</sup>  | 40 | 42 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **216** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(e)</sup>  | USD10 | $10 |
| Radiology Partners, Inc. 9.781% PIK 2/15/2030 <sup>(e)(i)</sup>  | 296 | 285 |
| Raizen Fuels Finance SA 6.45% 3/5/2034 <sup>(e)</sup>  | 910 | 743 |
| Range Resources Corp. 4.75% 2/15/2030 <sup>(e)</sup>  | 145 | 143 |
| Repsol E&P Capital Markets US, LLC 5.204% 9/16/2030 <sup>(e)</sup>  | 689 | 699 |
| Reworld Holding Corp. 4.875% 12/1/2029 <sup>(e)</sup>  | 25 | 24 |
| RHP Hotel Properties, LP 7.25% 7/15/2028 <sup>(e)</sup>  | 80 | 83 |
| RHP Hotel Properties, LP 4.50% 2/15/2029 <sup>(e)</sup>  | 90 | 89 |
| RHP Hotel Properties, LP 6.50% 6/15/2033 <sup>(e)</sup>  | 30 | 31 |
| Rio Tinto Finance (USA) PLC 5.25% 3/14/2035  | 1420 | 1464 |
| RLJ Lodging Trust, LP 4.00% 9/15/2029 <sup>(e)</sup>  | 25 | 24 |
| Roper Technologies, Inc. 4.45% 9/15/2030  | 2900 | 2914 |
| Roper Technologies, Inc. 5.10% 9/15/2035  | 925 | 932 |
| Royal Bank of Canada 5.153% 2/4/2031 (USD-SOFR + 1.03% on 2/4/2030) <sup>(a)</sup>  | 1700 | 1751 |
| Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028 <sup>(e)</sup>  | 75 | 76 |
| Royal Caribbean Cruises, Ltd. 6.00% 2/1/2033 <sup>(e)</sup>  | 90 | 93 |
| Sabre GLBL, Inc. 11.125% 7/15/2030 <sup>(e)</sup>  | 25 | 21 |
| Sally Holdings, LLC 6.75% 3/1/2032  | 107 | 112 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(a)(i)</sup>  | 3406 | 3454 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(a)(e)(i)</sup>  | 464 | 471 |
| Sands China, Ltd. 5.40% 8/8/2028  | 2710 | 2763 |
| Santander Holdings USA, Inc. 3.244% 10/5/2026  | 3750 | 3728 |
| Sasol Financing USA, LLC 8.75% 5/3/2029 <sup>(b)</sup>  | 1330 | 1355 |
| Sats Treasury Pte., Ltd. 4.828% 1/23/2029  | 350 | 357 |
| Saturn Oil & Gas, Inc. 9.625% 6/15/2029 <sup>(e)</sup>  | 62 | 61 |
| Scentre Group Trust 1 3.75% 3/23/2027 <sup>(e)</sup>  | 110 | 110 |
| SCF Equipment Trust, LLC, Series 2025-1A, Class A3, 5.11% 11/21/2033 <sup>(d)(e)</sup>  | 2846 | 2909 |
| Science Applications International Corp. 5.875% 11/1/2033 <sup>(e)</sup>  | 10 | 10 |
| Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(e)</sup>  | 46 | 41 |
| SCIH Salt Holdings, Inc. 4.875% 5/1/2028 <sup>(e)</sup>  | 115 | 115 |
| Sealed Air Corp. 6.125% 2/1/2028 <sup>(e)</sup>  | 180 | 183 |
| Sealed Air Corp. 6.50% 7/15/2032 <sup>(e)</sup>  | 123 | 128 |
| Securitized Term Auto Receivables Trust, Series 2025-A, Class B, 5.038% 7/25/2031 <sup>(d)(e)</sup>  | 123 | 124 |
| Securitized Term Auto Receivables Trust, Series 2025-B, Class B, 4.925% 12/29/2032 <sup>(d)(e)</sup>  | 630 | 636 |
| Serbia (Republic of) 6.25% 5/26/2028 <sup>(e)</sup>  | 740 | 768 |
| Service Corp. International 5.75% 10/15/2032  | 35 | 36 |
| Service Properties Trust 0% 9/30/2027 <sup>(e)</sup>  | 30 | 27 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(e)</sup>  | 60 | 63 |
| ServiceNow, Inc. 1.40% 9/1/2030  | 756 | 666 |
| Sirius XM Radio, LLC 3.125% 9/1/2026 <sup>(e)</sup>  | 50 | 50 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(e)</sup>  | 195 | 191 |
| Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(e)</sup>  | 39 | 37 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(e)</sup>  | 111 | 102 |
| SK hynix, Inc. 1.50% 1/19/2026  | 563 | 562 |
| SLM Corp. 6.50% 1/31/2030  | 85 | 88 |
| SM Energy Co. 6.50% 7/15/2028  | 45 | 46 |
| SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) 5.534% <br> 11/15/2052 <sup>(d)(e)(h)</sup>  | 482 | 487 |
| Sonic Automotive, Inc. 4.625% 11/15/2029 <sup>(e)</sup>  | 45 | 44 |
| Sonic Automotive, Inc. 4.875% 11/15/2031 <sup>(e)</sup>  | 20 | 19 |
| Southern California Edison Co. 2.85% 8/1/2029  | 200 | 190 |
| Southern California Edison Co. 3.65% 2/1/2050  | 1700 | 1190 |
| Standard Chartered PLC 5.244% 5/13/2031 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.35% <br> on 5/13/2030) <sup>(a)(e)</sup>  | 1500 | 1546 |
| Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.201% 2/17/2042 <sup>(d)(e)(h)</sup>  | 216 | 216 |
| Starwood Property Trust, Inc. 5.25% 10/15/2028 <sup>(e)</sup>  | 100 | 101 |
| State Street Corp. 5.146% 2/28/2036 (USD-SOFR + 1.217% on 2/28/2035) <sup>(a)</sup>  | 1450 | 1485 |
| Station Casinos, LLC 6.625% 3/15/2032 <sup>(e)</sup>  | 35 | 36 |
| Steele Creek CLO, Ltd., Series 2019-2A, Class ARR, (3-month USD CME Term SOFR + 1.00%) 4.905% <br>7/15/2032 <sup>(d)(e)(h)</sup>  | 1439 | 1437 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **217** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Stillwater Mining Co. 4.00% 11/16/2026 <sup>(b)</sup>  | USD2,090 | $2077 |
| Sunoco, LP 7.00% 5/1/2029 <sup>(e)</sup>  | 30 | 31 |
| Sunoco, LP 4.50% 5/15/2029  | 290 | 285 |
| Sunoco, LP 4.50% 4/30/2030  | 35 | 34 |
| Surgery Center Holdings, Inc. 7.25% 4/15/2032 <sup>(e)</sup>  | 45 | 46 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) <br> 5.193% 2/15/2042 <sup>(d)(e)(h)</sup>  | 6917 | 6863 |
| Synopsys, Inc. 5.15% 4/1/2035  | 1410 | 1434 |
| Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(e)</sup>  | 69 | 73 |
| Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.353% 5/17/2030 <sup>(g)(h)</sup>  | 44 | 44 |
| Talos Production, Inc. 9.00% 2/1/2029 <sup>(e)</sup>  | 15 | 16 |
| Talos Production, Inc. 9.375% 2/1/2031 <sup>(e)</sup>  | 55 | 57 |
| Tenet Healthcare Corp. 6.125% 10/1/2028  | 17 | 17 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | 455 | 461 |
| Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032  | 200 | 210 |
| State of Texas, Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series <br> 2020-B, 3.236% 10/1/2052  | 965 | 669 |
| TGS ASA 8.50% 1/15/2030 <sup>(e)</sup>  | 200 | 210 |
| Tidewater, Inc. 9.125% 7/15/2030 <sup>(e)</sup>  | 10 | 11 |
| Tierra Mojada Luxembourg II SARL 5.75% 12/1/2040  | 861 | 848 |
| T-Mobile USA, Inc. 2.40% 3/15/2029  | 1079 | 1022 |
| T-Mobile USA, Inc. 5.65% 1/15/2053  | 1400 | 1355 |
| Toronto-Dominion Bank (The) 4.783% 12/17/2029  | 424 | 435 |
| TotalEnergies Capital SA 5.488% 4/5/2054  | 1500 | 1451 |
| TransDigm, Inc. 4.875% 5/1/2029  | 80 | 80 |
| TransDigm, Inc. 6.875% 12/15/2030 <sup>(e)</sup>  | 85 | 89 |
| TransDigm, Inc. 6.625% 3/1/2032 <sup>(e)</sup>  | 45 | 47 |
| TransDigm, Inc. 6.375% 5/31/2033 <sup>(e)</sup>  | 75 | 77 |
| TransDigm, Inc. 6.75% 1/31/2034 <sup>(e)</sup>  | 140 | 146 |
| Transocean International, Ltd. 8.75% 2/15/2030 <sup>(e)</sup>  | 30 | 31 |
| Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(e)</sup>  | 83 | 84 |
| Transocean, Inc. 6.80% 3/15/2038  | 35 | 30 |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(e)(f)</sup>  | 100 | 100 |
| Tricon Residential Trust, Series 2023-SFR1, Class B, 5.10% 7/17/2040 <sup>(d)(e)</sup>  | 251 | 252 |
| Tricon Residential Trust, Series 2023-SFR1, Class C, 5.10% 7/17/2040 <sup>(d)(e)</sup>  | 100 | 100 |
| Turkey (Republic of) 7.125% 7/17/2032  | 1360 | 1440 |
| U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(d)(e)</sup>  | 554 | 557 |
| U.S. Treasury 3.875% 5/31/2027  | 662 | 665 |
| U.S. Treasury 3.75% 6/30/2027  | 30 | 30 |
| U.S. Treasury 3.625% 8/31/2027 <sup>(m)</sup>  | 25710 | 25766 |
| U.S. Treasury 3.50% 10/15/2028  | 1281 | 1280 |
| U.S. Treasury 3.50% 11/15/2028  | 1460 | 1458 |
| U.S. Treasury 3.50% 9/30/2029  | 399 | 397 |
| U.S. Treasury 4.125% 10/31/2029  | 328 | 334 |
| U.S. Treasury 4.00% 5/31/2030  | 2995 | 3034 |
| U.S. Treasury 3.875% 6/30/2030 <sup>(m)</sup>  | 13418 | 13520 |
| U.S. Treasury 3.50% 11/30/2030  | 1289 | 1276 |
| U.S. Treasury 4.125% 11/30/2031  | 704 | 715 |
| U.S. Treasury 3.875% 8/15/2034  | 540 | 532 |
| U.S. Treasury 4.625% 2/15/2035  | 1681 | 1746 |
| U.S. Treasury 4.00% 11/15/2035 <sup>(m)</sup>  | 7207 | 7109 |
| U.S. Treasury 1.75% 8/15/2041  | 4650 | 3144 |
| U.S. Treasury 4.75% 11/15/2043 <sup>(m)</sup>  | 2650 | 2654 |
| U.S. Treasury 4.625% 5/15/2044  | 1210 | 1190 |
| U.S. Treasury 3.00% 8/15/2048 <sup>(m)</sup>  | 5045 | 3743 |
| U.S. Treasury 1.25% 5/15/2050  | 1625 | 780 |
| U.S. Treasury 4.75% 11/15/2053 <sup>(m)</sup>  | 4809 | 4729 |
| U.S. Treasury 4.25% 2/15/2054  | 681 | 617 |
| U.S. Treasury 4.625% 5/15/2054 <sup>(m)</sup>  | 1836 | 1772 |
| U.S. Treasury 4.50% 11/15/2054  | 143 | 135 |
| U.S. Treasury 4.625% 2/15/2055 <sup>(m)</sup>  | 2915 | 2814 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **218** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| U.S. Treasury 4.75% 8/15/2055  | USD927 | $913 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2026 <sup>(c)</sup>  | 850 | 845 |
| U.S. Treasury Inflation-Protected Security 2.375% 10/15/2028 <sup>(c)</sup>  | 10727 | 11051 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(c)</sup>  | 3539 | 1913 |
| U.S. Treasury Inflation-Protected Security 1.50% 2/15/2053 <sup>(c)</sup>  | 186 | 145 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(c)(m)</sup>  | 2891 | 2600 |
| U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(c)</sup>  | 4653 | 4417 |
| UKG, Inc. 6.875% 2/1/2031 <sup>(e)</sup>  | 77 | 79 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(d)(l)</sup>  | 800 | 647 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(d)(l)</sup>  | 17 | 16 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(d)(l)</sup>  | 2692 | 2628 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(d)(l)</sup>  | 164 | 171 |
| Uniform Mortgage-Backed Security 7.00% 1/1/2056 <sup>(d)(l)</sup>  | 3010 | 3168 |
| Uniform Mortgage-Backed Security 2.00% 2/1/2056 <sup>(d)(l)</sup>  | 7290 | 5893 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(d)(l)</sup>  | 3696 | 3406 |
| United Mexican States 5.375% 3/22/2033  | 765 | 761 |
| United Mexican States 6.00% 5/7/2036  | 970 | 985 |
| United Mexican States 6.338% 5/4/2053  | 425 | 406 |
| United Natural Foods, Inc. 6.75% 10/15/2028 <sup>(e)</sup>  | 85 | 85 |
| United Rentals (North America), Inc. 3.875% 2/15/2031  | 130 | 124 |
| UnitedHealth Group, Inc. 5.30% 6/15/2035  | 1450 | 1502 |
| UnitedHealth Group, Inc. 5.95% 6/15/2055  | 1450 | 1490 |
| Univision Communications, Inc. 8.00% 8/15/2028 <sup>(e)</sup>  | 110 | 114 |
| Univision Communications, Inc. 4.50% 5/1/2029 <sup>(e)</sup>  | 250 | 240 |
| US Foods, Inc. 4.625% 6/1/2030 <sup>(e)</sup>  | 35 | 35 |
| Vail Resorts, Inc. 5.625% 7/15/2030 <sup>(e)</sup>  | 35 | 36 |
| Vail Resorts, Inc. 6.50% 5/15/2032 <sup>(e)</sup>  | 20 | 21 |
| Valvoline, Inc. 3.625% 6/15/2031 <sup>(e)</sup>  | 85 | 78 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 7.00% PIK 7/16/2026 <sup>(f)(g)(h)(i)(j)</sup>  | 34 | 11 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 7.00% PIK 7/16/2026 <sup>(f)(g)(h)(i)(j)</sup>  | 34 | 11 |
| Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 7.00% PIK 10/12/2028 <sup>(f)(g)(h)(i)(j)</sup>  | 56 | 18 |
| Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029 <sup>(e)</sup>  | 35 | 33 |
| Venture Global Calcasieu Pass, LLC 6.25% 1/15/2030 <sup>(e)</sup>  | 31 | 31 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(e)</sup>  | 110 | 100 |
| Venture Global LNG, Inc. 8.125% 6/1/2028 <sup>(e)</sup>  | 80 | 81 |
| Venture Global LNG, Inc. 9.875% 2/1/2032 <sup>(e)</sup>  | 82 | 85 |
| Venture Global Plaquemines LNG, LLC 6.125% 12/15/2030 <sup>(e)</sup>  | 50 | 51 |
| Venture Global Plaquemines LNG, LLC 7.50% 5/1/2033 <sup>(e)</sup>  | 55 | 59 |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(e)</sup>  | 115 | 118 |
| Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(e)</sup>  | 25 | 27 |
| Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(e)</sup>  | 85 | 87 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(a)(d)(e)</sup>  | 525 | 532 |
| Verus Securitization Trust, Series 2024-9, Class A1, 5.438% 11/25/2069 <sup>(d)(e)(h)</sup>  | 752 | 757 |
| Verus Securitization Trust, Series 2025-7, Class A1, 5.129% 8/25/2070 (6.129% on 8/1/2029) <sup>(a)(d)(e)</sup>  | 1418 | 1424 |
| Voyager Parent, LLC 9.25% 7/1/2032 <sup>(e)</sup>  | 150 | 159 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(e)</sup>  | 71 | 73 |
| Waste Management, Inc. 3.875% 1/15/2029  | 50 | 50 |
| Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(e)</sup>  | 34 | 35 |
| Weatherford International, Ltd. 6.75% 10/15/2033 <sup>(e)</sup>  | 65 | 67 |
| Wells Fargo & Co. 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027) <sup>(a)</sup>  | 4698 | 4668 |
| WESCO Distribution, Inc. 7.25% 6/15/2028 <sup>(e)</sup>  | 200 | 203 |
| WESCO Distribution, Inc. 6.625% 3/15/2032 <sup>(e)</sup>  | 150 | 157 |
| Wingspire Equipment Finance, LLC, Series 2024-1A, Class A2, 4.99% 9/20/2032 <sup>(d)(e)</sup>  | 99 | 100 |
| WMG Acquisition Corp. 3.75% 12/1/2029 <sup>(e)</sup>  | 110 | 106 |
| WMG Acquisition Corp. 3.00% 2/15/2031 <sup>(e)</sup>  | 80 | 75 |
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(b)(i)</sup>  | 74 | 81 |
| Wynn Macau, Ltd. 6.75% 2/15/2034 <sup>(e)</sup>  | 875 | 887 |
| Wynn Resorts Finance, LLC 7.125% 2/15/2031 <sup>(e)</sup>  | 43 | 47 |
|  |  | 643640 |
| **Total bonds, notes & other debt instruments** (cost: $1,378,329,000) | **Total bonds, notes & other debt instruments** (cost: $1,378,329,000) | 1345508 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **219** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Preferred securities 0.01% | Shares | Value<br> (000)<br>|
| **U.S. dollars 0.01%** |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(e)(f)(n)</sup>  | 48 | $80 |
| **Total preferred securities** (cost: $50,000) |  | 80 |
| Common stocks 0.00% |  |  |
| **U.S. dollars 0.00%** |  |  |
| Altera Infrastructure, LP <sup>(f)</sup>  | 1441 | 59 |
| Expand Energy Corp.  | 45 | 5 |
| Venator Materials PLC <sup>(f)(n)</sup>  | 232 | — <br><sup>(k)</sup><br>|
| **Total common stocks** (cost: $1,019,000) | **Total common stocks** (cost: $1,019,000) | 64 |
| Rights & warrants 0.00% |  |  |
| **U.S. dollars 0.00%** |  |  |
| Expand Energy Corp., Class C, warrants, expire 2/9/2026 <sup>(n)</sup>  | 85 | 8 |
| **Total rights & warrants** (cost: $73,000) | **Total rights & warrants** (cost: $73,000) | 8 |
| Investment funds 1.54% |  |  |
| Capital Group Central Corporate Bond Fund <sup>(o)</sup>  | 2674552 | 22734 |
| **Total investment funds** (cost: $20,987,000) | **Total investment funds** (cost: $20,987,000) | 22734 |
| Short-term securities 7.71% |  |  |
| **Money market investments 7.71%** | **Money market investments 7.71%** | **Money market investments 7.71%** |
| Capital Group Central Cash Fund 3.79% <sup>(o)(p)</sup>  | 1141484 | 114160 |
| **Total short-term securities** (cost: $114,142,000) | **Total short-term securities** (cost: $114,142,000) | 114160 |
| Options purchased (equity style) 0.00% |  |  |
| Options purchased (equity style) \* |  | 16 |
| **Total options purchased (equity style)** (cost: $81,000) | **Total options purchased (equity style)** (cost: $81,000) | 16 |
| **Total investment securities 100.19%** (cost: $1,514,681,000) | **Total investment securities 100.19%** (cost: $1,514,681,000) | 1482570 |
| Other assets less liabilities (0.19)% |  | (2800)<br>|
| **Net assets 100.00%** |  | $1479770 |

---

**\*Options purchased (equity style)**

------

**Options on foreign currencies** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| USD/JPY Foreign Currency Options | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPY147.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD15,680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **220** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

**Options purchased (futures style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| 10 Year Euro-Bund Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR126.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR12,500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(k)</sup><br>|

---

**Options written (futures style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| 10 Year Euro-Bund Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (125)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR131.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR(12,500)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 3 Month SONIA Futures | Short | 4 | 3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD(1,298)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2)<br>|
| 3 Month CORRA Futures | Long | 866 | 6/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377 |
| 3 Month Euro EURIBOR Futures | Long | 1 | 12/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(k)</sup><br>|
| 2 Year Italy Government Bond Futures | Long | 274 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61)<br>|
| 2 Year Euro-Schatz Futures | Short | 61 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7655)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| 2 Year Canadian Government Bond Futures | Long | 301 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 1141 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45)<br>|
| 3 Year Australian Treasury Bond Futures | Long | 332 | 3/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| 5 Year Euro-Bobl Futures | Long | 384 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (269)<br>|
| 5 Year Canadian Government Bond Futures | Long | 209 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (152)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 482 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (144)<br>|
| 10 Year Italy Government Bond Futures | Long | 82 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35)<br>|
| 10 Year French Government Bond Futures | Short | 36 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5102)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| 10 Year Euro-Bund Futures | Short | 416 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (62367)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460 |
| 10 Year Australian Treasury Bond Futures | Long | 145 | 3/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| 10 Year Japanese Government Bond Futures | Short | 30 | 3/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25359)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| 10 Year U.S. Treasury Note Futures | Long | 161 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (168)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Long | 69 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67)<br>|
| 10 Year UK Gilt Futures | Short | 31 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3818)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| 10 Year Canadian Government Bond Futures | Short | 241 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21230)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331 |
| 20 Year U.S. Treasury Bond Futures | Long | 153 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (251)<br>|
| 30 Year Euro-Buxl Futures | Short | 54 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6988)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 186 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (374)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(16)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **221** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br>(000) | Currency purchased <br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| TRY | 137735 | USD | 3157 | Citibank | 1/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $35 |
| MYR | 8120 | USD | 1986 | BNP Paribas | 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| USD | 1377 | MYR | 5680 | JPMorgan Chase | 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| CAD | 39278 | USD | 28223 | Barclays Bank PLC | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406 |
| GBP | 9385 | USD | 12570 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 |
| USD | 2793 | JPY | 432460 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| CZK | 117510 | USD | 5689 | Bank of New York Mellon | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| USD | 1032 | BRL | 5550 | Goldman Sachs | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| CZK | 49000 | USD | 2366 | JPMorgan Chase | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| USD | 1007 | JPY | 155470 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| CZK | 156440 | EUR | 6463 | JPMorgan Chase | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| EUR | 800 | USD | 934 | HSBC Bank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| CHF | 1007 | USD | 1271 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| USD | 1318 | IDR | 21992435 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| COP | 135700 | USD | 35 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(k)</sup><br>|
| IDR | 14450980 | USD | 869 | Goldman Sachs | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 1002 | PHP | 59200 | HSBC Bank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| EUR | 2820 | USD | 3319 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 7053 | INR | 635855 | HSBC Bank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14)<br>|
| BRL | 5610 | USD | 1042 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20)<br>|
| JPY | 331470 | USD | 2145 | Barclays Bank PLC | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27)<br>|
| USD | 1760 | CLP | 1623750 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43)<br>|
| USD | 5157 | GBP | 3860 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46)<br>|
| USD | 3577 | COP | 13816730 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64)<br>|
| USD | 3707 | KRW | 5484900 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (93)<br>|
| USD | 11254 | EUR | 9660 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (103)<br>|
| USD | 8919 | KRW | 13061798 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (130)<br>|
| SEK | 46505 | USD | 4947 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| NOK | 68290 | USD | 6741 | Bank of America | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| CNH | 21500 | USD | 3062 | UBS AG | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| USD | 1972 | NZD | 3397 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| EUR | 5100 | CAD | 8207 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| HUF | 1284310 | EUR | 3326 | JPMorgan Chase | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| PLN | 6680 | EUR | 1573 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| SGD | 1400 | USD | 1081 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| AUD | 2017 | USD | 1340 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| USD | 5075 | PLN | 18215 | BNP Paribas | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| EUR | 1778 | RON | 9075 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 4334 | HUF | 1419580 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 2870 | SGD | 3690 | UBS AG | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 274 | PLN | 1000 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 2280 | CAD | 3133 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 239 | ZAR | 4080 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)<br>|
| NZD | 2799 | USD | 1621 | Bank of America | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| USD | 2322 | NOK | 23545 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14)<br>|
| USD | 3684 | NOK | 37576 | Morgan Stanley | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45)<br>|
| USD | 5235 | THB | 166360 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50)<br>|
| USD | 14281 | AUD | 21579 | Morgan Stanley | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (121)<br>|
| USD | 14447 | HUF | 4788935 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (184)<br>|
| EUR | 22685 | USD | 26423 | Goldman Sachs | 1/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254 |
| USD | 1694 | EUR | 1440 | HSBC Bank | 1/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(k)</sup><br>|
| THB | 135185 | USD | 4307 | UBS AG | 1/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13)<br>|
| CNH | 859567 | USD | 122304 | Standard Chartered Bank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1035 |
| USD | 5262 | JPY | 811230 | Citibank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 |
| CNH | 11710 | USD | 1667 | Goldman Sachs | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| DKK | 46980 | EUR | 6289 | HSBC Bank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **222** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

**Forward currency contracts** (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased<br> (000) | Currency purchased<br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| USD | 11507 | DKK | 73090 | HSBC Bank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3)<br>|
| JPY | 1957390 | USD | 12660 | Goldman Sachs | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (147)<br>|
| JPY | 3141727 | USD | 20336 | Bank of America | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (251)<br>|
| EUR | 6922 | GBP | 6085 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61)<br>|
| USD | 7902 | GBP | 5910 | Citibank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64)<br>|
| GBP | 4060 | EUR | 4620 | HSBC Bank | 1/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| USD | 8016 | GBP | 5975 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38)<br>|
| USD | 34933 | BRL | 190062 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462 |
| USD | 772 | BRL | 4280 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| BRL | 65500 | USD | 12008 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (129)<br>|
| EUR | 29240 | USD | 34459 | Morgan Stanley | 1/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53)<br>|
| EUR | 23116 | USD | 27264 | Standard Chartered Bank | 1/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59)<br>|
| EUR | 7510 | USD | 8838 | Morgan Stanley | 3/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| EUR | 700 | USD | 820 | Bank of New York Mellon | 3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $970 |

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| 6-month EURIBOR | Semi-annual | 2.2007% | Annual | &nbsp;&nbsp; 2/10/2027 | &nbsp;&nbsp; EUR9,720 | &nbsp;&nbsp; $(2)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2)<br>|
| 6-month EURIBOR | Semi-annual | 2.2032% | Annual | &nbsp;&nbsp; 2/10/2027 | &nbsp;&nbsp; EUR9,730 | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3)<br>|
| 4.254% | Annual | SONIA | Annual | &nbsp;&nbsp; 5/9/2027 | &nbsp;&nbsp; GBP4,083 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; — | &nbsp;&nbsp; 53 |
| 3.5175% | Annual | SOFR | Annual | &nbsp;&nbsp; 8/15/2027 | &nbsp;&nbsp; USD24,180 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; — | &nbsp;&nbsp; 69 |
| SOFR | Annual | 3.4925% | Annual | &nbsp;&nbsp; 8/19/2027 | &nbsp;&nbsp; USD67,090 | &nbsp;&nbsp; (167)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (167)<br>|
| 3.515% | Annual | 6-month CZK-PRIBOR | Semi-annual | &nbsp;&nbsp; 9/2/2027 | &nbsp;&nbsp; CZK396,600 | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6)<br>|
| 6-month PLN-WIBOR | Semi-annual | 4.14% | Annual | &nbsp;&nbsp; 9/2/2027 | &nbsp;&nbsp; PLN70,510 | &nbsp;&nbsp; (156)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (156)<br>|
| SOFR | Annual | 3.2685% | Annual | &nbsp;&nbsp; 9/9/2027 | &nbsp;&nbsp; USD88,350 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; — | &nbsp;&nbsp; 88 |
| SOFR | Annual | 3.3395% | Annual | &nbsp;&nbsp; 9/23/2027 | &nbsp;&nbsp; USD67,500 | &nbsp;&nbsp; (15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (15)<br>|
| 1.9308% | Annual | Euro STR | Annual | &nbsp;&nbsp; 9/24/2027 | &nbsp;&nbsp; EUR32,500 | &nbsp;&nbsp; (56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (56)<br>|
| SOFR | Annual | 3.2355% | Annual | &nbsp;&nbsp; 9/30/2027 | &nbsp;&nbsp; USD37,230 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; — | &nbsp;&nbsp; 50 |
| SOFR | Annual | 3.28% | Annual | &nbsp;&nbsp; 12/1/2027 | &nbsp;&nbsp; USD4,480 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| 6-month EURIBOR | Semi-annual | 2.8272% | Annual | &nbsp;&nbsp; 6/18/2029 | &nbsp;&nbsp; EUR5,930 | &nbsp;&nbsp; (90)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (90)<br>|
| 3.4928% | Annual | SONIA | Annual | &nbsp;&nbsp; 8/6/2029 | &nbsp;&nbsp; GBP5,260 | &nbsp;&nbsp; (19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (19)<br>|
| SOFR | Annual | 3.4705% | Annual | &nbsp;&nbsp; 2/10/2030 | &nbsp;&nbsp; USD16,910 | &nbsp;&nbsp; (41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (41)<br>|
| 6-month EURIBOR | Semi-annual | 2.2577% | Annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; EUR2,690 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29 |
| 6-month EURIBOR | Semi-annual | 2.2592% | Annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; EUR2,690 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29 |
| 6-month EURIBOR | Semi-annual | 2.2562% | Annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; EUR2,690 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29 |
| 3.925% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; NOK32,270 | &nbsp;&nbsp; (19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (19)<br>|
| 6-month EURIBOR | Semi-annual | 2.1912% | Annual | &nbsp;&nbsp; 3/6/2030 | &nbsp;&nbsp; EUR2,500 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/24/2030 | &nbsp;&nbsp; NOK26,280 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8 |
| 4.1703% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/24/2030 | &nbsp;&nbsp; NOK16,900 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 |
| 4.162% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/24/2030 | &nbsp;&nbsp; NOK16,890 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/25/2030 | &nbsp;&nbsp; NOK62,070 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20 |
| 3-month SEK-STIBOR | Quarterly | 2.3527% | Annual | &nbsp;&nbsp; 4/22/2030 | &nbsp;&nbsp; SEK67,510 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39 |
| 3-month SEK-STIBOR | Quarterly | 2.3532% | Annual | &nbsp;&nbsp; 4/22/2030 | &nbsp;&nbsp; SEK67,510 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39 |
| 2.2053% | Annual | 6-month EURIBOR | Semi-annual | &nbsp;&nbsp; 4/22/2030 | &nbsp;&nbsp; EUR6,330 | &nbsp;&nbsp; (91)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (91)<br>|
| 2.2033% | Annual | 6-month EURIBOR | Semi-annual | &nbsp;&nbsp; 4/22/2030 | &nbsp;&nbsp; EUR6,350 | &nbsp;&nbsp; (92)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (92)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **223** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Expiration<br> date | Notional<br> amount<br> (000) | Value at<br> 12/31/2025<br> (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| Rate | &nbsp;&nbsp; Payment<br> frequency<br>| Rate | &nbsp;&nbsp; Payment<br> frequency<br>| Expiration<br> date | Notional<br> amount<br> (000) | Value at<br> 12/31/2025<br> (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| 3-month SEK-STIBOR | Quarterly | 2.2732% | Annual | &nbsp;&nbsp; 8/14/2030 | &nbsp;&nbsp; SEK60,130 | &nbsp;&nbsp; $69 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $69 |
| 2.3523% | Annual | 6-month EURIBOR | Semi-annual | &nbsp;&nbsp; 8/14/2030 | &nbsp;&nbsp; EUR5,570 | &nbsp;&nbsp; (52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (52)<br>|
| 3.8108% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 8/14/2030 | &nbsp;&nbsp; NOK98,800 | &nbsp;&nbsp; (114)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (114)<br>|
| 6-month NOK-NIBOR | Semi-annual | 3.99% | Annual | &nbsp;&nbsp; 9/22/2030 | &nbsp;&nbsp; NOK64,900 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27 |
| 6-month NOK-NIBOR | Semi-annual | 4.08% | Annual | &nbsp;&nbsp; 9/23/2030 | &nbsp;&nbsp; NOK64,270 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| 6-month NOK-NIBOR | Semi-annual | 4.09% | Annual | &nbsp;&nbsp; 9/23/2030 | &nbsp;&nbsp; NOK32,700 | &nbsp;&nbsp; — <br><sup>(k)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(k)</sup><br>|
| 3.488% | Annual | SOFR | Annual | &nbsp;&nbsp; 6/17/2031 | &nbsp;&nbsp; USD941 | &nbsp;&nbsp; — <br><sup>(k)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(k)</sup><br>|
| 3.43574% | Annual | SOFR | Annual | &nbsp;&nbsp; 6/17/2031 | &nbsp;&nbsp; USD1,098 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2)<br>|
| 2.7083% | Annual | 6-month EURIBOR | Semi-annual | &nbsp;&nbsp; 2/15/2035 | &nbsp;&nbsp; EUR7,460 | &nbsp;&nbsp; (125)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (125)<br>|
| SOFR | Annual | 3.79168% | Annual | &nbsp;&nbsp; 6/17/2036 | &nbsp;&nbsp; USD1,202 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 |
| SOFR | Annual | 3.801% | Annual | &nbsp;&nbsp; 6/17/2036 | &nbsp;&nbsp; USD1,040 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| SOFR | Annual | 3.944% | Annual | &nbsp;&nbsp; 9/9/2055 | &nbsp;&nbsp; USD3,010 | &nbsp;&nbsp; 116 | &nbsp;&nbsp; — | &nbsp;&nbsp; 116 |
| 6-month EURIBOR | Semi-annual | 2.8972% | Annual | &nbsp;&nbsp; 9/11/2055 | &nbsp;&nbsp; EUR1,740 | &nbsp;&nbsp; 139 | &nbsp;&nbsp; — | &nbsp;&nbsp; 139 |
| SOFR | Annual | 3.9305% | Annual | &nbsp;&nbsp; 9/23/2055 | &nbsp;&nbsp; USD7,440 | &nbsp;&nbsp; 304 | &nbsp;&nbsp; — | &nbsp;&nbsp; 304 |
| 6-month EURIBOR | Semi-annual | 2.9287% | Annual | &nbsp;&nbsp; 9/24/2055 | &nbsp;&nbsp; EUR3,250 | &nbsp;&nbsp; 235 | &nbsp;&nbsp; — | &nbsp;&nbsp; 235 |
| 4.13862% | Annual | SOFR | Annual | &nbsp;&nbsp; 6/17/2056 | &nbsp;&nbsp; USD291 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2)<br>|
| 4.097% | Annual | SOFR | Annual | &nbsp;&nbsp; 6/17/2056 | &nbsp;&nbsp; USD253 | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; $348 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $348 |

---

**Bilateral interest rate swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Counterparty | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Counterparty | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| 12.215% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL44,390 | &nbsp;&nbsp; $(284)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(284)<br>|
| 11.22441676% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL30,865 | &nbsp;&nbsp; (343)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (343)<br>|
| 11.91% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL79,860 | &nbsp;&nbsp; (600)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (600)<br>|
| 11.405% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL100,270 | &nbsp;&nbsp; (955)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (955)<br>|
| 14.115% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL14,440 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; — | &nbsp;&nbsp; 66 |
| 14.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL10,600 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44 |
| 14.05% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL6,440 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26 |
| 11.495% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL35,980 | &nbsp;&nbsp; (513)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (513)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $(2559)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2559)<br>|

---

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.45 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,422 | &nbsp;&nbsp;&nbsp;&nbsp; $(100)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(99)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1)<br>|
| ITRAXX.EUR.44 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; EUR23,910 | &nbsp;&nbsp;&nbsp;&nbsp; (648)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (603)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (45)<br>|
| CDX.NA.HY.45 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD13,200 | &nbsp;&nbsp;&nbsp;&nbsp; (1009)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (960)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (49)<br>|
| CDX.EM.44 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9890 | &nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp;&nbsp; (106)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(1651)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1450)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(201)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **224** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

**Swap contracts** (continued)

------

**Credit default swaps** (continued)

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <sup>(q)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <sup>(r)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| ITRAXX.EUR.XO.44 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; EUR4,180 | &nbsp;&nbsp;&nbsp;&nbsp; $544 | &nbsp;&nbsp;&nbsp;&nbsp; $520 | &nbsp;&nbsp;&nbsp;&nbsp; $24 |

---

**Investments in affiliates** <sup>(o)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Investment funds 1.54%** |  |  |  |  |  |  |  |
| Capital Group Central Corporate Bond Fund  | $21147 | &nbsp;&nbsp; $1043 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $544 | &nbsp;&nbsp; $22734 | &nbsp;&nbsp; $1043 |
| **Short-term securities 7.71%** |  |  |  |  |  |  |  |
| **Money market investments 7.71%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(p)</sup>  | 23214 | &nbsp;&nbsp; 581246 | &nbsp;&nbsp; 490311 | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; 114160 | &nbsp;&nbsp; 3583 |
| **Total 9.25%** |  |  |  | &nbsp;&nbsp; $(6)<br>| &nbsp;&nbsp; $561 | &nbsp;&nbsp; $136894 | &nbsp;&nbsp; $4626 |

---

**Restricted securities** <sup>(b)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Bank of America Corp. 3.648% 3/31/2029 (3-month <br> EUR-EURIBOR + 3.67% on 3/31/2028) <sup>(a)</sup> <br>| 5/19/2020 | $5709 | $5993 | 0.41<br> %<br>|
| CSN Inova Ventures 6.75% 1/28/2028  | 12/5/2025 - 12/11/2025 | 2558 | 2542 | 0.17 |
| Metropolitan Life Global Funding I 0.55% 6/16/2027  | 12/11/2023 | 2071 | 2287 | 0.15 |
| Stillwater Mining Co. 4.00% 11/16/2026  | 1/26/2024-2/20/2024 | 2013 | 2077 | 0.14 |
| Sasol Financing USA, LLC 8.75% 5/3/2029  | 7/18/2023-2/16/2024 | 1337 | 1355 | 0.09 |
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(i)</sup> <br>| 9/29/2025 | 74 | 81 | 0.01 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term <br> SOFR + 7.25%) 10.973% 9/13/2029 <sup>(g)(h)</sup> <br>| 9/13/2023 | 26 | 27 | 0.00 <br><sup>(s)</sup><br>|
| **Total** |  | $13788 | $14362 | 0.97<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **225** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Step bond; coupon rate may change at a later date.

<sup>(b)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(c)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(d)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(e)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $156,400,000, which represented 10.57% of the net assets of the fund. 

<sup>(f)</sup> Value determined using significant unobservable inputs.

<sup>(g)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $1,355,000, which represented 0.09% of the net assets of the fund. 

<sup>(h)</sup> 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. 

<sup>(i)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

<sup>(j)</sup> Scheduled interest and/or principal payment was not received.

<sup>(k)</sup> Amount less than one thousand.

<sup>(l)</sup> Represents securities transacted on a TBA basis.

<sup>(m)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $14,108,000, which represented 0.95% of the net assets of the fund. 

<sup>(n)</sup> Non-income producing.

<sup>(o)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(p)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(q)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>(r)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

<sup>(s)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| Assn. = Association |
| AUD = Australian dollars |
| BRL = Brazilian reais |
| BZDIOVER = Overnight Brazilian Interbank Deposit <br> Rate<br>|
| CAD = Canadian dollars |
| CHF = Swiss francs |
| CLO = Collateralized Loan Obligations |
| CLP = Chilean pesos |
| CME = CME Group |
| CNH = Chinese yuan renminbi |
| CNY = Chinese yuan renminbi |
| COP = Colombian pesos |
| CORRA = Canadian Overnight Repo Rate Average |
| CZK = Czech korunas |
| DAC = Designated Activity Company |
| DKK = Danish kroner |
| EUR = Euros |

---

---

| |
|:---|
| EURIBOR = Euro Interbank Offered Rate |
| GBP = British pounds |
| HUF = Hungarian forints |
| ICE = Intercontinental Exchange, Inc. |
| IDR = Indonesian rupiah |
| INR = Indian rupees |
| JPY = Japanese yen |
| KRW = South Korean won |
| MXN = Mexican pesos |
| MYR = Malaysian ringgits |
| NIBOR = Norwegian Interbank Offered Rate |
| NOK = Norwegian kroner |
| NZD = New Zealand dollars |
| PHP = Philippine pesos |
| PIK = Payment In Kind |
| PLN = Polish zloty |
| PRIBOR = Prague Interbank Offered Rate |
| Ref. = Refunding |

---

---

| |
|:---|
| REIT = Real Estate Investment Trust |
| Rev. = Revenue |
| RON = Romanian leu |
| SEK = Swedish kronor |
| SGD = Singapore dollars |
| SOFR = Secured Overnight Financing Rate |
| SONIA = Sterling Overnight Interbank Average Rate |
| STIBOR = Stockholm Interbank Offered Rate |
| STR = Short-Term Rate |
| TBA = To be announced |
| THB = Thai baht |
| TRY = Turkish lira |
| USD = U.S. dollars |
| UST = U.S. Treasury |
| WIBOR = Warsaw Interbank Offered Rate |
| ZAR = South African rand |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **226** |

---

------

American High-Income Trust<sup>®</sup>

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 88.59% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes 84.57%** | **Corporate bonds and notes 84.57%** | **Corporate bonds and notes 84.57%** |
| **Communication services 14.33%** |  |  |
| Altice France 6.50% 4/15/2032 <sup>(a)</sup>  | USD3,080 | $2955 |
| Altice France 6.875% 7/15/2032 <sup>(a)</sup>  | 1295 | 1243 |
| Altice France SA 10.00% 1/15/2033 <sup>(a)</sup>  | 80 | 73 |
| CCO Holdings, LLC 5.50% 5/1/2026 <sup>(a)</sup>  | 102 | 102 |
| CCO Holdings, LLC 5.00% 2/1/2028 <sup>(a)</sup>  | 1041 | 1033 |
| CCO Holdings, LLC 5.375% 6/1/2029 <sup>(a)</sup>  | 720 | 712 |
| CCO Holdings, LLC 6.375% 9/1/2029 <sup>(a)</sup>  | 445 | 451 |
| CCO Holdings, LLC 4.75% 3/1/2030 <sup>(a)</sup>  | 3281 | 3136 |
| CCO Holdings, LLC 4.50% 8/15/2030 <sup>(a)</sup>  | 2644 | 2491 |
| CCO Holdings, LLC 4.25% 2/1/2031 <sup>(a)</sup>  | 3164 | 2909 |
| CCO Holdings, LLC 7.375% 3/1/2031 <sup>(a)</sup>  | 70 | 72 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(a)</sup>  | 3163 | 2893 |
| CCO Holdings, LLC 4.50% 5/1/2032  | 2669 | 2397 |
| CCO Holdings, LLC 4.50% 6/1/2033 <sup>(a)</sup>  | 3357 | 2942 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(a)</sup>  | 5497 | 4679 |
| Charter Communications Operating, LLC 4.80% 3/1/2050  | 437 | 329 |
| Charter Communications Operating, LLC 3.70% 4/1/2051  | 473 | 299 |
| Charter Communications Operating, LLC 3.90% 6/1/2052  | 950 | 614 |
| Charter Communications Operating, LLC 5.25% 4/1/2053  | 577 | 457 |
| Charter Communications Operating, LLC 3.85% 4/1/2061  | 175 | 104 |
| Clear Channel Outdoor Holdings, Inc. 7.75% 4/15/2028 <sup>(a)</sup>  | 670 | 671 |
| Clear Channel Outdoor Holdings, Inc. 7.50% 6/1/2029 <sup>(a)</sup>  | 430 | 427 |
| Clear Channel Outdoor Holdings, Inc. 7.125% 2/15/2031 <sup>(a)</sup>  | 925 | 972 |
| Connect Finco SARL 9.00% 9/15/2029 <sup>(a)</sup>  | 7980 | 8475 |
| CSC Holdings, LLC 5.50% 4/15/2027 <sup>(a)</sup>  | 230 | 197 |
| Cumulus Media New Holdings, Inc. 8.00% 7/1/2029 <sup>(a)</sup>  | 285 | 78 |
| DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(a)</sup>  | 2109 | 2123 |
| DIRECTV Financing, LLC 8.875% 2/1/2030 <sup>(a)</sup>  | 2865 | 2902 |
| Discovery Communications, LLC 4.125% 5/15/2029  | 300 | 290 |
| DISH Network Corp. 11.75% 11/15/2027 <sup>(a)</sup>  | 11088 | 11547 |
| EchoStar Corp. 10.75% 11/30/2029  | 5568 | 6162 |
| EchoStar Corp. 6.75% Cash 11/30/2030 <sup>(b)</sup>  | 5450 | 5590 |
| Embarq, LLC 7.995% 6/1/2036  | 4729 | 1962 |
| Frontier Communications Holdings, LLC 5.875% 10/15/2027 <sup>(a)</sup>  | 445 | 448 |
| Frontier Communications Holdings, LLC 6.75% 5/1/2029 <sup>(a)</sup>  | 3655 | 3685 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029  | 2625 | 2659 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(a)</sup>  | 3161 | 3217 |
| Frontier Communications Holdings, LLC 8.75% 5/15/2030 <sup>(a)</sup>  | 50 | 52 |
| Frontier Communications Holdings, LLC 8.625% 3/15/2031 <sup>(a)</sup>  | 225 | 238 |
| Gray Media, Inc. 10.50% 7/15/2029 <sup>(a)</sup>  | 3591 | 3868 |
| Gray Media, Inc. 4.75% 10/15/2030 <sup>(a)</sup>  | 791 | 614 |
| Gray Media, Inc. 5.375% 11/15/2031 <sup>(a)</sup>  | 2538 | 1905 |
| Gray Media, Inc. 9.625% 7/15/2032 <sup>(a)</sup>  | 3093 | 3212 |
| Lamar Media Corp. 4.00% 2/15/2030  | 260 | 252 |
| Lamar Media Corp. 3.625% 1/15/2031  | 360 | 339 |
| Lamar Media Corp. 5.375% 11/1/2033 <sup>(a)</sup>  | 450 | 448 |
| Ligado Networks, LLC 17.50% PIK 11/1/2023 <sup>(a)(b)(c)</sup>  | 3296 | 840 |
| Lindblad Expeditions, LLC 7.00% 9/15/2030 <sup>(a)</sup>  | 883 | 922 |
| News Corp. 3.875% 5/15/2029 <sup>(a)</sup>  | 310 | 301 |
| Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(a)</sup>  | 3780 | 3755 |
| Paramount Global 7.875% 7/30/2030  | 130 | 141 |
| Paramount Global 6.875% 4/30/2036  | 490 | 483 |
| Scripps Escrow II, Inc. 3.875% 1/15/2029 <sup>(a)</sup>  | 280 | 258 |
| Sinclair Television Group, Inc. 8.125% 2/15/2033 <sup>(a)</sup>  | 1120 | 1171 |
| Sirius XM Radio, LLC 3.125% 9/1/2026 <sup>(a)</sup>  | 1760 | 1750 |
| Sirius XM Radio, LLC 5.00% 8/1/2027 <sup>(a)</sup>  | 700 | 704 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(a)</sup>  | 3484 | 3410 |
| Sirius XM Radio, LLC 5.50% 7/1/2029 <sup>(a)</sup>  | 510 | 514 |
| Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(a)</sup>  | 3380 | 3217 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(a)</sup>  | 5536 | 5102 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **227** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Communication services (continued)** |  |  |
| Snap, Inc. 6.875% 3/1/2033 <sup>(a)</sup>  | USD1,540 | $1597 |
| Stagwell Global, LLC 5.625% 8/15/2029 <sup>(a)</sup>  | 1010 | 986 |
| TEGNA, Inc. 5.00% 9/15/2029  | 1151 | 1142 |
| Univision Communications, Inc. 8.00% 8/15/2028 <sup>(a)</sup>  | 2180 | 2259 |
| Univision Communications, Inc. 4.50% 5/1/2029 <sup>(a)</sup>  | 4970 | 4778 |
| Univision Communications, Inc. 7.375% 6/30/2030 <sup>(a)</sup>  | 2552 | 2603 |
| Univision Communications, Inc. 8.50% 7/31/2031 <sup>(a)</sup>  | 995 | 1040 |
| Univision Communications, Inc. 9.375% 8/1/2032 <sup>(a)</sup>  | 3805 | 4092 |
| Verizon Communications, Inc. 2.355% 3/15/2032  | 21 | 19 |
| Verizon Communications, Inc. 4.75% 1/15/2033  | 79 | 79 |
| Verizon Communications, Inc. 5.75% 11/30/2045  | 19 | 19 |
| Verizon Communications, Inc. 5.875% 11/30/2055  | 48 | 47 |
| Verizon Communications, Inc. 6.00% 11/30/2065  | 22 | 22 |
| Versant Media Group, Inc. 7.25% 1/30/2031 <sup>(a)</sup>  | 1265 | 1306 |
| VMED 02 UK Financing I PLC 4.25% 1/31/2031 <sup>(a)</sup>  | 550 | 502 |
| WarnerMedia Holdings, Inc. 3.755% 3/15/2027  | 360 | 358 |
| WarnerMedia Holdings, Inc. 4.054% 3/15/2029  | 2821 | 2745 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032  | 2970 | 2611 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042  | 6878 | 4858 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052  | 326 | 216 |
| WMG Acquisition Corp. 3.75% 12/1/2029 <sup>(a)</sup>  | 1498 | 1443 |
| WMG Acquisition Corp. 3.875% 7/15/2030 <sup>(a)</sup>  | 957 | 919 |
| WMG Acquisition Corp. 3.00% 2/15/2031 <sup>(a)</sup>  | 225 | 210 |
| Ziggo BV 4.875% 1/15/2030 <sup>(a)</sup>  | 215 | 203 |
|  |  | 148846 |
| **Energy 12.21%** |  |  |
| 3R Lux SARL 9.75% 2/5/2031 <sup>(a)</sup>  | 675 | 695 |
| Aker BP ASA 5.25% 10/30/2035 <sup>(a)</sup>  | 195 | 191 |
| Antero Midstream Partners, LP 5.75% 7/1/2034 <sup>(a)</sup>  | 575 | 580 |
| Archrock Partners, LP 6.25% 4/1/2028 <sup>(a)</sup>  | 255 | 257 |
| Archrock Partners, LP 6.625% 9/1/2032 <sup>(a)</sup>  | 520 | 537 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(a)</sup>  | 1855 | 1867 |
| Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(a)</sup>  | 1175 | 1219 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(a)</sup>  | 1150 | 1191 |
| BIP-V Chinook Holdco, LLC 5.50% 6/15/2031 <sup>(a)</sup>  | 1210 | 1198 |
| Blue Racer Midstream, LLC 7.00% 7/15/2029 <sup>(a)</sup>  | 125 | 131 |
| Blue Racer Midstream, LLC 7.25% 7/15/2032 <sup>(a)</sup>  | 40 | 43 |
| Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(a)</sup>  | 2010 | 2023 |
| Borr IHC, Ltd. 10.375% 11/15/2030 <sup>(a)</sup>  | 646 | 644 |
| California Resources Corp. 8.25% 6/15/2029 <sup>(a)</sup>  | 520 | 544 |
| Caturus Energy, LLC 8.50% 2/15/2030 <sup>(a)</sup>  | 1080 | 1126 |
| Chord Energy Corp. 6.75% 3/15/2033 <sup>(a)</sup>  | 990 | 1024 |
| CITGO Petroleum Corp. 8.375% 1/15/2029 <sup>(a)</sup>  | 1220 | 1273 |
| Civitas Resources, Inc. 5.00% 10/15/2026 <sup>(a)</sup>  | 585 | 586 |
| Civitas Resources, Inc. 8.375% 7/1/2028 <sup>(a)</sup>  | 740 | 763 |
| Civitas Resources, Inc. 8.625% 11/1/2030 <sup>(a)</sup>  | 585 | 614 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(a)</sup>  | 2207 | 2292 |
| Civitas Resources, Inc. 9.625% 6/15/2033 <sup>(a)</sup>  | 290 | 313 |
| CNX Midstream Partners, LP 4.75% 4/15/2030 <sup>(a)</sup>  | 280 | 273 |
| CNX Resources Corp. 6.00% 1/15/2029 <sup>(a)</sup>  | 1754 | 1768 |
| CNX Resources Corp. 7.375% 1/15/2031 <sup>(a)</sup>  | 931 | 968 |
| CNX Resources Corp. 7.25% 3/1/2032 <sup>(a)</sup>  | 2160 | 2256 |
| Comstock Resources, Inc. 6.75% 3/1/2029 <sup>(a)</sup>  | 405 | 406 |
| Comstock Resources, Inc. 5.875% 1/15/2030 <sup>(a)</sup>  | 890 | 866 |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(a)</sup>  | 1950 | 2030 |
| Crescent Energy Finance, LLC 9.25% 2/15/2028 <sup>(a)</sup>  | 907 | 939 |
| Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(a)</sup>  | 1635 | 1586 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **228** |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** |  |  |
| Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(a)</sup>  | USD1,215 | $1154 |
| Crescent Energy Finance, LLC 8.375% 1/15/2034 <sup>(a)</sup>  | 495 | 492 |
| Diamond Foreign Asset Co. 8.50% 10/1/2030 <sup>(a)</sup>  | 420 | 446 |
| DT Midstream, Inc. 4.125% 6/15/2029 <sup>(a)</sup>  | 1408 | 1390 |
| DT Midstream, Inc. 4.375% 6/15/2031 <sup>(a)</sup>  | 307 | 301 |
| Energean Israel Finance, Ltd. 5.375% 3/30/2028 <sup>(a)</sup>  | 775 | 766 |
| Energean Israel Finance, Ltd. 5.875% 3/30/2031 <sup>(a)</sup>  | 1040 | 1009 |
| Energy Transfer, LP 6.00% 2/1/2029 <sup>(a)</sup>  | 55 | 56 |
| EQT Corp. 6.375% 4/1/2029  | 185 | 192 |
| EQT Corp. 4.75% 1/15/2031  | 1350 | 1359 |
| EQT Corp. 3.625% 5/15/2031 <sup>(a)</sup>  | 290 | 273 |
| Expand Energy Corp. 4.875% 4/15/2022 <sup>(c)</sup>  | 4300 | 1 |
| Expand Energy Corp. 6.75% 4/15/2029 <sup>(a)</sup>  | 280 | 282 |
| Expand Energy Corp. 5.375% 3/15/2030  | 780 | 791 |
| Expand Energy Corp. 4.75% 2/1/2032  | 290 | 286 |
| Genesis Energy, LP 7.75% 2/1/2028  | 72 | 72 |
| Genesis Energy, LP 8.25% 1/15/2029  | 1545 | 1618 |
| Genesis Energy, LP 8.875% 4/15/2030  | 1225 | 1295 |
| Genesis Energy, LP 7.875% 5/15/2032  | 2785 | 2905 |
| Global Partners, LP 6.875% 1/15/2029  | 135 | 137 |
| Global Partners, LP 8.25% 1/15/2032 <sup>(a)</sup>  | 580 | 613 |
| Global Partners, LP 7.125% 7/1/2033 <sup>(a)</sup>  | 385 | 394 |
| Gulfport Energy Operating Corp. 6.75% 9/1/2029 <sup>(a)</sup>  | 395 | 408 |
| Harbour Energy PLC 5.50% 10/15/2026 <sup>(a)</sup>  | 1065 | 1059 |
| Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(a)</sup>  | 1432 | 1454 |
| Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(a)</sup>  | 520 | 542 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(a)</sup>  | 775 | 792 |
| Hess Midstream Operations, LP 5.125% 6/15/2028 <sup>(a)</sup>  | 361 | 363 |
| Hess Midstream Operations, LP 6.50% 6/1/2029 <sup>(a)</sup>  | 695 | 720 |
| Hess Midstream Operations, LP 4.25% 2/15/2030 <sup>(a)</sup>  | 1430 | 1404 |
| Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(a)</sup>  | 490 | 498 |
| Hilcorp Energy I, LP 5.75% 2/1/2029 <sup>(a)</sup>  | 805 | 798 |
| Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(a)</sup>  | 837 | 817 |
| Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(a)</sup>  | 783 | 747 |
| Hilcorp Energy I, LP 6.25% 4/15/2032 <sup>(a)</sup>  | 605 | 572 |
| Hilcorp Energy I, LP 8.375% 11/1/2033 <sup>(a)</sup>  | 1258 | 1290 |
| Kodiak Gas Services, LLC 7.25% 2/15/2029 <sup>(a)</sup>  | 350 | 364 |
| Kodiak Gas Services, LLC 6.50% 10/1/2033 <sup>(a)</sup>  | 200 | 204 |
| Kodiak Gas Services, LLC 6.75% 10/1/2035 <sup>(a)</sup>  | 200 | 206 |
| Matador Resources Co. 6.875% 4/15/2028 <sup>(a)</sup>  | 275 | 282 |
| Matador Resources Co. 6.50% 4/15/2032 <sup>(a)</sup>  | 720 | 731 |
| Matador Resources Co. 6.25% 4/15/2033 <sup>(a)</sup>  | 1245 | 1251 |
| Mesquite Energy, Inc. 7.25% 2/15/2023 <sup>(a)(c)</sup>  | 739 | 4 |
| Murphy Oil Corp. 6.375% 7/15/2028  | 243 | 245 |
| Murphy Oil Corp. 6.00% 10/1/2032  | 410 | 410 |
| Murphy Oil USA, Inc. 3.75% 2/15/2031 <sup>(a)</sup>  | 820 | 770 |
| Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(a)</sup>  | 1225 | 1285 |
| Nabors Industries, Inc. 8.875% 8/15/2031 <sup>(a)</sup>  | 445 | 432 |
| Nabors Industries, Inc. 7.625% 11/15/2032 <sup>(a)</sup>  | 1240 | 1220 |
| Nabors Industries, Ltd. 7.50% 1/15/2028 <sup>(a)</sup>  | 75 | 75 |
| New Fortress Energy, Inc. 6.50% 9/30/2026 <sup>(a)</sup>  | 745 | 57 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(a)(c)</sup>  | 18263 | 5296 |
| NGL Energy Operating, LLC 8.125% 2/15/2029 <sup>(a)</sup>  | 105 | 109 |
| NGL Energy Operating, LLC 8.375% 2/15/2032 <sup>(a)</sup>  | 490 | 508 |
| Noble Finance II, LLC 8.00% 4/15/2030 <sup>(a)</sup>  | 1695 | 1762 |
| Northern Oil and Gas, Inc. 8.75% 6/15/2031 <sup>(a)</sup>  | 360 | 364 |
| Northern Oil and Gas, Inc. 7.875% 10/15/2033 <sup>(a)</sup>  | 895 | 872 |
| NuStar Logistics, LP 6.00% 6/1/2026  | 286 | 288 |
| Occidental Petroleum Corp. 6.60% 3/15/2046  | 582 | 604 |
| Occidental Petroleum Corp. 6.05% 10/1/2054  | 1200 | 1148 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **229** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** |  |  |
| Permian Resources Operating, LLC 8.00% 4/15/2027 <sup>(a)</sup>  | USD58 | $59 |
| Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(a)</sup>  | 955 | 999 |
| Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(a)</sup>  | 1490 | 1529 |
| Petrobras Global Finance BV 5.125% 9/10/2030  | 1070 | 1050 |
| Petroleos Mexicanos 8.75% 6/2/2029  | 880 | 944 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 510 | 518 |
| Petroleos Mexicanos 5.95% 1/28/2031  | 1010 | 978 |
| Petroleos Mexicanos 7.69% 1/23/2050  | 185 | 166 |
| Petroleos Mexicanos 6.95% 1/28/2060  | 320 | 261 |
| Range Resources Corp. 8.25% 1/15/2029  | 500 | 510 |
| Range Resources Corp. 4.75% 2/15/2030 <sup>(a)</sup>  | 285 | 282 |
| Seadrill Finance, Ltd. 8.375% 8/1/2030 <sup>(a)</sup>  | 200 | 208 |
| Suburban Propane Partners, LP 5.00% 6/1/2031 <sup>(a)</sup>  | 335 | 322 |
| Summit Midstream Holdings, LLC 8.625% 10/31/2029 <sup>(a)</sup>  | 1785 | 1852 |
| Sunoco, LP 6.00% 4/15/2027  | 547 | 550 |
| Sunoco, LP 5.875% 7/15/2027 <sup>(a)</sup>  | 535 | 538 |
| Sunoco, LP 5.875% 3/15/2028  | 290 | 292 |
| Sunoco, LP 7.00% 5/1/2029 <sup>(a)</sup>  | 300 | 313 |
| Sunoco, LP 4.50% 5/15/2029  | 1970 | 1936 |
| Sunoco, LP 4.50% 4/30/2030  | 1880 | 1837 |
| Sunoco, LP 4.625% 5/1/2030 <sup>(a)</sup>  | 440 | 428 |
| Sunoco, LP 5.625% 3/15/2031 <sup>(a)</sup>  | 925 | 932 |
| Sunoco, LP 7.25% 5/1/2032 <sup>(a)</sup>  | 1335 | 1412 |
| Sunoco, LP 6.625% 8/15/2032 <sup>(a)</sup>  | 70 | 72 |
| Sunoco, LP 6.25% 7/1/2033 <sup>(a)</sup>  | 810 | 830 |
| Sunoco, LP 5.875% 3/15/2034 <sup>(a)</sup>  | 810 | 810 |
| Sunoco, LP 7.875% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 4.23% on 9/18/2030) <sup>(a)(d)</sup>  | 1775 | 1825 |
| Talos Production, Inc. 9.00% 2/1/2029 <sup>(a)</sup>  | 985 | 1026 |
| Talos Production, Inc. 9.375% 2/1/2031 <sup>(a)</sup>  | 1355 | 1416 |
| Targa Resources Partners, LP 5.50% 3/1/2030  | 327 | 332 |
| Targa Resources Partners, LP 4.875% 2/1/2031  | 180 | 181 |
| TGS ASA 8.50% 1/15/2030 <sup>(a)</sup>  | 710 | 744 |
| Tidewater, Inc. 9.125% 7/15/2030 <sup>(a)</sup>  | 265 | 285 |
| Transocean Aquila, Ltd. 8.00% 9/30/2028 <sup>(a)</sup>  | 387 | 398 |
| Transocean International, Ltd. 8.75% 2/15/2030 <sup>(a)</sup>  | 374 | 391 |
| Transocean International, Ltd. 7.875% 10/15/2032 <sup>(a)</sup>  | 290 | 304 |
| Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(a)</sup>  | 961 | 982 |
| Transocean, Inc. 8.50% 5/15/2031 <sup>(a)</sup>  | 665 | 659 |
| Transocean, Inc. 6.80% 3/15/2038  | 425 | 366 |
| USA Compression Partners, LP 7.125% 3/15/2029 <sup>(a)</sup>  | 430 | 445 |
| USA Compression Partners, LP 6.25% 10/1/2033 <sup>(a)</sup>  | 1045 | 1058 |
| Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029 <sup>(a)</sup>  | 1070 | 1004 |
| Venture Global Calcasieu Pass, LLC 6.25% 1/15/2030 <sup>(a)</sup>  | 325 | 329 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(a)</sup>  | 1935 | 1762 |
| Venture Global Calcasieu Pass, LLC 3.875% 11/1/2033 <sup>(a)</sup>  | 1575 | 1351 |
| Venture Global LNG, Inc. 8.125% 6/1/2028 <sup>(a)</sup>  | 915 | 927 |
| Venture Global LNG, Inc. 9.50% 2/1/2029 <sup>(a)</sup>  | 405 | 420 |
| Venture Global LNG, Inc. 7.00% 1/15/2030 <sup>(a)</sup>  | 1025 | 987 |
| Venture Global LNG, Inc. 8.375% 6/1/2031 <sup>(a)</sup>  | 1785 | 1776 |
| Venture Global LNG, Inc. 9.875% 2/1/2032 <sup>(a)</sup>  | 885 | 915 |
| Venture Global LNG, Inc. 9.00% junior subordinated perpetual preferred bonds (5-year UST Yield Curve <br> Rate T Note Constant Maturity + 5.44% on 9/30/2029) <sup>(a)(d)</sup>  | 413 | 327 |
| Venture Global Plaquemines LNG, LLC 6.125% 12/15/2030 <sup>(a)</sup>  | 920 | 937 |
| Venture Global Plaquemines LNG, LLC 7.50% 5/1/2033 <sup>(a)</sup>  | 835 | 903 |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(a)</sup>  | 1690 | 1732 |
| Venture Global Plaquemines LNG, LLC 6.50% 6/15/2034 <sup>(a)</sup>  | 550 | 562 |
| Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(a)</sup>  | 970 | 1063 |
| Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(a)</sup>  | 1470 | 1506 |
| Vital Energy, Inc. 7.875% 4/15/2032 <sup>(a)</sup>  | 700 | 690 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **230** |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** |  |  |
| Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(a)</sup>  | USD1,375 | $1410 |
| Weatherford International, Ltd. 6.75% 10/15/2033 <sup>(a)</sup>  | 1030 | 1055 |
| Western Midstream Operating, LP 4.50% 3/1/2028  | 239 | 240 |
| Western Midstream Operating, LP 5.25% 2/1/2050  | 300 | 257 |
| Wildfire Intermediate Holdings, LLC 7.50% 10/15/2029 <sup>(a)</sup>  | 395 | 400 |
| YPF SA 8.75% 9/11/2031  | 190 | 197 |
|  |  | 126776 |
| **Consumer discretionary 10.29%** |  |  |
| Acushnet Co. 5.625% 12/1/2033 <sup>(a)</sup>  | 645 | 654 |
| Advance Auto Parts, Inc. 5.95% 3/9/2028  | 953 | 975 |
| Advance Auto Parts, Inc. 3.90% 4/15/2030  | 920 | 845 |
| Advance Auto Parts, Inc. 3.50% 3/15/2032  | 959 | 817 |
| Advance Auto Parts, Inc. 7.375% 8/1/2033 <sup>(a)</sup>  | 305 | 306 |
| Allied Universal Holdco, LLC 4.625% 6/1/2028 <sup>(a)</sup>  | 555 | 548 |
| Allied Universal Holdco, LLC 6.00% 6/1/2029 <sup>(a)</sup>  | 1245 | 1233 |
| Allied Universal Holdco, LLC 6.875% 6/15/2030 <sup>(a)</sup>  | 1375 | 1432 |
| Allied Universal Holdco, LLC 7.875% 2/15/2031 <sup>(a)</sup>  | 430 | 453 |
| Asbury Automotive Group, Inc. 4.625% 11/15/2029 <sup>(a)</sup>  | 1275 | 1254 |
| Asbury Automotive Group, Inc. 5.00% 2/15/2032 <sup>(a)</sup>  | 600 | 583 |
| Bath & Body Works, Inc. 6.875% 11/1/2035  | 791 | 801 |
| Bath & Body Works, Inc. 6.75% 7/1/2036  | 295 | 293 |
| Beach Acquisition Bidco, LLC 10.75% PIK or 10.00% Cash 7/15/2033 <sup>(a)(b)</sup>  | 605 | 668 |
| Boyd Gaming Corp. 4.75% 6/15/2031 <sup>(a)</sup>  | 1330 | 1300 |
| Caesars Entertainment, Inc. 4.625% 10/15/2029 <sup>(a)</sup>  | 1394 | 1338 |
| Caesars Entertainment, Inc. 7.00% 2/15/2030 <sup>(a)</sup>  | 1870 | 1938 |
| Caesars Entertainment, Inc. 6.50% 2/15/2032 <sup>(a)</sup>  | 1025 | 1051 |
| Caesars Entertainment, Inc. 6.00% 10/15/2032 <sup>(a)</sup>  | 185 | 180 |
| Carnival Corp. 4.00% 8/1/2028 <sup>(a)</sup>  | 1450 | 1429 |
| Carnival Corp. 5.125% 5/1/2029 <sup>(a)</sup>  | 870 | 880 |
| Carnival Corp. 7.00% 8/15/2029 <sup>(a)</sup>  | 135 | 142 |
| Carnival Corp. 5.75% 8/1/2032 <sup>(a)</sup>  | 3044 | 3128 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(a)</sup>  | 3765 | 3890 |
| Cougar JV Subsidiary, LLC 8.00% 5/15/2032 <sup>(a)</sup>  | 575 | 617 |
| Fertitta Entertainment, LLC 4.625% 1/15/2029 <sup>(a)</sup>  | 1250 | 1215 |
| Fertitta Entertainment, LLC 6.75% 1/15/2030 <sup>(a)</sup>  | 1760 | 1675 |
| First Student Bidco, Inc. 4.00% 7/31/2029 <sup>(a)</sup>  | 1410 | 1375 |
| Flutter Treasury DAC 6.125% 6/4/2031  | GBP320 | 435 |
| Ford Motor Co. 3.25% 2/12/2032  | USD2,790 | 2460 |
| Ford Motor Credit Co., LLC 4.271% 1/9/2027  | 495 | 493 |
| Ford Motor Credit Co., LLC 3.815% 11/2/2027  | 115 | 113 |
| Ford Motor Credit Co., LLC 5.918% 3/20/2028  | 200 | 205 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028  | 335 | 352 |
| Ford Motor Credit Co., LLC 5.113% 5/3/2029  | 695 | 696 |
| Ford Motor Credit Co., LLC 5.875% 11/7/2029  | 225 | 231 |
| Ford Motor Credit Co., LLC 7.20% 6/10/2030  | 370 | 397 |
| Ford Motor Credit Co., LLC 5.73% 9/5/2030  | 2263 | 2299 |
| Ford Motor Credit Co., LLC 4.00% 11/13/2030  | 550 | 520 |
| Ford Motor Credit Co., LLC 6.05% 3/5/2031  | 570 | 586 |
| Ford Motor Credit Co., LLC 3.625% 6/17/2031  | 440 | 403 |
| Ford Motor Credit Co., LLC 6.532% 3/19/2032  | 2185 | 2286 |
| Ford Motor Credit Co., LLC 7.122% 11/7/2033  | 405 | 435 |
| Ford Motor Credit Co., LLC 6.125% 3/8/2034  | 1955 | 1987 |
| Ford Motor Credit Co., LLC 6.50% 2/7/2035  | 2755 | 2855 |
| Ford Motor Credit Co., LLC 5.869% 10/31/2035  | 4390 | 4337 |
| Gap, Inc. 3.625% 10/1/2029 <sup>(a)</sup>  | 170 | 161 |
| Gap, Inc. 3.875% 10/1/2031 <sup>(a)</sup>  | 108 | 100 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035  | 530 | 553 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **231** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer discretionary (continued)** |  |  |
| Genting New York, LLC 7.25% 10/1/2029 <sup>(a)</sup>  | USD1,440 | $1478 |
| Great Canadian Gaming Corp. 8.75% 11/15/2029 <sup>(a)</sup>  | 1790 | 1809 |
| Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(a)</sup>  | 1045 | 1001 |
| Hilton Domestic Operating Co., Inc. 5.75% 9/15/2033 <sup>(a)</sup>  | 655 | 671 |
| Hilton Domestic Operating Co., Inc. 5.50% 3/31/2034 <sup>(a)</sup>  | 290 | 292 |
| Hilton Grand Vacations Borrower, LLC 5.00% 6/1/2029 <sup>(a)</sup>  | 591 | 574 |
| Hyundai Capital America 1.65% 9/17/2026 <sup>(a)</sup>  | 70 | 69 |
| International Game Technology PLC 5.25% 1/15/2029 <sup>(a)</sup>  | 1065 | 1066 |
| KB Home 6.875% 6/15/2027  | 220 | 225 |
| KB Home 7.25% 7/15/2030  | 330 | 341 |
| Kontoor Brands, Inc. 4.125% 11/15/2029 <sup>(a)</sup>  | 370 | 354 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(a)</sup>  | 3405 | 3357 |
| LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(a)</sup>  | 1365 | 1445 |
| Levi Strauss & Co. 3.50% 3/1/2031 <sup>(a)</sup>  | 1315 | 1230 |
| Light and Wonder International, Inc. 6.25% 10/1/2033 <sup>(a)</sup>  | 395 | 400 |
| Lithia Motors, Inc. 3.875% 6/1/2029 <sup>(a)</sup>  | 1090 | 1055 |
| Lithia Motors, Inc. 5.50% 10/1/2030 <sup>(a)</sup>  | 625 | 630 |
| Lithia Motors, Inc. 4.375% 1/15/2031 <sup>(a)</sup>  | 700 | 673 |
| Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(a)</sup>  | 455 | 435 |
| MGM Resorts International 5.50% 4/15/2027  | 200 | 202 |
| Newell Brands, Inc. 8.50% 6/1/2028 <sup>(a)</sup>  | 580 | 609 |
| Newell Brands, Inc. 6.625% 9/15/2029  | 570 | 569 |
| Newell Brands, Inc. 6.375% 5/15/2030  | 1150 | 1125 |
| Newell Brands, Inc. 6.625% 5/15/2032  | 1995 | 1938 |
| Newell Brands, Inc. 7.375% 4/1/2036  | 635 | 597 |
| Newell Brands, Inc. 7.50% 4/1/2046  | 285 | 238 |
| Nissan Motor Acceptance Co., LLC 5.30% 9/13/2027 <sup>(a)</sup>  | 400 | 401 |
| Nissan Motor Acceptance Co., LLC 6.125% 9/30/2030 <sup>(a)</sup>  | 1585 | 1586 |
| Nissan Motor Acceptance Corp. 1.85% 9/16/2026 <sup>(a)</sup>  | 350 | 343 |
| Nissan Motor Co., Ltd. 4.345% 9/17/2027 <sup>(a)</sup>  | 355 | 350 |
| Nissan Motor Co., Ltd. 7.50% 7/17/2030 <sup>(a)</sup>  | 1695 | 1780 |
| Nissan Motor Co., Ltd. 7.75% 7/17/2032 <sup>(a)</sup>  | 1665 | 1770 |
| Nissan Motor Co., Ltd. 8.125% 7/17/2035 <sup>(a)</sup>  | 4190 | 4456 |
| Party City Holdings, Inc. 0% 10/12/2028 <sup>(e)</sup>  | 500 | — <br><sup>(f)</sup><br>|
| Party City Holdings, Inc. 0% 8/27/2030 <sup>(e)</sup>  | 2510 | 50 |
| PENN Entertainment, Inc. 4.125% 7/1/2029 <sup>(a)</sup>  | 15 | 14 |
| RHP Hotel Properties, LP 7.25% 7/15/2028 <sup>(a)</sup>  | 492 | 508 |
| RHP Hotel Properties, LP 4.50% 2/15/2029 <sup>(a)</sup>  | 660 | 654 |
| RHP Hotel Properties, LP 6.50% 6/15/2033 <sup>(a)</sup>  | 585 | 611 |
| Royal Caribbean Cruises, Ltd. 5.375% 1/15/2036  | 171 | 172 |
| Sally Holdings, LLC 6.75% 3/1/2032  | 2887 | 3018 |
| Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(a)</sup>  | 550 | 489 |
| Sekisui House U.S., Inc. 6.00% 1/15/2043  | 803 | 752 |
| Service Corp. International 3.375% 8/15/2030  | 190 | 178 |
| Service Corp. International 4.00% 5/15/2031  | 515 | 493 |
| Somnigroup International, Inc. 4.00% 4/15/2029 <sup>(a)</sup>  | 95 | 93 |
| Sonic Automotive, Inc. 4.625% 11/15/2029 <sup>(a)</sup>  | 1981 | 1946 |
| Sonic Automotive, Inc. 4.875% 11/15/2031 <sup>(a)</sup>  | 2364 | 2293 |
| Station Casinos, LLC 6.625% 3/15/2032 <sup>(a)</sup>  | 320 | 329 |
| TopBuild Corp. 5.625% 1/31/2034 <sup>(a)</sup>  | 885 | 896 |
| Travel + Leisure Co. 4.50% 12/1/2029 <sup>(a)</sup>  | 995 | 975 |
| Travel + Leisure Co. 4.625% 3/1/2030 <sup>(a)</sup>  | 200 | 196 |
| Universal Entertainment Corp. 9.875% 8/1/2029 <sup>(a)</sup>  | 2720 | 2672 |
| Vail Resorts, Inc. 5.625% 7/15/2030 <sup>(a)</sup>  | 315 | 321 |
| Vail Resorts, Inc. 6.50% 5/15/2032 <sup>(a)</sup>  | 555 | 576 |
| Valvoline, Inc. 3.625% 6/15/2031 <sup>(a)</sup>  | 630 | 580 |
| Wand NewCo 3, Inc. 7.625% 1/30/2032 <sup>(a)</sup>  | 10 | 11 |
| Wayfair, Inc. 6.75% 11/15/2032 <sup>(a)</sup>  | 120 | 124 |
| Wyndham Hotels & Resorts, Inc. 4.375% 8/15/2028 <sup>(a)</sup>  | 555 | 550 |
| Wynn Resorts Finance, LLC 5.125% 10/1/2029 <sup>(a)</sup>  | 352 | 354 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **232** |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer discretionary (continued)** |  |  |
| Wynn Resorts Finance, LLC 7.125% 2/15/2031 <sup>(a)</sup>  | USD487 | $527 |
| Wynn Resorts Finance, LLC 6.25% 3/15/2033 <sup>(a)</sup>  | 720 | 737 |
| ZF North America Capital, Inc. 7.50% 3/24/2031 <sup>(a)</sup>  | 700 | 708 |
|  |  | 106820 |
| **Financials 9.73%** |  |  |
| AG Issuer, LLC 6.25% 3/1/2028 <sup>(a)</sup>  | 751 | 757 |
| Alliant Holdings Intermediate, LLC 4.25% 10/15/2027 <sup>(a)</sup>  | 555 | 554 |
| Alliant Holdings Intermediate, LLC 6.75% 4/15/2028 <sup>(a)</sup>  | 305 | 312 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(a)</sup>  | 1745 | 1753 |
| Alliant Holdings Intermediate, LLC 7.00% 1/15/2031 <sup>(a)</sup>  | 660 | 685 |
| Alliant Holdings Intermediate, LLC 6.50% 10/1/2031 <sup>(a)</sup>  | 1045 | 1078 |
| Alliant Holdings Intermediate, LLC 7.375% 10/1/2032 <sup>(a)</sup>  | 3585 | 3722 |
| AmWINS Group, Inc. 4.875% 6/30/2029 <sup>(a)</sup>  | 1650 | 1624 |
| Ardonagh Finco, Ltd. 7.75% 2/15/2031 <sup>(a)</sup>  | 1095 | 1149 |
| Ardonagh Group Finance, Ltd. 8.875% 2/15/2032 <sup>(a)</sup>  | 2015 | 2102 |
| Aretec Group, Inc. 7.50% 4/1/2029 <sup>(a)</sup>  | 3193 | 3222 |
| Aretec Group, Inc. 10.00% 8/15/2030 <sup>(a)</sup>  | 680 | 735 |
| Asurion, LLC 8.00% 12/31/2032 <sup>(a)</sup>  | 715 | 742 |
| Blackstone Private Credit Fund 5.95% 7/16/2029  | 296 | 302 |
| Blackstone Private Credit Fund 6.00% 11/22/2034  | 795 | 803 |
| Block, Inc. 2.75% 6/1/2026  | 510 | 507 |
| Block, Inc. 5.625% 8/15/2030 <sup>(a)</sup>  | 1145 | 1169 |
| Block, Inc. 3.50% 6/1/2031  | 1660 | 1561 |
| Block, Inc. 6.50% 5/15/2032  | 920 | 957 |
| Block, Inc. 6.00% 8/15/2033 <sup>(a)</sup>  | 565 | 580 |
| Blue Owl Credit Income Corp. 6.65% 3/15/2031  | 380 | 392 |
| Cipher Compute, LLC 7.125% 11/15/2030 <sup>(a)</sup>  | 470 | 479 |
| Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(a)</sup>  | 4216 | 4020 |
| Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(a)</sup>  | 2544 | 2270 |
| Compass Group Diversified Holdings, LLC 5.25% 4/15/2029 <sup>(a)</sup>  | 3769 | 3499 |
| Compass Group Diversified Holdings, LLC 5.00% 1/15/2032 <sup>(a)</sup>  | 731 | 659 |
| Freedom Mortgage Holdings, LLC 6.875% 5/1/2031 <sup>(a)</sup>  | 725 | 726 |
| FS KKR Capital Corp. 6.125% 1/15/2031  | 540 | 527 |
| Hightower Holding, LLC 6.75% 4/15/2029 <sup>(a)</sup>  | 1140 | 1137 |
| Hightower Holding, LLC 9.125% 1/31/2030 <sup>(a)</sup>  | 195 | 208 |
| Howden UK Refinance PLC 7.25% 2/15/2031 <sup>(a)</sup>  | 1100 | 1133 |
| HUB International, Ltd. 7.25% 6/15/2030 <sup>(a)</sup>  | 857 | 900 |
| HUB International, Ltd. 7.375% 1/31/2032 <sup>(a)</sup>  | 1265 | 1328 |
| ION Platform Finance US, Inc. 8.75% 5/1/2029 <sup>(a)</sup>  | 3875 | 3930 |
| ION Platform Finance US, Inc. 9.50% 5/30/2029 <sup>(a)</sup>  | 2825 | 2864 |
| ION Platform Finance US, Inc. 9.00% 8/1/2029 <sup>(a)</sup>  | 1550 | 1533 |
| ION Platform Finance US, Inc. 7.875% 9/30/2032 <sup>(a)</sup>  | 2515 | 2390 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(a)</sup>  | 1520 | 1452 |
| Jane Street Group, LLC 7.125% 4/30/2031 <sup>(a)</sup>  | 136 | 143 |
| Jane Street Group, LLC 6.75% 5/1/2033 <sup>(a)</sup>  | 1860 | 1943 |
| Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(a)</sup>  | 245 | 258 |
| LPL Holdings, Inc. 4.375% 5/15/2031 <sup>(a)</sup>  | 715 | 697 |
| MSCI, Inc. 3.875% 2/15/2031 <sup>(a)</sup>  | 510 | 490 |
| MSCI, Inc. 3.625% 11/1/2031 <sup>(a)</sup>  | 256 | 240 |
| Navient Corp. 6.75% 6/15/2026  | 510 | 517 |
| Navient Corp. 5.00% 3/15/2027  | 2253 | 2259 |
| Navient Corp. 4.875% 3/15/2028  | 550 | 544 |
| Navient Corp. 5.50% 3/15/2029  | 4240 | 4212 |
| Navient Corp. 9.375% 7/25/2030  | 1907 | 2121 |
| Navient Corp. 11.50% 3/15/2031  | 880 | 986 |
| Navient Corp. 7.875% 6/15/2032  | 2445 | 2561 |
| Navient Corp. 5.625% 8/1/2033  | 2548 | 2332 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **233** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** |  |  |
| OneMain Finance Corp. 3.875% 9/15/2028  | USD165 | $161 |
| OneMain Finance Corp. 6.625% 5/15/2029  | 1055 | 1094 |
| OneMain Finance Corp. 5.375% 11/15/2029  | 1155 | 1156 |
| OneMain Finance Corp. 7.875% 3/15/2030  | 915 | 968 |
| OneMain Finance Corp. 6.125% 5/15/2030  | 1885 | 1926 |
| OneMain Finance Corp. 4.00% 9/15/2030  | 245 | 231 |
| OneMain Finance Corp. 7.50% 5/15/2031  | 125 | 132 |
| OneMain Finance Corp. 7.125% 11/15/2031  | 1335 | 1395 |
| OneMain Finance Corp. 7.125% 9/15/2032  | 1975 | 2054 |
| OneMain Finance Corp. 6.50% 3/15/2033  | 1055 | 1068 |
| OneMain Finance Corp. 6.75% 9/15/2033  | 695 | 705 |
| Osaic Financial Services, Inc. 6.50% 11/30/2027  | 6 | 139 |
| Osaic Holdings, Inc. 6.75% 8/1/2032 <sup>(a)</sup>  | 765 | 800 |
| Osaic Holdings, Inc. 8.00% 8/1/2033 <sup>(a)</sup>  | 1575 | 1647 |
| Oxford Finance, LLC 6.375% 2/1/2027 <sup>(a)</sup>  | 1488 | 1493 |
| Panther Escrow Issuer, LLC 7.125% 6/1/2031 <sup>(a)</sup>  | 845 | 876 |
| PennyMac Financial Services, Inc. 6.875% 5/15/2032 <sup>(a)</sup>  | 440 | 461 |
| PennyMac Financial Services, Inc. 6.875% 2/15/2033 <sup>(a)</sup>  | 520 | 543 |
| Planet Financial Group, LLC 10.50% 12/15/2029 <sup>(a)</sup>  | 51 | 54 |
| Rocket Companies, Inc. 7.125% 2/1/2032 <sup>(a)</sup>  | 380 | 400 |
| Rocket Mortgage, LLC 2.875% 10/15/2026 <sup>(a)</sup>  | 520 | 513 |
| Ryan Specialty, LLC 4.375% 2/1/2030 <sup>(a)</sup>  | 720 | 708 |
| Ryan Specialty, LLC 5.875% 8/1/2032 <sup>(a)</sup>  | 805 | 823 |
| SLM Corp. 6.50% 1/31/2030  | 680 | 705 |
| Starwood Property Trust, Inc. 4.375% 1/15/2027 <sup>(a)</sup>  | 655 | 651 |
| Starwood Property Trust, Inc. 5.25% 10/15/2028 <sup>(a)</sup>  | 1015 | 1026 |
| Starwood Property Trust, Inc. 7.25% 4/1/2029 <sup>(a)</sup>  | 600 | 634 |
| Starwood Property Trust, Inc. 6.50% 7/1/2030 <sup>(a)</sup>  | 410 | 429 |
| Starwood Property Trust, Inc. 6.50% 10/15/2030 <sup>(a)</sup>  | 385 | 402 |
| Voyager Parent, LLC 9.25% 7/1/2032 <sup>(a)</sup>  | 4020 | 4268 |
| WEX, Inc. 6.50% 3/15/2033 <sup>(a)</sup>  | 550 | 565 |
|  |  | 101091 |
| **Materials 7.67%** |  |  |
| Alliance Resource Operating Partners, LP 8.625% 6/15/2029 <sup>(a)</sup>  | 975 | 1032 |
| AmeriTex HoldCo Intermediate, LLC, 7.625% 8/15/2033 <sup>(a)</sup>  | 495 | 523 |
| ArcelorMittal SA 7.00% 10/15/2039  | 488 | 551 |
| ArcelorMittal SA 6.75% 3/1/2041  | 825 | 905 |
| Ardagh Metal Packaging Finance PLC 4.00% 9/1/2029 <sup>(a)</sup>  | 1280 | 1206 |
| Avient Corp. 6.25% 11/1/2031 <sup>(a)</sup>  | 225 | 231 |
| Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/2031 <sup>(a)</sup>  | 240 | 253 |
| Axalta Coating Systems, LLC 4.75% 6/15/2027 <sup>(a)</sup>  | 460 | 461 |
| Ball Corp. 6.00% 6/15/2029  | 350 | 360 |
| Ball Corp. 2.875% 8/15/2030  | 160 | 148 |
| Ball Corp. 3.125% 9/15/2031  | 1235 | 1139 |
| Ball Corp. 5.50% 9/15/2033  | 1765 | 1801 |
| BHP Billiton Finance (USA), Ltd. 5.75% 9/5/2055  | 36 | 37 |
| CAN-PACK Spolka Akcyjna 3.875% 11/15/2029 <sup>(a)</sup>  | 2075 | 1987 |
| Capstone Copper Corp. 6.75% 3/31/2033 <sup>(a)</sup>  | 245 | 254 |
| Celanese US Holdings, LLC 6.665% 7/15/2027  | 45 | 46 |
| Celanese US Holdings, LLC 6.50% 4/15/2030  | 520 | 523 |
| Celanese US Holdings, LLC 7.05% 11/15/2030  | 265 | 279 |
| Celanese US Holdings, LLC 7.00% 2/15/2031  | 675 | 692 |
| Celanese US Holdings, LLC 6.75% 4/15/2033  | 1615 | 1608 |
| Celanese US Holdings, LLC 7.20% 11/15/2033  | 70 | 74 |
| Celanese US Holdings, LLC 7.375% 2/15/2034  | 560 | 569 |
| Century Aluminum Co. 6.875% 8/1/2032 <sup>(a)</sup>  | 400 | 413 |
| Cleveland-Cliffs, Inc. 4.625% 3/1/2029 <sup>(a)</sup>  | 2036 | 2007 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **234** |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Materials (continued)** |  |  |
| Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(a)</sup>  | USD2,404 | $2492 |
| Cleveland-Cliffs, Inc. 6.75% 4/15/2030 <sup>(a)</sup>  | 1105 | 1138 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(a)</sup>  | 2025 | 1951 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(a)</sup>  | 1930 | 2037 |
| Cleveland-Cliffs, Inc. 7.00% 3/15/2032 <sup>(a)</sup>  | 2035 | 2088 |
| Cleveland-Cliffs, Inc. 7.375% 5/1/2033 <sup>(a)</sup>  | 290 | 302 |
| Cleveland-Cliffs, Inc. 7.625% 1/15/2034 <sup>(a)</sup>  | 1175 | 1229 |
| Commercial Metals Co. 5.75% 11/15/2033 <sup>(a)</sup>  | 560 | 573 |
| Commercial Metals Co. 6.00% 12/15/2035 <sup>(a)</sup>  | 1160 | 1190 |
| Consolidated Energy Finance SA 5.625% 10/15/2028 <sup>(a)</sup>  | 655 | 427 |
| Consolidated Energy Finance SA 12.00% 2/15/2031 <sup>(a)</sup>  | 3465 | 2454 |
| CVR Partners, LP 6.125% 6/15/2028 <sup>(a)</sup>  | 485 | 488 |
| First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(a)</sup>  | 3490 | 3679 |
| First Quantum Minerals, Ltd. 7.25% 2/15/2034 <sup>(a)</sup>  | 490 | 516 |
| Freeport-McMoRan, Inc. 4.25% 3/1/2030  | 432 | 429 |
| Freeport-McMoRan, Inc. 5.45% 3/15/2043  | 381 | 369 |
| FXI Holdings, Inc. 16.00% PIK 11/15/2029 (14.00% on 11/15/2028) <sup>(a)(b)(d)</sup>  | 6093 | 3473 |
| FXI Holdings, Inc. 11.00% 11/15/2030 <sup>(a)</sup>  | 10551 | 9496 |
| Graphic Packaging International, LLC 3.75% 2/1/2030 <sup>(a)</sup>  | 420 | 399 |
| Graphic Packaging International, LLC 6.375% 7/15/2032 <sup>(a)</sup>  | 590 | 602 |
| INEOS Finance PLC 6.75% 5/15/2028 <sup>(a)</sup>  | 500 | 445 |
| INEOS Finance PLC 7.50% 4/15/2029 <sup>(a)</sup>  | 285 | 248 |
| JH North America Holdings, Inc. 5.875% 1/31/2031 <sup>(a)</sup>  | 510 | 521 |
| JH North America Holdings, Inc. 6.125% 7/31/2032 <sup>(a)</sup>  | 805 | 827 |
| LSB Industries, Inc. 6.25% 10/15/2028 <sup>(a)</sup>  | 130 | 130 |
| LYB International Finance III, LLC 5.125% 1/15/2031  | 16 | 16 |
| Magnera Corp. 4.75% 11/15/2029 <sup>(a)</sup>  | 425 | 393 |
| Methanex Corp. 5.125% 10/15/2027  | 2415 | 2430 |
| Methanex Corp. 5.25% 12/15/2029  | 747 | 754 |
| Methanex Corp. 5.65% 12/1/2044  | 465 | 417 |
| Methanex US Operations, Inc. 6.25% 3/15/2032 <sup>(a)</sup>  | 1415 | 1458 |
| Minera Mexico, SA de CV, 5.625% 2/12/2032 <sup>(a)</sup>  | 200 | 207 |
| Mineral Resources, Ltd. 8.00% 11/1/2027 <sup>(a)</sup>  | 2079 | 2127 |
| Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(a)</sup>  | 1820 | 1912 |
| Mineral Resources, Ltd. 8.50% 5/1/2030 <sup>(a)</sup>  | 750 | 781 |
| NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(a)</sup>  | 245 | 256 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(a)</sup>  | 425 | 416 |
| NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(a)</sup>  | 2100 | 2245 |
| NOVA Chemicals Corp. 7.00% 12/1/2031 <sup>(a)</sup>  | 665 | 711 |
| Novelis Corp. 3.875% 8/15/2031 <sup>(a)</sup>  | 497 | 453 |
| Olin Corp. 6.625% 4/1/2033 <sup>(a)</sup>  | 80 | 80 |
| Quikrete Holdings, Inc. 6.375% 3/1/2032 <sup>(a)</sup>  | 560 | 583 |
| Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(a)</sup>  | 995 | 1040 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(a)(b)(d)</sup>  | 1611 | 1634 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(b)(d)</sup>  | 683 | 693 |
| SCIH Salt Holdings, Inc. 4.875% 5/1/2028 <sup>(a)</sup>  | 1310 | 1315 |
| Solstice Advanced Materials, Inc. 5.625% 9/30/2033 <sup>(a)</sup>  | 900 | 909 |
| Synergy Infrastructure Holdings, LLC 7.875% 12/1/2030 <sup>(a)</sup>  | 325 | 338 |
| Trident TPI Holdings, Inc. 12.75% 12/31/2028 <sup>(a)</sup>  | 470 | 482 |
| Trivium Packaging Finance BV 8.25% 7/15/2030 <sup>(a)</sup>  | 526 | 564 |
| Trivium Packaging Finance BV 12.25% 1/15/2031 <sup>(a)</sup>  | 1015 | 1102 |
| Vale Overseas, Ltd. 6.00% 2/25/2056 (5-year UST Yield Curve Rate T Note Constant Maturity + 2.431% on <br> 2/25/2031) <sup>(a)(d)</sup>  | 200 | 200 |
| Veritiv Operating Co. 10.50% 11/30/2030 <sup>(a)</sup>  | 780 | 840 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(a)</sup>  | 598 | 612 |
| Westlake Corp. 5.55% 11/15/2035  | 54 | 54 |
| Westlake Corp. 6.375% 11/15/2055  | 40 | 39 |
|  |  | 79663 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **235** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Health care 7.45%** |  |  |
| 1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(a)</sup>  | USD4,173 | $4343 |
| AdaptHealth, LLC 6.125% 8/1/2028 <sup>(a)</sup>  | 285 | 288 |
| AdaptHealth, LLC 4.625% 8/1/2029 <sup>(a)</sup>  | 1105 | 1075 |
| AdaptHealth, LLC 5.125% 3/1/2030 <sup>(a)</sup>  | 1425 | 1397 |
| Amneal Pharmaceuticals, LLC 6.875% 8/1/2032 <sup>(a)</sup>  | 495 | 523 |
| AthenaHealth Group, Inc. 6.50% 2/15/2030 <sup>(a)</sup>  | 590 | 589 |
| Avantor Funding, Inc. 4.625% 7/15/2028 <sup>(a)</sup>  | 2040 | 2031 |
| Avantor Funding, Inc. 3.875% 11/1/2029 <sup>(a)</sup>  | 620 | 596 |
| Bausch + Lomb Corp. 8.375% 10/1/2028 <sup>(a)</sup>  | 205 | 214 |
| Bausch Health Americas, Inc. 8.50% 1/31/2027 <sup>(a)</sup>  | 1786 | 1770 |
| Bausch Health Cos., Inc. 5.00% 1/30/2028 <sup>(a)</sup>  | 442 | 387 |
| Bausch Health Cos., Inc. 4.875% 6/1/2028 <sup>(a)</sup>  | 455 | 408 |
| Bausch Health Cos., Inc. 11.00% 9/30/2028 <sup>(a)</sup>  | 216 | 224 |
| Bausch Health Cos., Inc. 7.25% 5/30/2029 <sup>(a)</sup>  | 20 | 16 |
| Bausch Health Cos., Inc. 5.25% 1/30/2030 <sup>(a)</sup>  | 682 | 481 |
| Bausch Health Cos., Inc. 5.25% 2/15/2031 <sup>(a)</sup>  | 592 | 388 |
| Centene Corp. 4.625% 12/15/2029  | 945 | 917 |
| Centene Corp. 3.375% 2/15/2030  | 42 | 39 |
| Centene Corp. 2.50% 3/1/2031  | 1125 | 972 |
| Centene Corp. 2.625% 8/1/2031  | 100 | 86 |
| Charles River Laboratories International, Inc. 4.25% 5/1/2028 <sup>(a)</sup>  | 186 | 184 |
| CHS / Community Health Systems, Inc. 6.00% 1/15/2029 <sup>(a)</sup>  | 805 | 808 |
| CHS / Community Health Systems, Inc. 5.25% 5/15/2030 <sup>(a)</sup>  | 2360 | 2221 |
| CHS / Community Health Systems, Inc. 4.75% 2/15/2031 <sup>(a)</sup>  | 1020 | 909 |
| CHS / Community Health Systems, Inc. 10.875% 1/15/2032 <sup>(a)</sup>  | 162 | 177 |
| DaVita, Inc. 4.625% 6/1/2030 <sup>(a)</sup>  | 1365 | 1328 |
| DaVita, Inc. 3.75% 2/15/2031 <sup>(a)</sup>  | 875 | 810 |
| DaVita, Inc. 6.875% 9/1/2032 <sup>(a)</sup>  | 2255 | 2349 |
| DaVita, Inc. 6.75% 7/15/2033 <sup>(a)</sup>  | 2035 | 2112 |
| Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(a)</sup>  | 2565 | 2714 |
| Grifols SA 4.75% 10/15/2028 <sup>(a)</sup>  | 1590 | 1571 |
| Grifols SA 7.50% 5/1/2030  | EUR410 | 507 |
| HCA, Inc. 4.625% 3/15/2052  | USD233 | 190 |
| HCA, Inc. 7.50% 11/15/2095  | 210 | 229 |
| Insulet Corp. 6.50% 4/1/2033 <sup>(a)</sup>  | 57 | 60 |
| IQVIA, Inc. 6.25% 6/1/2032 <sup>(a)</sup>  | 1475 | 1543 |
| Jazz Securities DAC 4.375% 1/15/2029 <sup>(a)</sup>  | 506 | 499 |
| Medline Borrower, LP 3.875% 4/1/2029 <sup>(a)</sup>  | 2330 | 2276 |
| Medline Borrower, LP 6.25% 4/1/2029 <sup>(a)</sup>  | 914 | 946 |
| Medline Borrower, LP 5.25% 10/1/2029 <sup>(a)</sup>  | 1470 | 1479 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(a)</sup>  | 1115 | 1097 |
| Molina Healthcare, Inc. 3.875% 11/15/2030 <sup>(a)</sup>  | 1349 | 1253 |
| Molina Healthcare, Inc. 6.50% 2/15/2031 <sup>(a)</sup>  | 960 | 987 |
| Molina Healthcare, Inc. 3.875% 5/15/2032 <sup>(a)</sup>  | 3565 | 3245 |
| Molina Healthcare, Inc. 6.25% 1/15/2033 <sup>(a)</sup>  | 1385 | 1413 |
| Owens & Minor, Inc. 4.50% 3/31/2029 <sup>(a)</sup>  | 2122 | 1442 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(a)</sup>  | 6277 | 4011 |
| Perrigo Finance Unlimited Co. 6.125% 9/30/2032  | 400 | 390 |
| Radiology Partners, Inc. 9.781% PIK 2/15/2030 <sup>(a)(b)</sup>  | 2278 | 2196 |
| Radiology Partners, Inc. 8.50% 7/15/2032 <sup>(a)</sup>  | 2945 | 3080 |
| Sotera Health Holdings, LLC 7.375% 6/1/2031 <sup>(a)</sup>  | 635 | 667 |
| Surgery Center Holdings, Inc. 7.25% 4/15/2032 <sup>(a)</sup>  | 855 | 866 |
| Team Health Holdings, Inc. 8.375% 6/30/2028 <sup>(a)</sup>  | 260 | 264 |
| Tenet Healthcare Corp. 5.125% 11/1/2027  | 80 | 80 |
| Tenet Healthcare Corp. 4.25% 6/1/2029  | 1785 | 1760 |
| Tenet Healthcare Corp. 4.375% 1/15/2030  | 895 | 879 |
| Tenet Healthcare Corp. 6.75% 5/15/2031  | 1070 | 1114 |
| Tenet Healthcare Corp. 6.875% 11/15/2031  | 100 | 110 |
| Teva Pharmaceutical Finance Netherlands III BV 4.75% 5/9/2027  | 452 | 454 |
| Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028  | 415 | 431 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **236** |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Health care (continued)** |  |  |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | USD6,990 | $7075 |
| Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029  | 400 | 441 |
| Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031  | 1159 | 1336 |
| Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032  | 1345 | 1413 |
| Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046  | 1377 | 1043 |
| Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030  | 610 | 633 |
|  |  | 77336 |
| **Real estate 6.36%** |  |  |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(a)</sup>  | 1408 | 1369 |
| Anywhere Real Estate Group, LLC 5.25% 4/15/2030 <sup>(a)</sup>  | 917 | 860 |
| Anywhere Real Estate Group, LLC 7.00% 4/15/2030 <sup>(a)</sup>  | 160 | 160 |
| Brookfield Property REIT, Inc. 5.75% 5/15/2026 <sup>(a)</sup>  | 739 | 735 |
| Forestar Group, Inc. 5.00% 3/1/2028 <sup>(a)</sup>  | 92 | 92 |
| Forestar Group, Inc. 6.50% 3/15/2033 <sup>(a)</sup>  | 1900 | 1939 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(a)</sup>  | 150 | 151 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(a)</sup>  | 2763 | 2687 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(a)</sup>  | 4043 | 3853 |
| Hudson Pacific Properties, LP 5.95% 2/15/2028  | 200 | 197 |
| Hudson Pacific Properties, LP 3.25% 1/15/2030  | 430 | 364 |
| Iron Mountain, Inc. 5.00% 7/15/2028 <sup>(a)</sup>  | 367 | 367 |
| Iron Mountain, Inc. 7.00% 2/15/2029 <sup>(a)</sup>  | 210 | 216 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(a)</sup>  | 3225 | 3189 |
| Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(a)</sup>  | 1995 | 1903 |
| Iron Mountain, Inc. 5.625% 7/15/2032 <sup>(a)</sup>  | 220 | 217 |
| Kennedy-Wilson, Inc. 4.75% 3/1/2029  | 1785 | 1742 |
| Kennedy-Wilson, Inc. 4.75% 2/1/2030  | 2645 | 2495 |
| Kennedy-Wilson, Inc. 5.00% 3/1/2031  | 2430 | 2287 |
| Ladder Capital Finance Holdings LLLP 4.75% 6/15/2029 <sup>(a)</sup>  | 565 | 559 |
| Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030  | 38 | 39 |
| Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(a)</sup>  | 215 | 228 |
| MPT Operating Partnership, LP 5.00% 10/15/2027  | 9703 | 9405 |
| MPT Operating Partnership, LP 4.625% 8/1/2029  | 335 | 281 |
| MPT Operating Partnership, LP 3.50% 3/15/2031  | 1524 | 1109 |
| MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(a)</sup>  | 4629 | 4947 |
| Park Intermediate Holdings, LLC 5.875% 10/1/2028 <sup>(a)</sup>  | 370 | 371 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(a)</sup>  | 820 | 801 |
| Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(a)</sup>  | 740 | 762 |
| Pebblebrook Hotel, LP 6.375% 10/15/2029 <sup>(a)</sup>  | 655 | 673 |
| RLJ Lodging Trust, LP 3.75% 7/1/2026 <sup>(a)</sup>  | 45 | 45 |
| RLJ Lodging Trust, LP 4.00% 9/15/2029 <sup>(a)</sup>  | 460 | 437 |
| SBA Communications Corp. 3.125% 2/1/2029  | 131 | 126 |
| Service Properties Trust 4.95% 2/15/2027  | 841 | 845 |
| Service Properties Trust 0% 9/30/2027 <sup>(a)</sup>  | 1175 | 1063 |
| Service Properties Trust 5.50% 12/15/2027  | 750 | 741 |
| Service Properties Trust 3.95% 1/15/2028  | 3031 | 2864 |
| Service Properties Trust 8.375% 6/15/2029  | 2655 | 2672 |
| Service Properties Trust 4.95% 10/1/2029  | 3518 | 3069 |
| Service Properties Trust 4.375% 2/15/2030  | 3180 | 2697 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(a)</sup>  | 4850 | 5104 |
| Service Properties Trust 8.875% 6/15/2032  | 1385 | 1367 |
| Trust Fibra Uno 7.70% 1/23/2032 <sup>(a)</sup>  | 405 | 444 |
| VICI Properties, LP 3.875% 2/15/2029 <sup>(a)</sup>  | 625 | 614 |
|  |  | 66086 |
| **Information technology 6.20%** |  |  |
| Amphenol Corp. 4.125% 11/15/2030  | 120 | 119 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **237** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Information technology (continued)** |  |  |
| ams-OSRAM AG 12.25% 3/30/2029 <sup>(a)</sup>  | USD3,050 | $3255 |
| Booz Allen Hamilton, Inc. 3.875% 9/1/2028 <sup>(a)</sup>  | 60 | 59 |
| Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(a)</sup>  | 2150 | 2180 |
| Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(a)</sup>  | 5185 | 5404 |
| Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(a)</sup>  | 1935 | 2023 |
| Cloud Software Group, Inc. 6.625% 8/15/2033 <sup>(a)</sup>  | 1755 | 1740 |
| CommScope Technologies, LLC 5.00% 3/15/2027 <sup>(a)</sup>  | 1350 | 1348 |
| CommScope, LLC 8.25% 3/1/2027 <sup>(a)</sup>  | 1254 | 1265 |
| CommScope, LLC 7.125% 7/1/2028 <sup>(a)</sup>  | 1107 | 1114 |
| CommScope, LLC 4.75% 9/1/2029 <sup>(a)</sup>  | 103 | 103 |
| CommScope, LLC 9.50% 12/15/2031 <sup>(a)</sup>  | 425 | 430 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(a)</sup>  | 5475 | 5840 |
| Ellucian Holdings, Inc. 6.50% 12/1/2029 <sup>(a)</sup>  | 275 | 281 |
| Fair Isaac Corp. 4.00% 6/15/2028 <sup>(a)</sup>  | 1175 | 1163 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(a)</sup>  | 2200 | 2267 |
| Fortress Intermediate 3, Inc. 7.50% 6/1/2031 <sup>(a)</sup>  | 440 | 460 |
| Gen Digital, Inc. 6.25% 4/1/2033 <sup>(a)</sup>  | 725 | 751 |
| Hughes Satellite Systems Corp. 5.25% 8/1/2026  | 5511 | 5270 |
| Hughes Satellite Systems Corp. 6.625% 8/1/2026  | 6124 | 5599 |
| Imola Merger Corp. 4.75% 5/15/2029 <sup>(a)</sup>  | 300 | 296 |
| Intel Corp. 3.05% 8/12/2051  | 150 | 92 |
| Intel Corp. 5.60% 2/21/2054  | 253 | 234 |
| McAfee Corp. 7.375% 2/15/2030 <sup>(a)</sup>  | 275 | 240 |
| NCR Atleos Corp. 9.50% 4/1/2029 <sup>(a)</sup>  | 1785 | 1938 |
| NCR Voyix Corp. 5.125% 4/15/2029 <sup>(a)</sup>  | 343 | 342 |
| Pagaya US Holding Co., LLC 8.875% 8/1/2030 <sup>(a)</sup>  | 700 | 611 |
| Qnity Electronics, Inc. 5.75% 8/15/2032 <sup>(a)</sup>  | 120 | 123 |
| Qnity Electronics, Inc. 6.25% 8/15/2033 <sup>(a)</sup>  | 120 | 125 |
| Shift4 Payments, LLC 6.75% 8/15/2032 <sup>(a)</sup>  | 985 | 1018 |
| Synaptics, Inc. 4.00% 6/15/2029 <sup>(a)</sup>  | 375 | 363 |
| UKG, Inc. 6.875% 2/1/2031 <sup>(a)</sup>  | 1325 | 1363 |
| Unisys Corp. 10.625% 1/15/2031 <sup>(a)</sup>  | 1875 | 1922 |
| Viasat, Inc. 5.625% 4/15/2027 <sup>(a)</sup>  | 5540 | 5553 |
| Viasat, Inc. 6.50% 7/15/2028 <sup>(a)</sup>  | 1195 | 1163 |
| Viasat, Inc. 7.50% 5/30/2031 <sup>(a)</sup>  | 2234 | 2127 |
| Viavi Solutions, Inc. 3.75% 10/1/2029 <sup>(a)</sup>  | 230 | 220 |
| VoltaGrid, LLC 7.375% 11/1/2030 <sup>(a)</sup>  | 410 | 406 |
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(b)(g)</sup>  | 2579 | 2811 |
| WULF Compute, LLC 7.75% 10/15/2030 <sup>(a)</sup>  | 2410 | 2485 |
| X.AI Corp. 12.50% 6/30/2030  | 200 | 213 |
| Ziff Davis, Inc. 4.625% 10/15/2030 <sup>(a)</sup>  | 125 | 119 |
|  |  | 64435 |
| **Industrials 5.71%** |  |  |
| AAR Escrow Issuer, LLC 6.75% 3/15/2029 <sup>(a)</sup>  | 261 | 270 |
| ADT Security Corp. 4.125% 8/1/2029 <sup>(a)</sup>  | 200 | 196 |
| AECOM 6.00% 8/1/2033 <sup>(a)</sup>  | 45 | 46 |
| Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(a)</sup>  | 645 | 676 |
| Allison Transmission, Inc. 3.75% 1/30/2031 <sup>(a)</sup>  | 1045 | 985 |
| Allison Transmission, Inc. 5.875% 12/1/2033 <sup>(a)</sup>  | 315 | 320 |
| Amentum Holdings, Inc. 7.25% 8/1/2032 <sup>(a)</sup>  | 1265 | 1334 |
| ATI, Inc. 4.875% 10/1/2029  | 690 | 691 |
| ATI, Inc. 5.125% 10/1/2031  | 775 | 776 |
| Avis Budget Car Rental, LLC 5.75% 7/15/2027 <sup>(a)</sup>  | 767 | 771 |
| Avis Budget Car Rental, LLC 4.75% 4/1/2028 <sup>(a)</sup>  | 55 | 54 |
| Avis Budget Car Rental, LLC 5.375% 3/1/2029 <sup>(a)</sup>  | 925 | 903 |
| Avis Budget Car Rental, LLC 8.00% 2/15/2031 <sup>(a)</sup>  | 445 | 458 |
| Avis Budget Group, Inc. 5.75% 7/15/2027 <sup>(a)</sup>  | 61 | 61 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **238** |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Industrials (continued)** |  |  |
| Axon Enterprise, Inc. 6.125% 3/15/2030 <sup>(a)</sup>  | USD1,205 | $1247 |
| Axon Enterprise, Inc. 6.25% 3/15/2033 <sup>(a)</sup>  | 1230 | 1285 |
| BWX Technologies, Inc. 4.125% 6/30/2028 <sup>(a)</sup>  | 165 | 163 |
| BWX Technologies, Inc. 4.125% 4/15/2029 <sup>(a)</sup>  | 335 | 327 |
| Carpenter Technology Corp. 5.625% 3/1/2034 <sup>(a)</sup>  | 525 | 534 |
| Clarivate Science Holdings Corp. 3.875% 7/1/2028 <sup>(a)</sup>  | 915 | 889 |
| Clarivate Science Holdings Corp. 4.875% 7/1/2029 <sup>(a)</sup>  | 890 | 842 |
| Clean Harbors, Inc. 5.125% 7/15/2029 <sup>(a)</sup>  | 160 | 160 |
| Clean Harbors, Inc. 5.75% 10/15/2033 <sup>(a)</sup>  | 1815 | 1866 |
| CoreLogic, Inc. 4.50% 5/1/2028 <sup>(a)</sup>  | 3294 | 3243 |
| Enviri Corp. 5.75% 7/31/2027 <sup>(a)</sup>  | 800 | 801 |
| EquipmentShare.com, Inc. 9.00% 5/15/2028 <sup>(a)</sup>  | 3655 | 3803 |
| EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(a)</sup>  | 744 | 787 |
| EquipmentShare.com, Inc. 8.00% 3/15/2033 <sup>(a)</sup>  | 201 | 212 |
| FTAI Aviation Investors, LLC 7.875% 12/1/2030 <sup>(a)</sup>  | 45 | 48 |
| Garda World Security Corp. 6.50% 1/15/2031 <sup>(a)</sup>  | 785 | 804 |
| Garda World Security Corp. 8.375% 11/15/2032 <sup>(a)</sup>  | 1275 | 1301 |
| Herc Holdings, Inc. 6.625% 6/15/2029 <sup>(a)</sup>  | 455 | 474 |
| Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(a)</sup>  | 890 | 937 |
| Herc Holdings, Inc. 5.75% 3/15/2031 <sup>(a)</sup>  | 30 | 30 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(a)</sup>  | 1585 | 1682 |
| Herc Holdings, Inc. 6.00% 3/15/2034 <sup>(a)</sup>  | 30 | 30 |
| Hertz Corp. (The) 4.625% 12/1/2026 <sup>(a)</sup>  | 258 | 247 |
| Icahn Enterprises, LP 6.25% 5/15/2026  | 273 | 274 |
| Icahn Enterprises, LP 5.25% 5/15/2027  | 3754 | 3705 |
| Icahn Enterprises, LP 9.75% 1/15/2029  | 735 | 734 |
| Icahn Enterprises, LP 4.375% 2/1/2029  | 855 | 741 |
| Icahn Enterprises, LP 10.00% 11/15/2029 <sup>(a)</sup>  | 90 | 90 |
| Miter Brands Acquisition Holdco, Inc. 6.75% 4/1/2032 <sup>(a)</sup>  | 309 | 317 |
| Moog, Inc. 4.25% 12/9/2027 <sup>(a)</sup>  | 395 | 391 |
| NESCO Holdings II, Inc. 5.50% 4/15/2029 <sup>(a)</sup>  | 1080 | 1065 |
| OneSky Flight, LLC 8.875% 12/15/2029 <sup>(a)</sup>  | 360 | 385 |
| Pitney Bowes, Inc. 6.875% 3/15/2027 <sup>(a)</sup>  | 600 | 603 |
| QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(a)</sup>  | 1495 | 1563 |
| Reworld Holding Corp. 4.875% 12/1/2029 <sup>(a)</sup>  | 1010 | 972 |
| Sabre GLBL, Inc. 11.125% 7/15/2030 <sup>(a)</sup>  | 1090 | 905 |
| Science Applications International Corp. 5.875% 11/1/2033 <sup>(a)</sup>  | 505 | 512 |
| Sensata Technologies, Inc. 3.75% 2/15/2031 <sup>(a)</sup>  | 795 | 747 |
| SkyMiles IP, Ltd. 4.75% 10/20/2028 <sup>(a)</sup>  | 440 | 443 |
| Spirit AeroSystems, Inc. 4.60% 6/15/2028  | 798 | 799 |
| Standard Building Solutions, Inc. 6.50% 8/15/2032 <sup>(a)</sup>  | 435 | 448 |
| Standard Building Solutions, Inc. 6.25% 8/1/2033 <sup>(a)</sup>  | 1515 | 1548 |
| Standard Building Solutions, Inc. 5.875% 3/15/2034 <sup>(a)</sup>  | 120 | 120 |
| Texas Combined Tirz I, LLC 0% 12/7/2062 <sup>(a)(e)</sup>  | 98 | 98 |
| TransDigm, Inc. 6.75% 8/15/2028 <sup>(a)</sup>  | 75 | 76 |
| TransDigm, Inc. 4.625% 1/15/2029  | 180 | 179 |
| TransDigm, Inc. 6.875% 12/15/2030 <sup>(a)</sup>  | 355 | 372 |
| TransDigm, Inc. 6.625% 3/1/2032 <sup>(a)</sup>  | 1775 | 1849 |
| TransDigm, Inc. 6.00% 1/15/2033 <sup>(a)</sup>  | 905 | 927 |
| TransDigm, Inc. 6.375% 5/31/2033 <sup>(a)</sup>  | 2900 | 2978 |
| TransDigm, Inc. 6.25% 1/31/2034 <sup>(a)</sup>  | 1190 | 1235 |
| TransDigm, Inc. 6.75% 1/31/2034 <sup>(a)</sup>  | 3705 | 3862 |
| United Rentals (North America), Inc. 6.00% 12/15/2029 <sup>(a)</sup>  | 115 | 118 |
| United Rentals (North America), Inc. 3.875% 2/15/2031  | 745 | 711 |
| United Rentals (North America), Inc. 6.125% 3/15/2034 <sup>(a)</sup>  | 310 | 323 |
| Waste Pro USA, Inc. 7.00% 2/1/2033 <sup>(a)</sup>  | 225 | 232 |
| WESCO Distribution, Inc. 6.625% 3/15/2032 <sup>(a)</sup>  | 425 | 444 |
| WESCO Distribution, Inc. 6.375% 3/15/2033 <sup>(a)</sup>  | 320 | 334 |
|  |  | 59353 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **239** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer staples 3.10%** |  |  |
| Albertsons Cos., Inc. 5.875% 2/15/2028 <sup>(a)</sup>  | USD400 | $403 |
| Albertsons Cos., Inc. 3.50% 3/15/2029 <sup>(a)</sup>  | 1428 | 1373 |
| Albertsons Cos., Inc. 4.875% 2/15/2030 <sup>(a)</sup>  | 1620 | 1609 |
| Albertsons Cos., Inc. 5.50% 3/31/2031 <sup>(a)</sup>  | 605 | 612 |
| Albertsons Cos., Inc. 5.75% 3/31/2034 <sup>(a)</sup>  | 535 | 538 |
| Amer Sports Co. 6.75% 2/16/2031 <sup>(a)</sup>  | 765 | 803 |
| B&G Foods, Inc. 5.25% 9/15/2027  | 2103 | 2061 |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(a)</sup>  | 3880 | 3822 |
| Central Garden & Pet Co. 4.125% 10/15/2030  | 755 | 725 |
| Central Garden & Pet Co. 4.125% 4/30/2031 <sup>(a)</sup>  | 2150 | 2036 |
| Coty, Inc. 4.75% 1/15/2029 <sup>(a)</sup>  | 1185 | 1169 |
| Coty, Inc. 6.625% 7/15/2030 <sup>(a)</sup>  | 380 | 391 |
| Coty, Inc. 5.60% 1/15/2031 <sup>(a)</sup>  | 90 | 91 |
| Darling Ingredients, Inc. 6.00% 6/15/2030 <sup>(a)</sup>  | 485 | 493 |
| Fiesta Purchaser, Inc. 7.875% 3/1/2031 <sup>(a)</sup>  | 915 | 958 |
| Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(a)</sup>  | 725 | 762 |
| Ingles Markets, Inc. 4.00% 6/15/2031 <sup>(a)</sup>  | 370 | 351 |
| Lamb Weston Holdings, Inc. 4.875% 5/15/2028 <sup>(a)</sup>  | 75 | 75 |
| Lamb Weston Holdings, Inc. 4.125% 1/31/2030 <sup>(a)</sup>  | 1145 | 1109 |
| Lamb Weston Holdings, Inc. 4.375% 1/31/2032 <sup>(a)</sup>  | 855 | 815 |
| Mars, Inc. 4.60% 3/1/2028 <sup>(a)</sup>  | 150 | 152 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(a)</sup>  | 45 | 46 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(a)</sup>  | 45 | 45 |
| Opal Bidco SAS 6.50% 3/31/2032 <sup>(a)</sup>  | 460 | 471 |
| Philip Morris International, Inc. 3.875% 10/27/2028  | 195 | 195 |
| Philip Morris International, Inc. 4.00% 10/29/2030  | 118 | 117 |
| Post Holdings, Inc. 4.625% 4/15/2030 <sup>(a)</sup>  | 1815 | 1769 |
| Post Holdings, Inc. 4.50% 9/15/2031 <sup>(a)</sup>  | 1145 | 1087 |
| Post Holdings, Inc. 6.25% 2/15/2032 <sup>(a)</sup>  | 920 | 946 |
| Post Holdings, Inc. 6.375% 3/1/2033 <sup>(a)</sup>  | 415 | 420 |
| Post Holdings, Inc. 6.50% 3/15/2036 <sup>(a)</sup>  | 1110 | 1112 |
| Prestige Brands, Inc. 5.125% 1/15/2028 <sup>(a)</sup>  | 338 | 339 |
| Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(a)</sup>  | 1275 | 1195 |
| TreeHouse Foods, Inc. 4.00% 9/1/2028  | 2200 | 2195 |
| United Natural Foods, Inc. 6.75% 10/15/2028 <sup>(a)</sup>  | 963 | 969 |
| US Foods, Inc. 4.625% 6/1/2030 <sup>(a)</sup>  | 510 | 504 |
| US Foods, Inc. 5.75% 4/15/2033 <sup>(a)</sup>  | 470 | 479 |
|  |  | 32237 |
| **Utilities 1.47%** |  |  |
| AmeriGas Partners, LP 5.75% 5/20/2027  | 302 | 304 |
| Calpine Corp. 4.50% 2/15/2028 <sup>(a)</sup>  | 150 | 150 |
| Calpine Corp. 5.125% 3/15/2028 <sup>(a)</sup>  | 105 | 105 |
| CMS Energy Corp., junior subordinated, 6.50% 6/1/2055 (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 1.961% on 6/1/2035) <sup>(d)</sup>  | 470 | 484 |
| Emera, Inc. 6.75% 6/15/2076 (3-month USD CME Term SOFR + 5.702% on 6/15/2026) <sup>(d)</sup>  | 1155 | 1165 |
| Exelon Corp., junior subordinated, 6.50% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity <br> + 1.975% on 3/15/2035) <sup>(d)</sup>  | 350 | 364 |
| FirstEnergy Corp. 2.25% 9/1/2030  | 820 | 743 |
| Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(a)</sup>  | 355 | 368 |
| Long Ridge Energy, LLC 8.75% 2/15/2032 <sup>(a)</sup>  | 1935 | 2061 |
| Pacific Gas and Electric Co. 5.05% 10/15/2032  | 120 | 121 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040  | 280 | 213 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050  | 745 | 631 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050  | 1305 | 882 |
| Pacific Gas and Electric Co. 6.10% 10/15/2055  | 200 | 196 |
| PG&E Corp. 5.00% 7/1/2028  | 390 | 390 |
| PG&E Corp. 5.25% 7/1/2030  | 2960 | 2941 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **240** |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Utilities (continued)** |  |  |
| PG&E Corp., junior subordinated, 7.375% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity <br> + 3.883% on 3/15/2030) <sup>(d)</sup>  | USD2,050 | $2136 |
| Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(a)</sup>  | 1307 | 1384 |
| Vistra Operations Co., LLC 4.375% 5/1/2029 <sup>(a)</sup>  | 175 | 173 |
| XPLR Infrastructure Operating Partners, LP 8.375% 1/15/2031 <sup>(a)</sup>  | 395 | 415 |
|  |  | 15226 |
| **Municipals 0.05%** |  |  |
| I-20 Lancaster Fund, LLC 12.00% 1/15/2035 <sup>(a)</sup>  | 546 | 541 |
| **Total corporate bonds and notes** |  | 878410 |
| **Loans 3.92%** | **Loans 3.92%** | **Loans 3.92%** |
| **Information technology 0.90%** |  |  |
| CommScope, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 12/17/2029 <sup>(h)(i)</sup>  | 645 | 647 |
| Ellucian Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 11/22/2032 <sup>(h)(i)</sup>  | 130 | 131 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 10.973% 9/13/2029 <sup>(g)(h)(i)</sup>  | 1000 | 1007 |
| Finastra USA, Inc., Term Loan, (1-month USD CME Term SOFR + 4.00%) 7.688% 7/30/2032 <sup>(h)(i)</sup>  | 2885 | 2829 |
| Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.00%) 10.723% 9/15/2033 <sup>(h)(i)</sup>  | 80 | 79 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.716% 3/20/2032 <sup>(h)(i)</sup>  | 620 | 622 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 8.716% 3/20/2033 <sup>(h)(i)</sup>  | 875 | 857 |
| Viasat, Inc., Term Loan B, (1-month USD CME Term SOFR + 4.614%) 8.331% 3/2/2029 <sup>(h)(i)</sup>  | 2087 | 2084 |
| Viasat, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.348% 5/30/2030 <sup>(h)(i)</sup>  | 1149 | 1147 |
|  |  | 9403 |
| **Financials 0.64%** |  |  |
| Alera Group Intermediate Holdings, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.25%) 6.966% <br> 5/30/2032 <sup>(h)(i)</sup>  | 613 | 617 |
| Alera Group Intermediate Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 5.50%) 9.216% <br>5/30/2033 <sup>(h)(i)</sup>  | 1262 | 1288 |
| CRC Insurance Group, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% 5/6/2032 <sup>(h)(i)</sup>  | 2891 | 2935 |
| Denali Intermediate Holdings, Inc., Term Loan, (1-month CME Term SOFR + 5.50%) 9.227% 8/26/2032 <sup>(h)(i)</sup>  | 940 | 953 |
| HUB International, Ltd., Term Loan, (3-month USD CME Term SOFR + 2.25%) 6.12% 6/20/2030 <sup>(h)(i)</sup>  | 145 | 146 |
| Osaic Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.595% 7/30/2032 <sup>(h)(i)</sup>  | 700 | 704 |
|  |  | 6643 |
| **Communication services 0.62%** |  |  |
| Connect Finco SARL, Term Loan B, (1-month USD CME Term SOFR + 4.50%) 8.216% 9/27/2029 <sup>(h)(i)</sup>  | 1430 | 1430 |
| CSC Holdings, LLC, Term Loan B, (USD Prime Rate + 1.50%) 8.75% 4/15/2027 <sup>(h)(i)</sup>  | 327 | 287 |
| Diamond Sports Net, LLC, Term Loan, 15.00% PIK 1/2/2028 <sup>(b)(h)</sup>  | 44 | 17 |
| DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.262%) 9.102% 8/2/2027 <sup>(h)(i)</sup>  | 73 | 74 |
| Gray Television, Inc., Term Loan D, (3-month USD CME Term SOFR + 3.114%) 6.987% 12/1/2028 <sup>(h)(i)</sup>  | 2 | 2 |
| Gray Television, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.123% 6/4/2029 <sup>(h)(i)</sup>  | 23 | 23 |
| Ligado Networks, LLC, Term Loan, 17.50% PIK 5/5/2028 <sup>(b)(e)(h)</sup>  | 960 | 960 |
| Peroton Corp., Term Loan B, (3-month USD CME Term SOFR + 7.85%) 11.672% 2/1/2029 <sup>(h)(i)</sup>  | 455 | 361 |
| Versant Media Group, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.50%) 7.537% 10/23/2030 <sup>(h)(i)</sup>  | 1470 | 1473 |
| X Corp., Term Loan B3, 9.50% 10/26/2029 <sup>(h)</sup>  | 370 | 369 |
| X Corp., Term Loan B, (USD-SOFR + 6.75%) 10.448% 10/26/2029 <sup>(h)(i)</sup>  | 1456 | 1433 |
|  |  | 6429 |
| **Industrials 0.56%** |  |  |
| CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.614%) 10.331% 6/4/2029 <sup>(h)(i)</sup>  | 310 | 315 |
| Peraton Corp., Term Loan B, (3-month USD CME Term SOFR + 3.85%) 7.69% 2/1/2028 <sup>(h)(i)</sup>  | 5671 | 5275 |
| QXO Building Products, Inc., Term Loan B, (1-month USD CME Term SOFR + 2.00%) 5.716% 4/30/2032 <sup>(h)(i)</sup>  | 185 | 186 |
|  |  | 5776 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **241** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Loans (continued)** | **Loans (continued)** | **Loans (continued)** |
| **Consumer discretionary 0.44%** |  |  |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 5.614%) 9.35% <br> 3/11/2030 <sup>(e)(h)(i)</sup>  | USD556 | $556 |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 7.614%) 6.00% PIK and <br>5.573% Cash 3/11/2030 <sup>(b)(e)(h)(i)</sup>  | 525 | 525 |
| Belron Finance 2019, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.25%) 6.12% 10/16/2031 <sup>(h)(i)</sup>  | 588 | 592 |
| First Student Bidco, Inc., Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.172% 8/15/2030 <sup>(h)(i)</sup>  | 334 | 335 |
| First Student Bidco, Inc., Term Loan C, (3-month USD CME Term SOFR + 2.50%) 6.172% 8/15/2030 <sup>(h)(i)</sup>  | 102 | 103 |
| Hertz Corp. (The), Term Loan B-EXIT, (3-month USD CME Term SOFR + 3.614%) 7.331% 6/30/2028 <sup>(h)(i)</sup>  | 71 | 60 |
| Hertz Corp. (The), Term Loan C-EXIT, (3-month USD CME Term SOFR + 3.614%) 7.331% 6/30/2028 <sup>(h)(i)</sup>  | 15 | 13 |
| Mercury Aggregator, LP, Term Loan, 19.00% PIK 2/3/2026 <sup>(b)(e)(h)</sup>  | 183 | 3 |
| Mercury Aggregator, LP, Term Loan 2, 19.00% PIK 2/3/2026 <sup>(b)(c)(e)(h)</sup>  | 98 | 2 |
| Scientific Games Holdings, LP, Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.934% 4/4/2029 <sup>(h)(i)</sup>  | 1615 | 1589 |
| Voyager Parent, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.75%) 8.422% 7/1/2032 <sup>(h)(i)</sup>  | 748 | 749 |
|  |  | 4527 |
| **Consumer staples 0.32%** |  |  |
| B&G Foods, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.50%) 7.216% 10/10/2029 <sup>(h)(i)</sup>  | 191 | 186 |
| Fiesta Purchaser, Inc., Term Loan B, (1-month USD CME Term SOFR + 2.75%) 6.466% 2/12/2031 <sup>(h)(i)</sup>  | 158 | 158 |
| United Natural Foods, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.75%) 8.466% 5/1/2031 <sup>(h)(i)</sup>  | 2918 | 2940 |
|  |  | 3284 |
| **Health care 0.30%** |  |  |
| Bausch + Lomb Corp., Term Loan B, (1-month USD CME Term SOFR + 4.25%) 7.966% 1/15/2031 <sup>(h)(i)</sup>  | 425 | 428 |
| Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 7.466% 4/23/2031 <sup>(h)(i)</sup>  | 1748 | 1737 |
| Medline Borrower, LP, Term Loan B, (1-month USD CME Term SOFR +1.75%) 5.466% 10/23/2028 <sup>(h)(i)</sup>  | 55 | 55 |
| Owens & Minor, Inc., Term Loan B-1, (3-month USD CME Term SOFR + 3.85%) 7.566% 3/29/2029 <sup>(h)(i)</sup>  | 674 | 652 |
| Team Health Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.34% 6/30/2028 <sup>(h)(i)</sup>  | 259 | 260 |
|  |  | 3132 |
| **Materials 0.06%** |  |  |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 7.00% PIK 7/16/2026 <sup>(b)(c)(e)(h)(i)</sup>  | 563 | 178 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 7.00% PIK 7/16/2026 <sup>(b)(c)(e)(h)(i)</sup>  | 566 | 179 |
| Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 7.00% PIK 10/12/2028 <sup>(b)(c)(e)(h)(i)</sup>  | 931 | 295 |
|  |  | 652 |
| **Utilities 0.05%** |  |  |
| MI Windows and Doors, LLC, Term Loan B3, (3-month USD CME Term SOFR + 2.75%) 6.466% <br> 3/28/2031 <sup>(h)(i)</sup>  | 276 | 277 |
| Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.353% 5/17/2030 <sup>(h)(i)</sup>  | 278 | 279 |
|  |  | 556 |
| **Real estate 0.02%** |  |  |
| MPT Operating Partnership, LP, Term Loan A, (1-month USD CME Term SOFR + 2.35%) 6.387% <br> 6/30/2027 <sup>(h)(i)</sup>  | 190 | 173 |
| **Energy 0.01%** |  |  |
| New Fortress Energy, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.50%) 0% 10/30/2028 <sup>(h)(i)</sup>  | 266 | 113 |
| **Total loans** |  | 40688 |
| **Mortgage-backed obligations 0.06%** | **Mortgage-backed obligations 0.06%** | **Mortgage-backed obligations 0.06%** |
| **Collateralized mortgage-backed obligations 0.06%** |  |  |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(a)(e)</sup>  | 580 | 580 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **242** |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Municipals 0.04%** | **Municipals 0.04%** | **Municipals 0.04%** |
| **Puerto Rico 0.04%** |  |  |
| GO Taxable Bonds, Series 2022, 0% 11/1/2043 <sup>(i)</sup>  | USD305 | $196 |
| GO Taxable Bonds, CAB, Series 2022, 0% 11/1/2051  | 334 | 219 |
| **Total municipals** |  | 415 |
| **Total bonds, notes & other debt instruments** (cost: $922,218,000) |  | 920093 |
| Convertible bonds & notes 0.12% |  |  |
| **Communication services 0.12%** |  |  |
| EchoStar Corp., convertible notes, 3.875% Cash 11/30/2030 <sup>(b)</sup>  | 379 | 1265 |
| **Total convertible bonds & notes** (cost: $403,000) |  | 1265 |
| Common stocks 6.33% | Shares |  |
| **Information technology 1.84%** |  |  |
| Diebold Nixdorf, Inc. <sup>(j)</sup>  | 281243 | 19094 |
| **Health care 1.62%** |  |  |
| Rotech Healthcare, Inc. <sup>(e)(g)(j)</sup>  | 201793 | 13823 |
| Mallinckrodt PLC <sup>(j)</sup>  | 28965 | 2591 |
| Par Health, Inc. <sup>(a)(j)</sup>  | 28965 | 271 |
| Endo, LP, Class A1 <sup>(a)(j)</sup>  | 192719 | 135 |
|  |  | 16820 |
| **Utilities 1.40%** |  |  |
| Talen Energy Corp. <sup>(j)</sup>  | 37868 | 14194 |
| PG&E Corp.  | 18786 | 302 |
|  |  | 14496 |
| **Energy 1.11%** |  |  |
| Constellation Oil Services Holding SA (NDR) <sup>(j)</sup>  | 623209 | 7359 |
| Ascent CNR Corp., Class A <sup>(e)(g)</sup>  | 62978 | 2787 |
| Weatherford International  | 9659 | 756 |
| Altera Infrastructure, LP <sup>(e)</sup>  | 9127 | 371 |
| Mesquite Energy, Inc. <sup>(e)(j)</sup>  | 3558 | 227 |
|  |  | 11500 |
| **Consumer discretionary 0.33%** |  |  |
| Aimbridge Topco, LLC <sup>(e)(j)</sup>  | 46955 | 3472 |
| NMG Parent, LLC <sup>(e)(j)</sup>  | 8350 | — <br><sup>(f)</sup><br>|
|  |  | 3472 |
| **Financials 0.02%** |  |  |
| Navient Corp.  | 20000 | 260 |
| **Communication services 0.01%** |  |  |
| iHeartMedia, Inc., Class A <sup>(j)</sup>  | 22639 | 94 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **243** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials 0.00%** |  |  |
| Venator Materials PLC <sup>(e)(j)</sup>  | 3232 | $— <br><sup>(f)</sup><br>|
| **Total common stocks** (cost: $38,533,000) |  | 65736 |
| Preferred securities 0.16% |  |  |
| **Industrials 0.16%** |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(a)(e)(j)</sup>  | 1022 | 1713 |
| **Total preferred securities** (cost: $1,057,000) |  | 1713 |
| Rights & warrants 0.02% |  |  |
| **Communication services 0.01%** |  |  |
| SES SA (CVR) <sup>(j)</sup>  | 8182 | 127 |
| **Energy 0.01%** |  |  |
| Expand Energy Corp., Class C, warrants, expire 2/9/2026 <sup>(j)</sup>  | 457 | 45 |
| **Total rights & warrants** (cost: $392,000) | **Total rights & warrants** (cost: $392,000) | 172 |
| Short-term securities 3.38% |  |  |
| **Money market investments 3.38%** | **Money market investments 3.38%** | **Money market investments 3.38%** |
| Capital Group Central Cash Fund 3.79% <sup>(k)(l)</sup>  | 350884 | 35092 |
| **Total short-term securities** (cost: $35,085,000) | **Total short-term securities** (cost: $35,085,000) | 35092 |
| **Total investment securities 98.60%** (cost: $997,688,000) |  | 1024071 |
| Other assets less liabilities 1.40% |  | 14538 |
| **Net assets 100.00%** |  | $1038609 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 69 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD14,406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 88 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Short | 6 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (690)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| 10 Year U.S. Treasury Note Futures | Short | 11 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1237)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 1 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (118)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(14)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **244** |

---

------

American High-Income Trust<sup>®</sup> (continued)

**Swap contracts**

------

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.HY.45 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD26,020 | &nbsp;&nbsp;&nbsp;&nbsp; $(1988)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1825)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(163)<br>|

---

**Investments in affiliates** <sup>(l)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 3.38%** |  |  |  |  |  |  |  |
| **Money market investments 3.38%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(k)</sup>  | $45641 | &nbsp;&nbsp; $250972 | &nbsp;&nbsp; $261524 | &nbsp;&nbsp; $— <br><sup>(f)</sup><br>| &nbsp;&nbsp; $3 | &nbsp;&nbsp; $35092 | &nbsp;&nbsp; $1878 |

---

**Restricted securities** <sup>(g)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Rotech Healthcare, Inc. <sup>(e)(j)</sup> <br>| 9/26/2013 | $4331 | $13823 | 1.33<br> %<br>|
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(b)</sup> <br>| 9/29/2025 | 2566 | 2811 | 0.27 |
| Ascent CNR Corp., Class A <sup>(e)</sup> <br>| 11/15/2016 | 302 | 2787 | 0.27 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) <br> 10.973% 9/13/2029 <sup>(h)(i)</sup> <br>| 9/13/2023 | 986 | 1007 | 0.10 |
| **Total** |  | $8185 | $20428 | 1.97<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $655,031,000, which represented 63.07% of the net assets of the fund. 

<sup>(b)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

<sup>(c)</sup> Scheduled interest and/or principal payment was not received.

<sup>(d)</sup> Step bond; coupon rate may change at a later date.

<sup>(e)</sup> Value determined using significant unobservable inputs.

<sup>(f)</sup> Amount less than one thousand.

<sup>(g)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(h)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $40,686,000, which represented 3.92% of the net assets of the fund. 

<sup>(i)</sup> 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. 

<sup>(j)</sup> Non-income producing.

<sup>(k)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(l)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **245** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| CAB = Capital Appreciation Bonds |
| CME = CME Group |
| CVR = Contingent Value Rights |
| DAC = Designated Activity Company |
| EUR = Euros |
| GBP = British pounds |
| GO = General Obligation |
| NDR = Norwegian Depositary Receipts |
| PIK = Payment In Kind |
| REIT = Real Estate Investment Trust |
| SOFR = Secured Overnight Financing Rate |
| USD = U.S. dollars |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **246** |

---

------

American Funds Mortgage Fund<sup>®</sup>

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 86.53% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations 79.28%** | **Mortgage-backed obligations 79.28%** | **Mortgage-backed obligations 79.28%** |
| **Federal agency mortgage-backed obligations 78.28%** |  |  |
| Fannie Mae Pool #695412 5.00% 6/1/2033 <sup>(a)</sup>  | USD— <br><sup>(b)</sup><br>| $— <br><sup>(b)</sup><br>|
| Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #256583 5.00% 12/1/2036 <sup>(a)</sup>  | 27 | 27 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(a)</sup>  | 90 | 86 |
| Fannie Mae Pool #931768 5.00% 8/1/2039 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #AC0794 5.00% 10/1/2039 <sup>(a)</sup>  | 4 | 4 |
| Fannie Mae Pool #932606 5.00% 2/1/2040 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #MA4232 2.00% 1/1/2041 <sup>(a)</sup>  | 120 | 105 |
| Fannie Mae Pool #BQ7816 1.50% 4/1/2041 <sup>(a)</sup>  | 211 | 180 |
| Fannie Mae Pool #BR0986 1.50% 5/1/2041 <sup>(a)</sup>  | 270 | 228 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041 <sup>(a)</sup>  | 7 | 7 |
| Fannie Mae Pool #MA4387 2.00% 7/1/2041 <sup>(a)</sup>  | 15 | 13 |
| Fannie Mae Pool #MA4388 2.50% 7/1/2041 <sup>(a)</sup>  | 66 | 59 |
| Fannie Mae Pool #MA4447 2.50% 10/1/2041 <sup>(a)</sup>  | 142 | 127 |
| Fannie Mae Pool #FM9117 2.50% 10/1/2041 <sup>(a)</sup>  | 80 | 72 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041 <sup>(a)</sup>  | 5 | 5 |
| Fannie Mae Pool #AE1274 5.00% 10/1/2041 <sup>(a)</sup>  | 4 | 4 |
| Fannie Mae Pool #AE1277 5.00% 11/1/2041 <sup>(a)</sup>  | 3 | 3 |
| Fannie Mae Pool #MA4502 2.50% 12/1/2041 <sup>(a)</sup>  | 160 | 144 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #MA4521 2.50% 1/1/2042 <sup>(a)</sup>  | 202 | 182 |
| Fannie Mae Pool #AE1290 5.00% 2/1/2042 <sup>(a)</sup>  | 4 | 4 |
| Fannie Mae Pool #AT0300 3.50% 3/1/2043 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #AT3954 3.50% 4/1/2043 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #AY1829 3.50% 12/1/2044 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #MA5696 7.00% 3/1/2045 <sup>(a)</sup>  | 25 | 26 |
| Fannie Mae Pool #FS3767 2.00% 4/1/2047 <sup>(a)</sup>  | 24 | 20 |
| Fannie Mae Pool #BH3122 4.00% 6/1/2047 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #BJ5015 4.00% 12/1/2047 <sup>(a)</sup>  | 25 | 24 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048 <sup>(a)</sup>  | 13 | 12 |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048 <sup>(a)</sup>  | 19 | 18 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048 <sup>(a)</sup>  | 6 | 6 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048 <sup>(a)</sup>  | 3 | 3 |
| Fannie Mae Pool #CA5659 2.50% 5/1/2050 <sup>(a)</sup>  | 402 | 341 |
| Fannie Mae Pool #CA6409 2.50% 7/1/2050 <sup>(a)</sup>  | 88 | 75 |
| Fannie Mae Pool #FS3745 2.00% 8/1/2050 <sup>(a)</sup>  | 16 | 13 |
| Fannie Mae Pool #CA6987 2.00% 9/1/2050 <sup>(a)</sup>  | 685 | 556 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(a)</sup>  | 4 | 3 |
| Fannie Mae Pool #BN7466 2.00% 10/1/2050 <sup>(a)</sup>  | 93 | 76 |
| Fannie Mae Pool #BQ3005 2.50% 10/1/2050 <sup>(a)</sup>  | 61 | 52 |
| Fannie Mae Pool #BQ6356 2.00% 11/1/2050 <sup>(a)</sup>  | 34 | 27 |
| Fannie Mae Pool #BQ5687 2.50% 11/1/2050 <sup>(a)</sup>  | 458 | 389 |
| Fannie Mae Pool #CA8108 2.00% 12/1/2050 <sup>(a)</sup>  | 122 | 101 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050 <sup>(a)</sup>  | 10 | 9 |
| Fannie Mae Pool #FS9792 4.50% 12/1/2050 <sup>(a)</sup>  | 21 | 21 |
| Fannie Mae Pool #FM6113 2.50% 1/1/2051 <sup>(a)</sup>  | 1322 | 1130 |
| Fannie Mae Pool #FM5940 2.00% 2/1/2051 <sup>(a)</sup>  | 1432 | 1176 |
| Fannie Mae Pool #CA8820 2.00% 2/1/2051 <sup>(a)</sup>  | 332 | 273 |
| Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(a)</sup>  | 161 | 130 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #CB0041 3.00% 4/1/2051 <sup>(a)</sup>  | 165 | 150 |
| Fannie Mae Pool #CB0517 2.50% 5/1/2051 <sup>(a)</sup>  | 260 | 221 |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051 <sup>(a)</sup>  | 21 | 18 |
| Fannie Mae Pool #FM8038 3.00% 7/1/2051 <sup>(a)</sup>  | 30 | 27 |
| Fannie Mae Pool #BT9828 2.50% 9/1/2051 <sup>(a)</sup>  | 389 | 330 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051 <sup>(a)</sup>  | 353 | 302 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(a)</sup>  | 22 | 19 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #FM9492 2.50% 11/1/2051 <sup>(a)</sup>  | 367 | 318 |
| Fannie Mae Pool #FM9694 2.50% 11/1/2051 <sup>(a)</sup>  | 173 | 150 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **247** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #CB2095 3.00% 11/1/2051 <sup>(a)</sup>  | USD31 | $27 |
| Fannie Mae Pool #FM9804 2.50% 12/1/2051 <sup>(a)</sup>  | 190 | 165 |
| Fannie Mae Pool #FM9976 3.00% 12/1/2051 <sup>(a)</sup>  | 75 | 68 |
| Fannie Mae Pool #CB2544 3.00% 1/1/2052 <sup>(a)</sup>  | 222 | 199 |
| Fannie Mae Pool #CB3888 2.50% 2/1/2052 <sup>(a)</sup>  | 566 | 480 |
| Fannie Mae Pool #CB3031 2.50% 3/1/2052 <sup>(a)</sup>  | 365 | 311 |
| Fannie Mae Pool #BV1262 2.50% 3/1/2052 <sup>(a)</sup>  | 140 | 119 |
| Fannie Mae Pool #BV9613 3.00% 4/1/2052 <sup>(a)</sup>  | 39 | 35 |
| Fannie Mae Pool #CB3523 3.00% 5/1/2052 <sup>(a)</sup>  | 887 | 787 |
| Fannie Mae Pool #BU8818 3.50% 5/1/2052 <sup>(a)</sup>  | 10 | 9 |
| Fannie Mae Pool #FS6605 2.00% 6/1/2052 <sup>(a)</sup>  | 676 | 547 |
| Fannie Mae Pool #FS7879 2.50% 7/1/2052 <sup>(a)</sup>  | 1633 | 1385 |
| Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(a)</sup>  | 910 | 770 |
| Fannie Mae Pool #FS5851 4.00% 7/1/2052 <sup>(a)</sup>  | 448 | 427 |
| Fannie Mae Pool #CB4360 3.00% 8/1/2052 <sup>(a)</sup>  | 30 | 27 |
| Fannie Mae Pool #FS6362 3.50% 8/1/2052 <sup>(a)</sup>  | 158 | 146 |
| Fannie Mae Pool #CB4620 5.00% 9/1/2052 <sup>(a)</sup>  | 934 | 941 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(a)</sup>  | 666 | 541 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(a)</sup>  | 92 | 92 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(a)</sup>  | 34 | 35 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(a)</sup>  | 31 | 32 |
| Fannie Mae Pool #MA4840 4.50% 12/1/2052 <sup>(a)</sup>  | 410 | 402 |
| Fannie Mae Pool #BX5673 5.00% 12/1/2052 <sup>(a)</sup>  | 96 | 96 |
| Fannie Mae Pool #BY1411 4.00% 2/1/2053 <sup>(a)</sup>  | 1100 | 1048 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(a)</sup>  | 59 | 60 |
| Fannie Mae Pool #FS3759 6.00% 2/1/2053 <sup>(a)</sup>  | 88 | 92 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(a)</sup>  | 71 | 74 |
| Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(a)</sup>  | 595 | 596 |
| Fannie Mae Pool #CB6131 6.50% 4/1/2053 <sup>(a)</sup>  | 195 | 206 |
| Fannie Mae Pool #CB6106 6.50% 4/1/2053 <sup>(a)</sup>  | 54 | 57 |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(a)</sup>  | 47 | 47 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(a)</sup>  | 45 | 46 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(a)</sup>  | 227 | 234 |
| Fannie Mae Pool #MA5062 3.00% 6/1/2053 <sup>(a)</sup>  | 420 | 372 |
| Fannie Mae Pool #FS5192 5.50% 6/1/2053 <sup>(a)</sup>  | 681 | 692 |
| Fannie Mae Pool #MA5040 6.00% 6/1/2053 <sup>(a)</sup>  | 305 | 315 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(a)</sup>  | 185 | 188 |
| Fannie Mae Pool #FS5343 6.00% 7/1/2053 <sup>(a)</sup>  | 365 | 376 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(a)</sup>  | 768 | 782 |
| Fannie Mae Pool #CB7242 6.50% 10/1/2053 <sup>(a)</sup>  | 37 | 38 |
| Fannie Mae Pool #MA5167 6.50% 10/1/2053 <sup>(a)</sup>  | 10 | 11 |
| Fannie Mae Pool #CB7510 6.50% 11/1/2053 <sup>(a)</sup>  | 262 | 274 |
| Fannie Mae Pool #MA5215 5.50% 12/1/2053 <sup>(a)</sup>  | 73 | 74 |
| Fannie Mae Pool #CB8089 7.00% 12/1/2053 <sup>(a)</sup>  | 354 | 373 |
| Fannie Mae Pool #MA5247 6.00% 1/1/2054 <sup>(a)</sup>  | 22 | 23 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(a)</sup>  | 377 | 393 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(a)</sup>  | 185 | 194 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(a)</sup>  | 1330 | 1351 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(a)</sup>  | 138 | 141 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(a)</sup>  | 127 | 129 |
| Fannie Mae Pool #FS7653 6.50% 3/1/2054 <sup>(a)</sup>  | 33 | 34 |
| Fannie Mae Pool #DB1235 6.00% 4/1/2054 <sup>(a)</sup>  | 122 | 127 |
| Fannie Mae Pool #CB8387 6.50% 4/1/2054 <sup>(a)</sup>  | 15 | 16 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(a)</sup>  | 228 | 234 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(a)</sup>  | 219 | 227 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(a)</sup>  | 42 | 44 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(a)</sup>  | 35 | 36 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(a)</sup>  | 20 | 20 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(a)</sup>  | 251 | 262 |
| Fannie Mae Pool #FP0128 6.50% 6/1/2054 <sup>(a)</sup>  | 150 | 156 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **248** |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(a)</sup>  | USD491 | $507 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(a)</sup>  | 141 | 145 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(a)</sup>  | 121 | 125 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(a)</sup>  | 94 | 97 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(a)</sup>  | 55 | 57 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(a)</sup>  | 36 | 38 |
| Fannie Mae Pool #BU4791 6.00% 7/1/2054 <sup>(a)</sup>  | 18 | 18 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(a)</sup>  | 6 | 7 |
| Fannie Mae Pool #FS8619 6.50% 7/1/2054 <sup>(a)</sup>  | 616 | 647 |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(a)</sup>  | 383 | 401 |
| Fannie Mae Pool #FS8607 6.50% 7/1/2054 <sup>(a)</sup>  | 118 | 123 |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(a)</sup>  | 106 | 111 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(a)</sup>  | 66 | 70 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(a)</sup>  | 189 | 195 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(a)</sup>  | 160 | 165 |
| Fannie Mae Pool #BU4968 6.00% 8/1/2054 <sup>(a)</sup>  | 129 | 132 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(a)</sup>  | 58 | 60 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(a)</sup>  | 51 | 53 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(a)</sup>  | 27 | 27 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(a)</sup>  | 25 | 26 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(a)</sup>  | 23 | 24 |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(a)</sup>  | 17 | 18 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(a)</sup>  | 16 | 17 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(a)</sup>  | 9 | 9 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(a)</sup>  | 141 | 148 |
| Fannie Mae Pool #FS8934 6.50% 8/1/2054 <sup>(a)</sup>  | 105 | 110 |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(a)</sup>  | 41 | 43 |
| Fannie Mae Pool #FS9025 5.50% 9/1/2054 <sup>(a)</sup>  | 480 | 491 |
| Fannie Mae Pool #FS9009 5.50% 9/1/2054 <sup>(a)</sup>  | 257 | 263 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(a)</sup>  | 193 | 196 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(a)</sup>  | 422 | 437 |
| Fannie Mae Pool #DC1547 6.00% 9/1/2054 <sup>(a)</sup>  | 165 | 169 |
| Fannie Mae Pool #DC3262 6.00% 9/1/2054 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #DC3459 6.00% 9/1/2054 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(a)</sup>  | 126 | 131 |
| Fannie Mae Pool #MA5497 5.50% 10/1/2054 <sup>(a)</sup>  | 100 | 101 |
| Fannie Mae Pool #MA5498 6.00% 10/1/2054 <sup>(a)</sup>  | 370 | 381 |
| Fannie Mae Pool #BU5166 6.00% 10/1/2054 <sup>(a)</sup>  | 24 | 25 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(a)</sup>  | 54 | 54 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(a)</sup>  | 47 | 48 |
| Fannie Mae Pool #CB9432 6.00% 11/1/2054 <sup>(a)</sup>  | 40 | 41 |
| Fannie Mae Pool #DC7042 4.50% 12/1/2054 <sup>(a)</sup>  | 185 | 181 |
| Fannie Mae Pool #FA0287 6.00% 12/1/2054 <sup>(a)</sup>  | 567 | 582 |
| Fannie Mae Pool #FP0130 6.50% 12/1/2054 <sup>(a)</sup>  | 177 | 184 |
| Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(a)</sup>  | 219 | 208 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(a)</sup>  | 230 | 236 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(a)</sup>  | 531 | 539 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(a)</sup>  | 95 | 98 |
| Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(a)</sup>  | 587 | 610 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(a)</sup>  | 313 | 325 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(a)</sup>  | 429 | 451 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(a)</sup>  | 105 | 108 |
| Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(a)</sup>  | 288 | 287 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(a)</sup>  | 756 | 777 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(a)</sup>  | 148 | 147 |
| Fannie Mae Pool #DD9889 6.00% 7/1/2055 <sup>(a)</sup>  | 316 | 325 |
| Fannie Mae Pool #MA5761 6.00% 7/1/2055 <sup>(a)</sup>  | 15 | 15 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(a)</sup>  | 746 | 776 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **249** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #FA2842 6.50% 7/1/2055 <sup>(a)</sup>  | USD500 | $520 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(a)</sup>  | 330 | 335 |
| Fannie Mae Pool #MA5793 6.00% 8/1/2055 <sup>(a)</sup>  | 124 | 127 |
| Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(a)</sup>  | 11 | 11 |
| Fannie Mae Pool #MA5846 7.00% 8/1/2055 <sup>(a)</sup>  | 30 | 31 |
| Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(a)</sup>  | 16 | 15 |
| Fannie Mae Pool #BF0379 3.50% 4/1/2059 <sup>(a)</sup>  | 108 | 99 |
| Fannie Mae Pool #BF0481 3.50% 6/1/2060 <sup>(a)</sup>  | 119 | 109 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(a)</sup>  | 41 | 36 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061 <sup>(a)</sup>  | 40 | 39 |
| Fannie Mae Pool #BF0765 3.50% 9/1/2063 <sup>(a)</sup>  | 684 | 623 |
| FARM Mortgage Trust, Series 2024-1, Class A, 4.684% 10/1/2053 <sup>(a)(c)(d)</sup>  | 175 | 170 |
| Freddie Mac Pool #ZA1922 5.00% 2/1/2026 <sup>(a)</sup>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
| Freddie Mac Pool #ZS8950 5.00% 10/1/2029 <sup>(a)</sup>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
| Freddie Mac Pool #A18781 5.00% 3/1/2034 <sup>(a)(e)</sup>  | 426 | 430 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(a)</sup>  | 135 | 128 |
| Freddie Mac Pool #SB1388 2.50% 1/1/2038 <sup>(a)</sup>  | 37 | 35 |
| Freddie Mac Pool #RB5113 1.50% 6/1/2041 <sup>(a)</sup>  | 1398 | 1183 |
| Freddie Mac Pool #RB5115 2.50% 6/1/2041 <sup>(a)</sup>  | 260 | 234 |
| Freddie Mac Pool #RB5145 2.00% 2/1/2042 <sup>(a)</sup>  | 73 | 64 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043 <sup>(a)</sup>  | 1 | 1 |
| Freddie Mac Pool #760014 4.632% 8/1/2045 <sup>(a)(d)</sup>  | 239 | 239 |
| Freddie Mac Pool #Q47615 3.50% 4/1/2047 <sup>(a)</sup>  | 15 | 14 |
| Freddie Mac Pool #Q52069 3.50% 11/1/2047 <sup>(a)</sup>  | 21 | 20 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048 <sup>(a)</sup>  | 11 | 11 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048 <sup>(a)</sup>  | 10 | 9 |
| Freddie Mac Pool #Q55970 4.00% 5/1/2048 <sup>(a)</sup>  | 6 | 6 |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048 <sup>(a)</sup>  | 19 | 19 |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048 <sup>(a)</sup>  | 39 | 39 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048 <sup>(a)</sup>  | 18 | 18 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048 <sup>(a)</sup>  | 12 | 12 |
| Freddie Mac Pool #Z40273 4.50% 10/1/2048 <sup>(a)</sup>  | 34 | 34 |
| Freddie Mac Pool #QA2748 3.50% 9/1/2049 <sup>(a)</sup>  | 13 | 13 |
| Freddie Mac Pool #SD7512 3.00% 2/1/2050 <sup>(a)</sup>  | 122 | 111 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(a)</sup>  | 4 | 3 |
| Freddie Mac Pool #RA3576 2.00% 9/1/2050 <sup>(a)</sup>  | 659 | 535 |
| Freddie Mac Pool #SI2062 2.00% 9/1/2050 <sup>(a)</sup>  | 162 | 133 |
| Freddie Mac Pool #RA3987 2.50% 11/1/2050 <sup>(a)</sup>  | 171 | 147 |
| Freddie Mac Pool #QB7053 2.00% 12/1/2050 <sup>(a)</sup>  | 90 | 73 |
| Freddie Mac Pool #RA4352 2.00% 1/1/2051 <sup>(a)</sup>  | 285 | 234 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051 <sup>(a)</sup>  | 2 | 1 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051 <sup>(a)</sup>  | 3 | 2 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(a)</sup>  | 269 | 221 |
| Freddie Mac Pool #QC7626 3.00% 9/1/2051 <sup>(a)</sup>  | 197 | 176 |
| Freddie Mac Pool #QC8778 2.50% 10/1/2051 <sup>(a)</sup>  | 978 | 828 |
| Freddie Mac Pool #RA6406 2.00% 11/1/2051 <sup>(a)</sup>  | 65 | 53 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051 <sup>(a)</sup>  | 53 | 46 |
| Freddie Mac Pool #QD3619 2.50% 12/1/2051 <sup>(a)</sup>  | 686 | 582 |
| Freddie Mac Pool #RA6598 3.50% 1/1/2052 <sup>(a)</sup>  | 117 | 109 |
| Freddie Mac Pool #RA6816 2.00% 2/1/2052 <sup>(a)</sup>  | 17 | 13 |
| Freddie Mac Pool #QD6327 3.00% 2/1/2052 <sup>(a)</sup>  | 465 | 412 |
| Freddie Mac Pool #SD0873 3.50% 2/1/2052 <sup>(a)</sup>  | 615 | 578 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(a)</sup>  | 6 | 6 |
| Freddie Mac Pool #RA6973 2.00% 3/1/2052 <sup>(a)</sup>  | 665 | 539 |
| Freddie Mac Pool #QD8711 2.00% 3/1/2052 <sup>(a)</sup>  | 66 | 53 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(a)</sup>  | 1308 | 1162 |
| Freddie Mac Pool #QE4001 3.00% 5/1/2052 <sup>(a)</sup>  | 42 | 37 |
| Freddie Mac Pool #QE4044 2.50% 6/1/2052 <sup>(a)</sup>  | 383 | 324 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(a)</sup>  | 641 | 569 |
| Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(a)</sup>  | 468 | 396 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **250** |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD4815 2.50% 7/1/2052 <sup>(a)</sup>  | USD156 | $133 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(a)</sup>  | 1207 | 1071 |
| Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(a)</sup>  | 120 | 97 |
| Freddie Mac Pool #SL0761 3.50% 9/1/2052 <sup>(a)</sup>  | 832 | 777 |
| Freddie Mac Pool #QF0213 4.50% 9/1/2052 <sup>(a)</sup>  | 173 | 170 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052 <sup>(a)</sup>  | 529 | 531 |
| Freddie Mac Pool #QF0924 5.50% 9/1/2052 <sup>(a)</sup>  | 200 | 203 |
| Freddie Mac Pool #SD8258 5.00% 10/1/2052 <sup>(a)</sup>  | 215 | 215 |
| Freddie Mac Pool #RA8059 5.50% 10/1/2052 <sup>(a)</sup>  | 92 | 94 |
| Freddie Mac Pool #SD1895 4.50% 11/1/2052 <sup>(a)</sup>  | 303 | 302 |
| Freddie Mac Pool #SD8280 6.50% 11/1/2052 <sup>(a)</sup>  | 641 | 669 |
| Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(a)</sup>  | 29 | 25 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053 <sup>(a)</sup>  | 38 | 38 |
| Freddie Mac Pool #SD8315 5.00% 4/1/2053 <sup>(a)</sup>  | 106 | 106 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(a)</sup>  | 73 | 73 |
| Freddie Mac Pool #SD8316 5.50% 4/1/2053 <sup>(a)</sup>  | 80 | 81 |
| Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(a)</sup>  | 1024 | 1026 |
| Freddie Mac Pool #SD2861 6.00% 5/1/2053 <sup>(a)</sup>  | 46 | 47 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(a)</sup>  | 254 | 259 |
| Freddie Mac Pool #RA9279 6.00% 6/1/2053 <sup>(a)</sup>  | 53 | 55 |
| Freddie Mac Pool #RA9283 6.00% 6/1/2053 <sup>(a)</sup>  | 48 | 49 |
| Freddie Mac Pool #RA9281 6.00% 6/1/2053 <sup>(a)</sup>  | 31 | 32 |
| Freddie Mac Pool #RA9284 6.00% 6/1/2053 <sup>(a)</sup>  | 26 | 28 |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(a)</sup>  | 2 | 2 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(a)</sup>  | 747 | 760 |
| Freddie Mac Pool #SD3386 5.50% 7/1/2053 <sup>(a)</sup>  | 46 | 47 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(a)</sup>  | 32 | 34 |
| Freddie Mac Pool #SD8350 6.00% 8/1/2053 <sup>(a)(e)</sup>  | 2221 | 2286 |
| Freddie Mac Pool #RA9857 6.00% 9/1/2053 <sup>(a)</sup>  | 868 | 894 |
| Freddie Mac Pool #RA9854 6.00% 9/1/2053 <sup>(a)</sup>  | 105 | 109 |
| Freddie Mac Pool #SD8368 6.00% 10/1/2053 <sup>(a)</sup>  | 366 | 377 |
| Freddie Mac Pool #SD4053 6.00% 10/1/2053 <sup>(a)</sup>  | 291 | 300 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(a)</sup>  | 65 | 68 |
| Freddie Mac Pool #SD8395 5.50% 1/1/2054 <sup>(a)</sup>  | 400 | 407 |
| Freddie Mac Pool #RJ0668 6.00% 1/1/2054 <sup>(a)</sup>  | 1463 | 1507 |
| Freddie Mac Pool #SD4795 6.00% 1/1/2054 <sup>(a)</sup>  | 1188 | 1225 |
| Freddie Mac Pool #SD8396 6.00% 1/1/2054 <sup>(a)</sup>  | 6 | 7 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(a)</sup>  | 43 | 45 |
| Freddie Mac Pool #RJ0854 6.50% 1/1/2054 <sup>(a)</sup>  | 9 | 10 |
| Freddie Mac Pool #QI0006 6.00% 2/1/2054 <sup>(a)</sup>  | 48 | 49 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(a)</sup>  | 58 | 60 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(a)</sup>  | 12 | 12 |
| Freddie Mac Pool #QI2895 6.00% 4/1/2054 <sup>(a)</sup>  | 100 | 104 |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(a)</sup>  | 16 | 17 |
| Freddie Mac Pool #SD5221 6.50% 4/1/2054 <sup>(a)</sup>  | 46 | 48 |
| Freddie Mac Pool #RJ1448 5.50% 5/1/2054 <sup>(a)</sup>  | 61 | 62 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(a)</sup>  | 24 | 25 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(a)</sup>  | 7 | 7 |
| Freddie Mac Pool #SD5404 6.50% 5/1/2054 <sup>(a)</sup>  | 377 | 394 |
| Freddie Mac Pool #RJ1447 6.50% 5/1/2054 <sup>(a)</sup>  | 53 | 56 |
| Freddie Mac Pool #SD5706 6.50% 6/1/2054 <sup>(a)</sup>  | 602 | 631 |
| Freddie Mac Pool #RJ1726 6.50% 6/1/2054 <sup>(a)</sup>  | 188 | 197 |
| Freddie Mac Pool #SD5701 6.50% 6/1/2054 <sup>(a)</sup>  | 47 | 49 |
| Freddie Mac Pool #RJ1725 6.50% 6/1/2054 <sup>(a)</sup>  | 14 | 15 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(a)</sup>  | 206 | 212 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(a)</sup>  | 187 | 193 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(a)</sup>  | 168 | 175 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(a)</sup>  | 60 | 62 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(a)</sup>  | 56 | 57 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(a)</sup>  | 28 | 29 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **251** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(a)</sup>  | USD376 | $391 |
| Freddie Mac Pool #RJ1986 6.50% 7/1/2054 <sup>(a)</sup>  | 157 | 164 |
| Freddie Mac Pool #SD5905 6.50% 7/1/2054 <sup>(a)</sup>  | 62 | 65 |
| Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(a)</sup>  | 267 | 273 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(a)</sup>  | 225 | 232 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(a)</sup>  | 143 | 147 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(a)</sup>  | 126 | 130 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(a)</sup>  | 34 | 35 |
| Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(a)</sup>  | 1 | 1 |
| Freddie Mac Pool #SD6323 6.50% 8/1/2054 <sup>(a)</sup>  | 1307 | 1363 |
| Freddie Mac Pool #SD8455 6.50% 8/1/2054 <sup>(a)</sup>  | 331 | 344 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(a)</sup>  | 217 | 227 |
| Freddie Mac Pool #SD6034 6.50% 8/1/2054 <sup>(a)</sup>  | 95 | 99 |
| Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(a)</sup>  | 87 | 91 |
| Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(a)</sup>  | 47 | 49 |
| Freddie Mac Pool #SD6047 6.50% 8/1/2054 <sup>(a)</sup>  | 37 | 39 |
| Freddie Mac Pool #SD6035 6.50% 8/1/2054 <sup>(a)</sup>  | 23 | 24 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(a)</sup>  | 193 | 195 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(a)</sup>  | 115 | 119 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(a)</sup>  | 59 | 61 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(a)</sup>  | 58 | 60 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(a)</sup>  | 54 | 56 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(a)</sup>  | 32 | 33 |
| Freddie Mac Pool #SD8463 6.00% 9/1/2054 <sup>(a)</sup>  | 14 | 14 |
| Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(a)</sup>  | 149 | 155 |
| Freddie Mac Pool #SL2445 6.50% 9/1/2054 <sup>(a)</sup>  | 79 | 83 |
| Freddie Mac Pool #RJ2320 6.50% 9/1/2054 <sup>(a)</sup>  | 35 | 36 |
| Freddie Mac Pool #RJ2325 6.50% 9/1/2054 <sup>(a)</sup>  | 15 | 16 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(a)</sup>  | 9 | 9 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(a)</sup>  | 435 | 442 |
| Freddie Mac Pool #RJ3163 5.00% 12/1/2054 <sup>(a)</sup>  | 480 | 482 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(a)</sup>  | 357 | 362 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(a)</sup>  | 7 | 7 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(a)</sup>  | 1077 | 1106 |
| Freddie Mac Pool #QX4065 6.00% 1/1/2055 <sup>(a)</sup>  | 23 | 24 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(a)</sup>  | 76 | 80 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(a)</sup>  | 271 | 264 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(a)</sup>  | 737 | 757 |
| Freddie Mac Pool #SL0797 6.00% 2/1/2055 <sup>(a)</sup>  | 60 | 62 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(a)</sup>  | 55 | 56 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(a)</sup>  | 382 | 397 |
| Freddie Mac Pool #SL0673 6.50% 3/1/2055 <sup>(a)</sup>  | 280 | 294 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(a)</sup>  | 126 | 126 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(a)</sup>  | 88 | 90 |
| Freddie Mac Pool #SL1416 6.00% 4/1/2055 <sup>(a)</sup>  | 13 | 14 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(a)</sup>  | 265 | 265 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(a)</sup>  | 197 | 202 |
| Freddie Mac Pool #SL1138 6.00% 5/1/2055 <sup>(a)</sup>  | 13 | 13 |
| Freddie Mac Pool #SL1137 6.00% 5/1/2055 <sup>(a)</sup>  | 13 | 13 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(a)</sup>  | 88 | 88 |
| Freddie Mac Pool #QY6303 6.00% 6/1/2055 <sup>(a)</sup>  | 2051 | 2108 |
| Freddie Mac Pool #RQ0015 6.50% 6/1/2055 <sup>(a)</sup>  | 1040 | 1081 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(a)</sup>  | 432 | 438 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(a)</sup>  | 2292 | 2354 |
| Freddie Mac Pool #QY7483 6.00% 7/1/2055 <sup>(a)</sup>  | 1386 | 1425 |
| Freddie Mac Pool #QY7786 6.00% 7/1/2055 <sup>(a)</sup>  | 65 | 67 |
| Freddie Mac Pool #SL2625 6.50% 7/1/2055 <sup>(a)</sup>  | 499 | 518 |
| Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(a)</sup>  | 1712 | 1758 |
| Freddie Mac Pool #SL2781 6.50% 9/1/2055 <sup>(a)</sup>  | 176 | 184 |
| Freddie Mac Pool #SL2647 6.50% 9/1/2055 <sup>(a)</sup>  | 111 | 116 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **252** |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #RQ0057 6.00% 10/1/2055 <sup>(a)</sup>  | USD565 | $580 |
| Freddie Mac, Series K751, Class A2, Multi Family, 4.412% 3/25/2030 <sup>(a)</sup>  | 300 | 304 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(a)</sup>  | 75 | 72 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/2056 <sup>(a)</sup>  | 77 | 69 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(a)</sup>  | 144 | 137 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(a)(d)</sup>  | 100 | 96 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/2057 <sup>(a)</sup>  | 20 | 17 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(a)(d)</sup>  | 76 | 74 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/25/2058 <sup>(a)</sup>  | 25 | 22 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 <sup>(a)</sup>  | 15 | 13 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2024-2, Class MT, 3.50% 5/25/2064 <sup>(a)</sup>  | 615 | 540 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 6/25/2028 <sup>(a)</sup>  | 176 | 173 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(a)</sup>  | 10 | 10 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 20-2, Class AC, 2.00% 9/25/2030 <sup>(a)</sup>  | 290 | 267 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 20-3, Class AC, 2.00% 11/25/2030 <sup>(a)</sup>  | 278 | 255 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 21-1, Class AC, 2.25% 5/26/2031 <sup>(a)</sup>  | 280 | 258 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 21-2, Class AD, 2.00% 7/25/2031 <sup>(a)</sup>  | 240 | 216 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 <sup>(a)</sup>  | 238 | 232 |
| Government National Mortgage Assn. 5.00% 1/1/2056 <sup>(a)(f)</sup>  | 80 | 80 |
| Government National Mortgage Assn. Pool #AH5894 3.75% 5/20/2034 <sup>(a)</sup>  | 532 | 522 |
| Government National Mortgage Assn. Pool #783690 6.00% 9/20/2039 <sup>(a)</sup>  | 60 | 64 |
| Government National Mortgage Assn. Pool #005104 5.00% 6/20/2041 <sup>(a)</sup>  | 151 | 153 |
| Government National Mortgage Assn. Pool #005142 4.50% 8/20/2041 <sup>(a)</sup>  | 10 | 10 |
| Government National Mortgage Assn. Pool #005165 6.50% 8/20/2041 <sup>(a)</sup>  | 76 | 77 |
| Government National Mortgage Assn. Pool #AA5326 3.50% 5/20/2042 <sup>(a)</sup>  | 75 | 67 |
| Government National Mortgage Assn. Pool #MA0366 3.50% 6/20/2042 <sup>(a)</sup>  | 176 | 162 |
| Government National Mortgage Assn. Pool #AD4360 3.50% 7/20/2043 <sup>(a)</sup>  | 38 | 35 |
| Government National Mortgage Assn. Pool #AH5884 4.25% 7/20/2044 <sup>(a)</sup>  | 439 | 423 |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(a)</sup>  | 80 | 66 |
| Government National Mortgage Assn. Pool #BZ3978 2.50% 11/20/2050 <sup>(a)</sup>  | 33 | 29 |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(a)</sup>  | 71 | 59 |
| Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 <sup>(a)</sup>  | 302 | 258 |
| Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 <sup>(a)</sup>  | 72 | 62 |
| Government National Mortgage Assn. Pool #786706 2.50% 12/20/2051 <sup>(a)</sup>  | 472 | 402 |
| Government National Mortgage Assn. Pool #786502 2.50% 2/20/2052 <sup>(a)</sup>  | 295 | 254 |
| Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(a)</sup>  | 64 | 55 |
| Government National Mortgage Assn. Pool #786647 2.50% 3/20/2052 <sup>(a)</sup>  | 154 | 133 |
| Government National Mortgage Assn. Pool #786701 2.50% 3/20/2052 <sup>(a)</sup>  | 126 | 109 |
| Government National Mortgage Assn. Pool #MA7936 2.50% 3/20/2052 <sup>(a)</sup>  | 40 | 34 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(a)</sup>  | 47 | 42 |
| Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(a)</sup>  | 207 | 179 |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(a)</sup>  | 56 | 50 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(a)</sup>  | 4 | 4 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(a)</sup>  | 145 | 138 |
| Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/2053 <sup>(a)</sup>  | 13 | 13 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(a)</sup>  | 77 | 73 |
| Government National Mortgage Assn. Pool #MB0205 5.50% 2/20/2055 <sup>(a)</sup>  | 194 | 196 |
| Government National Mortgage Assn. Pool #MB0485 5.50% 7/20/2055 <sup>(a)</sup>  | 49 | 50 |
| Government National Mortgage Assn. Pool #MB0742 3.50% 11/20/2055 <sup>(a)</sup>  | 194 | 177 |
| Government National Mortgage Assn. Pool #MB0810 3.50% 12/20/2055 <sup>(a)</sup>  | 101 | 92 |
| Government National Mortgage Assn. Pool #AN1825 4.566% 6/20/2065 <sup>(a)</sup>  | 11 | 11 |
| Government National Mortgage Assn. Pool #AO0461 4.605% 8/20/2065 <sup>(a)</sup>  | 4 | 4 |
| Government National Mortgage Assn. Pool #AO0409 4.451% 12/20/2065 <sup>(a)</sup>  | 5 | 5 |
| Government National Mortgage Assn. Pool #AO0385 4.328% 1/20/2066 <sup>(a)</sup>  | 47 | 47 |
| Government National Mortgage Assn. Pool #725897 5.20% 1/20/2066 <sup>(a)</sup>  | 1 | 1 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(a)</sup>  | 201 | 150 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2041 <sup>(a)(f)</sup>  | 125 | 123 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(a)(f)</sup>  | 674 | 545 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(a)(f)</sup>  | 25 | 23 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2056 <sup>(a)(f)</sup>  | 97 | 92 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **253** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(a)(f)</sup>  | USD190 | $186 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2056 <sup>(a)(f)</sup>  | 1542 | 1563 |
| Uniform Mortgage-Backed Security 6.00% 1/1/2056 <sup>(a)(f)</sup>  | 1769 | 1817 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(a)(f)</sup>  | 698 | 725 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(a)(f)</sup>  | 1616 | 1489 |
|  |  | 98296 |
| **Commercial mortgage-backed securities 0.61%** |  |  |
| BX Commercial Mortgage Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) <br> 5.865% 6/15/2027 <sup>(a)(c)(d)</sup>  | 100 | 100 |
| BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.241% 4/15/2037 <sup>(a)(c)(d)</sup>  | 79 | 79 |
| BX Trust, Series 2025-GW, Class A, (1-month USD CME Term SOFR + 1.60%) 5.35% 7/15/2042 <sup>(a)(c)(d)</sup>  | 200 | 200 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(a)(c)(d)</sup>  | 379 | 391 |
|  |  | 770 |
| **Collateralized mortgage-backed obligations (privately originated) 0.39%** |  |  |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 <sup>(a)(c)(d)</sup>  | 128 | 122 |
| COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066 <sup>(a)(c)(d)</sup>  | 51 | 47 |
| Farmer Mac Agricultural Real Estate Trust, Series 2024-2, Class A1, 5.191% 8/1/2054 <sup>(a)(c)(d)</sup>  | 81 | 82 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2024-INV2, Class A1, 6.50% 2/25/2054 <sup>(a)(c)(d)</sup>  | 145 | 148 |
| PMT Loan Trust, Series 2024-INV1, Class A2, 6.00% 10/25/2059 <sup>(a)(c)(d)</sup>  | 86 | 88 |
|  |  | 487 |
| **Total mortgage-backed obligations** |  | 99553 |
| **U.S. Treasury bonds & notes 6.22%** | **U.S. Treasury bonds & notes 6.22%** | **U.S. Treasury bonds & notes 6.22%** |
| **U.S. Treasury 6.22%** |  |  |
| U.S. Treasury 4.375% 7/31/2026  | 535 | 538 |
| U.S. Treasury 3.50% 10/31/2027  | 1130 | 1130 |
| U.S. Treasury 4.25% 2/15/2028  | 460 | 467 |
| U.S. Treasury 3.875% 3/15/2028  | 550 | 554 |
| U.S. Treasury 4.125% 7/31/2028  | 450 | 457 |
| U.S. Treasury 3.50% 10/15/2028  | 800 | 799 |
| U.S. Treasury 4.50% 5/31/2029 <sup>(e)</sup>  | 1025 | 1055 |
| U.S. Treasury 4.00% 2/28/2030  | 330 | 334 |
| U.S. Treasury 4.00% 3/31/2030  | 100 | 101 |
| U.S. Treasury 4.00% 6/30/2032  | 300 | 302 |
| U.S. Treasury 4.25% 8/15/2035  | 230 | 232 |
| U.S. Treasury 1.875% 2/15/2041  | 240 | 168 |
| U.S. Treasury 3.25% 5/15/2042  | 106 | 89 |
| U.S. Treasury 4.75% 2/15/2045  | 190 | 189 |
| U.S. Treasury 1.875% 11/15/2051  | 65 | 36 |
| U.S. Treasury 4.625% 2/15/2055  | 345 | 333 |
| U.S. Treasury 4.75% 8/15/2055  | 640 | 631 |
| U.S. Treasury 4.625% 11/15/2055  | 410 | 396 |
| **Total U.S. Treasury bonds & notes** |  | 7811 |
| **Asset-backed obligations 1.03%** | **Asset-backed obligations 1.03%** | **Asset-backed obligations 1.03%** |
| **Auto loan 0.67%** |  |  |
| American Credit Acceptance Receivables Trust, Series 2024-4, Class A, 4.81% 3/13/2028 <sup>(a)(c)</sup>  | 1 | 1 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A2, 4.84% 9/15/2027 <sup>(a)</sup>  | 1 | 1 |
| CPS Auto Receivables Trust, Series 2024-D, Class A, 4.91% 6/15/2028 <sup>(a)(c)</sup>  | 22 | 22 |
| Drive Auto Receivables Trust, Series 2024-2, Class A2, 4.94% 12/15/2027 <sup>(a)</sup>  | 1 | 1 |
| Drive Auto Receivables Trust, Series 2024-2, Class A3, 4.50% 9/15/2028 <sup>(a)</sup>  | 21 | 21 |
| Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 <sup>(a)(c)</sup>  | 257 | 266 |
| GLS Auto Receivables Trust, Series 2024-4A, Class A2, 4.76% 10/15/2027 <sup>(a)(c)</sup>  | 3 | 3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **254** |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) |  | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Auto loan (continued)** | **Auto loan (continued)** |  |  |
| GLS Auto Receivables Trust, Series 2024-3A, Class A3, 5.02% 4/17/2028 <sup>(a)(c)</sup>  | GLS Auto Receivables Trust, Series 2024-3A, Class A3, 5.02% 4/17/2028 <sup>(a)(c)</sup>  | USD43 | $43 |
| Santander Drive Auto Receivables Trust, Series 2023-4, Class A3, 5.73% 4/17/2028 <sup>(a)</sup>  | Santander Drive Auto Receivables Trust, Series 2023-4, Class A3, 5.73% 4/17/2028 <sup>(a)</sup>  | 1 | 1 |
| Toyota Auto Loan Extended Note Trust, Series 2023-1, Class A, 4.93% 6/25/2036 <sup>(a)(c)</sup>  | Toyota Auto Loan Extended Note Trust, Series 2023-1, Class A, 4.93% 6/25/2036 <sup>(a)(c)</sup>  | 100 | 102 |
| Wheels Fleet Lease Funding, LLC, Series 2024-2A, Class A1, 4.87% 6/21/2039 <sup>(a)(c)</sup>  | Wheels Fleet Lease Funding, LLC, Series 2024-2A, Class A1, 4.87% 6/21/2039 <sup>(a)(c)</sup>  | 383 | 387 |
|  |  |  | 848 |
| **Student loan 0.22%** | **Student loan 0.22%** |  |  |
| Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069 <sup>(a)(c)</sup>  | Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069 <sup>(a)(c)</sup>  | 58 | 53 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(a)(c)</sup>  | Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(a)(c)</sup>  | 76 | 70 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(a)(c)</sup>  | Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(a)(c)</sup>  | 86 | 81 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 4.588% <br> 4/20/2062 <sup>(a)(c)(d)</sup>  | Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 4.588% <br> 4/20/2062 <sup>(a)(c)(d)</sup>  | 72 | 72 |
|  |  |  | 276 |
| **Other asset-backed securities 0.14%** | **Other asset-backed securities 0.14%** |  |  |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(a)(c)</sup>  | CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(a)(c)</sup>  | 89 | 75 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(a)(c)</sup>  | New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(a)(c)</sup>  | 100 | 84 |
| Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/2029 <sup>(a)</sup>  | Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/2029 <sup>(a)</sup>  | 12 | 12 |
|  |  |  | 171 |
| **Total asset-backed obligations** | **Total asset-backed obligations** |  | 1295 |
| **Total bonds, notes & other debt instruments** (cost: $108,233,000) | **Total bonds, notes & other debt instruments** (cost: $108,233,000) |  | 108659 |
| Short-term securities 19.42% | Weighted<br> average yield<br> at acquisition<br>|  |  |
| **Commercial paper 4.81%** | **Commercial paper 4.81%** | **Commercial paper 4.81%** | **Commercial paper 4.81%** |
| Exxon Asset Management Co. 3/31/2026  | 3.820<br> %<br>| 1050 | 1040 |
| Novartis Finance Corp. 1/2/2026 <sup>(c)</sup>  | 3.660 | 2000 | 2000 |
| Victory Receivables Corp. 1/16/2026 <sup>(c)</sup>  | 4.000 | 1000 | 998 |
| Wal-Mart Stores, Inc. 1/14/2026 <sup>(c)</sup>  | 3.630 | 2000 | 1997 |
|  |  |  | 6035 |
| **Bonds & notes of governments & government agencies outside the U.S. 1.11%** | **Bonds & notes of governments & government agencies outside the U.S. 1.11%** | **Bonds & notes of governments & government agencies outside the U.S. 1.11%** | **Bonds & notes of governments & government agencies outside the U.S. 1.11%** |
| Ontario (Province of) 1/23/2026  | 3.890 | 1400 | 1397 |
| **Federal agency bills & notes 13.50%** | **Federal agency bills & notes 13.50%** | **Federal agency bills & notes 13.50%** | **Federal agency bills & notes 13.50%** |
| Federal Farm Credit Banks 2/20/2026  | 3.580 | 2500 | 2488 |
| Federal Home Loan Bank 1/2/2026  | 3.500 | 3100 | 3100 |
| Federal Home Loan Bank 1/9/2026  | 3.840 | 2500 | 2498 |
| Federal Home Loan Bank 2/4/2026  | 3.590 | 2000 | 1994 |
| Federal Home Loan Bank 2/6/2026  | 3.685 | 3500 | 3488 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **255** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities (continued) | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Federal agency bills & notes (continued)** | **Federal agency bills & notes (continued)** | **Federal agency bills & notes (continued)** | **Federal agency bills & notes (continued)** |
| Federal Home Loan Bank 2/11/2026  | 3.790<br> %<br>| USD1,400 | $1394 |
| Federal Home Loan Bank 3/6/2026  | 3.635 | 1500 | 1491 |
| Federal Home Loan Bank 3/20/2026  | 3.565 | 500 | 496 |
| **Total short-term securities** (cost: $24,378,000) | **Total short-term securities** (cost: $24,378,000) | **Total short-term securities** (cost: $24,378,000) | 24381 |
| **Total investment securities 105.95%** (cost: $132,611,000) | **Total investment securities 105.95%** (cost: $132,611,000) |  | 133040 |
| Other assets less liabilities (5.95)% | Other assets less liabilities (5.95)% |  | (7473)<br>|
| **Net assets 100.00%** | **Net assets 100.00%** |  | $125567 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 30 Day Federal Funds Futures | Long | 2 | 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(b)</sup><br>|
| 2 Year U.S. Treasury Note Futures | Long | 343 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 140 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Long | 30 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28)<br>|
| 10 Year U.S. Treasury Note Futures | Short | 18 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2024)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| 20 Year U.S. Treasury Bond Futures | Long | 15 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23)<br>|
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 23 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(132)<br>|

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 3.3615% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD520 | &nbsp;&nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1 |
| SOFR | Annual | 3.6025% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/2034 | &nbsp;&nbsp;&nbsp;&nbsp; USD495 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| SOFR | Annual | 3.8215% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/23/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD100 | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| SOFR | Annual | 3.6965% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/5/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD230 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| SOFR | Annual | 3.41% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/2045 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,182 | &nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $126 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $126 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(b)</sup> Amount less than one thousand.

<sup>(c)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $7,682,000, which represented 6.12% of the net assets of the fund. 

<sup>(d)</sup> 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. 

<sup>(e)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $946,000, which represented 0.75% of the net assets of the fund. 

<sup>(f)</sup> Represents securities transacted on a TBA basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **256** |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| Assn. = Association |
| CME = CME Group |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **257** | American Funds Insurance Series |

---

------

Ultra-Short Bond Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities 100.30% | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Commercial paper 62.55%** | **Commercial paper 62.55%** | **Commercial paper 62.55%** | **Commercial paper 62.55%** |
| Apple, Inc. 1/5/2026 <sup>(a)</sup>  | 0.210<br> %<br>| USD4,000 | $3998 |
| Apple, Inc. 1/15/2026 <sup>(a)</sup>  | 0.315 | 7500 | 7489 |
| Cabot Trail Funding, LLC. 1/14/2026 <sup>(a)</sup>  | 1.160 | 10175 | 10160 |
| CHARTA, LLC 1/14/2026 <sup>(a)</sup>  | 0.449 | 10000 | 9985 |
| Chevron Corp. 1/5/2026 <sup>(a)</sup>  | 0.201 | 2200 | 2199 |
| Chevron Corp. 2/3/2026 <sup>(a)</sup>  | 0.544 | 11400 | 11361 |
| Cisco Systems, Inc. 1/22/2026 <sup>(a)</sup>  | 0.854 | 11900 | 11873 |
| DBS Bank, Ltd. 1/23/2026 <sup>(a)</sup>  | 1.522 | 11500 | 11473 |
| Essilor International 1/26/2026 <sup>(a)</sup>  | 0.346 | 9000 | 8976 |
| Linde, Inc. 1/20/2026  | 0.357 | 2900 | 2894 |
| Linde, Inc. 2/2/2026  | 0.435 | 8200 | 8173 |
| LVMH Moet Hennessy Louis Vuitton, Inc. 2/2/2026 <sup>(a)</sup>  | 1.227 | 11000 | 10963 |
| Novartis Finance Corp. 1/12/2026 <sup>(a)</sup>  | 0.211 | 11000 | 10987 |
| Oversea-Chinese Banking Corp., Ltd. 1/5/2026 <sup>(a)</sup>  | 0.347 | 5200 | 5197 |
| Oversea-Chinese Banking Corp., Ltd. 1/26/2026 <sup>(a)</sup>  | 0.260 | 4200 | 4189 |
| Paccar Financial Corp. 1/26/2026  | 0.385 | 10000 | 9973 |
| Procter & Gamble Co. 3/4/2026 <sup>(a)</sup>  | 0.748 | 10000 | 9936 |
| Prudential Funding, LLC 1/9/2026  | 0.311 | 10000 | 9991 |
| Siemens Capital Company, LLC. 1/6/2026 <sup>(a)</sup>  | 1.103 | 7700 | 7695 |
| Starbird Funding Corp. 3/4/2026 <sup>(a)</sup>  | 0.822 | 10800 | 10729 |
| Victory Receivables Corp. 1/16/2026 <sup>(a)</sup>  | 0.994 | 12000 | 11980 |
| Wal-Mart Stores, Inc. 1/14/2026 <sup>(a)</sup>  | 0.280 | 12200 | 12183 |
|  |  |  | 192404 |
| **Federal agency bills & notes 19.81%** | **Federal agency bills & notes 19.81%** | **Federal agency bills & notes 19.81%** | **Federal agency bills & notes 19.81%** |
| Federal Farm Credit Banks 2/20/2026  | 0.526 | 1000 | 995 |
| Federal Home Loan Bank 1/2/2026  | 0.020 | 4500 | 4500 |
| Federal Home Loan Bank 1/30/2026  | 1.143 | 9600 | 9573 |
| Federal Home Loan Bank 2/6/2026  | 0.877 | 5000 | 4983 |
| Federal Home Loan Bank 2/11/2026  | 0.869 | 2400 | 2391 |
| Federal Home Loan Bank 2/12/2026  | 0.841 | 6100 | 6075 |
| Federal Home Loan Bank 2/17/2026  | 0.739 | 7500 | 7466 |
| Federal Home Loan Bank 2/25/2026  | 1.086 | 11100 | 11041 |
| Federal Home Loan Bank 3/6/2026  | 0.795 | 4000 | 3975 |
| Federal Home Loan Bank 3/11/2026  | 0.787 | 5000 | 4967 |
| Federal Home Loan Bank 4/8/2026  | 0.962 | 5000 | 4953 |
|  |  |  | 60919 |
| **Bonds & notes of governments & government agencies outside the U.S. 13.50%** | **Bonds & notes of governments & government agencies outside the U.S. 13.50%** | **Bonds & notes of governments & government agencies outside the U.S. 13.50%** | **Bonds & notes of governments & government agencies outside the U.S. 13.50%** |
| Alberta (Province of) 3/2/2026 <sup>(a)</sup>  | 0.846 | 9800 | 9739 |
| Hydro-Québec 1/6/2026 <sup>(a)</sup>  | 0.385 | 11000 | 10993 |
| KfW 1/7/2026 <sup>(a)</sup>  | 0.218 | 2000 | 1999 |
| KfW 3/18/2026 <sup>(a)</sup>  | 0.762 | 8000 | 7939 |
| Ontario (Province of) 1/23/2026  | 0.563 | 7000 | 6984 |
| Ontario (Province of) 2/26/2026  | 0.828 | 3900 | 3877 |
|  |  |  | 41531 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **258** |

---

------

Ultra-Short Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities (continued) | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bills 4.44%** | **U.S. Treasury bills 4.44%** | **U.S. Treasury bills 4.44%** | **U.S. Treasury bills 4.44%** |
| U.S. Treasury 2/10/2026  | 0.632<br> %<br>| USD8,700 | $8667 |
| U.S. Treasury 2/17/2026  | 0.652 | 5000 | 4977 |
|  |  |  | 13644 |
| **Total short-term securities** (cost: $308,476,000) | **Total short-term securities** (cost: $308,476,000) | **Total short-term securities** (cost: $308,476,000) | 308498 |
| **Total investment securities 100.30%** (cost: $308,476,000) | **Total investment securities 100.30%** (cost: $308,476,000) | **Total investment securities 100.30%** (cost: $308,476,000) | 308498 |
| Other assets less liabilities (0.30)% |  |  | (921)<br>|
| **Net assets 100.00%** |  |  | $307577 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $192,043,000, which represented 62.44% of the net assets of the fund. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **259** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 86.86% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations 43.50%** | **Mortgage-backed obligations 43.50%** | **Mortgage-backed obligations 43.50%** |
| **Federal agency mortgage-backed obligations 43.50%** |  |  |
| Fannie Mae Pool #745316 6.50% 2/1/2026 <sup>(a)</sup>  | USD— <br><sup>(b)</sup><br>| $— <br><sup>(b)</sup><br>|
| Fannie Mae Pool #AL9870 6.50% 2/1/2028 <sup>(a)</sup>  | 4 | 4 |
| Fannie Mae Pool #257431 6.50% 10/1/2028 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #695412 5.00% 6/1/2033 <sup>(a)</sup>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
| Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #MA2588 4.00% 4/1/2036 <sup>(a)</sup>  | 413 | 409 |
| Fannie Mae Pool #MA2746 4.00% 9/1/2036 <sup>(a)</sup>  | 968 | 957 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(a)</sup>  | 721 | 683 |
| Fannie Mae Pool #940890 6.50% 6/1/2037 <sup>(a)</sup>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
| Fannie Mae Pool #MA4665 2.50% 7/1/2037 <sup>(a)</sup>  | 297 | 281 |
| Fannie Mae Pool #256828 7.00% 7/1/2037 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #256860 6.50% 8/1/2037 <sup>(a)</sup>  | 8 | 8 |
| Fannie Mae Pool #888698 7.00% 10/1/2037 <sup>(a)</sup>  | 9 | 10 |
| Fannie Mae Pool #970343 6.00% 2/1/2038 <sup>(a)</sup>  | 12 | 12 |
| Fannie Mae Pool #931768 5.00% 8/1/2039 <sup>(a)</sup>  | 4 | 4 |
| Fannie Mae Pool #AC0794 5.00% 10/1/2039 <sup>(a)</sup>  | 15 | 15 |
| Fannie Mae Pool #932606 5.00% 2/1/2040 <sup>(a)</sup>  | 6 | 6 |
| Fannie Mae Pool #FM7365 2.00% 5/1/2041 <sup>(a)</sup>  | 22975 | 20051 |
| Fannie Mae Pool #AI1862 5.00% 5/1/2041 <sup>(a)</sup>  | 250 | 257 |
| Fannie Mae Pool #AI3510 5.00% 6/1/2041 <sup>(a)</sup>  | 126 | 129 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041 <sup>(a)</sup>  | 27 | 28 |
| Fannie Mae Pool #AJ0704 5.00% 9/1/2041 <sup>(a)</sup>  | 114 | 117 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041 <sup>(a)</sup>  | 14 | 14 |
| Fannie Mae Pool #AJ5391 5.00% 11/1/2041 <sup>(a)</sup>  | 63 | 65 |
| Fannie Mae Pool #AE1277 5.00% 11/1/2041 <sup>(a)</sup>  | 12 | 12 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041 <sup>(a)</sup>  | 5 | 6 |
| Fannie Mae Pool #AE1290 5.00% 2/1/2042 <sup>(a)</sup>  | 16 | 16 |
| Fannie Mae Pool #AT0300 3.50% 3/1/2043 <sup>(a)</sup>  | 4 | 4 |
| Fannie Mae Pool #AT3954 3.50% 4/1/2043 <sup>(a)</sup>  | 6 | 5 |
| Fannie Mae Pool #AT7161 3.50% 6/1/2043 <sup>(a)</sup>  | 28 | 27 |
| Fannie Mae Pool #MA5235 6.50% 12/1/2043 <sup>(a)</sup>  | 754 | 784 |
| Fannie Mae Pool #AY1829 3.50% 12/1/2044 <sup>(a)</sup>  | 7 | 6 |
| Fannie Mae Pool #BE5017 3.50% 2/1/2045 <sup>(a)</sup>  | 51 | 49 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045 <sup>(a)</sup>  | 3360 | 3191 |
| Fannie Mae Pool #BE8740 3.50% 5/1/2047 <sup>(a)</sup>  | 42 | 40 |
| Fannie Mae Pool #BE8742 3.50% 5/1/2047 <sup>(a)</sup>  | 11 | 10 |
| Fannie Mae Pool #BH2846 3.50% 5/1/2047 <sup>(a)</sup>  | 6 | 6 |
| Fannie Mae Pool #BH2848 3.50% 5/1/2047 <sup>(a)</sup>  | 5 | 5 |
| Fannie Mae Pool #BH2847 3.50% 5/1/2047 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #BH3122 4.00% 6/1/2047 <sup>(a)</sup>  | 5 | 5 |
| Fannie Mae Pool #BJ5015 4.00% 12/1/2047 <sup>(a)</sup>  | 77 | 75 |
| Fannie Mae Pool #BM3788 3.50% 3/1/2048 <sup>(a)</sup>  | 2416 | 2281 |
| Fannie Mae Pool #BJ4901 3.50% 3/1/2048 <sup>(a)</sup>  | 31 | 29 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048 <sup>(a)</sup>  | 43 | 42 |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048 <sup>(a)</sup>  | 61 | 59 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048 <sup>(a)</sup>  | 19 | 18 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048 <sup>(a)</sup>  | 13 | 13 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(a)</sup>  | 865 | 822 |
| Fannie Mae Pool #FM1062 3.50% 6/1/2049 <sup>(a)</sup>  | 318 | 302 |
| Fannie Mae Pool #BJ8411 3.50% 8/1/2049 <sup>(a)</sup>  | 84 | 79 |
| Fannie Mae Pool #CA4151 3.50% 9/1/2049 <sup>(a)</sup>  | 428 | 406 |
| Fannie Mae Pool #FM1443 3.50% 9/1/2049 <sup>(a)</sup>  | 241 | 228 |
| Fannie Mae Pool #FM2179 3.00% 1/1/2050 <sup>(a)</sup>  | 2768 | 2508 |
| Fannie Mae Pool #CA6593 2.50% 8/1/2050 <sup>(a)</sup>  | 706 | 611 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(a)</sup>  | 24 | 21 |
| Fannie Mae Pool #BQ3005 2.50% 10/1/2050 <sup>(a)</sup>  | 447 | 382 |
| Fannie Mae Pool #CA7257 2.50% 10/1/2050 <sup>(a)</sup>  | 150 | 130 |
| Fannie Mae Pool #CA7739 2.50% 11/1/2050 <sup>(a)</sup>  | 1520 | 1304 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050 <sup>(a)</sup>  | 187 | 153 |
| Fannie Mae Pool #BR0772 2.00% 1/1/2051 <sup>(a)</sup>  | 1301 | 1054 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **260** |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(a)</sup>  | USD66 | $54 |
| Fannie Mae Pool #FM6548 2.00% 3/1/2051 <sup>(a)</sup>  | 874 | 723 |
| Fannie Mae Pool #CB0290 2.00% 4/1/2051 <sup>(a)</sup>  | 559 | 456 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051 <sup>(a)</sup>  | 9 | 7 |
| Fannie Mae Pool #FM6856 2.50% 4/1/2051 <sup>(a)</sup>  | 338 | 289 |
| Fannie Mae Pool #BR1035 2.00% 5/1/2051 <sup>(a)</sup>  | 5 | 4 |
| Fannie Mae Pool #FM8114 2.00% 6/1/2051 <sup>(a)</sup>  | 1334 | 1080 |
| Fannie Mae Pool #CB0844 2.50% 6/1/2051 <sup>(a)</sup>  | 827 | 700 |
| Fannie Mae Pool #FM7687 3.00% 6/1/2051 <sup>(a)</sup>  | 4198 | 3797 |
| Fannie Mae Pool #BR2095 2.50% 7/1/2051 <sup>(a)</sup>  | 1272 | 1087 |
| Fannie Mae Pool #FM9530 2.50% 7/1/2051 <sup>(a)</sup>  | 257 | 218 |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051 <sup>(a)</sup>  | 149 | 129 |
| Fannie Mae Pool #FM8422 2.50% 8/1/2051 <sup>(a)</sup>  | 488 | 414 |
| Fannie Mae Pool #FM8745 2.50% 9/1/2051 <sup>(a)</sup>  | 1207 | 1025 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051 <sup>(a)</sup>  | 550 | 471 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(a)</sup>  | 364 | 308 |
| Fannie Mae Pool #CB1868 2.50% 10/1/2051 <sup>(a)</sup>  | 972 | 823 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051 <sup>(a)</sup>  | 40 | 33 |
| Fannie Mae Pool #BU2803 2.50% 11/1/2051 <sup>(a)</sup>  | 20 | 17 |
| Fannie Mae Pool #BU3058 2.50% 12/1/2051 <sup>(a)</sup>  | 1948 | 1652 |
| Fannie Mae Pool #CB2286 2.50% 12/1/2051 <sup>(a)</sup>  | 996 | 856 |
| Fannie Mae Pool #FA1935 2.50% 12/1/2051 <sup>(a)</sup>  | 5 | 4 |
| Fannie Mae Pool #FM9976 3.00% 12/1/2051 <sup>(a)</sup>  | 633 | 575 |
| Fannie Mae Pool #BV0894 2.00% 1/1/2052 <sup>(a)</sup>  | 463 | 375 |
| Fannie Mae Pool #CB2668 3.00% 1/1/2052 <sup>(a)</sup>  | 2286 | 2025 |
| Fannie Mae Pool #CB2544 3.00% 1/1/2052 <sup>(a)</sup>  | 1868 | 1676 |
| Fannie Mae Pool #CB2666 3.00% 1/1/2052 <sup>(a)</sup>  | 949 | 840 |
| Fannie Mae Pool #BV3076 2.00% 2/1/2052 <sup>(a)</sup>  | 383 | 310 |
| Fannie Mae Pool #FS5037 2.50% 2/1/2052 <sup>(a)</sup>  | 368 | 312 |
| Fannie Mae Pool #FS0523 2.50% 2/1/2052 <sup>(a)</sup>  | 160 | 137 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(a)</sup>  | 2932 | 2654 |
| Fannie Mae Pool #FS1374 3.00% 3/1/2052 <sup>(a)</sup>  | 1945 | 1724 |
| Fannie Mae Pool #CB3140 4.00% 3/1/2052 <sup>(a)</sup>  | 410 | 391 |
| Fannie Mae Pool #BV7703 2.00% 4/1/2052 <sup>(a)</sup>  | 3078 | 2496 |
| Fannie Mae Pool #CB3354 2.50% 4/1/2052 <sup>(a)</sup>  | 7001 | 5926 |
| Fannie Mae Pool #CB3375 3.50% 4/1/2052 <sup>(a)</sup>  | 1004 | 931 |
| Fannie Mae Pool #BV9262 3.00% 5/1/2052 <sup>(a)</sup>  | 783 | 694 |
| Fannie Mae Pool #CB3523 3.00% 5/1/2052 <sup>(a)</sup>  | 168 | 149 |
| Fannie Mae Pool #CB3528 4.00% 5/1/2052 <sup>(a)</sup>  | 549 | 523 |
| Fannie Mae Pool #FS6605 2.00% 6/1/2052 <sup>(a)</sup>  | 473 | 383 |
| Fannie Mae Pool #FS7329 2.00% 6/1/2052 <sup>(a)</sup>  | 98 | 79 |
| Fannie Mae Pool #CB3774 4.00% 6/1/2052 <sup>(a)</sup>  | 2471 | 2359 |
| Fannie Mae Pool #FS2159 5.00% 6/1/2052 <sup>(a)</sup>  | 49 | 49 |
| Fannie Mae Pool #BV2558 5.00% 6/1/2052 <sup>(a)</sup>  | 44 | 44 |
| Fannie Mae Pool #FS6986 2.00% 7/1/2052 <sup>(a)</sup>  | 203 | 165 |
| Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(a)</sup>  | 3391 | 2871 |
| Fannie Mae Pool #FS6362 3.50% 8/1/2052 <sup>(a)</sup>  | 2189 | 2030 |
| Fannie Mae Pool #BV8976 5.00% 8/1/2052 <sup>(a)</sup>  | 285 | 288 |
| Fannie Mae Pool #FS2489 5.00% 8/1/2052 <sup>(a)</sup>  | 46 | 46 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052 <sup>(a)</sup>  | 628 | 619 |
| Fannie Mae Pool #FS4611 5.00% 9/1/2052 <sup>(a)</sup>  | 8032 | 8048 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(a)</sup>  | 3185 | 2587 |
| Fannie Mae Pool #BW9458 4.50% 10/1/2052 <sup>(a)</sup>  | 912 | 898 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052 <sup>(a)</sup>  | 832 | 817 |
| Fannie Mae Pool #FS5994 5.00% 10/1/2052 <sup>(a)</sup>  | 7788 | 7805 |
| Fannie Mae Pool #BX1004 5.00% 10/1/2052 <sup>(a)</sup>  | 4729 | 4733 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(a)</sup>  | 576 | 587 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(a)</sup>  | 526 | 536 |
| Fannie Mae Pool #CB4917 5.50% 10/1/2052 <sup>(a)</sup>  | 77 | 79 |
| Fannie Mae Pool #MA4820 6.50% 10/1/2052 <sup>(a)</sup>  | 207 | 216 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **261** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #CB5118 4.00% 11/1/2052 <sup>(a)</sup>  | USD48 | $46 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(a)</sup>  | 7 | 7 |
| Fannie Mae Pool #BX3198 4.00% 12/1/2052 <sup>(a)</sup>  | 47 | 45 |
| Fannie Mae Pool #MA4840 4.50% 12/1/2052 <sup>(a)</sup>  | 2465 | 2418 |
| Fannie Mae Pool #BX6121 6.00% 1/1/2053 <sup>(a)</sup>  | 1804 | 1875 |
| Fannie Mae Pool #BY1411 4.00% 2/1/2053 <sup>(a)</sup>  | 1367 | 1303 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(a)</sup>  | 8 | 8 |
| Fannie Mae Pool #FS3759 6.00% 2/1/2053 <sup>(a)</sup>  | 660 | 691 |
| Fannie Mae Pool #CB5919 6.00% 3/1/2053 <sup>(a)</sup>  | 717 | 739 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(a)</sup>  | 543 | 563 |
| Fannie Mae Pool #BY2249 4.00% 4/1/2053 <sup>(a)</sup>  | 223 | 212 |
| Fannie Mae Pool #MA4979 5.50% 4/1/2053 <sup>(a)</sup>  | 1942 | 1977 |
| Fannie Mae Pool #CB6106 6.50% 4/1/2053 <sup>(a)</sup>  | 320 | 338 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(a)</sup>  | 288 | 294 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(a)</sup>  | 1594 | 1646 |
| Fannie Mae Pool #CB6590 4.00% 6/1/2053 <sup>(a)</sup>  | 70 | 67 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(a)</sup>  | 2635 | 2682 |
| Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(a)</sup>  | 2588 | 2664 |
| Fannie Mae Pool #FS4933 6.00% 6/1/2053 <sup>(a)</sup>  | 1690 | 1741 |
| Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(a)</sup>  | 1634 | 1684 |
| Fannie Mae Pool #MA5040 6.00% 6/1/2053 <sup>(a)</sup>  | 1248 | 1287 |
| Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(a)</sup>  | 1196 | 1240 |
| Fannie Mae Pool #CB6719 4.50% 7/1/2053 <sup>(a)</sup>  | 346 | 339 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(a)</sup>  | 9038 | 9198 |
| Fannie Mae Pool #MA5073 6.00% 7/1/2053 <sup>(a)</sup>  | 1490 | 1533 |
| Fannie Mae Pool #FS5343 6.00% 7/1/2053 <sup>(a)</sup>  | 245 | 253 |
| Fannie Mae Pool #CB6853 4.50% 8/1/2053 <sup>(a)</sup>  | 429 | 419 |
| Fannie Mae Pool #MA5107 5.50% 8/1/2053 <sup>(a)</sup>  | 186 | 189 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(a)</sup>  | 19754 | 20095 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(a)</sup>  | 444 | 457 |
| Fannie Mae Pool #CB7242 6.50% 10/1/2053 <sup>(a)</sup>  | 618 | 644 |
| Fannie Mae Pool #MA5167 6.50% 10/1/2053 <sup>(a)</sup>  | 178 | 185 |
| Fannie Mae Pool #MA5207 4.00% 11/1/2053 <sup>(a)</sup>  | 943 | 898 |
| Fannie Mae Pool #MA5192 6.50% 11/1/2053 <sup>(a)</sup>  | 24 | 25 |
| Fannie Mae Pool #FS8361 3.50% 12/1/2053 <sup>(a)</sup>  | 254 | 236 |
| Fannie Mae Pool #MA5236 4.00% 12/1/2053 <sup>(a)</sup>  | 23 | 21 |
| Fannie Mae Pool #FS6668 5.50% 12/1/2053 <sup>(a)</sup>  | 494 | 502 |
| Fannie Mae Pool #MA5215 5.50% 12/1/2053 <sup>(a)</sup>  | 136 | 138 |
| Fannie Mae Pool #CB7624 6.50% 12/1/2053 <sup>(a)</sup>  | 9288 | 9680 |
| Fannie Mae Pool #CB8089 7.00% 12/1/2053 <sup>(a)</sup>  | 721 | 758 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(a)</sup>  | 2899 | 3018 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(a)</sup>  | 445 | 452 |
| Fannie Mae Pool #FS7809 7.00% 2/1/2054 <sup>(a)</sup>  | 6000 | 6316 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(a)</sup>  | 876 | 889 |
| Fannie Mae Pool #DA7881 5.50% 3/1/2054 <sup>(a)</sup>  | 395 | 401 |
| Fannie Mae Pool #DB0754 5.50% 3/1/2054 <sup>(a)</sup>  | 42 | 42 |
| Fannie Mae Pool #CB8328 5.50% 4/1/2054 <sup>(a)</sup>  | 1169 | 1194 |
| Fannie Mae Pool #DB1235 6.00% 4/1/2054 <sup>(a)</sup>  | 600 | 623 |
| Fannie Mae Pool #CB8387 6.50% 4/1/2054 <sup>(a)</sup>  | 1109 | 1161 |
| Fannie Mae Pool #MA5353 5.50% 5/1/2054 <sup>(a)</sup>  | 5132 | 5210 |
| Fannie Mae Pool #CB8507 6.50% 5/1/2054 <sup>(a)</sup>  | 1595 | 1677 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(a)</sup>  | 2882 | 2972 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(a)</sup>  | 687 | 706 |
| Fannie Mae Pool #DB6813 6.00% 6/1/2054 <sup>(a)</sup>  | 106 | 109 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(a)</sup>  | 3937 | 4107 |
| Fannie Mae Pool #FP0128 6.50% 6/1/2054 <sup>(a)</sup>  | 1677 | 1743 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(a)</sup>  | 6657 | 6866 |
| Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(a)</sup>  | 3615 | 3755 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(a)</sup>  | 844 | 867 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(a)</sup>  | 144 | 148 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **262** |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(a)</sup>  | USD5,993 | $6273 |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(a)</sup>  | 1622 | 1693 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(a)</sup>  | 959 | 1007 |
| Fannie Mae Pool #DC1075 6.00% 8/1/2054 <sup>(a)</sup>  | 234 | 240 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(a)</sup>  | 217 | 225 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(a)</sup>  | 112 | 115 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(a)</sup>  | 101 | 104 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(a)</sup>  | 88 | 92 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(a)</sup>  | 84 | 86 |
| Fannie Mae Pool #FS8934 6.50% 8/1/2054 <sup>(a)</sup>  | 1648 | 1730 |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(a)</sup>  | 1419 | 1475 |
| Fannie Mae Pool #FS9009 5.50% 9/1/2054 <sup>(a)</sup>  | 1865 | 1906 |
| Fannie Mae Pool #DC1547 6.00% 9/1/2054 <sup>(a)</sup>  | 1350 | 1387 |
| Fannie Mae Pool #DC3262 6.00% 9/1/2054 <sup>(a)</sup>  | 91 | 93 |
| Fannie Mae Pool #DC3459 6.00% 9/1/2054 <sup>(a)</sup>  | 45 | 46 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(a)</sup>  | 4335 | 4506 |
| Fannie Mae Pool #BU5166 6.00% 10/1/2054 <sup>(a)</sup>  | 1397 | 1440 |
| Fannie Mae Pool #DC5704 4.00% 11/1/2054 <sup>(a)</sup>  | 132 | 125 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(a)</sup>  | 199 | 203 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(a)</sup>  | 23 | 23 |
| Fannie Mae Pool #DC5696 6.00% 11/1/2054 <sup>(a)</sup>  | 2547 | 2619 |
| Fannie Mae Pool #CB9432 6.00% 11/1/2054 <sup>(a)</sup>  | 372 | 384 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(a)</sup>  | 783 | 782 |
| Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(a)</sup>  | 31 | 32 |
| Fannie Mae Pool #FP0130 6.50% 12/1/2054 <sup>(a)</sup>  | 2206 | 2293 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(a)</sup>  | 1578 | 1621 |
| Fannie Mae Pool #CB9821 6.00% 1/1/2055 <sup>(a)</sup>  | 947 | 978 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(a)</sup>  | 26 | 26 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(a)</sup>  | 192 | 198 |
| Fannie Mae Pool #MA5646 5.50% 3/1/2055 <sup>(a)</sup>  | 7300 | 7407 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(a)</sup>  | 10881 | 11317 |
| Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(a)</sup>  | 8612 | 8952 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(a)</sup>  | 6435 | 6770 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(a)</sup>  | 1829 | 1880 |
| Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(a)</sup>  | 69 | 71 |
| Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(a)</sup>  | 67 | 69 |
| Fannie Mae Pool #MA5676 7.00% 4/1/2055 <sup>(a)</sup>  | 670 | 705 |
| Fannie Mae Pool #DD9126 4.00% 5/1/2055 <sup>(a)</sup>  | 53 | 50 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(a)</sup>  | 174 | 179 |
| Fannie Mae Pool #DD8411 7.00% 5/1/2055 <sup>(a)</sup>  | 1377 | 1451 |
| Fannie Mae Pool #MA5761 6.00% 7/1/2055 <sup>(a)</sup>  | 662 | 681 |
| Fannie Mae Pool #FA2842 6.50% 7/1/2055 <sup>(a)</sup>  | 5053 | 5256 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(a)</sup>  | 3040 | 3159 |
| Fannie Mae Pool #BV6163 3.50% 8/1/2055 <sup>(a)</sup>  | 86 | 79 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(a)</sup>  | 4204 | 4266 |
| Fannie Mae Pool #MA5793 6.00% 8/1/2055 <sup>(a)</sup>  | 762 | 783 |
| Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(a)</sup>  | 470 | 489 |
| Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(a)</sup>  | 1705 | 1730 |
| Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(a)</sup>  | 158 | 150 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(a)</sup>  | 1111 | 968 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061 <sup>(a)</sup>  | 331 | 323 |
| Fannie Mae Pool #BF0765 3.50% 9/1/2063 <sup>(a)</sup>  | 420 | 382 |
| FARM Mortgage Trust, Series 2024-1, Class A, 4.684% 10/1/2053 <sup>(a)(c)(d)</sup>  | 941 | 918 |
| Freddie Mac Pool #ZS8907 6.50% 10/1/2026 <sup>(a)</sup>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
| Freddie Mac Pool #ZA2024 6.50% 9/1/2027 <sup>(a)</sup>  | — <br><sup>(b)</sup><br>| 1; <br><sup>(b)</sup><br>|
| Freddie Mac Pool #1H1354 6.26% 11/1/2036 <sup>(a)(d)</sup>  | 29 | 30 |
| Freddie Mac Pool #QO0557 2.50% 7/1/2037 <sup>(a)</sup>  | 1083 | 1025 |
| Freddie Mac Pool #C03518 5.00% 9/1/2040 <sup>(a)</sup>  | 216 | 223 |
| Freddie Mac Pool #G06459 5.00% 5/1/2041 <sup>(a)</sup>  | 446 | 459 |
| Freddie Mac Pool #RB5145 2.00% 2/1/2042 <sup>(a)</sup>  | 601 | 521 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **263** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #RB5154 2.50% 4/1/2042 <sup>(a)</sup>  | USD8,660 | $7741 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043 <sup>(a)</sup>  | 2 | 2 |
| Freddie Mac Pool #Q17696 3.50% 4/1/2043 <sup>(a)</sup>  | 21 | 20 |
| Freddie Mac Pool #Q19133 3.50% 6/1/2043 <sup>(a)</sup>  | 22 | 21 |
| Freddie Mac Pool #Q23190 4.00% 11/1/2043 <sup>(a)</sup>  | 109 | 107 |
| Freddie Mac Pool #Q28558 3.50% 9/1/2044 <sup>(a)</sup>  | 161 | 154 |
| Freddie Mac Pool #760014 4.632% 8/1/2045 <sup>(a)(d)</sup>  | 202 | 203 |
| Freddie Mac Pool #Q47615 3.50% 4/1/2047 <sup>(a)</sup>  | 41 | 38 |
| Freddie Mac Pool #Q52069 3.50% 11/1/2047 <sup>(a)</sup>  | 58 | 55 |
| Freddie Mac Pool #SD0470 4.00% 11/1/2047 <sup>(a)</sup>  | 5483 | 5288 |
| Freddie Mac Pool #Q54701 3.50% 3/1/2048 <sup>(a)</sup>  | 39 | 37 |
| Freddie Mac Pool #Q54709 3.50% 3/1/2048 <sup>(a)</sup>  | 39 | 37 |
| Freddie Mac Pool #Q54700 3.50% 3/1/2048 <sup>(a)</sup>  | 32 | 30 |
| Freddie Mac Pool #Q54781 3.50% 3/1/2048 <sup>(a)</sup>  | 24 | 23 |
| Freddie Mac Pool #Q54782 3.50% 3/1/2048 <sup>(a)</sup>  | 19 | 18 |
| Freddie Mac Pool #Q54699 3.50% 3/1/2048 <sup>(a)</sup>  | 16 | 16 |
| Freddie Mac Pool #Q54831 3.50% 3/1/2048 <sup>(a)</sup>  | 11 | 11 |
| Freddie Mac Pool #Q54698 3.50% 3/1/2048 <sup>(a)</sup>  | 11 | 10 |
| Freddie Mac Pool #G67711 4.00% 3/1/2048 <sup>(a)</sup>  | 686 | 666 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048 <sup>(a)</sup>  | 38 | 37 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048 <sup>(a)</sup>  | 32 | 31 |
| Freddie Mac Pool #Q56590 3.50% 6/1/2048 <sup>(a)</sup>  | 21 | 20 |
| Freddie Mac Pool #Q56589 3.50% 6/1/2048 <sup>(a)</sup>  | 12 | 12 |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048 <sup>(a)</sup>  | 63 | 62 |
| Freddie Mac Pool #ZT2265 4.00% 8/1/2048 <sup>(a)</sup>  | 5121 | 4951 |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048 <sup>(a)</sup>  | 156 | 156 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048 <sup>(a)</sup>  | 74 | 73 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048 <sup>(a)</sup>  | 50 | 49 |
| Freddie Mac Pool #ZT0522 4.50% 9/1/2048 <sup>(a)</sup>  | 16 | 16 |
| Freddie Mac Pool #QA0284 3.50% 6/1/2049 <sup>(a)</sup>  | 123 | 117 |
| Freddie Mac Pool #QA2748 3.50% 9/1/2049 <sup>(a)</sup>  | 36 | 34 |
| Freddie Mac Pool #RA1463 3.50% 10/1/2049 <sup>(a)</sup>  | 290 | 275 |
| Freddie Mac Pool #RA1580 3.50% 10/1/2049 <sup>(a)</sup>  | 151 | 143 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(a)</sup>  | 23 | 21 |
| Freddie Mac Pool #RA3576 2.00% 9/1/2050 <sup>(a)</sup>  | 1329 | 1079 |
| Freddie Mac Pool #QB4847 2.50% 10/1/2050 <sup>(a)</sup>  | 28 | 24 |
| Freddie Mac Pool #SD8106 2.00% 11/1/2050 <sup>(a)</sup>  | 1136 | 928 |
| Freddie Mac Pool #RA3987 2.50% 11/1/2050 <sup>(a)</sup>  | 1713 | 1467 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051 <sup>(a)</sup>  | 31 | 25 |
| Freddie Mac Pool #RA4528 2.50% 2/1/2051 <sup>(a)</sup>  | 713 | 605 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051 <sup>(a)</sup>  | 51 | 42 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(a)</sup>  | 1974 | 1620 |
| Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(a)</sup>  | 895 | 724 |
| Freddie Mac Pool #SD7544 3.00% 7/1/2051 <sup>(a)</sup>  | 127 | 115 |
| Freddie Mac Pool #SD0726 2.50% 10/1/2051 <sup>(a)</sup>  | 7920 | 6839 |
| Freddie Mac Pool #RA6406 2.00% 11/1/2051 <sup>(a)</sup>  | 398 | 325 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051 <sup>(a)</sup>  | 418 | 362 |
| Freddie Mac Pool #QD3226 2.50% 12/1/2051 <sup>(a)</sup>  | 952 | 806 |
| Freddie Mac Pool #QD3619 2.50% 12/1/2051 <sup>(a)</sup>  | 104 | 88 |
| Freddie Mac Pool #SD7552 2.50% 1/1/2052 <sup>(a)</sup>  | 259 | 224 |
| Freddie Mac Pool #SD0813 3.00% 1/1/2052 <sup>(a)</sup>  | 121 | 109 |
| Freddie Mac Pool #RA6816 2.00% 2/1/2052 <sup>(a)</sup>  | 4455 | 3606 |
| Freddie Mac Pool #RA6771 2.00% 2/1/2052 <sup>(a)</sup>  | 2324 | 1881 |
| Freddie Mac Pool #QD7967 2.00% 2/1/2052 <sup>(a)</sup>  | 293 | 237 |
| Freddie Mac Pool #SD0873 3.50% 2/1/2052 <sup>(a)</sup>  | 7547 | 7088 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(a)</sup>  | 147 | 137 |
| Freddie Mac Pool #SD5745 2.00% 3/1/2052 <sup>(a)</sup>  | 327 | 264 |
| Freddie Mac Pool #QE1079 3.50% 4/1/2052 <sup>(a)</sup>  | 104 | 97 |
| Freddie Mac Pool #QD9477 4.00% 4/1/2052 <sup>(a)</sup>  | 325 | 309 |
| Freddie Mac Pool #QE2352 2.50% 5/1/2052 <sup>(a)</sup>  | 801 | 681 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **264** |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #8D0226 2.544% 5/1/2052 <sup>(a)(d)</sup>  | USD412 | $383 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(a)</sup>  | 7491 | 6653 |
| Freddie Mac Pool #QE1489 3.50% 5/1/2052 <sup>(a)</sup>  | 1238 | 1148 |
| Freddie Mac Pool #QE3999 3.50% 5/1/2052 <sup>(a)</sup>  | 410 | 380 |
| Freddie Mac Pool #QE4044 2.50% 6/1/2052 <sup>(a)</sup>  | 328 | 278 |
| Freddie Mac Pool #SD6203 3.00% 6/1/2052 <sup>(a)</sup>  | 262 | 232 |
| Freddie Mac Pool #RA7258 3.50% 6/1/2052 <sup>(a)</sup>  | 36 | 34 |
| Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(a)</sup>  | 2028 | 1717 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(a)</sup>  | 3100 | 2749 |
| Freddie Mac Pool #RA7572 3.00% 8/1/2052 <sup>(a)</sup>  | 48 | 43 |
| Freddie Mac Pool #SD4554 4.00% 8/1/2052 <sup>(a)</sup>  | 135 | 128 |
| Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(a)</sup>  | 180 | 177 |
| Freddie Mac Pool #QE8282 5.00% 8/1/2052 <sup>(a)</sup>  | 781 | 782 |
| Freddie Mac Pool #QE7647 5.00% 8/1/2052 <sup>(a)</sup>  | 45 | 45 |
| Freddie Mac Pool #SD1496 5.00% 8/1/2052 <sup>(a)</sup>  | 36 | 37 |
| Freddie Mac Pool #QF0212 4.50% 9/1/2052 <sup>(a)</sup>  | 792 | 777 |
| Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(a)</sup>  | 185 | 182 |
| Freddie Mac Pool #SD1608 4.50% 9/1/2052 <sup>(a)</sup>  | 116 | 114 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052 <sup>(a)</sup>  | 8774 | 8809 |
| Freddie Mac Pool #SD3782 4.50% 10/1/2052 <sup>(a)</sup>  | 3051 | 2992 |
| Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(a)</sup>  | 78 | 77 |
| Freddie Mac Pool #SD1895 4.50% 11/1/2052 <sup>(a)</sup>  | 947 | 943 |
| Freddie Mac Pool #QF2560 4.50% 11/1/2052 <sup>(a)</sup>  | 698 | 687 |
| Freddie Mac Pool #SD2948 5.50% 11/1/2052 <sup>(a)</sup>  | 1823 | 1856 |
| Freddie Mac Pool #SD8281 6.50% 12/1/2052 <sup>(a)</sup>  | 3737 | 3900 |
| Freddie Mac Pool #SD8320 3.00% 2/1/2053 <sup>(a)</sup>  | 663 | 588 |
| Freddie Mac Pool #SD8316 5.50% 4/1/2053 <sup>(a)</sup>  | 799 | 813 |
| Freddie Mac Pool #QG1653 6.00% 4/1/2053 <sup>(a)</sup>  | 744 | 767 |
| Freddie Mac Pool #QG0259 6.00% 4/1/2053 <sup>(a)</sup>  | 409 | 422 |
| Freddie Mac Pool #RA8647 4.50% 5/1/2053 <sup>(a)</sup>  | 79 | 78 |
| Freddie Mac Pool #SD8324 5.50% 5/1/2053 <sup>(a)</sup>  | 712 | 725 |
| Freddie Mac Pool #SD3369 5.50% 5/1/2053 <sup>(a)</sup>  | 457 | 464 |
| Freddie Mac Pool #SD8325 6.00% 5/1/2053 <sup>(a)</sup>  | 3287 | 3388 |
| Freddie Mac Pool #QG3763 6.00% 5/1/2053 <sup>(a)</sup>  | 1519 | 1568 |
| Freddie Mac Pool #SD2979 6.50% 5/1/2053 <sup>(a)</sup>  | 213 | 225 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(a)</sup>  | 1346 | 1369 |
| Freddie Mac Pool #SD8332 6.00% 6/1/2053 <sup>(a)</sup>  | 12863 | 13257 |
| Freddie Mac Pool #SD3175 6.00% 6/1/2053 <sup>(a)</sup>  | 3429 | 3532 |
| Freddie Mac Pool #SD3083 6.00% 6/1/2053 <sup>(a)</sup>  | 1797 | 1852 |
| Freddie Mac Pool #QG5227 6.00% 6/1/2053 <sup>(a)</sup>  | 748 | 771 |
| Freddie Mac Pool #RA9279 6.00% 6/1/2053 <sup>(a)</sup>  | 371 | 386 |
| Freddie Mac Pool #RA9283 6.00% 6/1/2053 <sup>(a)</sup>  | 336 | 347 |
| Freddie Mac Pool #RA9281 6.00% 6/1/2053 <sup>(a)</sup>  | 219 | 227 |
| Freddie Mac Pool #RA9284 6.00% 6/1/2053 <sup>(a)</sup>  | 186 | 194 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(a)</sup>  | 1797 | 1881 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(a)</sup>  | 1557 | 1632 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(a)</sup>  | 1477 | 1560 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(a)</sup>  | 1453 | 1532 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(a)</sup>  | 1018 | 1076 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(a)</sup>  | 817 | 860 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(a)</sup>  | 494 | 515 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(a)</sup>  | 462 | 493 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(a)</sup>  | 15782 | 16058 |
| Freddie Mac Pool #SD3386 5.50% 7/1/2053 <sup>(a)</sup>  | 569 | 580 |
| Freddie Mac Pool #SD8343 6.00% 7/1/2053 <sup>(a)</sup>  | 16252 | 16745 |
| Freddie Mac Pool #SD8350 6.00% 8/1/2053 <sup>(a)</sup>  | 17343 | 17848 |
| Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(a)</sup>  | 670 | 681 |
| Freddie Mac Pool #SD3857 6.00% 9/1/2053 <sup>(a)</sup>  | 34942 | 35984 |
| Freddie Mac Pool #RA9857 6.00% 9/1/2053 <sup>(a)</sup>  | 1977 | 2036 |
| Freddie Mac Pool #SD3825 6.50% 9/1/2053 <sup>(a)</sup>  | 72 | 75 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **265** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SL2623 3.00% 10/1/2053 <sup>(a)</sup>  | USD2,099 | $1859 |
| Freddie Mac Pool #SD4053 6.00% 10/1/2053 <sup>(a)</sup>  | 4342 | 4473 |
| Freddie Mac Pool #SD8370 4.50% 11/1/2053 <sup>(a)</sup>  | 686 | 671 |
| Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(a)</sup>  | 2949 | 2993 |
| Freddie Mac Pool #SD4318 6.50% 11/1/2053 <sup>(a)</sup>  | 9504 | 9972 |
| Freddie Mac Pool #SD8374 6.50% 11/1/2053 <sup>(a)</sup>  | 32 | 33 |
| Freddie Mac Pool #SD8395 5.50% 1/1/2054 <sup>(a)</sup>  | 1820 | 1849 |
| Freddie Mac Pool #RJ0854 6.50% 1/1/2054 <sup>(a)</sup>  | 340 | 355 |
| Freddie Mac Pool #QI0100 4.00% 2/1/2054 <sup>(a)</sup>  | 157 | 149 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(a)</sup>  | 861 | 875 |
| Freddie Mac Pool #SD4894 6.00% 2/1/2054 <sup>(a)</sup>  | 3774 | 3911 |
| Freddie Mac Pool #SD4975 6.00% 2/1/2054 <sup>(a)</sup>  | 172 | 177 |
| Freddie Mac Pool #SL2362 6.50% 2/1/2054 <sup>(a)</sup>  | 4620 | 4858 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(a)</sup>  | 461 | 468 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(a)</sup>  | 526 | 537 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(a)</sup>  | 93 | 94 |
| Freddie Mac Pool #QI2895 6.00% 4/1/2054 <sup>(a)</sup>  | 490 | 509 |
| Freddie Mac Pool #RJ1448 5.50% 5/1/2054 <sup>(a)</sup>  | 478 | 485 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(a)</sup>  | 66 | 68 |
| Freddie Mac Pool #SD5404 6.50% 5/1/2054 <sup>(a)</sup>  | 2108 | 2207 |
| Freddie Mac Pool #RJ1535 6.50% 5/1/2054 <sup>(a)</sup>  | 1019 | 1071 |
| Freddie Mac Pool #RJ1779 6.00% 6/1/2054 <sup>(a)</sup>  | 11156 | 11596 |
| Freddie Mac Pool #SD8439 6.00% 6/1/2054 <sup>(a)</sup>  | 1 | 1 |
| Freddie Mac Pool #RJ1792 6.50% 6/1/2054 <sup>(a)</sup>  | 2477 | 2609 |
| Freddie Mac Pool #RJ1726 6.50% 6/1/2054 <sup>(a)</sup>  | 932 | 976 |
| Freddie Mac Pool #RJ1725 6.50% 6/1/2054 <sup>(a)</sup>  | 582 | 614 |
| Freddie Mac Pool #SD5949 6.00% 7/1/2054 <sup>(a)</sup>  | 7350 | 7575 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(a)</sup>  | 2780 | 2867 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(a)</sup>  | 215 | 221 |
| Freddie Mac Pool #RJ1986 6.50% 7/1/2054 <sup>(a)</sup>  | 5542 | 5770 |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(a)</sup>  | 2052 | 2133 |
| Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(a)</sup>  | 3847 | 3932 |
| Freddie Mac Pool #SD8453 5.50% 8/1/2054 <sup>(a)</sup>  | 906 | 919 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(a)</sup>  | 2900 | 2985 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(a)</sup>  | 1336 | 1377 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(a)</sup>  | 137 | 141 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(a)</sup>  | 76 | 78 |
| Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(a)</sup>  | 51 | 53 |
| Freddie Mac Pool #SD8455 6.50% 8/1/2054 <sup>(a)</sup>  | 4317 | 4487 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(a)</sup>  | 3489 | 3652 |
| Freddie Mac Pool #QJ4811 5.50% 9/1/2054 <sup>(a)</sup>  | 673 | 683 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(a)</sup>  | 470 | 485 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(a)</sup>  | 245 | 253 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(a)</sup>  | 232 | 242 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(a)</sup>  | 225 | 235 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(a)</sup>  | 138 | 142 |
| Freddie Mac Pool #SD6288 6.50% 9/1/2054 <sup>(a)</sup>  | 4396 | 4620 |
| Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(a)</sup>  | 1520 | 1580 |
| Freddie Mac Pool #SL2445 6.50% 9/1/2054 <sup>(a)</sup>  | 1245 | 1301 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(a)</sup>  | 3 | 3 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(a)</sup>  | 379 | 384 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(a)</sup>  | 3 | 3 |
| Freddie Mac Pool #RJ3240 6.00% 1/1/2055 <sup>(a)</sup>  | 3591 | 3719 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(a)</sup>  | 3112 | 3197 |
| Freddie Mac Pool #RJ3301 6.00% 1/1/2055 <sup>(a)</sup>  | 1422 | 1480 |
| Freddie Mac Pool #RJ3305 6.00% 1/1/2055 <sup>(a)</sup>  | 1033 | 1071 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(a)</sup>  | 1444 | 1520 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(a)</sup>  | 2201 | 2261 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(a)</sup>  | 5 | 6 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(a)</sup>  | 1301 | 1336 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **266** |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SL0673 6.50% 3/1/2055 <sup>(a)</sup>  | USD4,423 | $4646 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(a)</sup>  | 1003 | 1042 |
| Freddie Mac Pool #QY0582 4.00% 4/1/2055 <sup>(a)</sup>  | 808 | 767 |
| Freddie Mac Pool #SD8524 5.50% 4/1/2055 <sup>(a)</sup>  | 213 | 216 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(a)</sup>  | 378 | 388 |
| Freddie Mac Pool #QY1898 7.00% 4/1/2055 <sup>(a)</sup>  | 622 | 661 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(a)</sup>  | 348 | 357 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(a)</sup>  | 649 | 648 |
| Freddie Mac Pool #RQ0015 6.50% 6/1/2055 <sup>(a)</sup>  | 8713 | 9057 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(a)</sup>  | 2767 | 2807 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(a)</sup>  | 1223 | 1257 |
| Freddie Mac Pool #SL2625 6.50% 7/1/2055 <sup>(a)</sup>  | 4638 | 4821 |
| Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(a)</sup>  | 631 | 648 |
| Freddie Mac Pool #SL2781 6.50% 9/1/2055 <sup>(a)</sup>  | 2776 | 2914 |
| Freddie Mac Pool #SL2647 6.50% 9/1/2055 <sup>(a)</sup>  | 1752 | 1841 |
| Freddie Mac Pool #QZ5542 3.50% 10/1/2055 <sup>(a)</sup>  | 526 | 488 |
| Freddie Mac, Series K751, Class A2, Multi Family, 4.412% 3/25/2030 <sup>(a)</sup>  | 3875 | 3932 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(a)</sup>  | 3332 | 3184 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class MT, 3.00% 7/25/2056 <sup>(a)</sup>  | 704 | 622 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/2056 <sup>(a)</sup>  | 283 | 255 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(a)</sup>  | 3410 | 3239 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(a)(d)</sup>  | 3022 | 2885 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/2057 <sup>(a)</sup>  | 764 | 664 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 <sup>(a)(d)</sup>  | 1062 | 971 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(a)(d)</sup>  | 324 | 318 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/2057 <sup>(a)</sup>  | 3378 | 3042 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/2058 <sup>(a)</sup>  | 386 | 377 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/25/2058 <sup>(a)</sup>  | 590 | 529 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/26/2058 <sup>(a)</sup>  | 1453 | 1417 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 <sup>(a)</sup>  | 316 | 284 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/2059 <sup>(a)</sup>  | 1257 | 1185 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(a)</sup>  | 12897 | 12705 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/2029 <sup>(a)</sup>  | 3267 | 3108 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A1D, 2.00% 7/25/2030 <sup>(a)</sup>  | 933 | 868 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A2D, 2.00% 7/25/2030 <sup>(a)</sup>  | 435 | 392 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 <sup>(a)</sup>  | 3198 | 3120 |
| Government National Mortgage Assn. 5.00% 1/1/2056 <sup>(a)(e)</sup>  | 5 | 5 |
| Government National Mortgage Assn. Pool #782365 6.00% 7/15/2038 <sup>(a)</sup>  | 55 | 58 |
| Government National Mortgage Assn. Pool #700778 5.50% 10/15/2038 <sup>(a)</sup>  | 11 | 11 |
| Government National Mortgage Assn. Pool #004269 6.50% 10/20/2038 <sup>(a)</sup>  | 113 | 122 |
| Government National Mortgage Assn. Pool #698668 5.50% 11/15/2038 <sup>(a)</sup>  | 25 | 26 |
| Government National Mortgage Assn. Pool #698406 5.00% 7/15/2039 <sup>(a)</sup>  | 113 | 117 |
| Government National Mortgage Assn. Pool #783690 6.00% 9/20/2039 <sup>(a)</sup>  | 60 | 64 |
| Government National Mortgage Assn. Pool #783689 5.50% 2/20/2040 <sup>(a)</sup>  | 1653 | 1712 |
| Government National Mortgage Assn. Pool #783688 5.00% 6/20/2041 <sup>(a)</sup>  | 602 | 615 |
| Government National Mortgage Assn. Pool #783687 4.50% 12/20/2041 <sup>(a)</sup>  | 392 | 388 |
| Government National Mortgage Assn. Pool #MA0533 3.00% 11/20/2042 <sup>(a)</sup>  | 14 | 13 |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(a)</sup>  | 734 | 609 |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(a)</sup>  | 643 | 533 |
| Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 <sup>(a)</sup>  | 4304 | 3676 |
| Government National Mortgage Assn. Pool #MA7534 2.50% 8/20/2051 <sup>(a)</sup>  | 1863 | 1609 |
| Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 <sup>(a)</sup>  | 593 | 508 |
| Government National Mortgage Assn. Pool #786706 2.50% 12/20/2051 <sup>(a)</sup>  | 3352 | 2857 |
| Government National Mortgage Assn. Pool #MA7827 2.50% 1/20/2052 <sup>(a)</sup>  | 78 | 67 |
| Government National Mortgage Assn. Pool #786502 2.50% 2/20/2052 <sup>(a)</sup>  | 2855 | 2459 |
| Government National Mortgage Assn. Pool #786647 2.50% 3/20/2052 <sup>(a)</sup>  | 1472 | 1273 |
| Government National Mortgage Assn. Pool #786701 2.50% 3/20/2052 <sup>(a)</sup>  | 896 | 774 |
| Government National Mortgage Assn. Pool #785998 2.50% 3/20/2052 <sup>(a)</sup>  | 707 | 606 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(a)</sup>  | 224 | 202 |
| Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(a)</sup>  | 827 | 714 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **267** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(a)</sup>  | USD176 | $158 |
| Government National Mortgage Assn. Pool #MA8044 3.50% 5/20/2052 <sup>(a)</sup>  | 2004 | 1847 |
| Government National Mortgage Assn. Pool #MA8199 3.50% 8/20/2052 <sup>(a)</sup>  | 620 | 568 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(a)</sup>  | 3811 | 3522 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(a)</sup>  | 291 | 277 |
| Government National Mortgage Assn. Pool #MA8567 4.00% 1/20/2053 <sup>(a)</sup>  | 401 | 382 |
| Government National Mortgage Assn. Pool #MA8723 4.00% 3/20/2053 <sup>(a)</sup>  | 199 | 190 |
| Government National Mortgage Assn. Pool #MA8947 5.00% 6/20/2053 <sup>(a)</sup>  | 50 | 50 |
| Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(a)</sup>  | 4091 | 4008 |
| Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/2053 <sup>(a)</sup>  | 2634 | 2581 |
| Government National Mortgage Assn. Pool #MA9169 4.50% 9/20/2053 <sup>(a)</sup>  | 1116 | 1091 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(a)</sup>  | 4323 | 4109 |
| Government National Mortgage Assn. Pool #MB0024 4.50% 11/20/2054 <sup>(a)</sup>  | 1352 | 1319 |
| Government National Mortgage Assn. Pool #MB0205 5.50% 2/20/2055 <sup>(a)</sup>  | 484 | 490 |
| Government National Mortgage Assn. Pool #MB0424 5.50% 6/20/2055 <sup>(a)</sup>  | 989 | 999 |
| Government National Mortgage Assn. Pool #MB0485 5.50% 7/20/2055 <sup>(a)</sup>  | 343 | 346 |
| Government National Mortgage Assn. Pool #MB0742 3.50% 11/20/2055 <sup>(a)</sup>  | 928 | 845 |
| Government National Mortgage Assn. Pool #MB0810 3.50% 12/20/2055 <sup>(a)</sup>  | 484 | 440 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(a)</sup>  | 418 | 312 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2041 <sup>(a)(e)</sup>  | 1115 | 1033 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2041 <sup>(a)(e)</sup>  | 920 | 908 |
| Uniform Mortgage-Backed Security 5.00% 1/1/2041 <sup>(a)(e)</sup>  | 780 | 790 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(a)(e)</sup>  | 16198 | 13097 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(a)(e)</sup>  | 119 | 110 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(a)(e)</sup>  | 1999 | 1951 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2056 <sup>(a)(e)</sup>  | 6284 | 6373 |
| Uniform Mortgage-Backed Security 6.00% 1/1/2056 <sup>(a)(e)</sup>  | 18724 | 19228 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(a)(e)</sup>  | 6031 | 6268 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(a)(e)</sup>  | 7168 | 6605 |
| **Total mortgage-backed obligations** |  | 816712 |
| **U.S. Treasury bonds & notes 40.76%** | **U.S. Treasury bonds & notes 40.76%** | **U.S. Treasury bonds & notes 40.76%** |
| **U.S. Treasury 36.84%** |  |  |
| U.S. Treasury 4.25% 1/31/2026  | 5535 | 5536 |
| U.S. Treasury 4.625% 2/28/2026  | 9375 | 9388 |
| U.S. Treasury 4.625% 3/15/2026  | 11050 | 11072 |
| U.S. Treasury 4.50% 3/31/2026  | 1435 | 1438 |
| U.S. Treasury 4.875% 4/30/2026  | 35525 | 35676 |
| U.S. Treasury 0.875% 6/30/2026  | 2065 | 2038 |
| U.S. Treasury 4.50% 7/15/2026  | 10366 | 10422 |
| U.S. Treasury 4.375% 7/31/2026  | 25795 | 25919 |
| U.S. Treasury 4.625% 9/15/2026  | 10209 | 10285 |
| U.S. Treasury 3.50% 9/30/2026  | 11100 | 11094 |
| U.S. Treasury 3.875% 3/31/2027  | 23000 | 23100 |
| U.S. Treasury 4.50% 4/15/2027  | 30000 | 30371 |
| U.S. Treasury 0.50% 4/30/2027  | 1250 | 1202 |
| U.S. Treasury 2.625% 5/31/2027  | 2290 | 2263 |
| U.S. Treasury 3.75% 6/30/2027  | 33220 | 33348 |
| U.S. Treasury 3.875% 7/31/2027  | 10000 | 10059 |
| U.S. Treasury 3.75% 8/15/2027  | 5043 | 5064 |
| U.S. Treasury 3.625% 8/31/2027  | 2945 | 2951 |
| U.S. Treasury 3.375% 11/30/2027  | 600 | 599 |
| U.S. Treasury 4.25% 2/15/2028 <sup>(f)</sup>  | 48655 | 49404 |
| U.S. Treasury 3.625% 5/31/2028  | 14850 | 14890 |
| U.S. Treasury 1.25% 6/30/2028  | 3325 | 3147 |
| U.S. Treasury 4.00% 6/30/2028  | 6907 | 6988 |
| U.S. Treasury 1.00% 7/31/2028  | 970 | 910 |
| U.S. Treasury 4.125% 7/31/2028  | 17685 | 17950 |
| U.S. Treasury 3.50% 11/15/2028  | 410 | 410 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **268** |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 2.625% 2/15/2029  | USD3,270 | $3180 |
| U.S. Treasury 4.50% 5/31/2029  | 825 | 849 |
| U.S. Treasury 2.625% 7/31/2029  | 9309 | 9006 |
| U.S. Treasury 4.00% 7/31/2029  | 15070 | 15268 |
| U.S. Treasury 4.125% 10/31/2029  | 4800 | 4883 |
| U.S. Treasury 4.125% 11/30/2029  | 10200 | 10377 |
| U.S. Treasury 4.375% 12/31/2029  | 23475 | 24106 |
| U.S. Treasury 4.00% 2/28/2030  | 11270 | 11415 |
| U.S. Treasury 4.00% 3/31/2030  | 15000 | 15193 |
| U.S. Treasury 3.75% 6/30/2030  | 17030 | 17075 |
| U.S. Treasury 3.875% 6/30/2030  | 6000 | 6046 |
| U.S. Treasury 4.00% 7/31/2030  | 1185 | 1200 |
| U.S. Treasury 4.625% 9/30/2030  | 1290 | 1341 |
| U.S. Treasury 4.875% 10/31/2030  | 625 | 657 |
| U.S. Treasury 3.50% 11/30/2030  | 505 | 500 |
| U.S. Treasury 4.25% 6/30/2031  | 9625 | 9847 |
| U.S. Treasury 4.125% 11/30/2031  | 3240 | 3290 |
| U.S. Treasury 4.125% 2/29/2032  | 9305 | 9440 |
| U.S. Treasury 4.125% 3/31/2032  | 3000 | 3043 |
| U.S. Treasury 4.125% 5/31/2032  | 10295 | 10435 |
| U.S. Treasury 4.00% 6/30/2032  | 16910 | 17018 |
| U.S. Treasury 2.75% 8/15/2032  | 8095 | 7550 |
| U.S. Treasury 3.75% 11/30/2032  | 4075 | 4030 |
| U.S. Treasury 3.875% 8/15/2033  | 3180 | 3156 |
| U.S. Treasury 4.375% 5/15/2034  | 1687 | 1726 |
| U.S. Treasury 3.875% 8/15/2034  | 1970 | 1941 |
| U.S. Treasury 4.25% 11/15/2034  | 1790 | 1810 |
| U.S. Treasury 4.625% 2/15/2035  | 5000 | 5194 |
| U.S. Treasury 4.25% 5/15/2035  | 1800 | 1816 |
| U.S. Treasury 4.25% 8/15/2035  | 5315 | 5357 |
| U.S. Treasury 4.00% 11/15/2035  | 285 | 281 |
| U.S. Treasury 4.50% 8/15/2039  | 13655 | 13699 |
| U.S. Treasury 4.625% 2/15/2040  | 90 | 91 |
| U.S. Treasury, interest only, 0% 11/15/2040  | 1110 | 545 |
| U.S. Treasury 1.375% 11/15/2040  | 1945 | 1265 |
| U.S. Treasury 3.875% 5/15/2043  | 820 | 737 |
| U.S. Treasury 4.375% 8/15/2043  | 40 | 38 |
| U.S. Treasury 4.50% 2/15/2044  | 3780 | 3663 |
| U.S. Treasury 4.125% 8/15/2044  | 11760 | 10810 |
| U.S. Treasury 2.50% 2/15/2045  | 4850 | 3441 |
| U.S. Treasury 5.00% 5/15/2045  | 8955 | 9207 |
| U.S. Treasury 4.625% 11/15/2045  | 180 | 176 |
| U.S. Treasury 2.50% 2/15/2046  | 3900 | 2720 |
| U.S. Treasury 2.50% 5/15/2046  | 1585 | 1101 |
| U.S. Treasury 2.875% 11/15/2046  | 2700 | 1997 |
| U.S. Treasury 3.00% 8/15/2048  | 750 | 556 |
| U.S. Treasury 2.375% 11/15/2049  | 1435 | 924 |
| U.S. Treasury 1.25% 5/15/2050  | 14825 | 7117 |
| U.S. Treasury 1.375% 8/15/2050  | 4330 | 2135 |
| U.S. Treasury 1.625% 11/15/2050  | 35205 | 18533 |
| U.S. Treasury 1.875% 2/15/2051  | 5892 | 3301 |
| U.S. Treasury 2.375% 5/15/2051  | 6280 | 3968 |
| U.S. Treasury 2.00% 8/15/2051  | 5226 | 3001 |
| U.S. Treasury 1.875% 11/15/2051  | 3164 | 1754 |
| U.S. Treasury 3.00% 8/15/2052  | 895 | 643 |
| U.S. Treasury 4.00% 11/15/2052  | 1849 | 1607 |
| U.S. Treasury 4.75% 11/15/2053  | 205 | 202 |
| U.S. Treasury 4.25% 2/15/2054  | 11130 | 10086 |
| U.S. Treasury 4.625% 5/15/2054  | 3165 | 3054 |
| U.S. Treasury 4.25% 8/15/2054  | 50 | 45 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **269** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) |  | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** | **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 4.625% 2/15/2055  | U.S. Treasury 4.625% 2/15/2055  | USD7,370 | $7115 |
| U.S. Treasury 4.75% 8/15/2055 <sup>(f)</sup>  | U.S. Treasury 4.75% 8/15/2055 <sup>(f)</sup>  | 27230 | 26830 |
| U.S. Treasury 4.625% 11/15/2055  | U.S. Treasury 4.625% 11/15/2055  | 19425 | 18754 |
|  |  |  | 691669 |
| **U.S. Treasury inflation-protected securities 3.92%** | **U.S. Treasury inflation-protected securities 3.92%** |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026 <sup>(g)</sup>  | 9620 | 9533 |
| U.S. Treasury Inflation-Protected Security 0.125% 4/15/2027 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 0.125% 4/15/2027 <sup>(g)</sup>  | 2960 | 2907 |
| U.S. Treasury Inflation-Protected Security 1.625% 10/15/2029 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 1.625% 10/15/2029 <sup>(g)</sup>  | 37322 | 37704 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2031 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 0.125% 7/15/2031 <sup>(g)</sup>  | 1093 | 1014 |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2032 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 0.125% 1/15/2032 <sup>(g)</sup>  | 3399 | 3107 |
| U.S. Treasury Inflation-Protected Security 1.875% 7/15/2034 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 1.875% 7/15/2034 <sup>(g)</sup>  | 7377 | 7411 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2041 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 2.125% 2/15/2041 <sup>(g)</sup>  | 141 | 138 |
| U.S. Treasury Inflation-Protected Security 0.75% 2/15/2042 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 0.75% 2/15/2042 <sup>(g)</sup>  | 1506 | 1173 |
| U.S. Treasury Inflation-Protected Security 0.625% 2/15/2043 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 0.625% 2/15/2043 <sup>(g)</sup>  | 1756 | 1308 |
| U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049 <sup>(g)</sup>  | 323 | 233 |
| U.S. Treasury Inflation-Protected Security 0.25% 2/15/2050 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 0.25% 2/15/2050 <sup>(g)</sup>  | 368 | 212 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(g)</sup>  | 144 | 78 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(g)</sup>  | 456 | 410 |
| U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(g)</sup>  | 8752 | 8308 |
|  |  |  | 73536 |
| **Total U.S. Treasury bonds & notes** | **Total U.S. Treasury bonds & notes** |  | 765205 |
| **Federal agency bonds & notes 2.60%** | **Federal agency bonds & notes 2.60%** | **Federal agency bonds & notes 2.60%** | **Federal agency bonds & notes 2.60%** |
| Export-Import Bank of the United States-Guaranteed, Ethiopian Leasing 2012, LLC 2.646% 5/12/2026  | Export-Import Bank of the United States-Guaranteed, Ethiopian Leasing 2012, LLC 2.646% 5/12/2026  | 46 | 46 |
| Federal Home Loan Bank 3.25% 11/16/2028  | Federal Home Loan Bank 3.25% 11/16/2028  | 6500 | 6462 |
| Federal Home Loan Bank 5.50% 7/15/2036  | Federal Home Loan Bank 5.50% 7/15/2036  | 300 | 329 |
| Federal National Mortgage Association 7.125% 1/15/2030  | Federal National Mortgage Association 7.125% 1/15/2030  | 2000 | 2258 |
| Private Export Funding Corp. 1.40% 7/15/2028  | Private Export Funding Corp. 1.40% 7/15/2028  | 3000 | 2840 |
| Tennessee Valley Authority 2.875% 2/1/2027  | Tennessee Valley Authority 2.875% 2/1/2027  | 5000 | 4966 |
| Tennessee Valley Authority 4.875% 5/15/2035  | Tennessee Valley Authority 4.875% 5/15/2035  | 2445 | 2525 |
| Tennessee Valley Authority 4.65% 6/15/2035  | Tennessee Valley Authority 4.65% 6/15/2035  | 1780 | 1811 |
| Tennessee Valley Authority 5.88% 4/1/2036  | Tennessee Valley Authority 5.88% 4/1/2036  | 875 | 980 |
| Tennessee Valley Authority, Series A, 4.625% 9/15/2060  | Tennessee Valley Authority, Series A, 4.625% 9/15/2060  | 250 | 223 |
| Tennessee Valley Authority, Southaven Combined Cycle Generation, LLC, 3.846% 8/15/2033  | Tennessee Valley Authority, Southaven Combined Cycle Generation, LLC, 3.846% 8/15/2033  | 660 | 639 |
| U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 7/15/2026  | U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 7/15/2026  | 645 | 657 |
| U.S. Department of Housing and Urban Development, Series 2015-A-12, 3.10% 8/1/2026  | U.S. Department of Housing and Urban Development, Series 2015-A-12, 3.10% 8/1/2026  | 2200 | 2188 |
| U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 8/1/2027  | U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 8/1/2027  | 10250 | 10131 |
| U.S. Department of Housing and Urban Development, Series 2015-A-14, 3.25% 8/1/2028  | U.S. Department of Housing and Urban Development, Series 2015-A-14, 3.25% 8/1/2028  | 3064 | 3029 |
| U.S. Department of Housing and Urban Development, Series 2015-A-15, 3.35% 8/1/2029  | U.S. Department of Housing and Urban Development, Series 2015-A-15, 3.35% 8/1/2029  | 2020 | 1987 |
| U.S. Department of Housing and Urban Development, Series 2015-A-16, 3.50% 8/1/2030  | U.S. Department of Housing and Urban Development, Series 2015-A-16, 3.50% 8/1/2030  | 1773 | 1726 |
| U.S. Department of Housing and Urban Development, Series 2015-A-17, 3.55% 8/1/2031  | U.S. Department of Housing and Urban Development, Series 2015-A-17, 3.55% 8/1/2031  | 2074 | 1998 |
| U.S. Department of Housing and Urban Development, Series 2015-A-18, 3.60% 8/1/2032  | U.S. Department of Housing and Urban Development, Series 2015-A-18, 3.60% 8/1/2032  | 2167 | 2056 |
| U.S. Department of Housing and Urban Development, Series 2015-A-19, 3.65% 8/1/2033  | U.S. Department of Housing and Urban Development, Series 2015-A-19, 3.65% 8/1/2033  | 1639 | 1545 |
| U.S. Department of Housing and Urban Development, Series 2015-A-20, 3.70% 8/1/2034  | U.S. Department of Housing and Urban Development, Series 2015-A-20, 3.70% 8/1/2034  | 330 | 308 |
|  |  |  | 48704 |
| **Total bonds, notes & other debt instruments** (cost: $1,653,043,000) | **Total bonds, notes & other debt instruments** (cost: $1,653,043,000) |  | 1630621 |
| Short-term securities 15.36% | Weighted<br> average yield<br> at acquisition<br>|  |  |
| **Commercial paper 8.81%** | **Commercial paper 8.81%** | **Commercial paper 8.81%** | **Commercial paper 8.81%** |
| Apple, Inc. 1/15/2026 <sup>(c)</sup>  | 3.650<br> %<br>| 15000 | 14977 |
| CAFCO, LLC 1/14/2026 <sup>(c)</sup>  | 4.040 | 10000 | 9985 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **270** |

---

------

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities (continued) | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Commercial paper (continued)** | **Commercial paper (continued)** | **Commercial paper (continued)** | **Commercial paper (continued)** |
| Chevron Corp. 2/3/2026 <sup>(c)</sup>  | 3.760<br> %<br>| USD12,300 | $12258 |
| Desjardins Group 2/27/2026 <sup>(c)</sup>  | 3.750 | 12500 | 12425 |
| Exxon Asset Management Co. 3/31/2026  | 3.820 | 19510 | 19332 |
| Linde, Inc. 1/20/2026  | 3.660 | 9400 | 9381 |
| Novartis Finance Corp. 1/2/2026 <sup>(c)</sup>  | 3.660 | 10000 | 9998 |
| Oversea-Chinese Banking Corp., Ltd. 1/26/2026 <sup>(c)</sup>  | 3.740 | 7000 | 6981 |
| Procter & Gamble Co. 1/23/2026 <sup>(c)</sup>  | 3.900 | 10000 | 9977 |
| Procter & Gamble Co. 3/4/2026 <sup>(c)</sup>  | 3.750 | 10000 | 9936 |
| Prudential Funding, LLC 1/9/2026  | 3.700 | 20000 | 19982 |
| TOTAL Holdings USA, Inc. 1/5/2026 <sup>(c)</sup>  | 3.715 | 15000 | 14992 |
| Wal-Mart Stores, Inc. 1/14/2026 <sup>(c)</sup>  | 3.630 | 15200 | 15178 |
|  |  |  | 165402 |
| **Bonds & notes of governments & government agencies outside the U.S. 2.58%** | **Bonds & notes of governments & government agencies outside the U.S. 2.58%** | **Bonds & notes of governments & government agencies outside the U.S. 2.58%** | **Bonds & notes of governments & government agencies outside the U.S. 2.58%** |
| Alberta (Province of) 2/12/2026 <sup>(c)</sup>  | 3.770 | 10100 | 10056 |
| KfW 1/7/2026 <sup>(c)</sup>  | 3.700 | 13000 | 12991 |
| Ontario (Province of) 2/6/2026  | 3.770 | 25600 | 25501 |
|  |  |  | 48548 |
| **Federal agency bills & notes 3.97%** | **Federal agency bills & notes 3.97%** | **Federal agency bills & notes 3.97%** | **Federal agency bills & notes 3.97%** |
| Federal Farm Credit Banks 2/20/2026  | 3.580 | 30500 | 30353 |
| Federal Home Loan Bank 1/2/2026  | 3.500 | 14364 | 14364 |
| Federal Home Loan Bank 1/23/2026  | 3.842 | 11960 | 11935 |
| Federal Home Loan Bank 2/25/2026  | 3.725 | 17900 | 17805 |
| **Total short-term securities** (cost: $288,397,000) | **Total short-term securities** (cost: $288,397,000) | **Total short-term securities** (cost: $288,397,000) | 288407 |
| Options purchased (equity style) 0.01% |  |  |  |
| Options purchased (equity style)\* | Options purchased (equity style)\* |  | 242 |
| **Total options purchased (equity style)** (cost: $330,000) | **Total options purchased (equity style)** (cost: $330,000) |  | 242 |
| **Total investment securities 102.23%** (cost: $1,941,770,000) | **Total investment securities 102.23%** (cost: $1,941,770,000) |  | 1919270 |
| **Total options written (equity style)** <sup>†</sup> **0.00%** (premium received: $102,000) | **Total options written (equity style)** <sup>†</sup> **0.00%** (premium received: $102,000) |  | (81)<br>|
| Other assets less liabilities (2.23)% | Other assets less liabilities (2.23)% |  | (41841)<br>|
| **Net assets 100.00%** | **Net assets 100.00%** |  | $1877348 |

---

**\*Options purchased (equity style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| 3 Month SOFR Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD96.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD606,500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $242 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **271** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

<sup>†</sup>**Options written (equity style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| 3 Month SOFR Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD96.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD(361,000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(81)<br>|

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 30 Day Federal Funds Futures | Long | 18 | 2/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD7,228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 |
| 30 Day Federal Funds Futures | Long | 443 | 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25)<br>|
| 3 Month SOFR Futures | Long | 3 | 6/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| 3 Month SOFR Futures | Long | 26 | 9/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 5852 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1221834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (293)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 2936 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (856)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Short | 253 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29099)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169 |
| 10 Year U.S. Treasury Note Futures | Short | 1099 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (123569)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 907 |
| 20 Year U.S. Treasury Bond Futures | Long | 186 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (257)<br>|
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 447 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (850)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1214)<br>|

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| 4.184% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 1/10/2026 | &nbsp;&nbsp;&nbsp; USD11,198 | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1 |
| 4.2035% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 1/10/2026 | &nbsp;&nbsp;&nbsp; USD11,197 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| 4.2045% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 1/10/2026 | &nbsp;&nbsp;&nbsp; USD1,020 | &nbsp;&nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(b)</sup><br>|
| 4.27% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/16/2026 | &nbsp;&nbsp;&nbsp; USD9,621 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6 |
| 4.265% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/16/2026 | &nbsp;&nbsp;&nbsp; USD4,777 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3 |
| 4.3035% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp; USD2,874 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 |
| 4.2515% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp; USD2,847 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 |
| 4.2675% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp; USD2,771 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 |
| 4.3005% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp; USD1,989 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| 4.288% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp; USD2,021 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| 4.568% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp; USD27,000 | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34 |
| 4.56% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp; USD27,400 | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34 |
| 4.6275% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp; USD49,370 | &nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 89 |
| 4.9005% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 4/17/2026 | &nbsp;&nbsp;&nbsp; USD14,100 | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 46 |
| 4.815% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 5/6/2026 | &nbsp;&nbsp;&nbsp; USD31,500 | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 116 |
| 4.723% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 5/7/2026 | &nbsp;&nbsp;&nbsp; USD30,490 | &nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 103 |
| 4.659% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 5/17/2026 | &nbsp;&nbsp;&nbsp; USD45,400 | &nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 159 |
| SOFR | Annual | 4.528% | Annual | &nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp; USD2,700 | &nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (10)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **272** |

---

------

U.S. Government Securities Fund (continued)

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| Rate | &nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| U.S. Urban CPI | At maturity | 2.12% | At maturity | &nbsp;&nbsp;&nbsp; 12/22/2026 | &nbsp;&nbsp;&nbsp; USD5,735 | &nbsp;&nbsp;&nbsp; $8 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $8 |
| 3.535% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 1/23/2027 | &nbsp;&nbsp;&nbsp; USD13,000 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16 |
| 3.5405% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 1/23/2027 | &nbsp;&nbsp;&nbsp; USD12,100 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15 |
| 3.53% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 1/23/2027 | &nbsp;&nbsp;&nbsp; USD7,300 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8 |
| SOFR | Annual | 4.186% | Annual | &nbsp;&nbsp;&nbsp; 2/18/2027 | &nbsp;&nbsp;&nbsp; USD54,150 | &nbsp;&nbsp;&nbsp; (467)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (467)<br>|
| 3.7645% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/20/2027 | &nbsp;&nbsp;&nbsp; USD23,600 | &nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 95 |
| 3.761% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/20/2027 | &nbsp;&nbsp;&nbsp; USD11,800 | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 47 |
| 4.5895% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 5/6/2027 | &nbsp;&nbsp;&nbsp; USD22,710 | &nbsp;&nbsp;&nbsp; 361 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 361 |
| SOFR | Annual | 3.2465% | Annual | &nbsp;&nbsp;&nbsp; 9/15/2027 | &nbsp;&nbsp;&nbsp; USD16,600 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19 |
| SOFR | Annual | 3.249% | Annual | &nbsp;&nbsp;&nbsp; 9/15/2027 | &nbsp;&nbsp;&nbsp; USD16,690 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19 |
| 3.45% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/1/2028 | &nbsp;&nbsp;&nbsp; USD12,500 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 36 |
| 3.47% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/2/2028 | &nbsp;&nbsp;&nbsp; USD11,600 | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 38 |
| 3.6475% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 2/27/2028 | &nbsp;&nbsp;&nbsp; USD19,700 | &nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 143 |
| SOFR | Annual | 3.528% | Annual | &nbsp;&nbsp;&nbsp; 1/29/2030 | &nbsp;&nbsp;&nbsp; USD4,000 | &nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (19)<br>|
| SOFR | Annual | 3.529% | Annual | &nbsp;&nbsp;&nbsp; 1/29/2030 | &nbsp;&nbsp;&nbsp; USD4,800 | &nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (23)<br>|
| SOFR | Annual | 3.5485% | Annual | &nbsp;&nbsp;&nbsp; 1/29/2030 | &nbsp;&nbsp;&nbsp; USD5,200 | &nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (29)<br>|
| U.S. EFFR | Annual | 0.5385% | Annual | &nbsp;&nbsp;&nbsp; 3/26/2030 | &nbsp;&nbsp;&nbsp; USD49,000 | &nbsp;&nbsp;&nbsp; 5455 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5455 |
| 3.18% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 4/17/2030 | &nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (25)<br>|
| 3.275% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 4/18/2030 | &nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (15)<br>|
| 3.353% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 4/19/2030 | &nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7)<br>|
| 3.342% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 4/19/2030 | &nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8)<br>|
| 3.344% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 4/20/2030 | &nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8)<br>|
| 3.128% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 4/28/2030 | &nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp; (31)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (31)<br>|
| 3.285% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp; USD2,500 | &nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (14)<br>|
| 3.259% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (17)<br>|
| 3.186% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 5/9/2030 | &nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (25)<br>|
| 3.215% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 5/10/2030 | &nbsp;&nbsp;&nbsp; USD2,500 | &nbsp;&nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (21)<br>|
| 3.29% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 5/19/2030 | &nbsp;&nbsp;&nbsp; USD3,100 | &nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (17)<br>|
| SOFR | Annual | 3.3615% | Annual | &nbsp;&nbsp;&nbsp; 5/31/2030 | &nbsp;&nbsp;&nbsp; USD15,320 | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 38 |
| 3.31% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 6/9/2030 | &nbsp;&nbsp;&nbsp; USD26,800 | &nbsp;&nbsp;&nbsp; (132)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (132)<br>|
| U.S. EFFR | Annual | 0.666% | Annual | &nbsp;&nbsp;&nbsp; 11/19/2030 | &nbsp;&nbsp;&nbsp; USD15,500 | &nbsp;&nbsp;&nbsp; 1909 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1909 |
| 3.488% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 6/17/2031 | &nbsp;&nbsp;&nbsp; USD6,316 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| 3.43574% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 6/17/2031 | &nbsp;&nbsp;&nbsp; USD7,364 | &nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (16)<br>|
| SOFR | Annual | 3.326% | Annual | &nbsp;&nbsp;&nbsp; 9/19/2032 | &nbsp;&nbsp;&nbsp; USD10,880 | &nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 172 |
| SOFR | Annual | 3.4225% | Annual | &nbsp;&nbsp;&nbsp; 9/22/2032 | &nbsp;&nbsp;&nbsp; USD10,938 | &nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 110 |
| SOFR | Annual | 4.1615% | Annual | &nbsp;&nbsp;&nbsp; 5/15/2033 | &nbsp;&nbsp;&nbsp; USD330 | &nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11)<br>|
| SOFR | Annual | 4.15% | Annual | &nbsp;&nbsp;&nbsp; 5/15/2033 | &nbsp;&nbsp;&nbsp; USD880 | &nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (29)<br>|
| 4.0135% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 8/21/2033 | &nbsp;&nbsp;&nbsp; USD1,185 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 28 |
| SOFR | Annual | 3.6025% | Annual | &nbsp;&nbsp;&nbsp; 1/8/2034 | &nbsp;&nbsp;&nbsp; USD4,655 | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24 |
| SOFR | Annual | 3.7175% | Annual | &nbsp;&nbsp;&nbsp; 8/8/2035 | &nbsp;&nbsp;&nbsp; USD1,180 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6 |
| SOFR | Annual | 3.6965% | Annual | &nbsp;&nbsp;&nbsp; 11/5/2035 | &nbsp;&nbsp;&nbsp; USD2,870 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23 |
| SOFR | Annual | 3.79168% | Annual | &nbsp;&nbsp;&nbsp; 6/17/2036 | &nbsp;&nbsp;&nbsp; USD8,076 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 33 |
| SOFR | Annual | 3.801% | Annual | &nbsp;&nbsp;&nbsp; 6/17/2036 | &nbsp;&nbsp;&nbsp; USD6,989 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23 |
| SOFR | Annual | 3.175% | Annual | &nbsp;&nbsp;&nbsp; 2/1/2038 | &nbsp;&nbsp;&nbsp; USD16,000 | &nbsp;&nbsp;&nbsp; 1118 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1118 |
| 3.065% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 4/7/2040 | &nbsp;&nbsp;&nbsp; USD12,300 | &nbsp;&nbsp;&nbsp; (1298)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1298)<br>|
| 3.616% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 8/5/2044 | &nbsp;&nbsp;&nbsp; USD5,600 | &nbsp;&nbsp;&nbsp; (393)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (393)<br>|
| 3.561% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 8/9/2044 | &nbsp;&nbsp;&nbsp; USD4,800 | &nbsp;&nbsp;&nbsp; (372)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (372)<br>|
| SOFR | Annual | 3.9815% | Annual | &nbsp;&nbsp;&nbsp; 11/6/2044 | &nbsp;&nbsp;&nbsp; USD10,330 | &nbsp;&nbsp;&nbsp; 236 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 236 |
| SOFR | Annual | 3.045% | Annual | &nbsp;&nbsp;&nbsp; 7/27/2050 | &nbsp;&nbsp;&nbsp; USD3,600 | &nbsp;&nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 640 |
| SOFR | Annual | 2.85282% | Annual | &nbsp;&nbsp;&nbsp; 12/6/2052 | &nbsp;&nbsp;&nbsp; USD540 | &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 117 |
| SOFR | Annual | 2.93542% | Annual | &nbsp;&nbsp;&nbsp; 12/6/2052 | &nbsp;&nbsp;&nbsp; USD550 | &nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 112 |
| SOFR | Annual | 3.01413% | Annual | &nbsp;&nbsp;&nbsp; 1/12/2053 | &nbsp;&nbsp;&nbsp; USD1,402 | &nbsp;&nbsp;&nbsp; 268 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 268 |
| SOFR | Annual | 3.02% | Annual | &nbsp;&nbsp;&nbsp; 1/12/2053 | &nbsp;&nbsp;&nbsp; USD1,400 | &nbsp;&nbsp;&nbsp; 266 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 266 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **273** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| Rate | &nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 2.974% | Annual | &nbsp;&nbsp;&nbsp; 4/17/2053 | &nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp; $159 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $159 |
| SOFR | Annual | 3.044% | Annual | &nbsp;&nbsp;&nbsp; 4/18/2053 | &nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 150 |
| SOFR | Annual | 3.0875% | Annual | &nbsp;&nbsp;&nbsp; 4/19/2053 | &nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 144 |
| SOFR | Annual | 3.1035% | Annual | &nbsp;&nbsp;&nbsp; 4/19/2053 | &nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 142 |
| SOFR | Annual | 3.0895% | Annual | &nbsp;&nbsp;&nbsp; 4/20/2053 | &nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 144 |
| SOFR | Annual | 2.9405% | Annual | &nbsp;&nbsp;&nbsp; 4/28/2053 | &nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 163 |
| SOFR | Annual | 3.0535% | Annual | &nbsp;&nbsp;&nbsp; 5/1/2053 | &nbsp;&nbsp;&nbsp; USD1,600 | &nbsp;&nbsp;&nbsp; 297 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 297 |
| SOFR | Annual | 3.085% | Annual | &nbsp;&nbsp;&nbsp; 5/9/2053 | &nbsp;&nbsp;&nbsp; USD900 | &nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 162 |
| SOFR | Annual | 3.1135% | Annual | &nbsp;&nbsp;&nbsp; 5/10/2053 | &nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 141 |
| SOFR | Annual | 3.1605% | Annual | &nbsp;&nbsp;&nbsp; 5/19/2053 | &nbsp;&nbsp;&nbsp; USD1,000 | &nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 168 |
| SOFR | Annual | 3.6765% | Annual | &nbsp;&nbsp;&nbsp; 2/20/2054 | &nbsp;&nbsp;&nbsp; USD2,019 | &nbsp;&nbsp;&nbsp; 169 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 169 |
| SOFR | Annual | 3.6815% | Annual | &nbsp;&nbsp;&nbsp; 2/20/2054 | &nbsp;&nbsp;&nbsp; USD1,510 | &nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 125 |
| SOFR | Annual | 3.7205% | Annual | &nbsp;&nbsp;&nbsp; 2/21/2054 | &nbsp;&nbsp;&nbsp; USD520 | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 40 |
| SOFR | Annual | 3.47875% | Annual | &nbsp;&nbsp;&nbsp; 8/5/2054 | &nbsp;&nbsp;&nbsp; USD4,200 | &nbsp;&nbsp;&nbsp; 492 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 492 |
| SOFR | Annual | 3.415% | Annual | &nbsp;&nbsp;&nbsp; 8/9/2054 | &nbsp;&nbsp;&nbsp; USD3,700 | &nbsp;&nbsp;&nbsp; 473 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 473 |
| 4.13862% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 6/17/2056 | &nbsp;&nbsp;&nbsp; USD1,957 | &nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (12)<br>|
| 4.097% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp; 6/17/2056 | &nbsp;&nbsp;&nbsp; USD1,702 | &nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (23)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $11931 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $11931 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(b)</sup> Amount less than one thousand.

<sup>(c)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $140,672,000, which represented 7.49% of the net assets of the fund. 

<sup>(d)</sup> 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. 

<sup>(e)</sup> Represents securities transacted on a TBA basis.

<sup>(f)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $16,083,000, which represented 0.86% of the net assets of the fund. 

<sup>(g)</sup> Index-linked bond whose principal amount moves with a government price index. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| Assn. = Association |
| CPI = Consumer Price Index |
| EFFR = Effective Federal Funds Rate |

---

---

| |
|:---|
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **274** |

---

------

Managed Risk Growth Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Growth funds 84.99% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Growth Fund, Class 1  | 3046065 | $429678 |
| **Total growth funds** (cost: $297,224,000) |  | 429678 |
| Fixed income funds 10.02% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1  | 5324267 | 50687 |
| **Total fixed income funds** (cost: $50,772,000) |  | 50687 |
| Short-term securities 4.63% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup>  | 23417711 | 23418 |
| **Total short-term securities** (cost: $23,418,000) |  | 23418 |
| Options purchased (equity style) 0.27% |  |  |
| Options purchased (equity style)\* |  | 1328 |
| **Total options purchased** (cost: $4,348,000) |  | 1328 |
| **Total investment securities 99.91**% (cost: $375,762,000) |  | 505111 |
| Other assets less liabilities 0.09% |  | 468 |
| **Net assets 100.00%** |  | $505579 |

---

**\*Options purchased (equity style)**

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD61,610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,250.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $31 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4750.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4775.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4825.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4900.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4625.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4700.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 715 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4750.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4825.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4775.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1328 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **275** | American Funds Insurance Series |

---

------

Managed Risk Growth Fund (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| S&P 500 E-mini Index Futures | Long | 46 | 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD15,853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8 |

---

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 84.99%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Growth Fund, Class 1 <br>| $445562 | &nbsp;&nbsp; $116262 | &nbsp;&nbsp; $180830 | &nbsp;&nbsp; $70206 | &nbsp;&nbsp; $(21522)<br>| &nbsp;&nbsp; $429678 | &nbsp;&nbsp; $1046 | &nbsp;&nbsp; $34295 |
| **Fixed income funds 10.02%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>The Bond Fund of America, Class 1 <br>| 52786 | &nbsp;&nbsp; 41135 | &nbsp;&nbsp; 44622 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 1373 | &nbsp;&nbsp; 50687 | &nbsp;&nbsp; 2246 | &nbsp;&nbsp; — |
| **Total 95.01%** |  |  |  | &nbsp;&nbsp; $70221 | &nbsp;&nbsp; $(20149)<br>| &nbsp;&nbsp; $480365 | &nbsp;&nbsp; $3292 | &nbsp;&nbsp; $34295 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rate represents the seven-day yield at 12/31/2025. <br> <sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **276** |

---

------

Managed Risk International Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Growth funds 85.00% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – International Fund, Class 1  | 4316673 | $96391 |
| **Total growth funds** (cost: $68,990,000) |  | 96391 |
| Fixed income funds 9.99% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1  | 1190669 | 11335 |
| **Total fixed income funds** (cost: $11,379,000) |  | 11335 |
| Short-term securities 4.79% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup>  | 5428105 | 5428 |
| **Total short-term securities** (cost: $5,428,000) |  | 5428 |
| Options purchased (equity style) 0.23% |  |  |
| Options purchased (equity style)\* |  | 267 |
| **Total options purchased** (cost: $774,000) |  | 267 |
| **Total investment securities 100.01**% (cost: $86,571,000) |  | 113421 |
| Other assets less liabilities (0.01)% |  | (17)<br>|
| **Net assets 100.00%** |  | $113404 |

---

**\*Options purchased (equity style)**

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD2,401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD65.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $267 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| MSCI EAFE Index Futures | Long | 21 | 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD3,047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **277** | American Funds Insurance Series |

---

------

Managed Risk International Fund (continued)

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 85.00%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>International Fund, Class 1 <br>| $96701 | &nbsp;&nbsp; $11326 | &nbsp;&nbsp; $33601 | &nbsp;&nbsp; $6644 | &nbsp;&nbsp; $15321 | &nbsp;&nbsp; $96391 | &nbsp;&nbsp; $1416 | &nbsp;&nbsp; $— |
| **Fixed income funds 9.99%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>The Bond Fund of America, Class 1 <br>| 11472 | &nbsp;&nbsp; 6653 | &nbsp;&nbsp; 7132 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 11335 | &nbsp;&nbsp; 495 | &nbsp;&nbsp; — |
| **Total 94.99%** |  |  |  | &nbsp;&nbsp; $6733 | &nbsp;&nbsp; $15574 | &nbsp;&nbsp; $107726 | &nbsp;&nbsp; $1911 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rate represents the seven-day yield at 12/31/2025. <br> <sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **278** |

---

------

Managed Risk Washington Mutual Investors Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Growth-and-income funds 85.06% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Washington Mutual Investors Fund, Class 1  | 14745796 | $268079 |
| **Total growth-and-income funds** (cost: $198,932,000) |  | 268079 |
| Fixed income funds 10.01% |  |  |
| American Funds Insurance Series – U.S. Government Securities Fund, Class 1  | 3186969 | 31551 |
| **Total fixed income funds** (cost: $31,563,000) |  | 31551 |
| Short-term securities 4.67% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup>  | 14703653 | 14704 |
| **Total short-term securities** (cost: $14,704,000) |  | 14704 |
| Options purchased (equity style) 0.20% |  |  |
| Options purchased (equity style)\* |  | 647 |
| **Total options purchased** (cost: $2,471,000) |  | 647 |
| **Total investment securities 99.94**% (cost: $247,670,000) |  | 314981 |
| Other assets less liabilities 0.06% |  | 191 |
| **Net assets 100.00%** |  | $315172 |

---

**\*Options purchased (equity style)**

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD10,268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,175.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4625.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4900.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4700.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4825.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4775.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $647 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **279** | American Funds Insurance Series |

---

------

Managed Risk Washington Mutual Investors Fund (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| S&P 500 E-mini Index Futures | Long | 24 | 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD8,271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 |

---

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth-and-income funds 85.06%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Washington Mutual Investors Fund, Class 1 <br>| $273106 | &nbsp;&nbsp; $49141 | &nbsp;&nbsp; $75666 | &nbsp;&nbsp; $17364 | &nbsp;&nbsp; $4134 | &nbsp;&nbsp; $268079 | &nbsp;&nbsp; $4236 | &nbsp;&nbsp; $17905 |
| **Fixed income funds 10.01%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>U.S. Government Securities Fund, Class 1 <br>| 32524 | &nbsp;&nbsp; 16239 | &nbsp;&nbsp; 18298 | &nbsp;&nbsp; (161)<br>| &nbsp;&nbsp; 1247 | &nbsp;&nbsp; 31551 | &nbsp;&nbsp; 1405 | &nbsp;&nbsp; — |
| **Total 95.07%** |  |  |  | &nbsp;&nbsp; $17203 | &nbsp;&nbsp; $5381 | &nbsp;&nbsp; $299630 | &nbsp;&nbsp; $5641 | &nbsp;&nbsp; $17905 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rate represents the seven-day yield at 12/31/2025. <br> <sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **280** |

---

------

Managed Risk Growth-Income Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Growth-and-income funds 79.67% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Growth-Income Fund, Class 1  | 24608461 | $1666731 |
| **Total growth-and-income funds** (cost: $1,348,887,000) |  | 1666731 |
| Fixed income funds 14.99% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1  | 32944468 | 313631 |
| **Total fixed income funds** (cost: $313,629,000) |  | 313631 |
| Short-term securities 4.82% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup>  | 100972696 | 100973 |
| **Total short-term securities** (cost: $100,973,000) |  | 100973 |
| Options purchased (equity style) 0.34% |  |  |
| Options purchased (equity style)\* |  | 7071 |
| **Total options purchased** (cost: $27,268,000) |  | 7071 |
| **Total investment securities 99.82**% (cost: $1,790,757,000) |  | 2088406 |
| Other assets less liabilities 0.18% |  | 3734 |
| **Net assets 100.00%** |  | $2092140 |

---

**\*Options purchased (equity style)**

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD54,764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,175.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1252727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 646 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4425.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4525.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1697684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4625.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1240 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4825.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4900.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4625.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 759851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4700.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2442 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4750.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4825.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 944 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4775.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7071 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **281** | American Funds Insurance Series |

---

------

Managed Risk Growth-Income Fund (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| S&P 500 E-mini Index Futures | Long | 255 | 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD87,879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $46 |

---

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth-and-income funds 79.67%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Growth-Income Fund, Class 1 <br>| $1736906 | &nbsp;&nbsp; $440767 | &nbsp;&nbsp; $500363 | &nbsp;&nbsp; $102594 | &nbsp;&nbsp; $(113173)<br>| &nbsp;&nbsp; $1666731 | &nbsp;&nbsp; $18415 | &nbsp;&nbsp; $278792 |
| **Fixed income funds 14.99%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>The Bond Fund of America, Class 1 <br>| 325683 | &nbsp;&nbsp; 143011 | &nbsp;&nbsp; 164543 | &nbsp;&nbsp; 624 | &nbsp;&nbsp; 8856 | &nbsp;&nbsp; 313631 | &nbsp;&nbsp; 13851 | &nbsp;&nbsp; — |
| **Total 94.66%** |  |  |  | &nbsp;&nbsp; $103218 | &nbsp;&nbsp; $(104317)<br>| &nbsp;&nbsp; $1980362 | &nbsp;&nbsp; $32266 | &nbsp;&nbsp; $278792 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rate represents the seven-day yield at 12/31/2025. <br> <sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **282** |

---

------

Managed Risk Asset Allocation Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Asset allocation funds 95.20% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Asset Allocation Fund, Class 1  | 51064459 | $1404783 |
| **Total asset allocation funds** (cost: $1,177,798,000) |  | 1404783 |
| Short-term securities 4.77% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup>  | 70445349 | 70445 |
| **Total short-term securities** (cost: $70,445,000) |  | 70445 |
| Options purchased (equity style) 0.08% |  |  |
| Options purchased (equity style)\* |  | 1217 |
| **Total options purchased** (cost: $3,674,000) |  | 1217 |
| **Total investment securities 100.05**% (cost: $1,251,917,000) |  | 1476445 |
| Other assets less liabilities (0.05)% |  | (743)<br>|
| **Net assets 100.00%** |  | $1475702 |

---

**\*Options purchased (equity style)**

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD263,552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $136 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4900.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4700.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 748 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4750.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4825.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1217 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| S&P 500 E-mini Index Futures | Long | 41 | 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD14,130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **283** | American Funds Insurance Series |

---

------

Managed Risk Asset Allocation Fund (continued)

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Asset allocation funds 95.20%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Asset Allocation Fund, Class 1 <br>| $1923478 | &nbsp;&nbsp; $267997 | &nbsp;&nbsp; $889458 | &nbsp;&nbsp; $39013 | &nbsp;&nbsp; $63753 | &nbsp;&nbsp; $1404783 | &nbsp;&nbsp; $32501 | &nbsp;&nbsp; $127660 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rate represents the seven-day yield at 12/31/2025. <br> <sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **284** |

---

------

Financial statements

**Statements of assets and liabilities** at December 31, 2025

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global** <br>**Growth** <br>**Fund**<br>| **Global** <br>**Small** <br>**Capitalization** <br>**Fund**<br>| **Growth** <br>**Fund**<br>| **International** <br>**Fund**<br>| **New** <br>**World** <br>**Fund**<br>|
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| Unaffiliated issuers | $8852855 | $2958933 | $53450984 | $7375128 | $4007822 |
| Affiliated issuers | 288884 | 99500 | 1303602 | 122775 | 60900 |
| Cash | 567 | 60 | 709 | 35 | 673 |
| Cash collateral received for securities on loan | 1 | 7659 | 2331 | 2919 | 660 |
| Cash collateral pledged for futures contracts |  |  |  |  |  |
| Cash collateral pledged for swap contracts |  |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars | 524 | 493 | 485 | 1008 | 364 |
| Unrealized appreciation on open forward currency contracts |  |  |  |  | 80 |
| Bilateral swaps, at value |  |  |  |  |  |
| Unrealized appreciation on unfunded commitments\* |  |  |  |  |  |
| Receivables for: |  |  |  |  |  |
| Sales of investments |  | 369 |  | 2909 | 2947 |
| Sales of fund's shares | 1608 | 193 | 20679 | 1289 | 1335 |
| Dividends and interest | 11224 | 3053 | 17315 | 17842 | 8768 |
| Variation margin on futures contracts |  |  |  |  | 5 |
| Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| Variation margin on options (futures style) |  |  |  |  |  |
| Securities lending income | 12 | 119 | 55 | 37 | 1 |
| Other | 476 | 869 | 65 | 1967 | 1037 |
|  | 9156151 | 3071248 | 54796225 | 7525909 | 4084592 |
| **Liabilities:** |  |  |  |  |  |
| Collateral for securities on loan | 1099 | 76585 | 29093 | 29195 | 6603 |
| Unrealized depreciation on open forward currency contracts |  |  |  |  | 78 |
| Bilateral swaps, at value |  |  |  |  |  |
| Options written, at value |  |  |  |  |  |
| Payables for: |  |  |  |  |  |
| Purchases of investments | 1119 | 20443 | 6814 | 631 | 4143 |
| Repurchases of fund's shares | 12524 | 2529 | 54104 | 12427 | 4600 |
| Investment advisory services | 2898 | 1513 | 13966 | 3010 | 1721 |
| Insurance administrative fees | 783 | 255 | 4640 | 360 | 616 |
| Services provided by related parties | 1269 | 541 | 7457 | 1050 | 496 |
| Trustees' deferred compensation | 140 | 73 | 784 | 206 | 64 |
| Variation margin on futures contracts |  |  |  |  | 4 |
| Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| Non-U.S. taxes | 4865 |  | 487 | 26882 |  |
| Other | 108 | 15506 | 98 | 168 | 18899 |
|  | 24805 | 117445 | 117443 | 73929 | 37224 |
| Commitments and contingencies\* |  |  |  |  |  |
| **Net assets at December 31, 2025** | $9131346 | $2953803 | $54678782 | $7451980 | $4047368 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $4669963 | $1914050 | $18377552 | $4482586 | $2226544 |
| Total distributable earnings (accumulated loss) | 4461383 | 1039753 | 36301230 | 2969394 | 1820824 |
| **Net assets at December 31, 2025** | $9131346 | $2953803 | $54678782 | $7451980 | $4047368 |
| Investment securities on loan, at value | $4 | $77998 | $22741 | $32814 | $8183 |
| Investment securities, at cost |  |  |  |  |  |
| Unaffiliated issuers | 5567435 | 2237741 | 21947122 | 4929779 | 2464149 |
| Affiliated issuers | 288846 | 99493 | 1303348 | 122756 | 60891 |
| Cash denominated in currencies other than U.S. dollars, at cost | 524 | 493 | 485 | 1004 | 364 |
| Premiums received on options written |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **285** | American Funds Insurance Series |

---

------

Financial statements (continued)

**Statements of assets and liabilities** at December 31, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **U.S. Small and** <br> **Mid** <br>**Cap Equity** <br> **Fund**<br>| **Capital** <br>**World Growth** <br>**and Income** <br>**Fund**<br>| **Growth-** <br>**Income** <br>**Fund**<br>| **International** <br>**Growth** <br>**and Income** <br>**Fund**<br>|
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| Unaffiliated issuers | $11684406 | $97802 | $2056244 | $42116707 | $398386 |
| Affiliated issuers | 272530 | 2963 | 26204 | 1493802 | 5441 |
| Cash | 865 | 75 | 332 | 289 | 57 |
| Cash collateral received for securities on loan | 86 | 94 | 101 |  | 85 |
| Cash collateral pledged for futures contracts |  |  |  |  |  |
| Cash collateral pledged for swap contracts |  |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars | 4 |  | 268 | 1525 | 81 |
| Unrealized appreciation on open forward currency contracts |  |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |  |
| Unrealized appreciation on unfunded commitments\* |  |  |  |  |  |
| Receivables for: |  |  |  |  |  |
| Sales of investments | 14157 | 139 | 4104 | 39606 | 1066 |
| Sales of fund's shares | 4976 | 15 | 505 | 7670 | 270 |
| Dividends and interest | 15199 | 67 | 4247 | 38254 | 1344 |
| Variation margin on futures contracts |  |  |  |  |  |
| Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| Variation margin on options (futures style) |  |  |  |  |  |
| Securities lending income | 2 | 1 | 2 | 63 | 1 |
| Other | 1 |  | 218 | 284 | 50 |
|  | 11992226 | 101156 | 2092225 | 43698200 | 406781 |
| **Liabilities:** |  |  |  |  |  |
| Collateral for securities on loan | 863 | 940 | 1007 |  | 848 |
| Unrealized depreciation on open forward currency contracts |  |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |  |
| Options written, at value |  |  |  |  |  |
| Payables for: |  |  |  |  |  |
| Purchases of investments | 2561 | 445 | 346 | 18633 | 56 |
| Repurchases of fund's shares | 9217 | 93 | 2063 | 34095 | 577 |
| Investment advisory services | 2288 | 39 | 664 | 9209 | 163 |
| Insurance administrative fees | 1448 | 4 | 226 | 2056 | 125 |
| Services provided by related parties | 1458 | 9 | 360 | 4862 | 86 |
| Trustees' deferred compensation | 176 |  | 37 | 782 | 15 |
| Variation margin on futures contracts |  |  |  |  |  |
| Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| Non-U.S. taxes |  |  |  | 1192 | 286 |
| Other | 159 |  | 813 | 60 | 10 |
|  | 18170 | 1530 | 5516 | 70889 | 2166 |
| Commitments and contingencies\* |  |  |  |  |  |
| **Net assets at December 31, 2025** | $11974056 | $99626 | $2086709 | $43627311 | $404615 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $6329907 | $96908 | $1027159 | $19543567 | $280952 |
| Total distributable earnings (accumulated loss) | 5644149 | 2718 | 1059550 | 24083744 | 123663 |
| **Net assets at December 31, 2025** | $11974056 | $99626 | $2086709 | $43627311 | $404615 |
| Investment securities on loan, at value | $842 | $914 | $987 | $— | $893 |
| Investment securities, at cost |  |  |  |  |  |
| Unaffiliated issuers | 7123077 | 94143 | 1176146 | 21385651 | 268828 |
| Affiliated issuers | 272473 | 2962 | 26199 | 1435195 | 5440 |
| Cash denominated in currencies other than U.S. dollars, at cost | 4 |  | 268 | 1525 | 81 |
| Premiums received on options written |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **286** |

---

------

Financial statements (continued)

**Statements of assets and liabilities** at December 31, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Capital** <br>**Income** <br>**Builder**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Asset** <br>**Allocation** <br>**Fund**<br>| **American** <br>**Funds** <br>**Global** <br>**Balanced** <br>**Fund**<br>| **The Bond** <br> **Fund** <br>**of America**<br>| **Capital** <br>**World Bond** <br>**Fund**<br>|
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| Unaffiliated issuers | $1550384 | $25894359 | $419047 | $10789267 | $1345676 |
| Affiliated issuers | 119513 | 1851572 | 32007 | 624236 | 136894 |
| Cash | 338 | 3883 | 241 | 1674 | 425 |
| Cash collateral received for securities on loan | 1157 | 2069 |  |  |  |
| Cash collateral pledged for futures contracts |  |  |  |  |  |
| Cash collateral pledged for swap contracts |  |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars | 175 | 2 | 92 | 3 | 9 |
| Unrealized appreciation on open forward currency contracts |  |  | 229 | 386 | 2812 |
| Bilateral swaps, at value |  |  | 38 | 2015 | 136 |
| Unrealized appreciation on unfunded commitments\* |  | 3 |  |  |  |
| Receivables for: |  |  |  |  |  |
| Sales of investments | 2897 | 251377 | 1442 | 55805 | 9996 |
| Sales of fund's shares | 582 | 3662 | 129 | 5946 | 534 |
| Dividends and interest | 5640 | 79619 | 2033 | 83388 | 15248 |
| Variation margin on futures contracts | 12 | 347 | 14 | 507 | 219 |
| Variation margin on centrally cleared swap contracts | 17 | 1189 | 18 | 1920 | 301 |
| Variation margin on options (futures style) |  |  | 1 |  | 7 |
| Securities lending income | 8 | 78 | — <br><sup>†</sup><br>|  |  |
| Other | 137 | 808 | 36 | 22 | 141 |
|  | 1680860 | 28088968 | 455327 | 11565169 | 1512398 |
| **Liabilities:** |  |  |  |  |  |
| Collateral for securities on loan | 11565 | 20974 |  |  |  |
| Unrealized depreciation on open forward currency contracts |  |  | 281 | 420 | 1842 |
| Bilateral swaps, at value |  |  | 44 | 3943 | 2695 |
| Options written, at value |  |  |  |  |  |
| Payables for: |  |  |  |  |  |
| Purchases of investments | 5451 | 345093 | 3655 | 184956 | 25455 |
| Repurchases of fund's shares | 1782 | 30592 | 278 | 11524 | 1109 |
| Investment advisory services | 319 | 6211 | 163 | 1951 | 541 |
| Insurance administrative fees | 488 | 4502 | 126 | 1059 | 68 |
| Services provided by related parties | 208 | 3158 | 84 | 1171 | 218 |
| Trustees' deferred compensation | 18 | 482 | 7 | 199 | 34 |
| Variation margin on futures contracts | 101 | 2093 | 28 | 3584 | 382 |
| Variation margin on centrally cleared swap contracts | 1 | 48 | 5 | 350 | 154 |
| Non-U.S. taxes | 539 |  | 185 | — <br><sup>†</sup><br>| 68 |
| Other | 12 | 775 | 4 | (14)<br>| 62 |
|  | 20484 | 413928 | 4860 | 209143 | 32628 |
| Commitments and contingencies\* |  |  |  |  |  |
| **Net assets at December 31, 2025** | $1660376 | $27675040 | $450467 | $11356026 | $1479770 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $1167067 | $16736971 | $339716 | $12855120 | $1705259 |
| Total distributable earnings (accumulated loss) | 493309 | 10938069 | 110751 | (1499094)<br>| (225489)<br>|
| **Net assets at December 31, 2025** | $1660376 | $27675040 | $450467 | $11356026 | $1479770 |
| Investment securities on loan, at value | $11011 | $19953 | $— | $— | $— |
| Investment securities, at cost |  |  |  |  |  |
| Unaffiliated issuers | 1124145 | 17944427 | 335829 | 10859512 | 1379551 |
| Affiliated issuers | 122247 | 1869376 | 31719 | 624125 | 135130 |
| Cash denominated in currencies other than U.S. dollars, at cost | 175 | 2 | 91 | 1 | 9 |
| Premiums received on options written |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **287** | American Funds Insurance Series |

---

------

Financial statements (continued)

**Statements of assets and liabilities** at December 31, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**High-Income** <br>**Trust**<br>| **American** <br> **Funds** <br>**Mortgage** <br> **Fund**<br>| **Ultra-Short** <br>**Bond Fund**<br>| **U.S.** <br>**Government** <br>**Securities** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth** <br>**Fund**<br>|
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| Unaffiliated issuers | $988979 | $133040 | $308498 | $1919270 | $24746 |
| Affiliated issuers | 35092 |  |  |  | 480365 |
| Cash | 846 | 152 | 101 | 2915 |  |
| Cash collateral received for securities on loan |  |  |  |  |  |
| Cash collateral pledged for futures contracts | 220 |  |  |  | 1030 |
| Cash collateral pledged for swap contracts | 1311 |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars |  |  |  |  |  |
| Unrealized appreciation on open forward currency contracts |  |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |  |
| Unrealized appreciation on unfunded commitments\* | 1 |  |  |  |  |
| Receivables for: |  |  |  |  |  |
| Sales of investments | 104 | 7819 |  | 40517 | 993 |
| Sales of fund's shares | 433 | 167 | 89 | 2376 |  |
| Dividends and interest | 16339 | 474 |  | 10972 | 82 |
| Variation margin on futures contracts | 4 | 4 |  | 271 | 207 |
| Variation margin on centrally cleared swap contracts | 13 | 8 |  | 562 |  |
| Variation margin on options (futures style) |  |  |  |  |  |
| Securities lending income |  |  |  |  |  |
| Other | 3 |  |  |  |  |
|  | 1043345 | 141664 | 308688 | 1976883 | 507423 |
| **Liabilities:** |  |  |  |  |  |
| Collateral for securities on loan |  |  |  |  |  |
| Unrealized depreciation on open forward currency contracts |  |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |  |
| Options written, at value |  |  |  | 81 |  |
| Payables for: |  |  |  |  |  |
| Purchases of investments | 2414 | 15929 |  | 94081 |  |
| Repurchases of fund's shares | 1678 | 16 | 930 | 3012 | 1044 |
| Investment advisory services | 250 | 24 | 68 | 342 | 43 |
| Insurance administrative fees | 147 | 41 | 35 | 341 | 321 |
| Services provided by related parties | 191 | 25 | 66 | 328 | 103 |
| Trustees' deferred compensation | 34 | 4 | 12 | 51 | 7 |
| Variation margin on futures contracts | 15 | 58 |  | 978 | 326 |
| Variation margin on centrally cleared swap contracts | 6 | — <br><sup>†</sup><br>|  | 320 |  |
| Non-U.S. taxes |  |  |  |  |  |
| Other | 1 | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| 1 |  |
|  | 4736 | 16097 | 1111 | 99535 | 1844 |
| Commitments and contingencies\* |  |  |  |  |  |
| **Net assets at December 31, 2025** | $1038609 | $125567 | $307577 | $1877348 | $505579 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $1332439 | $136386 | $305626 | $2132934 | $389009 |
| Total distributable earnings (accumulated loss) | (293830)<br>| (10819)<br>| 1951 | (255586)<br>| 116570 |
| **Net assets at December 31, 2025** | $1038609 | $125567 | $307577 | $1877348 | $505579 |
| Investment securities on loan, at value | $— | $— | $— | $— | $— |
| Investment securities, at cost |  |  |  |  |  |
| Unaffiliated issuers | 962603 | 132611 | 308476 | 1941770 | 27766 |
| Affiliated issuers | 35085 |  |  |  | 347996 |
| Cash denominated in currencies other than U.S. dollars, at cost |  |  |  |  |  |
| Premiums received on options written |  |  |  | 102 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **288** |

---

------

Financial statements (continued)

**Statements of assets and liabilities** at December 31, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Managed** <br>**Risk** <br>**International** <br>**Fund**<br>| **Managed Risk** <br>**Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth-** <br>**Income** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| **Assets:** |  |  |  |  |
| Investment securities, at value: |  |  |  |  |
| Unaffiliated issuers | $5695 | $15351 | $108044 | $71662 |
| Affiliated issuers | 107726 | 299630 | 1980362 | 1404783 |
| Cash |  |  |  |  |
| Cash collateral received for securities on loan |  |  |  |  |
| Cash collateral pledged for futures contracts | 92 | 537 | 5713 | 918 |
| Cash collateral pledged for swap contracts |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars |  |  |  |  |
| Unrealized appreciation on open forward currency contracts |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |
| Unrealized appreciation on unfunded commitments\* |  |  |  |  |
| Receivables for: |  |  |  |  |
| Sales of investments | 79 | 760 | 1611 | 4751 |
| Sales of fund's shares |  | 5 | 139 | 227 |
| Dividends and interest | 19 | 52 | 353 | 250 |
| Variation margin on futures contracts | 231 |  |  |  |
| Variation margin on centrally cleared swap contracts |  |  |  |  |
| Variation margin on options (futures style) |  |  |  |  |
| Securities lending income |  |  |  |  |
| Other |  |  |  |  |
|  | 113842 | 316335 | 2096222 | 1482591 |
| **Liabilities:** |  |  |  |  |
| Collateral for securities on loan |  |  |  |  |
| Unrealized depreciation on open forward currency contracts |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |
| Options written, at value |  |  |  |  |
| Payables for: |  |  |  |  |
| Purchases of investments |  |  |  |  |
| Repurchases of fund's shares | 83 | 805 | 1835 | 5228 |
| Investment advisory services | 9 | 27 | 179 | 126 |
| Insurance administrative fees | 72 | 199 | 1324 | 1074 |
| Services provided by related parties | 24 | 65 | 54 | 314 |
| Trustees' deferred compensation | 2 | 5 | 30 | 41 |
| Variation margin on futures contracts | 248 | 62 | 660 | 106 |
| Variation margin on centrally cleared swap contracts |  |  |  |  |
| Non-U.S. taxes |  |  |  |  |
| Other |  |  |  |  |
|  | 438 | 1163 | 4082 | 6889 |
| Commitments and contingencies\* |  |  |  |  |
| **Net assets at December 31, 2025** | $113404 | $315172 | $2092140 | $1475702 |
| **Net assets consist of:** |  |  |  |  |
| Capital paid in on shares of beneficial interest | $126483 | $268118 | $1532154 | $1152802 |
| Total distributable earnings (accumulated loss) | (13079)<br>| 47054 | 559986 | 322900 |
| **Net assets at December 31, 2025** | $113404 | $315172 | $2092140 | $1475702 |
| Investment securities on loan, at value | $— | $— | $— | $— |
| Investment securities, at cost |  |  |  |  |
| Unaffiliated issuers | 6202 | 17175 | 128241 | 74119 |
| Affiliated issuers | 80369 | 230495 | 1662516 | 1177798 |
| Cash denominated in currencies other than U.S. dollars, at cost |  |  |  |  |
| Premiums received on options written |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **289** | American Funds Insurance Series |

---

------

Financial statements (continued)

**Statements of assets and liabilities** at December 31, 2025 (continued)

(dollars and shares in thousands, except per-share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Global** <br>**Growth** <br>**Fund**<br>| **Global** <br>**Small** <br>**Capitalization** <br>**Fund**<br>| **Growth** <br>**Fund**<br>| **International** <br>**Fund**<br>| **New** <br>**World** <br>**Fund**<br>|
| Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $4114734 | $784210 | $25167887 | $3364413 | $2103702 |
|  | Shares outstanding | 106085 | 38604 | 178424 | 150645 | 64791 |
|  | Net asset value per share | $38.79 | $20.31 | $141.06 | $22.33 | $32.47 |
| **Class 1A:** | Net assets | $65911 | $6412 | $458187 | $16600 | $31750 |
|  | Shares outstanding | 1713 | 321 | 3292 | 748 | 984 |
|  | Net asset value per share | $38.47 | $19.99 | $139.18 | $22.20 | $32.25 |
| **Class 2:** | Net assets | $3725188 | $1756619 | $21575396 | $3480776 | $940783 |
|  | Shares outstanding | 97736 | 92263 | 155446 | 156678 | 29375 |
|  | Net asset value per share | $38.11 | $19.04 | $138.80 | $22.22 | $32.03 |
| **Class 3:** | Net assets |  |  | $293095 | $16386 |  |
|  | Shares outstanding | Not applicable | Not applicable | 2055 | 731 | Not applicable |
|  | Net asset value per share |  |  | $142.60 | $22.41 |  |
| **Class 4:** | Net assets | $1225513 | $406562 | $7184217 | $573805 | $971133 |
|  | Shares outstanding | 32637 | 21428 | 53458 | 26284 | 30626 |
|  | Net asset value per share | $37.55 | $18.97 | $134.39 | $21.83 | $31.71 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **U.S. Small and** <br> **Mid** <br>**Cap Equity** <br> **Fund**<br>| **Capital** <br>**World Growth** <br>**and Income** <br>**Fund**<br>| **Growth-** <br>**Income** <br>**Fund**<br>| **International** <br>**Growth** <br>**and Income** <br>**Fund**<br>|
| Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $6434903 | $88135 | $621489 | $25779841 | $34897 |
|  | Shares outstanding | 353902 | 7861 | 33710 | 380653 | 2587 |
|  | Net asset value per share | $18.18 | $11.21 | $18.44 | $67.73 | $13.49 |
| **Class 1A:** | Net assets | $37706 | $11 | $11968 | $54369 | $9107 |
|  | Shares outstanding | 2085 | 1 | 654 | 810 | 696 |
|  | Net asset value per share | $18.09 | $11.21 | $18.31 | $67.11 | $13.09 |
| **Class 2:** | Net assets | $3148146 | $11 | $1090396 | $14357484 | $171727 |
|  | Shares outstanding | 176947 | 1 | 59340 | 216610 | 13110 |
|  | Net asset value per share | $17.79 | $11.21 | $18.38 | $66.28 | $13.10 |
| **Class 3:** | Net assets |  |  |  | $162563 |  |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | 2394 | Not applicable |
|  | Net asset value per share |  |  |  | $67.91 |  |
| **Class 4:** | Net assets | $2353301 | $11469 | $362856 | $3273054 | $188884 |
|  | Shares outstanding | 134090 | 1022 | 20329 | 50535 | 14678 |
|  | Net asset value per share | $17.55 | $11.22 | $17.85 | $64.77 | $12.87 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **290** |

---

------

Financial statements (continued)

**Statements of assets and liabilities** at December 31, 2025 (continued)

(dollars and shares in thousands, except per-share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Capital** <br>**Income** <br>**Builder**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Asset** <br>**Allocation** <br>**Fund**<br>| **American** <br>**Funds** <br>**Global** <br>**Balanced** <br>**Fund**<br>| **The Bond** <br> **Fund** <br>**of America**<br>| **Capital** <br>**World Bond** <br>**Fund**<br>|
| Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $840977 | $15918554 | $96748 | $6909118 | $610786 |
|  | Shares outstanding | 58024 | 578698 | 6712 | 725503 | 59749 |
|  | Net asset value per share | $14.49 | $27.51 | $14.41 | $9.52 | $10.22 |
| **Class 1A:** | Net assets | $15288 | $55856 | $4557 | $296525 | $29723 |
|  | Shares outstanding | 1056 | 2045 | 318 | 31383 | 2935 |
|  | Net asset value per share | $14.48 | $27.31 | $14.31 | $9.45 | $10.13 |
| **Class 2:** | Net assets | $22737 | $4401467 | $147446 | $2723868 | $758385 |
|  | Shares outstanding | 1570 | 162734 | 10287 | 290775 | 75051 |
|  | Net asset value per share | $14.48 | $27.05 | $14.33 | $9.37 | $10.10 |
| **Class 3:** | Net assets |  | $35405 |  |  |  |
|  | Shares outstanding | Not applicable | 1285 | Not applicable | Not applicable | Not applicable |
|  | Net asset value per share |  | $27.55 |  |  |  |
| **Class 4:** | Net assets | $781374 | $7263758 | $201716 | $1426515 | $80876 |
|  | Shares outstanding | 54053 | 271330 | 14349 | 153303 | 8144 |
|  | Net asset value per share | $14.46 | $26.77 | $14.06 | $9.31 | $9.93 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **American** <br>**High-Income** <br>**Trust**<br>| **American** <br> **Funds** <br>**Mortgage** <br> **Fund**<br>| **Ultra-Short** <br>**Bond Fund**<br>| **U.S.** <br>**Government** <br>**Securities** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth** <br>**Fund**<br>|
| Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $254585 | $18615 | $35747 | $261446 |  |
|  | Shares outstanding | 27282 | 1968 | 3170 | 26415 | Not applicable |
|  | Net asset value per share | $9.33 | $9.46 | $11.28 | $9.90 |  |
| **Class 1A:** | Net assets | $7747 | $3305 | $130 | $299685 |  |
|  | Shares outstanding | 835 | 355 | 11 | 30461 | Not applicable |
|  | Net asset value per share | $9.27 | $9.32 | $11.28 | $9.84 |  |
| **Class 2:** | Net assets | $533026 | $40771 | $214848 | $1056315 |  |
|  | Shares outstanding | 58703 | 4360 | 19752 | 108255 | Not applicable |
|  | Net asset value per share | $9.08 | $9.35 | $10.88 | $9.76 |  |
| **Class 3:** | Net assets | $7898 |  | $3534 | $4943 |  |
|  | Shares outstanding | 841 | Not applicable | 320 | 498 | Not applicable |
|  | Net asset value per share | $9.39 |  | $11.03 | $9.93 |  |
| **Class 4:** | Net assets | $235353 | $62876 | $53318 | $254959 |  |
|  | Shares outstanding | 22906 | 6824 | 4866 | 26181 | Not applicable |
|  | Net asset value per share | $10.27 | $9.21 | $10.96 | $9.74 |  |
| **Class P1:** | Net assets |  |  |  |  | $14278 |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | Not applicable | 1001 |
|  | Net asset value per share |  |  |  |  | $14.26 |
| **Class P2:** | Net assets |  |  |  |  | $491301 |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | Not applicable | 34806 |
|  | Net asset value per share |  |  |  |  | $14.12 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **291** | American Funds Insurance Series |

---

------

Financial statements (continued)

**Statements of assets and liabilities** at December 31, 2025 (continued)

(dollars and shares in thousands, except per-share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Managed** <br>**Risk** <br>**International** <br>**Fund**<br>| **Managed Risk** <br>**Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth-** <br>**Income** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |  |
| **Class P1:** | Net assets | $2047 | $2840 | $1834093 | $12565 |
|  | Shares outstanding | 219 | 222 | 122227 | 934 |
|  | Net asset value per share | $9.34 | $12.77 | $15.01 | $13.46 |
| **Class P2:** | Net assets | $111356 | $312332 | $258047 | $1463137 |
|  | Shares outstanding | 11989 | 24621 | 17322 | 112531 |
|  | Net asset value per share | $9.29 | $12.69 | $14.90 | $13.00 |

---

\*

Refer to Note 5 for further information on unfunded commitments.

<sup>†</sup>

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **292** |

---

------

Financial statements (continued)

**Statements of operations** for the year ended December 31, 2025

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global** <br>**Growth** <br>**Fund**<br>| **Global** <br>**Small** <br>**Capitalization** <br>**Fund**<br>| **Growth** <br>**Fund**<br>| **International** <br>**Fund**<br>| **New** <br>**World** <br>**Fund**<br>|
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |  |
| Dividends: |  |  |  |  |  |
| Unaffiliated issuers | $121415 | $38161 | $254446 | $152648 | $65878 |
| Affiliated issuers | 12461 | 4646 | 51607 | 11400 | 5504 |
|  | 133876 | 42807 | 306053 | 164048 | 71382 |
| Interest from unaffiliated issuers | 668 | 435 | 63 | 912 | 10731 |
| Securities lending income (net of fees) | 72 | 516 | 588 | 99 | 54 |
|  | 134616 | 43758 | 306704 | 165059 | 82167 |
| Fees and expenses\*: |  |  |  |  |  |
| Investment advisory services | 40161 | 19042 | 152106 | 34101 | 21211 |
| Distribution services | 11631 | 5205 | 67395 | 9726 | 4307 |
| Insurance administrative services | 2751 | 902 | 16193 | 1291 | 2255 |
| Transfer agent services | 2 | 1 | 11 | 2 | 1 |
| Administrative services | 2537 | 883 | 15100 | 2140 | 1103 |
| Accounting and administrative services |  |  |  |  |  |
| Reports to shareholders | 86 | 51 | 478 | 63 | 27 |
| Registration statement and prospectus | 43 | 26 | 278 | 53 | 20 |
| Trustees' compensation | 42 | 15 | 249 | 35 | 18 |
| Auditing and legal | 113 | 145 | 123 | 157 | 143 |
| Custodian | 851 | 399 | 738 | 1018 | 1231 |
| Other | 5 | 35 | 28 | 5 | 42 |
| Total fees and expenses before waivers and/or reimbursements | 58222 | 26704 | 252699 | 48591 | 30358 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| Investment advisory services waivers | 8716 | 1377 | 1 |  | 2573 |
| Miscellaneous fee reimbursement |  |  |  |  |  |
| Total waivers and/or reimbursements of fees and expenses | 8716 | 1377 | 1 |  | 2573 |
| Total fees and expenses after waivers and/or reimbursements | 49506 | 25327 | 252698 | 48591 | 27785 |
| Net investment income | 85110 | 18431 | 54006 | 116468 | 54382 |
| **Net realized gain (loss) and unrealized appreciation** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 1235883 | 353523 | 4845744 | 747952 | 300988 |
| Affiliated issuers | (82)<br>| 2186 | 66 | (57)<br>| 11 |
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  |  |  |
| Futures contracts |  |  |  |  | 177 |
| Forward currency contracts |  |  |  |  | (497)<br>|
| Swap contracts |  |  |  |  | (88)<br>|
| Currency transactions | (1518)<br>| 42 | 219 | 3403 | (403)<br>|
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 1234283 | 355751 | 4846029 | 751298 | 300188 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 365551 | 48245 | 4566279 | 841691 | 562176 |
| Affiliated issuers | (14)<br>| (12785)<br>| 56 | (26)<br>| (8)<br>|
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  |  |  |
| Futures contracts |  |  |  |  | (4)<br>|
| Forward currency contracts |  |  |  |  | (78)<br>|
| Swap contracts |  |  |  |  | 104 |
| Currency translations | 554 | 893 | 111 | 2323 | 1194 |
|  | 366091 | 36353 | 4566446 | 843988 | 563384 |
| Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| 1600374 | 392104 | 9412475 | 1595286 | 863572 |
| **Net increase (decrease) in net assets resulting from operations** | $1685484 | $410535 | $9466481 | $1711754 | $917954 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **293** | American Funds Insurance Series |

---

------

Financial statements (continued)

**Statements of operations** for the year ended December 31, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **U.S. Small** <br>**and Mid** <br>**Cap Equity** <br>**Fund**<br>| **Capital** <br>**World Growth** <br>**and Income** <br>**Fund**<br>| **Growth-** <br>**Income** <br>**Fund**<br>| **International** <br>**Growth** <br>**and Income** <br>**Fund**<br>|
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |  |
| Dividends: |  |  |  |  |  |
| Unaffiliated issuers | $207376 | $586 | $38665 | $541729 | $11690 |
| Affiliated issuers | 13883 | 60 | 2805 | 66629 | 489 |
|  | 221259 | 646 | 41470 | 608358 | 12179 |
| Interest from unaffiliated issuers | 22 | 2 | 164 | 148 | 111 |
| Securities lending income (net of fees) | 151 | 6 | 17 | 137 | 9 |
|  | 221432 | 654 | 41651 | 608643 | 12299 |
| Fees and expenses\*: |  |  |  |  |  |
| Investment advisory services | 43009 | 216 | 9356 | 104279 | 1811 |
| Distribution services | 12726 | 9 | 3383 | 42505 | 860 |
| Insurance administrative services | 5166 | 8 | 801 | 7505 | 475 |
| Transfer agent services | 3 |  | — <br><sup>†</sup><br>| 9 | — <br><sup>†</sup><br>|
| Administrative services | 3450 | 15 | 591 | 12580 | 114 |
| Accounting and administrative services |  |  |  |  |  |
| Reports to shareholders | 52 | 4 | 14 | 390 | 9 |
| Registration statement and prospectus | 38 | 3 | 10 | 217 | 5 |
| Trustees' compensation | 57 | — <br><sup>†</sup><br>| 10 | 207 | 2 |
| Auditing and legal | 77 | 59 | 82 | 109 | 105 |
| Custodian | 248 | — <br><sup>†</sup><br>| 161 | 349 | 86 |
| Other | 6 | — <br><sup>†</sup><br>| 2 | 25 | 1 |
| Total fees and expenses before waivers and/or reimbursements | 64832 | 314 | 14410 | 168175 | 3468 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| Investment advisory services waivers | 16888 |  | 1970 |  |  |
| Miscellaneous fee reimbursement |  | 38 |  |  |  |
| Total waivers and/or reimbursements of fees and expenses | 16888 | 38 | 1970 |  |  |
| Total fees and expenses after waivers and/or reimbursements | 47944 | 276 | 12440 | 168175 | 3468 |
| Net investment income | 173488 | 378 | 29211 | 440468 | 8831 |
| **Net realized gain (loss) and unrealized appreciation** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 1056433 | (942)<br>| 183640 | 3158953 | 21094 |
| Affiliated issuers | (10)<br>| — <br><sup>†</sup><br>| 5 | 6384 | 1 |
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |
| Forward currency contracts |  |  |  |  | (18)<br>|
| Swap contracts |  |  |  |  |  |
| Currency transactions | (19)<br>|  | 162 | (1431)<br>| (12)<br>|
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 1056404 | (942)<br>| 183807 | 3163906 | 21065 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 614865 | 4098 | 226913 | 3625006 | 82799 |
| Affiliated issuers | (30)<br>| — <br><sup>†</sup><br>| (4)<br>| (128689)<br>| (3)<br>|
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |
| Forward currency contracts |  |  |  |  | (10)<br>|
| Swap contracts |  |  |  |  |  |
| Currency translations | 8 |  | 206 | 541 | 94 |
|  | 614843 | 4098 | 227115 | 3496858 | 82880 |
| Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| 1671247 | 3156 | 410922 | 6660764 | 103945 |
| **Net increase (decrease) in net assets resulting from operations** | $1844735 | $3534 | $440133 | $7101232 | $112776 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **294** |

---

------

Financial statements (continued)

**Statements of operations** for the year ended December 31, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Capital** <br>**Income** <br>**Builder**<br>| **Asset** <br>**Allocation** <br>**Fund**<br>| **American** <br> **Funds** <br>**Global** <br>**Balanced** <br>**Fund**<br>| **The Bond** <br> **Fund** <br>**of America**<br>| **Capital** <br>**World Bond** <br>**Fund**<br>|
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |  |
| Dividends: |  |  |  |  |  |
| Unaffiliated issuers | $38765 | $218666 | $6265 | $4 | $89 |
| Affiliated issuers | 5736 | 108867 | 1353 | 32185 | 4626 |
|  | 44501 | 327533 | 7618 | 32189 | 4715 |
| Interest from unaffiliated issuers | 9967 | 362329 | 5490 | 502412 | 62140 |
| Securities lending income (net of fees) | 41 | 290 | 3 |  |  |
|  | 54509 | 690152 | 13111 | 534601 | 66855 |
| Fees and expenses\*: |  |  |  |  |  |
| Investment advisory services | 5458 | 72026 | 1870 | 39384 | 6326 |
| Distribution services | 1836 | 28081 | 799 | 10077 | 2069 |
| Insurance administrative services | 1820 | 17303 | 438 | 3890 | 257 |
| Transfer agent services | — <br><sup>†</sup><br>| 6 | — <br><sup>†</sup><br>| 2 | — <br><sup>†</sup><br>|
| Administrative services | 458 | 8176 | 126 | 3357 | 440 |
| Accounting and administrative services |  |  |  |  |  |
| Reports to shareholders | 11 | 150 | 9 | 101 | 16 |
| Registration statement and prospectus | 11 | 121 | 5 | 88 | 10 |
| Trustees' compensation | 8 | 134 | 2 | 54 | 7 |
| Auditing and legal | 104 | 111 | 85 | 66 | 72 |
| Custodian | 104 | 224 | 107 | 141 | 236 |
| Other | 1 | 19 | — <br><sup>†</sup><br>| 7 | 2 |
| Total fees and expenses before waivers and/or reimbursements | 9811 | 126351 | 3441 | 57167 | 9435 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| Investment advisory services waivers | 1987 |  | 71 | 16783 |  |
| Miscellaneous fee reimbursement |  |  |  |  |  |
| Total waivers and/or reimbursements of fees and expenses | 1987 |  | 71 | 16783 |  |
| Total fees and expenses after waivers and/or reimbursements | 7824 | 126351 | 3370 | 40384 | 9435 |
| Net investment income | 46685 | 563801 | 9741 | 494217 | 57420 |
| **Net realized gain (loss) and unrealized appreciation** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 62600 | 3027901 | 26945 | 17102 | (13024)<br>|
| Affiliated issuers | 16 | (136545)<br>| (2)<br>| 284 | (6)<br>|
| Options purchased (futures style) |  |  | (67)<br>|  | (586)<br>|
| Options written |  |  | 41 |  | 423 |
| Futures contracts | 1420 | 28857 | 469 | 21847 | 7420 |
| Forward currency contracts | 13 |  | (3684)<br>| (9144)<br>| (2268)<br>|
| Swap contracts | 147 | (1718)<br>| (169)<br>| 143 | (828)<br>|
| Currency transactions | (86)<br>| (392)<br>| (50)<br>| 49 | (96)<br>|
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 64110 | 2918103 | 23483 | 30281 | (8965)<br>|
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 169327 | 396525 | 31781 | 242048 | 74949 |
| Affiliated issuers | 789 | 154231 | 104 | (182)<br>| 561 |
| Options purchased (futures style) |  |  | — <br><sup>†</sup><br>|  | — <br><sup>†</sup><br>|
| Options written |  |  | 4 |  | 88 |
| Futures contracts | 699 | (1220)<br>| 224 | 21668 | 1912 |
| Forward currency contracts |  |  | 130 | (1861)<br>| 1027 |
| Swap contracts | (213)<br>| 3084 | 389 | 9256 | 3722 |
| Currency translations | 141 | 379 | 71 | 93 | 429 |
|  | 170743 | 552999 | 32703 | 271022 | 82688 |
| Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| 234853 | 3471102 | 56186 | 301303 | 73723 |
| **Net increase (decrease) in net assets resulting from operations** | $281538 | $4034903 | $65927 | $795520 | $131143 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **295** | American Funds Insurance Series |

---

------

Financial statements (continued)

**Statements of operations** for the year ended December 31, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**High-Income** <br>**Trust**<br>| **American** <br> **Funds** <br>**Mortgage** <br> **Fund**<br>| **Ultra-Short** <br>**Bond Fund**<br>| **U.S.** <br>**Government** <br>**Securities** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth** <br>**Fund**<br>|
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |  |
| Dividends: |  |  |  |  |  |
| Unaffiliated issuers | $1002 | $— | $— <br><sup>†</sup><br>| $— | $918 |
| Affiliated issuers | 1878 |  |  |  | 3292 |
|  | 2880 |  |  |  | 4210 |
| Interest from unaffiliated issuers | 67851 | 6102 | 14226 | 84744 |  |
| Securities lending income (net of fees) |  |  |  |  |  |
|  | 70731 | 6102 | 14226 | 84744 | 4210 |
| Fees and expenses\*: |  |  |  |  |  |
| Investment advisory services | 4001 | 349 | 846 | 5429 | 594 |
| Distribution services | 1850 | 244 | 732 | 3216 | 1243 |
| Insurance administrative services | 508 | 148 | 156 | 1312 | 1277 |
| Transfer agent services | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Administrative services | 297 | 36 | 99 | 552 |  |
| Accounting and administrative services |  |  |  |  | 65 |
| Reports to shareholders | 12 | 8 | 9 | 16 |  |
| Registration statement and prospectus | 8 | 1 | 2 | 10 | 10 |
| Trustees' compensation | 4 | — <br><sup>†</sup><br>| 2 | 9 | 3 |
| Auditing and legal | 89 | 52 | 50 | 56 | 9 |
| Custodian | 21 | 15 | 1 | 34 | 6 |
| Other | 14 | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| 1 | — <br><sup>†</sup><br>|
| Total fees and expenses before waivers and/or reimbursements | 6804 | 853 | 1897 | 10635 | 3207 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| Investment advisory services waivers | 1188 | 87 |  | 1412 | 83 |
| Miscellaneous fee reimbursement |  |  |  |  |  |
| Total waivers and/or reimbursements of fees and expenses | 1188 | 87 |  | 1412 | 83 |
| Total fees and expenses after waivers and/or reimbursements | 5616 | 766 | 1897 | 9223 | 3124 |
| Net investment income | 65115 | 5336 | 12329 | 75521 | 1086 |
| **Net realized gain (loss) and unrealized appreciation** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | (831)<br>| 421 | — <br><sup>†</sup><br>| 2163 | (4185)<br>|
| Affiliated issuers | — <br><sup>†</sup><br>|  |  |  | 70221 |
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  | 1 |  | 27 |  |
| Futures contracts | 293 | 1057 |  | 18297 | (13362)<br>|
| Forward currency contracts |  |  |  |  |  |
| Swap contracts | (917)<br>| 27 |  | 4094 |  |
| Currency transactions | 5 |  |  | — <br><sup>†</sup><br>| 154 |
| Capital gain distributions received from affiliated issuers |  |  |  |  | 34295 |
|  | (1450)<br>| 1506 | — <br><sup>†</sup><br>| 24581 | 87123 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 15779 | 2481 | (2)<br>| 32939 | (2333)<br>|
| Affiliated issuers | 3 |  |  |  | (20149)<br>|
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  | 21 |  |
| Futures contracts | 62 | 209 |  | 5703 | (455)<br>|
| Forward currency contracts |  |  |  |  |  |
| Swap contracts | (207)<br>| (15)<br>|  | (1861)<br>|  |
| Currency translations | — <br><sup>†</sup><br>|  |  |  |  |
|  | 15637 | 2675 | (2)<br>| 36802 | (22937)<br>|
| Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| 14187 | 4181 | (2)<br>| 61383 | 64186 |
| **Net increase (decrease) in net assets resulting from operations** | $79302 | $9517 | $12327 | $136904 | $65272 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **296** |

---

------

Financial statements (continued)

**Statements of operations** for the year ended December 31, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Managed** <br>**Risk** <br>**International** <br>**Fund**<br>| **Managed Risk** <br>**Washington** <br>**Mutual** <br>**Investors** <br> **Fund**<br>| **Managed** <br>**Risk** <br>**Growth-** <br>**Income** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| **Investment income:** |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |
| Dividends: |  |  |  |  |
| Unaffiliated issuers | $213 | $587 | $3944 | $3676 |
| Affiliated issuers | 1911 | 5641 | 32266 | 32501 |
|  | 2124 | 6228 | 36210 | 36177 |
| Interest from unaffiliated issuers |  |  |  |  |
| Securities lending income (net of fees) |  |  |  |  |
|  | 2124 | 6228 | 36210 | 36177 |
| Fees and expenses\*: |  |  |  |  |
| Investment advisory services | 133 | 369 | 2463 | 2210 |
| Distribution services | 280 | 786 | 662 | 4685 |
| Insurance administrative services | 285 | 792 | 5286 | 4715 |
| Transfer agent services | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Administrative services |  |  |  |  |
| Accounting and administrative services | 57 | 61 | 98 | 95 |
| Reports to shareholders |  |  |  |  |
| Registration statement and prospectus | 8 | 9 | 19 | 22 |
| Trustees' compensation | 1 | 2 | 10 | 9 |
| Auditing and legal | 2 | 6 | 38 | 35 |
| Custodian | 6 | 6 | 7 | 7 |
| Other | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| 2 | 1 |
| Total fees and expenses before waivers and/or reimbursements | 772 | 2031 | 8585 | 11779 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |
| Investment advisory services waivers | 19 | 52 | 348 | 324 |
| Miscellaneous fee reimbursement | 39 |  |  |  |
| Total waivers and/or reimbursements of fees and expenses | 58 | 52 | 348 | 324 |
| Total fees and expenses after waivers and/or reimbursements | 714 | 1979 | 8237 | 11455 |
| Net investment income | 1410 | 4249 | 27973 | 24722 |
| **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |
| Investments in: |  |  |  |  |
| Unaffiliated issuers | (997)<br>| (2786)<br>| (28619)<br>| (3827)<br>|
| Affiliated issuers | 6733 | 17203 | 103218 | 39013 |
| Options purchased (futures style) |  |  |  |  |
| Options written |  |  |  |  |
| Futures contracts | (6090)<br>| (8845)<br>| (37033)<br>| (47196)<br>|
| Forward currency contracts |  |  |  |  |
| Swap contracts |  |  |  |  |
| Currency transactions | 39 | 61 | 367 | 201 |
| Capital gain distributions received from affiliated issuers |  | 17905 | 278792 | 127660 |
|  | (315)<br>| 23538 | 316725 | 115851 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |
| Investments in: |  |  |  |  |
| Unaffiliated issuers | (422)<br>| (1184)<br>| (13505)<br>| (1962)<br>|
| Affiliated issuers | 15574 | 5381 | (104317)<br>| 63753 |
| Options purchased (futures style) |  |  |  |  |
| Options written |  |  |  |  |
| Futures contracts | (88)<br>| 75 | 1063 | 731 |
| Forward currency contracts |  |  |  |  |
| Swap contracts |  |  |  |  |
| Currency translations |  |  |  |  |
|  | 15064 | 4272 | (116759)<br>| 62522 |
| Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| 14749 | 27810 | 199966 | 178373 |
| **Net increase (decrease) in net assets resulting from operations** | $16159 | $32059 | $227939 | $203095 |

---

\*

Additional information related to non-U.S. taxes and class-specific fees and expenses is included in the notes to financial statements.

<sup>†</sup>

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **297** | American Funds Insurance Series |

---

------

Financial statements (continued)

**Statements of changes in net assets**

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Growth Fund** | **Global Growth Fund** | **Global Small** <br>**Capitalization Fund** | **Global Small** <br>**Capitalization Fund** | **Growth Fund** | **Growth Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $85110 | $83934 | $18431 | $14439 | $54006 | $123765 |
| Net realized gain (loss) | 1234283 | 1058571 | 355751 | 67213 | 4846029 | 3989653 |
| Net unrealized appreciation (depreciation) | 366091 | (106961)<br>| 36353 | (6037)<br>| 4566446 | 7880200 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 1685484 | 1035544 | 410535 | 75615 | 9466481 | 11993618 |
| **Distributions paid to shareholders** | (1167286)<br>| (362247)<br>| (76359)<br>| (145595)<br>| (4046623)<br>| (1183768)<br>|
| **Net capital share transactions** | 554825 | (305156)<br>| (370832)<br>| (124117)<br>| 1555981 | (2405717)<br>|
| **Total increase (decrease) in net assets** | 1073023 | 368141 | (36656)<br>| (194097)<br>| 6975839 | 8404133 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 8058323 | 7690182 | 2990459 | 3184556 | 47702943 | 39298810 |
| End of year | $9131346 | $8058323 | $2953803 | $2990459 | $54678782 | $47702943 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Fund** | **International Fund** | **New World Fund** | **New World Fund** | **Washington Mutual** <br>**Investors Fund** | **Washington Mutual** <br>**Investors Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $116468 | $80016 | $54382 | $49823 | $173488 | $178541 |
| Net realized gain (loss) | 751298 | 335500 | 300188 | 148263 | 1056404 | 784826 |
| Net unrealized appreciation (depreciation) | 843988 | (158907)<br>| 563384 | 26354 | 614843 | 937617 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 1711754 | 256609 | 917954 | 224440 | 1844735 | 1900984 |
| **Distributions paid to shareholders** | (99689)<br>| (91320)<br>| (192985)<br>| (66666)<br>| (947281)<br>| (270276)<br>|
| **Net capital share transactions** | (946603)<br>| (557783)<br>| (89200)<br>| (124462)<br>| 10588 | (851035)<br>|
| **Total increase (decrease) in net assets** | 665462 | (392494)<br>| 635769 | 33312 | 908042 | 779673 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 6786518 | 7179012 | 3411599 | 3378287 | 11066014 | 10286341 |
| End of year | $7451980 | $6786518 | $4047368 | $3411599 | $11974056 | $11066014 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **298** |

---

------

Financial statements (continued)

**Statements of changes in net assets** (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Small and Mid** <br>**Cap Equity Fund** | **U.S. Small and Mid** <br>**Cap Equity Fund** | **Capital** <br>**World Growth** <br>**and Income Fund** | **Capital** <br>**World Growth** <br>**and Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** |
|  | | | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | Year ended <br> December 31,<br>2025 | Period <br>ended <br>December 31,<br>2024\* | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $378 | $13 | $29211 | $29625 | $440468 | $464425 |
| Net realized gain (loss) | (942)<br>| 4 | 183807 | 142599 | 3163906 | 6999624 |
| Net unrealized appreciation (depreciation) | 4098 | (438)<br>| 227115 | 78887 | 3496858 | 1206283 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 3534 | (421)<br>| 440133 | 251111 | 7101232 | 8670332 |
| **Distributions paid to shareholders** | (397)<br>| (13)<br>| (99132)<br>| (32476)<br>| (7414912)<br>| (2264497)<br>|
| **Net capital share transactions** | 81910 | 15013 | (142611)<br>| (191651)<br>| 2685997 | (2602817)<br>|
| **Total increase (decrease) in net assets** | 85047 | 14579 | 198390 | 26984 | 2372317 | 3803018 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 14579 |  | 1888319 | 1861335 | 41254994 | 37451976 |
| End of year | $99626 | $14579 | $2086709 | $1888319 | $43627311 | $41254994 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**International Growth** <br>**and Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**International Growth** <br>**and Income Fund** | **Capital Income Builder** | **Capital Income Builder** | **Asset Allocation Fund** | **Asset Allocation Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $8831 | $7648 | $46685 | $42544 | $563801 | $590761 |
| Net realized gain (loss) | 21065 | (1592)<br>| 64110 | 24024 | 2918103 | 1925378 |
| Net unrealized appreciation (depreciation) | 82880 | 5162 | 170743 | 61325 | 552999 | 1576776 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 112776 | 11218 | 281538 | 127893 | 4034903 | 4092915 |
| **Distributions paid to shareholders** | (9200)<br>| (8098)<br>| (46016)<br>| (45676)<br>| (2469833)<br>| (1743267)<br>|
| **Net capital share transactions** | (21614)<br>| (9047)<br>| 56186 | 35182 | (975710)<br>| (949298)<br>|
| **Total increase (decrease) in net assets** | 81962 | (5927)<br>| 291708 | 117399 | 589360 | 1400350 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 322653 | 328580 | 1368668 | 1251269 | 27085680 | 25685330 |
| End of year | $404615 | $322653 | $1660376 | $1368668 | $27675040 | $27085680 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **299** | American Funds Insurance Series |

---

------

Financial statements (continued)

**Statements of changes in net assets** (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American Funds** <br>**Global Balanced Fund** | **American Funds** <br>**Global Balanced Fund** | **The Bond Fund** <br>**of America** | **The Bond Fund** <br>**of America** | **Capital World Bond Fund** | **Capital World Bond Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $9741 | $9318 | $494217 | $501464 | $57420 | $61225 |
| Net realized gain (loss) | 23483 | 16800 | 30281 | (134500)<br>| (8965)<br>| (22949)<br>|
| Net unrealized appreciation (depreciation) | 32703 | (1065)<br>| 271022 | (207188)<br>| 82688 | (80072)<br>|
| Net increase (decrease) in net assets resulting from <br> operations<br>| 65927 | 25053 | 795520 | 159776 | 131143 | (41796)<br>|
| **Distributions paid to shareholders** | (21425)<br>| (7048)<br>| (486650)<br>| (475626)<br>| (44306)<br>| (33915)<br>|
| **Net capital share transactions** | 13683 | (14487)<br>| (119742)<br>| 474834 | (55304)<br>| (16393)<br>|
| **Total increase (decrease) in net assets** | 58185 | 3518 | 189128 | 158984 | 31533 | (92104)<br>|
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 392282 | 388764 | 11166898 | 11007914 | 1448237 | 1540341 |
| End of year | $450467 | $392282 | $11356026 | $11166898 | $1479770 | $1448237 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**High-Income Trust** | **American** <br>**High-Income Trust** | **American Funds** <br>**Mortgage Fund** | **American Funds** <br>**Mortgage Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $65115 | $60672 | $5336 | $5237 | $12329 | $16889 |
| Net realized gain (loss) | (1450)<br>| 3094 | 1506 | (1054)<br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Net unrealized appreciation (depreciation) | 15637 | 19028 | 2675 | (3372)<br>| (2)<br>| 130 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 79302 | 82794 | 9517 | 811 | 12327 | 17019 |
| **Distributions paid to shareholders** | (64338)<br>| (59402)<br>| (5115)<br>| (5001)<br>| (12940)<br>| (17633)<br>|
| **Net capital share transactions** | 91682 | 34726 | 10334 | 7230 | (30488)<br>| (33462)<br>|
| **Total increase (decrease) in net assets** | 106646 | 58118 | 14736 | 3040 | (31101)<br>| (34076)<br>|
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 931963 | 873845 | 110831 | 107791 | 338678 | 372754 |
| End of year | $1038609 | $931963 | $125567 | $110831 | $307577 | $338678 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **300** |

---

------

Financial statements (continued)

**Statements of changes in net assets** (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Government** <br>**Securities Fund** | **U.S. Government** <br>**Securities Fund** | **Managed Risk** <br>**Growth Fund** | **Managed Risk** <br>**Growth Fund** | **Managed Risk** <br>**International Fund** | **Managed Risk** <br>**International Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $75521 | $72049 | $1086 | $2764 | $1410 | $1470 |
| Net realized gain (loss) | 24581 | (1294)<br>| 87123 | 37612 | (315)<br>| (2539)<br>|
| Net unrealized appreciation (depreciation) | 36802 | (55237)<br>| (22937)<br>| 69526 | 15064 | 1155 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 136904 | 15518 | 65272 | 109902 | 16159 | 86 |
| **Distributions paid to shareholders** | (79096)<br>| (73267)<br>| (28627)<br>| (2419)<br>| (1480)<br>| (1561)<br>|
| **Net capital share transactions** | (487)<br>| 353747 | (57328)<br>| (88856)<br>| (15583)<br>| (8399)<br>|
| **Total increase (decrease) in net assets** | 57321 | 295998 | (20683)<br>| 18627 | (904)<br>| (9874)<br>|
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 1820027 | 1524029 | 526262 | 507635 | 114308 | 124182 |
| End of year | $1877348 | $1820027 | $505579 | $526262 | $113404 | $114308 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Managed Risk** <br>**Washington Mutual** <br>**Investors Fund** | **Managed Risk** <br>**Washington Mutual** <br>**Investors Fund** | **Managed Risk** <br>**Growth-Income Fund** | **Managed Risk** <br>**Growth-Income Fund** | **Managed Risk** <br>**Asset Allocation Fund** | **Managed Risk** <br>**Asset Allocation Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $4249 | $4979 | $27973 | $33950 | $24722 | $37923 |
| Net realized gain (loss) | 23538 | (4225)<br>| 316725 | 73326 | 115851 | 123915 |
| Net unrealized appreciation (depreciation) | 4272 | 42170 | (116759)<br>| 261435 | 62522 | 124394 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 32059 | 42924 | 227939 | 368711 | 203095 | 286232 |
| **Distributions paid to shareholders** | (5960)<br>| (5475)<br>| (128115)<br>| (65908)<br>| (168266)<br>| (69126)<br>|
| **Net capital share transactions** | (33133)<br>| (39434)<br>| (184550)<br>| (313193)<br>| (584977)<br>| (294452)<br>|
| **Total increase (decrease) in net assets** | (7034)<br>| (1985)<br>| (84726)<br>| (10390)<br>| (550148)<br>| (77346)<br>|
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 322206 | 324191 | 2176866 | 2187256 | 2025850 | 2103196 |
| End of year | $315172 | $322206 | $2092140 | $2176866 | $1475702 | $2025850 |

---

\*

For the period November 15, 2024, commencement of operations, through December 31, 2024.

 <sup>†</sup>Amount less than one thousand.

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **301** | American Funds Insurance Series |

---

------

Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

------

American Funds Insurance Series (the "series") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company with 42 different funds ("the funds"), including 24 funds in the series covered in this report. The series consists of 41 diversified funds and one nondiversified fund: U.S. Small and Mid Cap Equity Fund. The other 18 funds in the series are covered in separate reports. Thirteen funds in the series are covered in the American Funds Insurance Series - Target Date Series report and five funds in the series are covered in the American Funds Insurance Series - Portfolio Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company ("CRMC") is the series' investment adviser. Milliman Financial Risk Management LLC ("Milliman FRM") is the subadviser for the risk management strategy for eight of the funds (the "managed risk funds"), five of which are covered in this report.

The managed risk funds covered in this report are Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund. The managed risk funds invest in other funds within the series (the "underlying funds") and employ Milliman FRM to implement the risk management strategy, which consists of using hedging instruments — primarily exchange-traded options and futures contracts — to attempt to stabilize the volatility of the funds around target volatility levels and reduce the downside exposure of the funds during periods of significant market declines.

Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.

The investment objective(s) for each fund covered in this report are as follows:

**Global Growth Fund** — To provide long-term growth of capital.

**Global Small Capitalization Fund** — To provide long-term growth of capital.

**Growth Fund** — To provide growth of capital.

**International Fund** — To provide long-term growth of capital.

**New World Fund** — To provide long-term capital appreciation.

**Washington Mutual Investors Fund** — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing.

**U.S. Small and Mid Cap Equity Fund** — To provide capital appreciation.

**Capital World Growth and Income Fund** — To provide long-term growth of capital while providing current income.

**Growth-Income Fund** — To achieve long-term growth of capital and income.

**International Growth and Income Fund** — To provide long-term growth of capital while providing current income.

**Capital Income Builder** — The two primary objectives are (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. The secondary objective is to provide growth of capital.

**Asset Allocation Fund** — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term.

**American Funds Global Balanced Fund** — Seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.

**The Bond Fund of America** — To provide as high a level of current income as is consistent with the preservation of capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **302** |

---

------

**Capital World Bond Fund** — To provide, over the long term, a high level of total return consistent with prudent investment management. Total return comprises the income generated by the fund and the changes in the market value of the fund's investments.

**American High-Income Trust** — The primary objective is to provide a high level of current income. The secondary objective is capital appreciation.

**American Funds Mortgage Fund** — To provide current income and preservation of capital.

**Ultra-Short Bond Fund** — To provide current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity.

**U.S. Government Securities Fund**— To provide a high level of current income consistent with prudent investment risk and preservation of capital.

**Managed Risk Growth Fund** — To provide growth of capital while seeking to manage volatility and provide downside protection.

**Managed Risk International Fund** — To provide long-term growth of capital while seeking to manage volatility and provide downside protection.

**Managed Risk Washington Mutual Investors Fund** — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing, in each case while seeking to manage volatility and provide downside protection.

**Managed Risk Growth-Income Fund** — To achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection.

**Managed Risk Asset Allocation Fund** — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.

Each fund in the series, except the managed risk funds, offers either four or five share classes (Classes 1, 1A, 2, 3 or 4); the managed risk funds offer two share classes (Classes P1 and P2). Holders of all share classes of each fund have equal pro rata rights to assets, dividends and liquidation proceeds of each fund held. Each share class of each fund 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 ("FASB"). 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.

**Operating segments** — Each fund represents a single operating segment as the operating results of each fund are monitored as a whole and its long-term asset allocation is determined in accordance with the terms of its prospectus, based on defined investment objectives that are executed by the fund's portfolio management team. A senior executive team comprised of the funds' Principal Executive Officer and Principal Financial Officer, serves as the funds' chief operating decision maker ("CODM"), who act in accordance with Board of Trustee reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess each fund's profits and losses and to make resource allocation decisions. Segment assets are reflected in the statement of assets and liabilities as net assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **303** | American Funds Insurance Series |

---

------

**Security transactions and related investment income** — Security transactions are recorded by each fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, each fund will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

**Fees and expenses** — The fees and expenses of the underlying funds held by the managed risk funds are not included in the fees and expenses reported for each of the managed risk funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables.

**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 are declared daily after and determination of the fund's net investment income and are paid to shareholders monthly. Capital gain distributions are recorded on the ex-dividend date. The fund may deem a portion of the income dividends and/or capital gain distributions are a return of capital for tax purposes.

**Currency translation** — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the funds' statements of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

**3. Valuation**

------

CRMC, the series' investment adviser, values the funds' investments at fair value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

**Methods and inputs** — The series' investment adviser uses the following methods and inputs to establish the fair value of each fund's assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Equity securities, including depositary receipts, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades. The value of an underlying fund is based on its reported net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **304** |

---

------

Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the funds are authorized to invest. However, these classifications are not exclusive and any of the inputs may be used to value any other class of fixed-income security.

---

| | |
|:---|:---|
| **Fixed-income class** | **Examples of standard inputs** |
| All | &nbsp;&nbsp; Benchmark yields, transactions, bids, offers, quotations from dealers and <br> trading systems, new issues, spreads and other relationships observed in <br> the markets among comparable securities; and proprietary pricing <br> models such as yield measures calculated using factors such as cash <br> flows, financial or collateral performance and other reference data <br> (collectively referred to as "standard inputs")<br>|
| Corporate bonds, notes & loans; convertible securities | Standard inputs and underlying equity of the issuer |
| Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
| Mortgage-backed; asset-backed obligations | &nbsp;&nbsp; Standard inputs and cash flows, prepayment information, default rates, <br> delinquency and loss assumptions, collateral characteristics, credit <br> enhancements and specific deal information<br>|
| Municipal securities | &nbsp;&nbsp; Standard inputs and, for certain distressed securities, cash flows or <br> liquidation values using a net present value calculation based on inputs <br> that include, but are not limited to, financial statements and debt <br> contracts <br>|

---

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the series' investment adviser. The Capital Group Central Corporate Bond Fund ("CCBF"), a fund within the Capital Group Central Fund Series II, and Capital Group Central Cash Fund ("CCF"), a fund within the Capital Group Central Fund Series (collectively the "Central Funds"), are each valued based upon a floating net asset value, which fluctuates with changes in the value of each fund's portfolio securities. The underlying securities are valued based on the policies and procedures in the Central Funds' statements of additional information. The State Street Institutional U.S. Government Money Market Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. The net asset value of each share class of each managed risk fund is calculated based on the reported net asset values of the underlying funds in which each fund invests.

Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures on the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. Forward currency contracts are valued based on the spot and forward exchange rates obtained from a third-party pricing vendor. Swaps and over-the-counter (OTC) options are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, exchange rates, implied option volatilites, and terms of the contract.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the series' investment adviser are fair valued as determined in good faith under fair value guidelines adopted by the series' investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities and futures that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of each fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **305** | American Funds Insurance Series |

---

------

**Processes and structure** — The series' board of trustees has designated the series' investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the "Committee") to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser's valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser's global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The series' board and audit committee also regularly review reports that describe fair value determinations and methods.

**Classifications** — The series' investment adviser classifies the funds' assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities.

The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The funds' valuation levels as of December 31, 2025, were as follows (dollars in thousands):

**Global Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $1677360 | $1004158 | $— | $2681518 |
| Industrials | 814793 | 803211 |  | 1618004 |
| Consumer discretionary | 624592 | 643004 |  | 1267596 |
| Financials | 599727 | 664790 |  | 1264517 |
| Health care | 522458 | 184815 |  | 707273 |
| Communication services | 333006 | 159304 |  | 492310 |
| Consumer staples | 142724 | 161843 |  | 304567 |
| Materials | 138904 | 87575 |  | 226479 |
| Energy | 63628 | 58552 |  | 122180 |
| Real estate | 31223 | 81724 |  | 112947 |
| Utilities | 39385 | 14981 |  | 54366 |
| Short-term securities | 289982 |  |  | 289982 |
| Total | $5277782 | $3863957 | $— | $9141739 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **306** |

---

------

**Global Small Capitalization Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Industrials | $260831 | $365281 | $— | $626112 |
| Financials | 222052 | 263645 |  | 485697 |
| Information technology | 296229 | 132470 | 265 | 428964 |
| Consumer discretionary | 191624 | 153882 |  | 345506 |
| Health care | 201747 | 110388 |  | 312135 |
| Materials | 116183 | 112638 |  | 228821 |
| Communication services | 48497 | 68762 |  | 117259 |
| Consumer staples | 42102 | 54064 |  | 96166 |
| Energy | 69622 | 8949 |  | 78571 |
| Real estate | 7877 | 63370 |  | 71247 |
| Utilities | 34021 | 13548 |  | 47569 |
| Preferred securities  | 7200 |  | 12088 | 19288 |
| Rights & warrants  |  | 12 |  | 12 |
| Convertible bonds & notes  |  | 1581 |  | 1581 |
| Bonds, notes & other debt instruments  |  | 945 |  | 945 |
| Short-term securities | 154617 | 43943 |  | 198560 |
| Total | $1652602 | $1393478 | $12353 | $3058433 |

---

**Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $15453954 | $942978 | $24211 | $16421143 |
| Communication services | 9313134 | 27790 |  | 9340924 |
| Consumer discretionary | 8285145 | 294980 |  | 8580125 |
| Health care | 5922020 | 72405 | 8789 | 6003214 |
| Industrials | 4852390 | 170495 | 4230 | 5027115 |
| Financials | 3974058 | 100498 |  | 4074556 |
| Consumer staples | 1017667 |  | 4743 | 1022410 |
| Materials | 949496 | 28695 |  | 978191 |
| Energy | 846476 |  |  | 846476 |
| Real estate | 405935 |  |  | 405935 |
| Utilities | 365298 |  |  | 365298 |
| Preferred securities  |  |  | 315115 | 315115 |
| Rights & warrants  |  |  | — <br><sup>1</sup><br>| — <br><sup>1</sup><br>|
| Convertible stocks  | 7644 |  | 36076 | 43720 |
| Short-term securities | 1330364 |  |  | 1330364 |
| Total | $52723581 | $1637841 | $393164 | $54754586 |

---

<sup>1</sup>

Amount less than one thousand.

The following table reconciles the valuation of the fund's Level 3 investment securities and related transactions for the year ended December 31, 2025 (dollars in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning** <br>**value at** <br>**1/1/2025**<br>| **Transfers** <br>**into** <br>**Level 3**<sup>2</sup> <br>| **Purchases** | **Sales** | **Net** <br>**realized** <br>**gain (loss)**<sup>3</sup> <br>| **Unrealized** <br>**appreciation** <br>**(depreciation)**<sup>3</sup> <br>| **Transfers** <br>**out of** <br>**Level 3**<sup>2</sup> <br>| **Ending** <br>**value at** <br>**12/31/2025**<br>|
| Investment securities | &nbsp;&nbsp; $173935 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $122218 | &nbsp;&nbsp; $(13741)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $110752 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $393164 |
| Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp; $110752 |

---

<sup>2</sup>

Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.

<sup>3</sup>

Net realized gain (loss) and unrealized appreciation (depreciation) are included in the related amounts on investments in the fund's statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **307** | 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** <br>**12/31/2025**<br>| &nbsp;&nbsp; **Valuation** <br>**techniques**<br>| &nbsp;&nbsp; **Unobservable** <br>**inputs**<br>| **Range** <br>**(if applicable)**<br>| &nbsp;&nbsp; **Weighted** <br>**average**<sup>1</sup> <br>| &nbsp;&nbsp; **Impact to** <br>**valuation from** <br>**an increase in** <br>**input**<sup>2</sup> <br>|
| Common stocks | $41973 | Transaction | Transaction price | Not applicable | Not applicable | Not applicable |
| Common stocks | $41973 | Transaction | Discount for uncertainty | 15% - 50% | 26% | Decrease |
| Common stocks | $41973 | Transaction | Premium to transaction price | 11% | 11% | Increase |
| Preferred securities | $315115 | Transaction | Transaction price | Not applicable | Not applicable | Not applicable |
| Preferred securities | $315115 | Transaction | Discount for uncertainty | 5% - 50% | 6% | Decrease |
| Preferred securities | $315115 | &nbsp;&nbsp; Market <br> comparables | EV/Gross Profit multiple | 11.9x | 11.9x | Increase |
| Preferred securities | $315115 | &nbsp;&nbsp; Market <br> comparables | &nbsp;&nbsp; Premium to EV/Gross Profit <br> multiple<br>| 50% | 50% | Increase |
| Preferred securities | $315115 | &nbsp;&nbsp; Market <br> comparables | DLOM  | 10% | 10% | Decrease |
| Rights & warrants | $— <br><sup>3</sup><br>| &nbsp;&nbsp; Estimated <br> recovery value<br>| De minimis | Not applicable | Not applicable | Not applicable |
| Convertible stocks | $36076 | Transaction | Transaction price | Not applicable | Not applicable | Not applicable |
| Convertible stocks | $36076 | Transaction | Discount to transaction price | 5% | 5% | Decrease |
| Convertible stocks | $36076 | Transaction | Premium to transaction price | 11% | 11% | Increase |
|  | $393164 |  |  |  |  |  |

---

<sup>1</sup>

Weighted average is by relative fair value.

<sup>2</sup>

This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

<sup>3</sup>

Amount less than one thousand.

---

| |
|:---|
| **Key to abbreviations** |
| DLOM = Discount for lack of marketability |
| EV = Enterprise value |

---

**International Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Financials | $132411 | $1126206 | $— | $1258617 |
| Industrials | 11113 | 1201308 |  | 1212421 |
| Information technology | 53833 | 1063830 | 7933 | 1125596 |
| Materials | 631675 | 291367 |  | 923042 |
| Communication services | 14900 | 697226 |  | 712126 |
| Consumer discretionary | 127415 | 546112 |  | 673527 |
| Health care |  | 447622 |  | 447622 |
| Energy | 186352 | 230194 |  | 416546 |
| Consumer staples |  | 335793 |  | 335793 |
| Utilities |  | 209483 |  | 209483 |
| Preferred securities  |  | 33353 | 726 | 34079 |
| Rights & warrants  |  |  | —<br> \*<br>| —<br> \*<br>|
| Short-term securities | 149051 |  |  | 149051 |
| Total | $1306750 | $6182494 | $8659 | $7497903 |

---

\*

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **308** |

---

------

**New World Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $292708 | $622707 | $634 | $916049 |
| Financials | 150731 | 554211 | —<br> \*<br>| 704942 |
| Consumer discretionary | 190649 | 322157 |  | 512806 |
| Industrials | 111250 | 379009 |  | 490259 |
| Communication services | 146817 | 246709 |  | 393526 |
| Materials | 126958 | 131900 | —<br> \*<br>| 258858 |
| Health care | 64194 | 145778 |  | 209972 |
| Consumer staples | 37995 | 142731 |  | 180726 |
| Energy | 27489 | 61632 | —<br> \*<br>| 89121 |
| Real estate | 450 | 55019 |  | 55469 |
| Utilities | 1071 | 45485 |  | 46556 |
| Preferred securities  | 9540 | 11707 | 8293 | 29540 |
| Bonds, notes & other debt instruments  |  | 113791 |  | 113791 |
| Short-term securities | 66843 | 264 |  | 67107 |
| Total | $1226695 | $2833100 | $8927 | $4068722 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $24 | $— | $— | $24 |
| Unrealized appreciation on open forward currency contracts |  | 80 |  | 80 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (17)<br>|  |  | (17)<br>|
| Unrealized depreciation on open forward currency contracts |  | (78)<br>|  | (78)<br>|
| Total  | $7 | $2 | $— | $9 |

---

\*

Amount less than one thousand.

<sup>†</sup>

Futures contracts and forward currency contracts are not included in the fund's investment portfolio.

**Washington Mutual Investors Fund**

As of December 31, 2025, all of the fund's investment securities were classified as Level 1.

**U.S. Small and Mid Cap Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Financials | $23464 | $228 | $— | $23692 |
| Industrials | 19657 |  |  | 19657 |
| Consumer discretionary | 15537 |  |  | 15537 |
| Information technology | 11031 | 370 |  | 11401 |
| Health care | 8602 |  |  | 8602 |
| Consumer staples | 7106 |  |  | 7106 |
| Energy | 2486 |  |  | 2486 |
| Real estate | 2419 |  |  | 2419 |
| Materials | 2280 |  |  | 2280 |
| Communication services | 1892 |  |  | 1892 |
| Utilities | 1884 |  |  | 1884 |
| Short-term securities  | 3809 |  |  | 3809 |
| Total | $100167 | $598 | $— | $100765 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **309** | American Funds Insurance Series |

---

------

**Capital World Growth and Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $355139 | $145088 | $— | $500227 |
| Industrials | 148399 | 190693 |  | 339092 |
| Financials | 157537 | 146549 | —<br> \*<br>| 304086 |
| Communication services | 125382 | 66163 |  | 191545 |
| Consumer discretionary | 113749 | 59921 |  | 173670 |
| Health care | 132454 | 39630 |  | 172084 |
| Materials | 76631 | 49420 |  | 126051 |
| Consumer staples | 53201 | 47392 |  | 100593 |
| Energy | 56523 | 21036 |  | 77559 |
| Utilities | 19661 | 25980 |  | 45641 |
| Real estate | 9862 | 7705 |  | 17567 |
| Preferred securities  | 3844 | 2367 |  | 6211 |
| Bonds, notes & other debt instruments  |  | 1012 |  | 1012 |
| Short-term securities | 27110 |  |  | 27110 |
| Total | $1279492 | $802956 | $—<br> \*<br>| $2082448 |

---

\*

Amount less than one thousand.

**Growth-Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $13428880 | $231230 | $— | $13660110 |
| Industrials | 5464629 | 445806 |  | 5910435 |
| Financials | 5113646 | 117059 |  | 5230705 |
| Health care | 4380271 |  |  | 4380271 |
| Consumer discretionary | 4300242 | 76915 |  | 4377157 |
| Communication services | 3324828 | 182155 |  | 3506983 |
| Energy | 1728094 |  |  | 1728094 |
| Consumer staples | 565554 | 678297 |  | 1243851 |
| Materials | 1011738 |  |  | 1011738 |
| Utilities | 899740 |  |  | 899740 |
| Real estate | 537861 |  |  | 537861 |
| Bonds, notes & other debt instruments  |  | 828 |  | 828 |
| Short-term securities | 1122736 |  |  | 1122736 |
| Total | $41878219 | $1732290 | $— | $43610509 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **310** |

---

------

**International Growth and Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Financials | $5556 | $88187 | $—<br> \*<br>| $93743 |
| Industrials | 10956 | 47158 |  | 58114 |
| Information technology | 2848 | 51607 |  | 54455 |
| Consumer discretionary | 4607 | 32456 |  | 37063 |
| Consumer staples | 5133 | 27490 |  | 32623 |
| Materials | 12674 | 17182 | —<br> \*<br>| 29856 |
| Health care | 1046 | 28653 |  | 29699 |
| Communication services | 1407 | 26447 |  | 27854 |
| Energy | 9053 | 7510 | —<br> \*<br>| 16563 |
| Utilities | 625 | 10796 |  | 11421 |
| Real estate | 770 | 5261 |  | 6031 |
| Preferred securities  |  | 201 |  | 201 |
| Short-term securities | 6204 |  |  | 6204 |
| Total | $60879 | $342948 | $—<br> \*<br>| $403827 |

---

\*

Amount less than one thousand.

**Capital Income Builder** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Financials | $131640 | $135397 | $—<br> \*<br>| $267037 |
| Information technology | 122940 | 52651 |  | 175591 |
| Health care | 104021 | 44144 |  | 148165 |
| Industrials | 67519 | 80079 |  | 147598 |
| Consumer staples | 75761 | 57263 |  | 133024 |
| Utilities | 46892 | 47327 |  | 94219 |
| Consumer discretionary | 40107 | 45388 |  | 85495 |
| Energy | 63017 | 15198 |  | 78215 |
| Materials | 31425 | 27538 |  | 58963 |
| Communication services | 23727 | 34637 |  | 58364 |
| Real estate | 38351 | 7444 |  | 45795 |
| Convertible stocks  | 4813 |  |  | 4813 |
| Bonds, notes & other debt instruments: |  |  |  |  |
| U.S. Treasury bonds & notes |  | 98331 |  | 98331 |
| Mortgage-backed obligations |  | 83564 | 100 | 83664 |
| Corporate bonds and notes |  | 47200 |  | 47200 |
| Other bonds & notes |  | 13281 | 220 | 13501 |
| Investment funds  | 38098 |  |  | 38098 |
| Short-term securities  | 91824 |  |  | 91824 |
| Total | $880135 | $789442 | $320 | $1669897 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **311** | American Funds Insurance Series |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $36 | $— | $— | $36 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 261 |  | 261 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (315)<br>|  |  | (315)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (1)<br>|  | (1)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (2)<br>|  | (2)<br>|
| Total  | $(279)<br>| $258 | $— | $(21)<br>|

---

\*

Amount less than one thousand.

<sup>†</sup>

Futures contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

**Asset Allocation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $4829446 | $116467 | $— | $4945913 |
| Financials | 2902743 |  | —<br> \*<br>| 2902743 |
| Industrials | 2527277 | 162101 |  | 2689378 |
| Health care | 1911575 | 3565 | 12663 | 1927803 |
| Consumer discretionary | 1511658 | 74864 | 793 | 1587315 |
| Communication services | 1278083 | 24636 |  | 1302719 |
| Materials | 1135802 |  | —<br> \*<br>| 1135802 |
| Consumer staples | 901988 | 61331 |  | 963319 |
| Utilities | 278367 |  |  | 278367 |
| Energy | 253456 | 897 | 655 | 255008 |
| Real estate | 57144 |  |  | 57144 |
| Preferred securities  |  |  | 755 | 755 |
| Rights & warrants  | 119 |  | —<br> \*<br>| 119 |
| Convertible stocks  | 33030 |  |  | 33030 |
| Convertible bonds & notes  |  | 27731 |  | 27731 |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Mortgage-backed obligations |  | 2828459 |  | 2828459 |
| U.S. Treasury bonds & notes |  | 2280626 |  | 2280626 |
| Corporate bonds and notes |  | 1978114 | 420 | 1978534 |
| Asset-backed obligations |  | 529161 |  | 529161 |
| Bonds & notes of governments & government agencies <br> outside the U.S.<br>|  | 88970 |  | 88970 |
| Loans |  | 31871 | 7860 | 39731 |
| Municipals |  | 22827 |  | 22827 |
| Investment funds | 846762 |  |  | 846762 |
| Short-term securities  | 1023715 |  |  | 1023715 |
| Total | $19491165 | $8231620 | $23146 | $27745931 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $1925 | $— | $— | $1925 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 3543 |  | 3543 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (6069)<br>|  |  | (6069)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (435)<br>|  | (435)<br>|
| Total  | $(4144)<br>| $3108 | $— | $(1036)<br>|

---

\*

Amount less than one thousand.

<sup>†</sup>

Futures contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **312** |

---

------

**American Funds Global Balanced Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $42224 | $10455 | $— | $52679 |
| Financials | 17553 | 27727 |  | 45280 |
| Industrials | 23532 | 19831 |  | 43363 |
| Health care | 28226 | 6598 |  | 34824 |
| Consumer discretionary | 11679 | 9383 |  | 21062 |
| Materials | 12657 | 6825 |  | 19482 |
| Communication services | 17646 | 1167 |  | 18813 |
| Utilities | 12793 | 5213 |  | 18006 |
| Consumer staples | 5420 | 9798 |  | 15218 |
| Energy | 10753 | 1687 |  | 12440 |
| Real estate |  | 2599 |  | 2599 |
| Convertible stocks  | 2921 |  |  | 2921 |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Bonds & notes of governments & government agencies <br> outside the U.S.<br>|  | 57330 |  | 57330 |
| U.S. Treasury bonds & notes |  | 24907 |  | 24907 |
| Mortgage-backed obligations |  | 24474 |  | 24474 |
| Corporate bonds and notes |  | 22758 |  | 22758 |
| Other bonds & notes |  | 2889 |  | 2889 |
| Investment funds  | 4250 |  |  | 4250 |
| Short-term securities  | 27757 |  |  | 27757 |
| Options purchased on foreign currencies (equity style) |  | 2 |  | 2 |
| Total | $217411 | $233643 | $— | $451054 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on options written (futures style) | $4 | $— | $— | $4 |
| Unrealized appreciation on futures contracts | 118 |  |  | 118 |
| Unrealized appreciation on open forward currency contracts |  | 229 |  | 229 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 96 |  | 96 |
| Unrealized appreciation on bilateral interest rate swaps |  | 38 |  | 38 |
| Unrealized appreciation on centrally cleared credit default swaps |  | — <br><sup>†</sup><br>|  | — <br><sup>†</sup><br>|
| Liabilities: |  |  |  |  |
| Unrealized depreciation on options purchased (futures style) | — <br><sup>†</sup><br>|  |  | — <br><sup>†</sup><br>|
| Unrealized depreciation on futures contracts | (132)<br>|  |  | (132)<br>|
| Unrealized depreciation on open forward currency contracts |  | (281)<br>|  | (281)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (28)<br>|  | (28)<br>|
| Unrealized depreciation on bilateral interest rate swaps |  | (44)<br>|  | (44)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (3)<br>|  | (3)<br>|
| Total  | $(10)<br>| $7 | $— | $(3)<br>|

---

\*

Options purchased (futures style), options written, futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

<sup>†</sup>

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **313** | American Funds Insurance Series |

---

------

**The Bond Fund of America** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Mortgage-backed obligations | $— | $3635346 | $1368 | $3636714 |
| Corporate bonds and notes |  | 3430212 |  | 3430212 |
| U.S. Treasury bonds & notes |  | 2836319 |  | 2836319 |
| Asset-backed obligations |  | 499168 |  | 499168 |
| Bonds & notes of governments & government agencies <br> outside the U.S.<br>|  | 202127 |  | 202127 |
| Municipals |  | 166499 |  | 166499 |
| Federal agency bonds & notes |  | 11855 |  | 11855 |
| Loans |  |  | 6359 | 6359 |
| Common stocks  |  | 14 |  | 14 |
| Short-term securities  | 624236 |  |  | 624236 |
| Total | $624236 | $10781540 | $7727 | $11413503 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $1242 | $— | $— | $1242 |
| Unrealized appreciation on open forward currency contracts |  | 386 |  | 386 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 8064 |  | 8064 |
| Unrealized appreciation on bilateral interest rate swaps |  | 2015 |  | 2015 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (9824)<br>|  |  | (9824)<br>|
| Unrealized depreciation on open forward currency contracts |  | (420)<br>|  | (420)<br>|
| Unrealized depreciation on bilateral interest rate swaps |  | (3943)<br>|  | (3943)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (3263)<br>|  | (3263)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (182)<br>|  | (182)<br>|
| Total  | $(8582)<br>| $2657 | $— | $(5925)<br>|

---

\*

Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **314** |

---

------

**Capital World Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Euros | $— | $303335 | $— | $303335 |
| Japanese yen |  | 106583 |  | 106583 |
| British pounds |  | 65433 |  | 65433 |
| Brazilian reais |  | 34010 |  | 34010 |
| South Korean won |  | 26746 |  | 26746 |
| Chinese yuan renminbi |  | 26106 |  | 26106 |
| Australian dollars |  | 23355 |  | 23355 |
| Indian rupees |  | 19121 |  | 19121 |
| Canadian dollars |  | 18610 |  | 18610 |
| Malaysian ringgits |  | 18045 |  | 18045 |
| Hungarian forints |  | 16359 |  | 16359 |
| Indonesian rupiah |  | 7755 |  | 7755 |
| Mexican pesos |  | 6454 |  | 6454 |
| Danish kroner |  | 6328 |  | 6328 |
| Colombian pesos |  | 4371 |  | 4371 |
| South African rand |  | 4221 |  | 4221 |
| Chilean pesos |  | 4074 |  | 4074 |
| Polish zloty |  | 4060 |  | 4060 |
| New Zealand dollars |  | 2940 |  | 2940 |
| Turkish lira |  | 1845 |  | 1845 |
| Philippine pesos |  | 1260 |  | 1260 |
| Czech korunas |  | 857 |  | 857 |
| U.S. dollars |  | 643061 | 579 | 643640 |
| Preferred securities  |  |  | 80 | 80 |
| Common stocks  | 5 |  | 59 | 64 |
| Rights & warrants  | 8 |  |  | 8 |
| Investment funds  | 22734 |  |  | 22734 |
| Short-term securities | 114160 |  |  | 114160 |
| Options purchased on foreign currencies (equity style) |  | 16 |  | 16 |
| Total | $136907 | $1344945 | $718 | $1482570 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on options written (futures style) | $28 | $— | $— | $28 |
| Unrealized appreciation on futures contracts | 1615 |  |  | 1615 |
| Unrealized appreciation on open forward currency contracts |  | 2812 |  | 2812 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 1403 |  | 1403 |
| Unrealized appreciation on bilateral interest rate swaps |  | 136 |  | 136 |
| Unrealized appreciation on centrally cleared credit default swaps |  | 24 |  | 24 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on options purchased (futures style) | — <br><sup>†</sup><br>|  |  | — <br><sup>†</sup><br>|
| Unrealized depreciation on futures contracts | (1631)<br>|  |  | (1631)<br>|
| Unrealized depreciation on open forward currency contracts |  | (1842)<br>|  | (1842)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (1055)<br>|  | (1055)<br>|
| Unrealized depreciation on bilateral interest rate swaps |  | (2695)<br>|  | (2695)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (201)<br>|  | (201)<br>|
| Total  | $12 | $(1418)<br>| $— | $(1406)<br>|

---

\*

Options purchased (futures style), options written, futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

<sup>†</sup>

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **315** | American Funds Insurance Series |

---

------

**American High-Income Trust** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Corporate bonds and notes | $— | $878262 | $148 | $878410 |
| Other |  | 38405 | 3278 | 41683 |
| Convertible bonds & notes  |  | 1265 |  | 1265 |
| Common stocks  | 34700 | 10356 | 20680 | 65736 |
| Preferred securities  |  |  | 1713 | 1713 |
| Rights & warrants  | 45 | 127 |  | 172 |
| Short-term securities  | 35092 |  |  | 35092 |
| Total | $69837 | $928415 | $25819 | $1024071 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments**<sup>1</sup>  | **Other investments**<sup>1</sup>  | **Other investments**<sup>1</sup>  | **Other investments**<sup>1</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $15 | $— | $— | $15 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (29)<br>|  |  | (29)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (163)<br>|  | (163)<br>|
| Total  | $(14)<br>| $(163)<br>| $— | $(177)<br>|

---

<sup>1</sup>

Futures contracts and credit default swaps are not included in the investment portfolio.

The following table reconciles the valuation of the fund's Level 3 investment securities and related transactions for the year ended December 31, 2025 (dollars in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning** <br>**value at** <br>**1/1/2025**<br>| **Transfers** <br>**into** <br>**Level 3**<sup>2</sup> <br>| **Purchases** | **Sales** | **Net** <br>**realized** <br>**gain (loss)**<sup>3</sup> <br>| **Unrealized** <br>**appreciation** <br>**(depreciation)**<sup>3</sup> <br>| **Transfers** <br>**out of** <br>**Level 3**<sup>2</sup> <br>| **Ending** <br>**value at** <br>**12/31/2025**<br>|
| Investment securities | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36440 | &nbsp;&nbsp; $1868 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7442 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4555)<br>| &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2928)<br>| &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7757)<br>| &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4691)<br>| &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25819 |
| Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8134)<br>|

---

<sup>2</sup>

Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.

<sup>3</sup>

Net realized gain (loss) and unrealized appreciation (depreciation) are included in the related amounts on investments in the fund's statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **316** |

---

------

**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** <br>**12/31/2025**<br>| &nbsp;&nbsp; **Valuation** <br>**techniques**<br>| &nbsp;&nbsp; **Unobservable** <br>**inputs**<br>| **Range** <br>**(if applicable)**<br>| &nbsp;&nbsp; **Weighted** <br>**average\***<br>| &nbsp;&nbsp; **Impact to** <br>**valuation from** <br>**an increase in** <br>**input**<sup>†</sup> <br>|
| Bonds, notes & other <br> debt instruments | $3426 | &nbsp;&nbsp; Estimated <br> recovery value | Expected proceeds | Not applicable | Not applicable | Not applicable |
| Bonds, notes & other <br> debt instruments | $3426 | &nbsp;&nbsp; Estimated <br> recovery value | De minimis | Not applicable | Not applicable | Not applicable |
| Bonds, notes & other <br> debt instruments | $3426 | Transaction | Transaction price | Not applicable | Not applicable | Not applicable |
| Bonds, notes & other <br> debt instruments | $3426 | &nbsp;&nbsp; Indicative market <br> quotation<br>| Broker quote | Not applicable | Not applicable | Not applicable |
| Common stocks | 20680 | &nbsp;&nbsp; Estimated <br> recovery value | Expected proceeds | Not applicable | Not applicable | Not applicable |
| Common stocks | 20680 | &nbsp;&nbsp; Estimated <br> recovery value | Discount for uncertainty | 10% - 15% | 13% | Decrease |
| Common stocks | 20680 | &nbsp;&nbsp; Estimated <br> recovery value | De minimis | Not applicable | Not applicable | Not applicable |
| Common stocks | 20680 | &nbsp;&nbsp; Market <br> comparables | EV/EBITDA multiple | 5.9x - 10.0x | 8.2x | Increase |
| Common stocks | 20680 | &nbsp;&nbsp; Market <br> comparables | EV/EBITDA-CAPEX multiple | 11.0x | 11.0x | Increase |
| Common stocks | 20680 | &nbsp;&nbsp; Market <br> comparables | DLOM | 7% | 7% | Decrease |
| Preferred securities | 1713 | &nbsp;&nbsp; Market <br> comparables | EV/EBITDA multiple | 4.8x | 4.8x | Increase |
| Preferred securities | 1713 | &nbsp;&nbsp; Market <br> comparables | DLOM | 15% | 15% | Decrease |
|  | $25819 |  |  |  |  |  |

---

\*

Weighted average is by relative fair value.

<sup>†</sup>

This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

---

| |
|:---|
| **Key to abbreviations** |
| CAPEX = Capital expenditures |
| DLOM = Discount for lack of marketability |
| EBITDA = Earnings before interest, taxes, depreciation and amortization |
| EV = Enterprise value |

---

**American Funds Mortgage Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Mortgage-backed obligations | $— | $99553 | $— | $99553 |
| U.S. Treasury bonds & notes |  | 7811 |  | 7811 |
| Asset-backed obligations |  | 1295 |  | 1295 |
| Short-term securities  |  | 24381 |  | 24381 |
| Total | $— | $133040 | $— | $133040 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $18 | $— | $— | $18 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 127 |  | 127 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (150)<br>|  |  | (150)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (1)<br>|  | (1)<br>|
| Total  | $(132)<br>| $126 | $— | $(6)<br>|

---

\*

Futures contracts and interest rate swaps are not included in the fund's investment portfolio.

**Ultra-Short Bond Fund**

As of December 31, 2025, all of the fund's investment securities were classified as Level 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **317** | American Funds Insurance Series |

---

------

**U.S. Government Securities Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Mortgage-backed obligations | $— | $816712 | $— | $816712 |
| U.S. Treasury bonds & notes |  | 765205 |  | 765205 |
| Federal agency bonds & notes |  | 48704 |  | 48704 |
| Short-term securities  |  | 288407 |  | 288407 |
| Options purchased on futures (equity style) | 242 |  |  | 242 |
| Total | $242 | $1919028 | $— | $1919270 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $1077 | $— | $— | $1077 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 14953 |  | 14953 |
| Liabilities: |  |  |  |  |
| Value of options written (equity style)  | (81)<br>|  |  | (81)<br>|
| Unrealized depreciation on futures contracts | (2291)<br>|  |  | (2291)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (3022)<br>|  | (3022)<br>|
| Total  | $(1295)<br>| $11931 | $— | $10636 |

---

\*

Options written, futures contracts and interest rate swaps are not included in the fund's investment portfolio.

**Managed Risk Growth Fund**

As of December 31, 2025, all of the fund's investments were classified as Level 1.

**Managed Risk International Fund**

As of December 31, 2025, all of the fund's investments were classified as Level 1.

**Managed Risk Washington Mutual Investors Fund**

As of December 31, 2025, all of the fund's investments were classified as Level 1.

**Managed Risk Growth-Income Fund**

As of December 31, 2025, all of the fund's investments were classified as Level 1.

**Managed Risk Asset Allocation Fund**

As of December 31, 2025, all of the fund's investments were classified as Level 1.

**4. Risk factors**

------

Investing in the funds may involve certain risks including, but not limited to, those described below.

**Market conditions** — The prices of, and the income generated by, the common stocks, bonds and other securities held by a fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; levels of public debt and deficits; changes in inflation rates; and currency exchange rate, interest rate and commodity price fluctuations. These risks may be heightened in the case of smaller capitalization stocks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **318** |

---

------

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), bank failures and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not a fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of a fund's investments may be negatively affected by developments in other countries and regions.

**Issuer risks** — The prices of, and the income generated by, securities held by a fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

**Investing in income-oriented stocks** — The value of a fund's securities and income provided by a fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which a fund invests.

**Investing in growth-oriented stocks** — Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks.

**Investing in small and mid-capitalization companies** — Investing in small and mid-capitalization companies may pose additional risks. For example, it is often more difficult to value or dispose of smaller 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., and securities tied economically to countries 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 are domiciled, operate or generate revenue or to which the securities are tied economically. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund, which could impact the liquidity of the fund's portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **319** | American Funds Insurance Series |

---

------

**Investing in developing countries** — Investing in countries with developing economies and/or markets may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, developing countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in developing countries may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in developed countries are subject. A fund's rights with respect to its investments in developing countries, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, more vulnerable to market manipulation, and more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund's net asset value. Additionally, developing countries are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

**Investing in emerging markets** — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. A fund's rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, more vulnerable to market manipulation, and more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund's net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

**Investing in debt instruments** — The prices of, and the income generated by, bonds and other debt securities held by a fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage- or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **320** |

---

------

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of a fund's securities could cause the value of a fund's shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which a fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund's investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

**Investing in lower rated debt instruments** — Lower rated bonds and other lower rated debt securities, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating Organizations, generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer's creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

**Investing in derivatives** — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause a fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for a fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund's use of derivatives may result in losses to a 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, a 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, a fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

**Currency** — The prices of, and the income generated by, many debt securities held by a fund may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of a fund's securities denominated in such currencies would generally fall and vice versa.

**Investing in mortgage-related and other asset-backed securities** — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as residential mortgage loans, home equity loans, mortgages on commercial buildings, consumer loans or receivables and equipment leases. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and a fund's net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in a fund having to reinvest the proceeds in lower yielding securities, effectively reducing a fund's income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing a fund's cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks, as well as additional risks associated with the assets underlying those securities.

I**nvestments in future delivery contracts** — A fund may enter into transactions involving future delivery contracts, such as to-be-announced (TBA) contracts and mortgage dollar rolls. These contracts involve the purchase or sale of mortgage-backed securities for settlement at a future date and predetermined price. When a fund enters into a TBA commitment for the sale of mortgage-backed securities (which may be referred to as having a short position in such TBA securities), a fund may or may not hold the types of mortgage-backed securities required to be delivered. A fund may choose to roll these transactions in lieu of settling them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **321** | American Funds Insurance Series |

---

------

When a fund rolls the purchase of these types of future delivery transactions, a fund simultaneously sells the mortgage-backed securities for delivery in the current month and repurchases substantially similar securities for delivery at a future date at a predetermined price. When a fund rolls the sale of these transactions rather than settling them, a fund simultaneously purchases the mortgage-backed securities for delivery in the current month and sells substantially similar securities for delivery at a future date at a predetermined price. Such roll transactions can increase the turnover rate of a fund and may increase the risk that market prices may move unfavorably between the original and new contracts, potentially resulting in losses or reduced returns for 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 the fund.

**Investing in securities backed by the U.S. government** — U.S. government securities are subject to market risk, interest rate risk and credit risk. 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. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent or delay the payment of interest or principal on these securities, which could adversely affect their value and cause the fund to suffer losses. Such an event could lead to significant disruptions in U.S. and global markets.

Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.

**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 or total return and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.

**Credit and liquidity support** — Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by a fund could cause the values of these securities to decline.

**Asset allocation** — A fund's percentage allocation to equity securities, debt securities and money market instruments could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives.

**Leverage risk** — Certain transactions of a fund may give rise to leverage. These transactions may include, among others, derivatives, future delivery contracts and when-issued, delayed delivery or forward commitment transactions. As a result, increases and decreases in the value of a fund's portfolio may be magnified, and a fund may be exposed to a heightened risk of loss and increased costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **322** |

---

------

**Liquidity risk** — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and a fund may be unable to sell such holdings when necessary to meet its liquidity needs or to try to limit losses, or may be forced to sell at a loss.

**Nondiversification** — As a nondiversified fund, the fund may invest a greater percentage of its assets in fewer issuers than a diversified fund. A fund that invests in a relatively smaller number of issuers is more susceptible to risks associated with a single economic, political, geographic or regulatory occurrence than a diversified fund might be. In addition, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The value of the fund's shares can be expected to fluctuate more than might be the case if the fund were more broadly diversified.

**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 does 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 determining the overall asset allocation of the fund or 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 fund's investments consist of investments in underlying funds, the managed risk fund's 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. 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, the 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, a fund would remain subject to the risk of adverse price movements until a fund is able to close out the position in question. The ability of a fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund's investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, a fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **323** | 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** — The fund may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time.

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **324** |

---

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The following table presents the value of the securities on loan, the type and value of collateral received and the value of the investment securities purchased, if any, from the cash collateral received by each fund (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Collateral received** | **Collateral received** | |
| <br>**Funds**  | <br>**Value of** <br>**investment** <br>**securities** <br>**on loan**<br>| **Cash**  | **U.S. government** <br>**securities** <br>| <br>**Value of** <br>**investment** <br>**securities** <br>**purchased** <br>|
| Global Growth Fund | &nbsp;&nbsp; $4 | &nbsp;&nbsp; $1099 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1098 |
| Global Small Capitalization Fund | &nbsp;&nbsp; 77998 | &nbsp;&nbsp; 76585 | &nbsp;&nbsp; 3923 | &nbsp;&nbsp; 68926 |
| Growth Fund | &nbsp;&nbsp; 22741 | &nbsp;&nbsp; 29093 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26762 |
| International Fund | &nbsp;&nbsp; 32814 | &nbsp;&nbsp; 29195 | &nbsp;&nbsp; 4491 | &nbsp;&nbsp; 26276 |
| New World Fund | &nbsp;&nbsp; 8183 | &nbsp;&nbsp; 6603 | &nbsp;&nbsp; 1991 | &nbsp;&nbsp; 5943 |
| Washington Mutual Investors Fund | &nbsp;&nbsp; 842 | &nbsp;&nbsp; 863 | &nbsp;&nbsp; — | &nbsp;&nbsp; 777 |
| U.S. Small and Mid Cap Equity Fund | &nbsp;&nbsp; 914 | &nbsp;&nbsp; 940 | &nbsp;&nbsp; — | &nbsp;&nbsp; 846 |
| Capital World Growth and Income Fund | &nbsp;&nbsp; 987 | &nbsp;&nbsp; 1007 | &nbsp;&nbsp; — | &nbsp;&nbsp; 906 |
| International Growth and Income Fund | &nbsp;&nbsp; 893 | &nbsp;&nbsp; 848 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 763 |
| Capital Income Builder | &nbsp;&nbsp; 11011 | &nbsp;&nbsp; 11565 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10408 |
| Asset Allocation Fund | &nbsp;&nbsp; 19953 | &nbsp;&nbsp; 20974 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18905 |

---

Investment securities purchased from cash collateral are disclosed in the investment portfolio as short-term securities. Securities received as collateral, if any, are not recognized as fund assets. The contractual maturity of collateral received under the securities lending agreement is classified as overnight and continuous.

**Index-linked bonds** — Some of the funds have invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund's statement of operations.

**Mortgage dollar rolls** — Some of the funds have entered into mortgage dollar roll transactions of TBA securities in which the fund sells a TBA mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar TBA security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions and may result in an increase to the fund's portfolio turnover rate. Portfolio turnover rates excluding and including mortgage dollar rolls are presented at the end of the financial highlights tables.

**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 American High-Income Trust have participated in transactions that involve unfunded commitments, which may obligate each fund to purchase new or additional bonds and/or purchase additional shares of the applicable issuer if certain contingencies are met. As of December 31, 2025, the maximum exposure from these unfunded commitments for Asset Allocation Fund and American High-Income Trust was $204,000 and $94,000, respectively, which would represent less than 0.01% for Asset Allocation Fund and American High-Income Trust, respectively, of the net assets of each fund should such commitments become due. Unrealized appreciation on these unfunded commitments was $3,000 for Asset Allocation Fund and $1,000 for American High-Income Trust, and is disclosed as unrealized appreciation on unfunded commitments in each fund's statement of assets and liabilities. Unrealized appreciation is included in net unrealized appreciation (depreciation) on investments in unaffiliated issuers in each fund's statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **325** | American Funds Insurance Series |

---

------

**Option contracts** — Some of the funds have entered into option contracts, which give the purchaser 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 reference instrument underlying the option (or the cash value of the instrument or index underlying the option) at a specified exercise price. The writer of an option has the obligation, upon exercise of the option, to cash settle or deliver the underlying instrument or index upon payment of the exercise price (in the case of a call) or to cash settle or take delivery of the underlying instrument or index and pay the exercise price (in the case of a put).

By purchasing a put option, the fund obtains the right (but not the obligation) to sell the instrument underlying the option (or to deliver the cash value of the instrument or index underlying the option) at a specified exercise price. 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 amount of the premium paid. 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.

The features of call options are essentially the same as those of put options, except that the purchaser of a call option obtains the right (but not the obligation) to purchase, rather than sell, the underlying instrument (or the cash value of the index underlying the option) at the specified exercise price. The buyer of a call option typically attempts to participate in potential price increases of the underlying instrument or index with risk limited to the cost of the option if the price of the underlying instrument or index falls. At the same time, the call option buyer can expect to suffer a loss if the price of the underlying instrument or index does not rise sufficiently to offset the cost of the option.

The writer of a put or call option takes the opposite side of the transaction from the option purchaser. In return for receipt of the option premium, the writer assumes the obligation to pay or receive the exercise price for the option's underlying instrument or index if the other party to the option chooses to exercise it. The writer may seek to terminate a position in a put option before exercise by entering into opposing close-out transactions in advance of the option expiration date. If the market for the relevant put option is not liquid, however, the writer must be prepared to pay the exercise price while the option is outstanding, regardless of price changes. Writing a call option obligates the writer to, upon exercise of the option, deliver the option's underlying instrument in return for the exercise price or to make a net cash settlement payment, as applicable. The characteristics of writing call options are similar to those of writing put options, except that writing call options is generally a profitable strategy if prices remain the same or fall. The potential gain for the option seller in such a transaction would be capped at the premium received.

Option contracts can be either equity style (premium is paid in full when the option is opened) or futures style (premium moves as part of variation margin over the life of the option, and is paid in full when the option is closed). For equity style options, premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities from unaffiliated issuers in each fund's statement of asset and liabilities, and premiums received on options written, as well as the daily fluctuation in market value, are included in options written at value in each fund's statement of assets and liabilities. The net realized gains or losses and net unrealized appreciation or depreciation from equity style options are recorded in investments for purchased options and in options written for written options in the fund's statement of operations and statement of changes in net assets.

For futures style options, on a daily basis for both purchased and written options, the fund pays or receives variation margin based on the premium paid and the daily fluctuation in market value, and records variation margin in the statement of assets and liabilities. Realized gains or losses are recorded at the time the option contract is closed or expires. The net realized gains or losses and net unrealized appreciation or depreciation from futures style options are recorded in options purchased (futures style) in the fund's statement of operations and statement of changes in net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **326** |

---

------

Option contracts can take different forms. Some of the funds have entered into the following types of options contracts:

**Options on equity indexes** — As part of their managed risk strategy, the managed risk funds will at times purchase put options on equity indexes in standardized contracts traded on foreign or domestic securities exchanges, boards of trade, or similar entities.

**Options on futures** — One of the funds has entered into options on future contracts to seek to manage the fund's interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund's portfolio. An option on a futures contract gives the purchaser of the option the right to buy or sell a position in a futures contract from or to the writer of the option, at a specified price on or before the specified expiration date.

**Options on foreign currencies** —The fund has entered into options on foreign currencies to seek to protect against changes in currency exchange rates, to increase exposure to a particular foreign currency, to shift exposure to currency fluctuations from one currency to another or to seek to increase returns. An option on a foreign currency gives the holder of the option the right to buy or sell a foreign currency from or to the writer of the option, at a specified price on or before the specified expiration date.

**Futures contracts** — Some of the funds have entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund's interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund's portfolio. For the managed risk funds, futures contracts are used to strategically manage portfolio volatility and downside equity risk.

Upon entering into futures contracts, and to maintain the fund's open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant ("FCM"), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in each fund's statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund's statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund's statement of operations.

**Forward currency contracts** — Some of the funds have entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The series' investment adviser uses forward currency contracts to manage the fund's exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **327** | American Funds Insurance Series |

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------

**Swap contracts** — Some of the funds have entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant's swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the funds enter into bilaterally negotiated swap transactions, the funds will enter into swap agreements only with counterparties that meet certain credit standards and subject to agreed collateralized procedures. The term of a swap can be days, months or years and certain swaps may be less liquid than others.

Upon entering into a centrally cleared swap contract, the funds are required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the funds' statement of assets and liabilities for centrally cleared swaps and as unrealized appreciation or depreciation in the funds' statement of assets and liabilities for bilateral swaps. For centrally cleared swaps, the fund also pays or receives a variation margin based on the increase or decrease in the value of the swaps, including accrued interest as applicable, and records variation margin in the statement of assets and liabilities. The funds record realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from swaps are recorded in the funds' statement of operations.

Swap agreements can take different forms. Some of the funds have entered into the following types of swap agreements:

**Interest rate swaps** — Some of the funds have entered into interest rate swaps, which seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the funds or a portion of the funds' portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark. In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the funds' current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party.

**Credit default swap indices** — Some of the funds have entered into centrally cleared credit default swap indices, including CDX and iTraxx indices (collectively referred to as "CDSIs"), in order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks. A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party (the protection buyer) is obligated to pay the other party (the protection seller) a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **328** |

---

------

The funds may enter into a CDSI transaction as either protection buyer or protection seller. If the funds are protection buyers, they would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the funds, as protection buyers, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As protection sellers, the funds would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the funds, coupled with the periodic payments previously received by the funds, may be less than the full notional value that the funds, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to the funds. Furthermore, as protection sellers, the funds would effectively add leverage to their portfolio because it would have investment exposure to the notional amount of the swap transaction.

The following table presents the average month-end notional amounts of options on futures, options on foreign currencies, futures contracts, forward currency contracts, interest rate swaps and credit default swaps while held for each fund (dollars in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Options** <br>**on** <br>**futures**<br>| **Options** <br>**on** <br>**foreign currencies**<br>| **Futures** <br>**contracts**<br>| **Forward** <br>**currency** <br>**contracts**<br>| **Interest** <br>**rate** <br>**swaps**<br>| **Credit** <br>**default** <br>**swaps**<br>|
| New World Fund | Not applicable | Not applicable | &nbsp;&nbsp; $7466  | &nbsp;&nbsp; $19861  | &nbsp;&nbsp; $513\*  | Not applicable |
| International Growth and <br> Income Fund<br>| Not applicable | Not applicable | Not applicable | &nbsp;&nbsp; 641\*  | Not applicable | Not applicable |
| Capital Income Builder | Not applicable | Not applicable | &nbsp;&nbsp; 156652  | &nbsp;&nbsp; 393\*  | &nbsp;&nbsp; 7878  | &nbsp;&nbsp; 5062  |
| Asset Allocation Fund | Not applicable | Not applicable | &nbsp;&nbsp; 2772351  | Not applicable | &nbsp;&nbsp; 360170  | &nbsp;&nbsp; 61194  |
| American Funds Global <br> Balanced Fund<br>| &nbsp;&nbsp; $10369 | &nbsp;&nbsp; $2000 | &nbsp;&nbsp; 65213  | &nbsp;&nbsp; 87154  | &nbsp;&nbsp; 21599  | &nbsp;&nbsp; 4642  |
| The Bond Fund of America | Not applicable | Not applicable | &nbsp;&nbsp; 5555115  | &nbsp;&nbsp; 233285  | &nbsp;&nbsp; 863621  | &nbsp;&nbsp; 190139  |
| Capital World Bond Fund | &nbsp;&nbsp; 56460 | &nbsp;&nbsp; 19365 | &nbsp;&nbsp; 817202  | &nbsp;&nbsp; 522298  | &nbsp;&nbsp; 376182  | &nbsp;&nbsp; 69538  |
| American High-Income Trust | Not applicable | Not applicable | &nbsp;&nbsp; 31856  | Not applicable | Not applicable | &nbsp;&nbsp; 18973  |
| American Funds Mortgage Fund | &nbsp;&nbsp; 32136 | Not applicable | &nbsp;&nbsp; 96592  | Not applicable | &nbsp;&nbsp; 1975  | Not applicable |
| U.S. Government Securities <br> Fund<br>| &nbsp;&nbsp; 1099058 | Not applicable | &nbsp;&nbsp; 1984739  | Not applicable | &nbsp;&nbsp; 813610  | Not applicable |
| Managed Risk Growth Fund | &nbsp;&nbsp; 620857 | Not applicable | &nbsp;&nbsp; 1115 | Not applicable | Not applicable | Not applicable |
| Managed Risk International <br> Fund<br>| &nbsp;&nbsp; 99717 | Not applicable | &nbsp;&nbsp; 172 | Not applicable | Not applicable | Not applicable |
| Managed Risk Washington <br> Mutual Investors Fund<br>| &nbsp;&nbsp; 369929 | Not applicable | &nbsp;&nbsp; 2897 | Not applicable | Not applicable | Not applicable |
| Managed Risk Growth-Income <br> Fund<br>| &nbsp;&nbsp; 3972877 | Not applicable | &nbsp;&nbsp; 57285 | Not applicable | Not applicable | Not applicable |
| Managed Risk Asset Allocation | &nbsp;&nbsp; 537228 | Not applicable | &nbsp;&nbsp; 16791 | 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **329** | American Funds Insurance Series |

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------

The following tables identify the location and fair value amounts on each fund's statement of assets and liabilities and/or the effect on each fund's statement of operations resulting from each fund's use of options contracts, futures contracts, forward currency contracts, interest rate swaps and/or credit default swaps as of, or for the year ended, December 31, 2025 (dollars in thousands):

**New World Fund** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| $24 | Unrealized depreciation<sup>1</sup> <br>| $17 |
| Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open <br> forward currency contracts<br>| 80 | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open <br> forward currency contracts<br>| 78 |
|  |  |  | $104 |  | $95 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $177 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $(4)<br>|
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| (497)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| (78)<br>|
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (88)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 104 |
|  |  |  | $(408)<br>|  | $22 |

---

**International Growth and Income Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| $(18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| $(10)<br>|

---

**Capital Income Builder** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Futures | Interest<br> Unrealized appreciation<sup>1</sup> <br>| $36<br> Unrealized depreciation<sup>1</sup> <br>| $315 |
| Swap (centrally <br> cleared)<br>| Interest<br> Unrealized appreciation<sup>1</sup> <br>| 261<br> Unrealized depreciation<sup>1</sup> <br>| 1 |
| Swap (centrally <br> cleared)<br>| Credit<br> Unrealized appreciation<sup>1</sup> <br>| —<br> Unrealized depreciation<sup>1</sup> <br>| 2 |
|  |  | $297 | $318 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Insurance Series | **330** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $1420 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $699 |
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| 13 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>|  |
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 97 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (211)<br>|
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 50 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (2)<br>|
|  |  |  | $1580 |  | $486 |

---

**Asset Allocation Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Futures | Interest<br> Unrealized appreciation<sup>1</sup> <br>| $1925<br> Unrealized depreciation<sup>1</sup> <br>| $6069 |
| Swap (centrally <br> cleared)<br>| Interest<br> Unrealized appreciation<sup>1</sup> <br>| 3543<br> Unrealized depreciation<sup>1</sup> <br>|  |
| Swap (centrally <br> cleared)<br>| Credit<br> Unrealized appreciation<sup>1</sup> <br>| —<br> Unrealized depreciation<sup>1</sup> <br>| 435 |
|  |  | $5468 | $6504 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $28857 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $(1220)<br>|
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 5 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 3662 |
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (1723)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (578)<br>|
|  |  |  | $27139 |  | $1864 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **331** | American Funds Insurance Series |

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------

**American Funds Global Balanced Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Currency | Investment securities | $2 | Investment securities | $— |
| Options purchased <br> (futures style)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>|  | Unrealized depreciation<sup>1</sup> <br>| — <br><sup>2</sup><br>|
| Options written <br> (futures style)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 4 | Unrealized depreciation<sup>1</sup> <br>|  |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| 118 | Unrealized depreciation<sup>1</sup> <br>| 132 |
| Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open <br> forward currency contracts<br>| 229 | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open <br> forward currency contracts<br>| 281 |
| Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 96 | Unrealized depreciation<sup>1</sup> <br>| 28 |
| Swap (bilateral) | Interest | Bilateral swaps, at value | 38 | Bilateral swaps, at value | 44 |
| Swap (centrally <br> cleared)<br>| Credit | Unrealized appreciation<sup>1</sup> <br>| — <br><sup>2</sup><br>| Unrealized depreciation<sup>1</sup> <br>| 3 |
|  |  |  | $487 |  | $488 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Currency | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| $— | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| $(8)<br>|
| Options purchased <br> (futures style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> purchased (futures style)<br>| (67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options <br> purchased (futures style)<br>| — <br><sup>2</sup><br>|
| Options written <br> (futures style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> written<br>| 41 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options written<br>| 4 |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 469 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 224 |
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| (3684)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| 130 |
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (136)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 388 |
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 1 |
|  |  |  | $(3410)<br>|  | $739 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **332** |

---

------

**The Bond Fund of America** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| $1242 | Unrealized depreciation<sup>1</sup> <br>| $9824 |
| Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open <br> forward currency contracts<br>| 386 | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open <br> forward currency contracts<br>| 420 |
| Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 8064 | Unrealized depreciation<sup>1</sup> <br>| 3263 |
| Swap (bilateral) | Interest | Bilateral swaps, at value | 2015 | Bilateral swaps, at value | 3943 |
| Swap (centrally <br> cleared)<br>| Credit | Unrealized appreciation<sup>1</sup> <br>|  | Unrealized depreciation<sup>1</sup> <br>| 182 |
|  |  |  | $11707 |  | $17632 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $21847 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $21668 |
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| (9144)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| (1861)<br>|
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 5030 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 9452 |
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (4887)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (196)<br>|
|  |  |  | $12846 |  | $29063 |

---

**Capital World Bond Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Currency | Investment securities | $16 | Investment securities | $— |
| Options purchased <br> (futures style)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>|  | Unrealized depreciation<sup>1</sup> <br>| — <br><sup>2</sup><br>|
| Options written <br> (futures style)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 28 | Unrealized depreciation<sup>1</sup> <br>|  |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| 1615 | Unrealized depreciation<sup>1</sup> <br>| 1631 |
| Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open <br> forward currency contracts<br>| 2812 | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open <br> forward currency contracts<br>| 1842 |
| Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 1403 | Unrealized depreciation<sup>1</sup> <br>| 1055 |
| Swap (bilateral) | Interest | Bilateral swaps, at value | 136 | Bilateral swaps, at value | 2695 |
| Swap (centrally <br> cleared)<br>| Credit | Unrealized appreciation<sup>1</sup> <br>| 24 | Unrealized depreciation<sup>1</sup> <br>| 201 |
|  |  |  | $6034 |  | $7424 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **333** | American Funds Insurance Series |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| $(46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| $1 |
| Options purchased <br> (equity style)<br>| Currency | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| 159 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| (48)<br>|
| Options written <br> (equity style)<br>| Currency | &nbsp;&nbsp; Net realized gain (loss) on options <br> written<br>| 58 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options written<br>| 60 |
| Options purchased <br> (futures style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> purchased (futures style)<br>| (586)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options <br> purchased (futures style)<br>| — <br><sup>2</sup><br>|
| Options written <br> (futures style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> written<br>| 365 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options written<br>| 28 |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 7420 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 1912 |
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| (2268)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| 1027 |
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (387)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 3786 |
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (441)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (64)<br>|
|  |  |  | $4274 |  | $6702 |

---

**American High-Income Trust** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Futures | Interest<br> Unrealized appreciation<sup>1</sup> <br>| $15<br> Unrealized depreciation<sup>1</sup> <br>| $29 |
| Swap (centrally <br> cleared)<br>| Credit<br> Unrealized appreciation<sup>1</sup> <br>| —<br> Unrealized depreciation<sup>1</sup> <br>| 163 |
|  |  | $15 | $192 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $293 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $62 |
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (917)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (207)<br>|
|  |  |  | $(624)<br>|  | $(145)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **334** |

---

------

**American Funds Mortgage Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Futures | Interest<br> Unrealized appreciation<sup>1</sup> <br>| $18<br> Unrealized depreciation<sup>1</sup> <br>| $150 |
| Swap (centrally <br> cleared)<br>| Interest<br> Unrealized appreciation<sup>1</sup> <br>| 127<br> Unrealized depreciation<sup>1</sup> <br>| 1 |
|  |  | $145 | $151 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| $(31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| $— |
| Options written <br> (equity style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> written<br>| 1 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options written<br>|  |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 1057 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 209 |
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 27 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (15)<br>|
|  |  |  | $1054 |  | $194 |

---

**U.S. Government Securities Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Interest | Investment securities | $242 | Investment securities | $— |
| Options written <br> (equity style)<br>| Interest | Options written, at value |  | Options written, at value | 81 |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| 1077 | Unrealized depreciation<sup>1</sup> <br>| 2291 |
| Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 14953 | Unrealized depreciation<sup>1</sup> <br>| 3022 |
|  |  |  | $16272 |  | $5394 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| $(1087)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| $36 |
| Options written <br> (equity style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> written<br>| 27 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options written<br>| 21 |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 18297 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 5703 |
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 4094 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (1861)<br>|
|  |  |  | $21331 |  | $3899 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **335** | American Funds Insurance Series |

---

------

**Managed Risk Growth Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $1328<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 8<br> Unrealized appreciation<sup>1</sup> <br>|  |
|  |  | $1336<br>| $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(4185)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(2333)<br>|
| Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (357)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| (4)<br>|
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (13013)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| (455)<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 8 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 4 |
|  |  |  | $(17547)<br>|  | $(2788)<br>|

---

**Managed Risk International Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $267<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 13<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $280<br>| $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(997)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(422)<br>|
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (6096)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| (91)<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 6 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 3 |
|  |  |  | $(7087)<br>|  | $(510)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **336** |

---

------

**Managed Risk Washington Mutual Investors Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $647<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 1<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $648<br>| $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(2786)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(1184)<br>|
| Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (185)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>|  |
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (8674)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 67 |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 14 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 8 |
|  |  |  | $(11631)<br>|  | $(1109)<br>|

---

**Managed Risk Growth-Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $7071<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 46<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $7117<br>| $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(28619)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(13505)<br>|
| Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (1347)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>|  |
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (35731)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 1038<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 45 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 25 |
|  |  |  | $(65652)<br>|  | $(12442)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **337** | American Funds Insurance Series |

---

------

**Managed Risk Asset Allocation Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $1217<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 8<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $1225<br>| $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(3827)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(1962)<br>|
| Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (513)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>|  |
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (47392)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 417<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 709 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 314 |
|  |  |  | $(51023)<br>|  | $(1231)<br>|

---

<sup>1</sup>

Includes cumulative appreciation/depreciation on future style options, futures contracts, centrally cleared interest rate swaps and/or centrally cleared credit default swaps as reported in the applicable table following each fund's investment portfolio. Only current day's variation margin is reported within each fund's statement of assets and liabilities.

<sup>2</sup>

Amount less than one thousand.

<sup>3</sup>

Includes options purchased as reported in each fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **338** |

---

------

**Collateral** — Some funds either receive or pledge highly liquid assets, such as cash or U.S. government securities, as collateral due to securities lending and/or their use of option contracts, futures contracts, forward currency contracts, interest rate swaps, credit default swaps and/or future delivery contracts. For securities lending, each participating fund receives collateral in exchange for lending investment securities. The lending agent may reinvest collateral from securities lending transactions according to agreed parameters. For options on equity indexes, options on futures, futures contracts, centrally cleared interest rate swaps and centrally cleared credit default swaps, the program calls for each participating fund to pledge collateral for initial and variation margin by contract. For options on foreign currencies, forward currency contracts and bilateral swaps, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by counterparty. For future delivery contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by each participating fund, if any, is disclosed in each fund's investment portfolio, and cash collateral pledged by each participating fund, if any, is held in a segregated account with the fund's custodian, which is reflected as cash collateral pledged in each fund's statement of assets and liabilities.

**Rights of offset** — Funds that hold forward currency contracts, options on foreign currencies and bilateral swaps have enforceable master netting agreements with certain counterparties, where amounts payable by each party to the other in the same currency (with the same settlement date and with the same counterparty) are settled net of each party's payment obligation. If an early termination date occurs under these agreements following an event of default or termination event, all obligations of each party to its counterparty are settled net through a single payment in a single currency ("close-out netting"). For financial reporting purposes, the funds do not offset financial assets and financial liabilities that are subject to these master netting arrangements in the statements of assets and liabilities.

The following tables present each fund's forward currency contracts, options on foreign currencies and bilateral swaps 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 December 31, 2025, if close-out netting was exercised (dollars in thousands):

**New World Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Available** <br>**to offset**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| Assets: |  |  |  |  |  |
| Bank of New York Mellon | $22<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22<br>|
| BNP Paribas | 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1<br>|
| Citibank | 39<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12<br>|
| Goldman Sachs | 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| HSBC Bank | 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1<br>|
| UBS AG | 15<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15<br>|
| Total | $79<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $51<br>|
| Liabilities: |  |  |  |  |  |
| Bank of America | $22<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22<br>|
| Citibank | 27<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Goldman Sachs | 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| JPMorgan Chase | 27<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27<br>|
| Total | $77<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $49<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **339** | American Funds Insurance Series |

---

------

**American Funds Global Balanced Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Available** <br>**to offset**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| Assets: |  |  |  |  |  |
| Bank of America | $8<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(8)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| Barclays Bank PLC | 27<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| BNP Paribas | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank | 79<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Goldman Sachs | 116<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49<br>|
| HSBC Bank | 29<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17<br>|
| JPMorgan Chase | 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Morgan Stanley | 4<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| UBS AG | 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total | $267<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(201)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $66<br>|
| Liabilities: |  |  |  |  |  |
| Bank of America | $26<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(8)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| Barclays Bank PLC | 38<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11<br>|
| BNP Paribas | 8<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8<br>|
| Citibank | 109<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<br>|
| Goldman Sachs | 67<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| HSBC Bank | 12<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| JPMorgan Chase | 19<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17<br>|
| Morgan Stanley | 46<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42<br>|
| Standard Chartered Bank | 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3<br>|
| UBS AG | 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Total | $333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(201)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $114 |

---

**The Bond Fund of America** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Available** <br>**to offset**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| Assets: |  |  |  |  |  |
| Bank of America | $490<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(242)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(248)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| Barclays Bank PLC | 578<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (578)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Goldman Sachs | 1285<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1203)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82<br>|
| HSBC Bank | 48<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48<br>|
| Total | $2401<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2023)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(248)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $130<br>|
| Liabilities: |  |  |  |  |  |
| Bank of America | $242<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(242)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| Barclays Bank PLC | 1146<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (578)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (568)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| BNP Paribas | 1352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1353)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Citibank | 255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (254)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Goldman Sachs | 1203<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1203)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Morgan Stanley | 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 |
| Total | $4363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2023)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2175)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $165 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **340** |

---

------

**Capital World Bond Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Available** <br>**to offset**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| Assets: |  |  |  |  |  |
| Bank of America | $147<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(147)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| Bank of New York Mellon | 34<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34<br>|
| Barclays Bank PLC | 450<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (450)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| BNP Paribas | 19<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Citibank | 608<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (608)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Goldman Sachs | 381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (381)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| HSBC Bank | 188<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (102)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| JPMorgan Chase | 44<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20<br>|
| Morgan Stanley | 19<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Standard Chartered Bank | 1035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (330)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (290)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356<br>|
| UBS AG | 23<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7<br>|
| Total | $2948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1825)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(330)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(376)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $417<br>|
| Liabilities: |  |  |  |  |  |
| Bank of America | $1107<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(147)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(948)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12<br>|
| Barclays Bank PLC | 627<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (450)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (177)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| BNP Paribas | 65<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46<br>|
| Citibank | 897<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (608)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289<br>|
| Goldman Sachs | 1448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (381)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1017)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| HSBC Bank | 102<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (102)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| JPMorgan Chase | 24<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Morgan Stanley | 257<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (238)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Standard Chartered Bank | 59<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| UBS AG | 16<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total | $4602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1825)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2380)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $397 |

---

\*

Collateral is shown on a settlement basis.

<sup>†</sup>

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **341** | American Funds Insurance Series |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Taxation and distributions**

------

**Federal income taxation** — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the year ended December 31, 2025, 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 year, none of the funds incurred any significant interest or penalties.

Each fund's tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction's statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

**Non-U.S. taxation** — Dividend and interest income, if any, are recorded net of non-U.S. taxes paid. The funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the funds may file for additional reclaims related to prior years ("EU reclaims"). These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the year ended December 31, 2025, some of the funds recognized reclaims (net of fees and the effect of realized gain or loss from currency translations) and interest related to European court rulings as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Reclaims** | **Fees** | **Interest** |
| Global Growth Fund | &nbsp;&nbsp; $587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $597 |
| Global Small Capitalization Fund | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| International Fund | &nbsp;&nbsp; 2072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 887 |
| New World Fund | &nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| Capital Income Builder | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| International Growth and Income Fund | &nbsp;&nbsp; 430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |

---

\*

Amount less than one thousand.

The reclaims and interest are included in dividend income and interest income, respectively, in each fund's statements of operations. Gains realized by the funds on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. The funds generally record an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

**Distributions** — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; deferred expenses; cost of investments sold; paydowns on fixed-income securities; net capital losses; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **342** |

---

------

Additional tax basis disclosures for each fund as of December 31, 2025, were as follows (dollars in thousands):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global** <br>**Growth** <br>**Fund**<br>| **Global** <br>**Small** <br>**Capitalization** <br>**Fund**<br>| **Growth** <br>**Fund**<br>| **International** <br>**Fund**<br>| **New** <br>**World** <br>**Fund**<br>| **Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>|
| Undistributed ordinary income | &nbsp;&nbsp; $58118 | &nbsp;&nbsp; $52615 | &nbsp;&nbsp; $328671 | &nbsp;&nbsp; $164687 | &nbsp;&nbsp; $41259 | &nbsp;&nbsp; $40991 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 1202418 | &nbsp;&nbsp; 330342 | &nbsp;&nbsp; 4562299 | &nbsp;&nbsp; 532733 | &nbsp;&nbsp; 281284 | &nbsp;&nbsp; 1064187 |
| Capital loss carryforward utilized | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 206867 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 3491592 | &nbsp;&nbsp; 789376 | &nbsp;&nbsp; 32066603 | &nbsp;&nbsp; 2385110 | &nbsp;&nbsp; 1575330 | &nbsp;&nbsp; 4698662 |
| Gross unrealized depreciation on <br> investments<br>| &nbsp;&nbsp; (287030)<br>| &nbsp;&nbsp; (116954)<br>| &nbsp;&nbsp; (655627)<br>| &nbsp;&nbsp; (88696)<br>| &nbsp;&nbsp; (59715)<br>| &nbsp;&nbsp; (159517)<br>|
| Net unrealized appreciation (depreciation) <br> on investments<br>| &nbsp;&nbsp; 3204562 | &nbsp;&nbsp; 672422 | &nbsp;&nbsp; 31410976 | &nbsp;&nbsp; 2296414 | &nbsp;&nbsp; 1515615 | &nbsp;&nbsp; 4539145 |
| Cost of investments | &nbsp;&nbsp; 5937177 | &nbsp;&nbsp; 2386011 | &nbsp;&nbsp; 23343610 | &nbsp;&nbsp; 5201489 | &nbsp;&nbsp; 2553117 | &nbsp;&nbsp; 7417791 |
| Reclassification from (to) total distributable <br> earnings/accumulated loss to (from) <br> capital paid in on shares of beneficial <br> interest<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Small** <br> **and Mid Cap** <br> **Equity Fund**<br>| **Capital World** <br>**Growth and** <br>**Income Fund**<br>| **Growth-** <br>**Income** <br>**Fund**<br>| **International** <br>**Growth** <br>**and Income** <br>**Fund**<br>| **Capital** <br>**Income** <br>**Builder**<br>| **Asset** <br>**Allocation** <br>**Fund**<br>|
| Undistributed ordinary income | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16020 | &nbsp;&nbsp; $702034 | &nbsp;&nbsp; $2910 | &nbsp;&nbsp; $15728 | &nbsp;&nbsp; $217220 |
| Undistributed long-term capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp; 179378 | &nbsp;&nbsp; 2604901 | &nbsp;&nbsp; — | &nbsp;&nbsp; 58769 | &nbsp;&nbsp; 2837208 |
| Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp; (592)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4662)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital loss carryforward utilized | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21009 | &nbsp;&nbsp; 6862 | &nbsp;&nbsp; — |
| Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 9350 | &nbsp;&nbsp; 910098 | &nbsp;&nbsp; 21146735 | &nbsp;&nbsp; 135582 | &nbsp;&nbsp; 454550 | &nbsp;&nbsp; 8582220 |
| Gross unrealized depreciation on <br> investments<br>| &nbsp;&nbsp; (6040)<br>| &nbsp;&nbsp; (45447)<br>| &nbsp;&nbsp; (369429)<br>| &nbsp;&nbsp; (9951)<br>| &nbsp;&nbsp; (35422)<br>| &nbsp;&nbsp; (691994)<br>|
| Net unrealized appreciation (depreciation) <br> on investments<br>| &nbsp;&nbsp; 3310 | &nbsp;&nbsp; 864651 | &nbsp;&nbsp; 20777306 | &nbsp;&nbsp; 125631 | &nbsp;&nbsp; 419128 | &nbsp;&nbsp; 7890226 |
| Cost of investments | &nbsp;&nbsp; 97455 | &nbsp;&nbsp; 1217797 | &nbsp;&nbsp; 22833203 | &nbsp;&nbsp; 278196 | &nbsp;&nbsp; 1250632 | &nbsp;&nbsp; 19857297 |
| Reclassification from (to) total distributable <br> earnings/accumulated loss to (from) <br> capital paid in on shares of beneficial <br> interest<br>| &nbsp;&nbsp; (14)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **343** | American Funds Insurance Series |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**Funds** <br>**Global** <br>**Balanced** <br>**Fund**<br>| **The Bond** <br>**Fund of** <br>**America**<br>| **Capital** <br>**World** <br>**Bond** <br>**Fund**<br>| **American** <br>**High-Income** <br>**Trust**<br>| **American** <br>**Funds** <br>**Mortgage** <br>**Fund**<br>| **Ultra-Short** <br>**Bond** <br>**Fund**<br>|
| Undistributed ordinary income | &nbsp;&nbsp; $3091 | &nbsp;&nbsp; $81931 | &nbsp;&nbsp; $10845 | &nbsp;&nbsp; $12190 | &nbsp;&nbsp; $953 | &nbsp;&nbsp; $1944 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 25777 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1511983)<br>| &nbsp;&nbsp; (198979)<br>| &nbsp;&nbsp; (329593)<br>| &nbsp;&nbsp; (12321)<br>| &nbsp;&nbsp; (1)<br>|
| Capital loss carryforward utilized | &nbsp;&nbsp; — | &nbsp;&nbsp; 72789 | &nbsp;&nbsp; 1003 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1889 | &nbsp;&nbsp; — |
| Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 94991 | &nbsp;&nbsp; 158694 | &nbsp;&nbsp; 43122 | &nbsp;&nbsp; 64529 | &nbsp;&nbsp; 1677 | &nbsp;&nbsp; 32 |
| Gross unrealized depreciation on <br> investments<br>| &nbsp;&nbsp; (12752)<br>| &nbsp;&nbsp; (227608)<br>| &nbsp;&nbsp; (77373)<br>| &nbsp;&nbsp; (39750)<br>| &nbsp;&nbsp; (1122)<br>| &nbsp;&nbsp; (10)<br>|
| Net unrealized appreciation (depreciation) <br> on investments<br>| &nbsp;&nbsp; 82239 | &nbsp;&nbsp; (68914)<br>| &nbsp;&nbsp; (34251)<br>| &nbsp;&nbsp; 24779 | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 22 |
| Cost of investments | &nbsp;&nbsp; 368808 | &nbsp;&nbsp; 11488814 | &nbsp;&nbsp; 1516353 | &nbsp;&nbsp; 1000940 | &nbsp;&nbsp; 132479 | &nbsp;&nbsp; 308476 |
| Reclassification from (to) total distributable <br> earnings/accumulated loss to (from) <br> capital paid in on shares of beneficial <br> interest<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S.** <br>**Government** <br>**Securities** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**International** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth-** <br>**Income** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| Undistributed ordinary income | &nbsp;&nbsp; $13856 | &nbsp;&nbsp; $1773 | &nbsp;&nbsp; $1429 | &nbsp;&nbsp; $4281 | &nbsp;&nbsp; $25464 | &nbsp;&nbsp; $23428 |
| Undistributed long-term capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp; 31113 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 284557 | &nbsp;&nbsp; 112392 |
| Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp; (257785)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (21682)<br>| &nbsp;&nbsp; (1893)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital loss carryforward utilized | &nbsp;&nbsp; 27799 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20459 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 32667 | &nbsp;&nbsp; 132454 | &nbsp;&nbsp; 27401 | &nbsp;&nbsp; 69146 | &nbsp;&nbsp; 317848 | &nbsp;&nbsp; 226986 |
| Gross unrealized depreciation on <br> investments<br>| &nbsp;&nbsp; (47954)<br>| &nbsp;&nbsp; (48770)<br>| &nbsp;&nbsp; (20227)<br>| &nbsp;&nbsp; (24480)<br>| &nbsp;&nbsp; (67881)<br>| &nbsp;&nbsp; (39913)<br>|
| Net unrealized appreciation (depreciation) <br> on investments<br>| &nbsp;&nbsp; (15287)<br>| &nbsp;&nbsp; 83684 | &nbsp;&nbsp; 7174 | &nbsp;&nbsp; 44666 | &nbsp;&nbsp; 249967 | &nbsp;&nbsp; 187073 |
| Cost of investments | &nbsp;&nbsp; 1936415 | &nbsp;&nbsp; 421427 | &nbsp;&nbsp; 106247 | &nbsp;&nbsp; 270315 | &nbsp;&nbsp; 1838439 | &nbsp;&nbsp; 1289372 |

---

<sup>1</sup>

Each fund's capital loss carryforward will be used to offset any capital gains realized by the fund in future years. Funds with a capital loss carryforward will not make distributions from capital gains while a capital loss carryforward remains.

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

**Global Growth Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $66139 | $455982 | $522121 | &nbsp;&nbsp;&nbsp;&nbsp; $65173 | $99126 | $164299 |
| Class 1A | &nbsp;&nbsp; 749 | 2766 | 3515 | &nbsp;&nbsp;&nbsp;&nbsp; 319 | 536 | 855 |
| Class 2 | &nbsp;&nbsp; 53132 | 443236 | 496368 | &nbsp;&nbsp;&nbsp;&nbsp; 57169 | 103301 | 160470 |
| Class 4 | &nbsp;&nbsp; 14879 | 130403 | 145282 | &nbsp;&nbsp;&nbsp;&nbsp; 12745 | 23878 | 36623 |
| Total | &nbsp;&nbsp; $134899 | $1032387 | $1167286 | &nbsp;&nbsp;&nbsp;&nbsp; $135406 | $226841 | $362247 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **344** |

---

------

**Global Small Capitalization Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $3919 | $19199 | $23118 | &nbsp;&nbsp;&nbsp;&nbsp; $24044 | $21820 | $45864 |
| Class 1A | &nbsp;&nbsp; 20 | 126 | 146 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | 119 | 239 |
| Class 2 | &nbsp;&nbsp; 5919 | 39094 | 45013 | &nbsp;&nbsp;&nbsp;&nbsp; 42943 | 43051 | 85994 |
| Class 4 | &nbsp;&nbsp; 766 | 7316 | 8082 | &nbsp;&nbsp;&nbsp;&nbsp; 6428 | 7070 | 13498 |
| Total | &nbsp;&nbsp; $10624 | $65735 | $76359 | &nbsp;&nbsp;&nbsp;&nbsp; $73535 | $72060 | $145595 |

---

**Growth Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $283031 | $1543000 | $1826031 | &nbsp;&nbsp;&nbsp;&nbsp; $121696 | $433019 | $554715 |
| Class 1A | &nbsp;&nbsp; 4439 | 26100 | 30539 | &nbsp;&nbsp;&nbsp;&nbsp; 1328 | 7268 | 8596 |
| Class 2 | &nbsp;&nbsp; 243730 | 1433339 | 1677069 | &nbsp;&nbsp;&nbsp;&nbsp; 72492 | 433759 | 506251 |
| Class 3 | &nbsp;&nbsp; 3240 | 18878 | 22118 | &nbsp;&nbsp;&nbsp;&nbsp; 1123 | 5725 | 6848 |
| Class 4 | &nbsp;&nbsp; 69855 | 421011 | 490866 | &nbsp;&nbsp;&nbsp;&nbsp; 9370 | 97988 | 107358 |
| Total | &nbsp;&nbsp; $604295 | $3442328 | $4046623 | &nbsp;&nbsp;&nbsp;&nbsp; $206009 | $977759 | $1183768 |

---

**International Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $49061 | $— | $49061 | &nbsp;&nbsp;&nbsp;&nbsp; $46267 | $— | $46267 |
| Class 1A | &nbsp;&nbsp; 205 |  | 205 | &nbsp;&nbsp;&nbsp;&nbsp; 157 |  | 157 |
| Class 2 | &nbsp;&nbsp; 44060 |  | 44060 | &nbsp;&nbsp;&nbsp;&nbsp; 40220 |  | 40220 |
| Class 3 | &nbsp;&nbsp; 210 |  | 210 | &nbsp;&nbsp;&nbsp;&nbsp; 191 |  | 191 |
| Class 4 | &nbsp;&nbsp; 6153 |  | 6153 | &nbsp;&nbsp;&nbsp;&nbsp; 4485 |  | 4485 |
| Total | &nbsp;&nbsp; $99689 | $— | $99689 | &nbsp;&nbsp;&nbsp;&nbsp; $91320 | $— | $91320 |

---

**New World Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>|
| Class 1 | &nbsp;&nbsp; $32320 | $71532 | $103852 | &nbsp;&nbsp;&nbsp;&nbsp; $29713 | $8227 | $37940 |
| Class 1A | &nbsp;&nbsp; 369 | 453 | 822 | &nbsp;&nbsp;&nbsp;&nbsp; 167 | 49 | 216 |
| Class 2 | &nbsp;&nbsp; 11967 | 31619 | 43586 | &nbsp;&nbsp;&nbsp;&nbsp; 11293 | 3828 | 15121 |
| Class 4 | &nbsp;&nbsp; 11031 | 33694 | 44725 | &nbsp;&nbsp;&nbsp;&nbsp; 9604 | 3785 | 13389 |
| Total | &nbsp;&nbsp; $55687 | $137298 | $192985 | &nbsp;&nbsp;&nbsp;&nbsp; $50777 | $15889 | $66666 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **345** | American Funds Insurance Series |

---

------

**Washington Mutual Investors Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $131443 | $397175 | $528618 | &nbsp;&nbsp;&nbsp;&nbsp; $111395 | $50394 | $161789 |
| Class 1A | &nbsp;&nbsp; 661 | 2103 | 2764 | &nbsp;&nbsp;&nbsp;&nbsp; 426 | 202 | 628 |
| Class 2 | &nbsp;&nbsp; 57467 | 193815 | 251282 | &nbsp;&nbsp;&nbsp;&nbsp; 46990 | 24567 | 71557 |
| Class 4 | &nbsp;&nbsp; 36815 | 127802 | 164617 | &nbsp;&nbsp;&nbsp;&nbsp; 23694 | 12608 | 36302 |
| Total | &nbsp;&nbsp; $226386 | $720895 | $947281 | &nbsp;&nbsp;&nbsp;&nbsp; $182505 | $87771 | $270276 |

---

**U.S. Small and Mid Cap Equity Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **For the period November 15, 2024**<sup>2</sup> **to** <br> **December 31, 2024** | **For the period November 15, 2024**<sup>2</sup> **to** <br> **December 31, 2024** | **For the period November 15, 2024**<sup>2</sup> **to** <br> **December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>|  | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $364 | $— <br><sup>3</sup><br>| $364 | &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>3</sup><br>| $— | $— <br><sup>3</sup><br>|
| Class 1A | &nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>|
| Class 2 | &nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>|
| Class 4 | &nbsp;&nbsp; 33 | — <br><sup>3</sup><br>| 33 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |  | 13 |
| Total | &nbsp;&nbsp; $397 | $— | $397 | &nbsp;&nbsp;&nbsp;&nbsp; $13 | $— | $13 |

---

**Capital World Growth and Income Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $9542 | $21740 | $31282 | &nbsp;&nbsp;&nbsp;&nbsp; $11350 | $— | $11350 |
| Class 1A | &nbsp;&nbsp; 157 | 363 | 520 | &nbsp;&nbsp;&nbsp;&nbsp; 144 |  | 144 |
| Class 2 | &nbsp;&nbsp; 14202 | 37773 | 51975 | &nbsp;&nbsp;&nbsp;&nbsp; 17039 |  | 17039 |
| Class 4 | &nbsp;&nbsp; 4099 | 11256 | 15355 | &nbsp;&nbsp;&nbsp;&nbsp; 3943 |  | 3943 |
| Total | &nbsp;&nbsp; $28000 | $71132 | $99132 | &nbsp;&nbsp;&nbsp;&nbsp; $32476 | $— | $32476 |

---

**Growth-Income Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $512210 | $3878399 | $4390609 | &nbsp;&nbsp;&nbsp;&nbsp; $338365 | $1023186 | $1361551 |
| Class 1A | &nbsp;&nbsp; 901 | 7252 | 8153 | &nbsp;&nbsp;&nbsp;&nbsp; 495 | 1702 | 2197 |
| Class 2 | &nbsp;&nbsp; 257694 | 2211126 | 2468820 | &nbsp;&nbsp;&nbsp;&nbsp; 163135 | 597677 | 760812 |
| Class 3 | &nbsp;&nbsp; 2899 | 23742 | 26641 | &nbsp;&nbsp;&nbsp;&nbsp; 1879 | 6513 | 8392 |
| Class 4 | &nbsp;&nbsp; 50309 | 470380 | 520689 | &nbsp;&nbsp;&nbsp;&nbsp; 26050 | 105495 | 131545 |
| Total | &nbsp;&nbsp; $824013 | $6590899 | $7414912 | &nbsp;&nbsp;&nbsp;&nbsp; $529924 | $1734573 | $2264497 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **346** |

---

------

**International Growth and Income Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $835 | $— | $835 | &nbsp;&nbsp;&nbsp;&nbsp; $461 | $— | $461 |
| Class 1A | &nbsp;&nbsp; 211 |  | 211 | &nbsp;&nbsp;&nbsp;&nbsp; 156 |  | 156 |
| Class 2 | &nbsp;&nbsp; 4052 |  | 4052 | &nbsp;&nbsp;&nbsp;&nbsp; 3897 |  | 3897 |
| Class 4 | &nbsp;&nbsp; 4102 |  | 4102 | &nbsp;&nbsp;&nbsp;&nbsp; 3584 |  | 3584 |
| Total | &nbsp;&nbsp; $9200 | $— | $9200 | &nbsp;&nbsp;&nbsp;&nbsp; $8098 | $— | $8098 |

---

**Capital Income Builder** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $25206 | $— | $25206 | &nbsp;&nbsp;&nbsp;&nbsp; $25390 | $— | $25390 |
| Class 1A | &nbsp;&nbsp; 416 |  | 416 | &nbsp;&nbsp;&nbsp;&nbsp; 397 |  | 397 |
| Class 2 | &nbsp;&nbsp; 618 |  | 618 | &nbsp;&nbsp;&nbsp;&nbsp; 575 |  | 575 |
| Class 4 | &nbsp;&nbsp; 19776 |  | 19776 | &nbsp;&nbsp;&nbsp;&nbsp; 19314 |  | 19314 |
| Total | &nbsp;&nbsp; $46016 | $— | $46016 | &nbsp;&nbsp;&nbsp;&nbsp; $45676 | $— | $45676 |

---

**Asset Allocation Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $438651 | $1019238 | $1457889 | &nbsp;&nbsp;&nbsp;&nbsp; $374078 | $678739 | $1052817 |
| Class 1A | &nbsp;&nbsp; 1307 | 2795 | 4102 | &nbsp;&nbsp;&nbsp;&nbsp; 848 | 1422 | 2270 |
| Class 2 | &nbsp;&nbsp; 111878 | 280960 | 392838 | &nbsp;&nbsp;&nbsp;&nbsp; 92429 | 187595 | 280024 |
| Class 3 | &nbsp;&nbsp; 884 | 2081 | 2965 | &nbsp;&nbsp;&nbsp;&nbsp; 693 | 1326 | 2019 |
| Class 4 | &nbsp;&nbsp; 166513 | 445526 | 612039 | &nbsp;&nbsp;&nbsp;&nbsp; 127247 | 278890 | 406137 |
| Total | &nbsp;&nbsp; $719233 | $1750600 | $2469833 | &nbsp;&nbsp;&nbsp;&nbsp; $595295 | $1147972 | $1743267 |

---

**American Funds Global Balanced Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $1498 | $3585 | $5083 | &nbsp;&nbsp;&nbsp;&nbsp; $1963 | $— | $1963 |
| Class 1A | &nbsp;&nbsp; 60 | 152 | 212 | &nbsp;&nbsp;&nbsp;&nbsp; 64 |  | 64 |
| Class 2 | &nbsp;&nbsp; 1941 | 5617 | 7558 | &nbsp;&nbsp;&nbsp;&nbsp; 2714 |  | 2714 |
| Class 4 | &nbsp;&nbsp; 2293 | 6279 | 8572 | &nbsp;&nbsp;&nbsp;&nbsp; 2307 |  | 2307 |
| Total | &nbsp;&nbsp; $5792 | $15633 | $21425 | &nbsp;&nbsp;&nbsp;&nbsp; $7048 | $— | $7048 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **347** | American Funds Insurance Series |

---

------

**The Bond Fund of America** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $302949 | $— | $302949 | &nbsp;&nbsp;&nbsp;&nbsp; $305561 | $— | $305561 |
| Class 1A | &nbsp;&nbsp; 12103 |  | 12103 | &nbsp;&nbsp;&nbsp;&nbsp; 8909 |  | 8909 |
| Class 2 | &nbsp;&nbsp; 115204 |  | 115204 | &nbsp;&nbsp;&nbsp;&nbsp; 115243 |  | 115243 |
| Class 4 | &nbsp;&nbsp; 56394 |  | 56394 | &nbsp;&nbsp;&nbsp;&nbsp; 45913 |  | 45913 |
| Total | &nbsp;&nbsp; $486650 | $— | $486650 | &nbsp;&nbsp;&nbsp;&nbsp; $475626 | $— | $475626 |

---

**Capital World Bond Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $19172 | $— | $19172 | &nbsp;&nbsp;&nbsp;&nbsp; $15387 | $— | $15387 |
| Class 1A | &nbsp;&nbsp; 837 |  | 837 | &nbsp;&nbsp;&nbsp;&nbsp; 983 |  | 983 |
| Class 2 | &nbsp;&nbsp; 22086 |  | 22086 | &nbsp;&nbsp;&nbsp;&nbsp; 16410 |  | 16410 |
| Class 4 | &nbsp;&nbsp; 2211 |  | 2211 | &nbsp;&nbsp;&nbsp;&nbsp; 1135 |  | 1135 |
| Total | &nbsp;&nbsp; $44306 | $— | $44306 | &nbsp;&nbsp;&nbsp;&nbsp; $33915 | $— | $33915 |

---

**American High-Income Trust** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $16430 | $— | $16430 | &nbsp;&nbsp;&nbsp;&nbsp; $15191 | $— | $15191 |
| Class 1A | &nbsp;&nbsp; 438 |  | 438 | &nbsp;&nbsp;&nbsp;&nbsp; 199 |  | 199 |
| Class 2 | &nbsp;&nbsp; 34271 |  | 34271 | &nbsp;&nbsp;&nbsp;&nbsp; 35147 |  | 35147 |
| Class 3 | &nbsp;&nbsp; 495 |  | 495 | &nbsp;&nbsp;&nbsp;&nbsp; 529 |  | 529 |
| Class 4 | &nbsp;&nbsp; 12704 |  | 12704 | &nbsp;&nbsp;&nbsp;&nbsp; 8336 |  | 8336 |
| Total | &nbsp;&nbsp; $64338 | $— | $64338 | &nbsp;&nbsp;&nbsp;&nbsp; $59402 | $— | $59402 |

---

**American Funds Mortgage Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $803 | $— | $803 | &nbsp;&nbsp;&nbsp;&nbsp; $804 | $— | $804 |
| Class 1A | &nbsp;&nbsp; 136 |  | 136 | &nbsp;&nbsp;&nbsp;&nbsp; 121 |  | 121 |
| Class 2 | &nbsp;&nbsp; 1703 |  | 1703 | &nbsp;&nbsp;&nbsp;&nbsp; 1928 |  | 1928 |
| Class 4 | &nbsp;&nbsp; 2473 |  | 2473 | &nbsp;&nbsp;&nbsp;&nbsp; 2148 |  | 2148 |
| Total | &nbsp;&nbsp; $5115 | $— | $5115 | &nbsp;&nbsp;&nbsp;&nbsp; $5001 | $— | $5001 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **348** |

---

------

**Ultra-Short Bond Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $1510 | $— | $1510 | &nbsp;&nbsp;&nbsp;&nbsp; $1996 | $— | $1996 |
| Class 1A | &nbsp;&nbsp; 5 |  | 5 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |  | 6 |
| Class 2 | &nbsp;&nbsp; 9131 |  | 9131 | &nbsp;&nbsp;&nbsp;&nbsp; 12857 |  | 12857 |
| Class 3 | &nbsp;&nbsp; 156 |  | 156 | &nbsp;&nbsp;&nbsp;&nbsp; 205 |  | 205 |
| Class 4 | &nbsp;&nbsp; 2138 |  | 2138 | &nbsp;&nbsp;&nbsp;&nbsp; 2569 |  | 2569 |
| Total | &nbsp;&nbsp; $12940 | $— | $12940 | &nbsp;&nbsp;&nbsp;&nbsp; $17633 | $— | $17633 |

---

**U.S. Government Securities Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $11629 | $— | $11629 | &nbsp;&nbsp;&nbsp;&nbsp; $11248 | $— | $11248 |
| Class 1A | &nbsp;&nbsp; 12377 |  | 12377 | &nbsp;&nbsp;&nbsp;&nbsp; 11344 |  | 11344 |
| Class 2 | &nbsp;&nbsp; 44749 |  | 44749 | &nbsp;&nbsp;&nbsp;&nbsp; 42551 |  | 42551 |
| Class 3 | &nbsp;&nbsp; 212 |  | 212 | &nbsp;&nbsp;&nbsp;&nbsp; 204 |  | 204 |
| Class 4 | &nbsp;&nbsp; 10129 |  | 10129 | &nbsp;&nbsp;&nbsp;&nbsp; 7920 |  | 7920 |
| Total | &nbsp;&nbsp; $79096 | $— | $79096 | &nbsp;&nbsp;&nbsp;&nbsp; $73267 | $— | $73267 |

---

**Managed Risk Growth Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class P1 | &nbsp;&nbsp; $248 | $558 | $806 | &nbsp;&nbsp;&nbsp;&nbsp; $93 | $— | $93 |
| Class P2 | &nbsp;&nbsp; 6657 | 21164 | 27821 | &nbsp;&nbsp;&nbsp;&nbsp; 2326 |  | 2326 |
| Total | &nbsp;&nbsp; $6905 | $21722 | $28627 | &nbsp;&nbsp;&nbsp;&nbsp; $2419 | $— | $2419 |

---

**Managed Risk International Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class P1 | &nbsp;&nbsp; $30 | $— | $30 | &nbsp;&nbsp;&nbsp;&nbsp; $29 | $— | $29 |
| Class P2 | &nbsp;&nbsp; 1450 |  | 1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1532 |  | 1532 |
| Total | &nbsp;&nbsp; $1480 | $— | $1480 | &nbsp;&nbsp;&nbsp;&nbsp; $1561 | $— | $1561 |

---

**Managed Risk Washington Mutual Investors Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class P1 | &nbsp;&nbsp; $58 | $— | $58 | &nbsp;&nbsp;&nbsp;&nbsp; $53 | $— | $53 |
| Class P2 | &nbsp;&nbsp; 5902 |  | 5902 | &nbsp;&nbsp;&nbsp;&nbsp; 5422 |  | 5422 |
| Total | &nbsp;&nbsp; $5960 | $— | $5960 | &nbsp;&nbsp;&nbsp;&nbsp; $5475 | $— | $5475 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **349** | American Funds Insurance Series |

---

------

**Managed Risk Growth-Income Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class P1 | &nbsp;&nbsp; $42231 | $70237 | $112468 | &nbsp;&nbsp;&nbsp;&nbsp; $33022 | $25142 | $58164 |
| Class P2 | &nbsp;&nbsp; 5433 | 10214 | 15647 | &nbsp;&nbsp;&nbsp;&nbsp; 4085 | 3659 | 7744 |
| Total | &nbsp;&nbsp; $47664 | $80451 | $128115 | &nbsp;&nbsp;&nbsp;&nbsp; $37107 | $28801 | $65908 |

---

**Managed Risk Asset Allocation Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class P1 | &nbsp;&nbsp; $348 | $722 | $1070 | &nbsp;&nbsp;&nbsp;&nbsp; $226 | $138 | $364 |
| Class P2 | &nbsp;&nbsp; 46064 | 121132 | 167196 | &nbsp;&nbsp;&nbsp;&nbsp; 39976 | 28786 | 68762 |
| Total | &nbsp;&nbsp; $46412 | $121854 | $168266 | &nbsp;&nbsp;&nbsp;&nbsp; $40202 | $28924 | $69126 |

---

<sup>2</sup>

Commencement of operations.

<sup>3</sup>

Amount less than one thousand.

**7. Fees and transactions**

------

CRMC, the series' investment adviser, is the parent company of Capital Client Group, Inc. ("CCG"), the distributor of the series' shares, and American Funds Service Company® ("AFS"), the series' transfer agent. CRMC, CCG and AFS are considered related parties to the series.

**Investment advisory services** — The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on annual rates that generally decrease as net asset levels increase. CRMC receives investment advisory fees from the underlying funds held by the managed risk funds, which are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables. Subadvisory fees for the managed risk funds are paid by CRMC to Milliman FRM. The managed risk funds are not responsible for paying any subadvisory fees.

**Investment advisory services waivers** — CRMC is waiving a portion of its investment advisory services fees for some of the funds. For the year ended December 31, 2025, total investment advisory services fees waived by CRMC were $53,879,000. CRMC does not intend to recoup these waivers. Investment advisory fees in each fund's statement of operations are presented gross of any waivers from CRMC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **350** |

---

------

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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Rates** | **Rates** | **Net asset level** <br>**(in billions)** | **Net asset level** <br>**(in billions)** | **For the** <br>**year ended** <br>**December 31,** <br>**2025,** <br>**before waiver** | **For the** <br>**year ended** <br>**December 31,** <br>**2025,** <br>**after waiver** |
| **Fund** | **Beginning** <br>**with**<br>| **Ending** <br>**with**<br>| **Up to** | **In excess** <br>**of**<br>| **For the** <br>**year ended** <br>**December 31,** <br>**2025,** <br>**before waiver** | **For the** <br>**year ended** <br>**December 31,** <br>**2025,** <br>**after waiver** |
| Global Growth Fund | .475<br> %<br>| .435<br> %<br>| $15.0 | $15.0 | .475<br> %<br>| .372<br> %<br>|
| Global Small Capitalization Fund | .647 | .615 | 15.0 | 15.0 | .647 | .600 |
| Growth Fund | .500 | .275 | .6 | 44.0 | .302 | .302 |
| International Fund | .478 | .430 | 15.0 | 21.0 | .478 | .478 |
| New World Fund | .577 | .510 | 15.0 | 15.0 | .577 | .507 |
| Washington Mutual Investors Fund | .374 | .350 | 15.0 | 15.0 | .374 | .227 |
| U.S. Small and Mid Cap Equity Fund | .450 |  | all |  | .450 | .450 |
| Capital World Growth and Income Fund | .475 | .435 | 15.0 | 15.0 | .475 | .375 |
| Growth-Income Fund | .500 | .217 | .6 | 44.0 | .249 | .249 |
| International Growth and Income Fund | .478 | .450 | 15.0 | 15.0 | .478 | .478 |
| Capital Income Builder | .357 | .330 | 15.0 | 15.0 | .357 | .227 |
| Asset Allocation Fund | .500 | .236 | .6 | 34.0 | .264 | .264 |
| American Funds Global Balanced Fund | .446 | .420 | 15.0 | 15.0 | .446 | .429 |
| The Bond Fund of America | .352 | .320 | 15.0 | 15.0 | .352 | .202 |
| Capital World Bond Fund | .431 | .360 | 15.0 | 15.0 | .431 | .431 |
| American High-Income Trust | .404 | .386 | 15.0 | 15.0 | .404 | .284 |
| American Funds Mortgage Fund  | .295 | .280 | 15.0 | 15.0 | .295 | .222 |
| Ultra-Short Bond Fund | .257 | .242 | 15.0 | 15.0 | .257 | .257 |
| U.S. Government Securities Fund | .295 | .280 | 15.0 | 15.0 | .295 | .218 |
| Managed Risk Growth Fund\* | .100 |  | all |  | .150 | .100 |
| Managed Risk International Fund\* | .100 |  | all |  | .150 | .100 |
| Managed Risk Washington Mutual Investors Fund\* | .100 |  | all |  | .150 | .100 |
| Managed Risk Growth-Income Fund\* | .100 |  | all |  | .150 | .100 |
| Managed Risk Asset Allocation Fund\* | .100 |  | all |  | .150 | .100 |

---

\*

For a portion of the period CRMC waived a portion of the investment advisory and services fee, such that the fee was reduced from 0.150% to 0.100%.

Effective May 1, 2025, the series' board of trustees approved a revised investment advisory and services agreement for the Managed Risk Funds, removing the 0.050% fee waiver and concurrently reducing the fee for each share class from 0.150% to 0.100%.

**Class-specific fees and expenses** — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

**Distribution services** — The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.18% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

---

| | | |
|:---|:---|:---|
| **Share class** | **Currently approved limits** | **Plan limits** |
| Class 1A | 0.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Class 2 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Class 3 | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Class 4 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Class P1 | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Class P2 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |

---

**Insurance administrative services** — The series has an insurance administrative services plan for Class 1A, 4, P1 and P2 shares. Under the plan, these share classes pay 0.25% of each insurance company's respective average daily net assets in each share class to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders' annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **351** | American Funds Insurance 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. Under this agreement, the managed risk funds also pays sub-transfer agency fees to AFS. These fees are paid by AFS to third parties for performing transfer agent services on behalf of fund shareholders.

**Administrative services** — The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to all of the funds' share classes except Class P1 and P2 shares. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each fund, other than the managed risk funds, the ability to charge an administrative services fee at the annual rate of 0.05% of average daily net assets attributable to each share class. Currently each fund, other than the managed-risk funds, pays CRMC an administrative services fee at the annual rate of 0.03% of average daily net assets of each share class for CRMC's provision of administrative services. For the managed risk funds, CRMC receives administrative services fees at an annual rate of 0.03% of average daily net assets from Class 1 shares of the underlying funds for administrative services provided to the series.

**Accounting and administrative services** — The managed risk funds have a subadministration agreement with Bank of New York Mellon ("BNY Mellon") under which the fund compensates BNY Mellon for providing accounting and administrative services to each of the managed risk funds' share classes. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.

Class-specific expenses under the agreements described above were as follows (dollars in thousands):

**Global Growth Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $1131 |
| Class 1A | $— | $83 | 10 |
| Class 2 | 8963 | Not applicable | 1076 |
| Class 4 | 2668 | 2668 | 320 |
| Total class-specific <br> expenses<br>| $11631 | $2751 | $2537 |

---

**Global Small Capitalization Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $257 |
| Class 1A | $— | $15 | 2 |
| Class 2 | 4317 | Not applicable | 518 |
| Class 4 | 888 | 887 | 106 |
| Total class-specific <br> expenses<br>| $5205 | $902 | $883 |

---

**Growth Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $6865 |
| Class 1A | $— | $1029 | 123 |
| Class 2 | 51724 | Not applicable | 6207 |
| Class 3 | 507 | Not applicable | 85 |
| Class 4 | 15164 | 15164 | 1820 |
| Total class-specific <br> expenses<br>| $67395 | $16193 | $15100 |

---

**International Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $967 |
| Class 1A | $— | $35 | 4 |
| Class 2 | 8442 | Not applicable | 1013 |
| Class 3 | 28 | Not applicable | 5 |
| Class 4 | 1256 | 1256 | 151 |
| Total class-specific <br> expenses<br>| $9726 | $1291 | $2140 |

---

**New World Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $581 |
| Class 1A | $— | $44 | 5 |
| Class 2 | 2096 | Not applicable | 252 |
| Class 4 | 2211 | 2211 | 265 |
| Total class-specific <br> expenses<br>| $4307 | $2255 | $1103 |

---

**Washington Mutual Investors Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $1913 |
| Class 1A | $— | $84 | 10 |
| Class 2 | 7644 | Not applicable | 917 |
| Class 4 | 5082 | 5082 | 610 |
| Total class-specific <br> expenses<br>| $12726 | $5166 | $3450 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **352** |

---

------

**U.S. Small and Mid Cap Equity Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $10 |
| Class 1A | $— | $—<br> \*<br>| —<br> \*<br>|
| Class 2 | —<br> \*<br>| Not applicable | —<br> \*<br>|
| Class 4 | 9 | 8 | 5 |
| Total class-specific <br> expenses<br>| $9 | $8 | $15 |

---

**Capital World Growth and Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $182 |
| Class 1A | $— | $26 | 3 |
| Class 2 | 2607 | Not applicable | 313 |
| Class 4 | 776 | 775 | 93 |
| Total class-specific <br> expenses<br>| $3383 | $801 | $591 |

---

**Growth-Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $7452 |
| Class 1A | $— | $119 | 14 |
| Class 2 | 34840 | Not applicable | 4181 |
| Class 3 | 279 | Not applicable | 47 |
| Class 4 | 7386 | 7386 | 886 |
| Total class-specific <br> expenses<br>| $42505 | $7505 | $12580 |

---

**International Growth and Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $8 |
| Class 1A | $— | $19 | 2 |
| Class 2 | 404 | Not applicable | 49 |
| Class 4 | 456 | 456 | 55 |
| Total class-specific <br> expenses<br>| $860 | $475 | $114 |

---

**Capital Income Builder** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $234 |
| Class 1A | $— | $34 | 4 |
| Class 2 | 51 | Not applicable | 6 |
| Class 4 | 1785 | 1786 | 214 |
| Total class-specific <br> expenses<br>| $1836 | $1820 | $458 |

---

**Asset Allocation Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $4789 |
| Class 1A | $— | $119 | 14 |
| Class 2 | 10837 | Not applicable | 1301 |
| Class 3 | 60 | Not applicable | 10 |
| Class 4 | 17184 | 17184 | 2062 |
| Total class-specific <br> expenses<br>| $28081 | $17303 | $8176 |

---

**American Funds Global Balanced Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $29 |
| Class 1A | $— | $10 | 1 |
| Class 2 | 371 | Not applicable | 45 |
| Class 4 | 428 | 428 | 51 |
| Total class-specific <br> expenses<br>| $799 | $438 | $126 |

---

Refer to the end of the table(s) for footnote(s).

**The Bond Fund of America** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $2070 |
| Class 1A | $— | $643 | 77 |
| Class 2 | 6831 | Not applicable | 820 |
| Class 4 | 3246 | 3247 | 390 |
| Total class-specific <br> expenses<br>| $10077 | $3890 | $3357 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **353** | American Funds Insurance Series |

---

------

**Capital World Bond Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $182 |
| Class 1A | $— | $81 | 10 |
| Class 2 | 1893 | Not applicable | 227 |
| Class 4 | 176 | 176 | 21 |
| Total class-specific <br> expenses<br>| $2069 | $257 | $440 |

---

**American High-Income Trust** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $73 |
| Class 1A | $— | $11 | 1 |
| Class 2 | 1338 | Not applicable | 161 |
| Class 3 | 15 | Not applicable | 2 |
| Class 4 | 497 | 497 | 60 |
| Total class-specific <br> expenses<br>| $1850 | $508 | $297 |

---

**American Funds Mortgage Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $5 |
| Class 1A | $— | $8 | 1 |
| Class 2 | 104 | Not applicable | 13 |
| Class 4 | 140 | 140 | 17 |
| Total class-specific <br> expenses<br>| $244 | $148 | $36 |

---

**Ultra-Short Bond Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $11 |
| Class 1A | $— | $—<br> \*<br>| —<br> \*<br>|
| Class 2 | 569 | Not applicable | 68 |
| Class 3 | 7 | Not applicable | 1 |
| Class 4 | 156 | 156 | 19 |
| Total class-specific <br> expenses<br>| $732 | $156 | $99 |

---

**U.S. Government Securities Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $79 |
| Class 1A | $— | $724 | 87 |
| Class 2 | 2619 | Not applicable | 314 |
| Class 3 | 9 | Not applicable | 1 |
| Class 4 | 588 | 588 | 71 |
| Total class-specific <br> expenses<br>| $3216 | $1312 | $552 |

---

**Managed Risk Growth Fund** 

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class P1 | Not applicable | $34 |
| Class P2 | $1243 | 1243 |
| Total class-specific <br> expenses<br>| $1243 | $1277 |

---

**Managed Risk International Fund** 

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class P1 | Not applicable | $5 |
| Class P2 | $280 | 280 |
| Total class-specific <br> expenses<br>| $280 | $285 |

---

Refer to the end of the table(s) for footnote(s).

**Managed Risk Washington Mutual Investors Fund**

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class P1 | Not applicable | $6 |
| Class P2 | $786 | 786 |
| Total class-specific <br> expenses<br>| $786 | $792 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **354** |

---

------

**Managed Risk Growth-Income Fund**

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class P1 | Not applicable | $4624 |
| Class P2 | $662 | 662 |
| Total class-specific <br> expenses<br>| $662 | $5286 |

---

**Managed Risk Asset Allocation Fund**

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class P1 | Not applicable | $30 |
| Class P2 | $4685 | 4685 |
| Total class-specific <br> expenses<br>| $4685 | $4715 |

---

\*

Amount less than one thousand.

**Miscellaneous fee reimbursements** — CRMC reimbursed a portion of miscellaneous fees and expenses for U.S. Small and Mid Cap Equity Fund and Managed Risk International Fund. These reimbursements may be adjusted or discontinued by CRMC, subject to any restrictions in the series' prospectus. For the year ended December 31, 2025, total fees and expenses reimbursed by CRMC were $77,000. CRMC does not intend to recoup these reimbursements. Fees and expenses in each fund's statement of operations are presented gross of any reimbursements from CRMC.

**Trustees' deferred compensation** — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees' compensation, shown on the accompanying financial statements, reflects current fees (either paid in cash or deferred) and a net increase in the value of the deferred amounts as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Current fees** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease)** <br>**in value of** <br>**deferred amounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total trustees'** <br>**compensation**<br>|
| Global Growth Fund | &nbsp;&nbsp; $21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $42 |
| Global Small Capitalization Fund | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| Growth Fund | &nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249 |
| International Fund | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| New World Fund | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| Washington Mutual Investors Fund | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 |
| U.S. Small and Mid Cap Equity Fund | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Capital World Growth and Income Fund | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| Growth-Income Fund | &nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207 |
| International Growth and Income Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| Capital Income Builder | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| Asset Allocation Fund | &nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| The Bond Fund of America | &nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| Capital World Bond Fund | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| American High-Income Trust | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| American Funds Mortgage Fund | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Ultra-Short Bond Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| U.S. Government Securities Fund | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| Managed Risk Growth Fund | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Managed Risk International Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Managed Risk Washington Mutual Investors Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| Managed Risk Growth-Income Fund | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| Managed Risk Asset Allocation Fund | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |

---

\*

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, CCG and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **355** | American Funds Insurance Series |

---

------

**Investments in CCBF and CCF** — Some of the funds hold shares of CCBF, a corporate bond fund, and/or CCF, an institutional prime money market fund ,which are both managed by CRMC. CCBF seeks to provide maximum total return consistent with capital preservation and prudent risk management by investing primarily in corporate debt instruments. CCBF is used as an investment vehicle for some of the funds' corporate bond investments. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for some of the funds' short-term investments. Both CCBF and CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from either CCBF or CCF.

**Security transactions with related funds** — The funds may purchase from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund's board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act.

The following table presents purchase and sale transactions between each fund and related funds, and net realized gain or loss from such sales, if any, as of December 31, 2025 (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Purchases**  | **Sales**  | **Net** <br>**realized** <br>**gain (loss)**<br>|
| Global Growth Fund | &nbsp;&nbsp; $147747 | &nbsp;&nbsp; $67664 | &nbsp;&nbsp; $22487 |
| Global Small Capitalization Fund | &nbsp;&nbsp; 27498 | &nbsp;&nbsp; 11204 | &nbsp;&nbsp; 1978 |
| Growth Fund | &nbsp;&nbsp; 350283 | &nbsp;&nbsp; 350719 | &nbsp;&nbsp; 70559 |
| International Fund | &nbsp;&nbsp; 110941 | &nbsp;&nbsp; 87605 | &nbsp;&nbsp; 3851 |
| New World Fund | &nbsp;&nbsp; 24060 | &nbsp;&nbsp; 50564 | &nbsp;&nbsp; 13902 |
| Washington Mutual Investors Fund | &nbsp;&nbsp; 131489 | &nbsp;&nbsp; 156251 | &nbsp;&nbsp; 20344 |
| Capital World Growth and Income Fund | &nbsp;&nbsp; 32218 | &nbsp;&nbsp; 38497 | &nbsp;&nbsp; 8339 |
| Growth-Income Fund | &nbsp;&nbsp; 506006 | &nbsp;&nbsp; 592940 | &nbsp;&nbsp; 172397 |
| International Growth and Income Fund | &nbsp;&nbsp; 2294 | &nbsp;&nbsp; 4747 | &nbsp;&nbsp; 363 |
| Capital Income Builder | &nbsp;&nbsp; 23371 | &nbsp;&nbsp; 19211 | &nbsp;&nbsp; 4803 |
| Asset Allocation Fund | &nbsp;&nbsp; 250712 | &nbsp;&nbsp; 107065 | &nbsp;&nbsp; 54741 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; 3867 | &nbsp;&nbsp; 4371 | &nbsp;&nbsp; 1147 |

---

**Interfund lending** — Pursuant to an exemptive order issued by the SEC, each fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. Each fund did not lend or borrow cash through the interfund lending program at any time during the year ended December 31, 2025.

**8. Indemnifications**

------

The series' organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the series. In the normal course of business, the series may also enter into contracts that provide general indemnifications. Each fund's maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the series. The risk of material loss from such claims is considered remote. Insurance policies are also available to the series' board members and officers.

**9. Committed line of credit**

------

Global Small Capitalization Fund, New World Fund and American High-Income Trust participate with other funds managed by CRMC in a $1.5 billion credit facility (the "line of credit") to be utilized for temporary purposes to fund shareholder redemptions. Each fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in each fund's statement of operations. None of the funds borrowed on this line of credit at any time during the year ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **356** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. Capital share transactions**

------

Capital share transactions in each fund were as follows (dollars and shares in thousands):

**Global Growth Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $304055 | 8321 | &nbsp;&nbsp; $522119 | 15107 | &nbsp;&nbsp; $(541519)<br>| (14564)<br>| &nbsp;&nbsp; $284655 | 8864 |
| Class 1A | 42972 | 1157 | &nbsp;&nbsp; 3516 | 101 | &nbsp;&nbsp; (3744)<br>| (102)<br>| &nbsp;&nbsp; 42744 | 1156 |
| Class 2 | 35075 | 964 | &nbsp;&nbsp; 496369 | 14649 | &nbsp;&nbsp; (528583)<br>| (14441)<br>| &nbsp;&nbsp; 2861 | 1172 |
| Class 4 | 180514 | 5009 | &nbsp;&nbsp; 145282 | 4354 | &nbsp;&nbsp; (101231)<br>| (2811)<br>| &nbsp;&nbsp; 224565 | 6552 |
| Total net increase (decrease) | $562616 | 15451 | &nbsp;&nbsp; $1167286 | 34211 | &nbsp;&nbsp; $(1175077)<br>| (31918)<br>| &nbsp;&nbsp; $554825 | 17744 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $182743 | 4922 | &nbsp;&nbsp; $164299 | 4426 | &nbsp;&nbsp; $(478156)<br>| (12907)<br>| &nbsp;&nbsp; $(131114)<br>| (3559)<br>|
| Class 1A | 3593 | 97 | &nbsp;&nbsp; 855 | 23 | &nbsp;&nbsp; (3164)<br>| (85)<br>| &nbsp;&nbsp; 1284 | 35 |
| Class 2 | 64877 | 1789 | &nbsp;&nbsp; 160470 | 4397 | &nbsp;&nbsp; (544385)<br>| (14948)<br>| &nbsp;&nbsp; (319038)<br>| (8762)<br>|
| Class 4 | 187863 | 5186 | &nbsp;&nbsp; 36623 | 1016 | &nbsp;&nbsp; (80774)<br>| (2235)<br>| &nbsp;&nbsp; 143712 | 3967 |
| Total net increase (decrease) | $439076 | 11994 | &nbsp;&nbsp; $362247 | 9862 | &nbsp;&nbsp; $(1106479)<br>| (30175)<br>| &nbsp;&nbsp; $(305156)<br>| (8319)<br>|

---

**Global Small Capitalization Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $66285 | 3641 | &nbsp;&nbsp;&nbsp; $22933 | 1232 | &nbsp;&nbsp;&nbsp; $(343352)<br>| (18170)<br>| &nbsp;&nbsp;&nbsp; $(254134)<br>| (13297)<br>|
| Class 1A | 532 | 29 | &nbsp;&nbsp;&nbsp; 146 | 8 | &nbsp;&nbsp;&nbsp; (424)<br>| (23)<br>| &nbsp;&nbsp;&nbsp; 254 | 14 |
| Class 2 | 30784 | 1809 | &nbsp;&nbsp;&nbsp; 45015 | 2592 | &nbsp;&nbsp;&nbsp; (247355)<br>| (13805)<br>| &nbsp;&nbsp;&nbsp; (171556)<br>| (9404)<br>|
| Class 4 | 91459 | 5277 | &nbsp;&nbsp;&nbsp; 8081 | 469 | &nbsp;&nbsp;&nbsp; (44936)<br>| (2531)<br>| &nbsp;&nbsp;&nbsp; 54604 | 3215 |
| Total net increase (decrease) | $189060 | 10756 | &nbsp;&nbsp;&nbsp; $76175 | 4301 | &nbsp;&nbsp;&nbsp; $(636067)<br>| (34529)<br>| &nbsp;&nbsp;&nbsp; $(370832)<br>| (19472)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $82737 | 4519 | &nbsp;&nbsp;&nbsp; $45699 | 2557 | &nbsp;&nbsp;&nbsp; $(168033)<br>| (9099)<br>| &nbsp;&nbsp;&nbsp; $(39597)<br>| (2023)<br>|
| Class 1A | 766 | 43 | &nbsp;&nbsp;&nbsp; 239 | 14 | &nbsp;&nbsp;&nbsp; (637)<br>| (35)<br>| &nbsp;&nbsp;&nbsp; 368 | 22 |
| Class 2 | 58585 | 3367 | &nbsp;&nbsp;&nbsp; 85994 | 5139 | &nbsp;&nbsp;&nbsp; (246897)<br>| (14207)<br>| &nbsp;&nbsp;&nbsp; (102318)<br>| (5701)<br>|
| Class 4 | 41322 | 2398 | &nbsp;&nbsp;&nbsp; 13498 | 810 | &nbsp;&nbsp;&nbsp; (37390)<br>| (2159)<br>| &nbsp;&nbsp;&nbsp; 17430 | 1049 |
| Total net increase (decrease) | $183410 | 10327 | &nbsp;&nbsp;&nbsp; $145430 | 8520 | &nbsp;&nbsp;&nbsp; $(452957)<br>| (25500)<br>| &nbsp;&nbsp;&nbsp; $(124117)<br>| (6653)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **357** | American Funds Insurance Series |

---

------

**Growth Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $2221332 | 17180 | &nbsp;&nbsp; $1824411 | 14872 | &nbsp;&nbsp; $(2853744)<br>| (22053)<br>| &nbsp;&nbsp; $1191999 | 9999 |
| Class 1A | 118725 | 930 | &nbsp;&nbsp; 30539 | 252 | &nbsp;&nbsp; (115193)<br>| (884)<br>| &nbsp;&nbsp; 34071 | 298 |
| Class 2 | 504023 | 3932 | &nbsp;&nbsp; 1677068 | 13892 | &nbsp;&nbsp; (3177573)<br>| (24443)<br>| &nbsp;&nbsp; (996482)<br>| (6619)<br>|
| Class 3 | 1511 | 12 | &nbsp;&nbsp; 22118 | 178 | &nbsp;&nbsp; (36889)<br>| (277)<br>| &nbsp;&nbsp; (13260)<br>| (87)<br>|
| Class 4 | 1221571 | 9782 | &nbsp;&nbsp; 490866 | 4193 | &nbsp;&nbsp; (372784)<br>| (2965)<br>| &nbsp;&nbsp; 1339653 | 11010 |
| Total net increase (decrease) | $4067162 | 31836 | &nbsp;&nbsp; $4045002 | 33387 | &nbsp;&nbsp; $(6556183)<br>| (50622)<br>| &nbsp;&nbsp; $1555981 | 14601 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $1283657 | 11196 | &nbsp;&nbsp; $554066 | 4995 | &nbsp;&nbsp; $(2581742)<br>| (22564)<br>| &nbsp;&nbsp; $(744019)<br>| (6373)<br>|
| Class 1A | 43180 | 381 | &nbsp;&nbsp; 8596 | 79 | &nbsp;&nbsp; (33697)<br>| (304)<br>| &nbsp;&nbsp; 18079 | 156 |
| Class 2 | 414661 | 3673 | &nbsp;&nbsp; 506251 | 4690 | &nbsp;&nbsp; (3189792)<br>| (28372)<br>| &nbsp;&nbsp; (2268880)<br>| (20009)<br>|
| Class 3 | 1071 | 10 | &nbsp;&nbsp; 6848 | 62 | &nbsp;&nbsp; (32036)<br>| (278)<br>| &nbsp;&nbsp; (24117)<br>| (206)<br>|
| Class 4 | 874214 | 7971 | &nbsp;&nbsp; 107359 | 1032 | &nbsp;&nbsp; (368353)<br>| (3358)<br>| &nbsp;&nbsp; 613220 | 5645 |
| Total net increase (decrease) | $2616783 | 23231 | &nbsp;&nbsp; $1183120 | 10858 | &nbsp;&nbsp; $(6205620)<br>| (54876)<br>| &nbsp;&nbsp; $(2405717)<br>| (20787)<br>|

---

**International Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $123286 | 6300 | &nbsp;&nbsp; $49061 | 2250 | &nbsp;&nbsp; $(619084)<br>| (30505)<br>| &nbsp;&nbsp; $(446737)<br>| (21955)<br>|
| Class 1A | 1909 | 93 | &nbsp;&nbsp; 205 | 10 | &nbsp;&nbsp; (1577)<br>| (80)<br>| &nbsp;&nbsp; 537 | 23 |
| Class 2 | 158584 | 8280 | &nbsp;&nbsp; 44060 | 2025 | &nbsp;&nbsp; (720522)<br>| (36038)<br>| &nbsp;&nbsp; (517878)<br>| (25733)<br>|
| Class 3 | 143 | 7 | &nbsp;&nbsp; 210 | 10 | &nbsp;&nbsp; (1989)<br>| (100)<br>| &nbsp;&nbsp; (1636)<br>| (83)<br>|
| Class 4 | 72454 | 3758 | &nbsp;&nbsp; 6153 | 287 | &nbsp;&nbsp; (59496)<br>| (3027)<br>| &nbsp;&nbsp; 19111 | 1018 |
| Total net increase (decrease) | $356376 | 18438 | &nbsp;&nbsp; $99689 | 4582 | &nbsp;&nbsp; $(1402668)<br>| (69750)<br>| &nbsp;&nbsp; $(946603)<br>| (46730)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $103818 | 5617 | &nbsp;&nbsp; $46267 | 2445 | &nbsp;&nbsp; $(505047)<br>| (27104)<br>| &nbsp;&nbsp; $(354962)<br>| (19042)<br>|
| Class 1A | 2421 | 132 | &nbsp;&nbsp; 158 | 9 | &nbsp;&nbsp; (2072)<br>| (114)<br>| &nbsp;&nbsp; 507 | 27 |
| Class 2 | 294279 | 16201 | &nbsp;&nbsp; 40220 | 2136 | &nbsp;&nbsp; (554239)<br>| (30168)<br>| &nbsp;&nbsp; (219740)<br>| (11831)<br>|
| Class 3 | 2 | — <br><sup>2</sup><br>| &nbsp;&nbsp; 191 | 10 | &nbsp;&nbsp; (2572)<br>| (137)<br>| &nbsp;&nbsp; (2379)<br>| (127)<br>|
| Class 4 | 64019 | 3511 | &nbsp;&nbsp; 4485 | 242 | &nbsp;&nbsp; (49713)<br>| (2726)<br>| &nbsp;&nbsp; 18791 | 1027 |
| Total net increase (decrease) | $464539 | 25461 | &nbsp;&nbsp; $91321 | 4842 | &nbsp;&nbsp; $(1113643)<br>| (60249)<br>| &nbsp;&nbsp; $(557783)<br>| (29946)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **358** |

---

------

**New World Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $158509 | 5359 | &nbsp;&nbsp;&nbsp; $103852 | 3572 | &nbsp;&nbsp;&nbsp; $(340861)<br>| (11604)<br>| &nbsp;&nbsp;&nbsp; $(78500)<br>| (2673)<br>|
| Class 1A | 18473 | 602 | &nbsp;&nbsp;&nbsp; 822 | 28 | &nbsp;&nbsp;&nbsp; (2946)<br>| (103)<br>| &nbsp;&nbsp;&nbsp; 16349 | 527 |
| Class 2 | 114042 | 3791 | &nbsp;&nbsp;&nbsp; 43585 | 1527 | &nbsp;&nbsp;&nbsp; (173334)<br>| (5988)<br>| &nbsp;&nbsp;&nbsp; (15707)<br>| (670)<br>|
| Class 4 | 92171 | 3197 | &nbsp;&nbsp;&nbsp; 44726 | 1588 | &nbsp;&nbsp;&nbsp; (148239)<br>| (5158)<br>| &nbsp;&nbsp;&nbsp; (11342)<br>| (373)<br>|
| Total net increase (decrease) | $383195 | 12949 | &nbsp;&nbsp;&nbsp; $192985 | 6715 | &nbsp;&nbsp;&nbsp; $(665380)<br>| (22853)<br>| &nbsp;&nbsp;&nbsp; $(89200)<br>| (3189)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $211139 | 7770 | &nbsp;&nbsp;&nbsp; $37940 | 1389 | &nbsp;&nbsp;&nbsp; $(310526)<br>| (11467)<br>| &nbsp;&nbsp;&nbsp; $(61447)<br>| (2308)<br>|
| Class 1A | 2546 | 92 | &nbsp;&nbsp;&nbsp; 216 | 8 | &nbsp;&nbsp;&nbsp; (1406)<br>| (52)<br>| &nbsp;&nbsp;&nbsp; 1356 | 48 |
| Class 2 | 97709 | 3717 | &nbsp;&nbsp;&nbsp; 15121 | 562 | &nbsp;&nbsp;&nbsp; (163082)<br>| (6131)<br>| &nbsp;&nbsp;&nbsp; (50252)<br>| (1852)<br>|
| Class 4 | 79272 | 3006 | &nbsp;&nbsp;&nbsp; 13389 | 502 | &nbsp;&nbsp;&nbsp; (106780)<br>| (4055)<br>| &nbsp;&nbsp;&nbsp; (14119)<br>| (547)<br>|
| Total net increase (decrease) | $390666 | 14585 | &nbsp;&nbsp;&nbsp; $66666 | 2461 | &nbsp;&nbsp;&nbsp; $(581794)<br>| (21705)<br>| &nbsp;&nbsp;&nbsp; $(124462)<br>| (4659)<br>|

---

**Washington Mutual Investors Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $140928 | 8311 | &nbsp;&nbsp; $526965 | 31376 | &nbsp;&nbsp; $(1006677)<br>| (57564)<br>| &nbsp;&nbsp; $(338784)<br>| (17877)<br>|
| Class 1A | 6301 | 363 | &nbsp;&nbsp; 2764 | 166 | &nbsp;&nbsp; (2905)<br>| (165)<br>| &nbsp;&nbsp; 6160 | 364 |
| Class 2 | 90385 | 5278 | &nbsp;&nbsp; 251281 | 15319 | &nbsp;&nbsp; (430673)<br>| (25241)<br>| &nbsp;&nbsp; (89007)<br>| (4644)<br>|
| Class 4 | 377965 | 22441 | &nbsp;&nbsp; 164617 | 10176 | &nbsp;&nbsp; (110363)<br>| (6612)<br>| &nbsp;&nbsp; 432219 | 26005 |
| Total net increase (decrease) | $615579 | 36393 | &nbsp;&nbsp; $945627 | 57037 | &nbsp;&nbsp; $(1550618)<br>| (89582)<br>| &nbsp;&nbsp; $10588 | 3848 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $87079 | 5408 | &nbsp;&nbsp; $161220 | 9874 | &nbsp;&nbsp; $(948618)<br>| (58997)<br>| &nbsp;&nbsp; $(700319)<br>| (43715)<br>|
| Class 1A | 4491 | 279 | &nbsp;&nbsp; 628 | 38 | &nbsp;&nbsp; (3232)<br>| (205)<br>| &nbsp;&nbsp; 1887 | 112 |
| Class 2 | 56060 | 3529 | &nbsp;&nbsp; 71557 | 4484 | &nbsp;&nbsp; (477590)<br>| (30368)<br>| &nbsp;&nbsp; (349973)<br>| (22355)<br>|
| Class 4 | 260219 | 16589 | &nbsp;&nbsp; 36302 | 2301 | &nbsp;&nbsp; (99151)<br>| (6416)<br>| &nbsp;&nbsp; 197370 | 12474 |
| Total net increase (decrease) | $407849 | 25805 | &nbsp;&nbsp; $269707 | 16697 | &nbsp;&nbsp; $(1528591)<br>| (95986)<br>| &nbsp;&nbsp; $(851035)<br>| (53484)<br>|

---

**U.S. Small and Mid Cap Equity Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | &nbsp;&nbsp; $94466 | &nbsp;&nbsp; 8554 | &nbsp;&nbsp;&nbsp; $364 | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; $(8030)<br>| &nbsp;&nbsp; (726)<br>| &nbsp;&nbsp;&nbsp; $86800 | &nbsp;&nbsp; 7860 |
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>|
| Class 4 | &nbsp;&nbsp; 14686 | &nbsp;&nbsp; 1364 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; (19609)<br>| &nbsp;&nbsp; (1843)<br>| &nbsp;&nbsp;&nbsp; (4890)<br>| &nbsp;&nbsp; (476)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $109152 | &nbsp;&nbsp; 9918 | &nbsp;&nbsp;&nbsp; $397 | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; $(27639)<br>| &nbsp;&nbsp; (2569)<br>| &nbsp;&nbsp;&nbsp; $81910 | &nbsp;&nbsp; 7384 |
| **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; $— <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $10 | &nbsp;&nbsp; 1 |
| Class 1A | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 |
| Class 2 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 |
| Class 4 | &nbsp;&nbsp; 14970 | &nbsp;&nbsp; 1497 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14983 | &nbsp;&nbsp; 1498 |
| Total net increase (decrease) | &nbsp;&nbsp; $15000 | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp; $13 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $15013 | &nbsp;&nbsp; 1501 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **359** | American Funds Insurance Series |

---

------

**Capital World Growth and Income Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $61144 | 3871 | &nbsp;&nbsp;&nbsp; $30791 | 1846 | &nbsp;&nbsp;&nbsp; $(173302)<br>| (10431)<br>| &nbsp;&nbsp;&nbsp; $(81367)<br>| (4714)<br>|
| Class 1A | 1669 | 101 | &nbsp;&nbsp;&nbsp; 519 | 31 | &nbsp;&nbsp;&nbsp; (625)<br>| (37)<br>| &nbsp;&nbsp;&nbsp; 1563 | 95 |
| Class 2 | 28763 | 1702 | &nbsp;&nbsp;&nbsp; 51975 | 3135 | &nbsp;&nbsp;&nbsp; (185399)<br>| (11041)<br>| &nbsp;&nbsp;&nbsp; (104661)<br>| (6204)<br>|
| Class 4 | 58603 | 3584 | &nbsp;&nbsp;&nbsp; 15355 | 952 | &nbsp;&nbsp;&nbsp; (32104)<br>| (1961)<br>| &nbsp;&nbsp;&nbsp; 41854 | 2575 |
| Total net increase (decrease) | $150179 | 9258 | &nbsp;&nbsp;&nbsp; $98640 | 5964 | &nbsp;&nbsp;&nbsp; $(391430)<br>| (23470)<br>| &nbsp;&nbsp;&nbsp; $(142611)<br>| (8248)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $61832 | 4046 | &nbsp;&nbsp;&nbsp; $11187 | 709 | &nbsp;&nbsp;&nbsp; $(124340)<br>| (8176)<br>| &nbsp;&nbsp;&nbsp; $(51321)<br>| (3421)<br>|
| Class 1A | 1263 | 86 | &nbsp;&nbsp;&nbsp; 144 | 9 | &nbsp;&nbsp;&nbsp; (793)<br>| (51)<br>| &nbsp;&nbsp;&nbsp; 614 | 44 |
| Class 2 | 14751 | 970 | &nbsp;&nbsp;&nbsp; 17039 | 1085 | &nbsp;&nbsp;&nbsp; (177803)<br>| (11812)<br>| &nbsp;&nbsp;&nbsp; (146013)<br>| (9757)<br>|
| Class 4 | 31604 | 2138 | &nbsp;&nbsp;&nbsp; 3943 | 258 | &nbsp;&nbsp;&nbsp; (30478)<br>| (2080)<br>| &nbsp;&nbsp;&nbsp; 5069 | 316 |
| Total net increase (decrease) | $109450 | 7240 | &nbsp;&nbsp;&nbsp; $32313 | 2061 | &nbsp;&nbsp;&nbsp; $(333414)<br>| (22119)<br>| &nbsp;&nbsp;&nbsp; $(191651)<br>| (12818)<br>|

---

**Growth-Income Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $684973 | 10461 | &nbsp;&nbsp; $4387256 | 72937 | &nbsp;&nbsp; $(3619605)<br>| (54457)<br>| &nbsp;&nbsp; $1452624 | 28941 |
| Class 1A | 6675 | 102 | &nbsp;&nbsp; 8152 | 137 | &nbsp;&nbsp; (4519)<br>| (68)<br>| &nbsp;&nbsp; 10308 | 171 |
| Class 2 | 125378 | 1919 | &nbsp;&nbsp; 2468820 | 42004 | &nbsp;&nbsp; (1981266)<br>| (30316)<br>| &nbsp;&nbsp; 612932 | 13607 |
| Class 3 | 1554 | 24 | &nbsp;&nbsp; 26641 | 442 | &nbsp;&nbsp; (19918)<br>| (294)<br>| &nbsp;&nbsp; 8277 | 172 |
| Class 4 | 408921 | 6393 | &nbsp;&nbsp; 520690 | 9074 | &nbsp;&nbsp; (327755)<br>| (5109)<br>| &nbsp;&nbsp; 601856 | 10358 |
| Total net increase (decrease) | $1227501 | 18899 | &nbsp;&nbsp; $7411559 | 124594 | &nbsp;&nbsp; $(5953063)<br>| (90244)<br>| &nbsp;&nbsp; $2685997 | 53249 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $332044 | 5020 | &nbsp;&nbsp; $1360424 | 21268 | &nbsp;&nbsp; $(3357393)<br>| (51220)<br>| &nbsp;&nbsp; $(1664925)<br>| (24932)<br>|
| Class 1A | 5383 | 81 | &nbsp;&nbsp; 2198 | 35 | &nbsp;&nbsp; (5242)<br>| (81)<br>| &nbsp;&nbsp; 2339 | 35 |
| Class 2 | 113447 | 1761 | &nbsp;&nbsp; 760811 | 12154 | &nbsp;&nbsp; (2068284)<br>| (32090)<br>| &nbsp;&nbsp; (1194026)<br>| (18175)<br>|
| Class 3 | 313 | 5 | &nbsp;&nbsp; 8392 | 131 | &nbsp;&nbsp; (19777)<br>| (301)<br>| &nbsp;&nbsp; (11072)<br>| (165)<br>|
| Class 4 | 332452 | 5218 | &nbsp;&nbsp; 131545 | 2144 | &nbsp;&nbsp; (199130)<br>| (3142)<br>| &nbsp;&nbsp; 264867 | 4220 |
| Total net increase (decrease) | $783639 | 12085 | &nbsp;&nbsp; $2263370 | 35732 | &nbsp;&nbsp; $(5649826)<br>| (86834)<br>| &nbsp;&nbsp; $(2602817)<br>| (39017)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **360** |

---

------

**International Growth and Income Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $21760 | 1847 | &nbsp;&nbsp;&nbsp; $836 | 64 | &nbsp;&nbsp;&nbsp; $(11542)<br>| (986)<br>| &nbsp;&nbsp;&nbsp; $11054 | 925 |
| Class 1A | 1735 | 146 | &nbsp;&nbsp;&nbsp; 211 | 17 | &nbsp;&nbsp;&nbsp; (982)<br>| (83)<br>| &nbsp;&nbsp;&nbsp; 964 | 80 |
| Class 2 | 6438 | 538 | &nbsp;&nbsp;&nbsp; 4052 | 319 | &nbsp;&nbsp;&nbsp; (32846)<br>| (2832)<br>| &nbsp;&nbsp;&nbsp; (22356)<br>| (1975)<br>|
| Class 4 | 40773 | 3574 | &nbsp;&nbsp;&nbsp; 4102 | 330 | &nbsp;&nbsp;&nbsp; (56151)<br>| (4650)<br>| &nbsp;&nbsp;&nbsp; (11276)<br>| (746)<br>|
| Total net increase (decrease) | $70706 | 6105 | &nbsp;&nbsp;&nbsp; $9201 | 730 | &nbsp;&nbsp;&nbsp; $(101521)<br>| (8551)<br>| &nbsp;&nbsp;&nbsp; $(21614)<br>| (1716)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $3051 | 287 | &nbsp;&nbsp;&nbsp; $461 | 43 | &nbsp;&nbsp;&nbsp; $(1958)<br>| (184)<br>| &nbsp;&nbsp;&nbsp; $1554 | 146 |
| Class 1A | 950 | 92 | &nbsp;&nbsp;&nbsp; 156 | 15 | &nbsp;&nbsp;&nbsp; (1296)<br>| (129)<br>| &nbsp;&nbsp;&nbsp; (190)<br>| (22)<br>|
| Class 2 | 5039 | 489 | &nbsp;&nbsp;&nbsp; 3897 | 378 | &nbsp;&nbsp;&nbsp; (25957)<br>| (2509)<br>| &nbsp;&nbsp;&nbsp; (17021)<br>| (1642)<br>|
| Class 4 | 22262 | 2198 | &nbsp;&nbsp;&nbsp; 3583 | 353 | &nbsp;&nbsp;&nbsp; (19235)<br>| (1887)<br>| &nbsp;&nbsp;&nbsp; 6610 | 664 |
| Total net increase (decrease) | $31302 | 3066 | &nbsp;&nbsp;&nbsp; $8097 | 789 | &nbsp;&nbsp;&nbsp; $(48446)<br>| (4709)<br>| &nbsp;&nbsp;&nbsp; $(9047)<br>| (854)<br>|

---

**Capital Income Builder** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $85393 | 6373 | &nbsp;&nbsp;&nbsp; $25206 | 1809 | &nbsp;&nbsp;&nbsp; $(99423)<br>| (7387)<br>| &nbsp;&nbsp;&nbsp; $11176 | 795 |
| Class 1A | 2260 | 165 | &nbsp;&nbsp;&nbsp; 416 | 30 | &nbsp;&nbsp;&nbsp; (1912)<br>| (141)<br>| &nbsp;&nbsp;&nbsp; 764 | 54 |
| Class 2 | 2677 | 195 | &nbsp;&nbsp;&nbsp; 618 | 44 | &nbsp;&nbsp;&nbsp; (1985)<br>| (147)<br>| &nbsp;&nbsp;&nbsp; 1310 | 92 |
| Class 4 | 124148 | 9183 | &nbsp;&nbsp;&nbsp; 19776 | 1420 | &nbsp;&nbsp;&nbsp; (100988)<br>| (7397)<br>| &nbsp;&nbsp;&nbsp; 42936 | 3206 |
| Total net increase (decrease) | $214478 | 15916 | &nbsp;&nbsp;&nbsp; $46016 | 3303 | &nbsp;&nbsp;&nbsp; $(204308)<br>| (15072)<br>| &nbsp;&nbsp;&nbsp; $56186 | 4147 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $55004 | 4532 | &nbsp;&nbsp;&nbsp; $25389 | 2057 | &nbsp;&nbsp;&nbsp; $(74884)<br>| (6100)<br>| &nbsp;&nbsp;&nbsp; $5509 | 489 |
| Class 1A | 1738 | 141 | &nbsp;&nbsp;&nbsp; 397 | 32 | &nbsp;&nbsp;&nbsp; (825)<br>| (68)<br>| &nbsp;&nbsp;&nbsp; 1310 | 105 |
| Class 2 | 3421 | 272 | &nbsp;&nbsp;&nbsp; 575 | 47 | &nbsp;&nbsp;&nbsp; (1546)<br>| (126)<br>| &nbsp;&nbsp;&nbsp; 2450 | 193 |
| Class 4 | 82282 | 6662 | &nbsp;&nbsp;&nbsp; 19315 | 1565 | &nbsp;&nbsp;&nbsp; (75684)<br>| (6165)<br>| &nbsp;&nbsp;&nbsp; 25913 | 2062 |
| Total net increase (decrease) | $142445 | 11607 | &nbsp;&nbsp;&nbsp; $45676 | 3701 | &nbsp;&nbsp;&nbsp; $(152939)<br>| (12459)<br>| &nbsp;&nbsp;&nbsp; $35182 | 2849 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **361** | American Funds Insurance Series |

---

------

**Asset Allocation Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $294441 | 11354 | &nbsp;&nbsp; $1457889 | 56910 | &nbsp;&nbsp; $(2784021)<br>| (104912)<br>| &nbsp;&nbsp; $(1031691)<br>| (36648)<br>|
| Class 1A | 12382 | 473 | &nbsp;&nbsp; 4101 | 161 | &nbsp;&nbsp; (5261)<br>| (199)<br>| &nbsp;&nbsp; 11222 | 435 |
| Class 2 | 79938 | 3065 | &nbsp;&nbsp; 392837 | 15618 | &nbsp;&nbsp; (657596)<br>| (25193)<br>| &nbsp;&nbsp; (184821)<br>| (6510)<br>|
| Class 3 | 598 | 23 | &nbsp;&nbsp; 2965 | 116 | &nbsp;&nbsp; (2207)<br>| (84)<br>| &nbsp;&nbsp; 1356 | 55 |
| Class 4 | 385083 | 14916 | &nbsp;&nbsp; 612040 | 24612 | &nbsp;&nbsp; (768899)<br>| (29799)<br>| &nbsp;&nbsp; 228224 | 9729 |
| Total net increase (decrease) | $772442 | 29831 | &nbsp;&nbsp; $2469832 | 97417 | &nbsp;&nbsp; $(4217984)<br>| (160187)<br>| &nbsp;&nbsp; $(975710)<br>| (32939)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $189766 | 7473 | &nbsp;&nbsp; $1052819 | 42339 | &nbsp;&nbsp; $(2193455)<br>| (86366)<br>| &nbsp;&nbsp; $(950870)<br>| (36554)<br>|
| Class 1A | 9384 | 373 | &nbsp;&nbsp; 2270 | 91 | &nbsp;&nbsp; (5272)<br>| (211)<br>| &nbsp;&nbsp; 6382 | 253 |
| Class 2 | 63147 | 2538 | &nbsp;&nbsp; 280024 | 11458 | &nbsp;&nbsp; (646053)<br>| (25867)<br>| &nbsp;&nbsp; (302882)<br>| (11871)<br>|
| Class 3 | 546 | 22 | &nbsp;&nbsp; 2019 | 81 | &nbsp;&nbsp; (3219)<br>| (128)<br>| &nbsp;&nbsp; (654)<br>| (25)<br>|
| Class 4 | 595855 | 24315 | &nbsp;&nbsp; 406136 | 16791 | &nbsp;&nbsp; (703265)<br>| (28339)<br>| &nbsp;&nbsp; 298726 | 12767 |
| Total net increase (decrease) | $858698 | 34721 | &nbsp;&nbsp; $1743268 | 70760 | &nbsp;&nbsp; $(3551264)<br>| (140911)<br>| &nbsp;&nbsp; $(949298)<br>| (35430)<br>|

---

**American Funds Global Balanced Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | &nbsp;&nbsp; $6531 | &nbsp;&nbsp; 484 | &nbsp;&nbsp;&nbsp; $5082 | &nbsp;&nbsp; 376 | &nbsp;&nbsp;&nbsp; $(20431)<br>| &nbsp;&nbsp; (1505)<br>| &nbsp;&nbsp;&nbsp; $(8818)<br>| &nbsp;&nbsp; (645)<br>|
| Class 1A | &nbsp;&nbsp; 829 | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; (593)<br>| &nbsp;&nbsp; (44)<br>| &nbsp;&nbsp;&nbsp; 448 | &nbsp;&nbsp; 32 |
| Class 2 | &nbsp;&nbsp; 4258 | &nbsp;&nbsp; 313 | &nbsp;&nbsp;&nbsp; 7557 | &nbsp;&nbsp; 564 | &nbsp;&nbsp;&nbsp; (29048)<br>| &nbsp;&nbsp; (2132)<br>| &nbsp;&nbsp;&nbsp; (17233)<br>| &nbsp;&nbsp; (1255)<br>|
| Class 4 | &nbsp;&nbsp; 52129 | &nbsp;&nbsp; 3887 | &nbsp;&nbsp;&nbsp; 8574 | &nbsp;&nbsp; 652 | &nbsp;&nbsp;&nbsp; (21417)<br>| &nbsp;&nbsp; (1605)<br>| &nbsp;&nbsp;&nbsp; 39286 | &nbsp;&nbsp; 2934 |
| Total net increase (decrease) | &nbsp;&nbsp; $63747 | &nbsp;&nbsp; 4744 | &nbsp;&nbsp;&nbsp; $21425 | &nbsp;&nbsp; 1608 | &nbsp;&nbsp;&nbsp; $(71489)<br>| &nbsp;&nbsp; (5286)<br>| &nbsp;&nbsp;&nbsp; $13683 | &nbsp;&nbsp; 1066 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $5008 | &nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp; $1963 | &nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp; $(13832)<br>| &nbsp;&nbsp; (1065)<br>| &nbsp;&nbsp;&nbsp; $(6861)<br>| &nbsp;&nbsp; (530)<br>|
| Class 1A | &nbsp;&nbsp; 1071 | &nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; (316)<br>| &nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; 819 | &nbsp;&nbsp; 62 |
| Class 2 | &nbsp;&nbsp; 5061 | &nbsp;&nbsp; 388 | &nbsp;&nbsp;&nbsp; 2714 | &nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp; (26779)<br>| &nbsp;&nbsp; (2070)<br>| &nbsp;&nbsp;&nbsp; (19004)<br>| &nbsp;&nbsp; (1474)<br>|
| Class 4 | &nbsp;&nbsp; 23792 | &nbsp;&nbsp; 1863 | &nbsp;&nbsp;&nbsp; 2307 | &nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp; (15540)<br>| &nbsp;&nbsp; (1226)<br>| &nbsp;&nbsp;&nbsp; 10559 | &nbsp;&nbsp; 817 |
| Total net increase (decrease) | &nbsp;&nbsp; $34932 | &nbsp;&nbsp; 2719 | &nbsp;&nbsp;&nbsp; $7048 | &nbsp;&nbsp; 542 | &nbsp;&nbsp;&nbsp; $(56467)<br>| &nbsp;&nbsp; (4386)<br>| &nbsp;&nbsp;&nbsp; $(14487)<br>| &nbsp;&nbsp; (1125)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **362** |

---

------

**The Bond Fund of America** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $967884 | 101560 | &nbsp;&nbsp; $301425 | 31796 | &nbsp;&nbsp; $(1549531)<br>| (162304)<br>| &nbsp;&nbsp; $(280222)<br>| (28948)<br>|
| Class 1A | 78228 | 8287 | &nbsp;&nbsp; 12103 | 1287 | &nbsp;&nbsp; (20799)<br>| (2206)<br>| &nbsp;&nbsp; 69532 | 7368 |
| Class 2 | 95476 | 10155 | &nbsp;&nbsp; 115204 | 12362 | &nbsp;&nbsp; (327900)<br>| (34938)<br>| &nbsp;&nbsp; (117220)<br>| (12421)<br>|
| Class 4 | 277694 | 29681 | &nbsp;&nbsp; 56394 | 6089 | &nbsp;&nbsp; (125920)<br>| (13500)<br>| &nbsp;&nbsp; 208168 | 22270 |
| Total net increase (decrease) | $1419282 | 149683 | &nbsp;&nbsp; $485126 | 51534 | &nbsp;&nbsp; $(2024150)<br>| (212948)<br>| &nbsp;&nbsp; $(119742)<br>| (11731)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $997057 | 104811 | &nbsp;&nbsp; $303806 | 32314 | &nbsp;&nbsp; $(1023095)<br>| (106864)<br>| &nbsp;&nbsp; $277768 | 30261 |
| Class 1A | 30267 | 3210 | &nbsp;&nbsp; 8908 | 955 | &nbsp;&nbsp; (69212)<br>| (7414)<br>| &nbsp;&nbsp; (30037)<br>| (3249)<br>|
| Class 2 | 118960 | 12741 | &nbsp;&nbsp; 115243 | 12454 | &nbsp;&nbsp; (268162)<br>| (28438)<br>| &nbsp;&nbsp; (33959)<br>| (3243)<br>|
| Class 4 | 297378 | 31907 | &nbsp;&nbsp; 45913 | 4990 | &nbsp;&nbsp; (82229)<br>| (8801)<br>| &nbsp;&nbsp; 261062 | 28096 |
| Total net increase (decrease) | $1443662 | 152669 | &nbsp;&nbsp; $473870 | 50713 | &nbsp;&nbsp; $(1442698)<br>| (151517)<br>| &nbsp;&nbsp; $474834 | 51865 |

---

**Capital World Bond Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $81146 | 7964 | &nbsp;&nbsp;&nbsp; $19172 | 1887 | &nbsp;&nbsp;&nbsp; $(113554)<br>| (11168)<br>| &nbsp;&nbsp;&nbsp; $(13236)<br>| (1317)<br>|
| Class 1A | 6629 | 658 | &nbsp;&nbsp;&nbsp; 837 | 83 | &nbsp;&nbsp;&nbsp; (19119)<br>| (1921)<br>| &nbsp;&nbsp;&nbsp; (11653)<br>| (1180)<br>|
| Class 2 | 78645 | 7818 | &nbsp;&nbsp;&nbsp; 22086 | 2199 | &nbsp;&nbsp;&nbsp; (148416)<br>| (14851)<br>| &nbsp;&nbsp;&nbsp; (47685)<br>| (4834)<br>|
| Class 4 | 24427 | 2456 | &nbsp;&nbsp;&nbsp; 2211 | 224 | &nbsp;&nbsp;&nbsp; (9368)<br>| (946)<br>| &nbsp;&nbsp;&nbsp; 17270 | 1734 |
| Total net increase (decrease) | $190847 | 18896 | &nbsp;&nbsp;&nbsp; $44306 | 4393 | &nbsp;&nbsp;&nbsp; $(290457)<br>| (28886)<br>| &nbsp;&nbsp;&nbsp; $(55304)<br>| (5597)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $50423 | 5049 | &nbsp;&nbsp;&nbsp; $15387 | 1561 | &nbsp;&nbsp;&nbsp; $(110677)<br>| (11006)<br>| &nbsp;&nbsp;&nbsp; $(44867)<br>| (4396)<br>|
| Class 1A | 39370 | 4030 | &nbsp;&nbsp;&nbsp; 983 | 100 | &nbsp;&nbsp;&nbsp; (1586)<br>| (160)<br>| &nbsp;&nbsp;&nbsp; 38767 | 3970 |
| Class 2 | 107727 | 10975 | &nbsp;&nbsp;&nbsp; 16410 | 1683 | &nbsp;&nbsp;&nbsp; (141037)<br>| (14229)<br>| &nbsp;&nbsp;&nbsp; (16900)<br>| (1571)<br>|
| Class 4 | 13021 | 1348 | &nbsp;&nbsp;&nbsp; 1135 | 119 | &nbsp;&nbsp;&nbsp; (7549)<br>| (775)<br>| &nbsp;&nbsp;&nbsp; 6607 | 692 |
| Total net increase (decrease) | $210541 | 21402 | &nbsp;&nbsp;&nbsp; $33915 | 3463 | &nbsp;&nbsp;&nbsp; $(260849)<br>| (26170)<br>| &nbsp;&nbsp;&nbsp; $(16393)<br>| (1305)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **363** | American Funds Insurance Series |

---

------

**American High-Income Trust** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $34287 | 3728 | &nbsp;&nbsp;&nbsp; $16202 | 1746 | &nbsp;&nbsp;&nbsp; $(29101)<br>| (3085)<br>| &nbsp;&nbsp;&nbsp; $21388 | 2389 |
| Class 1A | 5913 | 617 | &nbsp;&nbsp;&nbsp; 438 | 47 | &nbsp;&nbsp;&nbsp; (1640)<br>| (174)<br>| &nbsp;&nbsp;&nbsp; 4711 | 490 |
| Class 2 | 34261 | 3735 | &nbsp;&nbsp;&nbsp; 34272 | 3796 | &nbsp;&nbsp;&nbsp; (79188)<br>| (8621)<br>| &nbsp;&nbsp;&nbsp; (10655)<br>| (1090)<br>|
| Class 3 | 292 | 31 | &nbsp;&nbsp;&nbsp; 495 | 53 | &nbsp;&nbsp;&nbsp; (1072)<br>| (113)<br>| &nbsp;&nbsp;&nbsp; (285)<br>| (29)<br>|
| Class 4 | 121429 | 11743 | &nbsp;&nbsp;&nbsp; 12704 | 1244 | &nbsp;&nbsp;&nbsp; (57610)<br>| (5614)<br>| &nbsp;&nbsp;&nbsp; 76523 | 7373 |
| Total net increase (decrease) | $196182 | 19854 | &nbsp;&nbsp;&nbsp; $64111 | 6886 | &nbsp;&nbsp;&nbsp; $(168611)<br>| (17607)<br>| &nbsp;&nbsp;&nbsp; $91682 | 9133 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $9340 | 1009 | &nbsp;&nbsp;&nbsp; $15096 | 1627 | &nbsp;&nbsp;&nbsp; $(25253)<br>| (2709)<br>| &nbsp;&nbsp;&nbsp; $(817)<br>| (73)<br>|
| Class 1A | 996 | 107 | &nbsp;&nbsp;&nbsp; 199 | 21 | &nbsp;&nbsp;&nbsp; (720)<br>| (77)<br>| &nbsp;&nbsp;&nbsp; 475 | 51 |
| Class 2 | 18069 | 1979 | &nbsp;&nbsp;&nbsp; 35146 | 3885 | &nbsp;&nbsp;&nbsp; (64581)<br>| (7119)<br>| &nbsp;&nbsp;&nbsp; (11366)<br>| (1255)<br>|
| Class 3 | 151 | 16 | &nbsp;&nbsp;&nbsp; 529 | 57 | &nbsp;&nbsp;&nbsp; (1201)<br>| (130)<br>| &nbsp;&nbsp;&nbsp; (521)<br>| (57)<br>|
| Class 4 | 93982 | 9271 | &nbsp;&nbsp;&nbsp; 8335 | 821 | &nbsp;&nbsp;&nbsp; (55362)<br>| (5531)<br>| &nbsp;&nbsp;&nbsp; 46955 | 4561 |
| Total net increase (decrease) | $122538 | 12382 | &nbsp;&nbsp;&nbsp; $59305 | 6411 | &nbsp;&nbsp;&nbsp; $(147117)<br>| (15566)<br>| &nbsp;&nbsp;&nbsp; $34726 | 3227 |

---

**American Funds Mortgage Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | &nbsp;&nbsp; $422 | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; $803 | &nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; $(161)<br>| &nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp; $1064 | &nbsp;&nbsp; 113 |
| Class 1A | &nbsp;&nbsp; 765 | &nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; (381)<br>| &nbsp;&nbsp; (41)<br>| &nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp; 57 |
| Class 2 | &nbsp;&nbsp; 2443 | &nbsp;&nbsp; 262 | &nbsp;&nbsp;&nbsp; 1703 | &nbsp;&nbsp; 184 | &nbsp;&nbsp;&nbsp; (6870)<br>| &nbsp;&nbsp; (736)<br>| &nbsp;&nbsp;&nbsp; (2724)<br>| &nbsp;&nbsp; (290)<br>|
| Class 4 | &nbsp;&nbsp; 17888 | &nbsp;&nbsp; 1929 | &nbsp;&nbsp;&nbsp; 2473 | &nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp; (8887)<br>| &nbsp;&nbsp; (963)<br>| &nbsp;&nbsp;&nbsp; 11474 | &nbsp;&nbsp; 1236 |
| Total net increase (decrease) | &nbsp;&nbsp; $21518 | &nbsp;&nbsp; 2319 | &nbsp;&nbsp;&nbsp; $5115 | &nbsp;&nbsp; 554 | &nbsp;&nbsp;&nbsp; $(16299)<br>| &nbsp;&nbsp; (1757)<br>| &nbsp;&nbsp;&nbsp; $10334 | &nbsp;&nbsp; 1116 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $170 | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; $804 | &nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; $(279)<br>| &nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp; $695 | &nbsp;&nbsp; 75 |
| Class 1A | &nbsp;&nbsp; 976 | &nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; (195)<br>| &nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp; 902 | &nbsp;&nbsp; 97 |
| Class 2 | &nbsp;&nbsp; 3228 | &nbsp;&nbsp; 349 | &nbsp;&nbsp;&nbsp; 1928 | &nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp; (5636)<br>| &nbsp;&nbsp; (603)<br>| &nbsp;&nbsp;&nbsp; (480)<br>| &nbsp;&nbsp; (43)<br>|
| Class 4 | &nbsp;&nbsp; 18316 | &nbsp;&nbsp; 1981 | &nbsp;&nbsp;&nbsp; 2148 | &nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp; (14351)<br>| &nbsp;&nbsp; (1539)<br>| &nbsp;&nbsp;&nbsp; 6113 | &nbsp;&nbsp; 681 |
| Total net increase (decrease) | &nbsp;&nbsp; $22690 | &nbsp;&nbsp; 2453 | &nbsp;&nbsp;&nbsp; $5001 | &nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp; $(20461)<br>| &nbsp;&nbsp; (2193)<br>| &nbsp;&nbsp;&nbsp; $7230 | &nbsp;&nbsp; 810 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **364** |

---

------

**Ultra-Short Bond Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $12058 | 1051 | &nbsp;&nbsp;&nbsp; $1510 | 134 | &nbsp;&nbsp;&nbsp; $(16422)<br>| (1436)<br>| &nbsp;&nbsp;&nbsp; $(2854)<br>| (251)<br>|
| Class 1A |  |  | &nbsp;&nbsp;&nbsp; 5 | — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 5 | — <br><sup>2</sup><br>|
| Class 2 | 56142 | 5069 | &nbsp;&nbsp;&nbsp; 9131 | 838 | &nbsp;&nbsp;&nbsp; (94607)<br>| (8552)<br>| &nbsp;&nbsp;&nbsp; (29334)<br>| (2645)<br>|
| Class 3 | 305 | 27 | &nbsp;&nbsp;&nbsp; 156 | 14 | &nbsp;&nbsp;&nbsp; (904)<br>| (81)<br>| &nbsp;&nbsp;&nbsp; (443)<br>| (40)<br>|
| Class 4 | 54897 | 4953 | &nbsp;&nbsp;&nbsp; 2138 | 195 | &nbsp;&nbsp;&nbsp; (54897)<br>| (4931)<br>| &nbsp;&nbsp;&nbsp; 2138 | 217 |
| Total net increase (decrease) | $123402 | 11100 | &nbsp;&nbsp;&nbsp; $12940 | 1181 | &nbsp;&nbsp;&nbsp; $(166830)<br>| (15000)<br>| &nbsp;&nbsp;&nbsp; $(30488)<br>| (2719)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $16477 | 1429 | &nbsp;&nbsp;&nbsp; $1996 | 176 | &nbsp;&nbsp;&nbsp; $(20160)<br>| (1740)<br>| &nbsp;&nbsp;&nbsp; $(1687)<br>| (135)<br>|
| Class 1A |  |  | &nbsp;&nbsp;&nbsp; 6 | 1 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 6 | 1 |
| Class 2 | 57235 | 5128 | &nbsp;&nbsp;&nbsp; 12858 | 1175 | &nbsp;&nbsp;&nbsp; (97431)<br>| (8724)<br>| &nbsp;&nbsp;&nbsp; (27338)<br>| (2421)<br>|
| Class 3 | 370 | 32 | &nbsp;&nbsp;&nbsp; 204 | 19 | &nbsp;&nbsp;&nbsp; (841)<br>| (74)<br>| &nbsp;&nbsp;&nbsp; (267)<br>| (23)<br>|
| Class 4 | 19303 | 1714 | &nbsp;&nbsp;&nbsp; 2569 | 233 | &nbsp;&nbsp;&nbsp; (26048)<br>| (2325)<br>| &nbsp;&nbsp;&nbsp; (4176)<br>| (378)<br>|
| Total net increase (decrease) | $93385 | 8303 | &nbsp;&nbsp;&nbsp; $17633 | 1604 | &nbsp;&nbsp;&nbsp; $(144480)<br>| (12863)<br>| &nbsp;&nbsp;&nbsp; $(33462)<br>| (2956)<br>|

---

**U.S. Government Securities Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $69757 | 7044 | &nbsp;&nbsp;&nbsp; $11280 | 1145 | &nbsp;&nbsp;&nbsp; $(96647)<br>| (9743)<br>| &nbsp;&nbsp;&nbsp; $(15610)<br>| (1554)<br>|
| Class 1A | 34073 | 3475 | &nbsp;&nbsp;&nbsp; 12377 | 1264 | &nbsp;&nbsp;&nbsp; (41345)<br>| (4222)<br>| &nbsp;&nbsp;&nbsp; 5105 | 517 |
| Class 2 | 118543 | 12052 | &nbsp;&nbsp;&nbsp; 44750 | 4609 | &nbsp;&nbsp;&nbsp; (191505)<br>| (19527)<br>| &nbsp;&nbsp;&nbsp; (28212)<br>| (2866)<br>|
| Class 3 | 420 | 42 | &nbsp;&nbsp;&nbsp; 212 | 22 | &nbsp;&nbsp;&nbsp; (877)<br>| (88)<br>| &nbsp;&nbsp;&nbsp; (245)<br>| (24)<br>|
| Class 4 | 114384 | 11659 | &nbsp;&nbsp;&nbsp; 10129 | 1045 | &nbsp;&nbsp;&nbsp; (86038)<br>| (8789)<br>| &nbsp;&nbsp;&nbsp; 38475 | 3915 |
| Total net increase (decrease) | $337177 | 34272 | &nbsp;&nbsp;&nbsp; $78748 | 8085 | &nbsp;&nbsp;&nbsp; $(416412)<br>| (42369)<br>| &nbsp;&nbsp;&nbsp; $(487)<br>| (12)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $68973 | 6957 | &nbsp;&nbsp;&nbsp; $10757 | 1108 | &nbsp;&nbsp;&nbsp; $(60235)<br>| (6083)<br>| &nbsp;&nbsp;&nbsp; $19495 | 1982 |
| Class 1A | 283124 | 28940 | &nbsp;&nbsp;&nbsp; 11344 | 1174 | &nbsp;&nbsp;&nbsp; (6503)<br>| (659)<br>| &nbsp;&nbsp;&nbsp; 287965 | 29455 |
| Class 2 | 101793 | 10487 | &nbsp;&nbsp;&nbsp; 42550 | 4440 | &nbsp;&nbsp;&nbsp; (132491)<br>| (13544)<br>| &nbsp;&nbsp;&nbsp; 11852 | 1383 |
| Class 3 | 881 | 89 | &nbsp;&nbsp;&nbsp; 204 | 21 | &nbsp;&nbsp;&nbsp; (1780)<br>| (181)<br>| &nbsp;&nbsp;&nbsp; (695)<br>| (71)<br>|
| Class 4 | 72367 | 7407 | &nbsp;&nbsp;&nbsp; 7920 | 827 | &nbsp;&nbsp;&nbsp; (45157)<br>| (4667)<br>| &nbsp;&nbsp;&nbsp; 35130 | 3567 |
| Total net increase (decrease) | $527138 | 53880 | &nbsp;&nbsp;&nbsp; $72775 | 7570 | &nbsp;&nbsp;&nbsp; $(246166)<br>| (25134)<br>| &nbsp;&nbsp;&nbsp; $353747 | 36316 |

---

**Managed Risk Growth Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class P1 | $906 | 67 | &nbsp;&nbsp;&nbsp; $806 | 62 | &nbsp;&nbsp;&nbsp; $(2055)<br>| (151)<br>| &nbsp;&nbsp;&nbsp; $(343)<br>| (22)<br>|
| Class P2 | 11175 | 851 | &nbsp;&nbsp;&nbsp; 27821 | 2164 | &nbsp;&nbsp;&nbsp; (95981)<br>| (7085)<br>| &nbsp;&nbsp;&nbsp; (56985)<br>| (4070)<br>|
| Total net increase (decrease) | $12081 | 918 | &nbsp;&nbsp;&nbsp; $28627 | 2226 | &nbsp;&nbsp;&nbsp; $(98036)<br>| (7236)<br>| &nbsp;&nbsp;&nbsp; $(57328)<br>| (4092)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | $974 | 79 | &nbsp;&nbsp;&nbsp; $93 | 8 | &nbsp;&nbsp;&nbsp; $(2663)<br>| (220)<br>| &nbsp;&nbsp;&nbsp; $(1596)<br>| (133)<br>|
| Class P2 | 10767 | 875 | &nbsp;&nbsp;&nbsp; 2326 | 197 | &nbsp;&nbsp;&nbsp; (100353)<br>| (8347)<br>| &nbsp;&nbsp;&nbsp; (87260)<br>| (7275)<br>|
| Total net increase (decrease) | $11741 | 954 | &nbsp;&nbsp;&nbsp; $2419 | 205 | &nbsp;&nbsp;&nbsp; $(103016)<br>| (8567)<br>| &nbsp;&nbsp;&nbsp; $(88856)<br>| (7408)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **365** | American Funds Insurance Series |

---

------

**Managed Risk International Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class P1 | &nbsp;&nbsp; $128 | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; $30 | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; $(215)<br>| &nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; $(57)<br>| &nbsp;&nbsp; (6)<br>|
| Class P2 | &nbsp;&nbsp; 3091 | &nbsp;&nbsp; 371 | &nbsp;&nbsp;&nbsp; 1450 | &nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp; (20067)<br>| &nbsp;&nbsp; (2311)<br>| &nbsp;&nbsp;&nbsp; (15526)<br>| &nbsp;&nbsp; (1762)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $3219 | &nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp; $1480 | &nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp; $(20282)<br>| &nbsp;&nbsp; (2336)<br>| &nbsp;&nbsp;&nbsp; $(15583)<br>| &nbsp;&nbsp; (1768)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | &nbsp;&nbsp; $146 | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; $29 | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; $(232)<br>| &nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp; $(57)<br>| &nbsp;&nbsp; (7)<br>|
| Class P2 | &nbsp;&nbsp; 5087 | &nbsp;&nbsp; 599 | &nbsp;&nbsp;&nbsp; 1532 | &nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp; (14961)<br>| &nbsp;&nbsp; (1722)<br>| &nbsp;&nbsp;&nbsp; (8342)<br>| &nbsp;&nbsp; (949)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $5233 | &nbsp;&nbsp; 616 | &nbsp;&nbsp;&nbsp; $1561 | &nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp; $(15193)<br>| &nbsp;&nbsp; (1749)<br>| &nbsp;&nbsp;&nbsp; $(8399)<br>| &nbsp;&nbsp; (956)<br>|

---

**Managed Risk Washington Mutual Investors Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class P1 | &nbsp;&nbsp; $169 | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; $58 | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; $(347)<br>| &nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp; $(120)<br>| &nbsp;&nbsp; (10)<br>|
| Class P2 | &nbsp;&nbsp; 6854 | &nbsp;&nbsp; 561 | &nbsp;&nbsp;&nbsp; 5902 | &nbsp;&nbsp; 497 | &nbsp;&nbsp;&nbsp; (45769)<br>| &nbsp;&nbsp; (3770)<br>| &nbsp;&nbsp;&nbsp; (33013)<br>| &nbsp;&nbsp; (2712)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $7023 | &nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp; $5960 | &nbsp;&nbsp; 502 | &nbsp;&nbsp;&nbsp; $(46116)<br>| &nbsp;&nbsp; (3799)<br>| &nbsp;&nbsp;&nbsp; $(33133)<br>| &nbsp;&nbsp; (2722)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | &nbsp;&nbsp; $290 | &nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; $53 | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; $(607)<br>| &nbsp;&nbsp; (54)<br>| &nbsp;&nbsp;&nbsp; $(264)<br>| &nbsp;&nbsp; (23)<br>|
| Class P2 | &nbsp;&nbsp; 6900 | &nbsp;&nbsp; 617 | &nbsp;&nbsp;&nbsp; 5422 | &nbsp;&nbsp; 490 | &nbsp;&nbsp;&nbsp; (51492)<br>| &nbsp;&nbsp; (4594)<br>| &nbsp;&nbsp;&nbsp; (39170)<br>| &nbsp;&nbsp; (3487)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $7190 | &nbsp;&nbsp; 643 | &nbsp;&nbsp;&nbsp; $5475 | &nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp; $(52099)<br>| &nbsp;&nbsp; (4648)<br>| &nbsp;&nbsp;&nbsp; $(39434)<br>| &nbsp;&nbsp; (3510)<br>|

---

**Managed Risk Growth-Income Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class P1 | $28162 | 1984 | &nbsp;&nbsp;&nbsp; $112468 | 8142 | &nbsp;&nbsp;&nbsp; $(296821)<br>| (20511)<br>| &nbsp;&nbsp;&nbsp; $(156191)<br>| (10385)<br>|
| Class P2 | 3550 | 249 | &nbsp;&nbsp;&nbsp; 15647 | 1145 | &nbsp;&nbsp;&nbsp; (47556)<br>| (3301)<br>| &nbsp;&nbsp;&nbsp; (28359)<br>| (1907)<br>|
| Total net increase (decrease) | $31712 | 2233 | &nbsp;&nbsp;&nbsp; $128115 | 9287 | &nbsp;&nbsp;&nbsp; $(344377)<br>| (23812)<br>| &nbsp;&nbsp;&nbsp; $(184550)<br>| (12292)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | $16125 | 1168 | &nbsp;&nbsp;&nbsp; $58164 | 4309 | &nbsp;&nbsp;&nbsp; $(346171)<br>| (25246)<br>| &nbsp;&nbsp;&nbsp; $(271882)<br>| (19769)<br>|
| Class P2 | 4069 | 297 | &nbsp;&nbsp;&nbsp; 7744 | 582 | &nbsp;&nbsp;&nbsp; (53124)<br>| (3920)<br>| &nbsp;&nbsp;&nbsp; (41311)<br>| (3041)<br>|
| Total net increase (decrease) | $20194 | 1465 | &nbsp;&nbsp;&nbsp; $65908 | 4891 | &nbsp;&nbsp;&nbsp; $(399295)<br>| (29166)<br>| &nbsp;&nbsp;&nbsp; $(313193)<br>| (22810)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **366** |

---

------

**Managed Risk Asset Allocation Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class P1 | $26 | 2 | &nbsp;&nbsp;&nbsp; $1070 | 86 | &nbsp;&nbsp;&nbsp; $(494)<br>| (38)<br>| &nbsp;&nbsp;&nbsp; $602 | 50 |
| Class P2 | 18388 | 1464 | &nbsp;&nbsp;&nbsp; 167196 | 13947 | &nbsp;&nbsp;&nbsp; (771163)<br>| (60543)<br>| &nbsp;&nbsp;&nbsp; (585579)<br>| (45132)<br>|
| Total net increase (decrease) | $18414 | 1466 | &nbsp;&nbsp;&nbsp; $168266 | 14033 | &nbsp;&nbsp;&nbsp; $(771657)<br>| (60581)<br>| &nbsp;&nbsp;&nbsp; $(584977)<br>| (45082)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | $1509 | 116 | &nbsp;&nbsp;&nbsp; $365 | 29 | &nbsp;&nbsp;&nbsp; $(1325)<br>| (108)<br>| &nbsp;&nbsp;&nbsp; $549 | 37 |
| Class P2 | 32478 | 2619 | &nbsp;&nbsp;&nbsp; 68762 | 5709 | &nbsp;&nbsp;&nbsp; (396241)<br>| (32260)<br>| &nbsp;&nbsp;&nbsp; (295001)<br>| (23932)<br>|
| Total net increase (decrease) | $33987 | 2735 | &nbsp;&nbsp;&nbsp; $69127 | 5738 | &nbsp;&nbsp;&nbsp; $(397566)<br>| (32368)<br>| &nbsp;&nbsp;&nbsp; $(294452)<br>| (23895)<br>|

---

<sup>1</sup>

Includes exchanges between share classes of the fund.

<sup>2</sup>

Amount less than one thousand.

<sup>3</sup>

Commencement of operations.

**11. Ownership concentration**

------

At December 31, 2025, American Funds Insurance Series - Portfolio Series - Managed Risk Growth and Income Portfolio held 16% and 12% of the outstanding shares of American Funds Insurance Series - Capital World Growth and Income Fund and American Funds Insurance Series - Capital Income Builder, respectively. Furthermore, American Funds Insurance Series - Portfolio Series - Managed Risk Global Allocation Portfolio held 16% of the outstanding shares of American Funds Insurance Series - American Funds Global Balanced Fund.

In addition, American Funds Insurance Series - Managed Risk Growth Portfolio held aggregate ownership of 88% of the outstanding shares of American Funds Insurance Series - U.S. Small and Mid Cap Equity Fund. The ownership percentage represents the seed money invested in the fund when it began operations. American Funds Insurance Series - U.S. Small and Mid Cap Equity Fund began operations on November 15, 2024.

**12. Investment transactions and other disclosures**

------

The following tables present additional information for each fund for the year ended December 31, 2025 (dollars in thousands):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global** <br>**Growth** <br>**Fund**<br>| **Global** <br>**Small** <br>**Capitalization** <br>**Fund**<br>| **Growth** <br>**Fund**<br>| **International** <br>**Fund**<br>| **New** <br>**World** <br>**Fund**<br>| **Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>|
| Purchases of investment securities\* | &nbsp;&nbsp; $3656642 | &nbsp;&nbsp; $1452423 | &nbsp;&nbsp; $13253467 | &nbsp;&nbsp; $4365483 | &nbsp;&nbsp; $1743062 | &nbsp;&nbsp; $4143311 |
| Sales of investment securities\* | &nbsp;&nbsp; 4157232 | &nbsp;&nbsp; 1904785 | &nbsp;&nbsp; 15938916 | &nbsp;&nbsp; 5008755 | &nbsp;&nbsp; 1945071 | &nbsp;&nbsp; 4942962 |
| Non-U.S. taxes paid on dividend income | &nbsp;&nbsp; 6075 | &nbsp;&nbsp; 1809 | &nbsp;&nbsp; 5326 | &nbsp;&nbsp; 13842 | &nbsp;&nbsp; 6486 | &nbsp;&nbsp; 1223 |
| Non-U.S. taxes (refunded) paid on interest <br> income<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 73 | &nbsp;&nbsp; — |
| Non-U.S. taxes refunded (paid) on realized <br> gains<br>| &nbsp;&nbsp; (575)<br>| &nbsp;&nbsp; 6710 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10979 | &nbsp;&nbsp; 6156 | &nbsp;&nbsp; — |
| Non-U.S. taxes provided on unrealized <br> appreciation<br>| &nbsp;&nbsp; 4050 | &nbsp;&nbsp; 16423 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26206 | &nbsp;&nbsp; 18398 | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **367** | American Funds Insurance Series |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Small** <br> **and Mid** <br>**Cap Equity** <br> **Fund**<br>| **Capital** <br>**World** <br> **Growth** <br>**and Income** <br>**Fund**<br>| **Growth-** <br>**Income** <br>**Fund**<br>| **International** <br>**Growth** <br>**and Income** <br>**Fund**<br>| **Capital** <br>**Income** <br>**Builder**<br>| <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| Purchases of investment securities\* | &nbsp;&nbsp; $120447 | &nbsp;&nbsp; $858369 | &nbsp;&nbsp; $10813388 | &nbsp;&nbsp; $175002 | &nbsp;&nbsp; $768196 | &nbsp;&nbsp; $19856310 |
| Sales of investment securities\* | &nbsp;&nbsp; 40880 | &nbsp;&nbsp; 1049450 | &nbsp;&nbsp; 14833476 | &nbsp;&nbsp; 191476 | &nbsp;&nbsp; 769516 | &nbsp;&nbsp; 23654064 |
| Non-U.S. taxes paid on dividend income | &nbsp;&nbsp; — | &nbsp;&nbsp; 1944 | &nbsp;&nbsp; 4363 | &nbsp;&nbsp; 879 | &nbsp;&nbsp; 1935 | &nbsp;&nbsp; 4168 |
| Non-U.S. taxes (refunded) paid on interest <br> income<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Non-U.S. taxes refunded (paid) on realized <br> gains<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 170 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; — |
| Non-U.S. taxes provided on unrealized <br> appreciation<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 679 | &nbsp;&nbsp; — | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 427 | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**Funds** <br>**Global** <br>**Balanced** <br>**Fund**<br>| **The Bond** <br> **Fund** <br>**of America**<br>| **Capital** <br>**World Bond** <br>**Fund**<br>| **American** <br>**High-Income** <br>**Trust**<br>| **American** <br> **Funds** <br>**Mortgage** <br> **Fund**<br>| **Ultra-Short** <br>**Bond** <br>**Fund**<br>|
| Purchases of investment securities\* | &nbsp;&nbsp; $317783 | &nbsp;&nbsp; $12490283 | &nbsp;&nbsp; $1356541 | &nbsp;&nbsp; $445624 | &nbsp;&nbsp; $450360 | &nbsp;&nbsp; $— |
| Sales of investment securities\* | &nbsp;&nbsp; 335715 | &nbsp;&nbsp; 13383953 | &nbsp;&nbsp; 1521836 | &nbsp;&nbsp; 359070 | &nbsp;&nbsp; 448538 | &nbsp;&nbsp; — |
| Non-U.S. taxes paid on dividend income | &nbsp;&nbsp; 359 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Non-U.S. taxes (refunded) paid on interest <br> income<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Non-U.S. taxes refunded (paid) on realized <br> gains<br>| &nbsp;&nbsp; 163 | &nbsp;&nbsp; — | &nbsp;&nbsp; 384 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Non-U.S. taxes provided on unrealized <br> appreciation<br>| &nbsp;&nbsp; 166 | &nbsp;&nbsp; — | &nbsp;&nbsp; 133 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S.** <br>**Government** <br>**Securities** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**International** <br>**Fund**<br>| **Managed** <br> **Risk** <br>**Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth-** <br>**Income** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| Purchases of investment securities\* | &nbsp;&nbsp; $3759879 | &nbsp;&nbsp; $157397 | &nbsp;&nbsp; $17979 | &nbsp;&nbsp; $65380 | &nbsp;&nbsp; $583778 | &nbsp;&nbsp; $267997 |
| Sales of investment securities\* | &nbsp;&nbsp; 3982540 | &nbsp;&nbsp; 225452 | &nbsp;&nbsp; 40733 | &nbsp;&nbsp; 93964 | &nbsp;&nbsp; 664906 | &nbsp;&nbsp; 889458 |

---

\*

Excludes in-kind transactions, short-term securities and U.S. government obligations, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **368** |

---

------

Financial highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $36.91 | &nbsp;&nbsp; $.44 | &nbsp;&nbsp; $6.92 | &nbsp;&nbsp; $7.36 | &nbsp;&nbsp; $(.60)<br>| &nbsp;&nbsp; $(4.88)<br>| &nbsp;&nbsp; $(5.48)<br>| &nbsp;&nbsp; $38.79 | 21.98<br> %<br>| &nbsp;&nbsp; $4115 | &nbsp;&nbsp; .52<br> %<br>| &nbsp;&nbsp; .42<br> %<br>| 1.18<br> %<br>|
| 12/31/2024 | 33.92 | &nbsp;&nbsp; .44 | 4.29 | 4.73 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.74)<br>| 36.91 | 13.94 | &nbsp;&nbsp; 3589 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .41 | 1.20 |
| 12/31/2023 | 30.18 | &nbsp;&nbsp; .36 | 6.30 | 6.66 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (2.92)<br>| 33.92 | 22.91 | &nbsp;&nbsp; 3418 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .41 | 1.13 |
| 12/31/2022 | 45.46 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (11.34)<br>| &nbsp;&nbsp; (11.00)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (4.28)<br>| 30.18 | &nbsp;&nbsp; (24.54)<br>| &nbsp;&nbsp; 3104 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .46 | 1.01 |
| 12/31/2021 | 41.16 | &nbsp;&nbsp; .25 | 6.48 | 6.73 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (2.43)<br>| 45.46 | 16.72 | &nbsp;&nbsp; 4270 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .56 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 36.70 | &nbsp;&nbsp; .30 | 6.90 | 7.20 | &nbsp;&nbsp; (.55)<br>| &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp; (5.43)<br>| 38.47 | 21.63 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .81 |
| 12/31/2024 | 33.74 | &nbsp;&nbsp; .35 | 4.26 | 4.61 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.65)<br>| 36.70 | 13.67 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .95 |
| 12/31/2023 | 30.04 | &nbsp;&nbsp; .28 | 6.26 | 6.54 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (2.84)<br>| 33.74 | 22.60 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .88 |
| 12/31/2022 | 45.28 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (11.31)<br>| &nbsp;&nbsp; (11.05)<br>| &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (4.19)<br>| 30.04 | &nbsp;&nbsp; (24.73)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .78 |
| 12/31/2021 | 41.02 | &nbsp;&nbsp; .14 | 6.46 | 6.60 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (2.34)<br>| 45.28 | 16.45 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .33 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 36.37 | &nbsp;&nbsp; .34 | 6.79 | 7.13 | &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp; (5.39)<br>| 38.11 | 21.62 | &nbsp;&nbsp; 3725 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .93 |
| 12/31/2024 | 33.44 | &nbsp;&nbsp; .35 | 4.22 | 4.57 | &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.64)<br>| 36.37 | 13.68 | &nbsp;&nbsp; 3512 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .95 |
| 12/31/2023 | 29.79 | &nbsp;&nbsp; .28 | 6.21 | 6.49 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (2.84)<br>| 33.44 | 22.60 | &nbsp;&nbsp; 3522 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .88 |
| 12/31/2022 | 44.94 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (11.21)<br>| &nbsp;&nbsp; (10.96)<br>| &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (4.19)<br>| 29.79 | &nbsp;&nbsp; (24.74)<br>| &nbsp;&nbsp; 3234 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .76 |
| 12/31/2021 | 40.72 | &nbsp;&nbsp; .13 | 6.41 | 6.54 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (2.32)<br>| 44.94 | 16.42 | &nbsp;&nbsp; 4559 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .30 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 35.93 | &nbsp;&nbsp; .24 | 6.70 | 6.94 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp; (5.32)<br>| 37.55 | 21.34 | &nbsp;&nbsp; 1225 | 1.02 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; .67 |
| 12/31/2024 | 33.08 | &nbsp;&nbsp; .25 | 4.18 | 4.43 | &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.58)<br>| 35.93 | 13.39 | &nbsp;&nbsp; 937 | 1.02 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .69 |
| 12/31/2023 | 29.51 | &nbsp;&nbsp; .20 | 6.14 | 6.34 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (2.77)<br>| 33.08 | 22.29 | &nbsp;&nbsp; 732 | 1.02 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .63 |
| 12/31/2022 | 44.57 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; (11.12)<br>| &nbsp;&nbsp; (10.95)<br>| &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (4.11)<br>| 29.51 | &nbsp;&nbsp; (24.92)<br>| &nbsp;&nbsp; 584 | 1.03 | &nbsp;&nbsp; .96 | &nbsp;&nbsp; .52 |
| 12/31/2021 | 40.45 | &nbsp;&nbsp; .03 | 6.35 | 6.38 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (2.26)<br>| 44.57 | 16.14 | &nbsp;&nbsp; 744 | 1.05 | 1.04 | &nbsp;&nbsp; .07 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **369** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $18.15 | &nbsp;&nbsp; $.16 | &nbsp;&nbsp; $2.50 | &nbsp;&nbsp; $2.66 | &nbsp;&nbsp; $(.10)<br>| &nbsp;&nbsp; $(.40)<br>| &nbsp;&nbsp; $(.50)<br>| &nbsp;&nbsp; $20.31 | 14.89<br> %<br>| &nbsp;&nbsp; $784 | &nbsp;&nbsp; .70<br> %<br>| &nbsp;&nbsp; .65<br> %<br>| &nbsp;&nbsp; .84<br> %<br>|
| 12/31/2024 | 18.57 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.88)<br>| 18.15 | 2.59 | &nbsp;&nbsp; 942 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .66 |
| 12/31/2023 | 16.22 | &nbsp;&nbsp; .11 | 2.53 | 2.64 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.29)<br>| 18.57 | 16.45 | &nbsp;&nbsp; 1001 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .63 |
| 12/31/2022 | 34.17 | &nbsp;&nbsp; .05 | &nbsp;&nbsp; (9.50)<br>| &nbsp;&nbsp; (9.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp; (8.50)<br>| 16.22 | &nbsp;&nbsp; (29.37)<br>| &nbsp;&nbsp; 916 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .24 |
| 12/31/2021 | 32.64 | &nbsp;&nbsp; (.02)<br>| 2.32 | 2.30 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (.77)<br>| 34.17 | 6.98 | &nbsp;&nbsp; 1707 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; (.07)<br>|
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 17.88 | &nbsp;&nbsp; .11 | 2.46 | 2.57 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.46)<br>| 19.99 | 14.63 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .58 |
| 12/31/2024 | 18.31 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.84)<br>| 17.88 | 2.34 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; .40 |
| 12/31/2023 | 16.00 | &nbsp;&nbsp; .06 | 2.50 | 2.56 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.25)<br>| 18.31 | 16.15 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .38 |
| 12/31/2022 | 33.93 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (9.43)<br>| &nbsp;&nbsp; (9.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp; (8.50)<br>| 16.00 | &nbsp;&nbsp; (29.54)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; — <br><sup>5</sup><br>|
| 12/31/2021 | 32.49 | &nbsp;&nbsp; (.07)<br>| 2.28 | 2.21 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (.77)<br>| 33.93 | 6.73 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; (.21)<br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 17.05 | &nbsp;&nbsp; .10 | 2.35 | 2.45 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.46)<br>| 19.04 | 14.64 | &nbsp;&nbsp; 1757 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .58 |
| 12/31/2024 | 17.50 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.84)<br>| 17.05 | 2.33 | &nbsp;&nbsp; 1733 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; .41 |
| 12/31/2023 | 15.30 | &nbsp;&nbsp; .06 | 2.39 | 2.45 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.25)<br>| 17.50 | 16.17 | &nbsp;&nbsp; 1879 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .38 |
| 12/31/2022 | 32.94 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (9.14)<br>| &nbsp;&nbsp; (9.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp; (8.50)<br>| 15.30 | &nbsp;&nbsp; (29.55)<br>| &nbsp;&nbsp; 1762 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; — <br><sup>5</sup><br>|
| 12/31/2021 | 31.56 | &nbsp;&nbsp; (.10)<br>| 2.25 | 2.15 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (.77)<br>| 32.94 | 6.74 | &nbsp;&nbsp; 2521 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; (.30)<br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 17.01 | &nbsp;&nbsp; .05 | 2.35 | 2.40 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.44)<br>| 18.97 | 14.33 | &nbsp;&nbsp; 407 | 1.20 | 1.15 | &nbsp;&nbsp; .31 |
| 12/31/2024 | 17.46 | &nbsp;&nbsp; .03 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.80)<br>| 17.01 | 2.12 | &nbsp;&nbsp; 310 | 1.20 | 1.17 | &nbsp;&nbsp; .15 |
| 12/31/2023 | 15.28 | &nbsp;&nbsp; .02 | 2.37 | 2.39 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.21)<br>| 17.46 | 15.79 | &nbsp;&nbsp; 300 | 1.20 | 1.15 | &nbsp;&nbsp; .13 |
| 12/31/2022 | 32.96 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (9.13)<br>| &nbsp;&nbsp; (9.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp; (8.50)<br>| 15.28 | &nbsp;&nbsp; (29.69)<br>| &nbsp;&nbsp; 261 | 1.22 | 1.19 | &nbsp;&nbsp; (.25)<br>|
| 12/31/2021 | 31.67 | &nbsp;&nbsp; (.18)<br>| 2.24 | 2.06 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (.77)<br>| 32.96 | 6.43 | &nbsp;&nbsp; 344 | 1.24 | 1.24 | &nbsp;&nbsp; (.53)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **370** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $127.47 | &nbsp;&nbsp; $.36 | &nbsp;&nbsp; $24.17 | &nbsp;&nbsp; $24.53 | &nbsp;&nbsp; $(.33)<br>| &nbsp;&nbsp; $(10.61)<br>| &nbsp;&nbsp; $(10.94)<br>| &nbsp;&nbsp; $141.06 | 20.54<br> %<br>| &nbsp;&nbsp; $25168 | &nbsp;&nbsp; .34<br> %<br>| &nbsp;&nbsp; .27<br> %<br>|
| 12/31/2024 | 99.44 | &nbsp;&nbsp; .51 | 30.78 | 31.29 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (3.26)<br>| 127.47 | 31.96 | &nbsp;&nbsp; 21469 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .45 |
| 12/31/2023 | 76.29 | &nbsp;&nbsp; .57 | 28.16 | 28.73 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.58)<br>| 99.44 | 38.81 | &nbsp;&nbsp; 17382 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .65 |
| 12/31/2022 | 127.58 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; (37.03)<br>| &nbsp;&nbsp; (36.45)<br>| &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.84)<br>| 76.29 | &nbsp;&nbsp; (29.75)<br>| &nbsp;&nbsp; 13660 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .64 |
| 12/31/2021 | 120.22 | &nbsp;&nbsp; .46 | 24.29 | 24.75 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (17.39)<br>| 127.58 | 22.30 | &nbsp;&nbsp; 19783 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .37 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 126.11 | &nbsp;&nbsp; .03 | 23.86 | 23.89 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp; (10.82)<br>| 139.18 | 20.24 | &nbsp;&nbsp; 458 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .02 |
| 12/31/2024 | 98.46 | &nbsp;&nbsp; .22 | 30.43 | 30.65 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (3.00)<br>| 126.11 | 31.61 | &nbsp;&nbsp; 377 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .20 |
| 12/31/2023 | 75.61 | &nbsp;&nbsp; .35 | 27.88 | 28.23 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.38)<br>| 98.46 | 38.47 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .40 |
| 12/31/2022 | 126.70 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (36.79)<br>| &nbsp;&nbsp; (36.40)<br>| &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.69)<br>| 75.61 | &nbsp;&nbsp; (29.93)<br>| &nbsp;&nbsp; 187 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .45 |
| 12/31/2021 | 119.59 | &nbsp;&nbsp; .16 | 24.11 | 24.27 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (17.16)<br>| 126.70 | 21.97 | &nbsp;&nbsp; 121 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .13 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 125.79 | &nbsp;&nbsp; .03 | 23.80 | 23.83 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp; (10.82)<br>| 138.80 | 20.24 | &nbsp;&nbsp; 21576 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .02 |
| 12/31/2024 | 98.20 | &nbsp;&nbsp; .22 | 30.34 | 30.56 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (2.97)<br>| 125.79 | 31.61 | &nbsp;&nbsp; 20386 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .20 |
| 12/31/2023 | 75.41 | &nbsp;&nbsp; .35 | 27.80 | 28.15 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.36)<br>| 98.20 | 38.49 | &nbsp;&nbsp; 17879 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .40 |
| 12/31/2022 | 126.28 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (36.62)<br>| &nbsp;&nbsp; (36.27)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.60)<br>| 75.41 | &nbsp;&nbsp; (29.94)<br>| &nbsp;&nbsp; 14452 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .38 |
| 12/31/2021 | 119.18 | &nbsp;&nbsp; .15 | 24.03 | 24.18 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (17.08)<br>| 126.28 | 21.97 | &nbsp;&nbsp; 21986 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .12 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 12/31/2025 | 128.88 | &nbsp;&nbsp; .13 | 24.42 | 24.55 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp; (10.83)<br>| 142.60 | 20.32 | &nbsp;&nbsp; 293 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .09 |
| 12/31/2024 | 100.54 | &nbsp;&nbsp; .30 | 31.09 | 31.39 | &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (3.05)<br>| 128.88 | 31.70 | &nbsp;&nbsp; 276 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .27 |
| 12/31/2023 | 77.09 | &nbsp;&nbsp; .42 | 28.45 | 28.87 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.42)<br>| 100.54 | 38.56 | &nbsp;&nbsp; 236 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .47 |
| 12/31/2022 | 128.68 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (37.35)<br>| &nbsp;&nbsp; (36.93)<br>| &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.66)<br>| 77.09 | &nbsp;&nbsp; (29.89)<br>| &nbsp;&nbsp; 188 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .45 |
| 12/31/2021 | 121.13 | &nbsp;&nbsp; .24 | 24.47 | 24.71 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (17.16)<br>| 128.68 | 22.07 | &nbsp;&nbsp; 302 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .19 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 122.38 | &nbsp;&nbsp; (.29)<br>| 23.08 | 22.79 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp; (10.78)<br>| 134.39 | 19.93 | &nbsp;&nbsp; 7184 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.23)<br>|
| 12/31/2024 | 95.70 | &nbsp;&nbsp; (.06)<br>| 29.52 | 29.46 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (2.78)<br>| 122.38 | 31.29 | &nbsp;&nbsp; 5195 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.06)<br>|
| 12/31/2023 | 73.64 | &nbsp;&nbsp; .13 | 27.12 | 27.25 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.19)<br>| 95.70 | 38.13 | &nbsp;&nbsp; 3522 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .15 |
| 12/31/2022 | 123.79 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; (35.87)<br>| &nbsp;&nbsp; (35.75)<br>| &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.40)<br>| 73.64 | &nbsp;&nbsp; (30.11)<br>| &nbsp;&nbsp; 2409 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .14 |
| 12/31/2021 | 117.24 | &nbsp;&nbsp; (.15)<br>| 23.59 | 23.44 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (16.89)<br>| 123.79 | 21.69 | &nbsp;&nbsp; 3214 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.13)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **371** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $17.84 | &nbsp;&nbsp; $.35 | &nbsp;&nbsp; $4.47 | &nbsp;&nbsp; $4.82 | &nbsp;&nbsp; $(.33)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.33)<br>| &nbsp;&nbsp; $22.33 | 27.04<br> %<br>| &nbsp;&nbsp; $3364 | &nbsp;&nbsp; .53<br> %<br>| 1.79<br> %<br>|
| 12/31/2024 | 17.50 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.27)<br>| 17.84 | 3.40 | &nbsp;&nbsp; 3080 | &nbsp;&nbsp; .52 | 1.26 |
| 12/31/2023 | 15.31 | &nbsp;&nbsp; .25 | 2.20 | 2.45 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 17.50 | 16.12 | &nbsp;&nbsp; 3353 | &nbsp;&nbsp; .53 | 1.50 |
| 12/31/2022 | 22.70 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (4.79)<br>| &nbsp;&nbsp; (4.45)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.94)<br>| 15.31 | &nbsp;&nbsp; (20.57)<br>| &nbsp;&nbsp; 3157 | &nbsp;&nbsp; .54 | 1.95 |
| 12/31/2021 | 23.64 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.65)<br>| 22.70 | &nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp; 4747 | &nbsp;&nbsp; .55 | 1.57 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 17.75 | &nbsp;&nbsp; .30 | 4.43 | 4.73 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.28)<br>| 22.20 | 26.68 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .78 | 1.50 |
| 12/31/2024 | 17.41 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 17.75 | 3.17 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .99 |
| 12/31/2023 | 15.23 | &nbsp;&nbsp; .21 | 2.19 | 2.40 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 17.41 | 15.85 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .78 | 1.24 |
| 12/31/2022 | 22.61 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (4.78)<br>| &nbsp;&nbsp; (4.48)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.90)<br>| 15.23 | &nbsp;&nbsp; (20.80)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; .79 | 1.73 |
| 12/31/2021 | 23.55 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 22.61 | &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; .80 | 1.39 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 17.75 | &nbsp;&nbsp; .30 | 4.44 | 4.74 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.27)<br>| 22.22 | 26.77 | &nbsp;&nbsp; 3481 | &nbsp;&nbsp; .78 | 1.54 |
| 12/31/2024 | 17.41 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 17.75 | 3.16 | &nbsp;&nbsp; 3238 | &nbsp;&nbsp; .77 | 1.00 |
| 12/31/2023 | 15.23 | &nbsp;&nbsp; .21 | 2.19 | 2.40 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 17.41 | 15.84 | &nbsp;&nbsp; 3382 | &nbsp;&nbsp; .78 | 1.24 |
| 12/31/2022 | 22.60 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; (4.76)<br>| &nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.90)<br>| 15.23 | &nbsp;&nbsp; (20.79)<br>| &nbsp;&nbsp; 3164 | &nbsp;&nbsp; .79 | 1.71 |
| 12/31/2021 | 23.54 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; (.68)<br>| &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.59)<br>| 22.60 | &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; 4190 | &nbsp;&nbsp; .80 | 1.35 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 12/31/2025 | 17.90 | &nbsp;&nbsp; .32 | 4.48 | 4.80 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.29)<br>| 22.41 | 26.85 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; .71 | 1.61 |
| 12/31/2024 | 17.56 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.23)<br>| 17.90 | 3.19 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; .70 | 1.08 |
| 12/31/2023 | 15.35 | &nbsp;&nbsp; .22 | 2.22 | 2.44 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.23)<br>| 17.56 | 15.99 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .71 | 1.32 |
| 12/31/2022 | 22.76 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (4.81)<br>| &nbsp;&nbsp; (4.50)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.91)<br>| 15.35 | &nbsp;&nbsp; (20.76)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; .72 | 1.78 |
| 12/31/2021 | 23.69 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 22.76 | &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; .73 | 1.41 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 17.46 | &nbsp;&nbsp; .25 | 4.36 | 4.61 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 21.83 | 26.41 | &nbsp;&nbsp; 574 | 1.03 | 1.26 |
| 12/31/2024 | 17.13 | &nbsp;&nbsp; .14 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.18)<br>| 17.46 | 2.93 | &nbsp;&nbsp; 441 | 1.02 | &nbsp;&nbsp; .74 |
| 12/31/2023 | 14.99 | &nbsp;&nbsp; .16 | 2.16 | 2.32 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.18)<br>| 17.13 | 15.56 | &nbsp;&nbsp; 415 | 1.03 | &nbsp;&nbsp; .99 |
| 12/31/2022 | 22.31 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (4.71)<br>| &nbsp;&nbsp; (4.46)<br>| &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.86)<br>| 14.99 | &nbsp;&nbsp; (21.02)<br>| &nbsp;&nbsp; 373 | 1.04 | 1.47 |
| 12/31/2021 | 23.25 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.54)<br>| 22.31 | &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; 459 | 1.05 | 1.13 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **372** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $26.67 | &nbsp;&nbsp; $.49 | &nbsp;&nbsp; $6.93 | &nbsp;&nbsp; $7.42 | &nbsp;&nbsp; $(.41)<br>| &nbsp;&nbsp; $(1.21)<br>| &nbsp;&nbsp; $(1.62)<br>| &nbsp;&nbsp; $32.47 | 28.60<br> %<br>| &nbsp;&nbsp; $2103 | &nbsp;&nbsp; .65<br> %<br>| &nbsp;&nbsp; .58<br> %<br>| 1.66<br> %<br>|
| 12/31/2024 | 25.48 | &nbsp;&nbsp; .43 | 1.32 | 1.75 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.56)<br>| 26.67 | 6.86 | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .57 | 1.60 |
| 12/31/2023 | 22.30 | &nbsp;&nbsp; .40 | 3.19 | 3.59 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 25.48 | 16.22 | &nbsp;&nbsp; 1778 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .57 | 1.64 |
| 12/31/2022 | 31.83 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (7.17)<br>| &nbsp;&nbsp; (6.80)<br>| &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.73)<br>| 22.30 | &nbsp;&nbsp; (21.86)<br>| &nbsp;&nbsp; 1610 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; .57 | 1.48 |
| 12/31/2021 | 31.59 | &nbsp;&nbsp; .29 | 1.38 | 1.67 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.43)<br>| 31.83 | 5.16 | &nbsp;&nbsp; 2443 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; .88 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 26.53 | &nbsp;&nbsp; .37 | 6.93 | 7.30 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.58)<br>| 32.25 | 28.27 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .83 | 1.25 |
| 12/31/2024 | 25.36 | &nbsp;&nbsp; .36 | 1.31 | 1.67 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.50)<br>| 26.53 | 6.58 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 1.33 |
| 12/31/2023 | 22.19 | &nbsp;&nbsp; .33 | 3.20 | 3.53 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.36)<br>| 25.36 | 15.98 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 1.38 |
| 12/31/2022 | 31.70 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (7.15)<br>| &nbsp;&nbsp; (6.85)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.66)<br>| 22.19 | &nbsp;&nbsp; (22.09)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .82 | 1.24 |
| 12/31/2021 | 31.43 | &nbsp;&nbsp; .17 | 1.41 | 1.58 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.31)<br>| 31.70 | 4.90 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .54 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 26.33 | &nbsp;&nbsp; .41 | 6.84 | 7.25 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.55)<br>| 32.03 | 28.29 | &nbsp;&nbsp; 941 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .83 | 1.41 |
| 12/31/2024 | 25.17 | &nbsp;&nbsp; .36 | 1.30 | 1.66 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.50)<br>| 26.33 | 6.55 | &nbsp;&nbsp; 791 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 1.36 |
| 12/31/2023 | 22.02 | &nbsp;&nbsp; .33 | 3.17 | 3.50 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.35)<br>| 25.17 | 15.99 | &nbsp;&nbsp; 803 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 1.39 |
| 12/31/2022 | 31.48 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (7.10)<br>| &nbsp;&nbsp; (6.80)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.66)<br>| 22.02 | &nbsp;&nbsp; (22.10)<br>| &nbsp;&nbsp; 764 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .82 | 1.24 |
| 12/31/2021 | 31.25 | &nbsp;&nbsp; .20 | 1.38 | 1.58 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.35)<br>| 31.48 | 4.92 | &nbsp;&nbsp; 1086 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .63 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 26.09 | &nbsp;&nbsp; .33 | 6.77 | 7.10 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.48)<br>| 31.71 | 27.92 | &nbsp;&nbsp; 971 | 1.15 | 1.08 | 1.16 |
| 12/31/2024 | 24.95 | &nbsp;&nbsp; .29 | 1.28 | 1.57 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.43)<br>| 26.09 | 6.33 | &nbsp;&nbsp; 809 | 1.14 | 1.07 | 1.10 |
| 12/31/2023 | 21.84 | &nbsp;&nbsp; .27 | 3.14 | 3.41 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 24.95 | 15.67 | &nbsp;&nbsp; 787 | 1.14 | 1.07 | 1.14 |
| 12/31/2022 | 31.24 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; (7.03)<br>| &nbsp;&nbsp; (6.79)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.61)<br>| 21.84 | &nbsp;&nbsp; (22.25)<br>| &nbsp;&nbsp; 701 | 1.18 | 1.07 | &nbsp;&nbsp; .99 |
| 12/31/2021 | 31.04 | &nbsp;&nbsp; .12 | 1.36 | 1.48 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.28)<br>| 31.24 | 4.63 | &nbsp;&nbsp; 906 | 1.24 | 1.06 | &nbsp;&nbsp; .38 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **373** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>3</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>3</sup>  |
| **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $16.86 | &nbsp;&nbsp; $.29 | &nbsp;&nbsp; $2.52 | &nbsp;&nbsp; $2.81 | &nbsp;&nbsp; $(.29)<br>| &nbsp;&nbsp; $(1.20)<br>| &nbsp;&nbsp; $(1.49)<br>| &nbsp;&nbsp; $18.18 | 17.50<br> %<br>| &nbsp;&nbsp; $6435 | &nbsp;&nbsp; .41<br> %<br>| &nbsp;&nbsp; .26<br> %<br>| 1.66<br> %<br>|
| 12/31/2024 | 14.49 | &nbsp;&nbsp; .29 | 2.51 | 2.80 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.43)<br>| 16.86 | 19.40 | &nbsp;&nbsp; 6269 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .26 | 1.78 |
| 12/31/2023 | 12.69 | &nbsp;&nbsp; .28 | 1.92 | 2.20 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.40)<br>| 14.49 | 17.66 | &nbsp;&nbsp; 6020 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .27 | 2.07 |
| 12/31/2022 | 18.09 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (4.02)<br>| 12.69 | &nbsp;&nbsp; (8.28)<br>| &nbsp;&nbsp; 5507 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .26 | 2.13 |
| 12/31/2021 | 14.35 | &nbsp;&nbsp; .29 | 3.73 | 4.02 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.28)<br>| 18.09 | 28.12 | &nbsp;&nbsp; 6766 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .31 | 1.79 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 16.79 | &nbsp;&nbsp; .24 | 2.51 | 2.75 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (1.45)<br>| 18.09 | 17.21 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.41 |
| 12/31/2024 | 14.43 | &nbsp;&nbsp; .25 | 2.50 | 2.75 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.39)<br>| 16.79 | 19.15 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.53 |
| 12/31/2023 | 12.61 | &nbsp;&nbsp; .23 | 1.92 | 2.15 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.33)<br>| 14.43 | 17.29 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .52 | 1.77 |
| 12/31/2022 | 17.96 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (3.95)<br>| 12.61 | &nbsp;&nbsp; (8.45)<br>| &nbsp;&nbsp; 64 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.76 |
| 12/31/2021 | 14.28 | &nbsp;&nbsp; .27 | 3.67 | 3.94 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 17.96 | 27.70 | &nbsp;&nbsp; 169 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .53 | 1.62 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 16.53 | &nbsp;&nbsp; .24 | 2.46 | 2.70 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (1.44)<br>| 17.79 | 17.21 | &nbsp;&nbsp; 3148 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.41 |
| 12/31/2024 | 14.21 | &nbsp;&nbsp; .24 | 2.47 | 2.71 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.39)<br>| 16.53 | 19.14 | &nbsp;&nbsp; 3002 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.53 |
| 12/31/2023 | 12.46 | &nbsp;&nbsp; .24 | 1.88 | 2.12 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.37)<br>| 14.21 | 17.29 | &nbsp;&nbsp; 2899 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .52 | 1.82 |
| 12/31/2022 | 17.83 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (3.98)<br>| 12.46 | &nbsp;&nbsp; (8.45)<br>| &nbsp;&nbsp; 2775 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.88 |
| 12/31/2021 | 14.15 | &nbsp;&nbsp; .25 | 3.67 | 3.92 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 17.83 | 27.78 | &nbsp;&nbsp; 3426 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .56 | 1.54 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 16.34 | &nbsp;&nbsp; .20 | 2.42 | 2.62 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (1.41)<br>| 17.55 | 16.90 | &nbsp;&nbsp; 2353 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .76 | 1.16 |
| 12/31/2024 | 14.06 | &nbsp;&nbsp; .20 | 2.44 | 2.64 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.36)<br>| 16.34 | 18.85 | &nbsp;&nbsp; 1766 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .76 | 1.28 |
| 12/31/2023 | 12.34 | &nbsp;&nbsp; .20 | 1.86 | 2.06 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.34)<br>| 14.06 | 16.97 | &nbsp;&nbsp; 1344 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .77 | 1.58 |
| 12/31/2022 | 17.71 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (3.96)<br>| 12.34 | &nbsp;&nbsp; (8.69)<br>| &nbsp;&nbsp; 1098 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .77 | 1.64 |
| 12/31/2021 | 14.06 | &nbsp;&nbsp; .21 | 3.65 | 3.86 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.21)<br>| 17.71 | 27.51 | &nbsp;&nbsp; 1104 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; .81 | 1.30 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **374** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $9.71 | &nbsp;&nbsp; $.10 | &nbsp;&nbsp; $1.45 | &nbsp;&nbsp; $1.55 | &nbsp;&nbsp; $(.05)<br>| &nbsp;&nbsp; $— <br><sup>4</sup><br>| &nbsp;&nbsp; $(.05)<br>| &nbsp;&nbsp; $11.21 | 15.95<br> %<br>| &nbsp;&nbsp; $88 | &nbsp;&nbsp; .59<br> %<br>| &nbsp;&nbsp; .54<br> %<br>| &nbsp;&nbsp; .87<br> %<br>|
| 12/31/2024<sup>6,7</sup> <br>| 10.00 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 9.71 | &nbsp;&nbsp; (2.81 )<sup>8</sup><br>| &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .59 <br><sup>10</sup><br>| &nbsp;&nbsp; .54 <br><sup>10</sup><br>| &nbsp;&nbsp; .72 <br><sup>10</sup><br>|
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 9.71 | &nbsp;&nbsp; .08 | 1.46 | 1.54 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (.04)<br>| 11.21 | 15.93 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .68 <br><sup>11</sup><br>| &nbsp;&nbsp; .54 <br><sup>11</sup><br>| &nbsp;&nbsp; .74 <br><sup>11</sup><br>|
| 12/31/2024<sup>6,7</sup> <br>| 10.00 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 9.71 | &nbsp;&nbsp; (2.81 )<sup>811</sup><br>| &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .59 <br><sup>1011</sup><br>| &nbsp;&nbsp; .54 <br><sup>1011</sup><br>| &nbsp;&nbsp; .72 <br><sup>1011</sup><br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 9.71 | &nbsp;&nbsp; .08 | 1.46 | 1.54 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (.04)<br>| 11.21 | 15.93 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .68 <br><sup>11</sup><br>| &nbsp;&nbsp; .54 <br><sup>11</sup><br>| &nbsp;&nbsp; .74 <br><sup>11</sup><br>|
| 12/31/2024<sup>6,7</sup> <br>| 10.00 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 9.71 | &nbsp;&nbsp; (2.81 )<sup>811</sup><br>| &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .59 <br><sup>1011</sup><br>| &nbsp;&nbsp; .54 <br><sup>1011</sup><br>| &nbsp;&nbsp; .72 <br><sup>1011</sup><br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 9.71 | &nbsp;&nbsp; .07 | 1.47 | 1.54 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (.03)<br>| 11.22 | 15.88 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .64 |
| 12/31/2024<sup>6,7</sup> <br>| 10.00 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 9.71 | &nbsp;&nbsp; (2.82 )<sup>811</sup><br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; .59 <br><sup>1011</sup><br>| &nbsp;&nbsp; .55 <br><sup>1011</sup><br>| &nbsp;&nbsp; .71 <br><sup>1011</sup><br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **375** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $15.53 | &nbsp;&nbsp; $.29 | &nbsp;&nbsp; $3.51 | &nbsp;&nbsp; $3.80 | &nbsp;&nbsp; $(.28)<br>| &nbsp;&nbsp; $(.61)<br>| &nbsp;&nbsp; $(.89)<br>| &nbsp;&nbsp; $18.44 | 25.16<br> %<br>| &nbsp;&nbsp; $622 | &nbsp;&nbsp; .52<br> %<br>| &nbsp;&nbsp; .42<br> %<br>| 1.70<br> %<br>|
| 12/31/2024 | 13.85 | &nbsp;&nbsp; .27 | 1.71 | 1.98 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 15.53 | 14.24 | &nbsp;&nbsp; 597 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .42 | 1.75 |
| 12/31/2023 | 11.67 | &nbsp;&nbsp; .27 | 2.19 | 2.46 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.28)<br>| 13.85 | 21.22 | &nbsp;&nbsp; 579 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .41 | 2.08 |
| 12/31/2022 | 18.42 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp; (3.79)<br>| 11.67 | &nbsp;&nbsp; (17.13)<br>| &nbsp;&nbsp; 548 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .41 | 2.36 |
| 12/31/2021 | 16.67 | &nbsp;&nbsp; .38 | 2.10 | 2.48 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.73)<br>| 18.42 | 15.03 | &nbsp;&nbsp; 812 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .47 | 2.14 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 15.44 | &nbsp;&nbsp; .24 | 3.48 | 3.72 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (.85)<br>| 18.31 | 24.79 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .67 | 1.43 |
| 12/31/2024 | 13.77 | &nbsp;&nbsp; .23 | 1.70 | 1.93 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 15.44 | 14.00 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .67 | 1.50 |
| 12/31/2023 | 11.61 | &nbsp;&nbsp; .23 | 2.18 | 2.41 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.25)<br>| 13.77 | 20.87 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | 1.83 |
| 12/31/2022 | 18.34 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; (3.25)<br>| &nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp; (3.76)<br>| 11.61 | &nbsp;&nbsp; (17.29)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; .66 | 2.13 |
| 12/31/2021 | 16.62 | &nbsp;&nbsp; .37 | 2.06 | 2.43 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.71)<br>| 18.34 | 14.71 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; .70 | 2.08 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 15.49 | &nbsp;&nbsp; .24 | 3.50 | 3.74 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (.85)<br>| 18.38 | 24.80 | &nbsp;&nbsp; 1090 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .67 | 1.45 |
| 12/31/2024 | 13.81 | &nbsp;&nbsp; .23 | 1.71 | 1.94 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 15.49 | 14.00 | &nbsp;&nbsp; 1015 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .67 | 1.51 |
| 12/31/2023 | 11.64 | &nbsp;&nbsp; .23 | 2.18 | 2.41 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 13.81 | 20.88 | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | 1.83 |
| 12/31/2022 | 18.38 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp; (3.76)<br>| 11.64 | &nbsp;&nbsp; (17.33)<br>| &nbsp;&nbsp; 983 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; .66 | 2.11 |
| 12/31/2021 | 16.63 | &nbsp;&nbsp; .33 | 2.11 | 2.44 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.69)<br>| 18.38 | 14.78 | &nbsp;&nbsp; 1340 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; .73 | 1.85 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 15.08 | &nbsp;&nbsp; .19 | 3.40 | 3.59 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (.82)<br>| 17.85 | 24.46 | &nbsp;&nbsp; 363 | 1.02 | &nbsp;&nbsp; .92 | 1.18 |
| 12/31/2024 | 13.46 | &nbsp;&nbsp; .18 | 1.67 | 1.85 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.23)<br>| 15.08 | 13.70 | &nbsp;&nbsp; 268 | 1.02 | &nbsp;&nbsp; .92 | 1.25 |
| 12/31/2023 | 11.35 | &nbsp;&nbsp; .19 | 2.14 | 2.33 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 13.46 | 20.65 | &nbsp;&nbsp; 235 | 1.02 | &nbsp;&nbsp; .91 | 1.57 |
| 12/31/2022 | 18.04 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp; (3.73)<br>| 11.35 | &nbsp;&nbsp; (17.57)<br>| &nbsp;&nbsp; 188 | 1.07 | &nbsp;&nbsp; .91 | 1.86 |
| 12/31/2021 | 16.35 | &nbsp;&nbsp; .29 | 2.06 | 2.35 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.66)<br>| 18.04 | 14.46 | &nbsp;&nbsp; 225 | 1.13 | &nbsp;&nbsp; .97 | 1.65 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **376** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $69.59 | &nbsp;&nbsp; $.78 | &nbsp;&nbsp; $10.25 | &nbsp;&nbsp; $11.03 | &nbsp;&nbsp; $(.76)<br>| &nbsp;&nbsp; $(12.13)<br>| &nbsp;&nbsp; $(12.89)<br>| &nbsp;&nbsp; $67.73 | 18.37<br> %<br>| &nbsp;&nbsp; $25780 | &nbsp;&nbsp; .28<br> %<br>| 1.17<br> %<br>|
| 12/31/2024 | 59.26 | &nbsp;&nbsp; .84 | 13.33 | 14.17 | &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.84)<br>| 69.59 | 24.55 | &nbsp;&nbsp; 24476 | &nbsp;&nbsp; .28 | 1.28 |
| 12/31/2023 | 50.21 | &nbsp;&nbsp; .86 | 11.96 | 12.82 | &nbsp;&nbsp; (.88)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.77)<br>| 59.26 | 26.47 | &nbsp;&nbsp; 22319 | &nbsp;&nbsp; .29 | 1.60 |
| 12/31/2022 | 67.35 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; (11.50)<br>| &nbsp;&nbsp; (10.65)<br>| &nbsp;&nbsp; (.83)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.49)<br>| 50.21 | &nbsp;&nbsp; (16.28)<br>| &nbsp;&nbsp; 19692 | &nbsp;&nbsp; .29 | 1.54 |
| 12/31/2021 | 55.38 | &nbsp;&nbsp; .79 | 12.64 | 13.43 | &nbsp;&nbsp; (.86)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.46)<br>| 67.35 | 24.42 | &nbsp;&nbsp; 25507 | &nbsp;&nbsp; .29 | 1.28 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 69.10 | &nbsp;&nbsp; .61 | 10.14 | 10.75 | &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (12.13)<br>| &nbsp;&nbsp; (12.74)<br>| 67.11 | 18.06 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .92 |
| 12/31/2024 | 58.88 | &nbsp;&nbsp; .67 | 13.24 | 13.91 | &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.69)<br>| 69.10 | 24.25 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; .53 | 1.02 |
| 12/31/2023 | 49.93 | &nbsp;&nbsp; .72 | 11.87 | 12.59 | &nbsp;&nbsp; (.75)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.64)<br>| 58.88 | 26.12 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; .54 | 1.35 |
| 12/31/2022 | 67.02 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; (11.44)<br>| &nbsp;&nbsp; (10.73)<br>| &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.36)<br>| 49.93 | &nbsp;&nbsp; (16.48)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; .54 | 1.30 |
| 12/31/2021 | 55.16 | &nbsp;&nbsp; .65 | 12.55 | 13.20 | &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.34)<br>| 67.02 | 24.08 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; .53 | 1.04 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 68.38 | &nbsp;&nbsp; .60 | 10.03 | 10.63 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (12.13)<br>| &nbsp;&nbsp; (12.73)<br>| 66.28 | 18.06 | &nbsp;&nbsp; 14357 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .92 |
| 12/31/2024 | 58.30 | &nbsp;&nbsp; .66 | 13.10 | 13.76 | &nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.68)<br>| 68.38 | 24.23 | &nbsp;&nbsp; 13882 | &nbsp;&nbsp; .53 | 1.03 |
| 12/31/2023 | 49.46 | &nbsp;&nbsp; .72 | 11.75 | 12.47 | &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.63)<br>| 58.30 | 26.14 | &nbsp;&nbsp; 12894 | &nbsp;&nbsp; .54 | 1.35 |
| 12/31/2022 | 66.44 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; (11.33)<br>| &nbsp;&nbsp; (10.63)<br>| &nbsp;&nbsp; (.69)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.35)<br>| 49.46 | &nbsp;&nbsp; (16.50)<br>| &nbsp;&nbsp; 11508 | &nbsp;&nbsp; .54 | 1.29 |
| 12/31/2021 | 54.66 | &nbsp;&nbsp; .63 | 12.45 | 13.08 | &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.30)<br>| 66.44 | 24.10 | &nbsp;&nbsp; 15319 | &nbsp;&nbsp; .54 | 1.03 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 12/31/2025 | 69.76 | &nbsp;&nbsp; .66 | 10.26 | 10.92 | &nbsp;&nbsp; (.64)<br>| &nbsp;&nbsp; (12.13)<br>| &nbsp;&nbsp; (12.77)<br>| 67.91 | 18.13 | &nbsp;&nbsp; 163 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; .99 |
| 12/31/2024 | 59.40 | &nbsp;&nbsp; .72 | 13.36 | 14.08 | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.72)<br>| 69.76 | 24.32 | &nbsp;&nbsp; 155 | &nbsp;&nbsp; .46 | 1.10 |
| 12/31/2023 | 50.33 | &nbsp;&nbsp; .77 | 11.97 | 12.74 | &nbsp;&nbsp; (.78)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.67)<br>| 59.40 | 26.23 | &nbsp;&nbsp; 142 | &nbsp;&nbsp; .47 | 1.42 |
| 12/31/2022 | 67.48 | &nbsp;&nbsp; .75 | &nbsp;&nbsp; (11.51)<br>| &nbsp;&nbsp; (10.76)<br>| &nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.39)<br>| 50.33 | &nbsp;&nbsp; (16.43)<br>| &nbsp;&nbsp; 125 | &nbsp;&nbsp; .47 | 1.36 |
| 12/31/2021 | 55.49 | &nbsp;&nbsp; .68 | 12.65 | 13.33 | &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.34)<br>| 67.48 | 24.18 | &nbsp;&nbsp; 166 | &nbsp;&nbsp; .47 | 1.10 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 67.14 | &nbsp;&nbsp; .43 | 9.80 | 10.23 | &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (12.13)<br>| &nbsp;&nbsp; (12.60)<br>| 64.77 | 17.77 | &nbsp;&nbsp; 3273 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .67 |
| 12/31/2024 | 57.34 | &nbsp;&nbsp; .49 | 12.86 | 13.35 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.55)<br>| 67.14 | 23.93 | &nbsp;&nbsp; 2698 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .78 |
| 12/31/2023 | 48.72 | &nbsp;&nbsp; .57 | 11.57 | 12.14 | &nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.52)<br>| 57.34 | 25.82 | &nbsp;&nbsp; 2062 | &nbsp;&nbsp; .79 | 1.10 |
| 12/31/2022 | 65.57 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (11.18)<br>| &nbsp;&nbsp; (10.62)<br>| &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.23)<br>| 48.72 | &nbsp;&nbsp; (16.70)<br>| &nbsp;&nbsp; 1630 | &nbsp;&nbsp; .79 | 1.05 |
| 12/31/2021 | 53.99 | &nbsp;&nbsp; .48 | 12.28 | 12.76 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.18)<br>| 65.57 | 23.80 | &nbsp;&nbsp; 1928 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .79 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **377** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $10.19 | &nbsp;&nbsp; $.33 | &nbsp;&nbsp; $3.31 | &nbsp;&nbsp; $3.64 | &nbsp;&nbsp; $(.34)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.34)<br>| &nbsp;&nbsp; $13.49 | 35.83<br> %<br>| &nbsp;&nbsp; $35 | &nbsp;&nbsp; .57<br> %<br>| &nbsp;&nbsp; .57<br> %<br>| 2.68<br> %<br>|
| 12/31/2024 | 10.10 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.29)<br>| 10.19 | 3.64 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .57 | 2.62 |
| 12/31/2023 | 8.94 | &nbsp;&nbsp; .27 | 1.15 | 1.42 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 10.10 | 16.08 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; .55 | 2.82 |
| 12/31/2022 | 19.62 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp; (7.98)<br>| 8.94 | &nbsp;&nbsp; (15.00)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .54 | 3.29 |
| 12/31/2021 | 19.01 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .53 | 1.07 | &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.46)<br>| 19.62 | 5.64 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .67 | 2.70 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 9.91 | &nbsp;&nbsp; .28 | 3.21 | 3.49 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.31)<br>| 13.09 | 35.35 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .81 | 2.40 |
| 12/31/2024 | 9.83 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 9.91 | 3.39 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; .82 | 2.34 |
| 12/31/2023 | 8.70 | &nbsp;&nbsp; .24 | 1.13 | 1.37 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 9.83 | 15.92 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .80 | 2.54 |
| 12/31/2022 | 19.39 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (3.05)<br>| &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp; (7.99)<br>| 8.70 | &nbsp;&nbsp; (15.31)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; .79 | 3.15 |
| 12/31/2021 | 18.97 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .52 | 1.02 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 19.39 | 5.39 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; .92 | 2.50 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 9.91 | &nbsp;&nbsp; .28 | 3.22 | 3.50 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.31)<br>| 13.10 | 35.41 | &nbsp;&nbsp; 172 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .81 | 2.44 |
| 12/31/2024 | 9.82 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 9.91 | 3.48 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; .82 | 2.40 |
| 12/31/2023 | 8.70 | &nbsp;&nbsp; .24 | 1.12 | 1.36 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 9.82 | 15.76 | &nbsp;&nbsp; 165 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .80 | 2.54 |
| 12/31/2022 | 19.38 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; (3.05)<br>| &nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp; (7.99)<br>| 8.70 | &nbsp;&nbsp; (15.25)<br>| &nbsp;&nbsp; 162 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; .78 | 3.24 |
| 12/31/2021 | 18.95 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .53 | 1.01 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.58)<br>| 19.38 | 5.37 | &nbsp;&nbsp; 211 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .92 | 2.44 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 9.74 | &nbsp;&nbsp; .25 | 3.16 | 3.41 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.28)<br>| 12.87 | 35.09 | &nbsp;&nbsp; 189 | 1.06 | 1.06 | 2.18 |
| 12/31/2024 | 9.67 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .09 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 9.74 | 3.11 | &nbsp;&nbsp; 150 | 1.07 | 1.07 | 2.13 |
| 12/31/2023 | 8.56 | &nbsp;&nbsp; .21 | 1.12 | 1.33 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 9.67 | 15.66 | &nbsp;&nbsp; 143 | 1.06 | 1.05 | 2.29 |
| 12/31/2022 | 19.23 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; (3.04)<br>| &nbsp;&nbsp; (2.71)<br>| &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp; (7.96)<br>| 8.56 | &nbsp;&nbsp; (15.52)<br>| &nbsp;&nbsp; 121 | 1.13 | 1.04 | 3.01 |
| 12/31/2021 | 18.82 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.54)<br>| 19.23 | 5.09 | &nbsp;&nbsp; 132 | 1.18 | 1.17 | 2.21 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **378** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $12.39 | &nbsp;&nbsp; $.45 | &nbsp;&nbsp; $2.09 | &nbsp;&nbsp; $2.54 | &nbsp;&nbsp; $(.44)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.44)<br>| &nbsp;&nbsp; $14.49 | 20.69<br> %<br>| &nbsp;&nbsp; $841 | &nbsp;&nbsp; .40<br> %<br>| &nbsp;&nbsp; .27<br> %<br>| 3.29<br> %<br>|
| 12/31/2024 | 11.63 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .79 | 1.21 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.45)<br>| 12.39 | 10.45 | &nbsp;&nbsp; 709 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .27 | 3.44 |
| 12/31/2023 | 10.99 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .59 | 1.00 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.36)<br>| 11.63 | 9.28 | &nbsp;&nbsp; 660 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .26 | 3.68 |
| 12/31/2022 | 12.17 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.34)<br>| 10.99 | &nbsp;&nbsp; (6.90)<br>| &nbsp;&nbsp; 586 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; .26 | 3.31 |
| 12/31/2021 | 10.87 | &nbsp;&nbsp; .37 | 1.28 | 1.65 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.35)<br>| 12.17 | 15.31 | &nbsp;&nbsp; 563 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .27 | 3.19 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 12.38 | &nbsp;&nbsp; .41 | 2.10 | 2.51 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 14.48 | 20.42 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .52 | 3.04 |
| 12/31/2024 | 11.62 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .79 | 1.18 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.42)<br>| 12.38 | 10.19 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .52 | 3.17 |
| 12/31/2023 | 10.98 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.33)<br>| 11.62 | 9.01 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .51 | 3.42 |
| 12/31/2022 | 12.15 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (.85)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 10.98 | &nbsp;&nbsp; (7.06)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .52 | 3.06 |
| 12/31/2021 | 10.86 | &nbsp;&nbsp; .34 | 1.27 | 1.61 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 12.15 | 14.95 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .52 | 2.94 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 12.38 | &nbsp;&nbsp; .41 | 2.10 | 2.51 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 14.48 | 20.41 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .52 | 3.04 |
| 12/31/2024 | 11.62 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .79 | 1.18 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.42)<br>| 12.38 | 10.19 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .52 | 3.18 |
| 12/31/2023 | 10.98 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.33)<br>| 11.62 | 9.01 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .51 | 3.43 |
| 12/31/2022 | 12.16 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (.86)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 10.98 | &nbsp;&nbsp; (7.13)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .51 | 3.06 |
| 12/31/2021 | 10.87 | &nbsp;&nbsp; .34 | 1.27 | 1.61 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 12.16 | 14.94 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .52 | 2.93 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 12.36 | &nbsp;&nbsp; .38 | 2.09 | 2.47 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 14.46 | 20.16 | &nbsp;&nbsp; 781 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .77 | 2.79 |
| 12/31/2024 | 11.60 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .79 | 1.15 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 12.36 | 9.93 | &nbsp;&nbsp; 629 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .77 | 2.93 |
| 12/31/2023 | 10.96 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 11.60 | 8.75 | &nbsp;&nbsp; 566 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .76 | 3.18 |
| 12/31/2022 | 12.14 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.29)<br>| 10.96 | &nbsp;&nbsp; (7.37)<br>| &nbsp;&nbsp; 530 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; .76 | 2.81 |
| 12/31/2021 | 10.85 | &nbsp;&nbsp; .31 | 1.27 | 1.58 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.29)<br>| 12.14 | 14.68 | &nbsp;&nbsp; 559 | 1.03 | &nbsp;&nbsp; .77 | 2.69 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **379** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $26.04 | &nbsp;&nbsp; $.59 | &nbsp;&nbsp; $3.39 | &nbsp;&nbsp; $3.98 | &nbsp;&nbsp; $(.60)<br>| &nbsp;&nbsp; $(1.91)<br>| &nbsp;&nbsp; $(2.51)<br>| &nbsp;&nbsp; $27.51 | 16.16<br> %<br>| &nbsp;&nbsp; $15919 | &nbsp;&nbsp; .30<br> %<br>| 2.24<br> %<br>|
| 12/31/2024 | 23.86 | &nbsp;&nbsp; .60 | 3.29 | 3.89 | &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.71)<br>| 26.04 | 16.73 | &nbsp;&nbsp; 16023 | &nbsp;&nbsp; .30 | 2.36 |
| 12/31/2023 | 22.20 | &nbsp;&nbsp; .57 | 2.54 | 3.11 | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.45)<br>| 23.86 | 14.55 | &nbsp;&nbsp; 15555 | &nbsp;&nbsp; .30 | 2.49 |
| 12/31/2022 | 29.08 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; (4.24)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.16)<br>| 22.20 | &nbsp;&nbsp; (13.19)<br>| &nbsp;&nbsp; 15138 | &nbsp;&nbsp; .30 | 2.15 |
| 12/31/2021 | 26.50 | &nbsp;&nbsp; .48 | 3.54 | 4.02 | &nbsp;&nbsp; (.50)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.44)<br>| 29.08 | 15.40 | &nbsp;&nbsp; 18836 | &nbsp;&nbsp; .30 | 1.71 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 25.88 | &nbsp;&nbsp; .52 | 3.36 | 3.88 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.45)<br>| 27.31 | 15.86 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; .55 | 1.98 |
| 12/31/2024 | 23.74 | &nbsp;&nbsp; .54 | 3.26 | 3.80 | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.66)<br>| 25.88 | 16.41 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; .55 | 2.12 |
| 12/31/2023 | 22.10 | &nbsp;&nbsp; .51 | 2.53 | 3.04 | &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.40)<br>| 23.74 | 14.32 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; .55 | 2.25 |
| 12/31/2022 | 28.97 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (4.22)<br>| &nbsp;&nbsp; (3.76)<br>| &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.11)<br>| 22.10 | &nbsp;&nbsp; (13.43)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; .55 | 1.95 |
| 12/31/2021 | 26.42 | &nbsp;&nbsp; .42 | 3.52 | 3.94 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.39)<br>| 28.97 | 15.13 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; .55 | 1.49 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 25.65 | &nbsp;&nbsp; .52 | 3.32 | 3.84 | &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.44)<br>| 27.05 | 15.85 | &nbsp;&nbsp; 4401 | &nbsp;&nbsp; .55 | 1.99 |
| 12/31/2024 | 23.53 | &nbsp;&nbsp; .53 | 3.24 | 3.77 | &nbsp;&nbsp; (.55)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.65)<br>| 25.65 | 16.44 | &nbsp;&nbsp; 4340 | &nbsp;&nbsp; .55 | 2.11 |
| 12/31/2023 | 21.91 | &nbsp;&nbsp; .50 | 2.52 | 3.02 | &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.40)<br>| 23.53 | 14.27 | &nbsp;&nbsp; 4261 | &nbsp;&nbsp; .55 | 2.24 |
| 12/31/2022 | 28.74 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (4.19)<br>| &nbsp;&nbsp; (3.73)<br>| &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.10)<br>| 21.91 | &nbsp;&nbsp; (13.41)<br>| &nbsp;&nbsp; 4228 | &nbsp;&nbsp; .55 | 1.90 |
| 12/31/2021 | 26.21 | &nbsp;&nbsp; .41 | 3.49 | 3.90 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.37)<br>| 28.74 | 15.10 | &nbsp;&nbsp; 5473 | &nbsp;&nbsp; .55 | 1.46 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 12/31/2025 | 26.08 | &nbsp;&nbsp; .55 | 3.38 | 3.93 | &nbsp;&nbsp; (.55)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.46)<br>| 27.55 | 15.94 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; .48 | 2.06 |
| 12/31/2024 | 23.90 | &nbsp;&nbsp; .56 | 3.29 | 3.85 | &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.67)<br>| 26.08 | 16.52 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; .48 | 2.18 |
| 12/31/2023 | 22.23 | &nbsp;&nbsp; .53 | 2.55 | 3.08 | &nbsp;&nbsp; (.52)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.41)<br>| 23.90 | 14.37 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; .48 | 2.31 |
| 12/31/2022 | 29.12 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; (4.25)<br>| &nbsp;&nbsp; (3.77)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.12)<br>| 22.23 | &nbsp;&nbsp; (13.37)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; .48 | 1.97 |
| 12/31/2021 | 26.53 | &nbsp;&nbsp; .43 | 3.55 | 3.98 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.39)<br>| 29.12 | 15.22 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; .48 | 1.53 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 25.41 | &nbsp;&nbsp; .45 | 3.29 | 3.74 | &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.38)<br>| 26.77 | 15.59 | &nbsp;&nbsp; 7264 | &nbsp;&nbsp; .80 | 1.74 |
| 12/31/2024 | 23.34 | &nbsp;&nbsp; .46 | 3.20 | 3.66 | &nbsp;&nbsp; (.49)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.59)<br>| 25.41 | 16.11 | &nbsp;&nbsp; 6649 | &nbsp;&nbsp; .80 | 1.87 |
| 12/31/2023 | 21.75 | &nbsp;&nbsp; .44 | 2.49 | 2.93 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.34)<br>| 23.34 | 14.02 | &nbsp;&nbsp; 5807 | &nbsp;&nbsp; .80 | 1.99 |
| 12/31/2022 | 28.56 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (4.16)<br>| &nbsp;&nbsp; (3.77)<br>| &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.04)<br>| 21.75 | &nbsp;&nbsp; (13.66)<br>| &nbsp;&nbsp; 5380 | &nbsp;&nbsp; .80 | 1.66 |
| 12/31/2021 | 26.06 | &nbsp;&nbsp; .34 | 3.47 | 3.81 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.31)<br>| 28.56 | 14.84 | &nbsp;&nbsp; 6337 | &nbsp;&nbsp; .80 | 1.22 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **380** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $12.96 | &nbsp;&nbsp; $.36 | &nbsp;&nbsp; $1.84 | &nbsp;&nbsp; $2.20 | &nbsp;&nbsp; $(.22)<br>| &nbsp;&nbsp; $(.53)<br>| &nbsp;&nbsp; $(.75)<br>| &nbsp;&nbsp; $14.41 | 17.42<br> %<br>| &nbsp;&nbsp; $97 | &nbsp;&nbsp; .52<br> %<br>| &nbsp;&nbsp; .51<br> %<br>| 2.63<br> %<br>|
| 12/31/2024 | 12.37 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .86 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.27)<br>| 12.96 | 6.90 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .51 | 2.63 |
| 12/31/2023 | 12.55 | &nbsp;&nbsp; .33 | 1.29 | 1.62 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.80)<br>| 12.37 | 14.05 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .52 | 2.67 |
| 12/31/2022 | 14.73 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.07)<br>| 12.55 | &nbsp;&nbsp; (14.33)<br>| &nbsp;&nbsp; 96 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .58 | 1.99 |
| 12/31/2021 | 14.19 | &nbsp;&nbsp; .18 | 1.37 | 1.55 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (1.01)<br>| 14.73 | 11.05 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 1.24 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 12.87 | &nbsp;&nbsp; .32 | 1.84 | 2.16 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (.72)<br>| 14.31 | 17.21 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .76 | 2.36 |
| 12/31/2024 | 12.30 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 12.87 | 6.57 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .77 | 2.35 |
| 12/31/2023 | 12.49 | &nbsp;&nbsp; .29 | 1.30 | 1.59 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.78)<br>| 12.30 | 13.77 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .77 | 2.42 |
| 12/31/2022 | 14.70 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.07)<br>| 12.49 | &nbsp;&nbsp; (14.56)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; .84 | 1.71 |
| 12/31/2021 | 14.16 | &nbsp;&nbsp; .15 | 1.36 | 1.51 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (.97)<br>| 14.70 | 10.83 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 1.02 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 12.89 | &nbsp;&nbsp; .32 | 1.84 | 2.16 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (.72)<br>| 14.33 | 17.14 | &nbsp;&nbsp; 147 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .76 | 2.38 |
| 12/31/2024 | 12.31 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.23)<br>| 12.89 | 6.58 | &nbsp;&nbsp; 149 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .76 | 2.38 |
| 12/31/2023 | 12.49 | &nbsp;&nbsp; .30 | 1.29 | 1.59 | &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.77)<br>| 12.31 | 13.83 | &nbsp;&nbsp; 160 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .77 | 2.42 |
| 12/31/2022 | 14.70 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.07)<br>| 12.49 | &nbsp;&nbsp; (14.56)<br>| &nbsp;&nbsp; 158 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; .83 | 1.73 |
| 12/31/2021 | 14.16 | &nbsp;&nbsp; .15 | 1.36 | 1.51 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (.97)<br>| 14.70 | 10.79 | &nbsp;&nbsp; 208 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 1.01 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 12.66 | &nbsp;&nbsp; .28 | 1.82 | 2.10 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (.70)<br>| 14.06 | 16.96 | &nbsp;&nbsp; 202 | 1.03 | 1.01 | 2.10 |
| 12/31/2024 | 12.10 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.21)<br>| 12.66 | 6.32 | &nbsp;&nbsp; 144 | 1.02 | 1.01 | 2.12 |
| 12/31/2023 | 12.32 | &nbsp;&nbsp; .26 | 1.27 | 1.53 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.75)<br>| 12.10 | 13.45 | &nbsp;&nbsp; 128 | 1.03 | 1.02 | 2.17 |
| 12/31/2022 | 14.53 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.07)<br>| 12.32 | &nbsp;&nbsp; (14.73)<br>| &nbsp;&nbsp; 111 | 1.09 | 1.08 | 1.49 |
| 12/31/2021 | 14.02 | &nbsp;&nbsp; .11 | 1.34 | 1.45 | &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (.94)<br>| 14.53 | 10.46 | &nbsp;&nbsp; 135 | 1.23 | 1.23 | &nbsp;&nbsp; .77 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **381** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $9.27 | &nbsp;&nbsp; $.43 | &nbsp;&nbsp; $.25 | &nbsp;&nbsp; $.68 | &nbsp;&nbsp; $(.43)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.43)<br>| &nbsp;&nbsp; $9.52 | 7.40<br> %<br>| &nbsp;&nbsp; $6909 | &nbsp;&nbsp; .39<br> %<br>| &nbsp;&nbsp; .24<br> %<br>| 4.54<br> %<br>|
| 12/31/2024 | 9.54 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; .15 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.42)<br>| 9.27 | 1.50 | &nbsp;&nbsp; 6992 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .24 | 4.60 |
| 12/31/2023 | 9.41 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .09 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.35)<br>| 9.54 | 5.21 | &nbsp;&nbsp; 6908 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .20 | 4.15 |
| 12/31/2022 | 11.21 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.44)<br>| 9.41 | &nbsp;&nbsp; (12.26)<br>| &nbsp;&nbsp; 6370 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .20 | 3.09 |
| 12/31/2021 | 11.89 | &nbsp;&nbsp; .21 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (.66)<br>| 11.21 | &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; 8555 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .26 | 1.84 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 9.20 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.45 | 7.24 | &nbsp;&nbsp; 297 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .49 | 4.28 |
| 12/31/2024 | 9.47 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; .12 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 9.20 | 1.23 | &nbsp;&nbsp; 221 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .49 | 4.35 |
| 12/31/2023 | 9.35 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .08 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.33)<br>| 9.47 | 4.89 | &nbsp;&nbsp; 258 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .45 | 3.90 |
| 12/31/2022 | 11.16 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.43)<br>| 9.35 | &nbsp;&nbsp; (12.49)<br>| &nbsp;&nbsp; 220 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .45 | 3.15 |
| 12/31/2021 | 11.84 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (.63)<br>| 11.16 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .51 | 1.59 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 9.12 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.37 | 7.26 | &nbsp;&nbsp; 2724 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .49 | 4.29 |
| 12/31/2024 | 9.40 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; .11 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 9.12 | 1.16 | &nbsp;&nbsp; 2766 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .49 | 4.35 |
| 12/31/2023 | 9.27 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.33)<br>| 9.40 | 5.02 | &nbsp;&nbsp; 2879 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .45 | 3.89 |
| 12/31/2022 | 11.06 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.41)<br>| 9.27 | &nbsp;&nbsp; (12.58)<br>| &nbsp;&nbsp; 2844 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .45 | 2.84 |
| 12/31/2021 | 11.73 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (.63)<br>| 11.06 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; 3729 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .52 | 1.57 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 9.07 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 9.31 | 6.98 | &nbsp;&nbsp; 1426 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .74 | 4.04 |
| 12/31/2024 | 9.35 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 9.07 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; 1188 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .74 | 4.10 |
| 12/31/2023 | 9.23 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .09 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.31)<br>| 9.35 | 4.72 | &nbsp;&nbsp; 963 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .70 | 3.66 |
| 12/31/2022 | 11.01 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.39)<br>| 9.23 | &nbsp;&nbsp; (12.75)<br>| &nbsp;&nbsp; 787 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .70 | 2.61 |
| 12/31/2021 | 11.69 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (.61)<br>| 11.01 | &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; 891 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .76 | 1.34 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **382** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $9.63 | &nbsp;&nbsp; $.41 | &nbsp;&nbsp; $.51 | &nbsp;&nbsp; $.92 | &nbsp;&nbsp; $(.33)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.33)<br>| &nbsp;&nbsp; $10.22 | 9.55<br> %<br>| &nbsp;&nbsp; $611 | &nbsp;&nbsp; .48<br> %<br>| &nbsp;&nbsp; .48<br> %<br>| 4.07<br> %<br>|
| 12/31/2024 | 10.16 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.25)<br>| 9.63 | &nbsp;&nbsp; (2.76)<br>| &nbsp;&nbsp; 588 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .48 | 4.20 |
| 12/31/2023 | 9.55 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.16 | 6.39 | &nbsp;&nbsp; 665 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .48 | 3.33 |
| 12/31/2022 | 11.79 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.19)<br>| 9.55 | &nbsp;&nbsp; (17.43)<br>| &nbsp;&nbsp; 663 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .48 | 2.43 |
| 12/31/2021 | 12.94 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (.85)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.55)<br>| 11.79 | &nbsp;&nbsp; (4.73)<br>| &nbsp;&nbsp; 988 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .50 | 2.06 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 9.54 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 10.13 | 9.31 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 3.84 |
| 12/31/2024 | 10.08 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; (.69)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.25)<br>| 9.54 | &nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp; 39 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .74 | 4.05 |
| 12/31/2023 | 9.50 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.08 | 6.11 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 3.08 |
| 12/31/2022 | 11.76 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp; (2.08)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.18)<br>| 9.50 | &nbsp;&nbsp; (17.69)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; .73 | 2.19 |
| 12/31/2021 | 12.91 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; (.85)<br>| &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.53)<br>| 11.76 | &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .75 | 1.85 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 9.52 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 10.10 | 9.39 | &nbsp;&nbsp; 758 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 3.82 |
| 12/31/2024 | 10.03 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.69)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.21)<br>| 9.52 | &nbsp;&nbsp; (3.04)<br>| &nbsp;&nbsp; 761 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 3.95 |
| 12/31/2023 | 9.45 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.03 | 6.14 | &nbsp;&nbsp; 817 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 3.08 |
| 12/31/2022 | 11.70 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.18)<br>| 9.45 | &nbsp;&nbsp; (17.70)<br>| &nbsp;&nbsp; 765 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; .73 | 2.18 |
| 12/31/2021 | 12.84 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.52)<br>| 11.70 | &nbsp;&nbsp; (4.92)<br>| &nbsp;&nbsp; 1030 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .75 | 1.82 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 9.37 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.28)<br>| 9.93 | 9.03 | &nbsp;&nbsp; 81 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 3.56 |
| 12/31/2024 | 9.88 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; (.68)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.19)<br>| 9.37 | &nbsp;&nbsp; (3.32)<br>| &nbsp;&nbsp; 60 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 3.70 |
| 12/31/2023 | 9.33 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 9.88 | 5.89 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 2.84 |
| 12/31/2022 | 11.57 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (2.06)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.18)<br>| 9.33 | &nbsp;&nbsp; (17.84)<br>| &nbsp;&nbsp; 53 | 1.01 | &nbsp;&nbsp; .98 | 1.94 |
| 12/31/2021 | 12.71 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.49)<br>| 11.57 | &nbsp;&nbsp; (5.18)<br>| &nbsp;&nbsp; 66 | 1.10 | 1.00 | 1.57 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **383** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $9.19 | &nbsp;&nbsp; $.64 | &nbsp;&nbsp; $.13 | &nbsp;&nbsp; $.77 | &nbsp;&nbsp; $(.63)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.63)<br>| &nbsp;&nbsp; $9.33 | 8.52<br> %<br>| &nbsp;&nbsp; $255 | &nbsp;&nbsp; .45<br> %<br>| &nbsp;&nbsp; .33<br> %<br>| 6.81<br> %<br>|
| 12/31/2024 | 8.94 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; (.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.64)<br>| 9.19 | 9.92 | &nbsp;&nbsp; 229 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; .32 | 6.96 |
| 12/31/2023 | 8.53 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .43 | 1.06 | &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.65)<br>| 8.94 | 12.69 | &nbsp;&nbsp; 223 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; .31 | 7.10 |
| 12/31/2022 | 10.19 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (.91)<br>| &nbsp;&nbsp; (.75)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.75)<br>| 8.53 | &nbsp;&nbsp; (9.01)<br>| &nbsp;&nbsp; 224 | &nbsp;&nbsp; .47 | &nbsp;&nbsp; .32 | 5.95 |
| 12/31/2021 | 9.80 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.46)<br>| 10.19 | 8.74 | &nbsp;&nbsp; 278 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .37 | 4.95 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 9.15 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.62)<br>| 9.27 | 8.19 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .58 | 6.50 |
| 12/31/2024 | 8.90 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .87 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.62)<br>| 9.15 | 9.73 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .57 | 6.71 |
| 12/31/2023 | 8.51 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .41 | 1.02 | &nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.63)<br>| 8.90 | 12.40 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .56 | 6.90 |
| 12/31/2022 | 10.16 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp; (.93)<br>| &nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.72)<br>| 8.51 | &nbsp;&nbsp; (9.29)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; .57 | 5.70 |
| 12/31/2021 | 9.78 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.44)<br>| 10.16 | 8.42 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .64 | 4.75 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 8.96 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.61)<br>| 9.08 | 8.24 | &nbsp;&nbsp; 533 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .58 | 6.57 |
| 12/31/2024 | 8.73 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.61)<br>| 8.96 | 9.67 | &nbsp;&nbsp; 536 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .57 | 6.70 |
| 12/31/2023 | 8.35 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .41 | 1.00 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.62)<br>| 8.73 | 12.45 | &nbsp;&nbsp; 533 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .56 | 6.85 |
| 12/31/2022 | 9.98 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp; (.91)<br>| &nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.72)<br>| 8.35 | &nbsp;&nbsp; (9.26)<br>| &nbsp;&nbsp; 521 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; .57 | 5.68 |
| 12/31/2021 | 9.61 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.44)<br>| 9.98 | 8.42 | &nbsp;&nbsp; 673 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .65 | 4.80 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 12/31/2025 | 9.25 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.62)<br>| 9.39 | 8.26 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .51 | 6.64 |
| 12/31/2024 | 8.99 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.62)<br>| 9.25 | 9.79 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .50 | 6.77 |
| 12/31/2023 | 8.58 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .43 | 1.04 | &nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.63)<br>| 8.99 | 12.54 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .49 | 6.91 |
| 12/31/2022 | 10.24 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (.93)<br>| &nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.73)<br>| 8.58 | &nbsp;&nbsp; (9.25)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .50 | 5.76 |
| 12/31/2021 | 9.84 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.44)<br>| 10.24 | 8.60 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .58 | 4.86 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 10.07 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .14 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.59)<br>| 10.27 | 7.93 | &nbsp;&nbsp; 235 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .83 | 6.29 |
| 12/31/2024 | 9.75 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 10.07 | 9.39 | &nbsp;&nbsp; 156 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .82 | 6.45 |
| 12/31/2023 | 9.26 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .46 | 1.09 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 9.75 | 12.18 | &nbsp;&nbsp; 107 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .81 | 6.62 |
| 12/31/2022 | 10.99 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.70)<br>| 9.26 | &nbsp;&nbsp; (9.53)<br>| &nbsp;&nbsp; 77 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; .82 | 5.44 |
| 12/31/2021 | 10.54 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .86 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 10.99 | 8.18 | &nbsp;&nbsp; 90 | 1.03 | &nbsp;&nbsp; .89 | 4.52 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **384** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $9.08 | &nbsp;&nbsp; $.46 | &nbsp;&nbsp; $.34 | &nbsp;&nbsp; $.80 | &nbsp;&nbsp; $(.42)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.42)<br>| &nbsp;&nbsp; $9.46 | 8.92<br> %<br>| &nbsp;&nbsp; $19 | &nbsp;&nbsp; .39<br> %<br>| &nbsp;&nbsp; .32<br> %<br>| 4.84<br> %<br>|
| 12/31/2024 | 9.44 | &nbsp;&nbsp; .47 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.45)<br>| 9.08 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .31 | 5.04 |
| 12/31/2023 | 9.45 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; .37 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.38)<br>| 9.44 | 4.03 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .29 | 4.76 |
| 12/31/2022 | 10.63 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.15)<br>| 9.45 | &nbsp;&nbsp; (9.76)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .70 |
| 12/31/2021 | 11.11 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.45)<br>| 10.63 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; 231 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .58 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 8.96 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| 9.32 | 8.57 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .57 | 4.59 |
| 12/31/2024 | 9.32 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; .07 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.43)<br>| 8.96 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .56 | 4.78 |
| 12/31/2023 | 9.34 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; .34 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.36)<br>| 9.32 | 3.72 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .53 | 4.38 |
| 12/31/2022 | 10.59 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.20)<br>| 9.34 | &nbsp;&nbsp; (10.03)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .54 | 1.91 |
| 12/31/2021 | 11.08 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.43)<br>| 10.59 | &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .33 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 8.98 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| 9.35 | 8.63 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .56 | 4.60 |
| 12/31/2024 | 9.34 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; .07 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.43)<br>| 8.98 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .56 | 4.79 |
| 12/31/2023 | 9.36 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; .34 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.36)<br>| 9.34 | 3.68 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .52 | 4.35 |
| 12/31/2022 | 10.61 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.20)<br>| 9.36 | &nbsp;&nbsp; (9.94)<br>| &nbsp;&nbsp; 46 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .54 | 1.87 |
| 12/31/2021 | 11.09 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.42)<br>| 10.61 | &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; 58 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .33 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 8.86 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.38)<br>| 9.21 | 8.32 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 4.33 |
| 12/31/2024 | 9.23 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; .04 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 8.86 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 4.53 |
| 12/31/2023 | 9.25 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; .32 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.34)<br>| 9.23 | 3.51 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .78 | 4.12 |
| 12/31/2022 | 10.49 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.18)<br>| 9.25 | &nbsp;&nbsp; (10.16)<br>| &nbsp;&nbsp; 40 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; .79 | 1.66 |
| 12/31/2021 | 10.97 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.40)<br>| 10.49 | &nbsp;&nbsp; (.78)<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .08 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **385** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $11.31 | &nbsp;&nbsp; $.46 | &nbsp;&nbsp; $.01 | &nbsp;&nbsp; $.47 | &nbsp;&nbsp; $(.50)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.50)<br>| &nbsp;&nbsp; $11.28 | 4.15<br> %<br>| &nbsp;&nbsp; $36 | &nbsp;&nbsp; .31<br> %<br>| 4.01<br> %<br>|
| 12/31/2024 | 11.35 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; .57 | &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.61)<br>| 11.31 | 5.08 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; .30 | 4.98 |
| 12/31/2023 | 11.35 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.56)<br>| 11.35 | 4.94 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; .30 | 4.81 |
| 12/31/2022 | 11.27 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; .16 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 11.35 | 1.42 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; .32 | 1.48 |
| 12/31/2021 | 11.31 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.27 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; 37 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (.28)<br>|
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 11.31 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.47)<br>| 11.28 | 3.92 | &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .53 | 3.78 |
| 12/31/2024 | 11.35 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .55 | &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.59)<br>| 11.31 | 4.86 | &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .53 | 4.74 |
| 12/31/2023 | 11.35 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; — | &nbsp;&nbsp; .54 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.54)<br>| 11.35 | 4.79 | &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .53 | 4.69 |
| 12/31/2022 | 11.28 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; .15 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 11.35 | 1.32 | &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .31 | 1.40 |
| 12/31/2021 | 11.31 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.28 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .36 | &nbsp;&nbsp; (.28)<br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 10.93 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.47)<br>| 10.88 | 3.83 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; .56 | 3.77 |
| 12/31/2024 | 10.98 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .53 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.58)<br>| 10.93 | 4.89 | &nbsp;&nbsp; 245 | &nbsp;&nbsp; .55 | 4.73 |
| 12/31/2023 | 11.00 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .51 | &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.53)<br>| 10.98 | 4.64 | &nbsp;&nbsp; 273 | &nbsp;&nbsp; .55 | 4.56 |
| 12/31/2022 | 10.93 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .13 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.06)<br>| 11.00 | 1.17 | &nbsp;&nbsp; 297 | &nbsp;&nbsp; .57 | 1.23 |
| 12/31/2021 | 10.99 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.93 | &nbsp;&nbsp; (.55)<br>| &nbsp;&nbsp; 245 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; (.53)<br>|
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 12/31/2025 | 11.08 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .43 | &nbsp;&nbsp; (.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.48)<br>| 11.03 | 3.86 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .49 | 3.84 |
| 12/31/2024 | 11.13 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .54 | &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.59)<br>| 11.08 | 4.91 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .48 | 4.79 |
| 12/31/2023 | 11.14 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.54)<br>| 11.13 | 4.75 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .48 | 4.64 |
| 12/31/2022 | 11.07 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .13 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.06)<br>| 11.14 | 1.19 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .50 | 1.19 |
| 12/31/2021 | 11.12 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.07 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; (.46)<br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 11.00 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.43)<br>| 10.96 | 3.59 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; .81 | 3.52 |
| 12/31/2024 | 11.05 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.56)<br>| 11.00 | 4.62 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; .80 | 4.47 |
| 12/31/2023 | 11.05 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; (.49)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.49)<br>| 11.05 | 4.44 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; .80 | 4.28 |
| 12/31/2022 | 11.00 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.04)<br>| 11.05 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; .82 | 1.05 |
| 12/31/2021 | 11.08 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.00 | &nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp; 46 | &nbsp;&nbsp; .87 | &nbsp;&nbsp; (.79)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **386** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $9.59 | &nbsp;&nbsp; $.43 | &nbsp;&nbsp; $.33 | &nbsp;&nbsp; $.76 | &nbsp;&nbsp; $(.45)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.45)<br>| &nbsp;&nbsp; $9.90 | 8.01<br> %<br>| &nbsp;&nbsp; $261 | &nbsp;&nbsp; .33<br> %<br>| &nbsp;&nbsp; .26<br> %<br>| 4.35<br> %<br>|
| 12/31/2024 | 9.91 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; .10 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.42)<br>| 9.59 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; 268 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .27 | 4.53 |
| 12/31/2023 | 9.99 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; .31 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 9.91 | 3.21 | &nbsp;&nbsp; 257 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .21 | 4.05 |
| 12/31/2022 | 11.67 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.44)<br>| 9.99 | &nbsp;&nbsp; (10.75)<br>| &nbsp;&nbsp; 242 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .22 | 2.90 |
| 12/31/2021 | 13.04 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.29)<br>| 11.67 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; 522 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .29 | 1.50 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 9.53 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.43)<br>| 9.84 | 7.80 | &nbsp;&nbsp; 300 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .51 | 4.10 |
| 12/31/2024 | 9.87 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; .07 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.53 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; 286 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .51 | 4.23 |
| 12/31/2023 | 9.96 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; .28 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 9.87 | 2.88 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .46 | 3.83 |
| 12/31/2022 | 11.63 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.96 | &nbsp;&nbsp; (10.93)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .47 | 2.70 |
| 12/31/2021 | 13.00 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.27)<br>| 11.63 | &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .53 | 1.28 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 9.46 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.43)<br>| 9.76 | 7.75 | &nbsp;&nbsp; 1056 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .51 | 4.10 |
| 12/31/2024 | 9.78 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; .08 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| 9.46 | &nbsp;&nbsp; .75 | &nbsp;&nbsp; 1051 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .52 | 4.28 |
| 12/31/2023 | 9.87 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; .28 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 9.78 | 2.89 | &nbsp;&nbsp; 1073 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .46 | 3.80 |
| 12/31/2022 | 11.53 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.87 | &nbsp;&nbsp; (10.95)<br>| &nbsp;&nbsp; 1059 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .47 | 2.69 |
| 12/31/2021 | 12.89 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.26)<br>| 11.53 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; 1391 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .54 | 1.24 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 12/31/2025 | 9.62 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.43)<br>| 9.93 | 7.78 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .44 | 4.17 |
| 12/31/2024 | 9.94 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; .08 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| 9.62 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .44 | 4.35 |
| 12/31/2023 | 10.02 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; .29 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 9.94 | 3.00 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .39 | 3.85 |
| 12/31/2022 | 11.70 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 10.02 | &nbsp;&nbsp; (10.90)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .40 | 2.76 |
| 12/31/2021 | 13.07 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.27)<br>| 11.70 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .47 | 1.31 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 9.44 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.74 | 7.54 | &nbsp;&nbsp; 255 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; .76 | 3.85 |
| 12/31/2024 | 9.77 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; .05 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.38)<br>| 9.44 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; .77 | 4.02 |
| 12/31/2023 | 9.86 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; .25 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.34)<br>| 9.77 | 2.62 | &nbsp;&nbsp; 183 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; .71 | 3.54 |
| 12/31/2022 | 11.52 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.38)<br>| 9.86 | &nbsp;&nbsp; (11.19)<br>| &nbsp;&nbsp; 190 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .72 | 2.45 |
| 12/31/2021 | 12.88 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.23)<br>| 11.52 | &nbsp;&nbsp; (.88)<br>| &nbsp;&nbsp; 238 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .98 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **387** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value, end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of** <br>**year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>12</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,12</sup>  | **Net** <br>**effective** <br>**expense** <br>**ratio**<sup>2,13,14</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended** | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of** <br>**year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>12</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,12</sup>  | **Net** <br>**effective** <br>**expense** <br>**ratio**<sup>2,13,14</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 12/31/2025 | $13.35 | $.06 | $1.67 | $1.73 | $(.25)<br>| $(.57)<br>| $(.82)<br>| $14.26 | 13.63<br> %<br>| $14 | .38<br> %<br>| .36<br> %<br>| .67<br> %<br>| .47<br> %<br>|
| 12/31/2024 | 10.86 | .10 | 2.48 | 2.58 | (.09)<br>|  | (.09)<br>| 13.35 | 23.82 | 14 | .42 | .37 | .69 | .81 |
| 12/31/2023 | 11.37 | .08 | 2.28 | 2.36 | (.08)<br>| (2.79)<br>| (2.87)<br>| 10.86 | 23.77 | 13 | .42 | .37 | .70 | .77 |
| 12/31/2022 | 18.53 | .06 | (4.46)<br>| (4.40)<br>| (.22)<br>| (2.54)<br>| (2.76)<br>| 11.37 | (24.62)<br>| 9 | .41 | .36 | .68 | .47 |
| 12/31/2021 | 17.25 | .04 | 2.16 | 2.20 | (.18)<br>| (.74)<br>| (.92)<br>| 18.53 | 13.08 | 13 | .41 | .36 | .69 | .19 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 12/31/2025 | 13.19 | .03 | 1.66 | 1.69 | (.19)<br>| (.57)<br>| (.76)<br>| 14.12 | 13.41 | 491 | .63 | .62 | .93 | .21 |
| 12/31/2024 | 10.73 | .06 | 2.46 | 2.52 | (.06)<br>|  | (.06)<br>| 13.19 | 23.50 | 513 | .67 | .62 | .94 | .52 |
| 12/31/2023 | 11.28 | .05 | 2.26 | 2.31 | (.07)<br>| (2.79)<br>| (2.86)<br>| 10.73 | 23.50 | 495 | .67 | .62 | .95 | .43 |
| 12/31/2022 | 18.42 | .03 | (4.45)<br>| (4.42)<br>| (.18)<br>| (2.54)<br>| (2.72)<br>| 11.28 | (24.88)<br>| 445 | .67 | .62 | .94 | .20 |
| 12/31/2021 | 17.11 | (.01)<br>| 2.16 | 2.15 | (.10)<br>| (.74)<br>| (.84)<br>| 18.42 | 12.89 | 584 | .67 | .62 | .95 | (.07)<br>|
| **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 12/31/2025 | $8.23 | $.14 | $1.10 | $1.24 | $(.13)<br>| $— | $(.13)<br>| $9.34 | 15.33<br> %<br>| $2 | .41<br> %<br>| .36<br> %<br>| .83<br> %<br>| 1.58<br> %<br>|
| 12/31/2024 | 8.36 | .13 | (.12)<br>| .01 | (.14)<br>|  | (.14)<br>| 8.23 | (.05)<br>| 2 | .46 | .37 | .84 | 1.50 |
| 12/31/2023 | 8.61 | .13 | .41 | .54 | (.15)<br>| (.64)<br>| (.79)<br>| 8.36 | 6.36 | 2 | .46 | .36 | .84 | 1.60 |
| 12/31/2022 | 10.55 | .15 | (1.75)<br>| (1.60)<br>| (.34)<br>|  | (.34)<br>| 8.61 | (15.27)<br>| 2 | .44 | .37 | .85 | 1.70 |
| 12/31/2021 | 11.07 | .24 | (.67)<br>| (.43)<br>| (.09)<br>|  | (.09)<br>| 10.55 | (3.92)<br>| 2 | .44 | .36 | .86 | 2.12 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 12/31/2025 | 8.18 | .10 | 1.12 | 1.22 | (.11)<br>|  | (.11)<br>| 9.29 | 15.09 | 111 | .68 | .63 | 1.10 | 1.23 |
| 12/31/2024 | 8.32 | .10 | (.13)<br>| (.03)<br>| (.11)<br>|  | (.11)<br>| 8.18 | (.45)<br>| 112 | .72 | .63 | 1.10 | 1.19 |
| 12/31/2023 | 8.58 | .10 | .42 | .52 | (.14)<br>| (.64)<br>| (.78)<br>| 8.32 | 6.22 | 122 | .73 | .63 | 1.11 | 1.21 |
| 12/31/2022 | 10.48 | .12 | (1.74)<br>| (1.62)<br>| (.28)<br>|  | (.28)<br>| 8.58 | (15.54)<br>| 124 | .70 | .63 | 1.11 | 1.36 |
| 12/31/2021 | 10.99 | .20 | (.65)<br>| (.45)<br>| (.06)<br>|  | (.06)<br>| 10.48 | (4.13)<br>| 160 | .71 | .63 | 1.13 | 1.79 |
| **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 12/31/2025 | $11.76 | $.20 | $1.07 | $1.27 | $(.26)<br>| $— | $(.26)<br>| $12.77 | 10.95<br> %<br>| $3 | .37<br> %<br>| .36<br> %<br>| .61<br> %<br>| 1.64<br> %<br>|
| 12/31/2024 | 10.50 | .20 | 1.28 | 1.48 | (.22)<br>|  | (.22)<br>| 11.76 | 14.20 | 3 | .41 | .36 | .61 | 1.80 |
| 12/31/2023 | 11.24 | .20 | .79 | .99 | (.24)<br>| (1.49)<br>| (1.73)<br>| 10.50 | 10.04 | 3 | .42 | .37 | .63 | 1.91 |
| 12/31/2022 | 12.95 | .23 | (1.38)<br>| (1.15)<br>| (.56)<br>|  | (.56)<br>| 11.24 | (8.92)<br>| 3 | .41 | .36 | .60 | 1.96 |
| 12/31/2021 | 11.24 | .16 | 1.79 | 1.95 | (.24)<br>|  | (.24)<br>| 12.95 | 17.46 | 2 | .41 | .36 | .66 | 1.33 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 12/31/2025 | 11.69 | .16 | 1.07 | 1.23 | (.23)<br>|  | (.23)<br>| 12.69 | 10.65 | 312 | .64 | .63 | .88 | 1.34 |
| 12/31/2024 | 10.43 | .17 | 1.28 | 1.45 | (.19)<br>|  | (.19)<br>| 11.69 | 13.99 | 319 | .68 | .63 | .88 | 1.51 |
| 12/31/2023 | 11.18 | .18 | .77 | .95 | (.21)<br>| (1.49)<br>| (1.70)<br>| 10.43 | 9.73 | 322 | .68 | .63 | .89 | 1.71 |
| 12/31/2022 | 12.88 | .19 | (1.37)<br>| (1.18)<br>| (.52)<br>|  | (.52)<br>| 11.18 | (9.16)<br>| 321 | .67 | .62 | .86 | 1.62 |
| 12/31/2021 | 11.18 | .11 | 1.79 | 1.90 | (.20)<br>|  | (.20)<br>| 12.88 | 17.11 | 371 | .68 | .62 | .92 | .91 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **388** |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value, end**<br> **of year** | **Total return**<sup>2</sup> | **Net assets,**<br> **end of**<br> **year**<br> **(in millions)** | **Ratio of**<br> **expenses**<br> **to average** <br> **net assets**<br> **before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>12</sup> | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>2,12</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>2,13,14</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>2</sup> |
| **Year ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value, end**<br> **of year** | **Total return**<sup>2</sup> | **Net assets,**<br> **end of**<br> **year**<br> **(in millions)** | **Ratio of**<br> **expenses**<br> **to average** <br> **net assets**<br> **before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>12</sup> | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>2,12</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>2,13,14</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>2</sup> |
| **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 12/31/2025 | $14.35 | $.20 | $1.36 | $1.56 | $(.34)<br>| $(.56)<br>| $(.90)<br>| $15.01 | 11.45<br> %<br>| $1834 | .37<br> %<br>| .36<br> %<br>| .63<br> %<br>| 1.35<br> %<br>|
| 12/31/2024 | 12.53 | .21 | 2.02 | 2.23 | (.23)<br>| (.18)<br>| (.41)<br>| 14.35 | 18.03 | 1903 | .41 | .36 | .63 | 1.55 |
| 12/31/2023 | 12.51 | .20 | 1.65 | 1.85 | (.21)<br>| (1.62)<br>| (1.83)<br>| 12.53 | 16.17 | 1910 | .41 | .36 | .63 | 1.64 |
| 12/31/2022 | 15.73 | .18 | (2.79)<br>| (2.61)<br>| (.30)<br>| (.31)<br>| (.61)<br>| 12.51 | (16.74)<br>| 1833 | .41 | .36 | .62 | 1.33 |
| 12/31/2021 | 14.01 | .14 | 1.99 | 2.13 | (.21)<br>| (.20)<br>| (.41)<br>| 15.73 | 15.32 | 2328 | .41 | .36 | .64 | .96 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 12/31/2025 | 14.25 | .16 | 1.35 | 1.51 | (.30)<br>| (.56)<br>| (.86)<br>| 14.90 | 11.17 | 258 | .62 | .61 | .88 | 1.10 |
| 12/31/2024 | 12.45 | .17 | 2.01 | 2.18 | (.20)<br>| (.18)<br>| (.38)<br>| 14.25 | 17.69 | 274 | .66 | .61 | .88 | 1.29 |
| 12/31/2023 | 12.44 | .17 | 1.64 | 1.81 | (.18)<br>| (1.62)<br>| (1.80)<br>| 12.45 | 15.90 | 277 | .66 | .61 | .88 | 1.39 |
| 12/31/2022 | 15.64 | .15 | (2.78)<br>| (2.63)<br>| (.26)<br>| (.31)<br>| (.57)<br>| 12.44 | (16.93)<br>| 268 | .66 | .61 | .87 | 1.10 |
| 12/31/2021 | 13.93 | .10 | 1.98 | 2.08 | (.17)<br>| (.20)<br>| (.37)<br>| 15.64 | 15.05 | 340 | .66 | .61 | .89 | .70 |
| **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 12/31/2025 | $13.20 | $.26 | $1.22 | $1.48 | $(.39)<br>| $(.83)<br>| $(1.22)<br>| $13.46 | 12.01<br> %<br>| $13 | .38<br> %<br>| .36<br> %<br>| .65<br> %<br>| 1.96<br> %<br>|
| 12/31/2024 | 11.90 | .29 | 1.45 | 1.74 | (.27)<br>| (.17)<br>| (.44)<br>| 13.20 | 14.90 | 12 | .41 | .36 | .65 | 2.28 |
| 12/31/2023 | 12.43 | .31 | .87 | 1.18 | (.26)<br>| (1.45)<br>| (1.71)<br>| 11.90 | 10.51 | 10 | .41 | .36 | .66 | 2.61 |
| 12/31/2022 | 15.33 | .24 | (2.34)<br>| (2.10)<br>| (.32)<br>| (.48)<br>| (.80)<br>| 12.43 | (13.75)<br>| 7 | .41 | .36 | .65 | 1.80 |
| 12/31/2021 | 13.84 | .21 | 1.55 | 1.76 | (.27)<br>|  | (.27)<br>| 15.33 | 12.82 | 7 | .41 | .36 | .66 | 1.43 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 12/31/2025 | 12.78 | .17 | 1.22 | 1.39 | (.34)<br>| (.83)<br>| (1.17)<br>| 13.00 | 11.67 | 1463 | .63 | .61 | .90 | 1.30 |
| 12/31/2024 | 11.53 | .22 | 1.44 | 1.66 | (.24)<br>| (.17)<br>| (.41)<br>| 12.78 | 14.63 | 2014 | .66 | .61 | .90 | 1.81 |
| 12/31/2023 | 12.09 | .21 | .90 | 1.11 | (.22)<br>| (1.45)<br>| (1.67)<br>| 11.53 | 10.23 | 2093 | .66 | .61 | .91 | 1.86 |
| 12/31/2022 | 14.93 | .18 | (2.25)<br>| (2.07)<br>| (.29)<br>| (.48)<br>| (.77)<br>| 12.09 | (13.97)<br>| 2182 | .66 | .61 | .90 | 1.40 |
| 12/31/2021 | 13.45 | .15 | 1.53 | 1.68 | (.20)<br>|  | (.20)<br>| 14.93 | 12.50 | 2812 | .66 | .61 | .91 | 1.03 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **389** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio turnover rate for all share classes** <br>**excluding mortgage dollar roll transactions**<sup>15,16</sup>  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Portfolio turnover rate for all share classes** <br>**excluding mortgage dollar roll transactions**<sup>15,16</sup>  | **2025**<sup>17</sup> <br>| **2024** | **2023** | **2022** | **2021** |
| Capital Income Builder | &nbsp;&nbsp; 72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60<br> %<br>|
| Asset Allocation Fund | &nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| The Bond Fund of America | &nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 |
| Capital World Bond Fund | &nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| American Funds Mortgage Fund | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| U.S. Government Securities Fund | &nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 |
| **Portfolio turnover rate for all share classes** <br>**including mortgage dollar roll transactions, if any**<sup>15,16</sup>  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Portfolio turnover rate for all share classes** <br>**including mortgage dollar roll transactions, if any**<sup>15,16</sup>  | **2025**<sup>17</sup> <br>| **2024** | **2023** | **2022** | **2021** |
| Global Growth Fund | &nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>|
| Global Small Capitalization Fund | &nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| Growth Fund | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| International Fund | &nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| New World Fund | &nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| Washington Mutual Investors Fund | &nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 |
| Capital World Growth and Income Fund | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 |
| Growth-Income Fund | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| International Growth and Income Fund | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| Capital Income Builder | &nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| Asset Allocation Fund | &nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| The Bond Fund of America | &nbsp;&nbsp; 247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 456 |
| Capital World Bond Fund | &nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| American High-Income Trust | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| American Funds Mortgage Fund | &nbsp;&nbsp; 421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975 |
| U.S. Government Securities Fund | &nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433 |
| Ultra-Short Bond Fund | &nbsp;&nbsp; — <br><sup>18</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>18</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>18</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>18</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>18</sup><br>|
| U.S. Small and Mid Cap Equity Fund | &nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 <br><sup>678</sup><br>|  |  |  |
| Managed Risk Growth Fund | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| Managed Risk International Fund | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| Managed Risk Washington Mutual Investors Fund | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| Managed Risk Growth-Income Fund | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| Managed Risk Asset Allocation Fund | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> This column reflects the impact of certain waivers and/or reimbursements from CRMC and/or AFS, if any.

<sup>3</sup> 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.

<sup>4</sup> Amount less than $.01.

<sup>5</sup> Amount less than .01%.

<sup>6</sup> Based on operations for a period that is less than a full year.

<sup>7</sup> For the period November 15, 2024, commencement of operations, through December 31, 2024.

<sup>8</sup> Not annualized.

<sup>9</sup> Amount less than $1 million.

<sup>10</sup> Annualized.

<sup>11</sup> 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 and/or insur- ance administrative services, as applicable, 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. 

<sup>12</sup> This column does not include expenses of the underlying funds in which each fund invests.

<sup>13</sup> This column reflects the net effective expense ratios for each fund and class, which include each class's expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. 

<sup>14</sup> Unaudited.

<sup>15</sup> Refer to Note 5 for further information on mortgage dollar rolls.

<sup>16</sup> Rates do not include the fund's portfolio activity with respect to any Central Funds, if applicable.

<sup>17</sup> Rates exclude in-kind transactions, if any.

<sup>18</sup> Amount is either less than 1% or there is no turnover.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **390** |

---

------

Report of Independent Registered Public Accounting Firm

------

To the Board of Trustees of American Funds Insurance Series and Shareholders of Global Growth Fund, Global Small Capitalization Fund, Growth Fund, International Fund, New World Fund, Washington Mutual Investors Fund, U.S. Small and Mid Cap Equity Fund, Capital World Growth and Income Fund, Growth-Income Fund, International Growth and Income Fund, Capital Income Builder, Asset Allocation Fund, American Funds Global Balanced Fund, The Bond Fund of America, Capital World Bond Fund, American High-Income Trust, American Funds Mortgage Fund, Ultra-Short Bond Fund, U.S. Government Securities Fund, Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of each of the funds listed in the table below (twenty-four of the funds constituting American Funds Insurance Series, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of December 31, 2025, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Statements of operations** | &nbsp;&nbsp; **Statements of changes in net** <br> **assets**<br>| **Financial highlights** |
| Global Growth Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Global Small Capitalization Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Growth Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| International Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| New World Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Washington Mutual Investors Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Capital World Growth and Income Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Growth-Income Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| International Growth and Income Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Capital Income Builder | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Asset Allocation Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| The Bond Fund of America | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Capital World Bond Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| American High-Income Trust | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| American Funds Mortgage Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Ultra-Short Bond Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| U.S. Government Securities Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Managed Risk Growth Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Managed Risk International Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Managed Risk Washington Mutual Investors <br> Fund<br>| &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Managed Risk Growth-Income Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| Managed Risk Asset Allocation Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| U.S. Small and Mid Cap Equity Fund | &nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp; For the year ended December 31, 2025 and the period <br> November 15, 2024 (commencement of operations) through <br> December 31, 2024 | &nbsp;&nbsp; For the year ended December 31, 2025 and the period <br> November 15, 2024 (commencement of operations) through <br> December 31, 2024 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **391** | American Funds Insurance Series |

---

------

Report of Independent Registered Public Accounting Firm

------

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Los Angeles, California

February 13, 2026

We have served as the auditor of one or more investment companies in The Capital Group group of investment companies since 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **392** |

---

------

Changes in and disagreements with accountants

------

On December 10, 2025, PricewaterhouseCoopers LLP ("PwC") was dismissed and Deloitte & Touche LLP ("D&T") was appointed as the independent registered public accounting firm for the funds constituting the American Funds Insurance Series (hereafter referred to as the "series") for the fiscal year ending December 31, 2026 audit. The change in the series' independent registered public accounting firm was approved by the series' board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. The dismissal does not affect PwC's previous engagement to audit the series' financial statements for the fiscal year ended December 31, 2025.

PwC's reports on the series' financial statements as of and for the fiscal years ended December 31, 2024 and December 31, 2025 did not contain an adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. At no point during the series' fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, (i) were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of PwC, would have caused them to make reference to the subject matter of the disagreements in connection with their reports on the series' financial statements for such periods, and (ii) there were no "reportable events" of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended. The series requested that PwC furnish it with a letter addressed to the U.S. Securities and Exchange Commission stating whether or not it agrees with the above statements. A copy of such letter is filed as an exhibit to the series' Form N-CSR.

During the series' fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, neither the series, nor anyone on its behalf, consulted with D&T on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the series' financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **393** | American Funds Insurance Series |

---

------

Matters submitted for shareholder vote

------

**Results of special meeting of shareholders**

Held November 25, 2025

Shares outstanding (all classes) on August 28, 2025 (record date):

6,453,899,830

Total shares voting on November 25, 2025:

5,466,407,300 (84.7% of shares outstanding)

The proposal: To elect board members

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Board member** | **Votes for** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percent** <br> **of shares** <br> **voting for**<br>| **Votes withheld** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percent** <br> **of shares** <br> **withheld**<br>|
| Christopher D. Buchbinder | 5306101397 | 97.1% | 160305903 | 2.9% |
| Vanessa C. L. Chang | 5284613703 | 96.7% | 181793597 | 3.3% |
| Francisco G. Cigarroa | 5286720803 | 96.7% | 179686497 | 3.3% |
| Nariman Farvardin | 5280935681 | 96.6% | 185471619 | 3.4% |
| Jennifer C. Feikin | 5301887966 | 97.0% | 164519334 | 3.0% |
| John G. Freund | 5294548932 | 96.9% | 171858368 | 3.1% |
| Leslie Stone Heisz | 5298606338 | 96.9% | 167800962 | 3.1% |
| Sharon I. Meers | 5301554248 | 97.0% | 164853052 | 3.0% |
| William L. Robbins | 5308925891 | 97.1% | 157481409 | 2.9% |
| Kenneth M. Simril | 5304791425 | 97.0% | 161615875 | 3.0% |
| Margaret Spellings | 5296599626 | 96.9% | 169807674 | 3.1% |
| Christopher E. Stone | 5297067517 | 96.9% | 169339783 | 3.1% |
| Alexandra Trower | 5307205561 | 97.1% | 159201739 | 2.9% |
| Paul S. Williams | 5302164262 | 97.0% | 164243038 | 3.0% |

---

Remuneration paid to directors, officers and others

------

Refer to the trustees' deferred compensation disclosure in the notes to financial statements.

Approval of Investment Advisory and Service Agreement

------

Not applicable for the current reporting period due to the timing of the board's approval of this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **394** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

**179**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable.

**180**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**181**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Trustees' Approval of Investment Advisory Contracts

At their meeting in September 2025, the Trustees, including the Trustees who are not "interested persons" (as such term is defined in the 1940 Act) of the Trust, MML Advisers, or the subadvisers (the "Independent Trustees"), reviewed and approved a proposal to make changes to the existing subadvisory agreement with Massachusetts Financial Services Company ("MFS") for the International Equity Fund (the "Amended Subadvisory Agreement") intended to lower the fees payable under the agreement. In arriving at their decision, the Trustees discussed the fees payable to MFS by MML Advisers under the Amended Subadvisory Agreement and the effect of such fees on the profitability to MML Advisers. The Trustees concluded that they were satisfied that MML Advisers' projected level of profitability due to the Amended Subadvisory Agreement is not excessive and the subadvisory fee amount under the Amended Subadvisory Agreement is fair and reasonable. In their deliberations, the Trustees were advised by independent counsel.

Prior to the vote being taken to approve the Amended Subadvisory Agreement discussed above, the Independent Trustees met separately in executive session to discuss the appropriateness of such contract. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

The Amended Subadvisory Agreement became effective on October 1, 2025.

Also at their meeting in September 2025, the Trustees, including the Independent Trustees, approved a new subadvisory agreement ("New Subadvisory Agreement") with FIAM LLC ("FIAM") for the Core Plus Bond Fund. In preparation for the meeting, the Trustees requested, and MML Advisers provided in advance, certain materials relevant to the consideration of the New Subadvisory Agreement. In all of their deliberations, the Trustees were advised by independent counsel.

In reviewing the New Subadvisory Agreement, the Independent Trustees discussed and considered a wide range of information about, among other things: (i) FIAM and its personnel with responsibility for providing services to the Core Plus Bond Fund; (ii) the terms of the New Subadvisory Agreement; (iii) the scope and quality of the services that FIAM will provide under the New Subadvisory Agreement; (iv) the historical investment performance track record of FIAM; and (v) the fees payable to FIAM by MML Advisers, and the effect of such fees on the profitability of MML Advisers.

Prior to the vote being taken to approve the New Subadvisory Agreement, the Independent Trustees met separately in executive session to discuss the appropriateness of such contract. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

Based on the foregoing, the Trustees concluded, with respect to the New Subadvisory Agreement, that: (i) overall, they were satisfied with the nature, extent, and quality of services expected to be provided under the New Subadvisory Agreement, including the anticipated level of MML Advisers' oversight of the subadvisory process; (ii) MML Advisers' projected level of profitability due to the New Subadvisory Agreement is not excessive and the subadvisory fee amount under the New Subadvisory Agreement is fair and reasonable; (iii) the investment process and expertise of FIAM appears well-suited to the Core Plus Bond Fund given its investment objectives and policies; and (iv) the terms of the New Subadvisory Agreement are fair and reasonable and are in the best interests of the Fund's shareholders. After carefully considering the information summarized above, the Trustees, including the Independent Trustees voting separately, unanimously voted to approve the New Subadvisory Agreement.

The New Subadvisory Agreement became effective on November 14, 2025.

Lastly, at their meeting in September 2025, the Trustees, including the Independent Trustees, reviewed and approved changes to the existing subadvisory agreements with MFS for the International Equity Fund, Loomis, Sayles & Company, L.P. for the Large Cap Growth Fund, and American Century Investment Management, Inc. for the Mid Cap Value Fund and Small Company Value Fund, respectively (the "Amended Subadvisory Agreements") intended to allow for the use of each subadviser's name in the name of the applicable Fund.

Prior to the votes being taken to approve the Amended Subadvisory Agreements discussed above, the Independent Trustees met separately in executive session to discuss the appropriateness of such contracts. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

The Amended Subadvisory Agreements became effective on November 14, 2025.

**182**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Underwriter:** 

MML Distributors, LLC

1295 State Street

Springfield, Massachusetts 01111-0001

![](backcover-dots.jpg)

<sup>©</sup> 2026 Massachusetts Mutual Life Insurance Company (MassMutual<sup>®</sup>), Springfield, MA 01111-0001.

All rights reserved. www.MassMutual.com.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this Form N-CSR, to provide reasonable assurance that the information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms, based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

[(a)(1) Code of Ethics (Item 2) – Attached.](msif-efp21121_ex99code.htm)

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act of 1934 (17 CFR 240.10D-1) – Not applicable.

[(a)(3) Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.](msif-efp21121_ex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) – Not applicable.

(a)(5) Change in Registrant's independent public accountant – Not applicable.

[(b)(1) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the 1940 Act (17 CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto as Exhibit 99.906CERT.](msif-efp21121_ex99906cert.htm)

[(b)(2) Certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2, under the 1940 Act (17 CFR 270.30a-2), and, as applicable, Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto as Exhibit 99.906CERT1.](msif-efp21121_ex99906cert1.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) MML Series Investment Fund

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Douglas Steele |
|  | Douglas Steele, President and Principal Executive Officer |

---

Date <u>2/24/2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Douglas Steele |
|  | Douglas Steele, President and Principal Executive Officer |

---

Date <u>2/24/2026</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Renée Hitchcock |
|  | Renée Hitchcock, Treasurer and Principal Financial Officer |

---

Date <u>2/24/2026</u>

## Ex-99.Codeeth

**<u>EX-99.CODEETH</u>**

**MassMutual Select Funds**

**MassMutual Premier Funds**

**MassMutual Advantage Funds**

**MML Series Investment Fund**

**MML Series Investment Fund II**

Section 7 – Corporate Governance

**<u>Code of Ethics for Principal Executive and Senior Financial Officers</u>**

This Code of Ethics (the "Code") for Principal Executive and Senior Financial Officers has been adopted by those investment companies identified above (individually, a "Fund" and collectively, the "Funds") to effectuate compliance with Section 406 under the Sarbanes-Oxley Act of 2002 and the rules adopted to implement Section 406. The Code applies to each Fund's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions ("Covered Officers"). A listing of positions currently within the ambit of Covered Officers for each Fund is attached as Exhibit A.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Purposes of the Code</u> 

This Code sets forth standards and procedures that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional
relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely, and understandable disclosure in reports and documents that the Funds file with, or submit to, the Securities
and Exchange Commission ("SEC") and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of this Code to an appropriate person identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to this Code.

It is acknowledged that, as a result of each Covered Officer being employed by one of the Funds' service providers, each Covered Officer will, in the normal course of his or her duties, be involved in establishing policies and implementing decisions that may have different effects on the Funds and the applicable service provider. It is further acknowledged that the participation of the Covered Officers in such activities is inherent in the relationship between each Fund and its service provider and is consistent with the expectations of each Fund's Board of Trustees with respect to the performance by the Covered Officers of their duties as officers of the Funds.

<sup>1</sup> The obligations imposed by this Code on Covered Officers are separate from and in addition to any obligations that may be imposed on such persons as covered persons under the Code of Ethics adopted by the Funds under Rule 17j-1 of the Investment Company Act of 1940, as amended and any other code of conduct applicable to Covered Officers in whatever capacity they serve. This Code does not incorporate by reference any provisions of the Rule 17j-1 Code of Ethics and, accordingly, any violations or waivers granted under the Rule 17j-1 Code of Ethics will not be considered a violation or waiver under this Code.

In general, the principles that govern honest and ethical conduct, including the avoidance of conflicts of interest between personal and professional relationships, reflect, at the minimum, the following: (1) the duty at all times in performing any responsibilities as a financial officer, controller, accountant or principal executive officer of a Fund, to place the interests of the Fund ahead of personal interests; (2) the fundamental standard that Covered Officers should not take inappropriate advantage of their positions; (3) the duty to assure that each Fund's financial statements and reports to shareholders are prepared honestly and accurately in accordance with applicable rules, regulations and accounting standards; and (4) the duty to conduct the Fund's business and affairs in an honest and ethical manner. Each Covered Officer should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Prohibitions</u> 

The specific provisions and reporting requirements of this Code are concerned primarily with promoting honest and ethical conduct and avoiding conflicts of interest between personal and professional relationships.

No Covered Officer may use information concerning the business and affairs of a Fund (including the investment intentions of a Fund), or use his or her ability to influence such investment intentions, for personal gain to himself or herself, his or her family or friends or any other person or in a manner detrimental to the interests of a Fund or its shareholders.

No Covered Officer may use his or her personal influence or personal relationships to influence the preparation and issuance of financial reports of a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund and its shareholders.

No Covered Officer shall, in connection with carrying out his or her official duties and responsibilities on behalf of a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) employ any device, scheme or artifice to defraud a Fund or its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) intentionally cause a Fund to make any untrue statement of a material fact or omit to state a material fact necessary in order to
make the statements made, in light of the circumstances under which they are made, not misleading in its official documents, regulatory
filings, financial statements or communications to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any Fund or its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) engage in any manipulative practice with respect to any Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) intentionally cause a Fund to fail to comply with applicable laws, rules and regulations, including failure to comply with the requirement
of full, fair, accurate, understandable and timely disclosure in reports and documents that a Fund files with, or submits to, the SEC
and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) intentionally mislead or omit to provide material information to the Fund's independent auditors or to the Board of Trustees
or the officers of the Fund or its investment adviser in connection with Fund related matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) fail to notify the Code Administrator (as defined in Section 7 below) promptly if he or she becomes aware of any existing or potential
violations of this Code or applicable laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) retaliate against others for, or otherwise discourage, the reporting of actual or apparent violations of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Reports of Conflicts of Interests</u> 

If a Covered Officer becomes aware of an actual or apparent conflict of interest under this Code, he or she must immediately report the matter to the Code Administrator. Upon receipt of such report, the Code Administrator will take prompt steps to determine whether an actual conflict of interest exists or appears to exist, and if so, will take steps (if possible) to resolve the conflict or remedy the appearance thereof. If the Code Administrator determines that no actual or apparent conflict exists, the Code Administrator shall meet with the Covered Officer to advise him or her of such finding and of his or her reason for taking no action. In lieu of determining whether a conflict or appearance of conflict exists, the Code Administrator may in his or her discretion refer the matter to the affected Fund's Board of Trustees or any committee appointed by the Board to deal with such information.

If the Code Administrator is involved or believed to be involved in the conflict of interest or appearance of conflict of interest, the Covered Officer shall report the matter directly to Massachusetts Mutual Life Insurance Company's ("MassMutual") General Counsel or Chief Compliance & Ethics Officer, who shall take the same action as described above with respect to resolving the matter.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Waivers</u> 

Any Covered Officer requesting a waiver of any provision of this Code must submit a written request for such waiver to the Code Administrator, setting forth the basis of such request and all necessary facts upon which such request can be evaluated. The Code Administrator shall review such request and make a written determination thereon.

In determining whether to waive any of the provisions of this Code, the Code Administrator shall consider whether the proposed action:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is prohibited by this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is consistent with honest and ethical conduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) will result in a conflict of interest between the Covered Officer's personal and professional obligations to a Fund.

In lieu of determining whether to waive any provision of this Code, the Code Administrator may in his or her discretion refer the matter to the affected Fund's Board of Trustees or any committee appointed by the Board to deal with such information.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Reporting Requirements</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Covered Officer shall, upon becoming subject to this Code, be presented with a copy of this Code by the Code Administrator, and
shall certify to the Code Administrator that he or she has received, read, understands and shall adhere to this Code. (See Exhibit B.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At least annually, all Covered Officers shall be provided with a copy of the current Code by the Code Administrator, and shall certify
that they (i) have read and understand the Code and shall adhere to the Code, (ii) have complied with the requirements of the Code, (iii)
have disclosed or reported any violations of this Code to the Code Administrator,
and (iv) will cooperate fully with any investigation or inquiry as to whether a possible violation of the Code has occurred. (See Exhibit
C.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that a Covered Officer ceases to be a Principal Executive or Senior Financial Officer during a given year, to the extent
possible, Compliance will obtain from the former Covered Officer a certification that the Covered Officer (i) has read and understands
the Code, (ii) has complied with the requirements of the Code during the relevant period, (iii) has disclosed or reported any violations
of the Code to the Code Administrator, and (iv) will cooperate fully with any investigation or inquiry as to whether a possible violation
of the Code has occurred. (See Exhibit D.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Code Administrator shall submit a quarterly report to the Board of Trustees or any committee appointed by the Board to deal with
such information, containing (i) a description of any report of a conflict of interest or apparent conflict and the disposition thereof;
(ii) a description of any request for a waiver from this Code and the disposition thereof; (iii) any violation of the Code that has been
reported or found and the sanction imposed; and (iv) any other significant information arising in connection with the Code, including
any proposed amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Covered Officer shall notify the Code Administrator promptly if he or she knows of or has a reasonable belief that any violation
of this Code has occurred or is likely to occur. Failure to do so is itself a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any changes to or waivers of this Code, including "implicit" waivers as defined in applicable SEC rules, will, to the
extent required, be disclosed by the Funds as provided by applicable SEC rules.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Sanctions</u> 

Any violations of this Code shall be subject to the imposition of such sanctions by the Adviser or the appropriate affiliate of the Adviser, as may be deemed appropriate under the circumstances to achieve the purpose of this Code and may include, without limitation, a letter of censure, suspension from employment or termination of employment, in the sole discretion of the Adviser or the appropriate affiliate of the Adviser, and/or removal as an officer of the Fund, in the sole discretion of the Fund's Board of Trustees or any committee appointed by the Board to deal with such matters.

&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Administration and Construction</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The administration of this Code of Ethics shall be the responsibility of the Code Administrator of this Code, acting under the terms
of this Code and the oversight of the Board of Trustees of the Fund or any committee appointed by the Board to deal with such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Code Administrator shall be the Chief Compliance Officer of the Funds or his or her designee.

<sup>2</sup> An "implicit waiver" is the failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the Code Administrator, MassMutual's General Counsel or Chief Compliance & Ethics Officer, or an executive officer of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The duties of the Code Administrator will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) maintaining a current list of the names of all Covered Officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) furnishing all Covered Officers a copy of this Code and initially and periodically informing them of their duties and obligations
thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) maintaining or supervising the maintenance of all records required by this Code, including records of waivers granted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) issuing interpretations of this Code which appear to the Code Administrator to be consistent with the objectives of this Code and
any applicable laws or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) conducting such inspections or investigations as shall reasonably be required to detect and report any violations of this Code, with
his or her recommendations to MassMutual's General Counsel and Chief Compliance & Ethics Officer and to the Board of Trustees
of the affected Fund(s) or any committee appointed by them to deal with such information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) conducting educational training programs as needed to explain and reinforce the terms of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In carrying out the duties and responsibilities described under this Code, the Code Administrator may consult with such other persons
as the Code Administrator shall deem necessary or desirable, including legal counsel to the Trust, legal counsel to the Trustees who are
not "interested persons," as that term is defined in the Investment Company Act of 1940, as amended (the "Disinterested
Trustees"), legal counsel to the Trust's investment adviser, and the Trust's Chief Legal Officer.

&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Required Records</u> 

The Code Administrator shall maintain and cause to be maintained in an easily accessible place the following records for the period required by applicable SEC rules (currently six years following the end of the fiscal year of the Fund in which the applicable event or report occurred):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a copy of any Code which has been in effect during the period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a copy of each certification pursuant to the Code made by a Covered Officer during the period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a copy of each report made by the Code Administrator pursuant to this Code during the period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a list of all Covered Officers who are or have been required to make reports pursuant to this Code during the period, plus those person(s)
who are or were responsible for reviewing these reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a record of any request to waive any requirement of this Code, the decision thereon and the reasons supporting the decision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a record of any report of any conflict of interest or appearance of a conflict of interest received by the Code Administrator or discovered
by the Code Administrator during the period, the decision thereon and the reasons supporting the decision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a record of any violation of any such Code and of any action taken as a result of such violation, during the period.

&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Amendments and Modifications</u> 

This Code (other than Exhibits A and E and the names of the Funds identified on the first page that have adopted the Code) may not be amended or modified except by a writing that is approved or ratified by a majority vote of the Board of Trustees and the Disinterested Trustees. The Code Administrator must approve any permitted amendments or modifications not requiring Board of Trustees approval or ratification.

&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Confidentiality</u> 

This Code is for the internal use of the Funds. Reports and records prepared or maintained under this Code are considered confidential and shall be maintained and protected accordingly to the extent permitted by applicable laws, rules and regulations. Except as otherwise authorized by law or this Code, such matters shall not be disclosed to anyone other than the Trustees and their counsel, Fund counsel, Fund officers, the Funds' Chief Legal Officer, the independent auditors of the Funds, and MassMutual or its counsel, except as such disclosure may be required pursuant to applicable judicial or regulatory process. This provision does not preclude Covered Officers or others from reporting such matters to the Securities and Exchange Commission or other regulatory authorities.

**EXHIBIT A**

**Positions Covered by this Code of Ethics**

<u>The following officers of the Funds</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Principal Executive Officer (President);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Principal Financial Officer (Chief Financial Officer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comptroller or Principal Accounting Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Treasurer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assistant Treasurer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other persons performing similar functions as the Principal Executive Officer, Principal Financial Officer, Comptroller, or Principal
Accounting Officer

**EXHIBIT B**

**INITIAL CERTIFICATION**

I certify that I have received, read and understand the Funds' Code of Ethics for Principal Executive and Senior Financial Officers of the Funds (the "Code") and will adhere to the Code's requirements.

I also agree to cooperate fully with any investigation or inquiry as to whether a possible violation of the Code has occurred.

_____________________________________________________

Signature (may be electronic)

_____________________________________________________

Date

**EXHIBIT C**

**ANNUAL CERTIFICATION**

I certify that I have received, read and understand the Funds' Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and will adhere to the Code's requirements.

I certify that I have complied with the requirements of the Code and have disclosed or reported any violations of the Code to the Code Administrator during the prior year.

I also agree to cooperate fully with any investigation or inquiry as to whether a possible violation of the Code has occurred.

_____________________________________________________

Signature (may be electronic)

_____________________________________________________

Date

**EXHIBIT D**

**PARTIAL YEAR CERTIFICATION**

I certify that I have received, read and understand the Funds' Code of Ethics for Principal Executive and Senior Financial Officers (the "Code").

I certify that I have complied with the requirements of the Code and have disclosed or reported any violations of the Code to the Code Administrator during the current year, up to and including the date on which I ceased to be a Covered Officer.

I also agree to cooperate fully with any investigation or inquiry as to whether a possible violation of the Code has occurred.

_____________________________________________________

Signature (may be electronic)

_____________________________________________________

Date

**EXHIBIT E**

**ADOPTION AND AMENDMENT DATES for Code of Ethics for Principal Executive and Senior Financial Officers of the Funds**

<u>THE MASSMUTUAL SELECT FUNDS</u>

Adopted November 3, 2003, Amended May 13, 2008, Amended June 30, 2015, Amended January 1, 2016, Amended October 13, 2016, Amended September 20, 2017, Amended June 4, 2019, Amended October 1, 2021, Amended September 27, 2022.

<u>THE MASSMUTUAL PREMIER FUNDS</u>

Adopted December 12, 2003, Amended November 1, 2004, Amended May 21, 2008, Amended June 30, 2015, Amended January 1, 2016, Amended October 13, 2016, Amended September 20, 2017, Amended June 4, 2019, Amended October 1, 2021, Amended September 27, 2022.

<u>THE MML SERIES INVESTMENT FUND</u>

Adopted November 3, 2003, Amended May 13, 2008, Amended June 30, 2015, Amended January 1, 2016, Amended October 13, 2016, Amended September 20, 2017, Amended June 4, 2019, Amended October 1, 2021, Amended September 27, 2022.

<u>THE MML SERIES INVESTMENT FUND II</u>

Adopted April 27, 2005, Amended May 21, 2008, Amended June 30, 2015, Amended January 1, 2016, Amended October 13, 2016, Amended September 20, 2017, Amended June 4, 2019, Amended October 1, 2021, Amended September 27, 2022.

<u>THE MASSMUTUAL ADVANTAGE FUNDS</u>

Adopted September 29, 2021, Amended September 27, 2022.

## Ex-99.Cert

**<u>EX-99.CERT</u>**

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002:

I, Douglas Steele, certify that:

1. I have reviewed this report on Form N-CSR of MML Series Investment Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 2/24/2026 | /s/ Douglas Steele |
|  |  | Douglas Steele |
|  |  | President and Principal Executive Officer |

---

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002:

I, Renée Hitchcock, certify that:

1. I have reviewed this report on Form N-CSR of MML Series Investment Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 2/24/2026 | /s/ Renée Hitchcock |
|  |  | Renée Hitchcock |
|  |  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**<u>EX-99.906.CERT</u>**

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of the MML Series Investment Fund (the "Trust") on Form N-CSR for the period ending December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | | |
|:---|:---|:---|
| Date: | 2/24/2026 | /s/ Douglas Steele |
|  |  | Douglas Steele |
|  |  | President and Principal Executive Officer |

---

This certification is being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of the MML Series Investment Fund (the "Trust") on Form N-CSR for the period ending December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | | |
|:---|:---|:---|
| Date: | 2/24/2026 | /s/ Renée Hitchcock |
|  |  | Renée Hitchcock |
|  |  | Treasurer and Principal Financial Officer |

---

This certification is being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.

## Exhibit 99.906

I, Courtney R. Taylor, in my capacity as Secretary of the American Funds Insurance Series ("AFIS"), certify that in compliance with Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, the Principal Executive Officer and Treasurer of AFIS intend to certify to the U.S. Securities and Exchange Commission ("SEC") with respect to the attached PDFs of the Series (Semi-annual or Annual) shareholder reports and financial statements and other information. MML Series Investment Fund may rely on these certifications, which will be made in connection with AFIS' filings with the SEC on form N-CSR, which can be found at http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000729528&owner=include&count=40.

---

| | | |
|:---|:---|:---|
| /s/ Courtney R. Taylor | Date | February 19, 2026 |
| Courtney R. Taylor |  |  |
| Secretary, |  |  |
| American Funds Insurance Series |  |  |

---